Milestone Acceptance Criteria¶
Source: Richard-HFT (QT Labs) WhatsApp message, 2026-04-19. Further sections to be added in subsequent milestone conversations — format must mirror Richard's template.
Milestone 1 — Hybrid Execution Engine¶
UI / UX¶
- Full platform UI/UX completed
Execution Engine¶
- Internal central limit order book
- Internal order matching engine
- External venue routing via REST and WebSocket
- Smart order routing logic
Trading System¶
- Order Management System (OMS)
- Portfolio Management System (PMS)
- Double-entry ledger for balances, trades, and treasury
Safeguards¶
- Strategy kill-switches
- Venue failover routing
- Slippage controls
- Manual override controls
Acceptance gates¶
- Orders can be placed, routed, executed, and reconciled
- Internal and external liquidity execution verified
- Ledger produces auditable trade and balance records
Market maker support (confirmed by Richard 2026-04-19)¶
- Engine supports MM flows (post-only orders, maker rebates, quote APIs). Full MM engine is scoped under Milestone 9; M1 engine substrate supports it.
Milestone 2 — Smart Contracts & Custody¶
Smart Contracts — Token¶
- ERC-20 token contract (or equivalent chain standard)
- Supply controls aligned with QT Labs tokenomics
- Minting controls and role-based permissions
Smart Contracts — Sale¶
- SaleManager contract supporting USDC payments
- Sale rounds: Private A, Private B, Private C, Public
- Round caps enforced
- Whitelist gating for private rounds
- Public round open participation
Smart Contracts — Allocation and Vesting¶
- Allocation and vesting contracts
- Pre-Seed allocations via Merkle import
- Seed allocations via Merkle import
- Claim-based vesting
- Unified claim system gated by TGE timestamp
Smart Contracts — Delivery¶
- Deployment scripts
- Testnet deployment
- Contract addresses published
- Explorer verification artifacts
Smart Contracts — Testing¶
- Automated test suite
- Minimum 90% test coverage
- Full end-to-end scenario validation
Smart Contracts — Acceptance gates¶
- Pre-Seed allocation total of 130,000,000
- Seed allocation total of 160,000,000 (PENDING CLARIFICATION — system spec shows 120M; see open questions §S-1)
- Private round purchase with whitelist passes
- Public round purchase passes
- Round caps strictly enforced
- Claim logic matches vesting schedules
- Allocation totals reconcile exactly
- All testnet flows pass end-to-end
Custody — Institutional¶
- BitGo integration (confirmed 2026-04-19 — see open questions §S-2)
- Institutional custody setup
- Wallet provisioning
- Policy enforcement
Custody — Multi-signature¶
- Multi-signature controls
- Multi-sig approval flows
- Role-based signing hierarchy
- Enforced transaction approval logic
Custody — Stablecoin rails¶
- Stablecoins: USDC, USDT
- Supported networks: Ethereum, BSC, Solana, Tron
- Deposit and withdrawal flows operational
Custody — Fiat rails¶
- Fiat rails integration for SEPA, SWIFT, ACH
- Automatic fiat-to-stablecoin conversion workflow
Custody — Treasury¶
- Treasury allocation framework
- 50% active trading capital
- 50% liquidity and risk reserve
- Role-based transaction limits
- Balance visibility and reporting
Open questions from this acceptance list¶
S-1: Seed allocation total¶
Richard lists 160,000,000 tokens for Seed. System spec PDF §3 shows 120,000,000 ($780K ÷ $0.0065). Ask which is authoritative. If 160M, downstream cap-table and ROI tables in the system spec are wrong.
S-2: Custody provider — BitGo vs Fireblocks (RESOLVED 2026-04-19)¶
Richard specified BitGo. Earlier spec docs (tech-decisions.md §2, root CLAUDE.md) listed Fireblocks. Client confirmed BitGo is the chosen provider on 2026-04-19 — all downstream docs updated. Integration work will target BitGo SDK, policy engine, and approval flows.
S-3: Solana integration scope¶
Stablecoin rails include Solana (non-EVM). Requires separate SDK, SPL token handling, different deposit watchers, different address format validation. Confirm whether Solana support is M2 or can be deferred to a later milestone.
S-4: Fiat rails via partner or direct¶
SEPA/SWIFT/ACH require either a banking partner (Banking Circle, ClearBank) or direct correspondent relationships. Which route? Direct is out of scope for a 10-week build.
S-5: Audit scope and provider¶
Richard asked if smart contracts need audit — yes, required before mainnet. Provisional scope:
- Audit 1: Token + SaleManager + Vesting (bundled — M2)
- Audit 2: Revenue router (M5, flagged as highest-risk by client spec)
- Audit 3 (if formally separate): Staking (M5)
Recommended firms per tech-decisions.md: Certik or Trail of Bits. Budget $40–80K per engagement.
S-6: Pre-Seed and Seed via Merkle import — by design?¶
Richard's SaleManager covers Private A / B / C / Public only. Pre-Seed and Seed are imported into the vesting contract via Merkle, meaning those rounds closed off-chain. Confirm this is the intended design (not a forgotten on-chain path).