> ## Documentation Index
> Fetch the complete documentation index at: https://docs.stratareserve.co/llms.txt
> Use this file to discover all available pages before exploring further.

# 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:

<Steps>
  <Step title="Draft">
    The structure, compliance posture, and economic terms are defined. The deal
    describes a *future ownership state* before any capital moves.
  </Step>

  <Step title="Structured">
    Documents are prepared, treasury is configured, and the deal becomes
    operationally executable.
  </Step>

  <Step title="Onboarding">
    Investor identity verification (KYC), accreditation, and participation
    coordination. Eligibility is verified against the deal's compliance rules.
  </Step>

  <Step title="Execution">
    Documents are executed (e-signature), participations are finalized, and
    go-live readiness is derived from the deal's state.
  </Step>

  <Step title="Funding">
    Capital is committed and funded into the vehicle.
  </Step>

  <Step title="Settlement Confirmed">
    Settlement coordination completes and finality is recorded.
  </Step>

  <Step title="Issued">
    Ownership instruments are issued / minted to participants.
  </Step>

  <Step title="Active">
    The vehicle is live and servicing (distributions, reporting).
  </Step>

  <Step title="Transferable / Collateralized">
    Positions become transferable or usable as collateral, where the structure
    permits.
  </Step>
</Steps>

## 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.

<Info>
  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.
</Info>

<Card title="Who drives each phase" icon="users" href="/concepts/actors-and-roles">
  Operators, managers, investors, and treasury / compliance actors each have
  role-scoped responsibilities across the lifecycle.
</Card>