Melusina

Full Definition

Melusina is the foundation upon which all Sails.to smart contracts are built. It is not a single contract but an interconnected system of Solana programs that collectively implement the platform's on-chain authority model. Melusina encompasses the entire NFT Hierarchy (Master → Reseller → License → Share), the KYC credentialing system that issues soulbound verification NFTs, SPL-2022 token extensions for compliance-enforced transfers, and the threshold signing infrastructure that protects critical operations.

Every on-chain action in Sails.to — every token transfer, every distribution, every CrossConversion — ultimately passes through Melusina's authority checks.

Why It Matters

Most tokenization platforms bolt compliance onto their blockchain layer as an afterthought — a modifier here, a whitelist there. Melusina is compliance from the ground up. The authority model, the credentialing system, and the transfer restrictions are not features added to a token contract. They are the architecture itself.

This means that compliance is not optional, not configurable-away, not bypassable by a privileged admin. When Melusina's transfer hook checks a transfer, it verifies KYC status, jurisdiction whitelist, lock-up period, and accreditation tier — all in a single atomic transaction. Either every check passes, or the transfer does not happen. There is no middle ground.

How It Works

1. The Master NFT program establishes the root of the authority tree via threshold signing
2. The NFT Hierarchy programs manage delegation from Master → Reseller → License → Share
3. The KYC Credentialing program issues soulbound verification NFTs to compliant wallets
4. SPL-2022 token mints are created with transfer hooks that enforce compliance at the protocol level
5. The Distribution program calculates and executes pro-rata payments to all token holders
6. PDA-derived accounts store all state deterministically — OfferingState, InvestorPosition, ComplianceConfig

Melusina is deployed, audited, and immutable. The rules are the rules.

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