Delivery vs Lock (DvL)
The standard for creating technically and legally enforceable security interests over tokenized collateral.
LOCKCollateral is locked in place in the owner's own account. Nothing is transferred, and the yield keeps accruing.
PROOFA Credit Receipt records what is locked, against which obligation, for whom, under which document and law, and how it enforces.
ENFORCE / UNLOCKOn repayment the lock releases. On a validated default, delivery executes in seconds, from an instruction lodged at origination.
What will be published here
The specificationThe mechanism, the conformance requirements and the Credit Receipt schema.
The framework documentsMaster Terms, Lane Schedules, Participation Agreements and the Adaptation Schedule, each by version and hash.
Licence terms and the rate cardPublished in full, identical for every institution.
The legal analysis, per jurisdiction
Every jurisdiction gets both: Participation Agreement templates adapted to local law, and a reasoned opinion on them. The opinion is written for disclosure, so a counterparty's counsel can read it.
United States in counsel reviewControl under Article 8 and perfection by control under Article 9, fixed at origination.
England and Wales in counsel reviewA security financial collateral arrangement under the 2003 Regulations; the lock evidences control, and enforcement is by appropriation.
ADGM in counsel reviewSecurity over the locked collateral under ADGM law, enforced as documented in the Participation Agreement.
DIFC · Singapore · Hong Kong · Luxembourg in preparationTemplates and opinions in preparation, each publishing as it completes. Further jurisdictions follow demand.
Status. The framework is in counsel review for the United States, England and Wales, and ADGM, with further jurisdictions drafted. The site publishes in January 2027. Until then the documents are provided to institutions on request, at no cost.
Request the documents
The framework documents and the current legal analysis are provided to institutions on request, at no cost, ahead of publication. Leave an address and we will send them.