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Documentation Index

Fetch the complete documentation index at: https://docs.inkwell.finance/llms.txt

Use this file to discover all available pages before exploring further.

CONFIDENTIAL & PROPRIETARY © 2026 Inkwell Finance, Inc. All Rights Reserved. This document is for informational purposes only and does not constitute legal, tax, or investment advice, nor an offer to sell or a solicitation to buy any security or other financial instrument. Any examples, structures, or flows described here are design intent only and may change.
Pre-alpha vs production. Pages that describe “the operator holds the session-to-ephemeral-key mapping” describe today’s single-operator implementation. Production Dagon will distribute this custody across an Ika 2PC-MPC dWallet network — no single “operator” entity will hold the mapping, and no unilateral disclosure (lawful or otherwise) will be possible without the network agreeing. The two-party composition described here is strengthened, not weakened, by the migration. See Design Philosophy for the full decentralization roadmap.
Dagon’s architecture is designed to respond to lawful process through a two-party composition: the venue operator and the credential issuer must both be served, and neither alone can de-anonymize a user. This page describes the production posture Dagon is building toward, and separately what pre-alpha Dagon can actually surface today.
Pre-alpha caveat. Dagon is not currently registered as an ATS, MTF, or MiCA CASP. Nothing on this page is a statement that Dagon is legally obligated to produce these records today. The regulatory targets listed (Reg ATS, FINRA 4552, MiCA Art. 78) are the bars Dagon plans to meet when it registers in the relevant jurisdictions. Today the venue operates in a pre-registration, devnet posture.
In the production posture, Dagon’s operator is designed to respond to:
  • US federal grand jury subpoenas (Fed. R. Crim. P. 17).
  • US administrative subpoenas within counsel-confirmed authority (OFAC / 50 U.S.C. § 1705, FinCEN, SEC / CFTC where applicable).
  • Mutual Legal Assistance requests routed through DOJ OIA or direct treaty.
  • EU national-authority production orders implementing the European Investigation Order (Directive 2014/41/EU) and national transpositions.
  • Court orders in US, EU Member States, UK, Switzerland.
Civil discovery and informal law-enforcement requests without a court order are out of scope.

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Two-party composition (architectural, today)

Whatever the compelled process produces, it passes through the same privacy boundary: the operator holds session ↔ ephemeral-key and the credential issuer holds credential ↔ PII. Neither alone resolves a user. Joined, they resolve one named user — not the book, not the tape, not other users in those batches. This property is structural and is in force on devnet today. See Two-party composition for the full shape.

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What pre-alpha Dagon can produce today

Scope limited to what actually exists in the current devnet build. If an operator today were presented with a valid instrument and chose to respond (remembering: no registration, no legal obligation), it could surface:
  • Session metadata. Per-session establishment timestamp, source IP (raw and hashed), geofence verdict, OFAC-screen verdict, credential hash and issuer identifier, revocation status at session time.
  • Raw ciphertext material. On-chain ciphertexts by session keypair commitment and timestamp range. Not useful without decryption — see the decryption note below.
  • Governance records. Already public on Solana; curated export with block-height citations.
  • Decryption of specific ciphertexts (pre-alpha only). Today a single operator holds the decryption key, so decrypting a named ciphertext is physically possible. In production this is replaced by a threshold-committee quorum (see below), and no single operator will hold unilateral decrypt authority.

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What the production posture adds

The production posture targets the Reg ATS / FINRA 4552 / MiCA Art. 78 bar. The items below are design-hook-present but not shipped; they land across M8 before Dagon would register in any jurisdiction.
  • Attested execution receipts. Signed (graph_hash, input_hash, output_hash, batch_id, executor_pubkey, signature) per match, chained back to the attestation root. No plaintext order content. Status: open (ADR-008).
  • Sequencer ordering proofs. Per-batch ordering records, content-independent. Status: committee stub (M8).
  • Post-trade tape. Post-LIS-delay records in FINRA 4552 / MiCA Art. 78 format: timestamp, venue MIC, asset pair, notional, side, settlement tx hash, counterparty LEI where applicable. Status: NDJSON tape scaffolded; format sign-off + APA pipeline + LEI/MIC assignment pending.
  • Threshold-committee decryption under warrant. A quorum of the threshold-FHE committee authorizes decryption of specific ciphertexts the instrument names. The operator can no longer decrypt unilaterally. Status: design in place; production primitive gated on Encrypt REFHE threshold network.
None of these are legal requirements on pre-alpha Dagon. They are acceptance criteria Dagon must clear to register.

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What the operator does not hold, in any state

Regardless of pre-alpha or production:
  • The user’s KYC/KYB PII. That’s held by the credential issuer, under its own regulatory regime.
  • Plaintext order content outside whatever the decrypt path surfaces. The operator sees ciphertext in, ciphertext out.
  • Any information the user kept client-side (balances, fill detail client-decrypt) — matching never decrypts.

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The issuer side

Separately, the credential issuer is served. The issuer produces:
  • The KYC/KYB package tied to the specific credential (named by hash).
  • The credential ↔ PII mapping for the named user or credential.
The issuer holds only this data, under the issuer’s own jurisdictional data-protection regime (GDPR for EU-based issuers, state privacy laws for US-based issuers). The issuer does not know what the user did on Dagon — it was not told.

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Joining the two sides

An authorized recipient (court, prosecutor, counsel, or an independent forensic process) joins:
  • Operator’s session → ephemeral-key + credential hash records.
  • Issuer’s credential hash → PII mapping.
Joined via the credential verifier proof, this resolves one specific user’s activity. This shape holds on pre-alpha devnet; production strengthens it by removing unilateral decrypt authority from the operator.

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Edge cases

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One party refuses

If the operator complies but the issuer refuses (or vice versa), the composition collapses and no identity resolves. The process is only effective when both parties comply.

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Operator is breached post-hoc

An attacker who later steals the operator’s session-metadata database gets hashed IPs and ephemeral public keys. They do not get names. A second breach of the issuer is required to de-anonymize.

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Foreign court order

A foreign court must route through MLAT to compel US-incorporated parties (or vice versa). This is slower and subject to the MLAT’s own probable-cause standards. Dagon does not block MLAT; Dagon does not accelerate it either.

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Compelled decryption of a batch (production)

A court may compel the committee to decrypt a specific batch’s ciphertexts. The committee quorum can do so once the threshold-FHE committee ships. The batch’s other participants remain shielded in the same response — the instrument must name the user(s) whose decryption is authorized. Today, a single operator holds the decryption key; this concentration is what production explicitly removes.

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A user claims they aren’t the one named

The credential ↔ PII binding is signed at issuance by the user. Standard KYC-grade identity verification applies. This is identical to the KYC surface at any regulated CASP; Dagon does not improve or weaken it.

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Timing bounds (production target)

These are targets for the production operator org, not claims about pre-alpha:
  • Operator intake: 4 business hours.
  • Operator production: 48 hours for the pillars above.
  • Issuer production: depends on the issuer’s own SLA.
  • Two-party response overall: limited by the slower of the two.
  • Committee decryption (production): adds a quorum round.
Pre-alpha Dagon has no CCO, no intake SLA, and no counsel pipeline. Any response today is ad-hoc.

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How the user deposits and withdraws — and why that’s relevant

Dagon is non-custodial. Users hold their own keys; deposits and withdrawals are on-chain Solana transactions initiated by the user. Matching never decrypts. Decryption happens only on user-controlled withdrawal and on the user’s client-side balance view. Under compelled process, the operator cannot move user funds and has no mechanism to compel a user to withdraw. The most a legal process against the operator and issuer can surface is historical activity; future user actions remain under the user’s own signing authority.

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Further reading