System Architecture
Paimon Finance is composed of two independent product lines sitting on a shared issuance and reputation layer. The two product lines do not interact at the asset-accounting level — PP NAV does not include xSPCX, and xSPCX redemption does not touch PP — but they share the Launchpad, Points, Badge, Treasury and Compliance infrastructure.
High-Level Diagram
┌──────────────────────────────────────────────────────────────────────────────┐
│ User-facing Surface │
│ Wallet, dApp, Admin Dashboard, External AMM Integrations │
└──────────────────────────────────────────────────────────────────────────────┘
│ │
│ Holds PP / claims redemption │ Holds xSPCX / pSPCX
│ │ KYC users redeem via Bridge
▼ ▼
┌─────────────────────────────────┐ ┌────────────────────────────────────────┐
│ Product Line A │ │ Product Line B │
│ Paimon Prime (PP) │ │ Pre-IPO SPV Tokens (pSPCX/xSPCX) │
│ │ │ │
│ ┌──────────────────────────┐ │ │ ┌─────────────────────────────────┐ │
│ │ PPT Vault (ERC-4626) │ │ │ │ EIP3643Token (pSPCX) │ │
│ │ • Deposit / Mint │ │ │ │ • KYC-gated transfer │ │
│ │ • NAV per share │ │ │ │ • Agent: freeze / forced │ │
│ │ • Locked-share ledger │ │ │ └────────────┬────────────────────┘ │
│ └──────┬───────────────────┘ │ │ │ │
│ │ │ │ TokenBridge │
│ ┌──────┴───────────────────┐ │ │ (1:N pSPCX↔xSPCX, │
│ │ RedemptionManager │ │ │ KYC-gated redeem) │
│ │ • Standard T+7 / 0.5 % │ │ │ │ │
│ │ • Emergency T+0 / 1.5 % │ │ │ ┌────────────┴────────────────────┐ │
│ │ • Approval workflow │ │ │ │ ShadowERC20 (xSPCX) │ │
│ │ • RedemptionVoucher │ │ │ │ • Plain ERC-20, free transfer │ │
│ └──────┬───────────────────┘ │ │ │ • Mint/burn only by Bridge │ │
│ │ │ │ └─────────────────────────────────┘ │
│ ┌──────┴───────────────────┐ │ │ │
│ │ AssetController │ │ └─────────────────────────────────────────┘
│ │ • L1 / L2 / L3 tiers │
│ │ • Adapter integrations │
│ └──────┬───────────────────┘
│ │
│ ┌──────┴───────────────────┐
│ │ External Adapters │
│ │ • CashPlusAdapter │
│ │ • Aave (planned) │
│ └──────────────────────────┘
└─────────────────────────────────┘
│ │
│ │
▼ ▼
┌──────────────────────────────────────────────────────────────────────────────┐
│ Shared Issuance + Reputation Layer │
│ │
│ LaunchpadDrop V4 (4-Layer Drop, points-gated) ──► PaimonTreasury │
│ │ │
│ ├─ deducts ─► PointsHubV2 ◄─── credits ─── StakingModule │
│ │ │ LPStakingModule │
│ └─ mints ─────► PaimonBadge (Soulbound) │
│ │
│ KYCAggregator ◄── SimpleKYCProvider (institutional whitelist) │
└──────────────────────────────────────────────────────────────────────────────┘
▲
│
│ Off-chain operations
│
┌──────────────────────────────────────────────────────────────────────────────┐
│ Off-chain operational backend (event-driven) │
│ • On-chain event ingestion with redundant transports + gap recovery │
│ • KEEPER / REBALANCER service accounts for chain ops │
│ • Off-chain RBAC for human-triggered operations │
│ • Rebalance engine, approval workflow, settlement automation │
└──────────────────────────────────────────────────────────────────────────────┘Layer Descriptions
Product Line A — Paimon Prime (PP)
The original product: an ERC-4626 vault holding a tiered RWA portfolio. Users deposit USDT, receive PP shares, and exit through a two-channel redemption mechanism (Standard T+7 / Emergency T+0 with quota and approval gates). Asset rebalancing across tiers is run by REBALANCER service accounts under a single-active-strategy pattern.
Product Line B — Pre-IPO SPV Tokens
A two-token design: pSPCX is the legal/regulated security token (EIP-3643, KYC-gated); xSPCX is its DeFi-tradable shadow ERC-20. They are linked exclusively through TokenBridge at a fixed 1:10 ratio. The architecture is reusable: adding a new pre-IPO asset (e.g. an Anthropic SPV) only requires deploying a new EIP-3643 + Shadow pair and registering with the existing bridge.
Shared — Launchpad + Points + Badges
Both product lines distribute their tokens through LaunchpadDrop V4, a 4-Layer points-gated sale. Pre-drop activity (PPT staking, LP staking) earns non-transferable points in PointsHubV2; points are spent at commit() time to unlock cheaper layers. Successful drop participation mints a PaimonBadge Soulbound NFT.
Compliance Layer
KYCAggregator is the identity-registry hub used by EIP3643Token.transfer (receiver check) and TokenBridge.redeem (sender check). It currently aggregates a single SimpleKYCProvider whitelist; the design supports adding additional providers (Sumsub, Onfido, etc.) without contract redeploy.
KYC onboarding is currently B2B / institutional only. Retail wallets can hold and trade xSPCX freely without going through KYC.
Off-Chain Backend
An event-driven operational backend runs the off-chain layer:
On-chain event ingestion with redundant transports + gap recovery
KEEPER / REBALANCER service accounts that sign on-chain transactions for redemption approvals, asset purchases, drop phase advances, layer settlement, etc.
Off-chain RBAC gating which human users can trigger which on-chain operations
Rebalance strategy engine (single active strategy, mutual-exclusion with manual rebalance)
External-vault settlement automation (status probes + auto-advance state machine)
Critical design rule: the blockchain is the source of truth. The backend never holds business state that is not derivable from on-chain events.
What's Not in This Architecture (Yet)
The following modules are present in the source tree but not deployed to mainnet, and therefore not part of the live system:
PAIMONERC-20 token (governance utility token, not yet minted)VotingEscrowveNFT (lock-up and voting power)GaugeController(emission allocation voting)BribeMarketplaceandRewardDistributorDEXFactory/DEXPair(Paimon's own AMM)Treasury.solRWA-backed CDP mintingHYDsynthetic asset (separate design exploration, not the livePaimonTreasury)Tranche Vault(sPP/jPP) — design only, no contract written
These are documented under their respective Phase-2 sections with explicit banners, and tracked in the Roadmap.
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