> For the complete documentation index, see [llms.txt](https://triple-plus-global.gitbook.io/tpt-whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://triple-plus-global.gitbook.io/tpt-whitepaper/protocol-mechanics/asset-lifecycle.md).

# Asset Lifecycle

Every asset on the protocol follows a defined lifecycle from submission to settlement:

{% @mermaid/diagram content="stateDiagram-v2
state Submitted
state UnderReview
state Rejected
state Verified
state Listed
state Funded
state Active
state Matured
state Settled
state DefaultState
state Recovery

```
Submitted --> UnderReview: Verification begins
UnderReview --> Rejected: Fails verification
UnderReview --> Verified: Passes verification
Verified --> Listed: Set discount rate
Listed --> Funded: Investor commits capital
Funded --> Active: Capital released to seller
Active --> Matured: Payment date reached
Matured --> Settled: Debtor pays
Matured --> DefaultState: Debtor fails to pay
DefaultState --> Recovery: Collection process" %}
```

***

## States Explained

| State            | Description                              |
| ---------------- | ---------------------------------------- |
| **Submitted**    | Asset uploaded, awaiting review          |
| **Under Review** | Verifiers examining documentation        |
| **Rejected**     | Asset failed verification                |
| **Verified**     | Asset confirmed authentic and valid      |
| **Listed**       | Available for investor purchase          |
| **Funded**       | Investor capital committed to escrow     |
| **Active**       | Seller received funds, awaiting maturity |
| **Matured**      | Payment date reached                     |
| **Settled**      | Successful completion, investor paid     |
| **Default**      | Debtor failed to pay, recovery initiated |
| **Recovery**     | Collection process underway              |

***

## Typical Timeline

For a 60-day invoice:

| Day   | Event                                       |
| ----- | ------------------------------------------- |
| 0     | Seller submits invoice                      |
| 0–2   | Verification process                        |
| 2     | Listed on marketplace                       |
| 2–5   | Investor funds asset                        |
| 5     | Seller receives capital                     |
| 65    | Maturity date                               |
| 65    | Debtor pays (normal) or grace period begins |
| 72–79 | Default declared if unpaid                  |
| 79+   | Recovery process                            |