White Paper Report


			..
	White paper for crypto-assets other than asset-referenced tokens or e-money tokens

	Digital Token Identifier:	Not applicable
	Offeror or person seeking admission to trading:	2151023 - APENET Tech Limited
	Type of submission:	New

Table of content
General information
SUMMARY
Part A - Information about offeror or person seeking admission to trading
Part B - Information about issuer, if different from offeror or person seeking admission to trading
Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D - Information about other token project
Part E - Information about offer to public of other tokens or their admission to trading
Part F - Information about other tokens
Part G - Information on rights and obligations attached to other tokens
Part H – Information on underlying technology
Part I - Information on risks
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts




[Table 2] Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens

Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens [abstract]
General information
00 Table of content	boolean true	true
01 Date of notification	date	2026-01-07
02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid
05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	boolean true	Not applicable
06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
SUMMARY
07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	boolean true	Warning This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.
08 Characteristics of the crypto-asset	textBlock	NFT (the "Token") is a TRC-20 token that serves as the utility and governance token for AINFT (the "Project"), an artificial intelligence("AI")-blockchain infrastructure platform built on the Tron blockchain ("Tron"). The Project has recently undergone a rebranding process, whose outcomes were transitioning from the APENFT brand to AINFT and the integration of an AI infrastructure and AI-based products. Previously, under the APENFT brand, the Project was mainly focused on NFTs. Therefore, it mains products were a the APENFT, now AINFT, Marketplace (the "Marketplace") built on the Tron, and later expanded to Ethereum and BNBChan, and NFT Pump (the "Launchpad"), a platform to launch NFT collections. To participate in the Project's governance, Token holders must deposit their Tokens through the governance interface in order to obtain votes. Once they obtain votes at a 1:1 ratio, they can participate by voting on governance proposals. Additionally, those who participate in the Project's governance are rewarded with additional Tokens. The Token was distributed through airdrop campaigns and is also used to reward those who participate in the Project's social campaigns and special events. Token holders are entitled to special features and perks within the Project, depending on the number of Tokens they hold, such as exclusive access to new features when deploying, customising, and training AI agents through the Project's AI-based products. Although the Project relies on decentralised governance based on the Token, modifications to the Token's characteristics, rights, or obligations are implemented through protocol updates managed by the Project's development team. Therefore, changes to the Project and Token mechanics are communicated through the Project's official channels.
09 Further information about utility tokens	textBlock	Not applicable
10 Key information about the offer to the public or admission to trading	textBlock	APENET Tech Limited (the "Person Seeking Admission to Trading") is seeking the admission of the Token to trading on multiple EU regulated trading platforms (the "Exchanges"). The listing price will be the same as the existing publicly traded Token price across other centralised trading platforms where the Token is currently listed.
Part A - Information about offeror or person seeking admission to trading
A.1 Name	text	APENET Tech Limited
A.2 Legal form	text	Private company limited by shares
A.3 Registered address
Registered addess	text	Sea Meadow House, (P.O. Box 116), Road Town
Country	enumeration	Virgin Islands (British)
Sub-division	text	Tortola
A.4 Head office
Head office	text	Sea Meadow House, (P.O. Box 116), Road Town
Country	enumeration	Virgin Islands (British)
Sub-division	text	Tortola
A.5 Registration date	date	2024-06-13
A.6 Legal entity identifier	LEI
A.7 Another identifier required pursuant to applicable national law	text	2151023
A.8 Contact telephone number	text	12187525914
A.9 E-mail address	text	contact@ainft.com
A.10 Response time (days)	integer	1
A.11 Parent company	text	The Person Seeking Admission to Trading has no parent entity.
A.12 Members of the management body
Member #1	id	1
Identity	text	YANG ZI
Business address	text	Block 55, Normanton Park #04-45 Singapore, 117283
Function	text	Director
A.13 Business activity	textBlock	APENET Tech Limited does not engage in public-facing or commercial activities since incorporation. The company has provided the administration support.
A.14 Parent company business activity	textBlock	Not applicable
A.15 Newly established	boolean	true
A.16 Financial condition for the past three years	textBlock	Not applicable
A.17 Financial condition since registration	textBlock	APENFT Tech Limited has been inactive since registration, with no funding, revenue, or operational activities. Its key financial metrics as of 31 Dec 2024 are: • Total Equity: USD -$3,489 • Share Capital: USD $1 • Major Cost: Company secretarial fee The company is financially healthy and operationally sustainable with promised financial support by shareholders.
Part B - Information about issuer, if different from offeror or person seeking admission to trading
B.1 Issuer different from offerror or person seeking admission to trading	boolean	true
B.2 Name	text	APENFT Foundation Ltd.
B.3 Legal form	text	Limited liability company
B.4 Registered address
Registered addess	text	171 Chin Swee Road, #04-04, CES Centre
Country	enumeration	Singapore
Sub-division	text	Not applicable
B.5 Head office
Head office	text	171 Chin Swee Road, #04-04, CES Centre
Country	enumeration	Singapore
Sub-division	text	Not applicable
B.6 Registration date	date	2021-04-21
B.7 Legal entity identifier	LEI
B.8 Another identifier required pursuant to applicable national law	text	202114103D
B.9 Parent company	text	The Issuer has no parent entity.
B.10 Members of the management body
Member #1	id	1
Identity	text	Jiang Yiying
Business address	text	8, Lady Hill Road, Ladyhill Park, Singapore
Function	text	Director
Member #2	id	2
Identity	text	Kelvin Koh Kwang Min
Business address	text	664a Punggol Drive, #02-202, Waterway Sunbeam, Singapore
Function	text	Director
B.11 Business activity	textBlock	Development of Software and Applications (Except Games and Cybersecurity)
B.12 Parent company business activity	textBlock	Not applicable
Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
C.1 Name	N/A		.
C.2 Legal form	N/A		.
C.3 Registered address
Registered address	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.4 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.5 Registration date	N/A		.
C.6 Legal entity identifier	N/A		.
C.7 Another identifier required pursuant to applicable national law	N/A		.
C.8 Parent company	N/A		.
C.9 Reason for crypto-asset white paper preparation	N/A		.
C.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
C.11 Operator business activity	N/A		.
C.12 Parent company business activity	N/A		.
C.13 Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
C.14 Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
Part D - Information about other token project
D.1 Crypto-asset project name	text	AINFT
D.2 Crypto-asset name	text	AINFT Token
D.3 Abbreviation	text	NFT
D.4 Crypto-asset project description	textBlock	The Project is an AI-based infrastructure platform built on Tron. It aims to combine the benefits of AI and LLMs with the automation, transparency, and decentralisation provided by blockchain technology. Therefore, the Project's team has developed an AI infrastructure to launch different AI products in a blockchain environment provided by Tron. This focus on AI was part of the rebranding campaign of the Project, from APENFT to AINFT. This transition resulted in two separate sets of products, offered by the Project, each developed under its different brands. NFT-Based Products under the APENFT Brand Under the APENFT brand, the Project's focus was on NFTs. To that end, the Project launched the following products: • The AINFT Marketplace: The Project's main product, where users can trade, list, and buy NFTs. The Marketplace relies on BTFS for decentralised storage of the NFTs' data and metadata. The Project offers a 90% subsidy of the energy needed to perform transactions within Tron. The Marketplace charges a 20 TRX fee, Tron's native token, for launching an NFT collection. • The NFT Pump Launchpad: Introduced in September 2024, the Launchpad serves as a platform to launch NFT collections. Users can follow a simple process where they upload their NFT images, provide the collection's details, determine the number of NFTs to be minted, and then proceed to launch their collections. Beyond the traditional NFT standards, the Launchpad supports TRC-404 tokens, a type of token that combines characteristics of non-fungible and fungible tokens. Therefore, within this type of collection, to mint an NFT, users have to buy a certain number of TRC-404 tokens. The Launchpad implements a bonding curve pricing model. Once the bonding curve reaches 100%, which is generally estimated at around 103,000 TRX, the Launchpad's smart contracts automatically add TRX and the TRC-404 tokens as liquidity to SUN.io and burn the obtained LP tokens. The Launchpad charges 3,000 TRX to those launching this type of collection when their collection reaches 100% of their bonding curve. AI-Based Products under the AINFT Brand Following the rebrand to AINFT, the Project focuses on AI infrastructure that allows the deployment of AI agents that can autonomously perform on-chain actions. Examples of these on-chain actions are executing DeFi strategies, asset management, and governance participation. The Project built this infrastructure on a multi-agent framework that serves as the technical foundation for its AI products. Under this new focus, the Project developed these products: • AINFT Agent Framework: The Framework is a multi-agent system framework that provides developers with the tools and APIs to build and deploy AI agents. It offers four API modules: o Core API: For communication and event schedule purposes; o AgentChat API: For high-level agent interactions; o Extensions API: To integrate external tools such as LLM clients and code execution; and o Magnetic API: To process external resources and run tasks. The framework offers support for agent deployment on local machines, cloud environments, and edge devices, serving as the technical foundation upon which the Project's other AI products are built. • AINFT Nova: Nova is the Project's AI agent launch platform. It allows users to deploy AI agents as tokens. AI agents can be customised with natural language processing, emotion recognition, and social interaction without programming knowledge. Nova offers social media management on platforms like X, Discord, and Telegram, where AI agents can automatically publish content, respond to comments, and interact with users. Additionally, Nova offers features like automating token issuance, liquidity pool creation, and revenue distribution for each AI agent. Token holders benefit from special access to Nova's features based on their holdings, allowing them to create and deploy more advanced AI agents. • AINFT AgenTX: AgenTX is the Project's AI trading open-source framework for DeFi. It provides machine learning models for market forecasting, it learns from executed trades to optimise agents' strategies, and it processes natural language for agents' decision-making. Therefore, users can use AgenTX to design, test, and deploy trading strategies for DeFi protocols to be executed by AI agents. AgenTX can manage assets through smart contracts, provide on-chain custody, and automate execution. • AINFT Grid: Grid is the Project's open-source platform for training and deploying AI models. It allows users to train LLMs and DeFi-focused AI models, and it uses smart contracts to coordinate tasks and distribute rewards. Those who contribute to Grid with computing resources or datasets are rewarded with the Token based on their contribution. The Project relies on decentralised governance, based on the Token, to decide on features of its products. For instance, the Project's governance has decided on which NFT collections to list on the Marketplace or whether to burn the profits obtained from an NFT sale. Moreover, the Project has its own Foundation, in charge of acquiring renowned art pieces, which can then be converted to NFT collections sold in the Marketplace.
D.5 Details of all natural or legal persons involved in implementation of crypto-asset project
Person #1	id	1
Type of person	enumeration	Development team
Name of person	text	Steve Z. Liu
Business address of person	text	Block 55, Normanton Park #04-45 Singapore, 117283
Domicile of company	enumeration	Singapore
D.6 Utility token classification	boolean	false
D.7 Key features of goods or services for utility token projects	text	Not applicable
D.8 Plans for the token
Description of past milestones	textBlock	The Token was launched as a TRC-20 token on Tron to serve as the governance and utility token of the Project. The Marketplace was launched in April 2022, becoming the largest NFT marketplace within the Tron ecosystem. The Project completed its token distribution plans in May 2023. Later, in September 2024, the Project launched the Launchpad, an NFT collection fair launch platform that introduced the TRC-404 protocol standard to Tron users.
Description of future milestones	textBlock	The Project has undergone a rebranding, which implied transitioning from the APENFT brand to AINFT ('Art as Intelligence'). The rebranding served as an evolution toward an AI-powered infrastructure to launch, manage and train AI-agents that could automatically interact with DeFi protocols and execute pre-defined strategies. In this context, Token holders will have preferred access to AI agents, meaning that they will be able to launch more advanced agents.
D.9 Resource allocation	text	Not applicable
D.10 Planned use of collected funds or other tokens	text	Not applicable
Part E - Information about offer to public of other tokens or their admission to trading
E.1 Public offering or admission to trading	enumeration	Admission to trading
E.2 Reasons for public offer or admission to trading	textBlock	Admission to trading of the Token is being sought on multiple EU Exchanges with the aim to facilitate the acquisition of the Token for governance participation and usage of the Project.
E.3 Fundraising target
Target expressed in currency	monetary	0	EUR
Target expressed in units	decimal	0
Target expressed in digital token identifier	text	Not applicable
E.4 Minimum subscription goals
Goals expressed in currency	monetary	0	EUR
Goals expressed in units	decimal	0
Goals expressed in digital token identifier	text	Not applicable
E.5 Maximum subscription goals
Goasl expressed in currency	monetary	0	EUR
Goals expressed in units	decimal	0
Goals expressed in digital token identifier	text	Not applicable
E.6 Oversubscription acceptance	boolean	false
E.7 Oversubscription allocation	text	Not applicable
Issue price details
E.8 Issue price	decimal	0
E.9 Official currency determining issue price	enumeration	Euro
E.9 Any other tokens determining issue price	text	Not applicable
E.10 Subscription fee
Fee expressed in currency	monetary	0	EUR
Fee expressed in units	decimal	0
Fee expressed in digital token identifier	text	Not applicable
E.11 Offer price determination method	text	Not applicable
E.12 Total number of offered or traded other tokens	integer	999990000000000
E.13 Targeted holders	enumeration	All types of investors
E.14 Holder restrictions	text	The purchase of the Token from EU-regulated Exchanges will be available to all users of such Exchanges. Most trading and exchange services offered by Exchanges are open to retail holders, and may be subject to the compliance requirements of the respective Exchange. The Exchanges may impose restrictions on holders of Tokens on their respective Exchanges, in accordance with applicable laws and internal policies.
E.15 Reimbursement notice	boolean true
E.16 Refund mechanism	textBlock	Not applicable
E.17 Refund timeline	text	Not applicable
E.18 Offer phases	textBlock	Not applicable
E.19 Early purchase discount	textBlock	Not applicable
E.20 Time-limited offer	boolean	false
E.21 Subscription period beginning	date
E.22 Subscription period end	date
E.23 Safeguarding arrangements for offered funds or other tokens	textBlock	Not applicable
E.24 Payment methods for other token purchase	textBlock	Not applicable
E.25 Value transfer methods for reimbursement	textBlock	Not applicable
E.26 Right of withdrawal	textBlock	Not applicable
E.27 Transfer of purchased other tokens	textBlock	Not applicable
E.28 Transfer time schedule	text	Not applicable
E.29 Purchaser's technical requirements	textBlock	Technical requirements will be specified by the exchange and may include the following: 1. A compatible digital wallet or account on supported exchanges; 2. Internet access; 3. A device (computer or mobile) to manage a digital wallet/private key and/or account on an exchange to carry out transactions
Other token services provider characteristics
E.30 Other token service provider (CASP) name	text	Not applicable
E.31 CASP identifier	LEI
E.32 Placement form	enumeration	Not applicable
Trading platforms characteristics
E.33 Trading platforms name	text	• OKX; • Kraken;
E.34 Trading platforms market identifier code (MIC)	text	Not applicable
E.35 Trading platforms access	text	The Exchanges are accessible via their respective websites.
E.36 Involved costs	textBlock	The use of services offered by Exchanges may involve costs, including transaction fees, withdrawal fees, and other charges. These costs are determined and set by the respective Exchanges and are not controlled, influenced, or governed by the Person Seeking Admission to Trading. Consequently, any changes to fee structures or the introduction of new costs are solely at the discretion of these platforms.
E.37 Offer expenses	textBlock	Not applicable
E.38 Conflicts of interest	textBlock	No known conflicts of interest.
E.39 Applicable law	textBlock	Not applicable
E.40 Competent court	textBlock	Not applicable
Part F - Information about other tokens
F.1 Crypto-asset type	text	Crypto-asset other than an asset-referenced token or e-money token
F.2 Other token functionality	textBlock	According to the article 3(1)(5) of MiCA, a crypto-asset is a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology. As reminded by the European Banking Authority ("EBA"), the term 'right' should be interpreted broadly in accordance with recital (2) of MiCA. The Token qualifies as a crypto-asset within the meaning of MiCA, as it a digital representation of the rights outlined in Section G.1 below. The Token can be transferred and stored using the distributed ledger technology ("DLT"). The Token facilitates Token holders' interaction with the Project. The Token gives its holders the following rights (and has the following features): • Governance Rights: Token holders can participate in the Project's governance by depositing their Tokens through the governance interface to obtain voting rights at a 1:1 ratio. Users holding more than 4,999,950,000,000 Tokens can initiate governance proposals, which require 19,999,800,000,000 positive votes to pass. • Project Benefits: Token holders are entitled to tiered features and perks within the Project based on their token holdings, such as privileged access to AI agents' development and exclusive training features. • Rewards: Token holders who participate in the Project's governance receive additional Tokens. Moreover, Token holders can be rewarded for their participation in social campaigns and special events organised by the Project. • Airdrop Campaign: The Token was distributed through an airdrop campaign to early users of the Project.
F.3 Planned application of functionalities	textBlock	Each of the functionalities mentioned in F.2 is already available.
A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article
F.4 Type of crypto-asset white paper	enumeration	Other crypto-asset token white paper
F.5 Type of submission	enumeration	New
F.6 Other token characteristics	textBlock	The Token is a TRC-20 token that serves as the utility and governance token of the Project, an AI-blockchain infrastructure platform built on Tron. The Project has recently undergone a rebranding process, whose outcomes were transitioning from the APENFT brand to AINFT and the integration of an AI infrastructure and AI-based products. Previously, under the APENFT brand, the Project was mainly focused on NFTs. Therefore, it mains products were the Marketplace built on the Tron and later expanded to Ethereum and BNBChain, and the Launchpad, a platform to launch NFT collections. To participate in the Project's governance, Token holders must deposit their Tokens through the governance interface in order to obtain votes. Once they obtain votes at a 1:1 ratio, they can participate by voting on governance proposals. Additionally, those who participate in the Project's governance are rewarded with additional Tokens. The Token was distributed through airdrop campaigns and is also used to reward those who participate in the Project's social campaigns and special events. Token holders are entitled to special features and perks within the Project, depending on the number of Tokens they hold, such as exclusive access to new features when deploying, customising, and training AI agents through the Project's AI-based products. Although the Project relies on decentralised governance based on the Token, modifications to the Token's characteristics, rights, or obligations are implemented through protocol updates managed by the Project's development team. Therefore, changes to the Project and Token mechanics are communicated through the Project's official channels.
F.7 Commercial name or trading name	text	NFT
F.8 Website of the issuer	text	https://ainft.com/
F.9 Starting date of offer to the public or admission to trading	date	2026-02-06
F.10 Publication date	date	2026-02-05
F.11 Any other services provided by the issuer	textBlock	Please refer to Section A.13.
F.12 Language or languages of white paper	text	English
F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available	text	Not applicable
F.14 Functionally fungible group digital token identifier, where available	text	Not applicable
F.15 Voluntary data flag	boolean	false
F.16 Personal data flag	boolean	true
F.17 LEI eligibility	boolean	true
F.18 Home member state	enumeration	Malta
F.19 Host member states #1	enumerationSet	Austria
F.19 Host member states #2	enumerationSet	Belgium
F.19 Host member states #3	enumerationSet	Bulgaria
F.19 Host member states #4	enumerationSet	Croatia
F.19 Host member states #5	enumerationSet	Cyprus
F.19 Host member states #6	enumerationSet	Czechia
F.19 Host member states #7	enumerationSet	Denmark
F.19 Host member states #8	enumerationSet	Estonia
F.19 Host member states #9	enumerationSet	Finland
F.19 Host member states #10	enumerationSet	France
F.19 Host member states #11	enumerationSet	Germany
F.19 Host member states #12	enumerationSet	Greece
F.19 Host member states #13	enumerationSet	Hungary
F.19 Host member states #14	enumerationSet	Iceland
F.19 Host member states #15	enumerationSet	Ireland
F.19 Host member states #16	enumerationSet	Italy
F.19 Host member states #17	enumerationSet	Latvia
F.19 Host member states #18	enumerationSet	Liechtenstein
F.19 Host member states #19	enumerationSet	Lithuania
F.19 Host member states #20	enumerationSet	Luxembourg
F.19 Host member states #21	enumerationSet	Netherlands
F.19 Host member states #22	enumerationSet	Norway
F.19 Host member states #23	enumerationSet	Poland
F.19 Host member states #24	enumerationSet	Portugal
F.19 Host member states #25	enumerationSet	Romania
F.19 Host member states #26	enumerationSet	Slovakia
F.19 Host member states #27	enumerationSet	Slovenia
F.19 Host member states #28	enumerationSet	Spain
F.19 Host member states #29	enumerationSet	Sweden
Part G - Information on rights and obligations attached to other tokens
G.1 Purchaser rights and obligations	textBlock	The Token gives its holders the following rights (and has the following features): • Governance Rights: Token holders can participate in the Project's governance by depositing their Tokens through the governance interface to obtain voting rights at a 1:1 ratio. • Project Benefits: Token holders are entitled to tiered features and perks within the Project based on their token holdings, such as privileged access to AI agents' development and exclusive training features. • Rewards: Token holders who participate in the Project's governance can receive additional Tokens as rewards. Moreover, Token holders can be rewarded for their participation in social campaigns and special events organised by the Project. • Airdrop Campaign: Early users of the Project were rewarded with the Token as part of an airdrop campaign.
G.2 Exercise of rights and obligations	textBlock	The rights outlined in Section G.1 may be exercised through the following actions: • Governance Rights: Token holders must deposit their Tokens through the governance interface to participate in the Project's governance. • Project Benefits: To access tiered features and perks within the Project, users must hold the Token. • Rewards: To be rewarded with the Token, Token holders must participate in the Project's governance. Moreover, to receive rewards within social campaigns and special events, Token holders need to participate in them. • Airdrop Campaign: To be rewarded with the Token as part of the airdrop campaign, users needed to be early users of the Project.
G.3 Conditions for modifications of rights and obligations	textBlock	Although the Project relies on decentralised governance based on the Token, modifications to the Token's characteristics, rights, or obligations are implemented through protocol updates managed by the Project's development team. Therefore, changes to the Project and Token mechanics are communicated through the Project's official channels.
G.4 Future public offers	textBlock	Not applicable
G.5 Issuer retained other token	integer	0
G.6 Utility token classification	boolean	false
G.7 Key features of goods or services utility tokens	text	Not applicable
G.8 Utility tokens redemption	text	Not applicable
G.9 Non-trading request	boolean	true
G.10 Other tokens purchase or sale modalities	text	Not applicable
G.11 Other tokens transfer restrictions	text	The Exchanges may impose restrictions on holders of Tokens on their respective Exchanges, in accordance with applicable laws and internal policies. Token holders who acquire the Token through 'private sales' are subject to restrictions as per the terms of sale.
G.12 Supply adjustment protocols	boolean	false
G.13 Supply adjustment mechanisms	text	The Project hosted a Token burning event to reduce its total supply in July 2021. To this end, the Project governance voted on a proposal to use the profits to buy back and burn 1,030,067,282,396.0035 Tokens. However, the burning event was only hosted once. Furthermore, this event was not correlated with changes in the Token demand.
Other token schemes details
G.14 Token value protection schemes	boolean	false
G.15 Token value protection schemes description	textBlock	Not applicable
G.16 Compensation schemes	boolean	false
G.17 Compensation schemes description	textBlock	Not applicable
G.18 Applicable law	textBlock	Subject to mandatory applicable law, any and all disputes or claims arising out of, or in connection with, this whitepaper and/ or the Token, including the validity, invalidity, breach or termination thereof, shall be governed by, construed and enforced exclusively in accordance with the laws of the British Virgin Islands.
G.19 Competent court	textBlock	Subject to mandatory applicable law, any and all disputes or claims arising out of, or in connection with, this whitepaper and/ or the Token, including the validity, invalidity, breach or termination thereof, shall be subject to the exclusive jurisdiction of the courts in the British Virgin Islands.
Part H – Information on underlying technology
H.1 Distributed ledger technology (DTL)	text	The Token has been launched on Tron.
H.2 Protocols and technical standards	text	The Token has been launched on Tron as a TRC-20 token, Tron's standard for fungible tokens.
H.3 Technology used	textBlock	The Token was launched as a TRC-20 token on Tron. Therefore, users can manage the Token through their own non-custodial wallet software provided by third parties or by directly interacting with the token's smart contract through a third-party API.
H.4 Consensus mechanism	text	The Token was launched on Tron, which relies on its own implementation of a delegated Proof of Stake ("dPoS") consensus mechanism. To participate in Tron's consensus mechanism, users must become Super Representative candidates by depositing 9,999 TRX, which are non-refundable, and running a full node. Candidates are entitled to participate in the Super Representatives elections, which take place every 6 hours. The 27 candidates with the most votes from TRX stakers become Super Representatives and are in charge of validating Tron's transactions and creating new blocks.
H.5 Incentive mechanisms and applicable fees	text	In exchange for validating transactions and creating new blocks, Super Representatives are compensated with TRX, emitted as block rewards. Block rewards consist of 8 TRX per block, which are given to the Super Representative who creates the block. Additionally, Super Representatives who validate Tron's transactions and create its blocks are entitled to receive voting rewards, in the form of TRX, and emitted on a per-block basis. These rewards consist of 128 TRX per block, which are distributed among all Super Representatives and Super Representative partners based on the number of votes they received. Super Representatives can set their own commission rate from 0% to 100%, which determines how much of these rewards that correspond to the voter they will retain. Every Tron transaction incurs the payment of transaction fees, which are determined in the following manner: • Bandwidth transactions: Simple transactions like TRX transfers are paid with Bandwidth. Each user account receives 600 Bandwidth daily for free. To increase their amount of Bandwidth, users must stake TRX. When users do not hold enough Bandwidth, they must pay for these types of transactions with TRX. • Energy transactions: Smart contract interactions are paid with Energy and Bandwidth. Energy can only be obtained by staking TRX. If users do not hold enough Energy, this type of transaction will be paid with TRX. The TRXs used to pay for transaction fees are immediately burned. • Fixed fees: Tron has some transactions which are taxed with fixed fees to be paid with TRX. For instance, to become a Super Representative candidate costs a fixed fee of 9,999 TRX, 1,024 TRX to create a TRC-10 token, 1 TRX to activate a new account, and 100 TRX to update accounts' permissions.
H.6 Use of distributed ledger technology	boolean	false
H.7 DLT functionality description	textBlock	Not applicable
Other token audit details
H.8 Audit	boolean	true
H.9 Audit outcome	textBlock	The results of the audit conducted on Tron can be found in the following link: https://skynet.certik.com/projects/tron
Part I - Information on risks
I.1 Offer-related risks	textBlock	The Person Seeking Admission to Trading neither operates, controls, oversees, nor manages the functioning of the Exchanges where the Token will be admitted to trading. Additionally, the Token's underlying protocol may evolve due to ongoing technical, regulatory, and industry developments. Unforeseen risks may arise, and new challenges or opportunities may necessitate changes in the Project's strategies, goals, and structure. The risks outlined below highlight regulatory uncertainty, liquidity limitations, governance risks, network centralisation concerns, security vulnerabilities, and potential adjustments to fees or token supply that could impact the offer and trading of the Token. • Regulatory Compliance Risks: Although the Token is designed to comply with existing regulations (such as MiCA), evolving regulatory landscapes could impact its classification, trading status, or market/ community acceptance. Changes in regulatory requirements may necessitate modifications to the Project's operation, structure, or governance. Token holders must ensure compliance with local laws, as regulatory treatment of crypto-assets varies across jurisdictions. • Market Volatility: The Token is subject to extreme price fluctuations, influenced by market speculation, investor sentiment, and broader industry trends. External factors, such as regulatory announcements or technological developments, may further contribute to volatility, potentially leading to financial losses for holders. • Liquidity Risks: The ability to buy, sell or otherwise transact Tokens depends on activity on decentralised exchanges ("DEXs") and, if applicable, centralised exchanges ("CEXs"). Limited liquidity may result in difficulties executing large trades without significant price impact, increasing the risk of loss. • Risk of Trading Platforms: When Token holders trade on Exchanges, the Person Seeking Admission to Trading does not act as a contractual party to these transactions. All legal relationships regarding these trading platforms are subject to their respective terms and conditions, with no responsibility assumed by the Person Seeking Admission to Trading for their operations, services, or outcomes. • Risk of Delisting: There is no guarantee that the Token will remain listed on any exchange. Delisting could significantly hinder the ability to trade Tokens, reducing liquidity and market value. • Risk of Bankruptcy: The Exchanges or trading platforms where the Token is listed may become insolvent or cease operations, potentially resulting in a loss of access to funds or Tokens. • Blockchain and Smart Contract Dependency: The Token relies entirely on its blockchain infrastructure. Any network downtime, congestion, security vulnerabilities, or smart contract failures could negatively impact its functionality, accessibility, or security. Additionally, the network may, at some point, operate under a centralised or permissioned model, where specific providers or node operators manage the network. This structure presents centralisation risks, including the potential for censorship or data monetisation. • Operational Risks: Risks associated with the Token issuer/offeror's internal processes, personnel, and technologies may impact the ability to manage the Token's operations effectively. Failures in operational integrity could lead to disruptions, financial losses, or reputational damage. • Financial Risks: The Token issuer/offeror may face financial risks, including liquidity shortages, credit risks, or market fluctuations, which could affect its ability to continue operations, meet obligations, or sustain the stability and value of the Token. • Legal Risks: Uncertainties in legal frameworks, regulatory changes, potential lawsuits, or adverse legal rulings could pose significant risks, affecting the legality, usability, or value of the Token. • Fraud and Mismanagement Risks: The risk of fraudulent activity or mismanagement within the Token issuer/offeror's operations may impact the credibility of the project and the usability or value of the Token. • Reputational Risks: Negative publicity – whether due to operational failures, security breaches, or associations with illicit activities – could damage the Token issuer/offeror's reputation and, by extension, impact the value and acceptance of the Token. • Technology Management Risks: Inadequate management of technological updates or failure to keep pace with advancements may result in security vulnerabilities, inefficiencies, or obsolescence of the Token and its supporting infrastructure. • Dependency on Key Individuals: The success of the Token and its ecosystem may be highly dependent on key individuals. Loss or changes in project leadership could lead to operational disruptions, a loss of trust, or potential project failure. • Conflicts of Interest: Misalignment of interests between the Token issuer/offeror and Token holders may lead to governance decisions that are not in the best interests of the community, potentially affecting the value of the Token or damaging the credibility of the project. • Counterparty Risks: The Token issuer/offeror's reliance on external partners, service providers, and collaborators introduces risks related to non-fulfilment of obligations, which may affect the Token's operations, liquidity, or overall ecosystem stability. • Industry Competition Risks: The Token issuer/offeror faces competition from other projects, including larger and well-funded ventures that may attract more users and liquidity, potentially diminishing the viability of the Token. • Investor Vesting Risks: While Tokens allocated to the team and other stakeholders may be subject to a vesting schedule to prevent "rug pulls" and conflicts of interest, the unlocking of Tokens over time could affect supply and demand trends and liquidity. • Speculative Nature of the Token: Other than as stated herein with respect to the rights, functions, governance, staking, and fee-payment, the Token has no inherent utility beyond market sentiment and community-driven interest. Its value is highly speculative and subject to fluctuations based on external perceptions. • Unanticipated Risks: There may be additional risks that cannot be foreseen. Some risks may materialise as unexpected variations or combinations of the factors discussed in this section.
I.2 Issuer-related risks	textBlock	• Financial risk. The issuer may be exposed to various financial risks, including liquidity, credit, interest‑rate, and market risks, that could impair its ability to meet its obligations, fund operations, or manage cash flow. Unexpected market volatility or adverse economic conditions can further magnify these risks. • Insolvency risk. If the issuer's revenues fall short of liabilities or if operational challenges arise, the issuer could become insolvent and unable to meet its financial obligations. Insolvency could result in the suspension of services, delays in payments, or complete loss of invested funds. • Funding risk. The issuer may find it difficult to secure additional financing, whether through equity, debt, or other funding sources, when needed. Market conditions, investor sentiment, or regulatory barriers may limit access to capital, potentially hindering growth plans and jeopardizing the issuer's ability to sustain its operations. • Legal risk. The issuer could face legal claims, disputes, or regulatory investigations. These matters may be costly, time‑consuming, and distracting, and can result in fines, penalties, or adverse judgments that negatively affect the issuer's financial position and reputation. • Regulatory and legal changes. Amendments to applicable laws or regulations, including evolving interpretations of existing rules, may require the issuer to adjust its business model. In certain cases, regulatory changes could restrict or prohibit specific activities, limit services provided to customers, or necessitate additional licensing or reporting. • Reputational risk. Failure to maintain transparency and accuracy in public disclosures, engage with the community, or manage operational issues may damage the issuer's reputation. Loss of public confidence can lead to reduced demand for the issuer's products or tokens, difficulties in attracting investors, and long‑term erosion of brand value. • Key person risk. The issuer's success may depend heavily on a small number of individuals with specialized expertise, relationships, or institutional knowledge. The departure or incapacity of key personnel could disrupt critical processes, delay execution of strategic initiatives, and require significant time and resources to fill.
I.3 Other tokens-related risks	textBlock	• Market Volatility Risks: The Token's value is highly volatile and may fluctuate due to market speculation, investor sentiment, regulatory developments, and technological advancements. External factors, such as shifting trends in the crypto industry, changing demand for blockchain services, or macroeconomic conditions, could contribute to extreme price fluctuations, potentially leading to total depreciation. • Speculative Nature: No assurances of future value, performance, or rewards are made regarding the Token. Other than as stated herein with respect to the rights, functions, governance, staking, and fee-payment, the Token has no inherent or guaranteed utility beyond its role in the Project, and its valuation depends entirely on user adoption, demand, and community engagement. If adoption of the Project fails to grow as expected, the Token's value may be significantly impacted. • Liquidity Risks: The ability to trade the Token depends on the level of activity on DEXs and, where applicable, CEXs. Low trading volume may result in difficulties executing large transactions without significant price impact. Limited demand for the Token or the underlying protocol may further reduce liquidity, making it difficult to acquire, sell or otherwise transact with the Token. • Adoption and Project Demand Risks: The long-term success of the Token is dependent on widespread adoption of the Project. Adoption is influenced by various external factors, including user demand, competitive economic conditions, and organic community-driven expansion. The Person Seeking Admission to Trading has no control over the pace of adoption, and there is no guarantee that the Project will gain sufficient traction to sustain its economic model. If demand is too low, accessing the Project may be difficult, while an inadequate supply may lead to delays in accessing the Project. • Blockchain Dependency Risks: The Token operates exclusively on its underlying blockchain network. Any disruptions, such as network congestion, downtime, or security vulnerabilities, could impact the ability to transfer, store, or trade the Token. Changes to blockchain infrastructure, governance, or transaction fees may also influence the Token's usability and cost-effectiveness. • Transaction Costs: While blockchain fees are generally low, network congestion, high demand, or changes in blockchain fee structures may increase transaction costs, potentially reducing the economic viability of using the Token within the Project. • Security Risks: o Smart Contract Vulnerabilities: Despite security audits and best practices, unforeseen vulnerabilities in smart contracts could lead to security breaches, impacting Token security or functionality. o Private Key Management: Token holders are solely responsible for safeguarding their private keys and recovery phrases. Loss of wallet credentials will result in the permanent loss of Tokens, as blockchain transactions are irreversible. o Scam and Fraud Risks: Token holders are exposed to risks associated with scams, phishing attacks, fake giveaways, impersonation of the Token issuer/offeror or its team, counterfeit Tokens, and fraudulent airdrops. Engaging with unverified third-party platforms or unofficial communications increases the risk of fraud. o Community and Narrative Risks: The Token's success is closely tied to community interest and the broader crypto narrative. Macroeconomic trends, emerging competitors, or declining community engagement may negatively impact the Token's perceived value and adoption. • Regulatory and Compliance Risks: o Evolving Legal Frameworks: Regulations governing crypto-assets differ across jurisdictions and are subject to change. New legal requirements may impact the Token's classification, availability, or functionality. o Jurisdictional Restrictions: Some jurisdictions may impose restrictions or prohibitions on the trading or use of the Token, limiting its accessibility for certain users. o Regulatory Harmonisation Risks: A lack of global regulatory alignment may create uncertainty, with some authorities potentially classifying the Token as a security or financial instrument, leading to increased compliance costs and legal obligations. o Regulatory Enforcement Risks: Government agencies may take enforcement actions against the Token issuer/offeror if the Token is deemed an unregistered security or if other financial laws are found to have been violated. Such actions could negatively impact the Token's availability, appeal, and value. • Anti-Money Laundering ("AML") & Counter-Terrorism Financing ("CTF") Risks: Crypto transactions may be scrutinised for potential links to illicit activities. Authorities may take action against wallets or platforms suspected of facilitating money laundering or terrorist financing, affecting the ability of Token holders to use or trade their assets. • Taxation Risks: The tax treatment of the Token varies by jurisdiction, and Token holders are solely responsible for understanding and complying with applicable tax laws. Any appreciation, conversion, or sale of the Token may trigger tax obligations that differ depending on the regulatory environment. • Team Vesting and Token Release Risks: Tokens allocated to the team and other stakeholders may be subject to a vesting and unlock schedule. When these Tokens are vested, unlocked, and released into circulation, they may affect demand trends and liquidity. • Technological Obsolescence Risks: The blockchain and crypto industries evolve rapidly. The emergence of new technologies, changes in market demand, or advancements in competing protocols could render the Token or its underlying blockchain infrastructure less competitive, reducing adoption and utility. • Software Weakness Risks: The Token's infrastructure relies on relatively new blockchain technologies, which may contain undiscovered bugs, vulnerabilities, or inefficiencies. There is no guarantee that the process of transacting, storing, or interacting with the Token will be uninterrupted or error-free. • Unanticipated Risks: Beyond the risks outlined above, additional unforeseen risks may emerge due to changes in regulatory, technological, or macroeconomic conditions, potentially affecting the Token's security, functionality, or value.
I.4 Project implementation-related risks	textBlock	The Person Seeking Admission to Trading neither operates, controls, oversees, nor manages the technology underlying the Project. While efforts are made to ensure security and stability, blockchain-based technologies are still evolving, and various risks exist. Additionally, the success and sustainability of the project rely on various external factors, including macroeconomic conditions, regulatory developments, and technological advancements. • Technical Development Risks: o Smart Contract Issues: Despite robust security measures, unforeseen vulnerabilities or bugs in the smart contracts could disrupt Token distribution, refunds, or vesting mechanisms. o Blockchain Dependency: The Token operates exclusively on its underlying blockchain. Any network congestion, downtime, or security breaches could impact the project's implementation and functionality. o Risk of Security Weaknesses in Core Infrastructure: The project relies on open-source software, which may be modified by third parties not directly affiliated with the Issuer. Weaknesses or bugs introduced into the core infrastructure could compromise security and lead to the loss of digital assets. Furthermore, malfunctions or inadequate maintenance of the Project may negatively impact the Token's usability. o Bugs in Core Blockchain Code: Even with rigorous testing, unknown bugs may exist in the blockchain protocol, potentially leading to disruptions, incorrect transaction processing, or security vulnerabilities. • Regulatory and Compliance Risks: o Regulatory Actions in One or More Jurisdictions: The Token and the Project could be impacted by regulatory inquiries or actions, which may restrict further development, implementation, or usage. o Evolving Laws and Regulations: New and changing laws related to financial securities, consumer protection, data privacy, cybersecurity, and intellectual property could impact the project. Compliance with these laws may require significant resources and could impose additional operational constraints. o Governance Risk: Decision-making mechanisms in blockchain governance may be inefficient, slow, or disproportionately influenced by specific stakeholders, leading to potential centralisation or unfavourable network changes. • Operational Risks: o Resource Allocation: The project's success depends on the issuer of the Token and its core team allocating sufficient resources (both financial and non-financial) to ensure timely development and deployment. Poor resource management could lead to delays or failure to achieve key milestones. o Team Vesting Risks: While the team's Tokens may be subject to a vesting and unlock schedule to align interests with the community, the eventual vesting and unlocking of these Tokens may impact market stability or long-term commitment from team members. • Market Adoption Risks: o Competitive Environment: The crypto industry is highly competitive and trend-driven. There is a risk that the Token may fail to capture sufficient interest, limiting its adoption. o Community Engagement Risks: The success of the Token depends heavily on community-driven sentiment and engagement. Failure to build or sustain an active community could hinder growth and long-term tradability • Timeline and Milestone Risks: o Delayed Milestones: Key deliverables such as Token distribution and liquidity access may face delays due to technical, operational, or funding challenges. o CEX Listing Risks: Listings on centralised exchanges depend on securing the necessary funding for listing fees and meeting platform-specific requirements. Delays or insufficient resources could postpone broader market/ community access. • Ecosystem Risks: o Dependence on External Partners: The project relies on partnerships with infrastructure providers, liquidity providers/ market makers, exchanges and other third-party service providers. Any failure or delay from these partners could disrupt implementation plans. o Risk of Withdrawing Partners: The Token holder understands that the feasibility of the project depends strongly on the collaboration of service providers and other key stakeholders. A loss of critical partnerships could impact project sustainability. • Technology and Software Risks: o Risk of Software Weakness: The Token holder acknowledges that blockchain and smart contract technologies are still evolving. There is no guarantee that Token usage will be uninterrupted or error-free. Vulnerabilities in the underlying blockchain, smart contracts, or supporting technologies could lead to the complete loss of Tokens or their functionality. o Dependency on Underlying Technology: The Project relies on blockchain infrastructure, hardware, and network connectivity, all of which may be subject to failures, outages, or vulnerabilities. o Risk of Technological Disruption: The emergence of new technology, such as quantum computing, could undermine the security of blockchain encryption and compromise the integrity of digital assets. • Network Security Risks: o Network Attacks and Cybersecurity Threats: Blockchain networks can be vulnerable to cyberattacks such as 51% attacks, Sybil attacks, or distributed denial-of-service ("DDoS") attacks. These threats could disrupt network operations and compromise security. o Blockchain Network Attacks: The network may be subject to validation attacks, including double-spend attacks, reorganisations, majority mining power attacks, "vampire" attacks and work race condition attacks. Successful attacks could compromise the proper execution of transactions and smart contracts. • Privacy and Anonymity Risks: o Public Ledger Transparency: Blockchain transactions are recorded on a public ledger, which may expose transaction history and financial activity. Certain transactions could be linked to specific wallet addresses, making users vulnerable to fraud, phishing attacks, or targeted scams. • Economic and Governance Risks: o Consensus Failures or Forks: Errors in the consensus mechanism could lead to forks, where multiple versions of the ledger coexist, or network halts, reducing trust in the network. o Economic Self-Sufficiency: The long-term sustainability of the Token ecosystem depends on sufficient transaction volume to generate fees to support rewards for validators, which in turn maintain network security. A lack of adoption could lead to governance-driven changes to monetary policy, fee structures, or consensus mechanisms. o Incentive Model Risks: Changes to block rewards, staking incentives, or governance models may be required to maintain network participation. Governance decisions could result in modifications that impact Token holders, including inflationary adjustments, transaction fees, or redistribution of rewards. • Software Weakness Risks: o Unforeseen Bugs and Security Vulnerabilities: The Token and its supporting infrastructure rely on blockchain technologies that may still be evolving. There is no guarantee that Token transactions will be uninterrupted or error-free. Software vulnerabilities, weaknesses in smart contracts, or infrastructure issues may result in loss of assets, security breaches, or unexpected network failures. • Unanticipated Risks: o Unforeseen Regulatory, Technological, or Economic Challenges: In addition to the risks identified, new threats may emerge due to changes in legal, technological, or economic conditions. Developments such as regulatory crackdowns, unforeseen Project vulnerabilities, or disruptive innovations could impact the usability, security, or value of the Token in ways not currently foreseeable.
I.5 Technology-related risks	textBlock	The Person Seeking Admission to Trading neither operates, controls, oversees, nor manages the technology underlying the Project. While efforts are made to ensure security and stability, blockchain-based technologies are still evolving, and various risks exist. • Blockchain Dependency Risks: o Network Downtime and Congestion: The Token relies entirely on its underlying blockchain network, which may experience outages, congestion, or downtime. Such events could disrupt Token transfers, trading, or other functionalities. o Scalability Challenges: As transaction volume grows, the blockchain network may face scaling limitations. Increased congestion could lead to slower transaction processing times and higher fees, reducing efficiency and usability. o Settlement and Transaction Finality Risks: Blockchain transactions are designed to be irreversible; however, under exceptional circumstances such as network forks or consensus failures, there remains a theoretical risk that transactions could be reversed, or multiple competing ledger versions could persist. Transactions sent to an incorrect address are not recoverable, leading to permanent loss of assets. • Smart Contract Risks: o Vulnerabilities: While smart contracts are developed with security measures, undiscovered vulnerabilities or exploits may impact Token security, distribution, or access. Bugs in the contract code may lead to unintended loss of Tokens, unauthorised transactions, or exposure to external attacks. o Immutability Risks: Once deployed, some smart contracts cannot be altered. Errors or security flaws in the code could result in operational failures without the possibility of corrections. o Security Exploits: Bugs or vulnerabilities in smart contracts may expose the Token ecosystem to potential hacks, allowing attackers to manipulate transactions, drain liquidity, or disrupt contract execution. • Network Security Risks: o Risk of Attacks and Forks: The blockchain may be susceptible to consensus-related attacks, such as double-spend attacks, majority validation power takeovers, censorship attacks, or forks. These risks could affect Token transactions, balance integrity, and overall network security. o Cybercrime and Theft Risks: Despite security efforts, blockchain-based assets and services may be exposed to cyberattacks, including hacking, phishing, or malware threats. Compromised wallets, exchanges, or smart contracts could lead to asset theft, loss of funds, or disruptions in Token functionality. o Data Corruption Risks: The reliability of blockchain data could be compromised due to software bugs, human error, or deliberate tampering. Such incidents may affect transaction records, network integrity, and user confidence in the system. • Wallet and Storage Risks: o Private Key Management: Token holders are solely responsible for securing their private keys and recovery phrases. The loss of private keys results in irreversible loss of Tokens, as blockchain transactions are final and cannot be undone. o Compatibility Issues: The Token is supported only by blockchain-compatible wallets. Incompatibility with specific wallet software, network malfunctions, or wallet provider shutdowns may affect access to and usability of the Token. • Ecosystem Dependency Risks: o DEX and CEX Integration Issues: The Token's availability depends on integration with DEXs and CEXs. Technical failures, security breaches, or delisting from these platforms could limit liquidity, disrupt trading, and reduce Project accessibility. o Reliance on Third-Party Services: Many blockchain services, including wallets, bridges, and oracles, depend on third-party providers. Failures, security breaches, or regulatory actions against these services could negatively affect the functionality of the Token. o Centralisation Concerns: Although blockchain networks are designed to be decentralised, a small number of validators or node operators could introduce centralisation risks. This may lead to potential censorship, control over transactions, or increased vulnerability to governance attacks. • Software and Protocol Risks: o Bugs in Core Blockchain Code: Despite rigorous testing, undiscovered bugs in the core blockchain protocol could lead to network failures, incorrect transaction processing, or security vulnerabilities. A failure to address such issues promptly could result in loss of user confidence and network instability. o Risk of Technological Disruption: Emerging technologies, such as quantum computing, could potentially compromise blockchain encryption, making networks vulnerable to attacks that could compromise data integrity or enable unauthorised asset transfers. o Dependency on Underlying Technology: The stability of the Token ecosystem relies on underlying technical infrastructures, including internet connectivity, computing hardware, and cryptographic algorithms. Disruptions in these foundational technologies may impact network security and operational efficiency. • Privacy and Anonymity Risks: o Public Ledger Transparency: Blockchain transactions are recorded on a publicly accessible ledger, which may expose sensitive transaction data. While addresses do not directly reveal identities, sophisticated data analysis could potentially link certain transactions to specific individuals or entities. o Exposure to Fraud and Targeted Attacks: Increased transparency may lead to risks such as phishing, fraud, or unauthorised tracking of user activity by malicious actors. Individuals with significant Token holdings may be targeted for scams or social engineering attacks. • Economic and Network Viability Risks: o Economic Self-Sufficiency: The long-term sustainability of the Token ecosystem depends on maintaining sufficient transaction volume to generate rewards for incentivising validators to ensure network security. If network adoption remains low, there is a risk of reduced validator participation, increased transaction costs, or a need for governance-driven changes to monetary policy, fee structures, or consensus mechanisms. o Incentive Model Risks: Changes to block rewards, staking incentives, or governance models may be required to ensure ongoing network security and sustainability. Governance proposals may introduce modifications that impact Token holders, including inflation adjustments, transaction fees, or redistribution of rewards. • Software Weakness Risks: o Unforeseen Bugs and Security Vulnerabilities: The Token and its supporting infrastructure rely on blockchain technologies that may still be evolving. There is no guarantee that Token transactions will be uninterrupted or error-free. Software vulnerabilities, weaknesses in smart contracts, or infrastructure issues may result in loss of assets, security breaches, or unexpected network failures. • Unanticipated Risks: o Unforeseen Regulatory, Technological, or Economic Challenges: In addition to the risks identified, new threats may emerge due to changes in legal, technological, or economic conditions. Developments such as regulatory crackdowns, unforeseen Project vulnerabilities, or disruptive innovations could impact the usability, security, or value of the Token in ways not currently foreseeable.
I.6 Mitigation measures	textBlock	Not applicable
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
J.1 Adverse impacts on climate and other environment-related adverse impacts	textBlock
Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism
General information about adverse impacts
S.1 Name	text	APENET Tech Limited
S.2 Relevant legal entity identifier	text	Not available
S.3 Name of the crypto-asset	text	NFT
S.4 Consensus mechanism	text	The Token was launched on Tron, which relies on its own implementation of a dPoS consensus mechanism. To participate in Tron's consensus mechanism, users must become Super Representative candidates by depositing 9,999 TRX, which are non-refundable, and running a full node. Candidates are entitled to participate in the Super Representatives elections, which take place every 6 hours. The 27 candidates with the most votes from TRX stakers become Super Representatives and are in charge of validating Tron's transactions and creating new blocks.
S.5 Incentive mechanisms and applicable fees	text	In exchange for validating transactions and creating new blocks, Super Representatives are compensated with TRX, emitted as block rewards. Block rewards consist of 8 TRX per block, which are given to the Super Representative who creates the block. Additionally, Super Representatives who validate Tron's transactions and create its blocks are entitled to receive voting rewards, in the form of TRX, and emitted on a per-block basis. These rewards consist of 128 TRX per block, which are distributed among all Super Representatives and Super Representative partners based on the number of votes they received. Super Representatives can set their own commission rate from 0% to 100%, which determines how much of these rewards that correspond to the voter they will retain. Every Tron transaction incurs the payment of transaction fees, which are determined in the following manner: • Bandwidth transactions: Simple transactions like TRX transfers are paid with Bandwidth. Each user account receives 600 Bandwidth daily for free. To increase their amount of Bandwidth, users must stake TRX. When users do not hold enough Bandwidth, they must pay for these types of transactions with TRX. • Energy transactions: Smart contract interactions are paid with Energy and Bandwidth. Energy can only be obtained by staking TRX. If users do not hold enough Energy, this type of transaction will be paid with TRX. The TRXs used to pay for transaction fees are immediately burned. • Fixed fees: Tron has some transactions which are taxed with fixed fees to be paid with TRX. For instance, to become a Super Representative candidate costs a fixed fee of 9,999 TRX, 1,024 TRX to create a TRC-10 token, 1 TRX to activate a new account, and 100 TRX to update accounts' permissions.
S.6 Beginning of period to which disclosed information relates	date	2022-06-30
S.7 End of period to which disclosed information relates	date	2022-07-01
Mandatory key indicator
S.8 Energy consumption	energy (kWh)	162,867.85
Sources and methodologies
S.9 Energy consumption sources and methodologies	textBlock	• The methodology builds upon four steps to generate data on the electricity consumption and carbon footprint of the TRON Proof of Stake ("PoS") system. CCRI develops metrics to enable a valid comparison between previously analysed PoS systems. • The methodology involves analysing the TRON PoS network, estimating electricity usage of a single node, estimating electricity consumption of the complete network, and analysing transaction and block information. • Electricity consumption is measured using Mystrom WiFi Switches.
Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of consensus mechanism
Supplementary key indicators
S.10 Renewable energy consumption	percent
S.11 Energy intensity	energy (kWh)
S.12 Scope 1 DLT GHG emissions - controlled	GHG emissions (tCO2e)
S.13 Scope 2 DLT GHG emissions - purchased	GHG emissions (tCO2e)
S.14 GHG intensity	GHG emissions (tCO2e)
Sources and methodologies
S.15 Key energy sources and methodologies	textBlock
S.16 Key GHG sources and methodologies	textBlock
Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism
Optional indicators
S. 17 Energy mix	percent
S.18 Energy use reduction
Energy use reduction target (absolute value)	energy (kWh)
Energy use reduction target (percentage)	percent
S.19 Carbon intensity (kgCO2e/kWh)	decimal
S.20 Scope 3 DLT GHG emissions - value chain	GHG emissions (tCO2e)
S.21 GHG emissions reduction targets or commitments	textBlock
S.22 Generation of waste electrical and electronic equipment (WEEE)	mass (tonnes)
S.23 Non-recycled WEEE ratio	percent
S.24 Generation of hazardous waste	mass (tonnes)
S.25 Generation of waste (all types)	mass (tonnes)
S.26 Non-recycled waste ratio (all types)	percent
S.27 Waste intensity (all types)	mass (tonnes)
S.28 Waste reduction targets or commitments (all types)	textBlock
S.29 Impact of use of equipment on natural resources	textBlock
S.30 Natural resources use reduction targets or commitments	textBlock
S.31 Water use	volume (m3)
S.32 Non recycled water ratio	percent
Sources and methodologies
S.33 Other energy sources and methodologies	textBlock
S.34 Other GHG sources and methodologies	textBlock
S.35 Waste sources and methodologies	textBlock
S.36 Natural resources sources and methodologies	textBlock