> For the complete documentation index, see [llms.txt](https://docs.lumia.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lumia.org/tokenize/the-asset-lifecycle.md).

# The asset lifecycle

**Who this is for:** issuers and institutions who have decided to bring a real-world asset (RWA) on-chain and need the full sequence of decisions ahead of them, not just the pitch. This page is conceptual. It names the stages and what each one requires.

Every tokenized asset moves through the same five stages, whether the underlying asset is private credit, real estate, a commodity, or a fund interest. See [What is RWA tokenization on Lumia?](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/what-is-rwa-tokenization-on-lumia) for what Lumia provides at each stage and what the issuer brings.

### The five stages

Stages 1 to 3 (Issue, Attest, Distribute) typically happen once, in sequence, before an asset goes live. Stage 4 (Service) repeats for as long as the asset is outstanding. The diagram below shows that sequence and labels what each transition represents.

```mermaid
flowchart LR
    Issue -->|token minted, backing not yet anchored| Attest
    Attest -->|backing claim anchored on-chain| Distribute
    Distribute -->|token now held by eligible investors| Service
    Service -->|repeats: payments, NAV updates, re-attestation| Service
    Service -->|maturity or holder exit| Redeem
```

The diagram shows the sequence of the asset lifecycle itself. Each stage page below states separately what Lumia provides as a building block for that stage versus what the issuer has to bring.

<table data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Stage 1: Issue</strong></td><td>What is this asset, and what's its on-chain representation?</td><td><a href="https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-1-issue">https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-1-issue</a></td></tr><tr><td><strong>Stage 2: Attest</strong></td><td>How does anyone trust the asset's backing without re-checking the paperwork?</td><td><a href="https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-2-attest">https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-2-attest</a></td></tr><tr><td><strong>Stage 3: Distribute</strong></td><td>Who is allowed to hold this, and how do they get it?</td><td><a href="https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-3-distribute">https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-3-distribute</a></td></tr><tr><td><strong>Stage 4: Service</strong></td><td>What happens while the asset is live (income, NAV updates, corporate actions)?</td><td><a href="https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-4-service">https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-4-service</a></td></tr><tr><td><strong>Stage 5: Redeem</strong></td><td>How does a holder exit, and how does the underlying asset get wound down?</td><td><a href="https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-5-redeem">https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/tokenize/the-asset-lifecycle/stage-5-redeem</a></td></tr></tbody></table>

### How to use this ladder

Each stage page states, separately, what Lumia's building blocks cover and what the issuer has to bring themselves: legal structure, off-chain process, or a third party (auditor, custodian, oracle). For the compliance checks (KYC/KYB/KYT) that apply across several stages, see [Compliance model overview](https://app.gitbook.com/s/chmhPiVNAafGw48c4oU2/ecosystem/lumia/compliance/compliance-model-overview).