> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ix.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Architecture

> The smart contracts behind IX RWA and how they fit together.

IX RWA is a set of upgradeable smart contracts on BNB Smart Chain. A factory deploys the per-asset contracts, a shared ownership token represents investor stakes across assets, and a registry keeps asset data verifiable on-chain.

## Contract topology

```mermaid theme={null}
flowchart TD
    F[IX Factory] --> REG[Cluster Registry]
    F -->|deploys per asset| IM[InvestmentManager]
    F -->|deploys per asset| DM[DistributionManager]
    IXD[Shared IXD ownership token]
    IM --- IXD
    DM --- IXD
    IM -->|stablecoin in| TR[Treasury]
    IM -->|IXD out| H[Investor wallets]
    DM -->|Merkle distributions| H
    REG -.asset registry and values.-> TP[Transparency and NAV]
```

## Components

| Contract                            | Responsibility                                                                                                                                               |
| ----------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| **Factory**                         | Deploys the per-asset `InvestmentManager` and `DistributionManager` and registers the asset.                                                                 |
| **IXD ownership token**             | A single shared BEP-20 that represents fractional ownership; distributed from per-asset pools. See [Ownership & the IXD token](/protocol/ownership-and-ixd). |
| **InvestmentManager** (per asset)   | Accepts stablecoin, forwards it to the treasury, and releases IXD from the asset's pool.                                                                     |
| **DistributionManager** (per asset) | Publishes Merkle roots and releases revenue to holders on valid proofs. See [Revenue & distributions](/protocol/revenue-and-distributions).                  |
| **Cluster Registry**                | Records each asset's on-chain metadata and value, powering the transparency surfaces.                                                                        |
| **Treasury**                        | Receives investor stablecoin per asset.                                                                                                                      |

## Upgradeability

Core contracts are deployed behind **beacon proxies**, so the implementation can be upgraded without changing addresses or migrating balances. Upgrade authority is held by the protocol admin today and moves to a multi-signature / governance setup at the audited Phase-2 redeploy.

<Note>
  Ownership is represented by a **single shared IXD token** across assets today; per-asset share classes are evaluated for the Phase-2 redeploy. See [Ownership & the IXD token](/protocol/ownership-and-ixd#supply).
</Note>

## The source-of-truth principle

Ownership and payouts are derived from **verified on-chain events**, not from client input:

```mermaid theme={null}
flowchart LR
    TX[On-chain invest or claim tx] --> EV[Contract event]
    EV -->|read and verify| BE[Backend records state]
    BE --> PAY[Distribution and reporting]
```

This is the invariant the protocol holds before real value moves on mainnet — see the [roadmap](/why-ix-rwa#roadmap).