Product Timeline

Development phases and status. Updated June 2026 (v3.0 model reconciled).

Platform Core

✓ Done

• Core smart contracts (4 contracts — v3-11 absorbed PlatformEscrow; down from 6)
• SIWE authentication + JWT
• SumSub KYC integration + SBT minting
• Pool creation & management (admin)
• Investment (atomic deposit + LP mint, no separate escrow — v3-03 / v3-11)
• Investor portfolio view
• Redemption request flow (single-stage admin approve + PENDING_RESERVE — v3-04; pool_type removed v3-01)
• Fund management (funds, fund_members)
• Notification system (V1 — email + in-app; rebuilt on notification_events/notifications/notification_deliveries in v3-103, live SES bounce/complaint ingestion)
• RBAC (Admin / Operator / Fund Manager)
• NAV oracle integrated into PlatformPool 🟠 PD1 (Decided)

▶ In Progress

• NAV update flow (admin panel)
• 24h timelock enforcement
• Portfolio NAV display (investor UI)
• Writedown UX (tone + transparency)
• Admin panel V2 cleanup
• Yield distribution flow (claim-based, MANUAL_CLAIM only)
• Pool lifecycle auto-transitions (scheduler)

▶ Post-maturity repayment — built, waiting on a manual deploy and two migrations

Written in code, not live: migrations 0189 / 0190 are not applied to dev and the API is a manual deploy:dev:api. The FE/BE legs need no contract change; the one contract item below is built and already on chain, waiting only for a pool to be created from the new factory.

• Wizard creates FIXED_MATURITY + epoch; plan columns redemption_term_epochs · epoch_date_basis · epoch_roll_day (0189) 🔨 v3-132
• Deploy writes every cycle's funding date under a clock; redemption_epochs.funding_date records what landed (0190); indexer fix 🔨 v3-133
• Funding-date reminder gated on unwritten cycles rather than epoch_cycle_mode — ⚠️ one code seam still blocks it firing 🔨 v3-135
• Per-cycle confirm (epoch_id) + a funding-date ordering guard in the endpoint (not in the contract) 🔨 v3-139
• Role grants follow the signer; bootstrap PAUSER handed over before it is taken away 🔴 v3-138
• ✅ Yield accrual ends at settlement, not at request (contract) — the last MVP item, and the one place the engine paid the wrong people on this product. Shipped 2026-08-20 and on chain 2026-08-21; new pools only, and no pool created from the new factory yet 🔧 v3-131

○ Planned

• Maturity anchored per investor (contract; out of MVP scope) 🔧 v3-131
• over_funding_detected copy fix — the mail tells fund managers a leftover carries to the next cycle; it does not 🔴 v3-137
• DocuSign term sheet integration 🟠 PD2
• Oracle fallback (PD4 — Decided: no fallback) 🟠 PD4
• KAIA mainnet dual-deploy
• Multi-sig admin controls (v3-37 shape decided: Admin 3-of-5, Pauser a separate 2-of-3)

Two entries left this list rather than shipping. "Email notification system" was a duplicate of the Done row above. "Reserve fund mechanics" (BD4) is resolved, not pending — R8 settled that the reserve is redemption liquidity and never absorbs loss, so there are no further mechanics to build: updateNAV's reserveConsumed is always 0 and the contract rejects anything else. First-loss is the Junior tranche or the manager's equity buffer.

❓ Open / TBD

• Secondary market / LP transfers 🟡 BD5
• Analytics dashboard
• Mobile app

Note: Multi-stablecoin (USDC/USDT/DAI, USD-backed) is supported per-pool (one recommended) — see 04-pool-models. KYC/KYB gating is live (per-pool, v3-10).

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Joob Pool Integration (R21)

Joob (Grab JV) eNote Finance fund integration. Hybrid model: Joob API (fund financials) + On-chain (RPS token for investor positions).

Ref: Notion — Joob Pool Integration To Do | API Spec Doc

ℹ️ Part of this section is based on the March spec — the current SoT is Grab Joob API — Aset Integration (+ second-round request). Resolved after review (2026-06-16): ① total_rni = gross confirmed — code yield-distributions.post.create.ts takes gross input → computes net via net_yield_fee_config (admin/perf fee) (if NULL, net=gross). Integration doc #7 is stale. One remaining line to confirm: whether rni is already net of Joob-side LOF/WHT (independent of the Aset fee layer). ② DPD = per-bucket (30/60/90) implementation is final for Joob (corrected below; ⚠️ superseded for the master route on 2026-08-19 — it serves 30/60 only and retired bucket 90 in favour of /risk/nonperforming, see Guest API surfaces) — only the denominator (active_loan_count/outstanding) is a second-round request. (The Aset-side ingest/data model is being generalized to dynamic, jurisdiction-defined buckets for non-Joob regimes — v3-59.)

✓ Done (Phase 1 — Spec)

• Joob API spec written + call completed (3 endpoints: Fund Summary, Fund History, DPD Risk)
• RPS token contract confirmed: 0x3f9c...1403 (Kaia)
• DB schema: operating_currency, fx_rate columns added to pools (schema.sql L322-323)
• Admin API types: operatingCurrency, fxRate mapping defined (admin-web/shared/api/pools.ts)
• total_rni = gross confirmed (mgmt/perf fee not applied, net interest = interest - LOF - WHT)
• Investor data: not provided by Joob → replaced with on-chain balanceOf + Transfer event indexing
• DPD: per-bucket (30/60/90) implementation (Joob /risk/dpd/{bucket} per-bucket calls) — changed from the March "buckets not needed" plan. ⚠️ Fund route only as of 2026-08-19; the master route dropped bucket 90 (dpd-exclude-90) and keys its aggregate by month — Guest API surfaces. active_loan_count/outstanding denominator not included → second-round request

⚠️ The phase dates below are from the March plan and have lapsed

Phases 2–4 were scheduled for April/May 2026. Do not read the headings as current status. Where a line could be checked against the code in the 2026-08-06 pass it is marked ✅ or ⛔ below; the rest are not re-verified here, and the live status lives in the Notion SoT linked above rather than on this page.

▶ Phase 2 — DB & Backend (was ~4/1)

• ✅ pools.post.create.ts: accepts operating_currency, fx_rate
• ✅ pools.patch.update.ts: both fields wired
• Manual Joob Pool creation + lp_token_address = RPS contract — not re-verified
• ShardLab/Hashed deposit + manual portfolio_positions creation — not re-verified
• Investability-state logic: non-investors CLOSED, investors ACTIVE (lifecycle_status + visibility) — not re-verified
• Finalize pool values per the contract (lockup, penalty, min investment) — commercial, not code

○ Phase 3 — UI (was ~4/15)

• Admin pool-form.tsx: operating_currency, fx_rate input fields
• Pool Detail pool.$id.tsx: Fund Statistics card (FX banner dropped — v3-24, USD-only, no investor FX disclosure)
• Portfolio portfolio.tsx: return % display + CLOSED pool button hide
• Pool card: operating currency tag (dropped — operating_currency backend-only, v3-24)
• Admin: Joob Pool dedicated management (fee tracking, DPD risk monitor)
• Net Yield calculation logic: Admin fee 1%/yr (quarterly) + Perf fee 20% (>15% hurdle, at maturity)

○ Phase 4 — API Integration (was early May)

• ✅ Scheduled fund-data sync exists (fund-data.scheduler.sync) → external_pool_data_snapshots
• ✅ TVL snapshot cron exists (pools.scheduler.tvl-snapshot) → pool_tvl_history
• ✅ On-chain LP Transfer indexing exists (onchain-indexer.scheduler) → portfolio_positions
• Investor Position: on-chain balanceOf + Fund Summary hybrid — not re-verified

❓ Next Cycle

• Pool smart contract design/deployment
• API sync → on-chain transition
• IRR calculation (cashflow-based, Aset self-computed)
• Recovery Rate (NPL 0% — not needed yet)
• Per-loan detail data after eNote v2 update (April+)