The published design of Solana’s new institutional settlement program requires the full cash and asset legs of a trade to be available before it can execute the trade.

Its atomic transaction can prevent a buyer from paying without receiving the asset, but the program supplies neither the cash nor the financing needed to reach that point.

The Solana Foundation announced Solana DvP on Oct. 6 as an open-source standard for delivery-versus-payment settlement. The published design puts each side’s tokens into a separate escrow, then moves both agreed amounts together. It also explicitly excludes netting, the process of offsetting obligations before paying the remaining balance.

Institutions may benefit from a shorter wait for proceeds, while still needing to source the full amount for every trade they submit.

Under the published program limits, one trade record covers one exchange between two parties. Both legs must be token accounts on Solana, and partial fills are not allowed. A bank-account payment made on another rail falls outside this atomic exchange.

The settlement code at the documented source commit checks that each escrow balance is at least the amount agreed for that leg before transferring either agreed amount.

An underfunded side causes settlement to fail, and excess tokens are returned to the named party rather than increasing what the counterparty receives.

The economic responsibility remains with the participants and whoever finances them. A buyer must arrange the cash token, a seller must arrange the asset token, and a lender could finance either position through a separate arrangement, but that would leave the financing relationship outside the DvP program.

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