Deal Lifecycle

How a financing structure moves through Strata as a deterministic ownership state transition.

In Strata, a deal is not just a database object, a fundraising container, or a marketplace listing. A deal is a coordinated ownership state transition — issuance, compliance, settlement, and servicing all move together through deterministic lifecycle phases.

The canonical lifecycle

Every deal archetype moves through the same high-level lifecycle. Different archetypes extend it in different ways, but the backbone is shared:

1. Draft

   The structure, compliance posture, and economic terms are defined. The deal describes a future ownership state before any capital moves.

2. Structured

   Documents are prepared, treasury is configured, and the deal becomes operationally executable.

3. Onboarding

   Investor identity verification (KYC), accreditation, and participation coordination. Eligibility is verified against the deal’s compliance rules.

4. Execution

   Documents are executed (e-signature), participations are finalized, and go-live readiness is derived from the deal’s state.

5. Funding

   Capital is committed and funded into the vehicle.

6. Settlement Confirmed

   Settlement coordination completes and finality is recorded.

7. Issued

   Ownership instruments are issued / minted to participants.

8. Active

   The vehicle is live and servicing (distributions, reporting).

9. Transferable / Collateralized

   Positions become transferable or usable as collateral, where the structure permits.

Why a deterministic lifecycle matters

Traditional capital markets coordinate ownership transitions through fragmented workflows, disconnected ledgers, and manual servicing. Strata replaces this with deterministic lifecycle transitions: each phase has explicit entry conditions, and the system derives readiness rather than relying on out-of-band sign-off.

Each transition is gated. A deal cannot reach Execution without satisfying the Onboarding compliance requirements, and cannot reach Issued without confirmed settlement. Readiness is computed from state, not asserted by a user.

Who drives each phase

Operators, managers, investors, and treasury / compliance actors each have role-scoped responsibilities across the lifecycle.