Execution & Settlement

How confirmed Intents are recorded as on-chain commitments and settled across on-chain and off-chain rails.

Overview

When a submitter confirms a quoted Intent, Ezys records an Execution Commitment on-chain — an immutable, auditable record of the agreed terms. Ezys does not hold or move funds; actual asset transfers are carried out by the liquidity sources and settlement partners referenced in the commitment.

Settlement follows one of two paths depending on asset type: on-chain assets settle near-instantly via smart contracts, while off-chain (fiat) assets are settled through partner rails with on-chain guarantees to ensure fulfillment.

Definitions

Execution Commitment

The on-chain record created when a submitter confirms a quoted Intent.

EC(I) = (intent, solution, legs, timestamp)

where:
  intent   = original Intent
  solution = selected Solution (path, price)
  legs     = { L₁, L₂, ..., Lₖ }
  timestamp = commitment time

Leg

A single asset transfer within a settlement. Each Execution Commitment consists of one or more Legs.

L = (from, to, asset, amount)

where:
  from   = sender address (wallet address or account ID)
  to     = receiver address (wallet address or account ID)
  asset  = asset code (e.g. USDC, KRW)
  amount = transfer amount

Typical 2-Leg Structure

EC(I) = { L₁, L₂ }

Example — USDC → KRW:
  L₁ = (user_wallet,  solver_vault,   USDC, 1000)
  L₂ = (solver_bank,  user_bank_acct, KRW,  1424500)

On-chain Settlement

On-chain Legs settle near-instantly via smart contract execution. When the Execution Commitment is recorded, the corresponding on-chain asset transfer is triggered automatically.

Off-chain Settlement

Off-chain Legs involve fiat currency transfers that cannot settle atomically on-chain. To bridge the gap between on-chain commitment and off-chain finality, Ezys employs a Settlement Guarantee — a mechanism that ensures the off-chain obligation recorded in the Execution Commitment is verifiably fulfilled.

The specific guarantee mechanism depends on the settlement partner's capabilities:

Mechanism	How it works	When used
Direct Settlement	Partner executes fiat transfer directly upon commitment; status is confirmed via partner API	Partners with real-time fiat rails (e.g. integrated banking partners)
PBM (Purpose Bound Money)	A token is minted on-chain representing the fiat obligation; burned once the off-chain transfer is confirmed	Partners without real-time confirmation capabilities

In all cases, the on-chain Execution Commitment serves as the source of truth, and settlement status is tracked until the off-chain transfer is verified as complete.

Intent Lifecycle (Full)

The complete lifecycle of an Intent from submission through settlement.

Submit → Quoted → Confirmed → Executing → Settled
                           ↘ Expired (if not confirmed in time)
                                      ↘ Failed (settlement failure)

Status	Description
quoted	Firm quote issued, awaiting confirmation
executing	Confirmed, Execution Commitment recorded, settlement in progress
settled	All Legs completed
expired	Quote expired before confirmation
rejected	Constraints could not be met
cancelled	Cancelled by the submitter

Related

• Solver Network — How quotes are sourced and selected
• Intent API — How to submit and confirm Intents
• Architecture — System-level overview