Settlement
The economic rules that convert terminal state into a user claim.
#Settlement models
| Model | Result | Critical terms |
|---|---|---|
| Asset delivery | Specified assets satisfy the obligation | Transferability, quantity, timing and custody |
| Cash-like | A settlement asset pays terminal value | Price source, collateral and settlement-asset risk |
| Token accounting | Token balances encode the terminal result | Conversion, rounding and claim priority |
| RMM replication | Pool reserves approximate the payoff | Invariant, arbitrage, liquidity and residual error |
#Settlement invariants
- A position settles at most once.
- The same terminal state produces the same result within stated rounding bounds.
- Claims reconcile to accounted assets and liabilities.
- An exceptional path cannot silently substitute a different price or asset.
- Corporate-action adjustments preserve share-equivalent notional.
#Economic specification
A settlement specification names assets in, assets out, terminal data, rounding, fees, allowed callers, failure states and the exact user claim. The payoff model remains constant even when the transfer sequence differs.