Two market implementations

The economics are one model with two market implementations. The conserved balance sheet, the ranking of claims, the settlement order and the accounting-flow discipline are common to both. What differs is disclosure.

Base Chain, in Solidity

The public implementation is designed for a permissionless environment. The balance sheet is publicly readable and ordinary lifecycle actions can be performed without relying on a privileged operator for liveness, so settlement does not depend on anybody in particular being available to run it.

It is built as an EIP-2535 diamond with namespaced storage under ERC-7201, and USDC is the reserve asset in the kUSD reference configuration.

What that environment buys is open verification: anybody can read the book and check the identity for themselves, and the instrument composes with public liquidity.

Canton Network, in DAML

The institutional implementation applies the same conserved economics and settlement model in a confidential environment. Participant positions stay private to the relevant parties while the product rules remain common, so market presence itself is confidential rather than merely pseudonymous.

Valuation there can use two-party attestation. That matters where a regulated issuer requires stronger separation of duties around valuation than a single nominated seat provides, and it changes the attestation arrangement without changing the underlying product economics.

What is common to both

The distinction between quantities measured from system state and quantities requiring an authorised assertion holds in either environment. Ledger primaries are written solely through admitted accounting flows, so a manager can allocate and trade in both implementations without the power to write arbitrary accounting values.

That is the property an issuer is actually selecting an environment around. The choice between public and confidential is a disclosure decision, not an economic one.