New York, October 5th / PRNewswire / -- A non-profit organization dedicated to promoting the decentralization, growth, and security of Solana, Solana Foundation, today announced the launch of Solana DvP, an open-source hosting program that provides financial institutions with an open-source API for settlement of deliveries and payments ( delivery-versus-payment) on Solana.
This program is released under the MIT license, aiming to bring the settlement certainty required by banks and other financial institutions to public blockchain infrastructure for the first time. It serves as a reusable standard and features atomic settlement, isolated custody, and mandatory enforcement of deadlines.
J.P and Morgan provided valuable insights regarding institutional settlement practices and requirements for Solana Foundation. The result of their collaboration combines the decades of securities settlement experience of J.P and Morgan with the capabilities of Solana as a leading platform for tokenizing real-world assets. Previously, transactions settled on-chain by institutions often relied on customized smart contracts, but Solana DvP has replaced these with a set of standardized channels.
Solana Foundation, the person in charge of digital asset products, stated: "Atomic settlement eliminates the inherent counterparty risk found in traditional finance." Solana DvP The program provides institutions with a set of open standards across the entire Solana ecosystem, operating on public infrastructure, with final determinacy measured in seconds rather than days.
J.P. Morgan Head of Market Digital Assets Rhodel D ' souza stated: "For institutional market participants, shared and open atomic settlement payment standards are precisely the infrastructure they need to achieve scaled operations without introducing settlement risks and counterparty exposures. We are delighted to contribute our settlement expertise.'
Delivery payment is the cornerstone of securities settlement: it ensures that assets and cash are transferred simultaneously to eliminate principal risk. Traditional markets achieve this through a multi-day process involving clearinghouses, depositories, and custodian institutions, which can result in capital being tied up for one to two days. Solana DvP aims to compress this process into a single atomic transaction: either both parties are settled at the same time, or neither is settled at all, with final certainty measured in seconds rather than days.
This program is designed for assets that can be held by institutions. Solana DvP supports SPL Token and Token-2022, including extended features relied upon by regulated issuers, such as permanent proxies, pauseable tokens, and transfer hooks. Any two trading counterparts can use this program with any settlement agent – whether it's a bank, a custodian institution, or an exchange. Feedback from J.P and Morgan has helped ensure that the program meets institutional requirements from the very beginning. What ultimately results is an open standard that anyone can adopt, build upon, and use.
Solana DvP has undergone external security audits and is now ready for use with real funds. The company also plans to add privacy features to this program to ensure that transaction settlements remain private and confidential.
Solana Foundation We welcome design partners and early participants to join before the official production version is released. For more information, please check here, or browse the code on GitHub.
About Solana
Solana is a high-performance network that supports the internet capital market, payments, AI proxy, and encryption applications. Solana operates as a single global state machine, which is open, interoperable, and decentralized. For more information, please visit https :// solana.com.
About Solana Foundation
Solana Foundation is a non-profit organization headquartered in Zug, Switzerland, dedicated to promoting the decentralization, growth, and security of Solana. For more information, please visit https :// solana.org.
Media Contact: press @ solana.org
Disclaimer
J.P. Morgan's participation in Solana DvP is limited to providing opinions on securities settlement practices and should not be construed as J.P. Morgan designing, developing, operating, approving, certifying, guaranteeing, recognizing, or ensuring Solana DvP or its performance in any manner.
Disclaimer
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