Skip to main content

​
Overview

Rates and settlement define how value moves through the Daya API:
  • Rates determine how much stablecoin a deposit converts into
  • Settlement determines where the converted funds are delivered
These rules are deterministic and depend on the onramp type.

​
Rates

A rate is a firm FX quote used to convert NGN into USDC or USDT. Each rate includes:
  • A fixed exchange rate
  • A defined validity window (TTL)
  • A unique rate_id for binding to onramps
  • Minimum deposit thresholds
New rates are generated approximately every 10 minutes and expire about 30 minutes after creation.

​
Rate Properties (Conceptual)

Each rate defines the following attributes:
PropertyMeaning
rate_idIdentifier used to bind an onramp
from / toSource and destination currencies
rateNGN → USDC/USDT conversion rate
expires_atWhen the rate becomes invalid
Rates are immutable once published.

​
Rate Semantics by Onramp Type

How a rate is applied depends on the onramp.

​
Ephemeral Onramps (Firm Rates)

Ephemeral onramps are bound to a specific rate_id at creation.
  • Deposits received within the validity window execute at the bound rate
  • Deposits received after expiry do not settle automatically
  • No slippage occurs within the validity window
This provides price certainty for time-sensitive or one-time transactions.

​
Permanent Onramps (Floating Rates)

Permanent onramps are not bound to a specific rate.
  • Each deposit uses the current rate at the time of execution
  • Rates may differ between deposits on the same onramp
  • Subject to market movement and spread
This is best suited for recurring or long-lived deposit flows.

​
Rate Expiry Behavior

If a deposit arrives after a bound rate expires:
  • The deposit is FLAGGED
  • No FX or settlement occurs automatically
  • Manual review is required
Rates cannot be extended, reused, or retroactively applied.

​
Settlement

Settlement defines where converted stablecoins are sent after FX conversion. Settlement behavior is fixed at onramp creation.

​
Settlement Modes

​
Auto-withdraw

Converted stablecoins are automatically sent to a blockchain address.
  • Settlement occurs after FX conversion
  • Subject to risk checks
  • Finalized once the on-chain transaction confirms
Used for direct wallet payouts and real-time settlement.

​
Merchant balance

Converted stablecoins are credited to the merchant’s Daya balance.
  • No immediate on-chain transaction
  • Funds can be withdrawn later
  • Useful for aggregation and batch withdrawals

​
Guarantees & Invariants

Daya enforces the following guarantees:
  • FX conversion and settlement are atomic
  • Partial execution is not possible
  • Rates are firm for ephemeral onramps
  • Settlement behavior is immutable per onramp

​
What Rates and Settlement Do Not Guarantee

  • Rates do not guarantee settlement if deposits arrive late
  • Settlement does not occur if deposits are flagged or failed
  • Permanent onramps do not guarantee a fixed price

​
Next Steps

Onramps

See how rates and settlement are configured

Deposits

Understand the deposit lifecycle

Rates API

View the API reference