In the dominant narratives of DeFi, trading has captured nearly all attention. Price movements, liquidity depth, slippage, and yield have become the primary variables shaping protocol design. By contrast, settlement has long been treated as an afterthought—often implicitly assumed to be nothing more than instant redemption following a transaction. This assumption may have been acceptable in early-stage DeFi. However, as systems scale, participant structures become more complex, and capital cy...
