Decisions

Open items for business, product, and legal alignment. Click any card to expand and see full options.

🟡 Business Decisions

These shape the product's financial and operational model. Each has a recommendation but is open for discussion.

BD1 — Yield Distribution Model ✅ Resolved

BD1 — Yield Distribution Model

Question: How should yield be delivered to investors?

→ Decision: Manual Claim (MANUAL_CLAIM)

Options considered:

1. Distributing ★ — Yield paid separately as USDC or LP tokens; LP price stays fixed at $1; Clear separation between principal and yield
2. Auto-Compound — Yield automatically reinvested into the pool; LP price appreciates to reflect accumulated returns
3. Manual Claim — Yield accrues in contract; Investor must trigger a claim transaction to receive it

Blocks: 🟡 BD5 · Refs: Core Concepts, Investment Lifecycle, Triggers & Rules

BD2 — Early Redemption Policy Open

BD2 — Early Redemption Policy

Question: What happens when an investor exits before the lock-up period ends?

★ Recommended: Per-pool configurable penalty

Options:

1. Per-pool configurable penalty ★ — Each pool sets its own early exit penalty (e.g., 50% of accrued yield); Flexible for different asset classes
2. Flat platform-wide % — Same penalty rate across all pools; Simpler but inflexible for different asset durations
3. No penalty — Investors can exit freely at any time; Risk: bank-run behavior during market stress
4. Full lockup (no early exit) — Investors cannot redeem until maturity; Simplest to implement but worst UX

Blocks: 🟡 BD6 · Refs: Redemption, Triggers & Rules

BD3 — Token Issuance / Loss Model Open

BD3 — Token Issuance / Loss Model

Question: How should the platform reflect asset losses to investors?

★ Recommended: NAV Token Pricing

Options:

1. NAV Token Pricing ★ — Token price floats $0.00–$1.00 (no floor); Investment stays open during loss; New investors get fair entry at current NAV price
2. Principal Factor (PF) — Fixed $1 token price with separate PF multiplier; Investment auto-blocked when PF < 1.0

Blocks: 🟡 BD4 🔵 PD1 🔵 PD2 🔵 PD3 🔵 PD4 🔵 PD5 · Refs: Core Concepts, Writedown & NAV, Redemption, Database Schema, Triggers & Rules

BD4 — Reserve Fund Mechanics Open

BD4 — Reserve Fund Mechanics

Question: How should the first-loss reserve be structured?

★ Recommended: 10% first-loss reserve per pool

Options:

1. 10% first-loss reserve per pool ★ — 10% of deposits allocated to reserve; Covers losses before NAV drops; Configurable per pool at creation
2. Per-pool configurable % — Each pool sets its own reserve rate; More flexibility, more operational complexity
3. Platform-wide fixed % — Same rate for all pools; Simpler to manage
4. Hybrid — Platform sets minimum reserve %; Pools can exceed but never go below

Depends on: 🟡 BD3 · Refs: Core Concepts

BD5 — Reinvestment Mechanism ✅ Resolved

BD5 — Reinvestment Mechanism

Question: What happens when an investment matures?

→ Decision: Manual Reinvest V1

Options considered:

1. Auto-roll with opt-out ★ — At maturity, investment auto-renews; Investor can opt out within defined window
2. Manual only — Investor must actively choose to reinvest; Funds return to wallet at maturity if no action
3. Auto-roll (no opt-out) — Always reinvests; Investor must initiate redemption to exit

Depends on: 🟡 BD1 · Refs: Investment Lifecycle

BD6 — Lock-Up Period Structure Open

BD6 — Lock-Up Period Structure

Question: How should investment lock-up periods work?

★ Recommended: Per-pool configurable

Options:

1. Per-pool configurable ★ — Each pool defines its own lock-up at creation; Matches real-world asset liquidity profiles
2. Platform-wide standard — All pools use same lock-up (e.g., 90 days); Simpler but inflexible
3. No lock-up — Investors can redeem anytime; Risk: liquidity mismatch with illiquid assets

Depends on: 🟡 BD2 · Refs: Redemption, Triggers & Rules

🔵 Product Decisions

Technical architecture choices. Some are blocked until a related Business Decision is resolved.

PD1 — NAV Oracle Contract ✅ Resolved

PD1 — NAV Oracle Contract

Question: Where does the NAV update logic live on-chain?

→ Decision: Integrated into PlatformPool (Feb 20, 2026)

Options considered:

1. Integrated into PlatformPool ★ — Add updateNAV() + ORACLE_ROLE directly to PlatformPool; Simpler — fewer deployments, one contract
2. Separate NAVOracle contract — Dedicated contract for NAV updates; Cleaner separation but more interactions
3. Third-party oracle (Chainlink) — Use Chainlink custom data feed; Complex for private RWA NAV

Depends on: 🟡 BD3 · Blocks: 🔵 PD2 🔵 PD3 · Refs: Core Concepts, Smart Contracts, Writedown & NAV

PD2 — Oracle Role Mechanism ✅ Resolved

PD2 — Oracle Role Mechanism

Question: How does the oracle authenticate on-chain?

→ Decision: ORACLE_ROLE on PlatformPool (Feb 20, 2026)

Options considered:

1. ORACLE_ROLE on PlatformPool ★ — Add ORACLE_ROLE to AccessControl; Only wallets with this role can call updateNAV()
2. Separate oracle contract auth — Oracle contract holds permission; More isolation but more interactions
3. Multi-sig oracle — Multiple signers required per update; Most secure but impractical for frequent updates

Depends on: 🔵 PD1 · Refs: Smart Contracts

PD3 — Oracle Operator ✅ Resolved

PD3 — Oracle Operator

Question: Who runs the oracle service?

→ Decision: Aset-operated (Feb 20, 2026)

Options considered:

1. Aset-operated ★ — Aset runs the oracle; Fund operators report NAV, Aset validates and posts on-chain
2. Third-party service — Outsource to an oracle provider; Less burden but additional trust assumptions
3. Decentralized — Multiple independent NAV reporters; Most trustless but complex for V1

Depends on: 🔵 PD1 · Blocks: 🔵 PD4 · Refs: Core Concepts, Writedown & NAV

PD4 — Oracle Offline Fallback ✅ Resolved

PD4 — Oracle Offline Fallback

Question: What happens if the oracle stops posting updates?

→ Decision: No fallback (Feb 20, 2026)

Options considered:

1. Admin manual override — Admin can post NAV updates manually; Logged as admin_override in nav_history
2. Auto-pause pool — Pool auto-pauses after X hours without update; Safest but disruptive
3. No fallback — NAV stays at last known value until oracle resumes; Admin can manually pause for serious cases

Depends on: 🔵 PD3 · Refs: Writedown & NAV, Admin & RBAC

PD5 — NAV Timelock Duration Open

PD5 — NAV Timelock Duration

Question: How long should NAV decreases be delayed before taking effect?

★ Recommended: 24 hours for decreases

Options:

1. 24 hours for decreases ★ — Decreases wait 24h before applying; Increases apply immediately; Gives investors time to react
2. 48 hours — Longer buffer, safer for investors; Slower to reflect reality
3. Per-pool configurable — Each pool sets its own timelock; Flexible but inconsistent protections

Depends on: 🟡 BD3 · Refs: Writedown & NAV, Triggers & Rules

⚖️ Legal Decisions

Regulatory and legal structure decisions. Require legal counsel before finalizing.

L7 — SPV Ownership Model Open

L7 — SPV Ownership Model

Question: Who creates and owns the SPV (legal entity) that holds pool assets?

★ Recommended: Flexible — Either

Options:

1. Fund Manager Creates SPV — Centrifuge model — each fund partner sets up own entity; Aset provides legal templates + smart contract infra; Minimal licensing burden on Aset
2. Aset Creates SPV Per Pool — Aset sets up dedicated entity for each pool; Consistent investor experience, full compliance control; Higher regulatory burden — likely requires custodian license
3. Flexible — Either ★ — Platform supports both models; Some partners bring own SPV, others use Aset-provided; Maximum flexibility, more complex system design

Blocks: L8 · Refs: Core Concepts, Smart Contracts

L8 — SPV Jurisdiction Open

L8 — SPV Jurisdiction

Question: Where should the SPV entity be incorporated?

Options:

1. Delaware Series LLC — Setup: ~$210 + legal fees, Annual: ~$350/yr; Timeline: 2–5 days entity, ~30 days full setup; Best for US-focused investors (Reg D/Reg S); $0 per new series — multiple pools under one entity
2. Cayman SPC — Setup: Moderate–high, Annual: Rising (AML/KYC); Timeline: Weeks–months; Best for global non-US institutional capital, tax neutral; Standard offshore fund vehicle
3. BVI Business Company — Setup: $1,500–$3,000, Annual: $1,700–$8,000/yr; Timeline: ~1 week; Best for token issuance without VASP license; Privacy-friendly, no tax

Depends on: L7 · Note: Not a product decision — depends on legal counsel and target investor base · Refs: Core Concepts

L9 — Escrow & Custody Model Open

L9 — Escrow & Custody Model

Question: Does Aset operate its own escrow smart contracts, or partner with a licensed custodian?

★ Recommended: Path 1: Self-Managed Escrow (A+B)

Options:

1. Path 1: Self-Managed Escrow (A+B) ★ — Non-custodial baseline for pools without escrow; Aset deploys & manages escrow smart contracts; Lower cost, more control over fund flows; Likely triggers VASP/custody requirements
2. Path 2: Third-Party Custodian (A+C) — Same non-custodial baseline; Licensed custodian holds funds, Aset orchestrates; Cleanest compliance path, higher cost; Fireblocks ~$200/mo + 0.23% tx, Copper high minimums, Anchorage enterprise-only

Depends on: L7 · Refs: Smart Contracts, Escrow, Redemption