To structure a bilateral delivery-versus-payment (DvP) trade on Solana, agree the asset, payment, amounts, destination accounts, timing and settlement authority off-chain; create a trade record in the Solana Foundation’s DvP program; verify that record before either side funds; then have the named authority submit one settlement transaction that transfers both legs together. The program’s current documented approach uses a separate escrow account for each leg. It can make the on-chain transfers atomic, but it does not provide trade matching, settle an off-chain payment, or by itself establish legal settlement finality.
What delivery-versus-payment means on Solana
Delivery-versus-payment links two obligations so that one asset transfers if and only if the other does. The European Central Bank and Bank of Japan describe this principle in their March 2018 Project Stella report. In a token-for-token trade on Solana, for example, one party delivers a tokenized asset and the other delivers a payment token.
Under the Solana Foundation’s documented DvP program, each leg is held in a trade-specific escrow account. Once the trade is eligible to settle, both outgoing transfers are included in one Solana transaction. If that transaction succeeds, both transfers take effect; if it fails, neither does. The Foundation’s program documentation says to regard the trade as settled at the finalized commitment level. That is a network status, not a universal legal determination: the parties’ contract and applicable rules determine what counts as legal settlement finality.
What atomicity protects—and what it does not
Atomic execution addresses the risk that one party’s on-chain leg completes while the other leg does not. It does not ensure that a token issuer can or will redeem a token, make an off-chain cash payment occur, or prevent an issuer or other token authority from affecting escrowed tokens. Nor does the program provide price discovery, an order book, matching, netting, partial fills, automatic execution, or program-level KYC or eligibility checks.
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Structure a trade with the DvP program
- Agree the trade off-chain. Define
user_aanduser_b, each token mint and amount in base units, the settlement authority, the destination for each incoming leg, and any earliest-settlement and expiry timestamps. The authority should be an address other than either trading party. The program records terms; it does not negotiate or match them. - Create the trade record. The
CreateDvpinstruction creates a program-ownedSwapDvprecord, a single-use nonce marker and two escrow token accounts. Creation does not transfer tokens. Because creating a record is permissionless, an existing record alone is not proof that both parties agreed to its terms. - Read and verify the record before funding. Confirm the record is owned by the DvP program and is exactly 458 bytes, as specified in the Foundation’s 2026 program documentation. Check both parties, both mints, amounts, settlement authority, timestamps and both settlement destinations against the off-chain agreement. Verify the record again before settlement; a wrong destination can redirect proceeds.
- Check token behavior, then fund. Each party sends its leg to the corresponding escrow using a standard token transfer. Before sending, check the mint’s token program and extensions, account eligibility, transfer-hook requirements, and freeze or pause controls. In particular, an escrow account that starts frozen may not be able to receive funds or settle until an issuer or transfer agent admits or thaws it.
- Settle or unwind. Once both escrow accounts hold at least the agreed amounts and any earliest-settlement time has arrived, the named authority submits
SettleDvpbefore expiry. The program sends each agreed amount to the other party’s recorded destination, returns any excess to the party that deposited it, and closes the record and escrow accounts. While the trade remains open, a party can reclaim its own leg; the authority can cancel, and either party can reject. The documentation also describes recovery for a late deposit into a recreated escrow after closure.
The program documentation sets a maximum expiry timestamp one year into the future. Check the actual record and current deployed program behavior rather than assuming a user interface or integration applies the same defaults.
Check mint extensions and issuer controls
The Foundation documentation says the program supports SPL Token and Token-2022 legs, including a trade with one leg from each token program, but compatibility depends on the mint’s extensions and authorities. Check both legs independently before funding.
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| Mint feature or control | Documented DvP behavior | Practical check |
|---|---|---|
| TransferFee, InterestBearing, Scaled UI Amount, or NonTransferable extensions | The DvP program rejects these extensions. | Confirm the mint’s extensions before choosing the program. The Foundation’s delegation guide says the delegation pattern can support Scaled UI Amount mints rejected by the program. |
| TransferHook | Supported with up to 32 extra accounts per leg, according to the Foundation’s 2026 documentation. | Check the hook’s required accounts and whether the configured requirements fit the documented cap. If hook configuration grows beyond it, transfers—including reclaim and cancel—can fail until the authority reverses the change. |
| PermanentDelegate, Pausable, DefaultAccountState, freeze authority, or MintCloseAuthority | Accepted by the program, but the associated authorities may still affect escrowed tokens. | Understand who controls the authority and what actions it can take during the trade; program acceptance does not neutralize issuer controls. |
| ConfidentialTransfer | Accepted while escrowed and settled amounts remain public. | Do not assume this program makes the trade amounts confidential. |
| Token ACL or frozen-by-default behavior | A newly created escrow associated token account may start frozen, preventing funding or settlement until admitted or thawed. | Confirm escrow eligibility and the issuer or transfer agent’s process before either party sends tokens. |
These checks matter after funding as well as before it: token authorities and hook configuration can affect whether an escrow can transfer or be reclaimed.
Choose between program escrow and delegated transfers
The Foundation describes delegated transfers as an alternative: each party delegates authority over the relevant token account to a settlement agent, which executes both transfers in one transaction. In this design, tokens remain in the parties’ accounts under delegated authority until transfer, rather than moving into separate DvP-program escrow accounts. The Foundation says this avoids dependence on the DvP program and can work with Scaled UI Amount mints that the program rejects.
Rank #3
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| Decision point | Program-owned escrow | Delegated transfers |
|---|---|---|
| Where assets sit before settlement | In separate, trade-specific program-owned escrow accounts. | In the parties’ token accounts, subject to delegated authority. |
| Who executes settlement | The named settlement authority submits the settlement instruction. The program sends proceeds to destinations recorded in the trade. | A settlement agent uses the parties’ delegated authority to execute the exchange. |
| Program dependency | Depends on the DvP program, which the Foundation documents as upgradeable. | Does not depend on the DvP program. |
| Mint compatibility | Rejects TransferFee, InterestBearing, Scaled UI Amount and NonTransferable extensions. | The Foundation guide says it can support Scaled UI Amount mints rejected by the program. |
| Authority and recovery model | Parties may reclaim their own leg while the trade is open, but issuer controls and supported token behavior can still affect escrowed assets. | Delegation and token-account authority management create a different operational and trust model; review the current guide and token program behavior for the intended implementation. |
This is a design choice, not a universal safety ranking. Consider mint compatibility, the authority being delegated, the DvP program’s upgradeability, and how each design handles cancellation and recovery. The Foundation’s delegation guide is educational and warns against using its code in production without comprehensive audits, appropriate key management, regulatory and legal review, and extensive testing and modification.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Deployment and institutional context
The Solana Foundation’s October 6, 2026 announcement describes Solana DvP as an open-source escrow program released under the MIT license and says it underwent external security audits. The Foundation’s technical documentation names Cantina as auditor and lists the mainnet-beta program ID as dvp34bdbcEm4f4FCUjGV4mDAkDshaQR4LkK8fdcsyZq. It reports deployment and upgrade-authority information as of October 2, 2026, and says the program is upgradeable. Integrators should verify the live deployment and generate clients from the deployed IDL; the documentation reports IDL version 0.1.0 as of October 2, 2026.
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The Foundation announcement says J.P. Morgan contributed input on institutional settlement practices. It explicitly cautions that this input is not evidence that J.P. Morgan designed, developed, operates, approved, certified, warrants, endorses or guarantees the program. The announcement’s institutional statements are attributed views, not independent measurements of adoption or performance.
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Keep the operational and legal boundary clear
- Use the on-chain record as a set of executable instructions, not as a substitute for confirming the parties’ agreement. Record creation is permissionless.
- Validate both token legs, destinations and authority assumptions before funding. A successful atomic transfer cannot fix an unsuitable mint or an off-chain obligation that was never included in the transaction.
- Plan for authority availability, expiry, rejection, cancellation and recovery before assets enter escrow.
- Assess legal, regulatory, eligibility and custody requirements separately. The program does not perform those checks, and network finality does not itself settle the legal analysis.
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