Overview
A Debt Algorand Standard Application (D-ASA) is a debt instrument issued as an Algorand Application, that conforms to this specification, and whose operations and cash flows are executed on the AVM.
This specification defines the actors of a D-ASA and the interfaces of the Algorand Application to:
- Arrange and configure the D-ASA (e.g. principal, interest, time events, etc.);
- Manage D-ASA accounts (e.g. opening and closing accounts, etc.);
- Distribute the D-ASA on the primary market (e.g. book building, auctions, etc.);
- Execute D-ASA cash flows (e.g coupon payments, principal repayment, etc.);
- Exchange the D-ASA on secondary markets (if any);
- Query D-ASA information (e.g. due coupons, next coupon due date, etc.).
This specification also provides the interfaces to comply with regulatory requirements, such as defining a role-based access control, suspending D-ASA operations completely or for specific accounts, managing default processes, etc.
The contents are structured on four functional layers:
- Trust Model: this layer defines the application role-based access control model to manage the fixed income contract and comply with regulatory frameworks;
- Contract: this layer provides the algorithmic definitions of the debt instrument (data model, attributes, and cash flows);
- Ownership: this layer defines the tokenization of the contract;
- Execution: this layer defines the execution of the contract, both the distribution, cash flows and transfers.