Overview
Every financial primitive in Lapis maps to a native XRPL transaction type — no smart contract language, no gas fees, 3-5 second finality on testnet.
XRPL Primitives Used
| Lapis Concept | XRPL Transaction | Purpose |
|---|
| Report paywall | Payment + verifyPayment | XRPL micropayment (0.05 XRP) for report access |
| Equity token | MPTokenIssuanceCreate | Issue shares representing startup equity |
| Investor authorization | MPTokenAuthorize | KYC/accreditation gate per investor |
| Vesting lock | EscrowCreate | Lock shares with time or condition-based release |
| Vest release | EscrowFinish | Release shares when conditions are met |
| Platform fee | Payment (RLUSD) | 2.5% fee via stablecoin |
| Legal anchor | MetaLex SAFE (Base Sepolia) | Legally binding agreement linked to MPT |
Equity Tokens (MPT)
When a market settles, the founder issues an MPT (Multi-Purpose Token) representing equity in the company.
Token Flags
These flags are set at issuance and are irreversible after the first holder opts in:
| Flag | Effect |
|---|
tfMPTRequireAuth | Founder must authorize each investor (compliance gate) |
tfMPTCanEscrow | Shares can be locked in vesting escrows |
tfMPTCanLock | Founder can freeze individual holdings if needed |
tfMPTCanTransfer | Whether shares can trade on secondary market |
tfMPTCanTrade | Whether shares can list on XRPL DEX |
TransferFee | Royalty on every secondary transfer (0-50000 bps) |
Holder Onboarding Flow
The holder must opt-in before the founder authorizes them. Reversing this order results in tecOBJECT_NOT_FOUND.
Vesting Escrows
Shares are locked in escrow immediately after issuance. Two release mechanisms are supported:
Time-Based (Vesting Cliff)
FinishAfter = rippleTime(cliff date) // e.g., 90 days from settlement
CancelAfter = rippleTime(safety expiry) // e.g., 365 days
EscrowFinish after FinishAfter — no human unlock required.
Condition-Based (Conversion Trigger)
Condition = PREIMAGE-SHA-256 crypto-condition
Fulfillment = preimage held by AI agent
EscrowFinish with the fulfillment. This makes the agent a trustless trustee.
When BASE_PRIVATE_KEY is configured, settlement deploys a SAFE (Simple Agreement for Future Equity) contract on Base Sepolia via MetaLex before issuing the MPT.
The SAFE contract address and document hash are embedded in the MPT’s extraMetadata field, creating a bidirectional link between the on-chain equity token (XRPL) and the legal agreement (Base):
- MPT metadata contains
safeContractAddress and safeDocumentHash
- Base contract stores the XRPL
mptIssuanceId via linkXRPL()
- The
/safe/:marketId endpoint verifies both sides match (crossChainVerified)
This means the legal agreement and the equity token are cryptographically linked across two chains — neither can exist without referencing the other.
Default Settlement Config
| Parameter | Default | Description |
|---|
totalEquityShares | 10,000,000 | Total shares issued per company |
vestingCliffDays | 90 | Days before shares can be released |
cancelAfterDays | 365 | Safety expiry for unclaimed escrows |
platformFeeBps | 250 | Platform fee (2.5%) |
royaltyBps | 100 | Secondary transfer royalty (1%) |
xrpUsdRate | 0.5 | XRP/USD conversion rate |
Why MPT Over Trust Lines?
- No trust line required from holder — Lower reserve cost
tfMPTRequireAuth — Built-in compliance gatetfMPTCanEscrow — Native vesting support, the key feature for equity
Security
delivered_amount is always checked over Amount (partial payment attack prevention)- Wallet seeds stored in
.env, never committed or sent over the network
- All transactions use
autofill() for automatic LastLedgerSequence
submitAndWait() used everywhere — never trust submission result alone- Mainnet endpoints are config-driven via
XRPL_NETWORK, never hardcoded
