> For the complete documentation index, see [llms.txt](https://ipusd.gitbook.io/ipusd-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://ipusd.gitbook.io/ipusd-docs/technical-reference/protocol-architecture.md).

# Protocol Architecture

This section is intended for users who want to understand the protocol’s implementation. It is not required for ordinary product use.

| Module         | Primary responsibility                                                                                                                                              |
| -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| IPUSDWrapper   | Accepts supported assets, mints or burns ipUSD, and manages the corresponding reserves                                                                              |
| IPUSD          | The ipUSD ERC-20 token; only the authorized Wrapper can mint or burn it                                                                                             |
| PreDeposit     | Accepts subscriptions, manages Rounds and the subscription queue, handles share Claims and Instant Withdrawals, and supports batch claiming of subscription records |
| PreDepositLens | Aggregates subscription records, statuses, cancellation eligibility, and claimable shares without holding assets or changing state                                  |
| IP Vault       | Issues IP Vault shares and accounts for ipUSD, RWAs, and assets in settlement                                                                                       |
| RedeemQueue    | Manages the Standard Withdrawal FIFO queue, Settlement, cancellation, and batch claiming of ipUSD                                                                   |
| RwaManager     | Registers supported RWAs, assigns valuation sources, and checks valuation status                                                                                    |
| AdminTimelock  | Schedules, delays, cancels, and executes protected administrative operations                                                                                        |
| ProtocolLens   | Aggregates protocol state, user positions, RWA holdings, and Timelock data without holding assets or changing state                                                 |

Lens contracts are read-only aggregation layers. They simplify frontend queries but do not hold assets or modify protocol state.

Referral codes are an optional referral-attribution feature. They do not affect IP Vault accounting, Settlement Capacity, FIFO processing, or user entitlement.

ipUSD and the current onchain IP Vault share token use six decimals.

Some underlying contracts or ABIs may continue to contain legacy names such as `Staked IPUSD`, `sIPUSD`, or `RoyaltyVault`. The user-facing names are IP Vault and IP Vault shares.