Gated by capability, not calendar.
ENCLAVES ships by proving one Enclave can operate end-to-end under real constraints, then scaling by replication. Each milestone produces a durable capability that reduces risk for the next.
- 0In progress~4 monthsPhase 0 · Seed · $500K
Seed
Raise seed capital to fund the minimal team and legal/operational setup required to produce a working reference Enclave and a production-grade issuance workflow.
Outputs- · Core team hired
- · Legal partner engaged
- · Jurisdiction shortlist confirmed
- · Architecture and token standard frozen
- · Internal execution checklist
Gating to next phaseLegal partner and custody / service-provider pipeline in active contracting; token standard and enforcement model decided.
- 1Next~3 monthsPhase 1
Legal & structural foundation
Establish the reference SPV. Incorporate in the chosen jurisdiction. Sign legal documentation defining asset holding structure, beneficial ownership linkage, dispute forum, and lifecycle duties.
Outputs- · Reference SPV incorporated
- · KYC / AML policy boundaries set
- · Reporting obligations agreed
- · Onboarding requirements defined
Gating to next phaseSPV can legally hold the initial asset type; enforceability path is clear; operational roles assigned with named accountability.
- 2Planned~4 monthsPhase 2
Platform release · constraint engine MVP
Release the constraint engine. This is not a marketplace — it is the enforcement layer that makes later scale safe.
Outputs- · Asset registration and Enclave record system
- · Verification gates and attestation ingestion (legal + custody + operational)
- · ERC-3643 issuance contracts with enforced supply constraints
- · Lifecycle hooks for halt / freeze / exit with safe-failure behaviour
- · Audit log covering who attested what, when, under which Enclave rules
Gating to next phaseA complete issuance can be simulated end-to-end with test assets; failed verification deterministically blocks issuance; no single party can mint or override.
- 3Planned~3 monthsPhase 3 · Tranche 1 · $5M
Capitalize the network
Finance production hardening, security work, and initial go-live. Framed as "making the first Enclave operationally repeatable", not "growth capital".
Outputs- · Security audits and formal verification where appropriate
- · Expansion of attestations and providers
- · Operational staffing for onboarding, compliance, reporting
- · Integration work for the first distribution channels
Gating to next phaseSecurity review completed with remediation; go-live runbooks exist for issuance, transfer recognition, lifecycle events, and incident handling; first asset pipeline committed.
- 4Planned~3 monthsPhase 4
Operationalization
Turn the issuance lifecycle into a repeatable operating procedure that can be executed reliably and audited. This is where many tokenization projects fail — not because they cannot mint, but because they cannot maintain guarantees over time.
Outputs- · SOPs for onboarding, verification cadence, material events, reporting, exits
- · Ownership recognition with clear identity onboarding boundaries
- · SLAs with legal and custody partners
- · Incident procedures for attestation failures, custody changes, disputes
Gating to next phaseTeam can run issuance and lifecycle events without bespoke interpretation; pass / fail criteria clear at every stage; evidence trail complete in practice.
- 5Planned~2 monthsPhase 5
First real asset go-live
Issue the first non-regulated asset under the reference Enclave. Non-regulated is a sequencing choice, not a limitation: it minimises regulatory surface area while proving the system works in production.
Outputs- · Live asset issuance with real holder onboarding
- · Transfers observed under real market behaviour
- · Ownership register synchronisation exercised
- · First material-event pathway tested (valuation disclosure or controlled restriction)
Gating to next phaseAsset issuance completes without manual overrides; transfers and ownership sync work as designed; exit path defined and operationally rehearsed.
- 6Planned~3 monthsPhase 6
Prove generalizability
Onboard the first external issuer. Demonstrate that ENCLAVES is not a one-off structure but a replicable issuance environment for third parties.
Outputs- · External issuer onboarding program with templates and procedures
- · Second asset live with an external issuer
- · Integration path for issuer-side workflows and disclosures
Gating to next phaseExternal issuer completes onboarding with minimal bespoke work; issuance quality consistent with the first asset; support burden manageable.
- 7Planned~6 monthsPhase 7 · Tranche 2 · $50M
Scale and replicate
Scale to multiple Enclaves and jurisdictions, broaden asset classes, and build distribution and integration depth once the model has been proven operationally repeatable.
Outputs- · Additional jurisdictional Enclaves added one at a time
- · Expanded asset coverage
- · Deeper integrations with marketplaces, custody networks, institutional rails
- · Organisational capacity for compliance and operations at scale
Gating to next phaseAt least two live assets with stable operations and complete lifecycle support; demonstrated replication; security and governance posture strong enough for institutional counterparties.
Why each phase outputs a capability, not a date.
Dates are illustrative. Actual timing depends on legal partner readiness, audit cycles, and regulatory engagement in each target jurisdiction.
Capability-gated
Each phase produces a durable capability that reduces risk for the next. No phase ends because the calendar says so.
Replicate, don’t expand
Phase 6 proves the model generalizes to a third party before Phase 7 spends capital on multi-jurisdiction expansion.
First objective: correctness
Phase 5 is deliberately one asset, deliberately non-regulated, deliberately minimal — to prove the system behaves correctly under real conditions.
Stay close to the build
Monthly engineering, legal, and roadmap updates. No marketing filler.