Why Two Separate Systems?
Separation of Concerns
| Aspect | Settlement Layer | Investment Layer |
|---|---|---|
| Users | Telecom carriers | Investors |
| Purpose | Operational settlement | Capital deployment |
| Deposits | Permissionless (with KYC) | Async (managed) |
| Withdrawals | Permission required | Managed by IM |
| Architecture | Non-upgradeable (stable) | Upgradeable (flexible) |
| Standards | ERC-20, ERC-2612 | ERC-7540, ERC-4626 |
Why Settlement is Non-Upgradeable
Stability is Critical:
- Handles millions in carrier funds
- Real-time settlements cannot fail
- Carriers need certainty of behavior
- Battle-tested code = lower risk
- Regulatory approval = hard to change
Why Investment is Upgradeable
Flexibility is Valuable:
- Investment products evolve
- Regulatory requirements change
- Can add new features (e.g., different yield strategies)
- Bug fixes without affecting carriers
- Can adapt to market conditions