diff --git a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AllocationsFrontendIntegrationTest.scala b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AllocationsFrontendIntegrationTest.scala
index 50d61ce7a8..09cb59e745 100644
--- a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AllocationsFrontendIntegrationTest.scala
+++ b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AllocationsFrontendIntegrationTest.scala
@@ -10,7 +10,6 @@ import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.allocationv
   TransferLeg as TransferLegV2,
   Reference as SettlementReference,
 }
-import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv2.InstrumentId
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.metadatav1.Metadata
 import org.lfdecentralizedtrust.splice.integration.EnvironmentDefinition
 import org.lfdecentralizedtrust.splice.integration.tests.SpliceTests.SpliceTestConsoleEnvironment
@@ -21,7 +20,6 @@ import org.lfdecentralizedtrust.splice.util.{
   WalletTestUtil,
 }
 
-import java.time.format.DateTimeFormatter
 import java.time.temporal.ChronoUnit
 import java.time.{LocalDateTime, ZoneOffset}
 import java.util.Optional
@@ -61,43 +59,43 @@ class AllocationsFrontendIntegrationTest
       webDriver: WebDriverType,
   ) = {
     val validatorPartyId = aliceValidatorBackend.getValidatorPartyId()
-    val receiver = validatorPartyId
     val now = LocalDateTime
       .now()
       .truncatedTo(ChronoUnit.MICROS)
       .toInstant(ZoneOffset.UTC)
-    val requestedAt = now.minusSeconds(1800)
-    val allocateBefore = now.plusSeconds(3600)
     val settleBefore = now.plusSeconds(3600 * 2)
+    val wantedTransferLegs = Seq(
+      new TransferLegV2(
+        "oneway",
+        basicAccount(sender),
+        basicAccount(validatorPartyId),
+        BigDecimal(12).bigDecimal.setScale(10),
+        amuletInstrumentIdName,
+        new Metadata(java.util.Map.of("k3", "v3")),
+      ),
+      new TransferLegV2(
+        "waybackbutless",
+        basicAccount(validatorPartyId),
+        basicAccount(sender),
+        BigDecimal(6).bigDecimal.setScale(10),
+        amuletInstrumentIdName,
+        new Metadata(java.util.Map.of("k3", "v3")),
+      ),
+    )
 
     val wantedAllocation = new AllocationSpecification(
       new SettlementInfo(
         java.util.List.of(validatorPartyId.toProtoPrimitive),
         new SettlementReference("some_reference", Optional.empty),
-        requestedAt,
-        allocateBefore,
         java.util.Optional.of(settleBefore),
         new Metadata(java.util.Map.of("k1", "v1", "k2", "v2")),
       ),
-      java.util.List.of(
-        new TransferLegV2(
-          "oneway",
-          basicAccount(sender),
-          basicAccount(receiver),
-          BigDecimal(12).bigDecimal.setScale(10),
-          new InstrumentId(dsoParty.toProtoPrimitive, "Amulet"),
-          new Metadata(java.util.Map.of("k3", "v3")),
-        ),
-        new TransferLegV2(
-          "waybackbutless",
-          basicAccount(receiver),
-          basicAccount(sender),
-          BigDecimal(6).bigDecimal.setScale(10),
-          new InstrumentId(dsoParty.toProtoPrimitive, "Amulet"),
-          new Metadata(java.util.Map.of("k3", "v3")),
-        ),
-      ),
+      dsoParty.toProtoPrimitive,
       basicAccount(sender),
+      wantedTransferLegs.map(transferLegSideForAuthorizer(sender, _)).asJava,
+      Optional.empty[java.util.Map[String, java.math.BigDecimal]](),
+      false,
+      new Metadata(java.util.Map.of("k1", "v1", "k2", "v2")),
     )
 
     browseToAllocationsPage()
@@ -113,10 +111,10 @@ class AllocationsFrontendIntegrationTest
           validatorPartyId.toProtoPrimitive,
         )
         // Add n (-1 because one is already there) forms for transfer legs
-        wantedAllocation.transferLegs.asScala.drop(1).foreach { _ =>
+        wantedTransferLegs.drop(1).foreach { _ =>
           eventuallyClickOn(id("add-transfer-leg"))
         }
-        wantedAllocation.transferLegs.asScala.zipWithIndex.foreach { case (transferLeg, index) =>
+        wantedTransferLegs.zipWithIndex.foreach { case (transferLeg, index) =>
           textField(s"create-allocation-transfer-leg-id-$index").underlying
             .sendKeys(transferLeg.transferLegId)
           eventuallyClickOn(id(s"create-allocation-transfer-leg-sender-$index"))
@@ -138,21 +136,6 @@ class AllocationsFrontendIntegrationTest
           )
         }
 
-        val allocationTimestampFormat =
-          DateTimeFormatter.ofPattern("yyyy-MM-dd'T'HH:mm:ss.SSSSSS'Z'")
-        textField("create-allocation-settlement-requested-at").underlying
-          .sendKeys(
-            allocationTimestampFormat.format(
-              wantedAllocation.settlement.requestedAt.atOffset(ZoneOffset.UTC)
-            )
-          )
-        textField("create-allocation-settlement-settle-at").underlying
-          .sendKeys(
-            allocationTimestampFormat.format(
-              wantedAllocation.settlement.settleAt.atOffset(ZoneOffset.UTC)
-            )
-          )
-
         eventuallyClickOn(id("create-allocation-submit-button"))
       },
     )(
@@ -169,7 +152,7 @@ class AllocationsFrontendIntegrationTest
 
         checkTransferLegsV2(
           allocation,
-          wantedAllocation.transferLegs.asScala.toSeq,
+          wantedTransferLegs,
         )
       },
     )
@@ -221,7 +204,7 @@ class AllocationsFrontendIntegrationTest
               Seq(venueParty.toProtoPrimitive),
             )
 
-            checkTransferLegsV2(allocationRequest, otcTrade.data.transferLegs.asScala.toSeq)
+            checkTransferLegsV2(allocationRequest, otcTrade.data.tradeLegs.asScala.map(_.leg).toSeq)
 
             allocationRequest
           }
@@ -250,7 +233,7 @@ class AllocationsFrontendIntegrationTest
               Seq(venueParty.toProtoPrimitive),
             )
 
-            checkTransferLegsV2(allocation, otcTrade.data.transferLegs.asScala.toSeq)
+            checkTransferLegsV2(allocation, otcTrade.data.tradeLegs.asScala.map(_.leg).toSeq)
 
             allocation
           },
@@ -480,7 +463,7 @@ class AllocationsFrontendIntegrationTest
       checkTransferLeg(
         row = row,
         legId = transferLeg.transferLegId,
-        instrumentId = transferLeg.instrumentId.id,
+        instrumentId = transferLeg.instrumentId,
         amount = transferLeg.amount,
         sender = transferLeg.sender.owner,
         receiver = transferLeg.receiver.owner,
diff --git a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AmuletAllocationsIntegrationTest.scala b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AmuletAllocationsIntegrationTest.scala
index bca2e8f14a..f4cb20fcfe 100644
--- a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AmuletAllocationsIntegrationTest.scala
+++ b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/AmuletAllocationsIntegrationTest.scala
@@ -6,7 +6,6 @@ import com.digitalasset.canton.topology.PartyId
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.allocationv1
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.allocationv2
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv1
-import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv2
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.metadatav1.Metadata
 import org.lfdecentralizedtrust.splice.http.v0.definitions.AllocationInstructionResultOutput.members
 import org.lfdecentralizedtrust.splice.integration.EnvironmentDefinition
@@ -31,8 +30,6 @@ class AmuletAllocationsIntegrationTest
       .simpleTopology1Sv(this.getClass.getSimpleName)
   }
 
-  private val someMetadata = new Metadata(java.util.Map.of("k1", "v1", "k2", "v2"))
-
   private def createAllocationV1(sender: PartyId)(implicit
       ev: SpliceTestConsoleEnvironment
   ) = {
@@ -48,7 +45,7 @@ class AmuletAllocationsIntegrationTest
         requestedAt.toInstant,
         allocateBefore.toInstant,
         settleBefore.toInstant,
-        someMetadata,
+        new Metadata(java.util.Map.of("k1", "v1", "k2", "v2")),
       ),
       "some_transfer_leg_id",
       new allocationv1.TransferLeg(
@@ -56,7 +53,7 @@ class AmuletAllocationsIntegrationTest
         receiver.toProtoPrimitive,
         BigDecimal(12).bigDecimal.setScale(10),
         new holdingv1.InstrumentId(dsoParty.toProtoPrimitive, "Amulet"),
-        someMetadata,
+        new Metadata(java.util.Map.of("k3", "v3")),
       ),
     )
 
@@ -68,34 +65,37 @@ class AmuletAllocationsIntegrationTest
       ev: SpliceTestConsoleEnvironment
   ) = {
     val validatorPartyId = aliceValidatorBackend.getValidatorPartyId()
-    val receiver = validatorPartyId
     val now = CantonTimestamp.now()
-    val allocateBefore = now.plusSeconds(3600)
     val settlementDeadline = now.plusSeconds(3600 * 2)
 
-    def wantedAllocationV2(requestedAt: CantonTimestamp) = new allocationv2.AllocationSpecification(
+    def wantedAllocationV2() = new allocationv2.AllocationSpecification(
       new allocationv2.SettlementInfo(
         java.util.List.of(validatorPartyId.toProtoPrimitive),
         new allocationv2.Reference("some_reference", Optional.empty),
-        requestedAt.toInstant,
-        allocateBefore.toInstant,
         java.util.Optional.of(settlementDeadline.toInstant),
-        someMetadata,
+        new Metadata(java.util.Map.of("k1", "v1", "k2", "v2")),
       ),
+      dsoParty.toProtoPrimitive,
+      basicAccount(sender),
       java.util.List.of(
-        new allocationv2.TransferLeg(
-          "some_transfer_leg",
-          basicAccount(sender),
-          basicAccount(receiver),
-          BigDecimal(12).bigDecimal.setScale(10),
-          new holdingv2.InstrumentId(dsoParty.toProtoPrimitive, "Amulet"),
-          someMetadata,
+        transferLegSideForAuthorizer(
+          sender,
+          new allocationv2.TransferLeg(
+            "some_transfer_leg",
+            basicAccount(sender),
+            basicAccount(validatorPartyId),
+            BigDecimal(12).bigDecimal.setScale(10),
+            amuletInstrumentIdName,
+            new Metadata(java.util.Map.of("k3", "v3")),
+          ),
         )
       ),
-      basicAccount(sender),
+      java.util.Optional.empty[java.util.Map[String, java.math.BigDecimal]](),
+      false,
+      new Metadata(java.util.Map.of("k4", "v4")),
     )
 
-    val specification = wantedAllocationV2(now)
+    val specification = wantedAllocationV2()
     specification -> aliceWalletClient.allocateAmulet(specification)
   }
 
diff --git a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardFetchFallbackIntegrationTest.scala b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardFetchFallbackIntegrationTest.scala
index 74e18315f2..c804f061b9 100644
--- a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardFetchFallbackIntegrationTest.scala
+++ b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardFetchFallbackIntegrationTest.scala
@@ -6,8 +6,7 @@ import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.allocationv
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.{allocationv2, metadatav1}
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv1.InstrumentId
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv2.{
-  Account as AccountV2,
-  InstrumentId as InstrumentIdV2,
+  Account as AccountV2
 }
 import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.transferinstructionv1.TransferInstruction
 import org.lfdecentralizedtrust.splice.http.v0.definitions.TransferInstructionResultOutput.members
@@ -28,6 +27,7 @@ class TokenStandardFetchFallbackIntegrationTest
     with WalletTestUtil
     with WalletTxLogTestUtil
     with TriggerTestUtil
+    with TokenStandardV2TestUtil
     with HasActorSystem
     with HasExecutionContext {
 
@@ -149,22 +149,27 @@ class TokenStandardFetchFallbackIntegrationTest
                 new allocationv2.SettlementInfo(
                   java.util.List.of(dsoParty.toProtoPrimitive),
                   new allocationv2.Reference(referenceIdV2, Optional.empty),
-                  Instant.now,
-                  Instant.now.plusSeconds(3600L),
                   Optional.of(Instant.now.plusSeconds(2 * 3600L)),
                   new metadatav1.Metadata(java.util.Map.of()),
                 ),
+                dsoParty.toProtoPrimitive,
+                new AccountV2(aliceParty.toProtoPrimitive, Optional.empty(), ""),
                 java.util.List.of(
-                  new allocationv2.TransferLeg(
-                    UUID.randomUUID().toString,
-                    new AccountV2(aliceParty.toProtoPrimitive, Optional.empty(), ""),
-                    new AccountV2(bobParty.toProtoPrimitive, Optional.empty(), ""),
-                    BigDecimal(10).bigDecimal,
-                    new InstrumentIdV2(dsoParty.toProtoPrimitive, "Amulet"),
-                    new metadatav1.Metadata(java.util.Map.of()),
+                  transferLegSideForAuthorizer(
+                    aliceParty,
+                    new allocationv2.TransferLeg(
+                      UUID.randomUUID().toString,
+                      new AccountV2(aliceParty.toProtoPrimitive, Optional.empty(), ""),
+                      new AccountV2(bobParty.toProtoPrimitive, Optional.empty(), ""),
+                      BigDecimal(10).bigDecimal,
+                      amuletInstrumentIdName,
+                      new metadatav1.Metadata(java.util.Map.of()),
+                    ),
                   )
                 ),
-                new AccountV2(aliceParty.toProtoPrimitive, Optional.empty(), ""),
+                java.util.Optional.empty[java.util.Map[String, java.math.BigDecimal]](),
+                false,
+                new metadatav1.Metadata(java.util.Map.of()),
               )
             ),
           )(
diff --git a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2AllocationIntegrationTest.scala b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2AllocationIntegrationTest.scala
index 458d79fd6c..dec4e173da 100644
--- a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2AllocationIntegrationTest.scala
+++ b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2AllocationIntegrationTest.scala
@@ -43,6 +43,9 @@ class TokenStandardV2AllocationIntegrationTest
     with WalletTxLogTestUtil
     with TriggerTestUtil {
 
+  // TODO (#5499): restore once tx log parsing works for v2
+  override protected def runTokenStandardCliSanityCheck: Boolean = false
+
   override def environmentDefinition: EnvironmentDefinition = {
     EnvironmentDefinition
       .simpleTopology1Sv(this.getClass.getSimpleName)
@@ -90,15 +93,21 @@ class TokenStandardV2AllocationIntegrationTest
         "OTCTrade",
         java.util.Optional.of(new metadatav1.AnyContract.ContractId(otcTrade.id.contractId)),
       ),
-      otcTrade.data.createdAt,
-      otcTrade.data.settleAt,
       otcTrade.data.settlementDeadline,
       emptyMetadata,
     )
     val settleBatch = new allocationv2.SettlementFactory_SettleBatch(
       settlementInfo,
-      otcTrade.data.transferLegs,
-      allocations.asJava,
+      transferLegsFromTrade(otcTrade).asJava,
+      allocations
+        .map(cid =>
+          new allocationv2.FinalizedAllocation(
+            cid,
+            java.util.List.of(),
+            java.util.Optional.empty[java.util.Map[String, java.math.BigDecimal]](),
+          )
+        )
+        .asJava,
       /*actors = */ java.util.List.of(venueParty.toProtoPrimitive),
       emptyExtraArgs,
     )
@@ -302,11 +311,16 @@ class TokenStandardV2AllocationIntegrationTest
         allocationRequestView: allocationrequestv2.AllocationRequestView,
     ) = {
       val allocateResponse = clue(s"${walletClient.name} accepts the Allocation Request") {
+        val requestedAllocation = allocationRequestView.allocations.asScala.loneElement
         walletClient.allocateAmulet(
           new allocationv2.AllocationSpecification(
             allocationRequestView.settlement,
-            allocationRequestView.transferLegs,
+            requestedAllocation.admin,
             allocationRequestView.authorizer,
+            requestedAllocation.transferLegSides,
+            requestedAllocation.nextIterationFunding,
+            requestedAllocation.committed,
+            requestedAllocation.meta,
           )
         )
       }
diff --git a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2TestUtil.scala b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2TestUtil.scala
index b6c156e481..86a7827100 100644
--- a/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2TestUtil.scala
+++ b/apps/app/src/test/scala/org/lfdecentralizedtrust/splice/integration/tests/TokenStandardV2TestUtil.scala
@@ -20,6 +20,8 @@ import scala.jdk.CollectionConverters.*
 
 trait TokenStandardV2TestUtil extends TestCommon {
 
+  protected val amuletInstrumentIdName = "Amulet"
+
   protected val tokenStandardV2TestDarPath =
     "token-standard/examples/splice-token-test-trading-app-v2/.daml/dist/splice-token-test-trading-app-v2-current.dar"
 
@@ -110,9 +112,15 @@ trait TokenStandardV2TestUtil extends TestCommon {
       bob: PartyId,
       bobTransferAmount: BigDecimal,
   ): tradingappv2.OTCTrade = {
-    val aliceLeg = mkTransferLeg("leg0", dso, alice, bob, aliceTransferAmount)
+    val aliceLeg = new tradingappv2.TradeLeg(
+      dso.toProtoPrimitive,
+      mkTransferLeg("leg0", alice, bob, aliceTransferAmount),
+    )
     // TODO(#561): swap against a token from the token reference implementation
-    val bobLeg = mkTransferLeg("leg1", dso, bob, alice, bobTransferAmount)
+    val bobLeg = new tradingappv2.TradeLeg(
+      dso.toProtoPrimitive,
+      mkTransferLeg("leg1", bob, alice, bobTransferAmount),
+    )
     new tradingappv2.OTCTrade(
       venue.toProtoPrimitive,
       Seq(aliceLeg, bobLeg).asJava,
@@ -127,7 +135,6 @@ trait TokenStandardV2TestUtil extends TestCommon {
 
   def mkTransferLeg(
       legId: String,
-      dso: PartyId,
       sender: PartyId,
       receiver: PartyId,
       amount: BigDecimal,
@@ -137,8 +144,38 @@ trait TokenStandardV2TestUtil extends TestCommon {
       basicAccount(sender),
       basicAccount(receiver),
       amount.bigDecimal,
-      new holdingv2.InstrumentId(dso.toProtoPrimitive, "Amulet"),
+      amuletInstrumentIdName,
       new metadatav1.Metadata(java.util.Map.of("some_leg_meta", UUID.randomUUID().toString)),
     )
 
+  def transferLegSideForAuthorizer(
+      authorizer: PartyId,
+      transferLeg: allocationv2.TransferLeg,
+  ): allocationv2.TransferLegSide = {
+    val (side, otherside) =
+      if (transferLeg.sender.owner == authorizer.toProtoPrimitive) {
+        allocationv2.TransferSide.SENDERSIDE -> transferLeg.receiver
+      } else if (transferLeg.receiver.owner == authorizer.toProtoPrimitive) {
+        allocationv2.TransferSide.RECEIVERSIDE -> transferLeg.sender
+      } else {
+        throw new IllegalArgumentException(
+          s"Transfer leg `${transferLeg.transferLegId}` does not involve authorizer `${authorizer.toProtoPrimitive}`"
+        )
+      }
+
+    new allocationv2.TransferLegSide(
+      transferLeg.transferLegId,
+      side,
+      otherside,
+      transferLeg.amount,
+      transferLeg.instrumentId,
+      transferLeg.meta,
+    )
+  }
+
+  def transferLegsFromTrade(
+      otcTrade: tradingappv2.OTCTrade.Contract
+  ): Seq[allocationv2.TransferLeg] =
+    otcTrade.data.tradeLegs.asScala.map(_.leg).toSeq
+
 }
diff --git a/apps/common/src/main/scala/org/lfdecentralizedtrust/splice/environment/DarResources.scala b/apps/common/src/main/scala/org/lfdecentralizedtrust/splice/environment/DarResources.scala
index 5f9f6c2ed9..85815dfb48 100644
--- a/apps/common/src/main/scala/org/lfdecentralizedtrust/splice/environment/DarResources.scala
+++ b/apps/common/src/main/scala/org/lfdecentralizedtrust/splice/environment/DarResources.scala
@@ -728,7 +728,7 @@ object DarResources {
     )
     val apiTokenAllocationV2_1_0_0 = DarResource(
       "splice-api-token-allocation-v2-1.0.0.dar",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-v2"),
         PackageVersion.assertFromString("1.0.0"),
@@ -772,7 +772,7 @@ object DarResources {
     )
     val apiTokenAllocationV2_current = DarResource(
       "splice-api-token-allocation-v2-current.dar",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-v2"),
         PackageVersion.assertFromString("1.0.0"),
@@ -821,13 +821,15 @@ object DarResources {
     )
     val apiTokenAllocationRequestV2_1_0_0 = DarResource(
       "splice-api-token-allocation-request-v2-1.0.0.dar",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-request-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
         "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
@@ -843,8 +845,6 @@ object DarResources {
         "e7e0adfa881e7dbbb07da065ae54444da7c4bccebcb8872ab0cb5dcf9f3761ce",
         "b70db8369e1c461d5c70f1c86f526a29e9776c655e6ffc2560f95b05ccb8b946",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
@@ -866,13 +866,15 @@ object DarResources {
     )
     val apiTokenAllocationRequestV2_current = DarResource(
       "splice-api-token-allocation-request-v2-current.dar",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-request-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
         "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
@@ -888,8 +890,6 @@ object DarResources {
         "e7e0adfa881e7dbbb07da065ae54444da7c4bccebcb8872ab0cb5dcf9f3761ce",
         "b70db8369e1c461d5c70f1c86f526a29e9776c655e6ffc2560f95b05ccb8b946",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
@@ -916,13 +916,15 @@ object DarResources {
     )
     val apiTokenAllocationInstructionV2_1_0_0 = DarResource(
       "splice-api-token-allocation-instruction-v2-1.0.0.dar",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-instruction-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
         "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
@@ -938,8 +940,6 @@ object DarResources {
         "e7e0adfa881e7dbbb07da065ae54444da7c4bccebcb8872ab0cb5dcf9f3761ce",
         "b70db8369e1c461d5c70f1c86f526a29e9776c655e6ffc2560f95b05ccb8b946",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
@@ -961,13 +961,15 @@ object DarResources {
     )
     val apiTokenAllocationInstructionV2_current = DarResource(
       "splice-api-token-allocation-instruction-v2-current.dar",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       PackageMetadata(
         PackageName.assertFromString("splice-api-token-allocation-instruction-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
         "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
@@ -983,8 +985,6 @@ object DarResources {
         "e7e0adfa881e7dbbb07da065ae54444da7c4bccebcb8872ab0cb5dcf9f3761ce",
         "b70db8369e1c461d5c70f1c86f526a29e9776c655e6ffc2560f95b05ccb8b946",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
@@ -1198,21 +1198,25 @@ object DarResources {
     )
     val tokenTestTradingAppV2_1_0_0 = DarResource(
       "splice-token-test-trading-app-v2-1.0.0.dar",
-      "535f0008b0d4928342175d0c9e4a2a5f2a562a41debc7cb101f623a3b571df8c",
+      "da533befddd9bde0a0f7adb49dcd94374f25773e0aa592f2b06623df8030dfc4",
       PackageMetadata(
         PackageName.assertFromString("splice-token-test-trading-app-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+        "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
         "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
         "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
         "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
-        "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
         "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
         "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
         "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
+        "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
+        "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
         "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
         "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
         "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -1222,21 +1226,17 @@ object DarResources {
         "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
         "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-        "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-        "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
+        "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
         "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-        "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
         "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
         "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
         "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+        "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
         "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
         "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
         "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -1253,21 +1253,25 @@ object DarResources {
     )
     val tokenTestTradingAppV2_current = DarResource(
       "splice-token-test-trading-app-v2-current.dar",
-      "535f0008b0d4928342175d0c9e4a2a5f2a562a41debc7cb101f623a3b571df8c",
+      "da533befddd9bde0a0f7adb49dcd94374f25773e0aa592f2b06623df8030dfc4",
       PackageMetadata(
         PackageName.assertFromString("splice-token-test-trading-app-v2"),
         PackageVersion.assertFromString("1.0.0"),
         None,
       ),
       Set(
+        "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+        "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
         "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
         "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
         "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
-        "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
         "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
         "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
         "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
+        "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
+        "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
         "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
         "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
         "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -1277,21 +1281,17 @@ object DarResources {
         "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
         "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
         "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-        "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-        "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-        "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-        "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-        "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
         "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
         "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
+        "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
         "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
         "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
         "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
         "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-        "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
         "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
         "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
         "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+        "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
         "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
         "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
         "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -2164,23 +2164,25 @@ object DarResources {
   )
   val amulet_0_1_19 = DarResource(
     "splice-amulet-0.1.19.dar",
-    "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
+    "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
     PackageMetadata(
       PackageName.assertFromString("splice-amulet"),
       PackageVersion.assertFromString("0.1.19"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
       "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
       "62a6fc80fc8ca84dd5f6b33c71f53dd35a02bc01784b8cbc7cbd283eb23863c0",
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -2191,21 +2193,17 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -2218,27 +2216,31 @@ object DarResources {
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val amulet_current = DarResource(
     "splice-amulet-current.dar",
-    "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
+    "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
     PackageMetadata(
       PackageName.assertFromString("splice-amulet"),
       PackageVersion.assertFromString("0.1.19"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
       "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
       "62a6fc80fc8ca84dd5f6b33c71f53dd35a02bc01784b8cbc7cbd283eb23863c0",
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -2249,21 +2251,17 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -2276,6 +2274,8 @@ object DarResources {
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val amulet = PackageResource(
@@ -3477,23 +3477,23 @@ object DarResources {
   )
   val dsoGovernance_0_1_25 = DarResource(
     "splice-dso-governance-0.1.25.dar",
-    "93645a39701e2ca0fbf1f5744df681ee11f0caed5f1d277a467498bab1ac0de1",
+    "6666c2be6d6d396900f198b58d34794f0faf1c9a90d595a8408d13298734bcab",
     PackageMetadata(
       PackageName.assertFromString("splice-dso-governance"),
       PackageVersion.assertFromString("0.1.25"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
       "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
       "62a6fc80fc8ca84dd5f6b33c71f53dd35a02bc01784b8cbc7cbd283eb23863c0",
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
-      "f41642b5aa18385bf1ef8ab9272c041be1a3552d623bc0393f2ad03fe4cdf0ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -3504,24 +3504,20 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
+      "67967ad0148807e3f5307da9faed89c393fad77595a350b2617fab8bdd02a967",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -3531,30 +3527,34 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val dsoGovernance_current = DarResource(
     "splice-dso-governance-current.dar",
-    "93645a39701e2ca0fbf1f5744df681ee11f0caed5f1d277a467498bab1ac0de1",
+    "6666c2be6d6d396900f198b58d34794f0faf1c9a90d595a8408d13298734bcab",
     PackageMetadata(
       PackageName.assertFromString("splice-dso-governance"),
       PackageVersion.assertFromString("0.1.25"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
       "54f85ebfc7dfae18f7d70370015dcc6c6792f60135ab369c44ae52c6fc17c274",
       "62a6fc80fc8ca84dd5f6b33c71f53dd35a02bc01784b8cbc7cbd283eb23863c0",
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
-      "f41642b5aa18385bf1ef8ab9272c041be1a3552d623bc0393f2ad03fe4cdf0ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -3565,24 +3565,20 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
+      "67967ad0148807e3f5307da9faed89c393fad77595a350b2617fab8bdd02a967",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -3592,9 +3588,13 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val dsoGovernance = PackageResource(
@@ -4729,13 +4729,15 @@ object DarResources {
   )
   val wallet_0_1_20 = DarResource(
     "splice-wallet-0.1.20.dar",
-    "092cab0a1993b39a17c55c3cd7683a920edc8cdb0ec5b7191a5b09530bd25087",
+    "0d87a1398b5c2973c0d10e05c6cc819edae7768ac7103f11aa93165e13879e2e",
     PackageMetadata(
       PackageName.assertFromString("splice-wallet"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -4744,7 +4746,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -4755,24 +4756,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -4782,20 +4778,26 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val wallet_current = DarResource(
     "splice-wallet-current.dar",
-    "092cab0a1993b39a17c55c3cd7683a920edc8cdb0ec5b7191a5b09530bd25087",
+    "0d87a1398b5c2973c0d10e05c6cc819edae7768ac7103f11aa93165e13879e2e",
     PackageMetadata(
       PackageName.assertFromString("splice-wallet"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -4804,7 +4806,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -4815,24 +4816,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -4842,9 +4838,13 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val wallet = PackageResource(
@@ -5798,13 +5798,15 @@ object DarResources {
   )
   val amuletNameService_0_1_20 = DarResource(
     "splice-amulet-name-service-0.1.20.dar",
-    "f41642b5aa18385bf1ef8ab9272c041be1a3552d623bc0393f2ad03fe4cdf0ef",
+    "67967ad0148807e3f5307da9faed89c393fad77595a350b2617fab8bdd02a967",
     PackageMetadata(
       PackageName.assertFromString("splice-amulet-name-service"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -5813,7 +5815,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -5824,24 +5825,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -5851,20 +5847,26 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val amuletNameService_current = DarResource(
     "splice-amulet-name-service-current.dar",
-    "f41642b5aa18385bf1ef8ab9272c041be1a3552d623bc0393f2ad03fe4cdf0ef",
+    "67967ad0148807e3f5307da9faed89c393fad77595a350b2617fab8bdd02a967",
     PackageMetadata(
       PackageName.assertFromString("splice-amulet-name-service"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -5873,7 +5875,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -5884,24 +5885,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -5911,9 +5907,13 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val amuletNameService = PackageResource(
@@ -6799,13 +6799,16 @@ object DarResources {
   )
   val walletPayments_0_1_19 = DarResource(
     "splice-wallet-payments-0.1.19.dar",
-    "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
+    "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
     PackageMetadata(
       PackageName.assertFromString("splice-wallet-payments"),
       PackageVersion.assertFromString("0.1.19"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -6814,7 +6817,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -6825,23 +6827,17 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -6851,20 +6847,27 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val walletPayments_current = DarResource(
     "splice-wallet-payments-current.dar",
-    "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
+    "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
     PackageMetadata(
       PackageName.assertFromString("splice-wallet-payments"),
       PackageVersion.assertFromString("0.1.19"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
+      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -6873,7 +6876,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -6884,23 +6886,17 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
-      "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -6910,9 +6906,13 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val walletPayments = PackageResource(
@@ -7865,13 +7865,15 @@ object DarResources {
   )
   val splitwell_0_1_20 = DarResource(
     "splitwell-0.1.20.dar",
-    "b4f9a49c7d91f4a352212ddcb4d5f5024e12143ee695cb55e01b2d6ed411c530",
+    "00064f83b946fa3deea863c0f5cb92d62fefa2b507b3232a747463a2b2e2060b",
     PackageMetadata(
       PackageName.assertFromString("splitwell"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -7880,7 +7882,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -7891,24 +7892,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -7918,20 +7914,26 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val splitwell_current = DarResource(
     "splitwell-current.dar",
-    "b4f9a49c7d91f4a352212ddcb4d5f5024e12143ee695cb55e01b2d6ed411c530",
+    "00064f83b946fa3deea863c0f5cb92d62fefa2b507b3232a747463a2b2e2060b",
     PackageMetadata(
       PackageName.assertFromString("splitwell"),
       PackageVersion.assertFromString("0.1.20"),
       None,
     ),
     Set(
+      "f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a",
+      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
       "7adc4c2d07fa3a51173c843cba36e610c1168b2dbbf53076e20c0092eae8763d",
       "26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674",
       "4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f",
@@ -7940,7 +7942,6 @@ object DarResources {
       "7cff38e34bd192d498d5a7606aa3b893e35b0f632d582b273f66dab90f2f14ef",
       "bde4bd30749e99603e5afa354706608601029e225d4983324d617825b634253a",
       "c280cc3ef501d237efa7b1120ca3ad2d196e089ad596b666bed59a85f3c9a074",
-      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
       "b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565",
       "c3bb0c5d04799b3f11bad7c3c102963e115cf53da3e4afcbcfd9f06ebd82b4ff",
       "0e4a572ab1fb94744abb02243a6bbed6c78fc6e3c8d3f60c655f057692a62816",
@@ -7951,24 +7952,19 @@ object DarResources {
       "93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d",
       "3b25c9b08ac6d895417c604fc0ee4b7e47ef974ff8fa43f139daa43bb431fefc",
       "718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b",
-      "52854220dc199884704958df38befd5492d78384a032fd7558c38f00e3d778a2",
-      "685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0",
-      "f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138",
-      "eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1",
+      "b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9",
       "9e70a8b3510d617f8a136213f33d6a903a10ca0eeec76bb06ba55d1ed9680f69",
       "d095a2ccf6dd36b2415adc4fa676f9191ba63cd39828dc5207b36892ec350cbc",
       "6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193",
-      "500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6",
-      "78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43",
-      "fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0",
+      "3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b",
       "f181cd661f7af3a60bdaae4b0285a2a67beb55d6910fc8431dbae21a5825ec0f",
       "60c61c542207080e97e378ab447cc355ecc47534b3a3ebbff307c4fb8339bc4d",
       "fcee8dfc1b81c449b421410edd5041c16ab59c45bbea85bcb094d1b17c3e9df7",
       "6f8e6085f5769861ae7a40dccd618d6f747297d59b37cab89b93e2fa80b0c024",
-      "72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be",
       "fa79192fe1cce03d7d8db36471dde4cf6c96e6d0f07e1c391dd49e355af9b38c",
       "19f0df5fdaf5a96e137b6ea885fdb378f37bd3166bd9a47ee11518e33fa09a20",
       "a1fa18133ae48cbb616c4c148e78e661666778c3087d099067c7fe1868cbb3a1",
+      "a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1",
       "86d888f34152dae8729900966b44abcb466b9c111699678de58032de601d2b04",
       "6da1f43a10a179524e840e7288b47bda213339b0552d92e87ae811e52f59fc0e",
       "3cde94fe9be5c700fc1d9a8ad2277e2c1214609f8c52a5b4db77e466875b8cb7",
@@ -7978,9 +7974,13 @@ object DarResources {
       "275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520",
       "e5411f3d75f072b944bd88e652112a14a3d409c491fd9a51f5f6eede6d3a3348",
       "5aee9b21b8e9a4c4975b5f4c4198e6e6e8469df49e2010820e792f393db870f4",
+      "c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3",
+      "032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556",
       "55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281",
       "cae345b5500ef6f84645c816f88b9f7a85a9f3c71697984abdf6849f81e80324",
       "91e167fa7a256f21f990c526a0a0df840e99aeef0e67dc1f5415b0309486de74",
+      "8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191",
+      "dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea",
     ),
   )
   val splitwell = PackageResource(
diff --git a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/api/client/commands/HttpScanAppClient.scala b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/api/client/commands/HttpScanAppClient.scala
index 4b65bf7321..0ffe04b23f 100644
--- a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/api/client/commands/HttpScanAppClient.scala
+++ b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/api/client/commands/HttpScanAppClient.scala
@@ -2483,7 +2483,7 @@ object HttpScanAppClient {
         val args = new allocationv2.SettlementFactory_SettleBatch(
           choiceArgs.settlement,
           choiceArgs.transferLegs,
-          choiceArgs.allocationCids,
+          choiceArgs.allocations,
           choiceArgs.actors,
           new metadatav1.ExtraArgs(
             choiceContext,
diff --git a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/http/HttpTokenStandardAllocationHandler.scala b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/http/HttpTokenStandardAllocationHandler.scala
index 59d41fa8af..a541d9237b 100644
--- a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/http/HttpTokenStandardAllocationHandler.scala
+++ b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/admin/http/HttpTokenStandardAllocationHandler.scala
@@ -138,7 +138,7 @@ class HttpTokenStandardAllocationHandler(
         // TODO (#4949): this only lists V2 allocations, but it should also do V1
         allocations <- contractFetcher.lookupContractsById(
           amuletallocationv2.AmuletAllocationV2.COMPANION
-        )(settleBatch.allocationCids.asScala.toSeq)
+        )(settleBatch.allocations.asScala.toSeq.map(_.allocationCid))
         lockedAmulets <- contractFetcher.lookupContractsById(LockedAmulet.COMPANION)(
           allocations.flatMap(_.payload.lockedAmulet.toScala)
         )
diff --git a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/store/ScanStore.scala b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/store/ScanStore.scala
index 76e9cf74c3..48229f2c6b 100644
--- a/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/store/ScanStore.scala
+++ b/apps/scan/src/main/scala/org/lfdecentralizedtrust/splice/scan/store/ScanStore.scala
@@ -521,7 +521,7 @@ object ScanStore {
           )
         },
         mkFilter(splice.amuletallocationv2.AmuletAllocationV2.COMPANION)(co =>
-          co.payload.allocation.transferLegs.asScala.exists(_.instrumentId.admin == dso)
+          co.payload.allocation.admin == dso
         ) { contract =>
           ScanAcsStoreRowData(
             contract = contract,
diff --git a/apps/wallet/frontend/src/__tests__/wallet.test.tsx b/apps/wallet/frontend/src/__tests__/wallet.test.tsx
index 9b857fe8cc..a469591545 100644
--- a/apps/wallet/frontend/src/__tests__/wallet.test.tsx
+++ b/apps/wallet/frontend/src/__tests__/wallet.test.tsx
@@ -55,6 +55,7 @@ import { AmuletAllocationV2 } from '@daml.js/splice-amulet/lib/Splice/AmuletAllo
 import { AmuletAllocation as AmuletAllocationV1 } from '@daml.js/splice-amulet/lib/Splice/AmuletAllocation';
 import { Contract } from '@lfdecentralizedtrust/splice-common-frontend-utils';
 import { LockedAmulet } from '@daml.js/splice-amulet/lib/Splice/Amulet';
+import { TransferSide } from '@daml.js/splice-api-token-allocation-v2-1.0.0/lib/Splice/Api/Token/AllocationV2';
 
 const dsoEntry = nameServiceEntries.find(e => e.name.startsWith('dso'))!;
 
@@ -428,14 +429,12 @@ describe('Wallet user can', () => {
 
         acceptButtons[0].click();
         const calledWithBody = await createPromise;
-        const acceptableLegs = allocationRequest.transferLegs.filter(
-          leg =>
-            (leg.sender.owner === alicePartyId || leg.receiver.owner === alicePartyId) &&
-            leg.instrumentId.id === 'Amulet'
-        );
+        const acceptableSides = allocationRequest.allocations
+          .flatMap(alloc => alloc.transferLegSides)
+          .filter(side => side.transferLegId === 'acceptable');
         const expected = openApiV2RequestFromAllocationRequest(
           allocationRequest.settlement,
-          acceptableLegs
+          acceptableSides
         );
         expect(calledWithBody).toStrictEqual(expected);
       });
@@ -1452,6 +1451,9 @@ function getAllocationRequestV1() {
 
 function getAllocationRequestV2() {
   return {
+    originalRequestCid: null,
+    requestedAt: new Date().toISOString(),
+    settleAt: new Date().toISOString(),
     authorizer: { owner: alicePartyId, provider: null, id: '' },
     settlement: {
       executors: ['executor'],
@@ -1459,47 +1461,36 @@ function getAllocationRequestV2() {
         id: 'the_id',
         cid: null as damlTypes.Optional<ContractId<AnyContract>>,
       },
-      requestedAt: new Date().toISOString(),
-      settleAt: new Date().toISOString(),
       settlementDeadline: null as damlTypes.Optional<string>,
       meta: { values: {} },
     },
-    transferLegs: [
+    allocations: [
       {
-        transferLegId: 'acceptable',
-        sender: { owner: alicePartyId, provider: null, id: '' },
-        receiver: { owner: bobPartyId, provider: null, id: '' },
-        amount: '3',
-        instrumentId: {
-          id: 'Amulet',
-          admin: dsoPartyId,
-        },
-        meta: { values: {} },
-      },
-      {
-        transferLegId: 'different_sender',
-        sender: { owner: bobPartyId, provider: null, id: '' },
-        receiver: { owner: alicePartyId, provider: null, id: '' },
-        amount: '3',
-        instrumentId: {
-          id: 'Amulet',
-          admin: dsoPartyId,
-        },
-        meta: { values: {} },
-      },
-      {
-        transferLegId: 'different_instrument',
-        sender: { owner: alicePartyId, provider: null, id: '' },
-        receiver: { owner: bobPartyId, provider: null, id: '' },
-        amount: '3',
-        instrumentId: {
-          id: 'Another',
-          admin: dsoPartyId,
-        },
+        admin: dsoPartyId,
         meta: { values: {} },
+        committed: false,
+        nextIterationFunding: null,
+        transferLegSides: [
+          {
+            transferLegId: 'acceptable',
+            instrumentId: 'Amulet',
+            amount: '3',
+            meta: { values: {} },
+            side: 'SenderSide' as TransferSide,
+            otherside: { owner: bobPartyId, provider: null, id: '' },
+          },
+          {
+            transferLegId: 'different_instrument',
+            instrumentId: 'Another',
+            amount: '3',
+            meta: { values: {} },
+            side: 'SenderSide' as TransferSide,
+            otherside: { owner: bobPartyId, provider: null, id: '' },
+          },
+        ],
       },
     ],
-    availableActions: [] as [string[], { tag: string; value: object }[]][],
+    availableActions: [],
     meta: { values: {} },
   };
 }
@@ -1514,16 +1505,22 @@ function getAllocationV2(
   return {
     lockedAmulet: null as damlTypes.Optional<ContractId<LockedAmulet>>,
     dso: dsoPartyId,
+    createdAt: new Date().toISOString(),
     expiresAt: new Date().toISOString(),
+    numIterations: '0',
     allocation: {
-      transferLegs: [
+      admin: dsoPartyId,
+      meta: { values: {} },
+      committed: false,
+      nextIterationFunding: null,
+      transferLegSides: [
         {
           transferLegId,
-          sender: { owner: alicePartyId, provider: null, id: '' },
-          receiver: { owner: receiver, provider: null, id: '' },
-          amount,
+          side: 'SenderSide',
+          instrumentId: 'Amulet',
           meta: { values: {} },
-          instrumentId: { id: 'Amulet', admin: dsoPartyId },
+          otherside: { owner: receiver, provider: null, id: '' },
+          amount,
         },
       ],
       settlement: {
@@ -1532,8 +1529,6 @@ function getAllocationV2(
           id: settlementId,
           cid: null,
         },
-        requestedAt: new Date().toISOString(),
-        settleAt: new Date().toISOString(),
         settlementDeadline: null,
         meta: { values: {} },
       },
diff --git a/apps/wallet/frontend/src/components/AllocationSettlementDisplay.tsx b/apps/wallet/frontend/src/components/AllocationSettlementDisplay.tsx
index 150a80ea33..8fc9199292 100644
--- a/apps/wallet/frontend/src/components/AllocationSettlementDisplay.tsx
+++ b/apps/wallet/frontend/src/components/AllocationSettlementDisplay.tsx
@@ -11,14 +11,7 @@ import { SettlementInfo } from '@daml.js/splice-api-token-allocation-v2/lib/Spli
 const AllocationSettlementDisplay: React.FC<{
   settlement: SettlementInfo;
 }> = ({ settlement }) => {
-  const {
-    settleAt,
-    requestedAt,
-    settlementDeadline,
-    settlementRef,
-    executors,
-    meta: settlementMeta,
-  } = settlement;
+  const { settlementDeadline, settlementRef, executors, meta: settlementMeta } = settlement;
 
   return (
     <Stack>
@@ -46,12 +39,6 @@ const AllocationSettlementDisplay: React.FC<{
           ))}
         </Stack>
         <Stack>
-          <Typography variant="body2">
-            Requested at: <DateWithDurationDisplay datetime={requestedAt} enableDuration />
-          </Typography>
-          <Typography variant="body2">
-            Settle at: <DateWithDurationDisplay datetime={settleAt} enableDuration />
-          </Typography>
           {settlementDeadline ? (
             <Typography variant="body2">
               Settlement deadline:{' '}
diff --git a/apps/wallet/frontend/src/components/CreateAllocation.tsx b/apps/wallet/frontend/src/components/CreateAllocation.tsx
index fbce251a2a..0bcae93342 100644
--- a/apps/wallet/frontend/src/components/CreateAllocation.tsx
+++ b/apps/wallet/frontend/src/components/CreateAllocation.tsx
@@ -6,7 +6,7 @@ import { useMutation } from '@tanstack/react-query';
 import {
   AllocateAmuletV2Request,
   AllocateAmuletRequestSettlementSettlementRef,
-  TransferLegV2,
+  TransferLegSide,
 } from '@lfdecentralizedtrust/wallet-openapi';
 import {
   Alert,
@@ -27,12 +27,14 @@ import {
   damlTimestampToOpenApiTimestamp,
   isValidDamlTimestamp,
 } from '../utils/timestampConversion';
+import { usePrimaryParty } from '../hooks';
 
 const CreateAllocation: React.FC = () => {
   const { createAllocationV2 } = useWalletClient();
+  const userParty = usePrimaryParty();
   const [error, setError] = useState<object | null>(null);
   const [allocation, setAllocation] = useState<PartialAllocateAmuletV2Request>(emptyForm());
-  const validated = validatedForm(allocation);
+  const validated = validatedForm(userParty!, allocation);
   const createAllocationMutation = useMutation({
     mutationFn: async () => {
       return validated && (await createAllocationV2(validated));
@@ -174,32 +176,6 @@ const CreateAllocation: React.FC = () => {
             <Button startIcon={<Add />} size="small" onClick={addExecutor}>
               Add Executor
             </Button>
-            <Typography variant="h6">Requested at ({DAML_TIMESTAMP_FORMAT})</Typography>
-            <TextField
-              id="create-allocation-settlement-requested-at"
-              placeholder={DAML_TIMESTAMP_FORMAT}
-              value={allocation.settlement.requested_at || ''}
-              error={!isValidDamlTimestamp(allocation.settlement.requested_at)}
-              onChange={event =>
-                setAllocation({
-                  ...allocation,
-                  settlement: { ...allocation.settlement, requested_at: event.target.value },
-                })
-              }
-            />
-            <Typography variant="h6">Settle at ({DAML_TIMESTAMP_FORMAT})</Typography>
-            <TextField
-              id="create-allocation-settlement-settle-at"
-              placeholder={DAML_TIMESTAMP_FORMAT}
-              value={allocation.settlement.settle_at || ''}
-              error={!isValidDamlTimestamp(allocation.settlement.settle_at)}
-              onChange={event =>
-                setAllocation({
-                  ...allocation,
-                  settlement: { ...allocation.settlement, settle_at: event.target.value },
-                })
-              }
-            />
             <Typography variant="h6">
               Settlement deadline (optional, {DAML_TIMESTAMP_FORMAT})
             </Typography>
@@ -317,8 +293,6 @@ interface PartialAllocateAmuletV2Request {
   settlement: {
     executors: string[];
     settlement_ref: AllocateAmuletRequestSettlementSettlementRef;
-    requested_at: string;
-    settle_at: string;
     settlement_deadline?: string;
   };
   transfer_legs: PartialTransferLeg[];
@@ -332,8 +306,6 @@ function emptyForm(): PartialAllocateAmuletV2Request {
   return {
     settlement: {
       executors: [''],
-      requested_at: '',
-      settle_at: '',
       settlement_deadline: undefined,
       settlement_ref: { id: '', cid: undefined },
     },
@@ -341,33 +313,45 @@ function emptyForm(): PartialAllocateAmuletV2Request {
   };
 }
 
-function validatedForm(partial: PartialAllocateAmuletV2Request): AllocateAmuletV2Request | null {
+function validatedForm(
+  userParty: string,
+  partial: PartialAllocateAmuletV2Request
+): AllocateAmuletV2Request | null {
   if (
     !partial.settlement.executors.length ||
     partial.settlement.executors.some(e => !e) ||
     !partial.settlement.settlement_ref?.id ||
-    ![partial.settlement.requested_at, partial.settlement.settle_at].every(isValidDamlTimestamp) ||
     (partial.settlement.settlement_deadline &&
       !isValidDamlTimestamp(partial.settlement.settlement_deadline))
   ) {
     return null;
   }
-  const validLegs: TransferLegV2[] = [];
+  const validLegSides: TransferLegSide[] = [];
   for (const leg of partial.transfer_legs) {
     if (!leg.transfer_leg_id || !leg.sender || !leg.receiver || !leg.amount) return null;
-    validLegs.push({
+    let side: 'SENDERSIDE' | 'RECEIVERSIDE';
+    let otherside: string;
+    if (userParty === leg.sender) {
+      side = 'SENDERSIDE';
+      otherside = leg.receiver;
+    } else if (userParty === leg.receiver) {
+      side = 'RECEIVERSIDE';
+      otherside = leg.sender;
+    } else {
+      return null;
+    }
+    validLegSides.push({
       transfer_leg_id: leg.transfer_leg_id,
-      sender: leg.sender,
-      receiver: leg.receiver,
+      side,
+      otherside,
+      meta: {},
       amount: leg.amount,
     });
   }
-  if (validLegs.length === 0) return null;
+  if (validLegSides.length === 0) return null;
   return {
     settlement: {
       executors: partial.settlement.executors,
-      requested_at: damlTimestampToOpenApiTimestamp(partial.settlement.requested_at),
-      settle_at: damlTimestampToOpenApiTimestamp(partial.settlement.settle_at),
       settlement_deadline: partial.settlement.settlement_deadline
         ? damlTimestampToOpenApiTimestamp(partial.settlement.settlement_deadline)
         : undefined,
@@ -376,6 +360,10 @@ function validatedForm(partial: PartialAllocateAmuletV2Request): AllocateAmuletV
         cid: partial.settlement.settlement_ref.cid,
       },
     },
-    transfer_legs: validLegs,
+    transfer_leg_sides: validLegSides,
+    // TODO (#5498): make the FE specify these
+    committed: false,
+    meta: {},
+    next_iteration_funding: undefined,
   };
 }
diff --git a/apps/wallet/frontend/src/components/ListAllocationRequests.tsx b/apps/wallet/frontend/src/components/ListAllocationRequests.tsx
index 068b994722..05222b2fcb 100644
--- a/apps/wallet/frontend/src/components/ListAllocationRequests.tsx
+++ b/apps/wallet/frontend/src/components/ListAllocationRequests.tsx
@@ -31,11 +31,13 @@ import {
 import {
   SettlementInfo,
   TransferLeg,
+  TransferLegSide,
 } from '@daml.js/splice-api-token-allocation-v2/lib/Splice/Api/Token/AllocationV2/module';
 import { damlTimestampToOpenApiTimestamp } from '../utils/timestampConversion';
 import AllocationSettlementDisplay from './AllocationSettlementDisplay';
 import UseGetAmuletRules from '../hooks/scan-proxy/useGetAmuletRules';
 import { ContractId } from '@daml/types';
+import { transferLegSidesToTransferLegs } from '../utils/tokenStandard';
 
 dayjs.extend(relativeTime);
 
@@ -99,8 +101,8 @@ const AllocationRequestDisplay: React.FC<{
   const payload = request.payload;
   const isV2 = isV2AllocationRequest(payload);
   const { settlement, transferLegs } = isV2
-    ? { settlement: payload.settlement, transferLegs: payload.transferLegs }
-    : v1RequestToV2Display(payload);
+    ? v2RequestToDisplay(payload)
+    : v1RequestToDisplay(payload);
   const requestMeta = payload.meta;
 
   const { rejectAllocationRequest } = useWalletClient();
@@ -189,18 +191,16 @@ const V2AllocationRequestActionButton: React.FC<{
   dso: string;
 }> = ({ allocationRequest, userParty, allocations, dso }) => {
   const payload = allocationRequest.payload;
-  const amuletLegsForUser = payload.transferLegs.filter(
-    leg =>
-      (leg.sender.owner === userParty || leg.receiver.owner === userParty) &&
-      leg.instrumentId.id === 'Amulet' &&
-      leg.instrumentId.admin === dso
-  );
+  const amuletLegSidesForUser = payload.allocations
+    .filter(allocation => allocation.admin === dso)
+    .flatMap(allocation => allocation.transferLegSides)
+    .filter(side => side.instrumentId === 'Amulet');
   const isAuthorizer =
     payload.authorizer.owner === userParty &&
     (payload.authorizer.provider === null || payload.authorizer.provider === undefined) &&
     payload.authorizer.id === '';
   // basicAccount check: authorizer matches basicAccount(userParty)
-  const canAccept = amuletLegsForUser.length > 0 && isAuthorizer;
+  const canAccept = amuletLegSidesForUser.length > 0 && isAuthorizer;
 
   const correspondingAllocation = allocations.find(alloc =>
     isAllocationForRequest(alloc, allocationRequest)
@@ -211,7 +211,7 @@ const V2AllocationRequestActionButton: React.FC<{
   const { createAllocationV2, withdrawAllocationV2 } = useWalletClient();
   const createAllocationV2Mutation = useMutation({
     mutationFn: async () => {
-      const req = openApiV2RequestFromAllocationRequest(payload.settlement, amuletLegsForUser);
+      const req = openApiV2RequestFromAllocationRequest(payload.settlement, amuletLegSidesForUser);
       return await createAllocationV2(req);
     },
     onSuccess: () => {},
@@ -396,7 +396,9 @@ function isAllocationForTransferLeg(
     sameExecutor = allocation.payload.allocation.settlement.executors.some(
       e => e === allocationRequest.payload.settlement.executor
     );
-    sameLegId = allocation.payload.allocation.transferLegs.some(leg => leg.transferLegId === legId);
+    sameLegId = allocation.payload.allocation.transferLegSides.some(
+      side => side.transferLegId === legId
+    );
   } else {
     sameExecutor =
       allocation.payload.allocation.settlement.executor ===
@@ -443,7 +445,7 @@ export function openApiV1RequestFromTransferLeg(
 /** V2: build AllocateAmuletV2Request from settlement + filtered transfer legs */
 export function openApiV2RequestFromAllocationRequest(
   settlement: SettlementInfo,
-  transferLegs: TransferLeg[]
+  transferLegSides: TransferLegSide[]
 ): AllocateAmuletV2Request {
   return {
     settlement: {
@@ -452,34 +454,46 @@ export function openApiV2RequestFromAllocationRequest(
         id: settlement.settlementRef.id,
         cid: settlement.settlementRef.cid as string,
       },
-      requested_at: damlTimestampToOpenApiTimestamp(settlement.requestedAt),
-      settle_at: damlTimestampToOpenApiTimestamp(settlement.settleAt),
       meta: settlement.meta.values,
       ...(settlement.settlementDeadline
         ? { settlement_deadline: damlTimestampToOpenApiTimestamp(settlement.settlementDeadline) }
         : {}),
     },
-    transfer_legs: transferLegs.map(leg => ({
-      transfer_leg_id: leg.transferLegId,
-      sender: leg.sender.owner,
-      receiver: leg.receiver.owner,
-      amount: leg.amount,
-      meta: leg.meta.values,
+    transfer_leg_sides: transferLegSides.map(side => ({
+      transfer_leg_id: side.transferLegId,
+      amount: side.amount,
+      otherside: side.otherside.owner,
+      side: side.side === 'SenderSide' ? 'SENDERSIDE' : 'RECEIVERSIDE',
+      meta: side.meta.values,
     })),
+    // TODO (#5498): make the FE specify these
+    committed: false,
+    next_iteration_funding: {},
+    meta: {},
   };
 }
 
-/** Convert V1 AllocationRequest fields to V2 shapes for display */
-function v1RequestToV2Display(payload: AllocationRequestV1): {
+type DisplayRequest = {
   settlement: SettlementInfo;
   transferLegs: TransferLeg[];
-} {
+};
+function v2RequestToDisplay(payload: AllocationRequestV2): DisplayRequest {
+  const transferLegs = transferLegSidesToTransferLegs(
+    payload.authorizer,
+    payload.allocations.flatMap(allocation => allocation.transferLegSides)
+  );
+  return {
+    settlement: payload.settlement,
+    transferLegs,
+  };
+}
+
+/** Convert V1 AllocationRequest fields to V2 shapes for display */
+function v1RequestToDisplay(payload: AllocationRequestV1): DisplayRequest {
   return {
     settlement: {
       executors: [payload.settlement.executor],
       settlementRef: payload.settlement.settlementRef,
-      requestedAt: payload.settlement.requestedAt,
-      settleAt: payload.settlement.settleBefore,
       settlementDeadline: null,
       meta: payload.settlement.meta,
     },
@@ -488,7 +502,7 @@ function v1RequestToV2Display(payload: AllocationRequestV1): {
       sender: { owner: leg.sender, provider: null, id: '' },
       receiver: { owner: leg.receiver, provider: null, id: '' },
       amount: leg.amount,
-      instrumentId: leg.instrumentId,
+      instrumentId: leg.instrumentId.id,
       meta: leg.meta,
     })),
   };
diff --git a/apps/wallet/frontend/src/components/ListAllocations.tsx b/apps/wallet/frontend/src/components/ListAllocations.tsx
index 6d5553bae5..bcd3b0c027 100644
--- a/apps/wallet/frontend/src/components/ListAllocations.tsx
+++ b/apps/wallet/frontend/src/components/ListAllocations.tsx
@@ -18,11 +18,14 @@ import {
 } from '../contexts/WalletServiceContext';
 import { AllocationSpecification } from '@daml.js/splice-api-token-allocation-v2/lib/Splice/Api/Token/AllocationV2/module';
 import { ContractId } from '@daml/types';
+import { transferLegSidesToTransferLegs } from '../utils/tokenStandard';
+import { usePrimaryParty } from '../hooks';
 
 const ListAllocations: React.FC = () => {
+  const primaryPartyId = usePrimaryParty();
   const allocationsQuery = useAmuletAllocations();
 
-  if (allocationsQuery.isLoading) {
+  if (allocationsQuery.isLoading || !primaryPartyId) {
     return <Loading />;
   }
   if (allocationsQuery.isError) {
@@ -47,19 +50,26 @@ const ListAllocations: React.FC = () => {
         Allocations <Chip label={allocations.length} color="success" />
       </Typography>
       {allocations.map(allocation => (
-        <AllocationDisplay key={allocation.contractId} allocation={allocation} />
+        <AllocationDisplay
+          key={allocation.contractId}
+          allocation={allocation}
+          userParty={primaryPartyId}
+        />
       ))}
     </Stack>
   );
 };
 
 const AllocationDisplay: React.FC<{
-  allocation: Contract<AmuletAllocation | AmuletAllocationV2>;
-}> = ({ allocation }) => {
+  userParty: string;
+  allocation: Contract<AmuletAllocation>;
+}> = ({ userParty, allocation }) => {
   const { withdrawAllocation, withdrawAllocationV2 } = useWalletClient();
-  const v2 = isV2Allocation(allocation.payload);
-  const spec = getAllocationSpec(allocation.payload);
-  const { settlement, transferLegs } = spec;
+  const allocationPayload = allocation.payload;
+  const v2 = isV2Allocation(allocationPayload);
+  const spec = getAllocationSpec(userParty, allocationPayload);
+  const { settlement, transferLegSides } = spec;
+  const transferLegs = transferLegSidesToTransferLegs(spec.authorizer, transferLegSides);
   return (
     <Card className="allocation" variant="outlined">
       <CardContent
@@ -94,32 +104,41 @@ const AllocationDisplay: React.FC<{
   );
 };
 
-function getAllocationSpec(payload: AmuletAllocation): AllocationSpecification {
+function getAllocationSpec(
+  endUserParty: string,
+  payload: AmuletAllocation
+): AllocationSpecification {
   if (isV2Allocation(payload)) {
     return payload.allocation;
   }
   // V1: convert to V2 AllocationSpecification shape
   const v1 = payload.allocation;
+  const [transferLegSide, otherSideParty]: ['SenderSide' | 'ReceiverSide', string] =
+    v1.transferLeg.sender === endUserParty
+      ? ['SenderSide', v1.transferLeg.receiver]
+      : ['ReceiverSide', v1.transferLeg.sender];
   return {
     settlement: {
       executors: [v1.settlement.executor],
       settlementRef: v1.settlement.settlementRef,
-      requestedAt: v1.settlement.requestedAt,
-      settleAt: v1.settlement.settleBefore,
       settlementDeadline: null,
       meta: v1.settlement.meta,
     },
-    transferLegs: [
+    transferLegSides: [
       {
-        transferLegId: v1.transferLegId,
-        sender: { owner: v1.transferLeg.sender, provider: null, id: '' },
-        receiver: { owner: v1.transferLeg.receiver, provider: null, id: '' },
-        amount: v1.transferLeg.amount,
-        instrumentId: v1.transferLeg.instrumentId,
-        meta: v1.transferLeg.meta,
+        transferLegId: payload.allocation.transferLegId,
+        meta: payload.allocation.transferLeg.meta,
+        side: transferLegSide,
+        otherside: { owner: otherSideParty, provider: null, id: '' },
+        amount: payload.allocation.transferLeg.amount,
+        instrumentId: payload.allocation.transferLeg.instrumentId.id,
       },
     ],
     authorizer: { owner: v1.transferLeg.sender, provider: null, id: '' },
+    meta: { values: {} },
+    nextIterationFunding: null,
+    committed: false,
+    admin: payload.allocation.transferLeg.instrumentId.admin,
   };
 }
 
diff --git a/apps/wallet/frontend/src/components/TransferLegsDisplay.tsx b/apps/wallet/frontend/src/components/TransferLegsDisplay.tsx
index 46895481fa..09252c73aa 100644
--- a/apps/wallet/frontend/src/components/TransferLegsDisplay.tsx
+++ b/apps/wallet/frontend/src/components/TransferLegsDisplay.tsx
@@ -70,7 +70,7 @@ const TransferLegsDisplay: React.FC<{
                 </TableCell>
                 <TableCell>
                   <Typography variant="body2" className="allocation-amount-instrument">
-                    {BigNumber(amount).toFormat()} {instrumentId.id}
+                    {BigNumber(amount).toFormat()} {instrumentId}
                   </Typography>
                 </TableCell>
                 <TableCell>
diff --git a/apps/wallet/frontend/src/contexts/WalletServiceContext.tsx b/apps/wallet/frontend/src/contexts/WalletServiceContext.tsx
index 505e91f415..3ec40a24e8 100644
--- a/apps/wallet/frontend/src/contexts/WalletServiceContext.tsx
+++ b/apps/wallet/frontend/src/contexts/WalletServiceContext.tsx
@@ -392,9 +392,14 @@ export const WalletClientProvider: React.FC<React.PropsWithChildren<WalletProps>
         const res = await walletClient.listAllocationRequests();
         return res.allocation_requests.map(ar => {
           try {
-            return Contract.decodeOpenAPI(ar.contract, AllocationRequestV2);
-          } catch {
-            return Contract.decodeOpenAPI(ar.contract, AllocationRequestV1);
+            try {
+              return Contract.decodeOpenAPI(ar.contract, AllocationRequestV2);
+            } catch {
+              return Contract.decodeOpenAPI(ar.contract, AllocationRequestV1);
+            }
+          } catch (e) {
+            console.error('Unsupported AllocationRequest', e, ar);
+            throw e;
           }
         });
       },
diff --git a/apps/wallet/frontend/src/utils/tokenStandard.ts b/apps/wallet/frontend/src/utils/tokenStandard.ts
new file mode 100644
index 0000000000..8cfc2c97dc
--- /dev/null
+++ b/apps/wallet/frontend/src/utils/tokenStandard.ts
@@ -0,0 +1,30 @@
+// Copyright (c) 2024 Digital Asset (Switzerland) GmbH and/or its affiliates. All rights reserved.
+// SPDX-License-Identifier: Apache-2.0
+import {
+  TransferLeg,
+  TransferLegSide,
+} from '@daml.js/splice-api-token-allocation-v2-1.0.0/lib/Splice/Api/Token/AllocationV2';
+import { Account } from '@daml.js/splice-api-token-holding-v2-1.0.0/lib/Splice/Api/Token/HoldingV2';
+
+export function transferLegSidesToTransferLegs(
+  authorizer: Account,
+  sides: TransferLegSide[]
+): TransferLeg[] {
+  return sides.map(side => {
+    const sender: Account =
+      side.side === 'SenderSide' ? authorizer : basicAccount(side.otherside.owner);
+    const receiver = side.side === 'ReceiverSide' ? authorizer : basicAccount(side.otherside.owner);
+    return {
+      transferLegId: side.transferLegId,
+      sender,
+      receiver,
+      amount: side.amount,
+      instrumentId: side.instrumentId,
+      meta: side.meta,
+    };
+  });
+}
+
+export function basicAccount(party: string): Account {
+  return { owner: party, provider: null, id: '' };
+}
diff --git a/apps/wallet/src/main/openapi/wallet-internal.yaml b/apps/wallet/src/main/openapi/wallet-internal.yaml
index c74904c492..cad6344105 100644
--- a/apps/wallet/src/main/openapi/wallet-internal.yaml
+++ b/apps/wallet/src/main/openapi/wallet-internal.yaml
@@ -1977,15 +1977,14 @@ components:
       type: object
       required:
         - settlement
-        - transfer_legs
+        - transfer_leg_sides
+        - committed
       properties:
         settlement:
           type: object
           required:
             - executors
             - settlement_ref
-            - requested_at
-            - settle_at
           properties:
             executors:
               type: array
@@ -2000,12 +1999,6 @@ components:
                   type: string
                 cid:
                   type: string
-            requested_at:
-              type: integer
-              format: int64
-            settle_at:
-              type: integer
-              format: int64
             settlement_deadline:
               type: integer
               format: int64
@@ -2013,24 +2006,38 @@ components:
               type: object
               additionalProperties:
                 type: string
-        transfer_legs:
+        transfer_leg_sides:
           type: array
           items:
-            $ref: "#/components/schemas/TransferLegV2"
+            $ref: "#/components/schemas/TransferLegSide"
+        next_iteration_funding:
+          type: object
+          additionalProperties:
+            description: "BigDecimal amount, encoded as string to prevent precision loss"
+            type: string
+        committed:
+          type: boolean
+          default: false
+        meta:
+          type: object
+          additionalProperties:
+            type: string
 
-    TransferLegV2:
+    TransferLegSide:
       type: object
       required:
         - transfer_leg_id
-        - sender
-        - receiver
+        - side
+        - otherside
         - amount
       properties:
         transfer_leg_id:
           type: string
-        sender:
+        side:
           type: string
-        receiver:
+          enum: [ SENDERSIDE, RECEIVERSIDE ]
+        otherside:
+          description: A party id
           type: string
         amount:
           type: string
diff --git a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/api/client/commands/HttpWalletAppClient.scala b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/api/client/commands/HttpWalletAppClient.scala
index da351401ad..a4941f374e 100644
--- a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/api/client/commands/HttpWalletAppClient.scala
+++ b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/api/client/commands/HttpWalletAppClient.scala
@@ -1241,7 +1241,7 @@ object HttpWalletAppClient {
       ): EitherT[Future, Either[
         Throwable,
         HttpResponse,
-      ], http.AllocateAmuletV2Response] =
+      ], http.AllocateAmuletV2Response] = {
         client.allocateAmuletV2(
           definitions.AllocateAmuletV2Request(
             definitions.AllocateAmuletV2Request.Settlement(
@@ -1250,26 +1250,33 @@ object HttpWalletAppClient {
                 spec.settlement.settlementRef.id,
                 spec.settlement.settlementRef.cid.map(_.contractId).toScala,
               ),
-              requestedAt =
-                Codec.encode(CantonTimestamp.assertFromInstant(spec.settlement.requestedAt)),
-              settleAt = Codec.encode(CantonTimestamp.assertFromInstant(spec.settlement.settleAt)),
               settlementDeadline = spec.settlement.settlementDeadline
                 .map(deadline => Codec.encode(CantonTimestamp.assertFromInstant(deadline)))
                 .toScala,
               meta = Some(spec.settlement.meta.values.asScala.toMap),
             ),
-            spec.transferLegs.asScala.map { transferLegs =>
-              definitions.TransferLegV2(
-                transferLegs.transferLegId,
-                sender = transferLegs.sender.owner,
-                receiver = transferLegs.receiver.owner,
-                Codec.JavaBigDecimal.instance.encode(transferLegs.amount),
-                Some(transferLegs.meta.values.asScala.toMap),
+            spec.transferLegSides.asScala.map { transferLegSide =>
+              definitions.TransferLegSide(
+                transferLegSide.transferLegId,
+                side = transferLegSide.side match {
+                  case allocationv2.TransferSide.SENDERSIDE =>
+                    definitions.TransferLegSide.Side.Senderside
+                  case allocationv2.TransferSide.RECEIVERSIDE =>
+                    definitions.TransferLegSide.Side.Receiverside
+                },
+                otherside = transferLegSide.otherside.owner,
+                Codec.JavaBigDecimal.instance.encode(transferLegSide.amount),
+                Some(transferLegSide.meta.values.asScala.toMap),
               )
             }.toVector,
+            nextIterationFunding = spec.nextIterationFunding.toScala
+              .map(_.asScala.toMap.view.mapValues(Codec.JavaBigDecimal.instance.encode).toMap),
+            committed = spec.committed,
+            meta = Some(spec.meta.values.asScala.toMap),
           ),
           headers = headers,
         )
+      }
 
       override protected def handleOk()(implicit
           decoder: TemplateJsonDecoder
diff --git a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/http/HttpWalletHandler.scala b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/http/HttpWalletHandler.scala
index 96c8032149..b14bd77814 100644
--- a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/http/HttpWalletHandler.scala
+++ b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/admin/http/HttpWalletHandler.scala
@@ -50,7 +50,7 @@ import org.lfdecentralizedtrust.splice.util.{
 import org.lfdecentralizedtrust.splice.wallet.{UserWalletManager, UserWalletService}
 import org.lfdecentralizedtrust.splice.wallet.store.{TxLogEntry, UserWalletStore}
 import org.lfdecentralizedtrust.splice.wallet.treasury.TreasuryService
-import TreasuryService.AmuletOperationDedupConfig
+import TreasuryService.{AmuletOperationDedupConfig, basicAccount}
 import org.lfdecentralizedtrust.splice.codegen.java.splice.wallet.transferpreapproval.TransferPreapprovalProposal
 import org.lfdecentralizedtrust.splice.wallet.util.{TopupUtil, ValidatorTopupConfig}
 import com.digitalasset.canton.logging.{ErrorLoggingContext, NamedLoggerFactory}
@@ -73,7 +73,6 @@ import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.{
   allocationv1,
   allocationv2,
   holdingv1,
-  holdingv2,
   metadatav1,
   transferinstructionv1,
   transferinstructionv2,
@@ -1187,6 +1186,7 @@ class HttpWalletHandler(
     withSpan(s"$workflowId.allocateAmuletV2") { _ => _ =>
       val now = walletManager.clock.now.toInstant
       val authorizer = userWallet.store.key.endUserParty
+      val authorizerAccount = TreasuryService.basicAccount(authorizer)
       val commandId = CommandId(
         "org.lfdecentralizedtrust.splice.wallet.allocateAmulet",
         Seq(authorizer),
@@ -1195,6 +1195,28 @@ class HttpWalletHandler(
           body.settlement.settlementRef.cid.getOrElse(""),
         ) ++ body.settlement.executors,
       )
+      val transferLegSides = body.transferLegSides.map { side =>
+        new allocationv2.TransferLegSide(
+          side.transferLegId,
+          side.side match {
+            case d0.TransferLegSide.Side.Receiverside =>
+              allocationv2.TransferSide.RECEIVERSIDE
+            case d0.TransferLegSide.Side.Senderside =>
+              allocationv2.TransferSide.SENDERSIDE
+            case other =>
+              throw Status.INVALID_ARGUMENT
+                .withDescription(
+                  s"$other is not a valid TransferLegSide. Must be one of ${d0.TransferLegSide.Side.values
+                      .map(_.value)}"
+                )
+                .asRuntimeException()
+          },
+          basicAccount(side.otherside),
+          Codec.tryDecode(Codec.JavaBigDecimal)(side.amount),
+          "Amulet",
+          new metadatav1.Metadata(side.meta.getOrElse(Map.empty).asJava),
+        )
+      }
       val specification = new allocationv2.AllocationSpecification(
         new allocationv2.SettlementInfo(
           body.settlement.executors.asJava,
@@ -1202,25 +1224,22 @@ class HttpWalletHandler(
             body.settlement.settlementRef.id,
             body.settlement.settlementRef.cid.map(cid => new AnyContract.ContractId(cid)).toJava,
           ),
-          Codec.tryDecode(Codec.Timestamp)(body.settlement.requestedAt).toInstant,
-          Codec.tryDecode(Codec.Timestamp)(body.settlement.settleAt).toInstant,
           body.settlement.settlementDeadline
             .map(Codec.tryDecode(Codec.Timestamp))
             .map(_.toInstant)
             .toJava,
           new metadatav1.Metadata(body.settlement.meta.getOrElse(Map.empty).asJava),
         ),
-        body.transferLegs.map { leg =>
-          new allocationv2.TransferLeg(
-            leg.transferLegId,
-            TreasuryService.basicAccount(leg.sender),
-            TreasuryService.basicAccount(leg.receiver),
-            Codec.tryDecode(Codec.JavaBigDecimal)(leg.amount),
-            new holdingv2.InstrumentId(userWallet.store.key.dsoParty.toProtoPrimitive, "Amulet"),
-            new metadatav1.Metadata(leg.meta.getOrElse(Map.empty).asJava),
-          )
-        }.asJava,
-        /*authorizer=*/ TreasuryService.basicAccount(authorizer),
+        userWallet.store.key.dsoParty.toProtoPrimitive,
+        authorizerAccount,
+        transferLegSides.asJava,
+        body.nextIterationFunding
+          .map(_.map { case (instrument, amount) =>
+            instrument -> Codec.tryDecode(Codec.BigDecimal)(amount).bigDecimal
+          }.asJava)
+          .toJava,
+        body.committed,
+        new metadatav1.Metadata(body.meta.getOrElse(Map.empty).asJava),
       )
       val dedupConfig = AmuletOperationDedupConfig(
         commandId,
diff --git a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletStore.scala b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletStore.scala
index e51584b675..7f4ea075a4 100644
--- a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletStore.scala
+++ b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletStore.scala
@@ -807,9 +807,8 @@ object UserWalletStore {
           UserWalletAcsStoreRowData(contract)
         },
         mkFilter(amuletallocationv2.AmuletAllocationV2.COMPANION) { co =>
-          co.payload.allocation.transferLegs.asScala.exists { transferLeg =>
-            transferLeg.instrumentId.admin == dso && transferLeg.sender.owner == endUser
-          }
+          co.payload.allocation.admin == dso &&
+          co.payload.allocation.authorizer.owner == endUser
         } { contract =>
           UserWalletAcsStoreRowData(contract)
         },
@@ -845,9 +844,8 @@ object UserWalletStore {
           }
         )(contract => UserWalletAcsInterfaceViewRowData(contract)),
         mkFilterInterface(allocationrequestv2.AllocationRequest.INTERFACE)(co =>
-          co.payload.transferLegs.asScala.exists { transferLeg =>
-            transferLeg.instrumentId.admin == dso && (transferLeg.sender.owner == endUser || transferLeg.receiver.owner == endUser)
-          }
+          co.payload.authorizer.owner == endUser &&
+            co.payload.allocations.asScala.exists(_.admin == dso)
         )(contract => UserWalletAcsInterfaceViewRowData(contract)),
       ),
     )
diff --git a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletTxLogParser.scala b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletTxLogParser.scala
index 364ad4be03..6ec78c09c1 100644
--- a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletTxLogParser.scala
+++ b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/UserWalletTxLogParser.scala
@@ -110,22 +110,16 @@ import org.lfdecentralizedtrust.splice.wallet.store.TxLogEntry.{
   TransferTransactionSubtype,
 }
 import com.digitalasset.canton.topology.{PartyId, SynchronizerId}
-import org.lfdecentralizedtrust.splice.codegen.java.splice.api.token.holdingv2
 
 class UserWalletTxLogParser(
     override val loggerFactory: NamedLoggerFactory,
     endUserParty: PartyId,
-    dsoParty: PartyId,
 ) extends TxLogStore.Parser[TxLogEntry]
     with NamedLogging {
   import UserWalletTxLogParser.*
 
   private val endUserPartyProtoPrimitive = endUserParty.toProtoPrimitive
-  // TODO (#4973): remove this if/when v1 and v2 InstrumentId are unified
-  private val amuletInstrumentIdV2 = new holdingv2.InstrumentId(
-    dsoParty.toProtoPrimitive,
-    "Amulet",
-  )
+  private val amuletInstrumentIdName = "Amulet"
 
   // ignoreUnexpectedAmuletCreateArchive disables the warning when we
   // hit a bare create/archive of an amulet contract.  We use this for
@@ -1110,7 +1104,7 @@ class UserWalletTxLogParser(
               node.argument.value.transferLegs.asScala.foldLeft(State.empty) {
                 case (stateAcc, transferLeg) =>
                   if (
-                    transferLeg.instrumentId == amuletInstrumentIdV2 && (transferLeg.receiver.owner == endUserPartyProtoPrimitive || transferLeg.sender.owner == endUserPartyProtoPrimitive)
+                    transferLeg.instrumentId == amuletInstrumentIdName && (transferLeg.receiver.owner == endUserPartyProtoPrimitive || transferLeg.sender.owner == endUserPartyProtoPrimitive)
                   ) {
                     stateAcc.appended(
                       State(
diff --git a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/db/DbUserWalletStore.scala b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/db/DbUserWalletStore.scala
index 5ddce8269f..ad61ec1beb 100644
--- a/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/db/DbUserWalletStore.scala
+++ b/apps/wallet/src/main/scala/org/lfdecentralizedtrust/splice/wallet/store/db/DbUserWalletStore.scala
@@ -64,7 +64,6 @@ class DbUserWalletTxLogStoreConfig(loggerFactory: NamedLoggerFactory, key: UserW
     new UserWalletTxLogParser(
       loggerFactory,
       endUserParty = key.endUserParty,
-      dsoParty = key.dsoParty,
     )
   override def entryToRow: org.lfdecentralizedtrust.splice.wallet.store.TxLogEntry => Option[
     org.lfdecentralizedtrust.splice.wallet.store.db.WalletTables.UserWalletTxLogStoreRowData
diff --git a/daml/dars.lock b/daml/dars.lock
index 1899b37305..cc71d4a87e 100644
--- a/daml/dars.lock
+++ b/daml/dars.lock
@@ -9,7 +9,7 @@ splice-amulet 0.1.15 67fac2f853bce8dbf0b9817bb5ba7c59f10e8120b7c808696f7010e5f0c
 splice-amulet 0.1.16 c208d7ead1e4e9b610fc2054d0bf00716144ad444011bce0b02dcd6cd0cb8a23
 splice-amulet 0.1.17 6c5802f86709a0ad4784af81f0bab40f3070b2f58128d8843da1e1784c147802
 splice-amulet 0.1.18 a31be0483f3175647053f28965a4e6d97e3dbc433ea2338be303fae69bbcff6a
-splice-amulet 0.1.19 500ecfbf1676088d2e2080cdb60bfff0583dc3400fa04a1c10b90b864b1d66d6
+splice-amulet 0.1.19 c6332da5f387f7f526124b857867b00fcaaee0414954926a77b7d216741de7b3
 splice-amulet 0.1.2 1446ffdf23326cef2de97923df96618eb615792bea36cf1431f03639448f1645
 splice-amulet 0.1.3 0d89016d5a90eb8bced48bbac99e81c57781b3a36094b8d48b8e4389851e19af
 splice-amulet 0.1.4 a36ef8888fb44caae13d96341ce1fabd84fc9e2e7b209bbc3caabb48b6be1668
@@ -31,7 +31,7 @@ splice-amulet-name-service 0.1.17 bcc80dce253c7b89efd9b263be5260a9609f8cb1fb5ea6
 splice-amulet-name-service 0.1.18 64232089d6dc6ae1eabcebcbe5e8b1aa8f413e9c57e8986d2bca883cc306fde2
 splice-amulet-name-service 0.1.19 7b784f7f03d3e035ea5d828ab64a476e7e0cbfffaec393619598f13e54d18013
 splice-amulet-name-service 0.1.2 711a2974d65e6ebd149704da75f3f71234798687ab895b92f066c865dbdeeabb
-splice-amulet-name-service 0.1.20 f41642b5aa18385bf1ef8ab9272c041be1a3552d623bc0393f2ad03fe4cdf0ef
+splice-amulet-name-service 0.1.20 67967ad0148807e3f5307da9faed89c393fad77595a350b2617fab8bdd02a967
 splice-amulet-name-service 0.1.3 beb4b85f3f0cf36dfb93fc917d3ac218ee5d41b6e70604720cb228d85e168ee0
 splice-amulet-name-service 0.1.4 053c7f4c2a77312e7d465a4fa7dc8cb298754ad12c0c987a7c401bd724e65efc
 splice-amulet-name-service 0.1.5 6188c8b5f612278f988fc95c11e9742993ad3ac6ad0809f9af06ee9d366dc4a8
@@ -39,21 +39,21 @@ splice-amulet-name-service 0.1.6 a208aab2c4a248ab2eff352bd382f8b3bbadc92464123db
 splice-amulet-name-service 0.1.7 ba7806d9b2d593eac74a050161c54ae1325d170bf175cb66a9c1e5e5ffb88c3d
 splice-amulet-name-service 0.1.8 efeb3f9b2b92e55fac4ec2d6164f95407a01477240c7465e576df4e310f54bd3
 splice-amulet-name-service 0.1.9 f1b5915ad45ded616f43f83c735b7ee158b5eb58abe758a721e50eee19b3e531
-splice-amulet-name-service-test 0.1.24 86231bafcd4b85c71107d48f821efc1b46ac628888dad54df1f08b0ae9c358a9
-splice-amulet-test 0.1.23 36a2c9ad8de4f924e9d1530a369982994daf31125bd276ad755e455852774df7
+splice-amulet-name-service-test 0.1.24 d52368df6fd662cb8d5790541de976e25d6fc1e95626dfd9ef4492c95aba2f98
+splice-amulet-test 0.1.23 5d4234c11972c95dc64e662d4f4fadc255d8ae6b2bbde77c738e786de41bd3da
 splice-api-featured-app-v1 1.0.0 7804375fe5e4c6d5afe067bd314c42fe0b7d005a1300019c73154dd939da4dda
 splice-api-featured-app-v2 1.0.0 dd22e3e168a8c7fd0313171922dabf1f7a3b131bd9bfc9ff98e606f8c57707ea
 splice-api-token-allocation-instruction-v1 1.0.0 275064aacfe99cea72ee0c80563936129563776f67415ef9f13e4297eecbc520
-splice-api-token-allocation-instruction-v2 1.0.0 fb5edc9e67cff9965ffabec870cce201a85f8b6c3c198c1eb6cc50153e9b45f0
+splice-api-token-allocation-instruction-v2 1.0.0 a999f5ca38421121668942ed39443110b4b17ef84667ec919116b4862e178db1
 splice-api-token-allocation-request-v1 1.0.0 6fe848530b2404017c4a12874c956ad7d5c8a419ee9b040f96b5c13172d2e193
-splice-api-token-allocation-request-v2 1.0.0 685416afcf687894882f7b72decda84c9105f606178dd5e9fea8f11acda06cb0
+splice-api-token-allocation-request-v2 1.0.0 3930dfbebb52da0bb76d4a79b0c80e736547ebb1313af6900c97061f0191e68b
 splice-api-token-allocation-v1 1.0.0 93c942ae2b4c2ba674fb152fe38473c507bda4e82b4e4c5da55a552a9d8cce1d
-splice-api-token-allocation-v2 1.0.0 f72e17d3816dbcea413f23fa7127b318773c60bf58fdce0552df03968c720138
+splice-api-token-allocation-v2 1.0.0 f3b45f29d345f4eac17cb7a4cb403be50c8620fb213c70d2d121637f33b88b9a
 splice-api-token-burn-mint-v1 1.0.0 9cc2cbc838ef38dc2c7f34014c9c452bcf71b8e2a4f939235fc0b5d0924b185e
 splice-api-token-holding-v1 1.0.0 718a0f77e505a8de22f188bd4c87fe74101274e9d4cb1bfac7d09aec7158d35b
 splice-api-token-holding-v2 1.0.0 b2e23c1a42a66d3286a2b8a8df3fad8db99d580a330ed3d871b58953dfd42565
 splice-api-token-metadata-v1 1.0.0 4ded6b668cb3b64f7a88a30874cd41c75829f5e064b3fbbadf41ec7e8363354f
-splice-api-token-transfer-events-v2 1.0.0 eef21cbd76e205fcd6a5a928332dbb2bc5a80c6eb294ed30b6eeddbc9c2d73c1
+splice-api-token-transfer-events-v2 1.0.0 032a37124a5a9b0b504f743491e92d7c98dbdfc0f0d44313e0c7d431750a1556
 splice-api-token-transfer-instruction-v1 1.0.0 55ba4deb0ad4662c4168b39859738a0e91388d252286480c7331b3f71a517281
 splice-api-token-transfer-instruction-v2 1.0.0 26d24a66890fe483ba3b67d0f09d939f36dde4d1f2005e971149f254735e7674
 splice-app-manager 0.1.0 e3605e0112595187ec963700d28f17fe042f3b80c862363e299003b9423a1844
@@ -76,7 +76,7 @@ splice-dso-governance 0.1.21 2d306cfe8cdb3daf2d21f84dfecc3e2f26a41504e58fe25cb7f
 splice-dso-governance 0.1.22 5c28530209b9ab37c5f187132cd826709bb18b0efe28411488ab750870414738
 splice-dso-governance 0.1.23 0c94a036ac5168a1dee26b435838e062f0d2f47d6eac49303978228ae559edb9
 splice-dso-governance 0.1.24 4974c654485d4ecaa6b5caf8ef3c2679efa8195c4b50d4965a8fff1b72e8efa4
-splice-dso-governance 0.1.25 93645a39701e2ca0fbf1f5744df681ee11f0caed5f1d277a467498bab1ac0de1
+splice-dso-governance 0.1.25 6666c2be6d6d396900f198b58d34794f0faf1c9a90d595a8408d13298734bcab
 splice-dso-governance 0.1.3 b0ae3cc03e418790305a3c15f761fe495572de5827f8d322fb8b96996b783c13
 splice-dso-governance 0.1.4 dc24fd18b4d151cd1e0ff6bfb7438bafb2f50fe076d0f16f50565e60b153a0be
 splice-dso-governance 0.1.5 9e3ca1d22ad495dfabf3d61acae3dc1a7718f527f02092280b58cf69edfdc84c
@@ -84,21 +84,21 @@ splice-dso-governance 0.1.6 4e7653cfbf7ca249de4507aca9cd3b91060e5489042a522c589d
 splice-dso-governance 0.1.7 d406eba1132d464605f4dae3edf8cf5ecbbb34bd8edef0e047e7e526d328718c
 splice-dso-governance 0.1.8 1790a114f83d5f290261fae1e7e46fba75a861a3dd603c6b4ef6b67b49053948
 splice-dso-governance 0.1.9 9ee83bfd872f91e659b8a8439c5b4eaf240bcf6f19698f884d7d7993ab48c401
-splice-dso-governance-test 0.1.31 0c1cd5414d3d09bcf72ed0f9878327a88d655d068da745968e08736c275484e4
-splice-test-token-v1 1.0.0 c5c08c93b8ac50dd7e558c1faee554f0909203aa35bd6f9c19336bfa281d067b
-splice-test-token-v2 1.0.0 8b238c23c5505cc544f056275f75349b7cfd0393679f8ceb942e6ae267d70d53
+splice-dso-governance-test 0.1.31 7accd9bfca0896b16fed715f3dd48ee5ce279d4301b04e4c19297796dcb7030b
+splice-test-token-v1 1.0.0 ff4ee548d78f4f59379ed6b735c8e0deef141b7a022538c80845997d8c0e4b28
+splice-test-token-v2 1.0.0 c97cade6354081c9d26eff8d8c24af45be58044c1a146476a77b797fdaa04c48
 splice-token-standard-test-v1 1.0.11 21e4b69eaa4fa4d20c7d0eb28295a7cadf1a8b428b6da4cf53f93f0b57c008cb
 splice-token-standard-test-v1 1.0.12 60254df188b3bccf23212a4f9c6fc61884b1497551670cd1991bec3df8dcae4b
-splice-token-standard-test-v1 1.0.13 72b3b918c2e2bf63c7026f19600211d9ae3117e549bf1d6fe6e7c55f60ef32dc
-splice-token-standard-test-v2 1.0.0 008298a4bf14e0cd0891aaf4da87e62d66e9f6a847a213fa80eeedb5e6ce4714
-splice-token-standard-utils 2.0.0 72a64a2d6a65975919c4dc72989062b6a347c3734d9792c7d97b0457e4c675be
+splice-token-standard-test-v1 1.0.13 f7699e8c01d5e5a4e9fc214dd26bcce47a4650bb16d39bf59be9c3c2f794c1ef
+splice-token-standard-test-v2 1.0.0 11a983e6a5e419f525f73b7920d47d93ca7c2fa01fc013c3f881de6bf0d460e7
+splice-token-standard-utils 2.0.0 8430bf0caad28ba4d56430254475c3b70e376abafd702b3d62c7c6cbb49a5191
 splice-token-test-dummy-holding 0.0.1 1cd171c6c42ab46dc9cf12d80c6111369e00cea5cdf054924b4f26ce94b1ef5b
 splice-token-test-dummy-holding 0.0.2 4f40fb033ef3db89623642c1b494e846097fa32af138b3864a63aa15937a323d
 splice-token-test-dummy-holding 0.0.3 26c72abb5a4b485e58f201021de6f9e525c85863fa115536f768d6ee138ef13e
 splice-token-test-trading-app 1.0.0 e5c9847d5a88d3b8d65436f01765fc5ba142cc58529692e2dacdd865d9939f71
 splice-token-test-trading-app 1.0.1 833ea19115848d050341dfd9f10cb7813ffa17b8d8dc40d702b2b6adbbe31697
 splice-token-test-trading-app 1.0.2 ad760abaeb77145a20caa2a59b7655f9371a9e6e26ccfd63a98ceb2c7a6c8880
-splice-token-test-trading-app-v2 1.0.0 535f0008b0d4928342175d0c9e4a2a5f2a562a41debc7cb101f623a3b571df8c
+splice-token-test-trading-app-v2 1.0.0 da533befddd9bde0a0f7adb49dcd94374f25773e0aa592f2b06623df8030dfc4
 splice-util 0.1.0 0f319b3bcc9a418836d58c86deae25b38d3f018f1b0c117456cd9011cface7f1
 splice-util 0.1.1 00bf3632ca479d56e536096ca23bbc75d15084088ab5d12e4b31d6547d1df351
 splice-util 0.1.2 3eb8f9ff160b782e0bf7ef0351072cfb6f186f086e082b35d9f7a0317e163372
@@ -109,18 +109,18 @@ splice-util 0.1.6 62a6fc80fc8ca84dd5f6b33c71f53dd35a02bc01784b8cbc7cbd283eb23863
 splice-util-batched-markers 1.0.0 727c5e97457d3ff841680816eb70d55834827ef756bac8551cace5b961c9c1d2
 splice-util-batched-markers 1.0.1 4d91a9b044e0e996e91ee9aac3442591ffc78f16da4ff5c6f55218ba667f6192
 splice-util-batched-markers 1.0.2 ec84eb67802403d91892aad61aee2e4eb34fb4e05e9158b3f677537569bcbc09
-splice-util-batched-markers-test 1.0.6 9c35e62079d456a7403d9a53bb6e7919355a637dbbde08a47e60fec76ef5783d
+splice-util-batched-markers-test 1.0.6 46235d64dbc01b6cb387a7f05200038c57e3a29b113b02606dcfd59a226d38a8
 splice-util-featured-app-proxies 1.0.0 48e0c4fe4ea05e3b740404ebe37004ddd741efbdcd665c1c3199a5d6d9d944d7
 splice-util-featured-app-proxies 1.1.0 81dd5a9e5c02d0de03208522a895fb85eeb12fbea4aca7c4ad0ad106f3b0bfce
 splice-util-featured-app-proxies 1.2.0 653c48879064332d34af5008bdfd8e349493460e67e62b85e8e7e3392831c842
 splice-util-featured-app-proxies 1.2.1 06bab917848ef275317c2539b75c23b94e03ceb55b4a1346936f7832084cd7a6
 splice-util-featured-app-proxies 1.2.2 2889c094cf9678b2b666221934ea56ab169a31b257450845bd53217a8cdfe44f
 splice-util-featured-app-proxies 1.2.3 677ed3473e7d412c06520843790ff27e21aaa7c292208909579592351c8eb55d
-splice-util-featured-app-proxies-test 1.0.12 ef060269522771c97e8bb07ddeaabfaf2541c76383075115b930f822df77bd61
+splice-util-featured-app-proxies-test 1.0.12 1271e989e27f1ab77eccf73d206cbcab2fb0a6c2cdd671fb31fb69195c26c93c
 splice-util-token-standard-wallet 1.0.0 1da198cb7968fa478cfa12aba9fdf128a63a8af6ab284ea6be238cf92a3733ac
 splice-util-token-standard-wallet 1.0.1 182892381e4245c39d3126082ec0b41a089edb61e63af518f61eae1f5c9e135a
-splice-util-token-standard-wallet 1.1.0 38d8e0d00498dfe76e7741cfcc37ecd0ff8a16d942fa194f96971447f8b83462
-splice-util-token-standard-wallet-test 1.0.7 eae3ee1e23f493cd5cfb3bf455a1ec74b877a082b570b02cf6ecccf5d154c450
+splice-util-token-standard-wallet 1.1.0 60cf9faddfb60beb66a3b9ea91032b39d6962c1bd9168a3de806c39e226a967b
+splice-util-token-standard-wallet-test 1.0.7 536c60923d9ccbd4c84a6480c4cbeede4b9342cbc38784a039bcea499f67b2a3
 splice-validator-lifecycle 0.1.0 cef96fac957362f1fc097120bd13686cac7f84fbc8053afa994a1f9214d9570c
 splice-validator-lifecycle 0.1.1 1ddf05c96002914593c929848b786f34c753fb0be07717d1786be177a564aada
 splice-validator-lifecycle 0.1.2 57e2f15f9755db1f00e51c52c319294264a21ad71c6bc1e7cd70db4b164c0aaa
@@ -143,7 +143,7 @@ splice-wallet 0.1.17 176c2924cd7aa12bc81ffd1a8d6cfaf46e70378f653eb5f19f2d6b9599c
 splice-wallet 0.1.18 94d88246f69d8a4b69333d1f993e3280deaca19b70511ea7687f01e4328a34a4
 splice-wallet 0.1.19 1d8317b1e476c03ea2a85bed8435e5c182abe501db58350009187fa839ab2cca
 splice-wallet 0.1.2 c162e08a4ec0428bfa870b6d9040989e575c74199c3a80558c62e03196dd5146
-splice-wallet 0.1.20 092cab0a1993b39a17c55c3cd7683a920edc8cdb0ec5b7191a5b09530bd25087
+splice-wallet 0.1.20 0d87a1398b5c2973c0d10e05c6cc819edae7768ac7103f11aa93165e13879e2e
 splice-wallet 0.1.3 2c35bb4f5084ea66db59717d21750bfd64c43147ef5fd5166615092d592a6917
 splice-wallet 0.1.4 141dad2d33b6410b8e1c35a0c4f8f76cb691e4d9a4410ce89f33f373855317e1
 splice-wallet 0.1.5 614b525a50c624062d851ce7df5bdb90ddfa0d6871c486cb6e2c7b694bfbce59
@@ -162,7 +162,7 @@ splice-wallet-payments 0.1.15 f80fae7a9de9431854372a66c3ca78675f77b2f54ede65abdc
 splice-wallet-payments 0.1.16 45e7ac4601186747e2c4d2fd7e54a15e5752eee56d6cf767eb62141b7a10c0a8
 splice-wallet-payments 0.1.17 94bba10a5b3fef448ccd28669359af3b09442a1d1bd6cdbb52c401d7d10075bc
 splice-wallet-payments 0.1.18 06afd4996294b3763b10fc7ed3b2b216dc3ff2196264cf7d62d0572dd3b737b8
-splice-wallet-payments 0.1.19 78042a7322f7636af2a65bb0769116d2176317c59503821189e7681e1358cf43
+splice-wallet-payments 0.1.19 b981de244e59400c97d0721622b9554d4b1b58a71a7c535de86f986c5ead0fe9
 splice-wallet-payments 0.1.2 775f5eb9c0249509adda5eb3ea4ee31bb953601168c18880df6f2ff09ec4298a
 splice-wallet-payments 0.1.3 b953b3729c81a55e598a364be7d0c0574750df3de12a7a1b53a300f217cb5c5c
 splice-wallet-payments 0.1.4 12177f54873c1094ea169874ad0d7838383fd137f302d16356e93f28dfbc0fcc
@@ -171,7 +171,7 @@ splice-wallet-payments 0.1.6 6124379528eeb6fa17ecdab15577c29abb33d0c0d34dc5f2680
 splice-wallet-payments 0.1.7 4e3e0d9cdadf80f4bf8f3cd3660d5287c084c9a29f23c901aabce597d72fd467
 splice-wallet-payments 0.1.8 e48ea337ee3335c8bb3206a2501ce947ac1a7bdb1825cee8f28bad64f5a7bc4b
 splice-wallet-payments 0.1.9 7f4e081ad96f2ccded0c053b0cf5ddddae1139dfc3bb89cefcf77ea70f2cecb7
-splice-wallet-test 0.1.24 fa26c418c2e1f2299f613da6f34892a5fc22be72937c54f96683084c123ce712
+splice-wallet-test 0.1.24 b691728c6656812c4a0859aec5ae50ec770bf36ae6c20e7796e8c5a5c0b90a9a
 splitwell 0.1.0 075c76de553ab88383a7c69de134afa82aacfdf8ea8fcfe8852c4b199c3b2669
 splitwell 0.1.1 ccb1a0215053062202052e1a052f9214da3fdae5253a6d43e2e155ff4f57fe75
 splitwell 0.1.10 d42676a366f7ca7a2409974dd3054aa4d83ab29baa3b2086ad021407b0a1a295
@@ -185,7 +185,7 @@ splitwell 0.1.17 a631654e66ef31017bf3c9cb4ab2429157d5e5f948f1b6b15a38f0ec7c0cd36
 splitwell 0.1.18 4694a5545800c7b98cdd7e7349c98f037931bb91574a76715d52da9c647c4081
 splitwell 0.1.19 b526511ebe2db308b63969ee3c04aa9a48be53e04130709eb29ba6aa313e3cc4
 splitwell 0.1.2 778edd2c228c6b68198d4d033885b2d0dae7daaee55d7df3edd9dfdf1f10fbd0
-splitwell 0.1.20 b4f9a49c7d91f4a352212ddcb4d5f5024e12143ee695cb55e01b2d6ed411c530
+splitwell 0.1.20 00064f83b946fa3deea863c0f5cb92d62fefa2b507b3232a747463a2b2e2060b
 splitwell 0.1.3 7cde068cde689584f86a2499689d5cb165264d96496721e24ac6fb909f770a58
 splitwell 0.1.4 85557b86cd4f330f093915db1ea26eac5092de6b5ddae0690146f6059c89419b
 splitwell 0.1.5 a68e78774a7be655f5744c8ae0ac8b46d55ef6d1e7661bc27b9296154d56ac74
@@ -193,4 +193,4 @@ splitwell 0.1.6 872da0dd7986fd768930f85d6a7310a94a0ef924e7fbb7bb7a4e149f2b5feb74
 splitwell 0.1.7 841d1c9c86b5c8f3a39059459ecd8febedf7703e18f117300bb0ebf4423db096
 splitwell 0.1.8 63b8153a08ceb4bf40d807acc5712372c3eac548c266be4d5e92470b4f655515
 splitwell 0.1.9 b6267905698d2798b9ef171e27d49fb88e052ec0ec0e0675a3a1b275c7d037d4
-splitwell-test 0.1.24 f69a8c4a60a3cc54b41c2394dcbdf0d2285c81f2d6256449ef07c2799c79ad31
\ No newline at end of file
+splitwell-test 0.1.24 e5f55d51ec088ef443cf37f203e457d4acbb60cd63b90ff31015033aa30f988c
\ No newline at end of file
diff --git a/daml/dars/splice-amulet-0.1.19.dar b/daml/dars/splice-amulet-0.1.19.dar
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diff --git a/daml/dars/splice-wallet-payments-0.1.19.dar b/daml/dars/splice-wallet-payments-0.1.19.dar
index 1ff160e97a..06f2f4c487 100644
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diff --git a/daml/dars/splitwell-0.1.20.dar b/daml/dars/splitwell-0.1.20.dar
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diff --git a/daml/splice-amulet-name-service-test/daml/Splice/Scripts/TestAns.daml b/daml/splice-amulet-name-service-test/daml/Splice/Scripts/TestAns.daml
index 79b8cd3eea..565104e3a3 100644
--- a/daml/splice-amulet-name-service-test/daml/Splice/Scripts/TestAns.daml
+++ b/daml/splice-amulet-name-service-test/daml/Splice/Scripts/TestAns.daml
@@ -73,8 +73,8 @@ testWithSubscription = script do
         [unlockChange, paymentChange] <- pure changes
         WalletClientV2.expectTxHistoryReasons [unlockChange] [(TSU.basicAccount alice.primaryParty, [], "holders released lock")]
         WalletClientV2.expectTxHistoryReasons [paymentChange] [(TSU.basicAccount alice.primaryParty, [paymentDesc], "")]
-        [paymentLeg] <- pure paymentChange.transferLegs
-        paymentLeg.receiver === TSU.burnAccount app.dso -- ANS entry payment is marked as burn
+        [paymentLeg] <- pure paymentChange.transferLegSides
+        paymentLeg.otherside === TSU.burnAccount app.dso -- ANS entry payment is marked as burn
   checkPaymentCollectionHistory changes
 
   -- the amulet received by sv is brunt
diff --git a/daml/splice-amulet-test/daml/Splice/Scripts/TestAmuletRulesTransfer.daml b/daml/splice-amulet-test/daml/Splice/Scripts/TestAmuletRulesTransfer.daml
index f34f39626b..f35e6603d3 100644
--- a/daml/splice-amulet-test/daml/Splice/Scripts/TestAmuletRulesTransfer.daml
+++ b/daml/splice-amulet-test/daml/Splice/Scripts/TestAmuletRulesTransfer.daml
@@ -678,7 +678,7 @@ testInputDevelopmentFundCoupon = do
           [ ("amulet.splice.lfdecentralizedtrust.org/development-fund", show totalAmount)
           , ("splice.lfdecentralizedtrust.org/reason", "mint rewards")]
   [change] <- pure changes
-  [leg] <- pure change.transferLegs
+  [leg] <- pure change.transferLegSides
   leg.meta === expectedMetadata
 
   pure ()
diff --git a/daml/splice-amulet-test/daml/Splice/Scripts/TestTransferPreapproval.daml b/daml/splice-amulet-test/daml/Splice/Scripts/TestTransferPreapproval.daml
index 771ae05bd0..4170c9b2bb 100644
--- a/daml/splice-amulet-test/daml/Splice/Scripts/TestTransferPreapproval.daml
+++ b/daml/splice-amulet-test/daml/Splice/Scripts/TestTransferPreapproval.daml
@@ -75,7 +75,7 @@ testTransferPreapprovalSend = script do
     error ("Expected exactly 2 holdings changes emitted, got: " <> show changes)
   let expectedMeta = Metadata $ TextMap.fromList
         [("acme.com/correlation-id", "<uuid>"), ("splice.lfdecentralizedtrust.org/reason","test-description V2 choice")]
-  forA_ changes $ \change -> map (.meta) change.transferLegs === [expectedMeta]
+  forA_ changes $ \change -> map (.meta) change.transferLegSides === [expectedMeta]
 
   TextMap.lookup reasonMetaKey result.meta.values === Some "test-description V2 choice"
 
diff --git a/daml/splice-amulet/daml/Splice/Amulet.daml b/daml/splice-amulet/daml/Splice/Amulet.daml
index 331d689dce..7ce6d3c163 100644
--- a/daml/splice-amulet/daml/Splice/Amulet.daml
+++ b/daml/splice-amulet/daml/Splice/Amulet.daml
@@ -587,7 +587,7 @@ logAmuletUnlock dso reason owner lockedAmuletCid unlockedAmuletCid = do
       admin = dso
       account = basicAccount owner
       inputHoldingCids = [toInterfaceContractId lockedAmuletCid]
-      transferLegs = []
+      transferLegSides = []
       outputHoldingCids = [toInterfaceContractId unlockedAmuletCid]
       observers = [owner]
       extraArgs = ExtraArgs with
diff --git a/daml/splice-amulet/daml/Splice/AmuletAllocation.daml b/daml/splice-amulet/daml/Splice/AmuletAllocation.daml
index a75ec52496..1f1a6a438c 100644
--- a/daml/splice-amulet/daml/Splice/AmuletAllocation.daml
+++ b/daml/splice-amulet/daml/Splice/AmuletAllocation.daml
@@ -107,7 +107,8 @@ template AmuletAllocation
         -- NOTE: we report this as a burn in the V1 history metadata, as representing the full
         -- set of transfer legs is very difficult to do using the V1 metadata.
         pure V2.AllocationResult with
-          output = V2.AllocationResult_Settled
+          output = V2.AllocationResult_Settled with
+            nextIterationAllocationCid = None -- no iterative settlement for V1 allocations
           authorizerHoldingCids = mempty
           meta = v1HistoryMeta
 
diff --git a/daml/splice-amulet/daml/Splice/AmuletAllocationV2.daml b/daml/splice-amulet/daml/Splice/AmuletAllocationV2.daml
index 29e07d79ce..57d89ad248 100644
--- a/daml/splice-amulet/daml/Splice/AmuletAllocationV2.daml
+++ b/daml/splice-amulet/daml/Splice/AmuletAllocationV2.daml
@@ -2,18 +2,19 @@
 -- SPDX-License-Identifier: Apache-2.0
 
 -- | V2 amulet allocation, which can and should be settled using `V2.SettlementFactory_SettleBatch`.
---
--- TODO(#5024): attempt to remove this whole module in favor of implementing full V2 allocation support in AmuletAllocation
 module Splice.AmuletAllocationV2 (
   AmuletAllocationV2(..),
   netAmuletCreditAmount,
+  validateAmuletNextIterationFunding,
+  computeAllocationExpiry,
 ) where
 
+import DA.Action
 import DA.Assert (assertWithinDeadline)
 import DA.Foldable (forA_)
-import DA.Optional (isNone)
+import DA.Optional
 import DA.TextMap qualified as TextMap
-import DA.Map qualified as Map
+import DA.Time
 
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.HoldingV2 qualified as V2
@@ -22,13 +23,16 @@ import Splice.TokenStandard.Utils hiding (require)
 
 import Splice.Amulet
 import Splice.AmuletRules
+import Splice.AmuletAllocation qualified as AmuletAllocationV1
 import Splice.Amulet.TwoStepTransfer
 import Splice.Amulet.TokenApiUtils
+import Splice.Expiry (TimeLock(..))
 import Splice.Fees (expiringAmount)
 import Splice.Types
 import Splice.Util
 
 
+
 -- | V2 amulet allocation created using the `V2.AllocationFactory_Allocate`
 -- choice and expected to be settled using `V2.SettlementFactory_SettleBatch`.
 template AmuletAllocationV2
@@ -39,21 +43,23 @@ template AmuletAllocationV2
     allocation : V2.AllocationSpecification
     dso : Party
     expiresAt : Time
+    numIterations : Int
+    createdAt : Time
   where
     signatory dso, allocation.authorizer.owner
     observer allocation.settlement.executors
 
     ensure
       isBasicAccount allocation.authorizer &&
-      isValidAllocationSpecificationV2
-        (\instrumentId -> instrumentId == amuletInstrumentIdV2 dso)
-        allocation
+      isValidAllocationSpecificationV2 (== amuletInstrumentIdName) allocation
 
     -- TODO(#4525): add expiry choice for the DSO party and hook it up to AmuletRules, so that AmuletAllocationV2 is also auto-expired
 
     interface instance V2.Allocation for AmuletAllocationV2 where
       view = V2.AllocationView with
         originalAllocationCid = None
+        createdAt
+        numIterations
         expiresAt = Some expiresAt
         allocation
         holdingCids = case lockedAmulet of
@@ -72,6 +78,7 @@ template AmuletAllocationV2
 
       allocation_withdrawImpl self arg@(V2.Allocation_Withdraw{..}) = do
         archiveAndCheckActors self arg.actors [[allocation.authorizer.owner]]
+        ensureWithdrawIsAllowed allocation
         authorizerHoldingCids <- unlockAmuletAllocationV2 this extraArgs
         pure V2.AllocationResult with
             output = V2.AllocationResult_Withdrawn
@@ -86,65 +93,97 @@ template AmuletAllocationV2
             authorizerHoldingCids
             meta = emptyMetadata
 
-      allocation_settleImpl self arg@(V2.Allocation_Settle{..}) = do
+      allocation_settleImpl self arg = do
         -- check actors and deadline
         archiveAndCheckActors self arg.actors [dso :: allocation.settlement.executors]
         forA_ allocation.settlement.settlementDeadline $ \deadline ->
           assertWithinDeadline "allocation.settlement.settlementDeadline" deadline
 
-        -- get event log to report transfer events for V2 transaction history parsing
-        (configStateCid, _) <- getExternalPartyConfigStateFromChoiceContext dso extraArgs.context
-
-        -- compute total funds to move
+        -- validate the Allocation_Settle choice arguments
+        let actualTransferLegSides = allocation.transferLegSides ++ arg.extraTransferLegSides
+        -- note: we allow allocations with no transfer legs, as they can be used to bump the expiry,
+        -- and the traffic cost of that bump is what protects the SV node's storage space
+        unless (isSome allocation.nextIterationFunding) $ do
+          require "no extra transfer legs allowed when iterated settlement is disabled" (null arg.extraTransferLegSides)
+          require "no next iteration funding allowed when iterated settlement is disabled" (isNone arg.nextIterationFunding)
+        validateAmuletTransferLegs actualTransferLegSides
+        outputFundingAmount <- validateAmuletNextIterationFunding arg.nextIterationFunding
+
+        -- archive the locked tokens
         let authorizer = allocation.authorizer.owner
-        let netAmount = netAmuletCreditAmount dso (basicAccount authorizer) allocation.transferLegs
-        if netAmount >= 0.0 then do
-          require "No locked amulet expected for credit amount >= 0" (isNone lockedAmulet)
-          if netAmount > 0.0
-            then do
-              -- Net credit of Amulet ==> create the holding
-              (_cid, configState) <- getExternalPartyConfigStateFromChoiceContext dso extraArgs.context
-              let configAmulet = transferConfigAmuletFromExternalPartyConfigState configState
-
-              newHoldingCid <- toInterfaceContractId <$> create Amulet with
-                dso
-                owner = authorizer
-                amount = expiringAmount configAmulet.holdingFee netAmount configState.holdingFeesOpenRoundNumber
-
-              logAllocationSettlement (toInterfaceContractId configStateCid) [] allocation [newHoldingCid]
-
-              let reason = "Settle net positive allocation for settlement " <> allocation.settlement.settlementRef.id
-              pure V2.AllocationResult with
-                output = V2.AllocationResult_Settled
-                authorizerHoldingCids = TextMap.fromList [(amuletInstrumentIdName, [newHoldingCid])]
-                meta = simpleHoldingTxMeta TxKind_Mint (Some reason) None
-                -- Note: for V1 tx history parsing, it is difficult to do better
-                -- than reporting this as a mint, as explained below for TxKind_Burn.
-          else do
-            -- No holding change ==> no tx history metadata
-            pure V2.AllocationResult with
-              output = V2.AllocationResult_Settled
-              authorizerHoldingCids = mempty
-              meta = emptyMetadata
-        else do
-          -- Net debit of Amulet ==> archive the locked amulet
+        (inputFundingAmount, inputTokenCids) <-
           case lockedAmulet of
-            None -> fail "Expected locked amulet for negative net amount"
+            None -> pure (0.0, [])
             Some lockedAmuletCid -> do
               lockedAmulet <- fetchAndArchive (ForOwner with dso = dso; owner = authorizer) lockedAmuletCid
-              requireMatchExpected ("lockedAmulet.amount", lockedAmulet.amulet.amount.initialAmount) (negate netAmount)
-
-              logAllocationSettlement (toInterfaceContractId configStateCid) [toInterfaceContractId lockedAmuletCid] allocation []
+              pure (lockedAmulet.amulet.amount.initialAmount, [toInterfaceContractId lockedAmuletCid])
 
-              let reason = "Settle net negative allocation for settlement " <> show allocation.settlement.settlementRef.id
-              pure V2.AllocationResult with
-                output = V2.AllocationResult_Settled
-                authorizerHoldingCids = mempty
-                meta = simpleHoldingTxMeta TxKind_Burn (Some reason) None
-                -- Note: for V1 tx history parsing, we can't really do better reporting this as a burn, as we don't
-                -- have the option of reporting all the actual transfers independently, as we do for V2 tx history parsing.
-                -- We accept this short-coming, as wallets can easily start parsing V2 events independently fo doing the work
-                -- to fully support all V2 flows.
+        -- compute total funds to move
+        let netTransferAmount = netAmuletCreditAmount (basicAccount authorizer) actualTransferLegSides
+        let inputAmount = inputFundingAmount + netTransferAmount
+        let payoutAmount = inputAmount - outputFundingAmount
+        require' ("inputAmount", inputAmount) isGreaterOrEqualR ("minimal outputAmount", outputFundingAmount)
+
+        -- read reference data
+        (configStateCid, configState) <- getExternalPartyConfigStateFromChoiceContext dso arg.extraArgs.context
+        let configAmulet = transferConfigAmuletFromExternalPartyConfigState configState
+
+        -- create the payout
+        payoutHoldingCids <-
+          if payoutAmount <= 0.0 then pure [] else do
+            amuletCid <- create Amulet with
+              dso
+              owner = authorizer
+              amount = expiringAmount configAmulet.holdingFee payoutAmount configState.holdingFeesOpenRoundNumber
+            pure [toInterfaceContractId amuletCid]
+
+        -- create the locked amulet for the next iteration, if needed
+        let settlement = allocation.settlement
+        newExpiresAt <- bumpAllocationExpiry expiresAt settlement
+        lockedAmulet <-
+          if outputFundingAmount <= 0.0 then pure None else do
+            lockedAmuletCid <- create LockedAmulet with
+              lock = TimeLock with
+                holders = [authorizer, dso]
+                expiresAt = newExpiresAt
+                optContext = Some $ AmuletAllocationV1.mkAllocationLockContext (downcast settlement.settlementRef)
+              amulet = Amulet with
+                dso
+                owner = authorizer
+                amount = expiringAmount configAmulet.holdingFee outputFundingAmount configState.holdingFeesOpenRoundNumber
+            pure (Some lockedAmuletCid)
+
+        -- create the allocation for the next iteration, if needed
+        nextIterationAllocationCid <-
+          if isNone arg.nextIterationFunding then pure None else do
+            nextAllocationCid <- create AmuletAllocationV2 with
+              lockedAmulet
+              allocation = this.allocation with
+                transferLegSides = []
+                nextIterationFunding = arg.nextIterationFunding
+              dso
+              expiresAt = newExpiresAt
+              numIterations = numIterations + 1
+              createdAt
+            pure (Some (toInterfaceContractId nextAllocationCid))
+
+        -- log the tx history v2 event
+        let outputHoldingCids = optional [] (pure . toInterfaceContractId) lockedAmulet ++ payoutHoldingCids
+        logAllocationSettlement (toInterfaceContractId configStateCid)
+          inputTokenCids
+          (allocation with transferLegSides = actualTransferLegSides)
+          outputHoldingCids
+
+        -- return the result
+        let v1Reason = "Settle allocation for settlement " <> allocation.settlement.settlementRef.id
+        pure V2.AllocationResult with
+          authorizerHoldingCids = TextMap.fromList [(amuletInstrumentIdName, outputHoldingCids) | not (null outputHoldingCids)]
+          output = V2.AllocationResult_Settled with
+            nextIterationAllocationCid
+          meta = simpleHoldingTxMeta TxKind_Transfer (Some v1Reason) None
+          -- Note: we approximate the metadata for V1 history parsing by declaring it as a transfer, even though there
+          -- might be multiple transfers happening at once. It's the best we can do given the limited expressivity
+          -- of V1 tx history metadata.
 
 
 unlockAmuletAllocationV2 : AmuletAllocationV2 -> ExtraArgs -> Update (TextMap.TextMap [ContractId V2.Holding])
@@ -156,15 +195,49 @@ unlockAmuletAllocationV2 amuletAllocation extraArgs = do
       holdingCids <- abortTwoStepTransfer lockExpiresAt la extraArgs
       pure $ TextMap.fromList [ (amuletInstrumentIdName, map upcast holdingCids) ]
 
-
-netAmuletCreditAmount : Party -> V2.Account -> [V2.TransferLeg] -> Decimal
-netAmuletCreditAmount dso authorizer transferLegs =
-    case Map.lookup amuletId creditAmounts of
-      None -> error $ "netAmuletCreditAmount: no legs for amulet instrument: " <> show (amuletId, transferLegs)
-      Some creditAmount -> creditAmount
+netAmuletCreditAmount : V2.Account -> [V2.TransferLegSide] -> Decimal
+netAmuletCreditAmount authorizer transferLegs =
+    fromOptional 0.0 $ TextMap.lookup amuletInstrumentIdName creditAmounts
   where
     creditAmounts = netAllocationCreditAmounts authorizer transferLegs
-    amuletId = amuletInstrumentIdV2 dso
+
+validateAmuletNextIterationFunding : Optional (TextMap.TextMap Decimal) -> Update Decimal
+validateAmuletNextIterationFunding None = pure 0.0
+validateAmuletNextIterationFunding (Some nextIterationFunding) = do
+  amounts <- forA (TextMap.toList nextIterationFunding) $ \(instrumentId, amount) -> do
+    requireMatchExpected ("nextIterationFunding.instrumentId", instrumentId) amuletInstrumentIdName
+    require' ("nextIterationFunding.amount", amount) isGreaterOrEqualR ("zero", 0.0)
+    pure amount
+  pure (sum amounts)
+
+validateAmuletTransferLegs : [V2.TransferLegSide] -> Update ()
+validateAmuletTransferLegs transferLegs = do
+  requireUnique "transferLegSides" (map (\leg -> (leg.transferLegId, leg.side)) transferLegs)
+  forA_ transferLegs $ \leg -> do
+    requireMatchExpected ("transferLeg.instrumentId", leg.instrumentId) amuletInstrumentIdName
+    require' ("transferLeg.amount", leg.amount) isGreaterOrEqualR ("zero", 0.0)
+
+-- | Minimum time-to-live for an amulet allocation. The maximum is then twice that much.
+-- TODO(#4665): make max duration configurable; and also implement for transfer instructions
+minAmuletAllocationTTL : RelTime
+minAmuletAllocationTTL = days 45
+
+maxAmuletAllocationTTL : RelTime
+maxAmuletAllocationTTL = minAmuletAllocationTTL + minAmuletAllocationTTL
+
+computeAllocationExpiry : Time -> V2.SettlementInfo -> Time
+computeAllocationExpiry now settlement =
+  optional identity min settlement.settlementDeadline $
+  now `addRelTime` maxAmuletAllocationTTL
+
+-- | Bump the allocation expiry such that the allocation has an expiry
+-- time between `minAmuletAllocationTTL` and `maxAmuletAllocationTTL` from now.
+bumpAllocationExpiry : Time -> V2.SettlementInfo -> Update Time
+bumpAllocationExpiry currentExpiresAt settlement = do
+  dontBump <- isLedgerTimeLE (currentExpiresAt `addRelTime` negate minAmuletAllocationTTL)
+  pure $ if dontBump then currentExpiresAt else
+    optional identity min settlement.settlementDeadline $
+    addRelTime currentExpiresAt minAmuletAllocationTTL
 
 
 -- instances
diff --git a/daml/splice-amulet/daml/Splice/AmuletRules.daml b/daml/splice-amulet/daml/Splice/AmuletRules.daml
index 90fb25f0d1..9ae3aafb27 100644
--- a/daml/splice-amulet/daml/Splice/AmuletRules.daml
+++ b/daml/splice-amulet/daml/Splice/AmuletRules.daml
@@ -29,7 +29,7 @@ import Splice.Api.Token.HoldingV1 qualified as Api.Token.HoldingV1
 import Splice.Api.Token.TransferInstructionV1(TransferInstruction_Update(..), TransferInstructionResult, TransferInstruction)
 
 import Splice.TokenStandard.Utils
-  ( basicAccount, upcast, eventLog_holdingsChangeDefaultImpl, reasonToMeta, mintAccount, burnAccount )
+  ( basicAccount, eventLog_holdingsChangeDefaultImpl, reasonToMeta, mintAccount, burnAccount )
 
 import Splice.Amulet
 import Splice.Amulet.TokenApiUtils
@@ -1023,12 +1023,12 @@ executeTransfer' config csum dso t = do
         fromOptional 0.0 summary.inputDevelopmentFundAmount
   let optMintLeg = do
         guard (mintAmount > 0.0)
-        pure $ TransferEventsV2.TransferLeg with
+        pure $ TransferEventsV2.TransferLegSide with
           transferLegId = "mint"
-          sender = mintAccount dso
-          receiver = basicAccount t.sender
+          side = TransferEventsV2.ReceiverSide
+          otherside = mintAccount dso
           amount = mintAmount
-          instrumentId = amuletInstrumentIdV2 dso
+          instrumentId = amuletInstrumentIdName
           meta = Metadata with
             values =
               TextMap.insert reasonMetaKey "mint rewards" $
@@ -1037,7 +1037,7 @@ executeTransfer' config csum dso t = do
         admin = dso
         account = basicAccount t.sender
         inputHoldingCids = [ toInterfaceContractId cid | InputAmulet cid <- t.inputs ]
-        transferLegs = optionalToList optMintLeg
+        transferLegSides = optionalToList optMintLeg
         outputHoldingCids = [ toInterfaceContractId cid | Some cid <- pure senderChangeAmulet ]
         observers = [t.sender]
         extraArgs = ExtraArgs with
@@ -1476,19 +1476,19 @@ createTransferOutputs currentOpenRound transferConfigAmulet dso sender summary p
       let receiverAccount
             | out.owner == dso = burnAccount dso  -- transfers to the DSO party are always burns
             | otherwise = basicAccount out.owner
-      let leg = TransferEventsV2.TransferLeg with
+      let leg side otherside = TransferEventsV2.TransferLegSide with
             transferLegId = "leg" <> show i
-            sender = senderAccount
-            receiver = receiverAccount
+            side
+            otherside
             amount = out.amount
-            instrumentId = upcast (amuletInstrumentId dso)
+            instrumentId = amuletInstrumentIdName
             meta = fromOptional emptyMetadata out.meta
       let emptyExtraArgs = ExtraArgs with context = emptyChoiceContext; meta = emptyMetadata
       let senderEvent = TransferEventsV2.EventLog_HoldingsChange with
             admin = dso
             account = senderAccount
             inputHoldingCids = [] -- sender input holdings are recorded separately
-            transferLegs = [leg]
+            transferLegSides = [leg TransferEventsV2.SenderSide receiverAccount]
             outputHoldingCids = [] -- sender change is recorded separately
             observers = [sender]
             extraArgs = emptyExtraArgs
@@ -1496,12 +1496,11 @@ createTransferOutputs currentOpenRound transferConfigAmulet dso sender summary p
             admin = dso
             account = receiverAccount
             inputHoldingCids = [] -- no receiver input holdings
-            transferLegs = [leg]
+            transferLegSides = [leg TransferEventsV2.ReceiverSide senderAccount]
             outputHoldingCids = [outputHoldingCid] -- the created output holding
             observers = [out.owner]
             extraArgs = emptyExtraArgs
       let events
-            | out.owner == sender = [receiverEvent] -- self-transfers are reported only once
             | out.owner == dso = [senderEvent] -- the DSO party does not need holding change events
             | otherwise = [senderEvent, receiverEvent]
       pure (createdAmulet, events)
@@ -2137,7 +2136,7 @@ mergeHoldingsChangeEventsByAccount events =
     mergeTwoHoldingChangeEvents e1 e2 =
       e1 with
         inputHoldingCids = e1.inputHoldingCids ++ e2.inputHoldingCids
-        transferLegs = e1.transferLegs ++ e2.transferLegs
+        transferLegSides = e1.transferLegSides ++ e2.transferLegSides
         outputHoldingCids = e1.outputHoldingCids ++ e2.outputHoldingCids
         observers = dedupSort (e1.observers ++ e2.observers)
         extraArgs = ExtraArgs with
diff --git a/daml/splice-amulet/daml/Splice/ExternalPartyAmuletRules.daml b/daml/splice-amulet/daml/Splice/ExternalPartyAmuletRules.daml
index e1df698086..d822634687 100644
--- a/daml/splice-amulet/daml/Splice/ExternalPartyAmuletRules.daml
+++ b/daml/splice-amulet/daml/Splice/ExternalPartyAmuletRules.daml
@@ -4,11 +4,11 @@
 {-# LANGUAGE MultiWayIf #-}
 module Splice.ExternalPartyAmuletRules where
 
+import DA.Action
 import DA.Assert
 import DA.Foldable (forA_)
 import DA.Optional
 import qualified DA.TextMap as TextMap
-import DA.Time
 
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.TransferInstructionV1 qualified as Api.Token.TransferInstructionV1
@@ -339,7 +339,7 @@ amulet_transferFactory_transferImpl this _self arg = do
 
   -- TODO(#4665): limit time between requestedAt and executeBefore, i.e., max lock duration (and add to release notes)
 
-  -- execute the right kind of transfer
+  -- execute the right direction of transfer
   case optPreapprovalCid of
     None
       | transfer.receiver == transfer.sender -> do
@@ -414,15 +414,18 @@ amulet_allocationFactoryV2_allocateImpl
   -> V2.AllocationFactory_Allocate
   -> Update V2.AllocationInstructionResult
 amulet_allocationFactoryV2_allocateImpl externalAmuletRules _self arg = do
-  let creditAmount = netAmuletCreditAmount externalAmuletRules.dso arg.allocation.authorizer arg.allocation.transferLegs
-  let debitAmount = negate creditAmount
+  let netTransferAmount = netAmuletCreditAmount arg.allocation.authorizer arg.allocation.transferLegSides
+  outputFundingAmount <- validateAmuletNextIterationFunding arg.allocation.nextIterationFunding
+  let requiredFundingAmount = outputFundingAmount - netTransferAmount
   (lockedAmulet, senderChangeCids, expiresAt, meta) <-
-    amulet_allocationFactoryV2_allocateImplCore externalAmuletRules arg debitAmount
+    amulet_allocationFactoryV2_allocateImplCore externalAmuletRules arg requiredFundingAmount
   allocationCid <- toInterfaceContractId <$> create AmuletAllocationV2 with
     allocation = arg.allocation
     lockedAmulet
     dso = externalAmuletRules.dso
     expiresAt
+    createdAt = arg.requestedAt
+    numIterations = 0
   pure V2.AllocationInstructionResult with
     authorizerChangeCids = TextMap.fromList [(amuletInstrumentIdName, map upcast senderChangeCids)]
     output = V2.AllocationInstructionResult_Completed with allocationCid
@@ -448,35 +451,31 @@ amulet_allocationFactoryV2_allocateImplCore externalAmuletRules arg fundingAmoun
 
   -- == validate each field of the requested allocation
   let settlement = allocation.settlement
-  let transferLegs = allocation.transferLegs
+  let transferLegSides = allocation.transferLegSides
 
   -- settlement.executors: no check
   -- settlement.settlementRef: no check
-  -- settlement.requestedAt:
-  assertDeadlineExceeded "Allocation.settlement.requestedAt" settlement.requestedAt
   -- settlement.settlementDeadline:
   whenSome settlement.settlementDeadline \d -> do
-      assertWithinDeadline "Allocation.settlement.settlementDeadline" d
+    assertWithinDeadline "Allocation.settlement.settlementDeadline" d
 
-  let
-    -- TODO(#4665): make max duration configurable; and also implement for transfer instructions
-    latestExpiresAt = requestedAt `addRelTime` days 90
-    expiresAt = optional latestExpiresAt (min latestExpiresAt) allocation.settlement.settlementDeadline
-  require "Allocation.settlement.settleAt <= Allocation.expiresAt"
-    (settlement.settleAt <= expiresAt)
+
+  -- note: nextIterationFunding is validated in `amulet_allocationFactoryV2_allocateImpl`,
+  -- as it is only supported for V2 factories
 
   -- transferLegs:
-  requireUnique "allocation.transferLegs" transferLegs
-  forA_ transferLegs $ \transferLeg -> do
+  requireUnique "allocation.transferLegSides (id + side)" (map (\leg -> (leg.transferLegId, leg.side)) transferLegSides)
+  unless (isSome allocation.nextIterationFunding) $
+    require' ("transferLegSides", transferLegSides) (notR isEqualR) ("empty list", [])
+  forA_ transferLegSides $ \transferLeg -> do
       -- transferLegId: no check
-      -- transferLeg.sender
-      ensureBasicAccount "transferLeg.sender" transferLeg.sender
-      -- transferLeg.receiver
-      ensureBasicAccount "transferLeg.receiver" transferLeg.receiver
+      -- transferLeg.side: no check
+      -- transferLeg.otherside:
+      ensureBasicAccount "transferLeg.otherside" transferLeg.otherside
       -- transferLeg.amount
       require "Transfer amount must be positive" (transferLeg.amount > 0.0)
       -- transferLeg.instrumentId
-      require "Instrument-id must match the factory" (transferLeg.instrumentId == amuletInstrumentIdV2 dso)
+      require "Instrument-id must match the factory" (transferLeg.instrumentId == amuletInstrumentIdName)
       -- transferLeg.meta: check no redundant account information
       ensureNoAccountMeta "transferLeg" "sender" transferLeg.meta
       ensureNoAccountMeta "transferLeg" "receiver" transferLeg.meta
@@ -485,6 +484,7 @@ amulet_allocationFactoryV2_allocateImplCore externalAmuletRules arg fundingAmoun
   assertDeadlineExceeded "requestedAt" requestedAt
 
   -- create locked amulet if required
+  let expiresAt = computeAllocationExpiry requestedAt settlement
   if fundingAmount <= 0.0
   then do
     -- return input cids as change, so they can be reused on chaining
diff --git a/daml/splice-amulet/daml/Splice/Types.daml b/daml/splice-amulet/daml/Splice/Types.daml
index 341badc500..09f107f881 100644
--- a/daml/splice-amulet/daml/Splice/Types.daml
+++ b/daml/splice-amulet/daml/Splice/Types.daml
@@ -70,16 +70,8 @@ instance HasCheckedFetch V2.TransferInstructionView ForDso where
 
 instance HasCheckedFetch V2.AllocationView ForDso where
   contractGroupId V2.AllocationView {..} = ForDso with
-    dso =
-      let legs = allocation.transferLegs
-      in case legs of
-        [] -> error "HasCheckedFetch: V2.AllocationView with empty transfer legs"
-        (leg :: _) -> leg.instrumentId.admin
+    dso = allocation.admin
 
 instance HasCheckedFetch V2.AllocationInstructionView ForDso where
   contractGroupId V2.AllocationInstructionView {..} = ForDso with
-    dso =
-      let legs = allocation.transferLegs
-      in case legs of
-        [] -> error "HasCheckedFetch: V2.AllocationView with empty transfer legs"
-        (leg :: _) -> leg.instrumentId.admin
+    dso = allocation.admin
diff --git a/daml/splice-util-token-standard-wallet/daml/Splice/Util/Token/Wallet/BatchingUtilityV2.daml b/daml/splice-util-token-standard-wallet/daml/Splice/Util/Token/Wallet/BatchingUtilityV2.daml
index daef81f82f..54c9c456c8 100644
--- a/daml/splice-util-token-standard-wallet/daml/Splice/Util/Token/Wallet/BatchingUtilityV2.daml
+++ b/daml/splice-util-token-standard-wallet/daml/Splice/Util/Token/Wallet/BatchingUtilityV2.daml
@@ -233,10 +233,10 @@ executeTokenStandardAction actor (holdingMap, results) action = case action of
     callChoiceV2 @V2.AllocationFactory (holdingMap, results) call
       (\_cid arg -> do
         let alloc = arg.allocation
-        pure (Left (allocationAdmin alloc), alloc.authorizer))
+        pure (Left alloc.admin, alloc.authorizer))
       (\cid arg inputHoldingCids -> do
           result <- exercise cid arg with inputHoldingCids
-          let admin = allocationAdmin arg.allocation
+          let admin = arg.allocation.admin
           let newHoldingMap = holdingMapFromList [(ScopedAccount admin arg.allocation.authorizer, result.authorizerChangeCids)]
           pure (newHoldingMap, TSAR_AllocationInstructionResultV2 result)
       )
diff --git a/daml/splice-wallet-test/daml/Splice/Scripts/Wallet/TestTokenStandardV2.daml b/daml/splice-wallet-test/daml/Splice/Scripts/Wallet/TestTokenStandardV2.daml
index 5141eb1822..fc8b47a7ad 100644
--- a/daml/splice-wallet-test/daml/Splice/Scripts/Wallet/TestTokenStandardV2.daml
+++ b/daml/splice-wallet-test/daml/Splice/Scripts/Wallet/TestTokenStandardV2.daml
@@ -169,7 +169,7 @@ testTokenStandardAllocateV2 = script do
         sender = basicAccount sender
         receiver = basicAccount receiver
         amount
-        instrumentId = amuletId
+        instrumentId = amuletId.id
         meta = emptyMetadata
   let aliceLeg = mkTransfer alice bob 100.0
 
@@ -177,7 +177,7 @@ testTokenStandardAllocateV2 = script do
   now <- getTime
   otcTradeCid <- submit venue $ createCmd TradingAppV2.OTCTrade with
     venue = venue
-    transferLegs = [aliceLeg]
+    tradeLegs = [TradingAppV2.TradeLeg registry.dso aliceLeg]
     createdAt = now
     settleAt = now `addRelTime` hours 1
     settlementDeadline = Some (now `addRelTime` hours 2)
@@ -191,7 +191,8 @@ testTokenStandardAllocateV2 = script do
     reqs <- WalletClientV2.listAllocationRequestsV2 authorizer actor
     [(installCid, _)] <- query @WalletAppInstall actor
     forA_ reqs $ \(reqCid, req) -> do
-      let fundingAmount = negate $ netAmuletCreditAmount registry.dso authorizer req.transferLegs
+      let [amuletAlloc] = req.allocations
+      let fundingAmount = negate $ netAmuletCreditAmount authorizer amuletAlloc.transferLegSides
       inputHoldingCids <- if fundingAmount > 0.0
         then WalletClientV2.listUnlockedHoldingCidsFor authorizer actor amuletId
         else pure []
@@ -199,7 +200,11 @@ testTokenStandardAllocateV2 = script do
         allocation = Api.Token.AllocationV2.AllocationSpecification with
           authorizer
           settlement = req.settlement
-          transferLegs = req.transferLegs  -- no filter in this example, as the test trade affects only amulet
+          admin = registry.dso
+          transferLegSides = amuletAlloc.transferLegSides  -- no filter in this example, as the test trade affects only amulet
+          nextIterationFunding = None
+          committed = False
+          meta = emptyMetadata
         inputHoldingCids
         requestedAt = now
         extraArgs = emptyExtraArgs
diff --git a/daml/splice-wallet/daml/Splice/Wallet/Install.daml b/daml/splice-wallet/daml/Splice/Wallet/Install.daml
index 2670e9a3a6..49a88185b2 100644
--- a/daml/splice-wallet/daml/Splice/Wallet/Install.daml
+++ b/daml/splice-wallet/daml/Splice/Wallet/Install.daml
@@ -680,7 +680,7 @@ template WalletAppInstall
       controller validatorParty
       do
         TokenStandard.Utils.checkActors allocateArg.actors [[endUserParty]]
-        checkAllocationSpecificationV2 dsoParty allocateArg.allocation endUserParty
+        checkAllocationSpecificationV2 allocateArg.allocation endUserParty
         forA_ allocationReqCid $ \reqCid -> do
           req <- fetchUncheckedButArchiveLater reqCid
           TokenStandard.Utils.requireMatchExpected
@@ -698,7 +698,7 @@ template WalletAppInstall
       do
         TokenStandard.Utils.checkActors withdrawArg.actors [[endUserParty]]
         allocation <- fetchCheckedInterface (ForDso dsoParty) allocationCid
-        checkAllocationSpecificationV2 dsoParty (view allocation).allocation endUserParty
+        checkAllocationSpecificationV2 (view allocation).allocation endUserParty
         exercise allocationCid withdrawArg
 
     nonconsuming choice WalletAppInstall_AllocationInstructionV2_Accept : Splice.Api.Token.AllocationInstructionV2.AllocationInstructionResult
@@ -709,7 +709,7 @@ template WalletAppInstall
       do
         TokenStandard.Utils.checkActors acceptArg.actors [[endUserParty]]
         allocationInstruction <- fetchCheckedInterface (ForDso dsoParty) allocationInstructionCid
-        checkAllocationSpecificationV2 dsoParty (view allocationInstruction).allocation endUserParty
+        checkAllocationSpecificationV2 (view allocationInstruction).allocation endUserParty
         exercise allocationInstructionCid acceptArg
 
     nonconsuming choice WalletAppInstall_AllocationInstructionV2_Withdraw : Splice.Api.Token.AllocationInstructionV2.AllocationInstructionResult
@@ -720,7 +720,7 @@ template WalletAppInstall
       do
         TokenStandard.Utils.checkActors withdrawArg.actors [[endUserParty]]
         allocationInstruction <- fetchCheckedInterface (ForDso dsoParty) allocationInstructionCid
-        checkAllocationSpecificationV2 dsoParty (view allocationInstruction).allocation endUserParty
+        checkAllocationSpecificationV2 (view allocationInstruction).allocation endUserParty
         exercise allocationInstructionCid withdrawArg
 
 
@@ -731,12 +731,11 @@ checkTransferInstructionV2 dsoParty transferInstructionCid actors endUserParty =
   TokenStandard.Utils.requireMatchExpected
     ("instruction.transfer.instrumentId", (view instruction).transfer.instrumentId) (amuletInstrumentIdV2 dsoParty)
 
-checkAllocationSpecificationV2 : Party -> Splice.Api.Token.AllocationV2.AllocationSpecification -> Party -> Update ()
-checkAllocationSpecificationV2 dsoParty allocation endUserParty = do
+checkAllocationSpecificationV2 : Splice.Api.Token.AllocationV2.AllocationSpecification -> Party -> Update ()
+checkAllocationSpecificationV2 allocation endUserParty = do
   TokenStandard.Utils.requireMatchExpected ("allocation.authorizer", allocation.authorizer) (TokenStandard.Utils.basicAccount endUserParty)
-  let amuletId = amuletInstrumentIdV2 dsoParty
-  forA_ allocation.transferLegs $ \leg -> do
-    TokenStandard.Utils.requireMatchExpected (leg.transferLegId <> ".instrumentId", leg.instrumentId) amuletId
+  forA_ allocation.transferLegSides $ \leg -> do
+    TokenStandard.Utils.requireMatchExpected (leg.transferLegId <> ".instrumentId", leg.instrumentId) amuletInstrumentIdName
 
 unpackCid : AnyValue -> AnyContractId
 unpackCid (AV_ContractId cid) = cid
diff --git a/docs/gen-daml-docs.sh b/docs/gen-daml-docs.sh
index bd00ff3376..743569a833 100755
--- a/docs/gen-daml-docs.sh
+++ b/docs/gen-daml-docs.sh
@@ -15,7 +15,8 @@ gen_project_docs () (
     dpm docs --index-template "$DOCS_DIR/api-templates/$2-index-template.rst" "${DAML_FILES[@]}" --exclude-modules '**.Scripts.**' -f rst -o "$DOCS_DIR/src/app_dev/api/$2"
     # Workaround for https://github.com/digital-asset/daml/pull/20889/files so we get toctrees again
     # shellcheck disable=SC2016
-    find "$DOCS_DIR/src/app_dev/api/$2" -name '*.rst' -exec sed -i 's/^* :doc:`\(.*\)`$/   \1/g' {} +
+    find "$DOCS_DIR/src/app_dev/api/$2" -name '*.rst' -exec sed -i.bak -e 's/^\* :doc:`\(.*\)`$/   \1/g' {} +
+    find "$DOCS_DIR/src/app_dev/api/$2" -name '*.rst.bak' -delete
 )
 
 # We explicitly exclude from the generated docs API packages that were released and must remain stable (thus are also not compiled any more)
diff --git a/token-standard/V2_VALIDATION.md b/token-standard/V2_VALIDATION.md
index 5bfa918ad9..b3d3dcca17 100644
--- a/token-standard/V2_VALIDATION.md
+++ b/token-standard/V2_VALIDATION.md
@@ -44,10 +44,7 @@ It aims to do so by writing Daml script tests that mirror real-world use cases a
 
 ## Appendix: Planned Cleanup (Non-blocking)
 
-* Move `TradingAppV2` into its own package to enable reuse in integration tests.
-* Merge `splice-token-standard-test-v1` and `splice-token-standard-test-v2` into a single test package, with separate modules for V1 and V2 tests.
-
-Cleanup performed so far:
+Cleanup and improvements applied so far:
 
 * Replace `ChoiceExecutionMetadata` with concrete result types for `AllocationRequest_Reject`
   and `AllocationRequest_Withdraw` choices to prepare for an eventual future where interface definitions
@@ -143,3 +140,32 @@ Cleanup performed so far:
   - validate the API on `TestTokenV2` by adding support for a rich variety of
     authorization configurations
 - Use a uniform `AllocationResult` for `Allocation` choices to simplify working with them
+- Add iterated settlement support across the V2 API packages so the allocation authorizer
+  can authorize net funding up front, allow the executors to finalize the
+  concrete transfer-leg sides at settlement time, and optionally carry reserved funding forward into later settlement
+  iterations.
+  - this enables use cases such as prefunding RFQ trades, and funding liquidity pools across multiple settlement iterations.
+  - `splice-api-token-allocation-request-v2`:
+    - add `RequestedAllocation` with `admin`, `transferLegSides`, `nextIterationFunding`, `committed`, and `meta`
+    - change `AllocationRequestView.transferLegs` to `AllocationRequestView.allocations : [RequestedAllocation]`
+    - move `requestedAt` and `settleAt` onto `AllocationRequestView`
+  - `splice-api-token-allocation-v2`:
+    - remove `requestedAt` and `settleAt` from `SettlementInfo`
+    - change `TransferLeg.instrumentId` from `HoldingV2.InstrumentId` to plain `Text`, and add `TransferSide` / `TransferLegSide`
+    - extend `AllocationSpecification` with `admin`, `transferLegSides`, `nextIterationFunding`, `committed`, and `meta`
+    - extend `AllocationView` with `createdAt`, and `numIterations`
+    - add `FinalizedAllocation`
+    - extend `Allocation_Settle` with `extraTransferLegSides`, and `nextIterationFunding`
+    - extend `Allocation_SettleResult` with `nextIterationAllocationCid`
+  - `splice-api-token-transfer-events-v2` and token-standard utilities:
+    - switch transfer and holdings-change reporting to `transferLegSides`
+    - remove `TokenStandardUtils.allocationAdmin`, which is now trivial from `allocation.admin`
+- Introduce committed allocations that lock the funds until settlement time.
+  - `RequestedAllocation.committed` lets an app request creation of a committed allocation.
+  - `AllocationSpecification.committed` records that commitment on the created allocation.
+  - if `committed = True`, the authorizer cannot withdraw the allocation before the
+    settlement deadline; if there is no settlement deadline, the authorizer cannot withdraw it at all.
+    The allocation must instead be concluded by settlement, cancellation, or registry-specific expiry.
+- Remove the `defaultAllocation_*Controllers` helper functions, as the default controller
+  sets have become straightforward enough to inline in implementations.
+
diff --git a/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2.daml b/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2.daml
index d3aaf20b2d..6437f83e8d 100644
--- a/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2.daml
+++ b/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2.daml
@@ -62,7 +62,7 @@ template TokenAllocationInstructionV2 with
     admin : Party
     requestedAt : Time
   where
-    ensure isValidAllocationSpecificationV2 (\instrumentId -> instrumentId.admin == admin) allocation
+    ensure isValidAllocationSpecificationV2 (const True) allocation
     signatory fromOptional [] (Map.lookup V2.AIA_Accept actionAuthorizers), admin
     observer dedupSort (concat (Map.keys availableActions) <> concat (Map.values actionAuthorizers))
 
@@ -128,13 +128,14 @@ applyAllocationInstructionTransitions this@TokenAllocationInstructionV2{..} oSel
             meta = emptyMetadata
 
       (AIS_Init, AIS_Accepted) -> do
-          let allocationSpec = allocationStateMachineSpec allocation.authorizer allocation.settlement.executors (allocationAdmin allocation)
+          let allocationSpec = allocationStateMachineSpec allocation.authorizer allocation.settlement.executors allocation.admin
           eventLogCid <- getEventLogFromContext extraArgs.context
           (lockedTokens, authorizerChangeCids) <- splitAndLock eventLogCid allocation inputHoldingCids
           allocationCid <- create TokenAllocationV2 with
             originalAllocationCid = None
             availableActions = mkAvailableActions allocationSpec Map.empty accountMap
             actionAuthorizers = Map.empty
+            createdAt = requestedAt
             ..
           pure V2.AllocationInstructionResult with
             output = V2.AllocationInstructionResult_Completed (coerceContractId allocationCid)
@@ -163,10 +164,10 @@ template TokenAllocationV2 with
     lockedTokens : TextMap.TextMap [ContractId V2.Holding]
       -- ^ Map from instrumentId to holdings.
     allocation : V2.AllocationSpecification
-    admin : Party
+    createdAt : Time
   where
-    ensure isValidAllocationSpecificationV2 (\instrumentId -> instrumentId.admin == admin) allocation
-    signatory accountParties allocation.authorizer, allocationAdmin allocation
+    ensure isValidAllocationSpecificationV2 (const True) allocation
+    signatory accountParties allocation.authorizer, allocation.admin
     observer allocation.settlement.executors
 
     interface instance V2.Allocation for TokenAllocationV2 where
@@ -178,6 +179,8 @@ template TokenAllocationV2 with
         allocation
         holdingCids = Foldable.concat lockedTokens
         availableActions = allocationV2_availableActionsDefault allocation
+        createdAt
+        numIterations = 0  -- TODO(#5464): support iterated settlement in V2 token
         meta = emptyMetadata
 
       -- No extra observers required, as the choice bodies do not introduce further informees.
@@ -208,12 +211,12 @@ applyAllocationTransitions
 applyAllocationTransitions this@TokenAllocationV2{..} oSelf actors action extraArgs = do
 
   accountMap <- extractAccountConfigMap
-      this.admin
+      this.allocation.admin
       extraArgs
       [this.allocation.authorizer]
 
   let
-    mkStateMachine v = allocationStateMachineSpec v.allocation.authorizer v.allocation.settlement.executors (allocationAdmin v.allocation)
+    mkStateMachine v = allocationStateMachineSpec v.allocation.authorizer v.allocation.settlement.executors v.allocation.admin
 
     mkPending newActionAuthorizers newAvailableActions = do
       pendingInstrCid <- create this with
@@ -234,6 +237,7 @@ applyAllocationTransitions this@TokenAllocationV2{..} oSelf actors action extraA
     transition fromState toState =  case (fromState, toState) of
 
       (AS_Init, AS_Withdrawn) -> do
+        ensureWithdrawIsAllowed allocation
         authorizerHoldingCids <- unlockTokenAllocationV2 "allocation withdrawn" this extraArgs
         pure V2.AllocationResult
           with
@@ -255,17 +259,18 @@ applyAllocationTransitions this@TokenAllocationV2{..} oSelf actors action extraA
           assertWithinDeadline "allocation.settlement.settlementDeadline" deadline
 
         -- archive the locked tokens
-        debitAmounts <- fmap (Map.fromListWithR (+)) $ forA (Foldable.concat lockedTokens) $ \cid -> do
+        debitAmounts <- fmap (TextMap.fromListWithR (+)) $ forA (Foldable.concat lockedTokens) $ \cid -> do
           token <- fetch cid
           let holding = view token
           archive cid
           require' ("lockedToken", holding.account) isEqualR ("allocation.authorizer", allocation.authorizer)
-          pure (holding.instrumentId, holding.amount)
+          require' ("lockedToken.instrumentId.admin", holding.instrumentId.admin) isEqualR ("allocation.admin", allocation.admin)
+          pure (holding.instrumentId.id, holding.amount)
 
         -- prudent engineering: compare debits with expected debits based on the transfer legs, and settle
-        let creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegs
+        let creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegSides
         let combinedAmounts = mergeAmountMaps debitAmounts creditAmounts
-        authorizerHoldingCids0 <- forA (Map.toList combinedAmounts) $ \(instrumentId, (debitAmount, creditAmount)) -> do
+        authorizerHoldingCids0 <- forA (TextMap.toList combinedAmounts) $ \(instrumentId, (debitAmount, creditAmount)) -> do
           require'
             ("archived lockedAmulet.amount for " <> show instrumentId, debitAmount)
             isEqualR
@@ -277,13 +282,15 @@ applyAllocationTransitions this@TokenAllocationV2{..} oSelf actors action extraA
                 holding = V2.HoldingView with
                   account = allocation.authorizer
                   amount = creditAmount
-                  instrumentId
+                  instrumentId = V2.InstrumentId with
+                    id = instrumentId
+                    admin = allocation.admin
                   lock = None
                   meta = emptyMetadata
-              pure (instrumentId.id, [toInterfaceContractId newHoldingCid])
+              pure (instrumentId, [toInterfaceContractId newHoldingCid])
             else
               -- No credit of Token ==> no holding change
-              pure (instrumentId.id, [])
+              pure (instrumentId, [])
 
         -- log v2 transfer events
         tokenRulesCid <- getEventLogFromContext extraArgs.context
@@ -294,7 +301,8 @@ applyAllocationTransitions this@TokenAllocationV2{..} oSelf actors action extraA
           (concat $ textMapValues authorizerHoldingCids)
 
         pure V2.AllocationResult with
-          output = V2.AllocationResult_Settled
+          output = V2.AllocationResult_Settled with
+            nextIterationAllocationCid = None -- TODO(#5464): support iterated settlement in V2 token
           authorizerHoldingCids = authorizerHoldingCids
           meta = emptyMetadata
             -- Note: for V1 tx history we would need create extra choices for
@@ -398,7 +406,7 @@ transferInstructionTransition this oSelf actors accountMap extraArgs TIS_Init TI
       admin = this.transfer.instrumentId.admin
       account = this.transfer.sender
       inputHoldingCids = this.transfer.inputHoldingCids
-      transferLegs = []
+      transferLegSides = []
       outputHoldingCids = inputHoldingCids <> senderChangeCids
       observers = accountParties this.transfer.sender
       extraArgs = ExtraArgs with
@@ -666,17 +674,17 @@ splitAndLock : ContractId TransferEventsV2.EventLog -> V2.AllocationSpecificatio
 splitAndLock eventLogCid allocation inputTokenCids = do
 
   -- debit all input amounts
-  inputAmounts <- Map.fromListWithR (+) . concat <$> forA (TextMap.toList inputTokenCids) (\(_, cids) -> forA cids (\cid -> do
+  inputAmounts <- TextMap.fromListWithR (+) . concat <$> forA (TextMap.toList inputTokenCids) (\(_, cids) -> forA cids (\cid -> do
       let tokenCid = coerceContractId cid : ContractId Token
       token <- fetch tokenCid
       archive tokenCid
-      pure (token.holding.instrumentId, token.holding.amount)
+      pure (token.holding.instrumentId.id, token.holding.amount)
       ))
 
   -- create locked tokens and change for the sender
-  let creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegs
+  let creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegSides
   let combinedAmounts = mergeAmountMaps inputAmounts creditAmounts
-  locksAndChange <- forA (Map.toList combinedAmounts) $ \(instrumentId, (inputAmount, creditAmount)) -> do
+  locksAndChange <- forA (TextMap.toList combinedAmounts) $ \(instrumentId, (inputAmount, creditAmount)) -> do
     let netAmount = min 0.0 creditAmount + inputAmount
     when (netAmount < 0.0) $
       fail $ T.unlines
@@ -690,24 +698,28 @@ splitAndLock eventLogCid allocation inputTokenCids = do
           holding = V2.HoldingView with
             account = allocation.authorizer
             amount = negate creditAmount
-            instrumentId
+            instrumentId = V2.InstrumentId with
+              id = instrumentId
+              admin = allocation.admin
             lock = Some $ V2.Lock with
-              holders = instrumentId.admin :: accountParties allocation.authorizer
-              expiresAt = Some allocation.settlement.settleAt
+              holders = allocation.admin :: accountParties allocation.authorizer
+              expiresAt = allocation.settlement.settlementDeadline
               expiresAfter = None
               context = Some $ "allocation for settlement of " <> allocation.settlement.settlementRef.id
             meta = emptyMetadata
-        pure [(instrumentId.id, [toInterfaceContractId cid])]
+        pure [(instrumentId, [toInterfaceContractId cid])]
     changeTokens <-
       if netAmount <= 0.0 then pure [] else do
         cid <- create Token with
           holding = V2.HoldingView with
             account = allocation.authorizer
             amount = netAmount
-            instrumentId
+            instrumentId = V2.InstrumentId with
+              id = instrumentId
+              admin = allocation.admin
             lock = None
             meta = emptyMetadata
-        pure [(instrumentId.id, [toInterfaceContractId cid])]
+        pure [(instrumentId, [toInterfaceContractId cid])]
     pure (lockedTokens, changeTokens)
 
   let
@@ -716,10 +728,10 @@ splitAndLock eventLogCid allocation inputTokenCids = do
 
   -- log the tx history v2 event
   logNonEmptyChange eventLogCid TransferEventsV2.EventLog_HoldingsChange with
-    admin = allocationAdmin allocation
+    admin = allocation.admin
     account = allocation.authorizer
     inputHoldingCids = concat (textMapValues inputTokenCids)
-    transferLegs = []
+    transferLegSides = []
     outputHoldingCids = concat (textMapValues lockedCids) <> concat (textMapValues authorizerChangeCids)
     observers = accountParties allocation.authorizer
     extraArgs = ExtraArgs with
@@ -770,10 +782,10 @@ unlockTokenAllocationV2 reason tokenAllocation extraArgs = do
         holding = holding with lock = None
   eventLogCid <- getEventLogFromContext extraArgs.context
   logNonEmptyChange eventLogCid TransferEventsV2.EventLog_HoldingsChange with
-    admin = allocationAdmin tokenAllocation.allocation
+    admin = tokenAllocation.allocation.admin
     account = tokenAllocation.allocation.authorizer
     inputHoldingCids = concat (textMapValues tokenAllocation.lockedTokens)
-    transferLegs = []
+    transferLegSides = []
     outputHoldingCids = concat (textMapValues authorizerCids)
     observers = accountParties tokenAllocation.allocation.authorizer
     extraArgs = ExtraArgs with
@@ -793,7 +805,7 @@ unlockTokenTransferOffer reason offer extraArgs = do
       admin = transfer.instrumentId.admin
       account = transfer.sender
       inputHoldingCids = transfer.inputHoldingCids
-      transferLegs = []
+      transferLegSides = []
       outputHoldingCids = [toInterfaceContractId tokenCid]
       observers = accountParties transfer.sender
       extraArgs = ExtraArgs with
@@ -801,8 +813,9 @@ unlockTokenTransferOffer reason offer extraArgs = do
         meta = reasonToMeta reason emptyMetadata
     return [tokenCid]
 
-mergeAmountMaps : Ord k => Map.Map k Decimal -> Map.Map k Decimal -> Map.Map k (Decimal, Decimal)
-mergeAmountMaps = Map.merge (\_ x -> Some (x, 0.0)) (\_ y -> Some (0.0, y)) (\_ x y -> Some (x, y))
+
+mergeAmountMaps : TextMap.TextMap Decimal -> TextMap.TextMap Decimal -> TextMap.TextMap (Decimal, Decimal)
+mergeAmountMaps = TextMap.merge (\_ x -> Some (x, 0.0)) (\_ y -> Some (0.0, y)) (\_ x y -> Some (x, y))
 
 senderHoldingFromTransfer : V2.Transfer -> V2.HoldingView
 senderHoldingFromTransfer transfer = V2.HoldingView with
diff --git a/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2/AccountConfig.daml b/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2/AccountConfig.daml
index ac76fdaf83..002913f5cd 100644
--- a/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2/AccountConfig.daml
+++ b/token-standard/examples/splice-test-token-v2/daml/Splice/Testing/Tokens/TestTokenV2/AccountConfig.daml
@@ -10,14 +10,12 @@ import Splice.Api.Token.HoldingV2 qualified as V2
 import Splice.Api.Token.TransferInstructionV2 qualified as V2
 import Splice.Api.Token.AllocationInstructionV2 qualified as V2
 import Splice.Api.Token.AllocationV2 qualified as V2
-import Splice.TokenStandard.Utils (checkActors, allocationAdmin, requireMatchExpected, isMemberR, require', accountParties)
+import Splice.TokenStandard.Utils (checkActors, requireMatchExpected, isMemberR, require', accountParties)
 import Splice.Api.Token.MetadataV1 (AnyValue(..), ExtraArgs)
 import DA.List (dedupSort, dedup, (\\))
-import DA.Assert ((===))
 import DA.Optional (whenSome, fromSomeNote, isSome, isNone, fromOptional)
 import qualified DA.TextMap as TextMap
 import DA.Action (foldlA)
-import DA.Foldable (forA_)
 import qualified DA.Traversable as Traversable
 
 
@@ -88,8 +86,8 @@ template AccountConfig
         assertMsg ("Authorization transfer from " <> show actor <> " to " <> show authorizer <> " is not allowed.")
           ((actor, authorizer) `elem` authorizationTransfers this)
 
-        allocation <- view <$> fetch allocationCid
-        forA_ allocation.allocation.transferLegs (\leg -> admin === leg.instrumentId.admin)
+        allocView <- view <$> fetch allocationCid
+        requireMatchExpected ("allocation.admin", allocView.allocation.admin) admin
 
         case action of
           V2.AA_Withdraw -> exercise allocationCid (V2.Allocation_Withdraw [authorizer] extraArgs)
@@ -111,8 +109,8 @@ template AccountConfig
         assertMsg ("Authorization transfer from " <> show actor <> " to " <> show authorizer <> " is not allowed.")
           ((actor, authorizer) `elem` authorizationTransfers this)
 
-        instr <- view <$> fetch instrCid
-        forA_ instr.allocation.transferLegs (\leg -> admin === leg.instrumentId.admin)
+        instrView <- view <$> fetch instrCid
+        requireMatchExpected ("allocation.admin", instrView.allocation.admin) admin
 
         case action of
           V2.AIA_Accept -> exercise instrCid (V2.AllocationInstruction_Accept [authorizer] extraArgs)
@@ -335,7 +333,7 @@ tryUseAccountAuthorityForAA' :
 tryUseAccountAuthorityForAA' actors action allocationCid authState accountMap extraArgs = do
   alloc <- view <$> fetch allocationCid
   let
-    spec = allocationStateMachineSpec alloc.allocation.authorizer alloc.allocation.settlement.executors (allocationAdmin alloc.allocation)
+    spec = allocationStateMachineSpec alloc.allocation.authorizer alloc.allocation.settlement.executors alloc.allocation.admin
     state = getState spec authState
     oTransition = authorizationTransferFromState actors action state spec authState accountMap
 
diff --git a/token-standard/examples/splice-token-test-trading-app-v2/daml/Splice/Testing/Apps/TradingAppV2.daml b/token-standard/examples/splice-token-test-trading-app-v2/daml/Splice/Testing/Apps/TradingAppV2.daml
index 3f9013781d..16a7daa0b1 100644
--- a/token-standard/examples/splice-token-test-trading-app-v2/daml/Splice/Testing/Apps/TradingAppV2.daml
+++ b/token-standard/examples/splice-token-test-trading-app-v2/daml/Splice/Testing/Apps/TradingAppV2.daml
@@ -29,7 +29,9 @@ import Splice.TokenStandard.Utils
 template OTCTradeAllocationRequest with
     authorizer : V2.Account
     settlement : V2.SettlementInfo
-    transferLegs : [V2.TransferLeg]
+    requestedAt : Time
+    settleAt : Time
+    allocations : [V2.RequestedAllocation]
   where
     signatory settlement.executors
     observer accountParties authorizer
@@ -44,7 +46,9 @@ template OTCTradeAllocationRequest with
       view = V2.AllocationRequestView with
         originalRequestCid = None
         settlement
-        transferLegs
+        requestedAt
+        settleAt = Some settleAt
+        allocations
         authorizer
         availableActions = Map.fromList
           [ ([p], [V2.ARA_Accept, V2.ARA_Reject]) | p <- accountParties authorizer ]
@@ -92,10 +96,28 @@ data SettlementBatch
   deriving (Eq, Show)
 
 
+-- | Leg of a trade.
+data TradeLeg = TradeLeg with
+    admin : Party
+      -- ^ Admin party of the instrument being transferred.
+    leg : V2.TransferLeg
+      -- ^ The transfer details.
+  deriving (Eq, Show)
+
+splitLegsBy : Ord k => (leg -> k) -> [leg] -> Map.Map k [leg]
+splitLegsBy f legs = Map.fromListWithR (<>) [ (f leg, [leg]) | leg <- legs ]
+
+-- | Group transfer legs by the account that needs to authorize them.
+splitTradeLegsByAuthorizer : [TradeLeg] -> Map.Map V2.Account [(Party, V2.TransferLegSide)]
+splitTradeLegsByAuthorizer legs = Map.fromListWithR (++) $ do
+  tradeleg <- legs
+  (authorizer, leg) <- transferLegSidesWithAuthorizer tradeleg.leg
+  pure (authorizer, [(tradeleg.admin, leg)])
+
 -- | A matched trade ready to settle.
 template OTCTrade with
     venue : Party
-    transferLegs : [V2.TransferLeg] -- ^ Transfers to settle.
+    tradeLegs : [TradeLeg] -- ^ Transfers to settle.
     createdAt : Time -- ^ When the matched trade was created on-ledger.
     settleAt : Time -- ^ When the trade should be settled by.
     settlementDeadline : Optional Time -- ^ Deadline for when the settlement should be completed.
@@ -106,12 +128,21 @@ template OTCTrade with
       with
       controller venue
       do
-        let settlement = mkOtcTradeSettlementInfo self this
-        forA (Map.toList $ splitLegsByAuthorizer transferLegs) $ \(authorizer, transferLegs) -> do
+        let settlement = mkOtcTradeSettlementInfoV2 self this
+        forA (Map.toList $ splitTradeLegsByAuthorizer tradeLegs) $ \(authorizer, authorizerLegs) -> do
           create OTCTradeAllocationRequest with
             authorizer
             settlement
-            transferLegs
+            settleAt = settleAt
+            requestedAt = createdAt
+            allocations = do
+              (admin, legs) <- Map.toList $ splitLegsBy (._1) authorizerLegs
+              pure V2.RequestedAllocation with
+                admin
+                transferLegSides = map (._2) legs
+                nextIterationFunding = None -- Note: this trading app does not make use of iterated settlement
+                committed = False
+                meta = emptyMetadata
 
     choice OTCTrade_Settle : OTCTrade_SettleResult
       with
@@ -125,8 +156,9 @@ template OTCTrade with
           assertWithinDeadline "settlementDeadline" deadline
 
         -- compute reference data
-        let settlement = mkOtcTradeSettlementInfo self this
-            transferLegsByAdmin = splitLegsByAdmin transferLegs
+        let settlementV2 = mkOtcTradeSettlementInfoV2 self this
+        let settlementV1 = downcast_v2_v1_SettlementInfo createdAt settleAt settlementV2
+            transferLegsByAdmin = splitLegsBy (.admin) tradeLegs
 
         -- Archive requests known to be active at this point, so that trader
         -- wallets won't see the archival of the allocation without a
@@ -134,7 +166,7 @@ template OTCTrade with
         forA_ allocationRequests $ \reqCid -> do
           req <- fetch reqCid
           archive reqCid
-          requireMatchExpected ("AllocationRequest.settlement", req.settlement) settlement
+          requireMatchExpected ("AllocationRequest.settlement", req.settlement) settlementV2
           -- note: we are not checking that there is a request for every traders, as it could be
           -- there there is a request that got rejected but the allocation still got created.
           --
@@ -162,16 +194,16 @@ template OTCTrade with
 
               -- For V2 settlement, the _SettleBatch choice itself checks that the allocations match the legs
               result <- exercise factoryCid V2.SettlementFactory_SettleBatch with
-                settlement
-                transferLegs
-                allocationCids = allocationCids <> receiptAllocCids
+                settlement = settlementV2
+                transferLegs = map (.leg) transferLegs
+                allocations = map nonIteratedAllocation (allocationCids <> receiptAllocCids)
                 actors = [venue]
                 extraArgs = extraArgs
               pure $ Right (admin, result)
 
             Some (SettlementBatchV1 with allocationsWithContext) -> do
               -- For V1 settlement, we need to check that the allocations match the legs here
-              let expectedAllocations = expectedTradeAllocationsV1 settlement transferLegs
+              let expectedAllocations = expectedTradeAllocationsV1 settlementV1 transferLegs
               let mergedMaps = textMapZip allocationsWithContext expectedAllocations
               results <- textMapTraverseWithKey mergedMaps \legId (optSettleableAlloc,  optExpectedAlloc) -> do
                 let AllocationWithContextV1 {allocationCid, extraArgs, receiverAgreementCid, senderAgreementCid} =
@@ -206,8 +238,8 @@ template OTCTrade with
         allocationRequestCids : [ContractId OTCTradeAllocationRequest]
       controller venue
       do
-        let settlementV2 = mkOtcTradeSettlementInfo self this
-        let settlementV1 = downcast settlementV2
+        let settlementV2 = mkOtcTradeSettlementInfoV2 self this
+        let settlementV1 = downcast_v2_v1_SettlementInfo createdAt settleAt settlementV2
         forA_ allocationRequestCids $ \reqCid -> do
             req <- fetch reqCid
             archive reqCid
@@ -250,12 +282,10 @@ makeTradeRef tradeCid = V2.Reference with
   id = "OTCTradeProposal" -- set to the name of the template to simplify debugging
   cid = Some (coerceContractId tradeCid)
 
-mkOtcTradeSettlementInfo : ContractId OTCTrade -> OTCTrade -> V2.SettlementInfo
-mkOtcTradeSettlementInfo otcTradeCid otcTrade = V2.SettlementInfo with
+mkOtcTradeSettlementInfoV2 : ContractId OTCTrade -> OTCTrade -> V2.SettlementInfo
+mkOtcTradeSettlementInfoV2 otcTradeCid otcTrade = V2.SettlementInfo with
   executors = [otcTrade.venue]
-  requestedAt = otcTrade.createdAt
   settlementRef = makeTradeRef otcTradeCid
-  settleAt = otcTrade.settleAt
   meta = emptyMetadata
   settlementDeadline = otcTrade.settlementDeadline
 
@@ -264,17 +294,15 @@ mkOtcTradeSettlementInfo otcTradeCid otcTrade = V2.SettlementInfo with
 -- That allocation is created by the sender, and settleed with the authority of sender
 -- and receiver
 expectedTradeAllocationsV1
-  : V2.SettlementInfo -> [V2.TransferLeg] -> TextMap.TextMap V1.AllocationSpecification
-expectedTradeAllocationsV1 settlementInfoV2 transferLegs =
+  : V1.SettlementInfo -> [TradeLeg] -> TextMap.TextMap V1.AllocationSpecification
+expectedTradeAllocationsV1 settlementInfo transferLegs =
   TextMap.fromList $ do
-    transferLeg <- transferLegs
+    leg <- transferLegs
     let spec = V1.AllocationSpecification with
           settlement = settlementInfo
-          transferLegId = transferLeg.transferLegId
-          transferLeg = downcast transferLeg
-    pure (transferLeg.transferLegId, spec)
-  where
-    settlementInfo = downcast settlementInfoV2
+          transferLegId = leg.leg.transferLegId
+          transferLeg = downcast_v2_v1_TransferLeg leg.admin leg.leg
+    pure (leg.leg.transferLegId, spec)
 
 
 -- V1 Authorization infrastructure
diff --git a/token-standard/splice-api-token-allocation-request-v2/daml/Splice/Api/Token/AllocationRequestV2.daml b/token-standard/splice-api-token-allocation-request-v2/daml/Splice/Api/Token/AllocationRequestV2.daml
index b8c2c30571..3683a1f3cc 100644
--- a/token-standard/splice-api-token-allocation-request-v2/daml/Splice/Api/Token/AllocationRequestV2.daml
+++ b/token-standard/splice-api-token-allocation-request-v2/daml/Splice/Api/Token/AllocationRequestV2.daml
@@ -9,6 +9,7 @@
 module Splice.Api.Token.AllocationRequestV2 where
 
 import DA.Map qualified as Map
+import DA.TextMap qualified as TextMap
 
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.HoldingV2
@@ -36,8 +37,7 @@ interface AllocationRequest where
   allocationRequest_withdrawExtraObservers : AllocationRequest_Withdraw -> [Party]
 
   nonconsuming choice AllocationRequest_Accept : AllocationRequest_AcceptResult
-    -- ^ Signal to settlement.executors that the requested allocations will be
-    -- created before `settlement.settleAt`.
+    -- ^ Signal to settlement.executors that the requested allocations were or will be created.
     --
     -- Wallets MAY call this choice in the same transaction as the creation
     -- of the requested allocations to protect from creating the same
@@ -123,6 +123,29 @@ data AllocationRequestAction
           -- ^ Additional metadata specific to the action, used for extensibility.
     deriving (Show, Eq)
 
+-- | An allocation of transfers of instruments maintained by the same asset admin.
+data RequestedAllocation = RequestedAllocation with
+    admin : Party
+      -- ^ Admin of the instruments being transferred when settling the allocation.
+    transferLegSides : [TransferLegSide]
+      -- ^ The transfers to include in the allocation.
+      --
+      -- MAY be empty when requesting an iterated settlement.
+    nextIterationFunding : Optional (TextMap.TextMap Decimal)
+      -- ^ Whether the allocation should allow iterated settlement, and if so,
+      -- the amount of funds to reserve for the next settlement.
+      --
+      -- The amounts are keyed by instrument id and MUST be positive.
+    committed : Bool
+      -- ^ Whether to create a committed allocation or not.
+      --
+      -- Committed allocations do not allow the authorizer to withdraw the
+      -- allocation before the settlement deadline.
+    meta : Metadata
+      -- ^ Metadata to attach to the allocation. Used for extensibility; e.g.,
+      -- to attach a reason for the allocation.
+  deriving (Show, Eq)
+
 -- | View of an `AllocationRequest`.
 data AllocationRequestView = AllocationRequestView with
     originalRequestCid : Optional (ContractId AllocationRequest)
@@ -139,12 +162,16 @@ data AllocationRequestView = AllocationRequestView with
       -- user action or is informational only.
     settlement : SettlementInfo
       -- ^ Settlement for which allocations are requested to be created.
-    transferLegs : [TransferLeg]
-      -- ^ Transfer legs that are requested to be authorized for execution as
+    allocations : [RequestedAllocation]
+      -- ^ The allocations that are requested to be authorized for execution as
       -- part of the settlement.
+    requestedAt : Time
+      -- ^ Timestamp at which the request was created.
+    settleAt : Optional Time
+      -- ^ Timestamp at which the settlement is expected to be executed. The authorizer
+      -- SHOULD create their allocations before this time.
       --
-      -- This may or may not be a complete list of transfer legs that are part of the settlement,
-      -- depending on the confidentiality requirements of the app.
+      -- For iterated settlements, this is the expected time of the first iteration.
     availableActions : Map.Map [Party] [AllocationRequestAction]
       -- ^ The actions that the wallet can present to the user on the allocation request.
       --
diff --git a/token-standard/splice-api-token-allocation-v2/daml/Splice/Api/Token/AllocationV2.daml b/token-standard/splice-api-token-allocation-v2/daml/Splice/Api/Token/AllocationV2.daml
index c6e603da14..49e4ee5c74 100644
--- a/token-standard/splice-api-token-allocation-v2/daml/Splice/Api/Token/AllocationV2.daml
+++ b/token-standard/splice-api-token-allocation-v2/daml/Splice/Api/Token/AllocationV2.daml
@@ -7,6 +7,9 @@
 --
 --  - authorizing multiple transfers in a single allocation
 --  - only allocating the net amount of funds transferred to the allocation
+--  - allow the executors to specify the actual transfers after creation of the allocation
+--  - use the same allocation for multiple settlement iterations
+--  - create committed allocations whose funds are locked until the settlement deadline
 --  - specifying accounts directly in the transfer legs instead of using metadata
 --  - flexible actors for extensibility
 --  - implementation-defined choice observers for view compression where
@@ -21,7 +24,7 @@ import DA.Map qualified as Map
 import DA.TextMap qualified as TextMap
 
 import Splice.Api.Token.MetadataV1
-import Splice.Api.Token.HoldingV2 (Holding, InstrumentId, Account)
+import Splice.Api.Token.HoldingV2 (Holding, Account)
 
 
 -- Allocation View
@@ -50,15 +53,10 @@ data SettlementInfo = SettlementInfo
       --
       -- Executors MUST ensure that they use unique `settlementRef` values for
       -- different settlements to avoid ambiguity or settlement errors.
-    requestedAt : Time
-      -- ^ When the settlement was requested. Provided for display and debugging purposes,
-      -- but SHOULD be in the past.
-    settleAt : Time
-      -- ^ The earliest settlement time. Allocations should be made before this time. Settlement
-      -- happens at any point after this time.
     settlementDeadline : Optional Time
-      -- ^ The latest point at which settlement will occur. This allows registries
-      -- to set appropriate locks and expiries.
+      -- The executors' and authorizer's agreed time-to-live for the allocation.
+      -- After this time, if set, the allocation can no longer be settled, and
+      -- the authorizer can withdraw the allocation to release the funds.
     meta : Metadata
       -- ^ Additional metadata about the settlement, used for extensibility.
   deriving (Show, Eq)
@@ -74,27 +72,76 @@ data TransferLeg = TransferLeg with
       -- ^ The receiver of the transfer.
     amount : Decimal
       -- ^ The amount to transfer.
-    instrumentId : InstrumentId
+    instrumentId : Text
       -- ^ The instrument identifier.
     meta : Metadata
       -- ^ Additional metadata about the transfer leg, used for extensibility.
   deriving (Eq, Ord, Show)
 
--- | An approval by the authorizer to execute the given transfers
--- as part of the settlement.
---
--- In contrast to an `AllocationView` this just specifies the authorized
--- transfers, but not the holdings that fund the transfers.
+-- | A side of a transfer.
+data TransferSide
+  = SenderSide
+    -- ^ The outbound side of a transfer, i.e., the sending of assets.
+  | ReceiverSide
+    -- ^ The inbound direction, i.e., the receipt of assets.
+  deriving (Show, Ord, Eq)
+
+-- | A side of a transfer leg, which is what allocations authorize.
+data TransferLegSide = TransferLegSide with
+    transferLegId : Text
+      -- ^ An identifier for the transfer leg.
+    side : TransferSide
+      -- ^ The side of the transfer that this leg refers to.
+    otherside : Account
+      -- ^ The account on the other side of the transfer leg; i.e., the sender
+      -- in case of `side == ReceiverSide`, and the receiver in case of
+      -- `side == SenderSide`.
+    amount : Decimal
+      -- ^ The amount being transferred.
+    instrumentId : Text
+      -- ^ The instrument identifier.
+    meta : Metadata
+      -- ^ Additional metadata about the transfer leg, used for extensibility.
+  deriving (Eq, Ord, Show)
+
+-- | An approval by the authorizer to receive or send assets as part of
+-- settlement.
 data AllocationSpecification = AllocationSpecification with
     settlement : SettlementInfo
       -- ^ The settlement for which this allocation is made.
-    transferLegs : [TransferLeg]
-      -- ^ The transfers whose send or receipt is authorized by this allocation.
-      --
-      -- There MUST be at least one transfer leg. All transfer legs MUST have the
-      -- same instrument admin and involve the authorizer as sender or receiver.
+    admin : Party
+      -- ^ The asset admin of the instruments that are transferred as part of
+      -- the settlement.
     authorizer : Account
-      -- ^ The account authorizing the transfers to happen as part of the settlement.
+      -- ^ The account authorizing the transfers as part of the settlement.
+    transferLegSides : [TransferLegSide]
+      -- ^ The sides of transfer legs authorized by this allocation.
+    nextIterationFunding : Optional (TextMap.TextMap Decimal)
+      -- ^ Amounts reserved for funding the next settlement iteration.
+      --
+      -- Amounts are keyed by instrument id and MUST be positive.
+      --
+      -- Setting this to `None` indicates that iterated settlement is disabled,
+      -- and the allocation can only be settled once with exactly its specified
+      -- transfer legs. Setting this to an empty map indicates that iterated settlement
+      -- is enabled, but that no funding for the next iteration is reserved by
+      -- the authorizer. This can be used when the authorizer expects incoming
+      -- transfers in the next iteration, and thus does not need to reserve any funding.
+    committed : Bool
+      -- ^ Whether the authorizer commits to the allocation until either
+      --
+      --   - the executors settle allocation,
+      --   - the executors cancel the allocation,
+      --   - the settlement deadline passed, or
+      --   - the admin expires the allocation.
+      --
+      -- If set to `True`, then the authorizer cannot withdraw the allocation
+      -- until the settlement deadline. Use committed allocations for cases
+      -- where the executors need a guarantee that the allocation will be
+      -- available until settlement.
+    meta : Metadata
+      -- ^ Additional metadata for the allocation specification, which can be used
+      -- to store information about an allocation used in iterated settlement.
   deriving (Show, Eq)
 
 -- | Actions available on an allocation.
@@ -131,9 +178,23 @@ data AllocationView = AllocationView with
       -- holdings.
       --
       -- MAY be empty for registries that do not represent their holdings on-ledger.
+    createdAt : Time
+      -- ^ The time when the allocation was originally created.
+    numIterations : Int
+      -- ^ The number of settlement iterations that have been executed for this allocation so far.
     expiresAt : Optional Time
-      -- ^ The time at which this allocation expires. SHOULD be as close as the
-      -- registry can make it to the `allocation.settlement.settlementDeadline`.
+      -- ^ The time at which the allocation expires if inactive.
+      --
+      -- Registries MAY expire the allocation and return the locked funds to the
+      -- authorizer after this time. Thereby recovering storage resources and
+      -- protecting themselves from denial-of-service attacks.
+      --
+      -- TODO(#5487): introduce explicit choice for `Allocation_RefreshExpiry` and mention it here.
+      --
+      -- Registries SHOULD avoid unnecessary refreshes by
+      --   - making the expiry time as close to the settlement deadline as possible
+      --   - bumping expiry on every settlement iteration.
+      --
     availableActions : Map.Map [Party] [AllocationAction]
       -- ^ The actions that the wallet can present to the user on the allocation.
       --
@@ -150,22 +211,25 @@ data AllocationView = AllocationView with
 -- Allocation
 -------------
 
--- | Default controllers for allocation settlement, which are the `executors`,
--- and the instrument admin of the transfer legs.
-defaultAllocation_SettleControllers : AllocationView -> [Party]
-defaultAllocation_SettleControllers allocView =
-    allocView.allocation.settlement.executors <>
-      map (.instrumentId.admin) allocView.allocation.transferLegs
-
--- | Default controllers for allocation cancellation are the `executors` allocation.
-defaultAllocation_CancelControllers : AllocationView -> [Party]
-defaultAllocation_CancelControllers allocView = allocView.allocation.settlement.executors
-
+-- | An allocation finalized by the executors for settlement.
+data FinalizedAllocation = FinalizedAllocation with
+    allocationCid : ContractId Allocation
+      -- ^ The allocation to settle.
+    extraTransferLegSides : [TransferLegSide]
+      -- ^ The extra transfer leg sides to authorize as part of this allocation
+      -- in this settlement iteration.
+      --
+      -- They MUST be empty unless iterated settlement was enabled by the allocation's authorizer.
+    nextIterationFunding : Optional (TextMap.TextMap Decimal)
+      -- ^ The funding to reserve for the next settlement iteration.
+      --
+      -- This MUST NOT be set unless iterated settlement was enabled by the allocation's authorizer.
+  deriving (Show, Eq)
 
 -- | A contract representing the approval of the authorizer to send or receive
 -- the net amount of assets of the transfer legs as part of a settlement where
 -- the executors and instrument admin check that every transfer leg has a matching
--- authorization from the counterparty.
+-- authorization from the otherside.
 interface Allocation where
   viewtype AllocationView
 
@@ -191,18 +255,26 @@ interface Allocation where
         -- ^ Parties executing the settlement.
         --
         -- Implementations MUST check these parties to avoid unauthorized settlement execution.
+        -- By default, they SHOULD require them to be equal to the allocation
+        -- `admin` and the `executors`, so that they can jointly guarantee
+        -- atomic settlement.
         --
-        -- They SHOULD do so by checking that the actors are equal to the
-        -- `defaultAllocation_SettleControllers`, which ensures maximal
-        -- compatibility and proper implementation of the constraint:
+        -- This authorization is typically provided as part of the
+        -- `SettlementFactory_SettleBatch` choice, which should be used by the
+        -- `executors` to settle V2 allocations.
+      extraTransferLegSides : [TransferLegSide]
+        -- ^ Extra transfer leg sides to settle as part of settlement.
         --
-        -- - The actors MUST always include the settlement executors and the
-        --   instrument admin of the transfer legs.
+        -- They MUST NOT be set unless iterated settlement was enabled by the
+        -- allocation's authorizer.
+      nextIterationFunding : Optional (TextMap.TextMap Decimal)
+        -- ^ The funds to reserve for the next settlement iteration, if there is any.
         --
-        -- This authorization is required as all of these parties are expected
-        -- to guarantee atomic settlement. This authorization is typically provided
-        -- as part of the `SettlementFactory_SettleBatch` choice, which should
-        -- be used by the executors to settle V2 allocations.
+        -- This MUST NOT be set unless iterated settlement was enabled by the
+        -- allocation's authorizer.
+        --
+        -- Setting this to `None` indicates that no further settlement
+        -- iterations will be executed after this one.
       extraArgs : ExtraArgs
         -- ^ Additional context required in order to exercise the choice.
     observer allocation_settleExtraObservers this arg
@@ -227,14 +299,7 @@ interface Allocation where
         -- ^ Parties authorizing the cancellation.
         --
         -- Implementations MUST check these parties to avoid unauthorized cancellation.
-        --
-        -- They SHOULD do so by checking that the actors are equal to the
-        -- `defaultAllocation_CancelControllers`, which ensures maximal
-        -- compatibility and proper implementation of the following constraints:
-        --
-        -- - The actors MUST always include the settlement executors.
-        -- - For V1 allocations, the actors MUST additionally include the owners
-        --   of the sender and receiver accounts of the transfer legs.
+        -- By default, they SHOULD require them to be equal to the allocation `executors`.
       extraArgs : ExtraArgs
         -- ^ Additional context required in order to exercise the choice.
     observer allocation_cancelExtraObservers this arg
@@ -247,6 +312,9 @@ interface Allocation where
     -- example be used by the authorizer to undo a mistakenly created
     -- allocation.
     --
+    -- For committed allocations (i.e., `committed` set to `True`), this
+    -- choice can only be exercised once the settlement deadline has passed.
+    --
     -- The choice is nonconsuming to support alternative consumption patterns,
     -- e.g., by calling the consuming V1.Allocation_Withdraw choice for
     -- transaction parsing compatibility.
@@ -258,9 +326,8 @@ interface Allocation where
         -- ^ Parties authorizing the withdrawal.
         --
         -- Implementations MUST check these parties to avoid unauthorized withdrawal.
-        --
-        -- Implementations SHOULD allow the owner and provider of the authorizer
-        -- account to call this choice to withdraw mistakenly created allocations.
+        -- By default they SHOULD allow the account parties of the authorizer to
+        -- withdraw the allocation.
       extraArgs : ExtraArgs
         -- ^ Additional context required in order to exercise the choice.
     observer allocation_withdrawExtraObservers this arg
@@ -268,7 +335,6 @@ interface Allocation where
     do allocation_withdrawImpl this self arg
 
 
-
 -- Result Types
 ---------------
 
@@ -277,11 +343,11 @@ data AllocationResult = AllocationResult with
     output : AllocationResult_Output
       -- ^ The output of the action.
     authorizerHoldingCids : TextMap.TextMap [ContractId Holding]
-      -- ^ The holdings that were released back to the authorizer keyed by
-      -- their `instrumentId.id`.
+      -- ^ New holdings created for the authorizer as part of the settlement
+      -- keyed by their `instrumentId.id`.
     meta : Metadata
-      -- ^ Additional metadata specific to the allocation, used for extensibility.
-  deriving (Show, Eq)
+      -- ^ Additional metadata specific to the settlement, used for extensibility.
+  deriving (Eq, Show)
 
 -- | The output of changing the state of an allocation.
 data AllocationResult_Output
@@ -292,11 +358,14 @@ data AllocationResult_Output
           -- ^ Contract id of the allocation representing the pending state.
   | AllocationResult_Settled
       -- ^ The result of settling an allocation by exercising the `Allocation_Settle` choice.
+      with
+        nextIterationAllocationCid : Optional (ContractId Allocation)
+          -- ^ The new allocation created for the next settlement iteration, if any.
   | AllocationResult_Cancelled
       -- ^ The result of the `Allocation_Cancel` choice  when fully authorized.
   | AllocationResult_Withdrawn
       -- ^ The result of the `Allocation_Withdraw` choice when fully authorized.
-  deriving (Show, Eq)
+  deriving (Eq, Show)
 
 
 -- Settlement Factory
@@ -309,7 +378,7 @@ data SettlementFactoryView = SettlementFactoryView with
       -- for which this settlement factory can be used.
     meta : Metadata
       -- ^ Additional metadata specific to the settlement factory, used for extensibility.
-  deriving (Show, Eq)
+  deriving (Eq, Show)
 
 -- | A settlement factory enables the net settlement of a batch of allocations
 -- for the same instrument admin.
@@ -327,16 +396,16 @@ interface SettlementFactory where
     -- The choice is structured in this form for efficiency and privacy. It
     -- enables the instrument admin to only perform net debits and credits for
     -- each account across all transfers being settled; and restrict visibility of
-    -- each credit or debit to executors, admin, and affected account only.
+    -- each credit or debit to executors, admin, and affected account parties only.
     with
       settlement : SettlementInfo
         -- ^ The settlement for which the allocations are settled.
       transferLegs : [TransferLeg]
-        -- ^ The sequence of transfers to execute as part of the settlement.
+        -- ^ The transfers that are to be executed as part of the settlement.
         --
         -- There MUST be at least one transfer leg. All transfer legs MUST have the
         -- same instrument admin as the one of the factory.
-      allocationCids : [ContractId Allocation]
+      allocations : [FinalizedAllocation]
         -- ^ Allocations to settle.
         --
         -- They serve as proof that all transfers executed as part of settlement
@@ -360,9 +429,8 @@ interface SettlementFactory where
         -- can be used for implementation specific authorization patterns.
         --
         -- Implementations MUST check this value to avoid unauthorized settlement execution.
-        --
-        -- Implementations SHOULD allow the `settlement.executors` to execute the settlement
-        -- to maximize compatibility with apps.
+        -- By default the SHOULD check that they are equal to
+        -- `settlement.executors` to provide maximal compatibility with apps.
       extraArgs : ExtraArgs
         -- ^ Additional choice arguments.
     observer settlementFactory_settleBatchExtraObservers this arg
@@ -382,10 +450,9 @@ interface SettlementFactory where
 
 -- | Result of settling a batch of allocations.
 data SettlementFactory_SettleBatchResult = SettlementFactory_SettleBatchResult with
-    newHoldingCids : Map.Map Account (TextMap.TextMap [ContractId Holding])
-      -- ^ New holdings created as part of the batch settlement, grouped by account and
-      -- keyed by their `instrumentId.id` to enable chaining of actions on holdings of
-      -- one or more accounts.
+    allocationSettleResults : [AllocationResult]
+      -- ^ The result of settling each allocation in the batch.
+      -- In the same order as the `allocationCids` in the choice arguments.
     meta : Metadata
       -- ^ Additional metadata specific to the batch settlement, used for extensibility.
   deriving (Eq, Show)
diff --git a/token-standard/splice-api-token-transfer-events-v2/daml/Splice/Api/Token/TransferEventsV2.daml b/token-standard/splice-api-token-transfer-events-v2/daml/Splice/Api/Token/TransferEventsV2.daml
index 5a9362a691..3c43cf201c 100644
--- a/token-standard/splice-api-token-transfer-events-v2/daml/Splice/Api/Token/TransferEventsV2.daml
+++ b/token-standard/splice-api-token-transfer-events-v2/daml/Splice/Api/Token/TransferEventsV2.daml
@@ -7,25 +7,35 @@ module Splice.Api.Token.TransferEventsV2 where
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.HoldingV2
 
--- Note: the TransferLeg type below is identical to Allocation.TransferLeg, but
+-- Note: the TransferLegSide type below is identical to Allocation.TransferLegSide, but
 -- defined separately to avoid a tight coupling between how to specify
 -- allocations and how to report transfers. This allows evolving these two APIs
 -- independently.
 
--- | A specification of a transfer of holdings between two parties.
-data TransferLeg = TransferLeg with
+-- | A side of a transfer.
+data TransferSide
+  = SenderSide
+    -- ^ The outbound side of a transfer, i.e., the sending of assets.
+  | ReceiverSide
+    -- ^ The inbound direction, i.e., the receipt of assets.
+  deriving (Show, Ord, Eq)
+
+-- | A side of a transfer of holdings between two parties.
+--
+-- Used to report transfer events on the affected accounts.
+data TransferLegSide = TransferLegSide with
     transferLegId : Text
-      -- ^ An identifier for the transfer leg intended to disambiguate multiple
-      -- transfer legs reported in the same event.
-      --
-      -- Use the empty string as the default identifier if no disambiguation is needed.
-    sender : Account
-      -- ^ The sender of the transfer.
-    receiver : Account
-      -- ^ The receiver of the transfer.
+      -- ^ An identifier for the transfer leg intended to correlate the sender
+      -- and receiver sides.
+    side : TransferSide
+      -- ^ The side of the transfer that this leg refers to.
+    otherside : Account
+      -- ^ The account on the other side of the transfer leg; i.e., the sender
+      -- in case of `side == ReceiverSide`, and the receiver in case of
+      -- `side == SenderSide`.
     amount : Decimal
       -- ^ The amount to transfer.
-    instrumentId : InstrumentId
+    instrumentId : Text
       -- ^ The instrument identifier.
     meta : Metadata
       -- ^ Additional metadata about the transfer leg, used for extensibility.
@@ -68,12 +78,12 @@ interface EventLog where
         -- Note that these MAY include holdings that were created and archived
         -- within the same transaction. Such holding contracts-ids will occur
         -- in both the input and output list of holdings.
-      transferLegs : [TransferLeg]
+      transferLegSides : [TransferLegSide]
         -- ^ The transfers that caused the change in holdings.
         --
         -- Their net balance changes MUST match the change in holdings of the account.
-        -- Transfers between accounts MUST be reported for both sender and receiver separately.
-        -- Transfer leg ids MUST be unique.
+        -- Both sides of a transfer MUST be reported, and their ids must match.
+        -- Transfer leg ids MUST be unique for different transfer legs.
         --
         -- Note that the settlement of transfers whose net balance change is
         -- zero MAY result in events that do have empty input and output
@@ -81,7 +91,7 @@ interface EventLog where
         --
         -- Note also that merging and splitting of holdings MAY be reported with
         -- an empty list of transfer legs, as the merge and split actions may not
-        -- related to a (self-)transfer of tokens.
+        -- be related to a (self-)transfer of tokens.
       outputHoldingCids : [ContractId Holding]
         -- ^ The newly created holdings of the account.
       observers : [Party]
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Apps/TradingAppV2_Backend.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Apps/TradingAppV2_Backend.daml
index 059776e023..0922da41cb 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Apps/TradingAppV2_Backend.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Apps/TradingAppV2_Backend.daml
@@ -27,7 +27,6 @@ import DA.TextMap qualified as TextMap
 
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.AllocationV1 qualified as V1
-import Splice.Api.Token.HoldingV2 qualified as V2
 import Splice.Api.Token.AllocationV2 qualified as V2
 import Splice.Api.Token.AllocationInstructionV2 qualified as V2
 import Splice.Api.Token.TransferEventsV2 qualified as TransferEventsV2
@@ -63,14 +62,6 @@ data SettleableTrade = SettleableTrade with
     batchesByAdmin : Map Party SettlementBatch
     allocationRequestCids : [ContractId OTCTradeAllocationRequest]
 
--- | Helper type of a transfer leg together with its authorizer.
-type AuthorizedLeg = (V2.Account, V2.TransferLeg)
-
-toAuthorizedLegs : V2.TransferLeg -> [AuthorizedLeg]
-toAuthorizedLegs leg
-  | leg.sender == leg.receiver = [(leg.sender, leg)] -- self-transfers are authorized only once
-  | otherwise = [(leg.sender, leg), (leg.receiver, leg)]
-
 groupAsMapBy : Ord k => (a -> k) -> [a] -> Map k [a]
 groupAsMapBy k xs = Map.fromListWithR (++) [ (k x, [x]) | x <- xs ]
 
@@ -116,25 +107,25 @@ querySettleableTrades registries venue = do
     let otcTrade = trade.otcTrade
     let receiversWithAgreements = map basicAccount (Map.keys agreementsByTrader)
     let minimallyRequiredAuthorizations = do
-          authz@(authorizer, leg) <- concatMap toAuthorizedLegs otcTrade.transferLegs
+          (authorizer, leg) <- concatMap (\tradeleg -> transferLegSidesWithAuthorizer tradeleg.leg) otcTrade.tradeLegs
           -- the venue can create their own allocations directly as part of settlement
           guard (authorizer.owner /= venue)
-          -- authorization is only required for senders, and for receivers without trade agreements
-          guard (leg.sender == authorizer || authorizer `notElem` receiversWithAgreements)
-          pure authz
+          -- authorization is only required for outgoing transfers, and for receivers without trade agreements
+          guard (leg.side == V2.SenderSide || authorizer `notElem` receiversWithAgreements)
+          pure (authorizer, leg)
 
     let actualAuthorizations =
           do
             (_cid, allocView) <- trade.allocationsV2
-            leg <- allocView.allocation.transferLegs
+            leg <- allocView.allocation.transferLegSides
             pure (allocView.allocation.authorizer, leg)
           <>
           do
             (_cid, allocView) <- trade.allocationsV1
             let legV1 = allocView.allocation.transferLeg
             let legV2 = upcast_v1_v2_TransferLeg allocView.allocation.transferLegId legV1
-            -- V1 allocations cover both sender and receiver authorization
-            [(basicAccount legV1.sender, legV2), (basicAccount legV1.receiver, legV2)]
+            -- V1 allocations authorize both sides of the transfer
+            transferLegSidesWithAuthorizer legV2
 
     if Set.fromList minimallyRequiredAuthorizations `Set.isSubsetOf` Set.fromList actualAuthorizations
       then do
@@ -144,8 +135,8 @@ querySettleableTrades registries venue = do
     mkSettleableTrade trade agreementsByTrader = do
       let otcTrade = trade.otcTrade
       let otcTradeCid = trade.otcTradeCid
-      let settlement = mkOtcTradeSettlementInfo otcTradeCid otcTrade
-      let transferLegsByAdmin = splitLegsByAdmin otcTrade.transferLegs
+      let settlement = mkOtcTradeSettlementInfoV2 otcTradeCid otcTrade
+      let transferLegsByAdmin = splitLegsBy (.admin) otcTrade.tradeLegs
 
       -- create V1 contexts
       let allocationsV1ByAdmin = groupAsMapBy (._2.allocation.transferLeg.instrumentId.admin) trade.allocationsV1
@@ -172,7 +163,7 @@ querySettleableTrades registries venue = do
           pure ((admin, batch), disclosures)
 
       -- create V2 contexts
-      let allocationsV2ByAdmin = groupAsMapBy (\(_, allocView) -> allocationAdmin allocView.allocation) trade.allocationsV2
+      let allocationsV2ByAdmin = groupAsMapBy (\(_, allocView) -> allocView.allocation.admin) trade.allocationsV2
       settleBatchContextsV2 <-
         forA (Map.toList transferLegsByAdmin) $ \(admin, requiredLegs) -> do
           supportsV2 <- MultiRegistry.supportsV2 registries admin
@@ -183,9 +174,9 @@ querySettleableTrades registries venue = do
             let existingAllocations = fromOptional [] $ Map.lookup admin allocationsV2ByAdmin
             let actualAuthorizations = Set.fromList $ do
                   (_, allocView) <- existingAllocations
-                  leg <- allocView.allocation.transferLegs
+                  leg <- allocView.allocation.transferLegSides
                   pure (allocView.allocation.authorizer, leg)
-            let requiredAuthorizations = Set.fromList $ concatMap toAuthorizedLegs requiredLegs
+            let requiredAuthorizations = Set.fromList $ concatMap (\tradeleg -> transferLegSidesWithAuthorizer tradeleg.leg) requiredLegs
             let missingAuthorizations = requiredAuthorizations `Set.difference` actualAuthorizations
             let missingByAuthorizer = groupAsMapBy fst $ Set.toList missingAuthorizations
             missingAllocations <- forA (Map.toList missingByAuthorizer) $ \(authorizer, missingLegs) -> do
@@ -193,9 +184,13 @@ querySettleableTrades registries venue = do
                 fail $ "unexpected internal failure: missing authorizer is a non-basic account " <> show authorizer
               enrichedChoice <- RegistryApiV2.getAllocationFactory registry V2.AllocationFactory_Allocate with
                 allocation = V2.AllocationSpecification with
-                  transferLegs = map snd missingLegs
+                  admin
+                  transferLegSides = map snd missingLegs
                   settlement
+                  nextIterationFunding = None
+                  committed = False
                   authorizer
+                  meta = emptyMetadata
                 inputHoldingCids = []
                 requestedAt = now
                 extraArgs = emptyExtraArgs
@@ -208,8 +203,8 @@ querySettleableTrades registries venue = do
             let allocationCids = map fst existingAllocations
             let settleBatchArg = V2.SettlementFactory_SettleBatch with
                   settlement
-                  transferLegs = requiredLegs
-                  allocationCids
+                  transferLegs = map (.leg) requiredLegs
+                  allocations = map (nonIteratedAllocation . fst) existingAllocations
                   extraArgs = emptyExtraArgs
                   actors = [venue]
             context <- RegistryApiV2.getSettlementFactory registry settleBatchArg
@@ -262,7 +257,7 @@ cancelWithTradeAgreements registries trade = do
     pure (allocationWithContext, context.disclosures)
   -- grab contexts for V2 allocation cancellation
   allocationsWithContextV2 <- forA trade.allocationsV2 $ \(allocCid, allocView) -> do
-    registry <- MultiRegistry.getRegistryApiV2 registries (allocationAdmin allocView.allocation)
+    registry <- MultiRegistry.getRegistryApiV2 registries allocView.allocation.admin
     context <- RegistryApiV2.getAllocation_CancelContext registry allocCid emptyMetadata
     let extraArgs = ExtraArgs with
           context = context.choiceContext
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/AmuletRegistryV2.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/AmuletRegistryV2.daml
index 8a89039e6c..3825625f35 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/AmuletRegistryV2.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/AmuletRegistryV2.daml
@@ -270,8 +270,8 @@ registryApi_getSettlementFactory registry arg = do
   -- Option 2 seems preferable from given an architecture where the backend does not
   -- ingest interfaces, but only works with the concrete templates.
   --
-  lockedDs <- forA arg.allocationCids $ \allocCid -> do
-    getLockedAmuletForAllocationsD registry allocCid
+  lockedDs <- forA arg.allocations $ \alloc -> do
+    getLockedAmuletForAllocationsD registry alloc.allocationCid
   let fullContext = withExtraDisclosures (extAmuletRulesD <> mconcat lockedDs) transferC
   pure EnrichedFactoryChoice with
     factoryCid = toInterfaceContractId @SettlementFactory extAmuletRulesCid
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/TestTokenV2_RegistryV2.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/TestTokenV2_RegistryV2.daml
index 3751155b75..129de9c9b1 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/TestTokenV2_RegistryV2.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/Registries/TestTokenV2_RegistryV2.daml
@@ -158,8 +158,8 @@ registryApi_getSettlementFactory
 registryApi_getSettlementFactory registry arg = do
   let accounts = dedup $ concatMap (\leg -> [leg.sender, leg.receiver]) arg.transferLegs
   (tokenRulesCid, context, disclosures) <- getAccountMapAndTokenRulesC registry accounts
-  lockedDs <- forA arg.allocationCids $ \allocCid -> do
-    getLockedTokensForAllocationsD registry allocCid
+  lockedDs <- forA arg.allocations $ \alloc -> do
+    getLockedTokensForAllocationsD registry alloc.allocationCid
   let
     arg' =
       arg with
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/TokenStandard/WalletClientV2.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/TokenStandard/WalletClientV2.daml
index 5c4721d82b..27e0243bc2 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/TokenStandard/WalletClientV2.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Testing/TokenStandard/WalletClientV2.daml
@@ -14,6 +14,7 @@ module Splice.Testing.TokenStandard.WalletClientV2
     listUnlockedHoldingCidsFor,
 
     checkHoldingWithAmountExists,
+    checkUnlockedBalance,
     checkBalanceBounds,
     checkBalance,
     checkAccountBalance,
@@ -56,6 +57,8 @@ module Splice.Testing.TokenStandard.WalletClientV2
     createBatchingUtility,
 
     -- ** Allocations
+    extractNextIterationAllocationCid,
+
     mkAllocationFactory_AllocateV1,
     mkAllocationFactory_AllocateV2,
     mkAllocationRequest_AcceptV2,
@@ -77,13 +80,14 @@ module Splice.Testing.TokenStandard.WalletClientV2
     mkTransferFactory_TransferV2',
 
     -- * Tx history V2 checking utilities
+    submitAndCheckTxHistory,
     extractAndCheckTxHistory,
     expectTxHistoryReasons,
   ) where
 
 import DA.Action (unless, when)
 import DA.Foldable (forA_)
-import DA.List (dedupSort, sort, unique)
+import DA.List (dedupSort, dedupOn, sort, unique)
 import DA.Map qualified as Map
 import DA.Optional
 import DA.Time
@@ -114,7 +118,6 @@ import Splice.Testing.TokenStandard.WalletClient qualified as WalletClientV1
 import Splice.Testing.Utils
 
 import Daml.Script
-import Splice.TokenStandard.Utils (allocationAdmin)
 
 -- | List all holdings of a specific instrument owned by a party.
 listHoldings : Party -> V2.InstrumentId -> Script [(ContractId V2.Holding, V2.HoldingView)]
@@ -214,9 +217,20 @@ getAccountBalance actor account instrumentId = do
     guard (holding.account == account && holding.instrumentId == instrumentId)
     pure holding.amount
 
+checkUnlockedBalance : Party -> V2.InstrumentId -> Decimal -> Script ()
+checkUnlockedBalance p instrumentId balance = do
+  holdings <- listHoldings p instrumentId
+  let unlockedHoldings = filter (\(_, holding) -> isNone holding.lock) holdings
+  let total = sum $ map (._2.amount) unlockedHoldings
+  unless (total == balance) $ fail $ T.unlines [
+    "Wallet " <> show p <> ": unlocked balance of " <> show total <> " for " <> show instrumentId <>
+    " does not match the expected balance of " <> show balance,
+    "All holdings: " <> show holdings,
+    "Unlocked holdings: " <> show unlockedHoldings ]
+
+
 -- Transfer offers
 ------------------
-
 -- | List pending V2 transfer offers (as sender or receiver)
 listTransferOffersV2 : Party -> V2.InstrumentId -> Script [(ContractId V2.TransferInstruction, V2.TransferInstructionView)]
 listTransferOffersV2 p instrumentId = do
@@ -303,22 +317,17 @@ extractPendingTransferInstructionV2 result = error $ "Expected a TransferInstruc
 -- Allocations
 --------------
 
--- | List all allocations requested from the actor for instruments by the admin.
+-- | List all allocations requested from the account for instruments by the admin.
 listRequestedAllocationsForAdmin : Party -> V2.Account -> Party -> Script [V2.AllocationSpecification]
 listRequestedAllocationsForAdmin admin tradingAccount actor = do
   reqs <- queryInterface @V2.AllocationRequest actor
-  let amuletAllocs = do
+  let allocSpecs = do
         (_reqCid, Some req) <- reqs
-        let transferLegs = do
-              tf <- req.transferLegs
-              guard (tf.instrumentId.admin ==  admin)
-              guard (tradingAccount == tf.sender || tradingAccount == tf.receiver)
-              return tf
-        pure V2.AllocationSpecification with
-          authorizer = tradingAccount
-          settlement = req.settlement
-          transferLegs
-  pure amuletAllocs
+        guard (req.authorizer == tradingAccount)
+        alloc <- req.allocations
+        guard (alloc.admin == admin)
+        pure $ TSU.requestedAllocationToSpecification req.settlement req.authorizer alloc
+  pure allocSpecs
 
 listAllocationsV2 : V2.Account -> Party -> Script [(ContractId V2.Allocation, V2.AllocationView)]
 listAllocationsV2 tradingAccount actor = do
@@ -340,6 +349,12 @@ listAllocationRequestsV2 tradingAccount actor = do
   reqs <- queryInterface @V2.AllocationRequest actor
   return [ (reqCid, reqView) | (reqCid, Some reqView) <- reqs, tradingAccount == reqView.authorizer ]
 
+extractNextIterationAllocationCid : V2.AllocationResult -> Optional (ContractId V2.Allocation)
+extractNextIterationAllocationCid allocResult =
+  case allocResult.output of
+    V2.AllocationResult_Settled with nextIterationAllocationCid -> nextIterationAllocationCid
+    _ -> None
+
 -- | Simulate a V2 wallet accepting an allocation request from a V1 app.
 acceptAllocationRequestV1
   :  MultiRegistry.MultiRegistry -> Party -> V1.AllocationRequestView
@@ -362,7 +377,7 @@ acceptAllocationInstructionV2
   :  MultiRegistry.MultiRegistry -> Party -> (ContractId V2.AllocationInstruction, V2.AllocationInstructionView)
   -> Script V2.AllocationInstructionResult
 acceptAllocationInstructionV2 registries actor (instrCid, instrView) = do
-  registry <- MultiRegistry.getRegistryApiV2 registries (allocationAdmin instrView.allocation)
+  registry <- MultiRegistry.getRegistryApiV2 registries instrView.allocation.admin
   context <- V2.getAllocationInstruction_AcceptContext registry instrCid emptyMetadata
   (result, _change) <- extractAndCheckTxHistory (Map.keys registries) $
     submitResultAndTree (actAs actor <> discloseMany' context.disclosures) $
@@ -380,7 +395,7 @@ withdrawAllocationInstructionV2
   :  MultiRegistry.MultiRegistry -> Party -> (ContractId V2.AllocationInstruction, V2.AllocationInstructionView)
   -> Script (Optional (ContractId V2.AllocationInstruction))
 withdrawAllocationInstructionV2 registries actor (instrCid, instrView) = do
-  registry <- MultiRegistry.getRegistryApiV2 registries (allocationAdmin instrView.allocation)
+  registry <- MultiRegistry.getRegistryApiV2 registries instrView.allocation.admin
   context <- V2.getAllocationInstruction_WithdrawContext registry instrCid emptyMetadata
   (res, _change) <-
     extractAndCheckTxHistory (Map.keys registries) $
@@ -401,7 +416,7 @@ withdrawAllocationV2
   :  MultiRegistry.MultiRegistry -> Party -> (ContractId V2.Allocation, V2.AllocationView)
   -> Script (Optional (ContractId V2.Allocation))
 withdrawAllocationV2 registries actor (allocCid, allocView) = do
-  registry <- MultiRegistry.getRegistryApiV2 registries (allocationAdmin allocView.allocation)
+  registry <- MultiRegistry.getRegistryApiV2 registries allocView.allocation.admin
   context <- V2.getAllocation_WithdrawContext registry allocCid emptyMetadata
   (res, _change) <-
     extractAndCheckTxHistory (Map.keys registries) $
@@ -587,8 +602,12 @@ mkAllocationFactory_AllocateV2 registryV2 actor allocation = do
         arg = enrichedChoice.arg
   pure TSABatch with
     actions = [action]
-    accountsAndInstruments = Set.fromList
-      [ (allocation.authorizer, leg.instrumentId) | leg <- allocation.transferLegs ]
+    accountsAndInstruments = Set.fromList $ do
+      leg <- allocation.transferLegSides
+      let iid = V2.InstrumentId with
+            id = leg.instrumentId
+            admin = allocation.admin
+      pure (allocation.authorizer, iid)
     disclosures = enrichedChoice.disclosures
 
 mkAllocationRequest_AcceptV2 : Party -> ContractId V2.AllocationRequest -> Script TSABatch
@@ -625,26 +644,31 @@ mkAcceptAllocationRequestV2
   :  MultiRegistry.MultiRegistry -> Party -> (ContractId V2.AllocationRequest, V2.AllocationRequestView) -> Script TSABatch
 mkAcceptAllocationRequestV2 registries actor (reqCid, req) = do
   acceptRequestBatch <- mkAllocationRequest_AcceptV2 actor reqCid
-  let legsByAdmin = TSU.splitLegsByAdmin req.transferLegs
-  batches <- forA (Map.toList legsByAdmin) $ \(admin, legs) -> do
-    apis <- MultiRegistry.getRegistryApis registries admin
+  batches <- forA req.allocations $ \alloc -> do
+    apis <- MultiRegistry.getRegistryApis registries alloc.admin
     case (apis.v2Api, apis.v1Api) of
       (Some registryV2, _) -> do
         -- when possible use the V2 factory
         mkAllocationFactory_AllocateV2 registryV2 actor V2.AllocationSpecification with
+          admin = alloc.admin
           authorizer = req.authorizer
           settlement = req.settlement
-          transferLegs = legs
+          transferLegSides = alloc.transferLegSides
+          nextIterationFunding = alloc.nextIterationFunding
+          committed = alloc.committed
+          meta = alloc.meta
 
       (None, Some _) -> do
         -- allocate legs for V1-only admins via their V1 factory
-        let reqV1 = V1.AllocationRequestView with
-              settlement = TSU.downcast req.settlement
-              transferLegs = TextMap.fromList [(leg.transferLegId, TSU.downcast leg) | leg <- legs]
-              meta = emptyMetadata
+        let reqV1 = (TSU.downcast req) with
+              -- overwrite the transfer legs to only include the legs relevant for this admin
+              transferLegs = TextMap.fromList $ do
+                leg <- alloc.transferLegSides
+                let legV2 = TSU.transferLegFromSide req.authorizer leg
+                pure (leg.transferLegId, TSU.downcast_v2_v1_TransferLeg alloc.admin legV2)
         mkAcceptAllocationRequestV1 registries actor reqV1
 
-      (None, None) -> fail $ "unknown registry admin " <> show admin
+      (None, None) -> fail $ "unknown registry admin " <> show alloc.admin
 
   pure (acceptRequestBatch <> mconcat batches)
 
@@ -713,6 +737,11 @@ mkTransferFactory_TransferV2' registries t = do
 
 type HoldingSnapshot = Map.Map (ContractId V2.Holding) V2.HoldingView
 
+submitAndCheckTxHistory : [Party] -> SubmitOptions -> Commands b -> Script b
+submitAndCheckTxHistory adminParties submitOptions action = do
+  (result, _changes) <- extractAndCheckTxHistory adminParties $ submitResultAndTree submitOptions action
+  pure result
+
 extractAndCheckTxHistory : [Party] -> Script (a, TransactionTree) -> Script (a, [TransferEventsV2.EventLog_HoldingsChange])
 extractAndCheckTxHistory adminParties action = do
   holdingsBefore <- snapshotHoldings adminParties
@@ -732,7 +761,8 @@ expectTxHistoryReasons changes expectedReasons = do
   where
     actualReasons = sort $ do
       change <- mergeHoldingChangesByAdminAndAccount changes
-      let legReasons = [ TSU.reasonFromMeta leg.meta | leg <- change.transferLegs ]
+      -- dedup on transferLegId to avoid duplicate reasons for self-transfers
+      let legReasons = [ TSU.reasonFromMeta leg.meta | leg <- dedupOn (.transferLegId) change.transferLegSides ]
       pure (change.account, legReasons, TSU.reasonFromMeta change.extraArgs.meta)
 
 snapshotHoldings : [Party] -> Script HoldingSnapshot
@@ -751,7 +781,7 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
       fail $ "duplicate output holding cids across changes: " <> show allOutputHoldingCids
     -- check invariants of individual holding changes
     forA_ changes $ \change -> do
-      when (null change.transferLegs && null change.inputHoldingCids && null change.outputHoldingCids) $
+      when (null change.transferLegSides && null change.inputHoldingCids && null change.outputHoldingCids) $
         fail $ "holding change is missing transfer legs or input/output holding cids: " <> show change
     -- check invariants of merged changes per account
     outputHoldings <- forA mergedChanges validateMergedHoldingsChange
@@ -767,10 +797,20 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
         ]
     -- check that transfer legs are reported for both sides of the transfer for all non-admin accounts
     forA_ changes $ \change -> do
-      forA_ change.transferLegs $ \leg -> do
-        forA_ [leg.sender, leg.receiver] $ \legAccount ->
-          unless ((legAccount, leg) `elem` allNonAdminTransferLegs || legAccount.owner == change.admin) $
-            fail $ "transfer leg " <> show leg <> " is not reported for both sender and receiver"
+      forA_ change.transferLegSides $ \leg -> do
+        -- check that the direction of burn accounts is right
+        when (leg.otherside == TSU.burnAccount change.admin && leg.side == TransferEventsV2.ReceiverSide) $
+          fail $ "cannot receiver from a burn account: " <> show leg
+        when (leg.otherside == TSU.mintAccount change.admin && leg.side == TransferEventsV2.SenderSide) $
+          fail $ "cannot send to a mint account: " <> show leg
+        -- check that the other side of the transfer leg is also reported
+        let otherSide = case leg.side of
+              TransferEventsV2.SenderSide -> TransferEventsV2.ReceiverSide
+              TransferEventsV2.ReceiverSide -> TransferEventsV2.SenderSide
+        let othersideLeg =
+              (leg.otherside, leg with side = otherSide; otherside = change.account)
+        unless (othersideLeg `elem` allNonAdminTransferLegs || othersideLeg._1.owner == change.admin) $
+          fail $ "transfer leg side " <> show leg <> " is not reported"
     -- check that total supply changes are reported via burns and mints
     unless (reportedSupplyChangeByAdmin == actualSupplyChangeByAdmin) $
       fail $ T.unlines
@@ -786,15 +826,19 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
     allInputHoldingCids = sort $ concatMap (.inputHoldingCids) changes
     allOutputHoldingCids = sort $ concatMap (.outputHoldingCids) changes
 
-    mintOrBurnLegs = dedupSort $ do
-      change <- changes
-      leg <- change.transferLegs
-      guard (leg.receiver == TSU.burnAccount change.admin || leg.sender == TSU.mintAccount change.admin)
-      pure leg
     reportedSupplyChangeByAdmin = Map.filter (/= 0.0) $ Map.fromListWithR (+) $ do
-      leg <- mintOrBurnLegs
-      let amount = if leg.receiver == TSU.burnAccount leg.instrumentId.admin then negate leg.amount else leg.amount
-      pure (leg.instrumentId.admin, amount)
+      change <- changes
+      -- ignore changes reported on burn and mint accounts since they are not real accounts
+      guard (change.account /= TSU.burnAccount change.admin && change.account /= TSU.mintAccount change.admin)
+      leg <- change.transferLegSides
+      case leg.side of
+        TransferEventsV2.SenderSide ->  do
+          guard (leg.otherside == TSU.burnAccount change.admin)
+          pure (change.admin, negate leg.amount)
+        TransferEventsV2.ReceiverSide ->  do
+          guard (leg.otherside == TSU.mintAccount change.admin)
+          pure (change.admin, leg.amount)
+
     actualSupplyChangeByAdmin = Map.filter (/= 0.0) $ Map.fromListWithR (+) $
       [ (holding.instrumentId.admin, negate holding.amount) | (_, holding) <- Map.toList holdingsBefore ] ++
       [ (holding.instrumentId.admin, holding.amount) | (_, holding) <- Map.toList holdingsAfter ]
@@ -802,17 +846,13 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
     allNonAdminTransferLegs = do
       change <- changes
       guard (change.account.owner /= change.admin) -- admins are free to not provide tx history for their accounts
-      leg <- change.transferLegs
+      leg <- change.transferLegSides
       pure (change.account, leg)
 
     validateMergedHoldingsChange change
       | not (unique change.inputHoldingCids) = fail $ "duplicate input holding cids in change: " <> show change
       | not (unique change.outputHoldingCids) = fail $ "duplicate output holding cids in change: " <> show change
       | otherwise = do
-          -- check that the transfer legs affect the account
-          forA_ change.transferLegs $ \leg -> do
-            unless (leg.sender == change.account || leg.receiver == change.account) $
-              fail $ "holding change includes transfer leg that does not affect the account: " <> show leg
           -- check input and output holdings are transient or can be read in the expected snapshots
           let checkHolding cid holding
                 | holding.account /= change.account =
@@ -842,7 +882,7 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
           let (credits, outputHoldings) = unzip (catOptionals creditsAndOutputs)
           let ignoreZeroChanges = Map.filter (/= 0.0)
           let holdingAmountChanges = ignoreZeroChanges $ Map.fromListWithR (+) (catOptionals debits ++ credits)
-          let legAmountChanges = ignoreZeroChanges $ netAllocationCreditAmountsOfLegs change.account change.transferLegs
+          let legAmountChanges = ignoreZeroChanges $ netAllocationCreditAmountsOfLegs change.admin change.transferLegSides
           unless (holdingAmountChanges == legAmountChanges || change.account.owner == change.admin) $
             fail $ T.unlines
               [ "holding amount changes do not match leg amount changes for account " <> show change.account
@@ -852,14 +892,15 @@ validateHoldingsChanges holdingsBefore txTree holdingsAfter = do
               ]
           pure outputHoldings
 
-netAllocationCreditAmountsOfLegs : V2.Account -> [TransferEventsV2.TransferLeg] -> Map.Map V2.InstrumentId Decimal
-netAllocationCreditAmountsOfLegs authorizer transferLegs =
+netAllocationCreditAmountsOfLegs : Party -> [TransferEventsV2.TransferLegSide] -> Map.Map V2.InstrumentId Decimal
+netAllocationCreditAmountsOfLegs admin transferLegs =
     Map.fromListWithR (+) $ map legAmount transferLegs
   where
     legAmount leg =
-      ( leg.instrumentId
-      , (if leg.sender == authorizer then negate leg.amount else 0.0) +
-        (if leg.receiver == authorizer then leg.amount else 0.0)
+      ( V2.InstrumentId with id = leg.instrumentId; admin
+      , case leg.side of
+          TransferEventsV2.SenderSide -> negate leg.amount
+          TransferEventsV2.ReceiverSide -> leg.amount
       )
 
 mergeHoldingChangesByAdminAndAccount : [TransferEventsV2.EventLog_HoldingsChange] -> [TransferEventsV2.EventLog_HoldingsChange]
@@ -871,7 +912,7 @@ mergeHoldingChangesByAdminAndAccount events =
     mergeTwoHoldingChangeEvents e1 e2 =
       e1 with
         inputHoldingCids = e1.inputHoldingCids ++ e2.inputHoldingCids
-        transferLegs = e1.transferLegs ++ e2.transferLegs
+        transferLegSides = e1.transferLegSides ++ e2.transferLegSides
         outputHoldingCids = e1.outputHoldingCids ++ e2.outputHoldingCids
         observers = dedupSort (e1.observers ++ e2.observers)
         extraArgs = e1.extraArgs with
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAccountProviderAllocation.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAccountProviderAllocation.daml
index cd280c7e94..d61f0b68c7 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAccountProviderAllocation.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAccountProviderAllocation.daml
@@ -13,6 +13,8 @@ import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.HoldingV2 qualified as V2
 import Splice.Api.Token.AllocationV2 qualified as V2
 import Splice.Api.Token.AllocationInstructionV2 qualified as V2
+import Splice.Api.Token.AllocationRequestV2 qualified as V2
+import Splice.TokenStandard.Utils as TSU
 
 
 import Splice.Testing.Utils
@@ -178,7 +180,7 @@ test_allocation_flow env authorizer provider executors mkac initiator instr_acti
           sender = accountConfig.account
           receiver = voidAccount
           amount = 1.0
-          instrumentId = instrX
+          instrumentId = instrX.id
           meta = emptyMetadata
         ,
         V2.TransferLeg with
@@ -186,20 +188,29 @@ test_allocation_flow env authorizer provider executors mkac initiator instr_acti
           sender = voidAccount
           receiver = accountConfig.account
           amount = 1.0
-          instrumentId = instrY
+          instrumentId = instrY.id
           meta = emptyMetadata
       ]
+    transferLegSides = do
+      (authorizer, legSide) <- concatMap TSU.transferLegSidesWithAuthorizer transferLegs
+      guard (authorizer == accountConfig.account)
+      pure legSide
     settlement = V2.SettlementInfo with
       executors
-      requestedAt
-      settleAt
       settlementDeadline = None
       settlementRef = V2.Reference "foo" None
       meta = emptyMetadata
     request = TradingAppV2.OTCTradeAllocationRequest with
       authorizer = accountConfig.account
+      requestedAt
+      settleAt
       settlement
-      transferLegs
+      allocations = pure $ V2.RequestedAllocation with
+        admin = instrX.admin
+        transferLegSides
+        nextIterationFunding = None
+        committed = False
+        meta = emptyMetadata
 
   -- Create the allocation request
   submit executors do
@@ -224,7 +235,7 @@ test_allocation_flow env authorizer provider executors mkac initiator instr_acti
     settle_allocation actors (allocCid, V2.AllocationView{..}) = do
       let
         batch = V2.SettlementFactory_SettleBatch with
-          allocationCids = [allocCid]
+          allocations = [nonIteratedAllocation allocCid]
           extraArgs = emptyExtraArgs
           ..
 
@@ -239,6 +250,8 @@ test_allocation_flow env authorizer provider executors mkac initiator instr_acti
         exerciseCmd allocCid V2.Allocation_Settle with
           actors = actors'
           extraArgs = context.arg.extraArgs
+          nextIterationFunding = None
+          extraTransferLegSides = []
 
     cancel_allocation actors (allocCid, _) = do
       registry <- MultiRegistry.getRegistryApiV2 registries env.testTokenV2.admin
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAmuletTokenDvP_V1V2Mixed.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAmuletTokenDvP_V1V2Mixed.daml
index 7584e2e200..36906ee9fb 100644
--- a/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAmuletTokenDvP_V1V2Mixed.daml
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestAmuletTokenDvP_V1V2Mixed.daml
@@ -390,20 +390,25 @@ runTest mkTest = do
       trader
 
   -- register OTC trade
-  let transferLegs = do
+  let tradeLegs = do
         (i, TestLeg{..}) <- zip [1..length test.transferLegs] test.transferLegs
-        pure V2.TransferLeg with
-          transferLegId = "leg" <> show i
-          sender = basicAccount sender
-          receiver = basicAccount receiver
-          amount
-          instrumentId = mkInstrumentId env instrumentId
-          meta = emptyMetadata
+        let iid = mkInstrumentId env instrumentId
+        let leg = V2.TransferLeg with
+              transferLegId = "leg" <> show i
+              sender = basicAccount sender
+              receiver = basicAccount receiver
+              amount
+              instrumentId = iid.id
+              meta = emptyMetadata
+        pure TradingAppV2.TradeLeg with
+          leg
+          admin = iid.admin
+
   now <- getTime
   let settlementDeadline = now `addRelTime` hours 2
   let otcTrade = TradingAppV2.OTCTrade with
         venue = env.venue
-        transferLegs
+        tradeLegs
         settleAt = now `addRelTime` hours 1
         createdAt = now
         settlementDeadline = Some settlementDeadline
@@ -467,7 +472,7 @@ runTest mkTest = do
         forA_ allocs $ \(allocCid, optAllocView) -> do
           -- TODO(#4517): also test lock expiry
           Some allocView <- pure optAllocView
-          registry <- MultiRegistry.getRegistryApiV2 env.registries (allocationAdmin allocView.allocation)
+          registry <- MultiRegistry.getRegistryApiV2 env.registries allocView.allocation.admin
           context <- RegistryApiV2.getAllocation_WithdrawContext registry allocCid emptyMetadata
           submitWithDisclosures' withdrawer context.disclosures $ exerciseCmd allocCid
             V2.Allocation_Withdraw with
diff --git a/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestIteratedSettlement.daml b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestIteratedSettlement.daml
new file mode 100644
index 0000000000..05703deb71
--- /dev/null
+++ b/token-standard/splice-token-standard-test-v2/daml/Splice/Tests/TestIteratedSettlement.daml
@@ -0,0 +1,317 @@
+-- Copyright (c) 2024 Digital Asset (Switzerland) GmbH and/or its affiliates. All rights reserved.
+-- SPDX-License-Identifier: Apache-2.0
+
+-- | Daml script testing iterated settlement directly.
+module Splice.Tests.TestIteratedSettlement where
+
+import Daml.Script
+
+import DA.Action
+import DA.Assert
+import DA.Foldable (forA_)
+import DA.Map qualified as Map
+import DA.Time
+import DA.TextMap qualified as TextMap
+import DA.Text qualified as T
+
+import Splice.Api.Token.MetadataV1
+import Splice.Api.Token.AllocationV2 qualified as V2
+import Splice.Api.Token.AllocationInstructionV2 qualified as V2
+import Splice.Api.Token.HoldingV2 qualified as V2
+
+import Splice.TokenStandard.Utils
+
+import Splice.Testing.Utils
+import Splice.Testing.Registries.AmuletRegistryV2 qualified as AmuletRegistryV2
+import Splice.Testing.Registries.TestRegistries qualified as TestRegistries
+import Splice.Testing.TokenStandard.RegistryApiV2 qualified as V2
+import Splice.Testing.TokenStandard.WalletClientV2 qualified as WalletClientV2
+
+
+-- TODO(#5464): generalize the tests to also test TestTokenV2
+
+-- | Test that an iterated allocation can be used to control locked funds.
+-- The test uses a simplified billing workflow as an example.
+test_locked_funds : Script ()
+test_locked_funds = do
+  env <- TestRegistries.initialize TestRegistries.defaultConfig
+
+  provider <- allocateParty "provider"
+  alice <- allocateParty "alice"
+
+  -- create some holdings for alice
+  let instrId = env.amuletV2.instrumentId
+  let registry = env.amuletV2
+  let admins = Map.keys env.registries
+  AmuletRegistryV2.tapFaucet registry alice 1000.0
+
+   -- create prefunded allocation
+  let settlement = V2.SettlementInfo with
+        executors = [provider]
+        settlementRef = V2.Reference with
+          id = "billing/<uuid>"
+          cid = None
+        settlementDeadline = None
+        meta = emptyMetadata
+  let alloc = V2.AllocationSpecification with
+        settlement
+        authorizer = basicAccount alice
+        admin = instrId.admin
+        transferLegSides = []
+        nextIterationFunding = Some (TextMap.singleton instrId.id 100.0)
+        committed = True
+        meta = reasonToMeta "fund regular billing" emptyMetadata
+  now <- getTime
+  inputHoldingCids <- WalletClientV2.listHoldingCids alice instrId
+  enrichedChoice <- V2.getAllocationFactory registry V2.AllocationFactory_Allocate with
+    allocation = alloc
+    requestedAt = now
+    inputHoldingCids
+    actors = [alice]
+    extraArgs = emptyExtraArgs
+
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs alice <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let V2.AllocationInstructionResult_Completed aliceAllocationCid = result.output
+
+  WalletClientV2.checkUnlockedBalance alice instrId 900.0
+
+  -- check that allocation metadata is passed on
+  Some aliceAllocView <- queryInterfaceContractId alice aliceAllocationCid
+  aliceAllocView.allocation.meta === reasonToMeta "fund regular billing" emptyMetadata
+
+  -- provider creates allocation to accept license fee payment
+  let billingLeg = V2.TransferLeg with
+        transferLegId = "billing-leg"
+        sender = basicAccount alice
+        receiver = basicAccount provider
+        amount = 0.5
+        instrumentId = instrId.id
+        meta = reasonToMeta "daily license fee" emptyMetadata
+  enrichedChoice <- V2.getAllocationFactory registry V2.AllocationFactory_Allocate with
+    allocation = V2.AllocationSpecification with
+      settlement
+      authorizer = basicAccount provider
+      admin = instrId.admin
+      transferLegSides = [receiverSide billingLeg]
+      nextIterationFunding = None
+      committed = False
+      meta = emptyMetadata
+    requestedAt = now
+    inputHoldingCids = []
+    actors = [provider]
+    extraArgs = emptyExtraArgs
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs provider <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let V2.AllocationInstructionResult_Completed providerAllocationCid = result.output
+
+  -- provider settles billing against prefunded allocation
+  now <- getTime
+  enrichedChoice <- V2.getSettlementFactory registry V2.SettlementFactory_SettleBatch with
+    actors = [provider]
+    settlement
+    transferLegs = [billingLeg]
+    allocations =
+      [ nonIteratedAllocation providerAllocationCid
+      , V2.FinalizedAllocation with
+          allocationCid = aliceAllocationCid
+          extraTransferLegSides = [senderSide billingLeg]
+          nextIterationFunding = Some (TextMap.singleton instrId.id 99.0)
+      ]
+    extraArgs = emptyExtraArgs
+
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs provider <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let [_, settleResult] = result.allocationSettleResults
+  let Some aliceAllocationCid = WalletClientV2.extractNextIterationAllocationCid settleResult
+
+  -- payout of 0.5 Amulet to alice, and 0.5 Amulet to the provider
+  WalletClientV2.checkUnlockedBalance alice instrId 900.5
+  WalletClientV2.checkUnlockedBalance provider instrId 0.5
+
+  -- test a top-up via a self-transfer
+  let topupLeg = V2.TransferLeg with
+        transferLegId = "topup-leg"
+        sender = basicAccount alice
+        receiver = basicAccount alice
+        amount = 200.0
+        instrumentId = instrId.id
+        meta = reasonToMeta "topup funds for fee payments" emptyMetadata
+  inputHoldingCids <- WalletClientV2.listUnlockedHoldingCidsFor (basicAccount alice) alice instrId
+  enrichedChoice <- V2.getAllocationFactory registry V2.AllocationFactory_Allocate with
+    allocation = V2.AllocationSpecification with
+      settlement
+      authorizer = basicAccount alice
+      admin = instrId.admin
+      transferLegSides = [senderSide topupLeg] -- This is key: here we approve the sender-side, which locks the funds
+      nextIterationFunding = None
+      committed = False
+      meta = emptyMetadata
+    requestedAt = now
+    inputHoldingCids = inputHoldingCids
+    actors = [alice]
+    extraArgs = emptyExtraArgs
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs alice <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let V2.AllocationInstructionResult_Completed topupAllocationCid = result.output
+
+  -- execute the top-up of alice's two allocations using batch settlement
+  enrichedChoice <- V2.getSettlementFactory registry V2.SettlementFactory_SettleBatch with
+    actors = [provider]
+    settlement
+    transferLegs = [topupLeg]
+    allocations =
+      [ nonIteratedAllocation topupAllocationCid
+      , V2.FinalizedAllocation with
+          allocationCid = aliceAllocationCid
+          extraTransferLegSides = [receiverSide topupLeg]
+          nextIterationFunding = Some (TextMap.singleton instrId.id 299.0)
+      ]
+    extraArgs = emptyExtraArgs
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs provider <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let [_, settleResult] = result.allocationSettleResults
+  let Some aliceAllocationCid = WalletClientV2.extractNextIterationAllocationCid settleResult
+
+  -- there is exactly one allocation for alice
+  [(cid, Some aliceAllocView)] <- queryInterface @V2.Allocation alice
+  cid === aliceAllocationCid
+  aliceAllocView.allocation.nextIterationFunding === Some (TextMap.singleton instrId.id 299.0)
+  aliceAllocView.allocation.transferLegSides === []
+
+  -- there is one locked holding for alice
+  [(_, holding)] <- WalletClientV2.listLockedHoldings alice instrId
+  holding.amount === 299.0
+
+  -- the balances are as expected
+  WalletClientV2.checkBalance alice instrId 999.5
+  WalletClientV2.checkBalance provider instrId 0.5
+
+  pure ()
+
+
+-- | Test that refresh on settlement and withdrawal of iterated allocations works as expected.
+test_refresh_and_withdrawal : Script ()
+test_refresh_and_withdrawal = do
+  env <- TestRegistries.initialize TestRegistries.defaultConfig
+
+  provider <- allocateParty "provider"
+  alice <- allocateParty "alice"
+
+  -- fund alice
+  let instrId = env.amuletV2.instrumentId
+  let registry = env.amuletV2
+  let dso = registry.dso
+  let admins = Map.keys env.registries
+
+  -- create an allocation for iterated settlement with a settlement deadline in one year
+  now <- getTime
+  let aliceSettlementDeadline = addRelTime now (days 365)
+  let settlement = V2.SettlementInfo with
+        executors = [provider]
+        settlementRef = V2.Reference with
+          id = "billing/<uuid>"
+          cid = None
+        settlementDeadline = Some aliceSettlementDeadline
+        meta = emptyMetadata
+  let alloc = V2.AllocationSpecification with
+        settlement
+        authorizer = basicAccount alice
+        admin = instrId.admin
+        transferLegSides = []
+        nextIterationFunding = Some TextMap.empty
+        committed = True
+        meta = reasonToMeta "fund regular billing" emptyMetadata
+  inputHoldingCids <- WalletClientV2.listHoldingCids alice instrId
+  enrichedChoice <- V2.getAllocationFactory registry V2.AllocationFactory_Allocate with
+    allocation = alloc
+    requestedAt = now
+    inputHoldingCids
+    actors = [alice]
+    extraArgs = emptyExtraArgs
+  result <- WalletClientV2.submitAndCheckTxHistory admins (actAs alice <> discloseMany' enrichedChoice.disclosures) $
+    exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+  let V2.AllocationInstructionResult_Completed aliceAllocationCid0 = result.output
+  Some aliceAllocView0 <- queryInterfaceContractId alice aliceAllocationCid0
+  checkAllocationsAndHoldingExpiryAgree dso
+
+  -- withdrawing Alice's allocation must fail, as it is committed until its settlement deadline
+  context <- V2.getAllocation_WithdrawContext registry aliceAllocationCid0 emptyMetadata
+  result <- trySubmit (actAs alice <> discloseMany' context.disclosures) $
+    exerciseCmd aliceAllocationCid0 V2.Allocation_Withdraw with
+      actors = [alice]
+      extraArgs = ExtraArgs with
+        context = context.choiceContext
+        meta = emptyMetadata
+  let (Left (FailureStatusError err)) = result
+  err === mkCannotWithdrawCommittedAllocationFailure (Some aliceSettlementDeadline)
+
+  -- cycle allocation at different times
+  let refreshAllocation allocationCid = do
+        enrichedChoice <- V2.getSettlementFactory registry V2.SettlementFactory_SettleBatch with
+          actors = [provider]
+          settlement
+          transferLegs = []
+          allocations =
+            [ V2.FinalizedAllocation with
+                allocationCid
+                extraTransferLegSides = []
+                nextIterationFunding = Some TextMap.empty
+            ]
+          extraArgs = emptyExtraArgs
+
+        result <- WalletClientV2.submitAndCheckTxHistory admins (actAs provider <> discloseMany' enrichedChoice.disclosures) $
+          exerciseCmd enrichedChoice.factoryCid enrichedChoice.arg
+        let [settleResult] = result.allocationSettleResults
+        let Some aliceAllocationCid = WalletClientV2.extractNextIterationAllocationCid settleResult
+        Some aliceAllocView <- queryInterfaceContractId alice aliceAllocationCid
+        pure (aliceAllocationCid, aliceAllocView)
+
+  -- immediate refresh should work and not bump expiry
+  (aliceAllocationCid1, aliceAllocView1) <- refreshAllocation aliceAllocationCid0
+  aliceAllocView0.expiresAt === aliceAllocView1.expiresAt
+  checkAllocationsAndHoldingExpiryAgree dso
+
+  -- refresh after 45 days still does not bump expiry
+  passTime (days 45)
+  (aliceAllocationCid1, aliceAllocView1) <- refreshAllocation aliceAllocationCid1
+  aliceAllocView0.expiresAt === aliceAllocView1.expiresAt
+
+  -- refresh after 45 days and 1 microsecond should bump expiry
+  passTime (microseconds 1)
+  (aliceAllocationCid1, aliceAllocView1) <- refreshAllocation aliceAllocationCid1
+  (fmap (`addRelTime` days 45) aliceAllocView0.expiresAt) === aliceAllocView1.expiresAt
+  checkAllocationsAndHoldingExpiryAgree dso
+
+  -- withdrawing Alice's allocation after the settlement deadline must succeed
+  setTime (aliceSettlementDeadline `addRelTime` microseconds 1)
+  context <- V2.getAllocation_WithdrawContext registry aliceAllocationCid1 emptyMetadata
+  WalletClientV2.submitAndCheckTxHistory admins (actAs alice <> discloseMany' context.disclosures) $
+    exerciseCmd aliceAllocationCid1 V2.Allocation_Withdraw with
+      actors = [alice]
+      extraArgs = ExtraArgs with
+        context = context.choiceContext
+        meta = emptyMetadata
+
+  [] <- queryInterface @V2.Allocation alice
+
+  pure ()
+
+
+
+checkAllocationsAndHoldingExpiryAgree : Party -> Script ()
+checkAllocationsAndHoldingExpiryAgree admin = do
+  allocs <- queryInterface @V2.Allocation admin
+  forA_ allocs $ \(_, Some allocView) -> do
+    let allocationExpiry = allocView.expiresAt
+    forA_ allocView.holdingCids $ \holdingCid -> do
+      Some holdingView <- queryInterfaceContractId @V2.Holding admin holdingCid
+      let lockExpiry = fmap (.expiresAt) holdingView.lock
+      unless (lockExpiry == Some allocationExpiry) $
+        fail $ T.unlines
+          [ "Expected allocation and holding expiry to agree, but they differ:"
+          , "  allocation: " <> show allocView
+          , "  holding: " <> show holdingView
+          , "  allocation expiry: " <> show allocationExpiry
+          , "  holding lock expiry: " <> show lockExpiry
+          ]
diff --git a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils.daml b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils.daml
index 76fa3637c1..bd7568b748 100644
--- a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils.daml
+++ b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils.daml
@@ -53,6 +53,10 @@ module Splice.TokenStandard.Utils (
   reasonToMeta,
   mkMetaTransferFrom,
 
+  -- * Missing Time utilities
+  -- TODO(#4865): upstream these to the Daml stdlib
+  maxTime,
+
   -- * Missing TextMap utilities
 
   -- TODO(#4865): upstream these to the Daml stdlib
@@ -74,8 +78,6 @@ module Splice.TokenStandard.Utils (
   burnAccount,
   mintAccount,
 
-  allocationToTransferEventLeg,
-
   logMint,
   logBurn,
   logNonEmptyChange,
@@ -83,14 +85,20 @@ module Splice.TokenStandard.Utils (
   logTransfer,
   logAllocationSettlement,
 
+
   -- * Allocation workflows
 
   -- ** Utilities for allocations
-  allocationAdmin,
+
   netAllocationCreditAmounts,
-  filterLegsForAccount,
-  splitLegsByAdmin,
-  splitLegsByAuthorizer,
+  requestedAllocationToSpecification,
+  nonIteratedAllocation,
+
+  -- *** Working with transfer legs and their sides
+  senderSide,
+  receiverSide,
+  transferLegFromSide,
+  transferLegSidesWithAuthorizer,
 
   -- *** Auto-creation of receipt allocations
   ensureIsReceiptAllocation,
@@ -110,12 +118,17 @@ module Splice.TokenStandard.Utils (
 
   -- ** Non-standard conversions
   upcast_v1_v2_TransferLeg,
+  downcast_v2_v1_TransferLeg,
+  downcast_v2_v1_SettlementInfo,
   upcast_v1_v2_Allocation,
 
   -- *** Choices
   allocationV2_withdrawDefaultImplUsingV1,
   allocationV2_cancelDefaultImplUsingV1,
 
+  ensureWithdrawIsAllowed,
+  mkCannotWithdrawCommittedAllocationFailure,
+
   -- ** Settlement factory implementation
   settlementFactoryV2_settleBatchDefaultImpl,
 
diff --git a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Allocations.daml b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Allocations.daml
index c9e46bce18..ff813e1d80 100644
--- a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Allocations.daml
+++ b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Allocations.daml
@@ -8,9 +8,14 @@ module Splice.TokenStandard.Utils.Internal.Allocations (
 
   -- * Allocation utilities
   netAllocationCreditAmounts,
-  splitLegsByAdmin,
-  splitLegsByAuthorizer,
-  filterLegsForAccount,
+  requestedAllocationToSpecification,
+  nonIteratedAllocation,
+
+  -- ** Working with transfer legs and their sides
+  senderSide,
+  receiverSide,
+  transferLegFromSide,
+  transferLegSidesWithAuthorizer,
 
   -- ** Auto-creation of receipt allocations
   ensureIsReceiptAllocation,
@@ -30,12 +35,18 @@ module Splice.TokenStandard.Utils.Internal.Allocations (
 
   -- ** Non-standard conversions
   upcast_v1_v2_TransferLeg,
+  downcast_v2_v1_TransferLeg,
+
+  downcast_v2_v1_SettlementInfo,
   upcast_v1_v2_Allocation,
 
   -- ** Choice implementations
   allocationV2_withdrawDefaultImplUsingV1,
   allocationV2_cancelDefaultImplUsingV1,
 
+  ensureWithdrawIsAllowed,
+  mkCannotWithdrawCommittedAllocationFailure,
+
   -- * SettlementFactory template implementations
   settlementFactoryV2_settleBatchDefaultImpl,
   fetchAndValidateAllocations,
@@ -72,14 +83,18 @@ module Splice.TokenStandard.Utils.Internal.Allocations (
 
 ) where
 
+import DA.Action
+import DA.Fail (failWithStatus, FailureStatus(..), FailureCategory(..))
 import DA.Foldable (forA_)
 import DA.List (dedupSort, unique)
 import qualified DA.Map as Map
-import DA.Optional (fromOptional)
+import DA.Optional
 import qualified DA.Set as Set
 import DA.TextMap qualified as TextMap
+import DA.Time (isLedgerTimeGT)
 
 import Splice.Api.Token.MetadataV1
+import Splice.Api.Token.HoldingV1 qualified as HoldingV1
 import Splice.Api.Token.HoldingV2 qualified as HoldingV2
 import Splice.Api.Token.AllocationV1 qualified as AllocationV1
 import Splice.Api.Token.AllocationV2 qualified as AllocationV2
@@ -95,34 +110,49 @@ import Splice.Api.Token.AllocationV2 (AllocationResult(AllocationResult))
 -- Allocation utilities
 ------------------------
 
--- | Filter transfer legs to the ones affecting the given account.
-filterLegsForAccount : HoldingV2.Account -> [AllocationV2.TransferLeg] -> [AllocationV2.TransferLeg]
-filterLegsForAccount account transferLegs =
-  filter (\tl -> account == tl.sender || account == tl.receiver) transferLegs
+-- | The sender side of a transfer leg.
+senderSide : AllocationV2.TransferLeg -> AllocationV2.TransferLegSide
+senderSide (AllocationV2.TransferLeg with ..) =
+  AllocationV2.TransferLegSide with side = AllocationV2.SenderSide; otherside = receiver; ..
 
--- | Group transfer legs by the account that needs to authorize them.
-splitLegsByAuthorizer : [AllocationV2.TransferLeg] -> Map.Map HoldingV2.Account [AllocationV2.TransferLeg]
-splitLegsByAuthorizer legs = Map.fromListWithR (++) $ do
-  leg <- legs
-  if leg.sender == leg.receiver
-    then [(leg.sender, [leg])] -- self-transfers are authorized only once
-    else [(leg.sender, [leg]), (leg.receiver, [leg])]
+-- | The receiver side of a transfer leg.
+receiverSide : AllocationV2.TransferLeg -> AllocationV2.TransferLegSide
+receiverSide (AllocationV2.TransferLeg with ..) =
+  AllocationV2.TransferLegSide with side = AllocationV2.ReceiverSide; otherside = sender; ..
 
--- | Group transfer legs by the admin of their instrument.
---
--- Use this to group them into batches for settlement, which is done on a per-admin basis.
-splitLegsByAdmin : [AllocationV2.TransferLeg] -> Map.Map Party [AllocationV2.TransferLeg]
-splitLegsByAdmin legs = Map.fromListWithR (++) $ map (\leg -> (leg.instrumentId.admin, [leg])) legs
-
--- | Net amounts of credit from an allocation's transfer legs.
-netAllocationCreditAmounts : HoldingV2.Account -> [AllocationV2.TransferLeg] -> Map.Map HoldingV2.InstrumentId Decimal
-netAllocationCreditAmounts authorizer transferLegs =
-    Map.fromListWithR (+) $ map legAmount transferLegs
+-- | Create a transfer-leg from a side and its authorizer.
+transferLegFromSide : HoldingV2.Account -> AllocationV2.TransferLegSide -> AllocationV2.TransferLeg
+transferLegFromSide authorizer (AllocationV2.TransferLegSide with ..) =
+    AllocationV2.TransferLeg with ..
+  where
+    (sender, receiver) = case side of
+      AllocationV2.SenderSide -> (authorizer, otherside)
+      AllocationV2.ReceiverSide -> (otherside, authorizer)
+
+-- | Smart-constructor to finalize a non-iterated allocation for settlement.
+nonIteratedAllocation : ContractId AllocationV2.Allocation -> AllocationV2.FinalizedAllocation
+nonIteratedAllocation allocationCid = AllocationV2.FinalizedAllocation with
+  allocationCid
+  extraTransferLegSides = []
+  nextIterationFunding = None
+
+-- | Convert a requested allocation to a specification.
+requestedAllocationToSpecification
+  : AllocationV2.SettlementInfo -> HoldingV2.Account -> AllocationRequestV2.RequestedAllocation
+  -> AllocationV2.AllocationSpecification
+requestedAllocationToSpecification settlement authorizer (AllocationRequestV2.RequestedAllocation with ..) =
+  AllocationV2.AllocationSpecification with ..
+
+-- | Net amounts of credit from an allocation's transfer leg sides.
+netAllocationCreditAmounts : HoldingV2.Account -> [AllocationV2.TransferLegSide] -> TextMap.TextMap Decimal
+netAllocationCreditAmounts authorizer transferLegSides =
+    TextMap.fromListWithR (+) $ map legAmount transferLegSides
   where
     legAmount leg =
       ( leg.instrumentId
-      , (if leg.sender == authorizer then negate leg.amount else 0.0) +
-        (if leg.receiver == authorizer then leg.amount else 0.0)
+      , case leg.side of
+          AllocationV2.SenderSide -> negate leg.amount
+          AllocationV2.ReceiverSide -> leg.amount
       )
 
 -- | Check basic invariants of a `V1.SettlementInfo`.
@@ -142,27 +172,22 @@ isValidAllocationSpecificationV1 AllocationV1.AllocationSpecification{..} =
 -- | Check basic invariants of a `V2.SettlementInfo`.
 isValidSettlementInfoV2 : AllocationV2.SettlementInfo -> Bool
 isValidSettlementInfoV2 AllocationV2.SettlementInfo{..} =
-  not (null executors) &&
-  requestedAt <= settleAt &&
-  optional True (settleAt <=) settlementDeadline &&
-  validateNoMeta extraExecutorsMetaField meta
+  not (null executors) && validateNoMeta extraExecutorsMetaField meta
 
 -- | Check basic invariants of a `V2.AllocationSpecification`.
 isValidAllocationSpecificationV2
-  : (HoldingV2.InstrumentId -> Bool)
-    -- ^ Validation for the instrument ID, SHOULD check equality on the `admin`.
+  : (Text -> Bool)
+    -- ^ Validation for the instrument ID.
   -> AllocationV2.AllocationSpecification -> Bool
 isValidAllocationSpecificationV2 validInstrumentId AllocationV2.AllocationSpecification{..} =
     isValidSettlementInfoV2 settlement &&
-    not (null transferLegs) &&
-    unique transferLegs &&
-    all isValidLeg transferLegs
+    (not (null transferLegSides) || isSome nextIterationFunding) && -- empty transfer legs are only allowed for iterated settlement
+    unique (map (\leg -> (leg.transferLegId, leg.side)) transferLegSides) &&
+    all isValidLeg transferLegSides &&
+    all validInstrumentId (optional [] textMapKeys nextIterationFunding)
   where
     isValidLeg leg =
-      -- Note: we allow self-transfers as the metadata might actually give them additional meaning
       leg.amount > 0.0 &&
-      -- Authorizer needs to appear as sender or receiver of the leg
-      authorizer `elem` [leg.sender, leg.receiver] &&
       validInstrumentId leg.instrumentId &&
       -- No account meta allowed on the leg for sender or receiver to avoid confusion
       validateNoAccountMeta "sender" leg.meta &&
@@ -182,18 +207,14 @@ ensureIsReceiptAllocation executors receiver receiptAccount choiceArg = do
   let (AllocationInstructionV2.AllocationFactory_Allocate with
         allocation; requestedAt = _ignore; inputHoldingCids; extraArgs; actors) = choiceArg
   let (ExtraArgs with context = _ignore; meta) = extraArgs
-  let (AllocationV2.AllocationSpecification with settlement; transferLegs; authorizer) = allocation
+  let (AllocationV2.AllocationSpecification with settlement; transferLegSides; authorizer) = allocation
   requireMatchExpected ("allocation.settlement.executor", settlement.executors) executors
   require' ("choiceArg.allocation.authorizer", authorizer) isEqualR ("receiptAccount", receiptAccount)
   -- restrict to single actor choices with the receiver as the actor
   requireMatchExpected ("choiceArg.actors", actors) [receiver]
   -- require all transfer legs to be receipts
-  forA_ transferLegs $ \leg -> do
-    let legName = "transferLeg[" <> leg.transferLegId <> "]"
-    require' (legName <> ".receiver", leg.receiver) isEqualR ("receiptAccount", receiptAccount)
-    -- avoid accidental delegation of authority for non-receipt legs
-    require' (legName <> ".sender.owner", leg.sender.owner) (notR isEqualR) ("receivingActor", receiver)
-    require' (legName <> ".sender.provider", leg.sender.provider) (notR isEqualR) ("receivingActor", Some receiver)
+  forA_ transferLegSides $ \leg -> do
+    require ("transferLeg[" <> leg.transferLegId <> "] is a receipt leg") (leg.side == AllocationV2.ReceiverSide)
   -- no holdings for funding
   require' ("choiceArg.inputHoldingCids", inputHoldingCids) isEqualR ("emptyList", [])
   -- no extra metadata to avoid accidental delegation over special functionality
@@ -203,6 +224,32 @@ ensureIsReceiptAllocation executors receiver receiptAccount choiceArg = do
 -- Allocation choices
 ---------------------
 
+-- | Report a failure when trying to withdraw a committed allocation.
+mkCannotWithdrawCommittedAllocationFailure : Optional Time -> FailureStatus
+mkCannotWithdrawCommittedAllocationFailure None = FailureStatus with
+  errorId = "splice.lfdecentralizedtrust.org/cannot-withdraw-committed-allocation"
+  message = "Cannot withdraw a committed allocation that has no settlement deadline."
+  category = InvalidIndependentOfSystemState
+  meta = TextMap.empty
+mkCannotWithdrawCommittedAllocationFailure (Some settlementDeadline) = FailureStatus with
+  errorId = "splice.lfdecentralizedtrust.org/cannot-withdraw-committed-allocation"
+  message = "Cannot withdraw a committed allocation before its settlement deadline."
+  category = InvalidGivenCurrentSystemStateOther
+  meta = TextMap.fromList [("settlementDeadline", show settlementDeadline)]
+
+-- | Ensure that withdraw is allowed given the allocation's committment status
+-- and settlement deadline.
+ensureWithdrawIsAllowed : AllocationV2.AllocationSpecification -> Update ()
+ensureWithdrawIsAllowed allocation =
+  when allocation.committed $ do
+    case allocation.settlement.settlementDeadline of
+      None -> failWithStatus (mkCannotWithdrawCommittedAllocationFailure None)
+      Some deadline -> do
+        isPastDeadline <- isLedgerTimeGT deadline
+        unless isPastDeadline $
+          failWithStatus (mkCannotWithdrawCommittedAllocationFailure (Some deadline))
+
+
 -- | Default implementation for the `V2.Allocation_Withdraw` for a template that
 -- implements the `V1.Allocation` interface.
 --
@@ -294,16 +341,17 @@ settlementFactoryV2_settleBatchDefaultImpl admin self arg = do
   allocations <- fetchAndValidateAllocations admin arg
 
   -- settle all allocations
-  newHoldingCidss <- forA allocations $ \(allocationCid, allocView) -> do
-    result <- exercise allocationCid AllocationV2.Allocation_Settle with
+  allocationSettleResults <- forA allocations $ \(finalizedAlloc, allocView) -> do
+    exercise finalizedAlloc.allocationCid AllocationV2.Allocation_Settle with
       -- Use default controllers as the actors
-      actors = AllocationV2.defaultAllocation_SettleControllers allocView
+      actors = allocView.allocation.admin :: allocView.allocation.settlement.executors
+      extraTransferLegSides = finalizedAlloc.extraTransferLegSides
+      nextIterationFunding = finalizedAlloc.nextIterationFunding
       extraArgs
-    pure (allocView.allocation.authorizer, result.authorizerHoldingCids)
 
   -- return result
   pure AllocationV2.SettlementFactory_SettleBatchResult with
-    newHoldingCids = Map.fromListWithR (textMapUnionWith (++)) newHoldingCidss
+    allocationSettleResults
     meta = emptyMetadata
 
 -- | Core logic to validate the allocations for a batch settlement.
@@ -311,30 +359,40 @@ settlementFactoryV2_settleBatchDefaultImpl admin self arg = do
 -- be reused by factories that need custom settlement execution logic.
 fetchAndValidateAllocations
   : Party ->  AllocationV2.SettlementFactory_SettleBatch
-  -> Update [(ContractId AllocationV2.Allocation, AllocationV2.AllocationView)]
+  -> Update [(AllocationV2.FinalizedAllocation, AllocationV2.AllocationView)]
 fetchAndValidateAllocations admin AllocationV2.SettlementFactory_SettleBatch{..} = do
-  requireUnique "SettleBatch.transferLegs ids" (map (.transferLegId) transferLegs)
+  requireUnique "SettleBatch.transferLegsIds" (map (.transferLegId) transferLegs)
 
   -- fetch and validate all allocations
-  allocations <- forA allocationCids $ \allocationCid -> do
-    allocation0 <- fetch allocationCid
+  allocations <- forA allocations $ \finalizedAlloc -> do
+    allocation0 <- fetch finalizedAlloc.allocationCid
     let allocationView = view allocation0
     let allocation = allocationView.allocation
 
     requireMatchExpected ("allocation.settlement", allocation.settlement) settlement
-    forA_ allocation.transferLegs $ \leg -> do
-      requireMatchExpected ("transferLeg.instrumentId.admin", leg.instrumentId.admin) admin
-    pure (allocationCid, allocationView)
+    requireMatchExpected ("allocation.admin", allocation.admin) admin
+    -- prudent engineering: check that iterated settlement is allowed, when it is used
+    unless (isSome (allocation.nextIterationFunding)) $ do
+      requireMatchExpected ("finalizedAllocation.extraTransferLegs", finalizedAlloc.extraTransferLegSides) []
+      requireMatchExpected ("finalizedAllocation.nextIterationFunding", finalizedAlloc.nextIterationFunding) None
+    forA_ finalizedAlloc.nextIterationFunding $ \fundings -> forA_ fundings $ \amount -> do
+      require' ("finalizedAllocation.nextIterationFunding.amount", amount) isGreaterR ("zero", 0.0)
+
+    let adjustedAllocView = allocationView with
+          allocation = allocation with
+            transferLegSides = allocation.transferLegSides ++ finalizedAlloc.extraTransferLegSides
+
+    pure (finalizedAlloc, adjustedAllocView)
 
   -- ensure there are no duplicate authorizations
   let allocatedAuthorizations = do
         (_, allocationView) <- allocations
-        leg <- allocationView.allocation.transferLegs
+        leg <- allocationView.allocation.transferLegSides
         pure (allocationView.allocation.authorizer, leg)
   requireUnique "allocated authorizations" allocatedAuthorizations
 
   -- check that exactly the required allocations are present
-  let requiredAuthorizations = Set.fromList $ concatMap toAuthorizedLegs transferLegs
+  let requiredAuthorizations = Set.fromList $ concatMap transferLegSidesWithAuthorizer transferLegs
   let allocatedAuthorizationsSet = Set.fromList allocatedAuthorizations
   let superfluousAuthorizations = allocatedAuthorizationsSet `Set.difference` requiredAuthorizations
   let missingAuthorizations = requiredAuthorizations `Set.difference` allocatedAuthorizationsSet
@@ -345,13 +403,10 @@ fetchAndValidateAllocations admin AllocationV2.SettlementFactory_SettleBatch{..}
   pure allocations
 
 
--- | Helper type of a transfer leg together with its authorizer.
-type AuthorizedLeg = (HoldingV2.Account, AllocationV2.TransferLeg)
+-- | Compute a transfer leg's sides and their authorizers.
+transferLegSidesWithAuthorizer : AllocationV2.TransferLeg -> [(HoldingV2.Account, AllocationV2.TransferLegSide)]
+transferLegSidesWithAuthorizer leg = [(leg.sender, senderSide leg), (leg.receiver, receiverSide leg)]
 
-toAuthorizedLegs : AllocationV2.TransferLeg -> [AuthorizedLeg]
-toAuthorizedLegs leg
-  | leg.sender == leg.receiver = [(leg.sender, leg)] -- self-transfers are authorized only once
-  | otherwise = [(leg.sender, leg), (leg.receiver, leg)]
 
 
 -- Allocation casts
@@ -367,13 +422,13 @@ instance ForwardCompatible AllocationV1.Reference AllocationV2.Reference where
 instance BackwardCompatible AllocationV1.Reference AllocationV2.Reference where
   upcast AllocationV1.Reference{..} = AllocationV2.Reference with ..
 
-instance ForwardCompatible AllocationV1.TransferLeg AllocationV2.TransferLeg where
-  downcast (AllocationV2.TransferLeg with sender, receiver, amount, instrumentId, meta) =
+downcast_v2_v1_TransferLeg : Party -> AllocationV2.TransferLeg -> AllocationV1.TransferLeg
+downcast_v2_v1_TransferLeg admin (AllocationV2.TransferLeg with sender, receiver, amount, instrumentId, meta) =
     AllocationV1.TransferLeg with
       sender = sender.owner
       receiver = receiver.owner
       amount
-      instrumentId = downcast instrumentId
+      instrumentId = HoldingV1.InstrumentId with admin; id = instrumentId
       meta =
         accountToMeta "sender" sender $
         accountToMeta "receiver" receiver $
@@ -381,42 +436,45 @@ instance ForwardCompatible AllocationV1.TransferLeg AllocationV2.TransferLeg whe
 
 upcast_v1_v2_TransferLeg : Text -> AllocationV1.TransferLeg -> AllocationV2.TransferLeg
 upcast_v1_v2_TransferLeg transferLegId (AllocationV1.TransferLeg with sender, receiver, amount, instrumentId, meta) =
-  AllocationV2.TransferLeg with
-    transferLegId
-    sender = accountFromMeta sender "sender" meta
-    receiver = accountFromMeta receiver "receiver" meta
-    amount
-    instrumentId = upcast instrumentId
-    meta = dropAccountMeta "sender" $ dropAccountMeta "receiver" meta
+    AllocationV2.TransferLeg with
+      transferLegId
+      sender = accountFromMeta sender "sender" meta
+      receiver = accountFromMeta receiver "receiver" meta
+      amount
+      instrumentId = instrumentId.id
+      meta = dropAccountMeta "sender" $ dropAccountMeta "receiver" meta
 
 instance BackwardCompatible AllocationV1.SettlementInfo AllocationV2.SettlementInfo where
   upcast (AllocationV1.SettlementInfo with executor, settlementRef, requestedAt, allocateBefore, settleBefore, meta) =
     AllocationV2.SettlementInfo with
       executors = executor :: partiesFromMeta extraExecutorsMetaField meta
       settlementRef = upcast settlementRef
-      requestedAt
-      settleAt = allocateBefore
       settlementDeadline = if settleBefore == maxTime then None else Some settleBefore
       meta = dropMeta extraExecutorsMetaField meta
 
-instance ForwardCompatible AllocationV1.SettlementInfo AllocationV2.SettlementInfo where
-  downcast (AllocationV2.SettlementInfo with executors, settlementRef, requestedAt, settleAt, settlementDeadline, meta) =
-      AllocationV1.SettlementInfo with
-        executor
-        settlementRef = downcast settlementRef
-        requestedAt
-        allocateBefore = settleAt
-        settleBefore = fromOptional maxTime settlementDeadline
-        meta = partiesToMeta extraExecutorsMetaField extraExecutors meta
-    where
-      executor :: extraExecutors = executors
+downcast_v2_v1_SettlementInfo : Time -> Time -> AllocationV2.SettlementInfo -> AllocationV1.SettlementInfo
+downcast_v2_v1_SettlementInfo requestedAt settleAt (AllocationV2.SettlementInfo with executors, settlementRef, settlementDeadline, meta) =
+    AllocationV1.SettlementInfo with
+      executor
+      settlementRef = downcast settlementRef
+      requestedAt
+      allocateBefore = settleAt
+      settleBefore = fromOptional maxTime settlementDeadline
+      meta = partiesToMeta extraExecutorsMetaField extraExecutors meta
+  where
+    executor :: extraExecutors = executors
 
 instance BackwardCompatible AllocationV1.AllocationSpecification AllocationV2.AllocationSpecification where
   upcast (AllocationV1.AllocationSpecification with settlement, transferLegId, transferLeg) =
     AllocationV2.AllocationSpecification with
+      admin = transferLeg.instrumentId.admin
       authorizer = accountFromMeta transferLeg.sender "sender" transferLeg.meta
       settlement = upcast settlement
-      transferLegs = [upcast_v1_v2_TransferLeg transferLegId transferLeg]
+      -- V1 allocations only approve the sending side of the transfer leg; as receipt authorization is implicit in V1
+      transferLegSides = [senderSide $ upcast_v1_v2_TransferLeg transferLegId transferLeg]
+      nextIterationFunding = None
+      committed = False
+      meta = emptyMetadata
 
 -- | Use this instance only if your allocation does not evolve over time, as it
 -- always uses `None` for the `originalAllocationCid`.
@@ -434,6 +492,8 @@ upcast_v1_v2_Allocation originalAllocationCid availableActions (AllocationV1.All
     holdingCids = map upcast holdingCids
     expiresAt = Some (allocation.settlement.settleBefore)
     availableActions
+    createdAt = allocation.settlement.requestedAt
+    numIterations = 0
     meta
 
 -- | Available actions for a V1 allocation that uses the default controllers for its actions.
@@ -451,12 +511,8 @@ allocationV2_availableActionsDefault : AllocationV2.AllocationSpecification -> M
 allocationV2_availableActionsDefault allocation = Map.fromList
   [ ([allocation.authorizer.owner], [AllocationV2.AA_Withdraw])
   , (dedupSort allocation.settlement.executors, [AllocationV2.AA_Cancel])
-  , (dedupSort (admin :: allocation.settlement.executors), [AllocationV2.AA_Settle])
+  , (dedupSort (allocation.admin :: allocation.settlement.executors), [AllocationV2.AA_Settle])
   ]
-  where
-    admin = case allocation.transferLegs of
-      leg :: _ -> leg.instrumentId.admin
-      [] -> error "unexpected: allocation with no transfer legs"
 
 instance BackwardCompatible (ContractId AllocationV1.Allocation) (ContractId AllocationV2.Allocation) where
   upcast = coerceInterfaceContractId
@@ -618,6 +674,7 @@ allocationRequestV2_withdrawDefaultImplV2Only this self arg = do
   archiveAndCheckActors self arg.actors [(view this).settlement.executors]
   pure AllocationRequestV2.AllocationRequest_WithdrawResult with meta = emptyMetadata
 
+
 -- | Note we are not offering the upcast from V1 to V2 for the allocation request views,
 -- as the authorizer on V2 is lost this way. The downcast is still useful, as it
 -- simplifies implementing dual version V1/V2 allocation requests.
@@ -625,11 +682,19 @@ allocationRequestV2_withdrawDefaultImplV2Only this self arg = do
 -- V1 wallets will create one V1 allocation per transfer leg with their wallet party as the
 -- sender. Their authorizer will thus be set to the `sender.owner` of each individual transfer leg.
 instance ForwardCompatible AllocationRequestV1.AllocationRequestView AllocationRequestV2.AllocationRequestView where
-  downcast (AllocationRequestV2.AllocationRequestView with settlement, transferLegs, meta) =
-    AllocationRequestV1.AllocationRequestView with
-      settlement = downcast settlement
-      transferLegs = TextMap.fromList [ (leg.transferLegId, downcast leg) | leg <- transferLegs ]
-      meta
+  downcast (AllocationRequestV2.AllocationRequestView with settlement, requestedAt, authorizer, settleAt, allocations, meta) =
+      AllocationRequestV1.AllocationRequestView with
+        settlement = downcast_v2_v1_SettlementInfo requestedAt (fromOptional maxTime settleAt) settlement
+        transferLegs = TextMap.fromList $ do
+          alloc <- allocations
+          leg <- alloc.transferLegSides
+          -- Note: self-transfers will be present twice, but building the map
+          -- based on the transfer leg id will take care of deduplicating them.
+          let legV2 = transferLegFromSide authorizer leg
+          pure (leg.transferLegId, downcast_v2_v1_TransferLeg alloc.admin legV2)
+        meta
+    where
+      executor :: extraExecutors = settlement.executors
 
 
 -- Allocation factories
@@ -647,7 +712,9 @@ allocationFactoryV2_publicAsset_allocateExtraObserversDefaultImpl arg =
 allocationFactoryV2_privateAsset_allocateExtraObserversDefaultImpl : AllocationInstructionV2.AllocationFactory_Allocate -> [Party]
 allocationFactoryV2_privateAsset_allocateExtraObserversDefaultImpl arg =
     accountParties allocation.authorizer <>
-    (if all (>= 0.0) (Map.values creditAmounts) then arg.allocation.settlement.executors else [])
+    (if all (>= 0.0) (textMapValues creditAmounts) then arg.allocation.settlement.executors else [])
   where
     allocation = arg.allocation
-    creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegs
+    creditAmounts = netAllocationCreditAmounts allocation.authorizer allocation.transferLegSides
+
+
diff --git a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Conversions.daml b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Conversions.daml
index 09c16efcaa..8609526f6b 100644
--- a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Conversions.daml
+++ b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Conversions.daml
@@ -22,7 +22,7 @@ module Splice.TokenStandard.Utils.Internal.Conversions (
   dropMeta,
   validateNoMeta,
 
-  -- * Transfer metadata
+  -- * Transfer utils
   reasonMetaKey,
   txKindMetaKey,
   senderMetaKey,
@@ -47,9 +47,6 @@ module Splice.TokenStandard.Utils.Internal.Conversions (
   -- ** Internal metadata functions
   tokenStandardV2Namespace,
 
-  -- * Pure allocation utilities
-  allocationAdmin,
-
 ) where
 
 import DA.Action
@@ -62,7 +59,6 @@ import DA.TextMap qualified as TextMap
 import Splice.Api.Token.MetadataV1
 import Splice.Api.Token.HoldingV1 qualified as HoldingV1
 import Splice.Api.Token.HoldingV2 qualified as HoldingV2
-import Splice.Api.Token.AllocationV2 qualified as AllocationV2
 
 
 
@@ -82,13 +78,6 @@ decodeTime t = case T.parseInt t of
   Some i -> epoch `addRelTime` (convertMicrosecondsToRelTime i)
   None -> error ("Cannot parse time " <> t)
 
--- Note: placed here to avoid a circular dependency
-allocationAdmin : AllocationV2.AllocationSpecification -> Party
-allocationAdmin AllocationV2.AllocationSpecification{..} =
-  case transferLegs of
-    [] -> error "No transfer legs in allocation"
-    (leg ::_) -> leg.instrumentId.admin
-
 
 -- AnyContractId conversion
 ------------------------------
diff --git a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Events.daml b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Events.daml
index 94d94bbcac..7b2fa9be34 100644
--- a/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Events.daml
+++ b/token-standard/splice-token-standard-utils/daml/Splice/TokenStandard/Utils/Internal/Events.daml
@@ -14,7 +14,7 @@ module Splice.TokenStandard.Utils.Internal.Events (
   mintAccount,
 
   -- * Utilities to log events
-  allocationToTransferEventLeg,
+  allocationToTransferEventLegSide,
 
   logMint,
   logBurn,
@@ -67,35 +67,40 @@ burnAccount p = V2.Account with
   provider = None
   id = burnAccountId
 
-allocationToTransferEventLeg : AllocationV2.TransferLeg -> TransferEventsV2.TransferLeg
-allocationToTransferEventLeg (AllocationV2.TransferLeg with transferLegId, sender, receiver, amount, instrumentId, meta) =
-  TransferEventsV2.TransferLeg with transferLegId, sender, receiver, amount, instrumentId, meta
+allocationToTransferEventSide : AllocationV2.TransferSide -> TransferEventsV2.TransferSide
+allocationToTransferEventSide side = case side of
+  AllocationV2.SenderSide -> TransferEventsV2.SenderSide
+  AllocationV2.ReceiverSide -> TransferEventsV2.ReceiverSide
+
+allocationToTransferEventLegSide : AllocationV2.TransferLegSide -> TransferEventsV2.TransferLegSide
+allocationToTransferEventLegSide (AllocationV2.TransferLegSide with side; ..) =
+  TransferEventsV2.TransferLegSide with side = allocationToTransferEventSide side; ..
 
 -- | Convenience function to avoid logging change events that report neither a holdings change nor a transfer leg.
 logNonEmptyChange : ContractId TransferEventsV2.EventLog -> TransferEventsV2.EventLog_HoldingsChange -> Update ()
 logNonEmptyChange eventLogCid arg = do
-  unless (null arg.transferLegs && null arg.inputHoldingCids && null arg.outputHoldingCids) $
+  unless (null arg.transferLegSides && null arg.inputHoldingCids && null arg.outputHoldingCids) $
     void $ exercise eventLogCid arg
 
 logMint
   : ContractId TransferEventsV2.EventLog -> V2.Account -> Decimal -> V2.InstrumentId -> Metadata -> [ContractId V2.Holding]
   -> Update TransferEventsV2.EventLog_HoldingsChangeResult
 logMint factoryCid receiver amount instrumentId meta outputHoldingCids = do
-  let leg = TransferEventsV2.TransferLeg with
+  let leg = TransferEventsV2.TransferLegSide with
         transferLegId = "mint"
-        sender = V2.Account with
+        side = TransferEventsV2.ReceiverSide
+        otherside = V2.Account with
           owner = instrumentId.admin
           provider = None
           id = mintAccountId
-        receiver
-        instrumentId
+        instrumentId = instrumentId.id
         amount
         meta
   exercise factoryCid TransferEventsV2.EventLog_HoldingsChange with
     admin = instrumentId.admin
     account = receiver
     inputHoldingCids = []
-    transferLegs = [leg]
+    transferLegSides = [leg]
     outputHoldingCids
     observers = accountParties receiver
     extraArgs = emptyExtraArgs
@@ -104,21 +109,21 @@ logBurn
   : ContractId TransferEventsV2.EventLog -> V2.Account -> Decimal -> V2.InstrumentId -> Metadata -> [ContractId V2.Holding]
   -> Update TransferEventsV2.EventLog_HoldingsChangeResult
 logBurn factoryCid sender amount instrumentId meta inputHoldingCids = do
-  let leg = TransferEventsV2.TransferLeg with
+  let leg = TransferEventsV2.TransferLegSide with
         transferLegId = "burn"
-        sender
-        receiver = V2.Account with
+        side = TransferEventsV2.SenderSide
+        otherside = V2.Account with
           owner = instrumentId.admin
           provider = None
           id = burnAccountId
-        instrumentId
+        instrumentId = instrumentId.id
         amount
         meta
   exercise factoryCid TransferEventsV2.EventLog_HoldingsChange with
     admin = instrumentId.admin
     account = sender
     inputHoldingCids
-    transferLegs = [leg]
+    transferLegSides = [leg]
     outputHoldingCids = []
     observers = accountParties sender
     extraArgs = emptyExtraArgs
@@ -131,13 +136,12 @@ logAllocationSettlement
   -> [ContractId V2.Holding] -- ^ Output holdings
   -> Update ()
 logAllocationSettlement eventLogCid inputHoldingCids allocation outputHoldingCids = do
-  let admin = allocationAdmin allocation
   let settlementId = allocation.settlement.settlementRef.id
-  void $ exercise eventLogCid TransferEventsV2.EventLog_HoldingsChange with
-    admin
+  void $ logNonEmptyChange eventLogCid TransferEventsV2.EventLog_HoldingsChange with
+    admin = allocation.admin
     account = allocation.authorizer
     inputHoldingCids
-    transferLegs = map allocationToTransferEventLeg allocation.transferLegs
+    transferLegSides = map allocationToTransferEventLegSide allocation.transferLegSides
     outputHoldingCids
     observers = accountParties allocation.authorizer
     extraArgs = ExtraArgs with
@@ -153,20 +157,22 @@ logTransfer
   -> Update ()
 logTransfer eventLogCid transfer senderOutputHoldingCids receiverOutputHoldingCids = do
   let admin = transfer.instrumentId.admin
-  let leg = TransferEventsV2.TransferLeg with
+  let leg side otherside = TransferEventsV2.TransferLegSide with
         transferLegId = "" -- no disambiguation needed for single-leg transfers
-        sender = transfer.sender
-        receiver = transfer.receiver
-        instrumentId = transfer.instrumentId
+        side
+        otherside
+        instrumentId = transfer.instrumentId.id
         amount = transfer.amount
         meta = transfer.meta
+  let transferIn = leg TransferEventsV2.ReceiverSide transfer.sender
+  let transferOut = leg TransferEventsV2.SenderSide transfer.receiver
   if transfer.sender == transfer.receiver
     then do
       void $ exercise eventLogCid TransferEventsV2.EventLog_HoldingsChange with
         admin
         account = transfer.sender
         inputHoldingCids = transfer.inputHoldingCids
-        transferLegs = [leg]
+        transferLegSides = [transferOut, transferIn]
         outputHoldingCids = senderOutputHoldingCids ++ receiverOutputHoldingCids
         observers = accountParties transfer.sender
         extraArgs = emptyExtraArgs
@@ -175,7 +181,7 @@ logTransfer eventLogCid transfer senderOutputHoldingCids receiverOutputHoldingCi
         admin
         account = transfer.sender
         inputHoldingCids = transfer.inputHoldingCids
-        transferLegs = [leg]
+        transferLegSides = [transferOut]
         outputHoldingCids = senderOutputHoldingCids
         observers = accountParties transfer.sender
         extraArgs = emptyExtraArgs
@@ -183,7 +189,7 @@ logTransfer eventLogCid transfer senderOutputHoldingCids receiverOutputHoldingCi
         admin
         account = transfer.receiver
         inputHoldingCids = []
-        transferLegs = [leg]
+        transferLegSides = [transferIn]
         outputHoldingCids = receiverOutputHoldingCids
         observers = accountParties transfer.receiver
         extraArgs = emptyExtraArgs
@@ -195,7 +201,7 @@ logMergeSplit eventLogCid admin account inputHoldingCids reason outputHoldingCid
     admin
     account
     inputHoldingCids
-    transferLegs = []
+    transferLegSides = []
     outputHoldingCids
     observers = accountParties account
     extraArgs = ExtraArgs with