White Paper Report


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

	Digital Token Identifier:	Ethereum- 51CGHRW1R Starknet - VDMKQ209V
	Offeror or person seeking admission to trading:	2549009AQIN4JCD69339 - Ekubo, Inc.
	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	2026-04-10
02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	boolean true
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
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	EKUBO is a governance token with a fixed total supply of 10,000,000 units, fully distributed at launch by way of an airdrop, a public token sale, and a team allocation that is permanently locked under a no-sell governance commitment. Holding EKUBO does not confer ownership of Ekubo, Inc. or rights to company profits; rather, it grants governance rights within the Ekubo DAO, including the ability to submit and vote on proposals relating to protocol parameters, treasury management, and other governance matters. Token holders have no entitlement to dividends, revenues, or other financial returns, and all future changes to rights or obligations can occur only through the on-chain governance process in which EKUBO holders participate. No private placements, equity financings, or insider sales have been undertaken, and all tokens are already in circulation with no further emissions or unlock schedules.
09 Further information about utility tokens	textBlock	N/A
10 Key information about the offer to the public or admission to trading	textBlock	The EKUBO token was introduced in May - July 2024 through a public sale conducted entirely on-chain using a time-weighted automated market maker (TWAMM) mechanism. Approximately one-third of the fixed supply of 10,000,000 tokens (around 3.3 million EKUBO) was sold to the public. There were no private rounds, no preferential pricing, and no discounted tranches for early purchasers. Tokens were streamed gradually into liquidity pools over a two-month subscription period, allowing continuous price discovery without fixed issue prices or subscription fees. All tokens became fully circulating at the conclusion of the sale. No crypto-asset service provider acted as a placement agent; the offer was carried out directly on the protocol without a firm commitment arrangement.
Part A - Information about offeror or person seeking admission to trading
A.1 Name	text	Ekubo, Inc.
A.2 Legal form	text	Ekubo, Inc. is a U.S. Delaware incorporated company
A.3 Registered address
Registered addess	text	N/A
Country	enumeration	N/A
Sub-division	text	N/A
A.4 Head office
Head office	text	N/A
Country	enumeration	N/A
Sub-division	text	N/A
A.5 Registration date	date	2023-06-20
A.6 Legal entity identifier	LEI	2549009AQIN4JCD69339
A.7 Another identifier required pursuant to applicable national law	text	Delaware File Number: 7523261
A.8 Contact telephone number	text	N/A
A.9 E-mail address	text	eng@ekubo.org
A.10 Response time (days)	integer	15
A.11 Parent company	text	N/A
A.12 Members of the management body
Member #1	id	1
Identity	text	Mahmoud Salem
Business address	text	1800 North Bayshore Drive, Apt 1815, Miami FL 33132, United States
Function	text	Director and Chief Executive Officer
A.13 Business activity	textBlock	Ekubo, Inc.'s primary business purpose is to seek admission to trading. Initially Ekubo, Inc.'s business purpose was bootstrapping the Ekubo protocol and DAO and now hosting the ekubo.org interface and developing software infrastructure as a service provider for the DAO. It is also involved in the Ekubo Protocol project. The Ekubo DAO governs the Ekubo protocol, a decentralized automated market maker (AMM) deployed on Ethereum and Starknet. Its principal activity is the on-chain facilitation of token swaps and liquidity provision, carried out in a fully decentralized and non-custodial manner. The DAO's governance functions include setting protocol parameters, managing the protocol treasury, and approving upgrades. The principal markets are decentralized finance users worldwide, including traders and liquidity providers seeking efficient on-chain exchange services.
A.14 Parent company business activity	textBlock	N/A
A.15 Newly established	boolean	false
A.16 Financial condition for the past three years	textBlock	Not applicable. Ekubo, Inc. was incorporated on 20 June 2023 and has not been established for the past three years.
A.17 Financial condition since registration	textBlock	Ekubo, Inc. was incorporated on 20 June 2023 and is an early-stage organization. Since its incorporation, Ekubo, Inc.'s operations have been funded through internal resources and support related to the EKUBO ecosystem, rather than through revenue from product sales. In July 2025, Ekubo Inc. was funded with a $1.5m grant from the Ekubo DAO to sustain the company in exchange for services such as developing the Ekubo Protocol core contracts and hosting the Ekubo interface. Ekubo, Inc. has not generated traditional operating profits to date. Expenditures since registration have primarily been focused on research and development, engineering work, infrastructure, security audits, and operational support for the Ekubo Protocol and its associated community. As the project is not yet revenue-generating at scale, Ekubo, Inc.'s financial condition since registration is that of an early-stage company with available resources to continue its activities in the near- to mid-term, but without positive cash flow. No material adverse changes to the financial position of Ekubo, Inc. have occurred since its incorporation.
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	false
B.2 Name	N/A		.
B.3 Legal form	N/A		.
B.4 Registered address
Registered addess	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.5 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.6 Registration date	N/A		.
B.7 Legal entity identifier	N/A		.
B.8 Another identifier required pursuant to applicable national law	N/A		.
B.9 Parent company	N/A		.
B.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
B.11 Business activity	N/A		.
B.12 Parent company business activity	N/A		.
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	Ekubo Protocol
D.2 Crypto-asset name	text	EKUBO
D.3 Abbreviation	text	EKUBO
D.4 Crypto-asset project description	textBlock	The EKUBO token does not grant governance rights or enforceable obligations within Ekubo, Inc. as a legal entity. Governance rights exist solely at the protocol level within the Ekubo DAO and do not constitute corporate governance or shareholder rights. Ekubo Protocol is a decentralized automated market maker (AMM) exchange deployed on Starknet (since 2023) and Ethereum (since 2025). It allows users to supply tokens as liquidity to liquidity pools, which then act as counterparties for traders swapping assets. The protocol is non-custodial and immutable, meaning it cannot confiscate user funds. EKUBO token holders govern the protocol by voting on on-chain proposals, including parameter configuration and treasury management for the Ekubo DAO. It uses a singleton "till" contract design, nano-tick concentrated liquidity, and a live hooks framework to provide highly efficient token swaps, liquidity provision, and governance. The protocol is governed by the Ekubo DAO through the EKUBO governance token. Further information is available here: https://ekubo.org, https://docs.ekubo.org, https://github.com/ekuboprotocol .
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	Ekubo, Inc.
Business address of person	text	1800 North Bayshore Drive, Apt 1815 Miami, FL 33132 United States
Domicile of company	enumeration	United States of America
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	2023: Launch on Starknet; DAO formation. 2024: Public token sale and airdrop; establishment of treasury. 2025: Ethereum deployment (V1 and V2), protocol revenue generation exceeding $1M, expansion to 8–13% of Ethereum DEX market share. 2026: Ekubo V3 protocol contracts deployment; expansion to additional L2s (Arbitrum).
Description of future milestones	textBlock	2026 (potential): Deployment of token auction. All planned uses of EKUBO remain subject to market conditions, regulatory compliance, and the evolving needs of the Ekubo-protocol ecosystem and/or the Ekubo, Inc.
D.9 Resource allocation	text	Resources consist of the DAO treasury (funded through the 2024 public token sale and a Starknet Foundation grant), protocol revenues from withdrawal fees, and service contributions from Ekubo, Inc. and independent developers. Treasury assets are diversified into ETH, USDC, and STRK, managed transparently on-chain. Ekubo, Inc. and Ekubo DAO resources and allocation decisions are separate. All resource allocation decisions are made to support the core mission of the Ekubo-protocol ecosystem and/or the Ekubo, Inc.
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	The issuer seeks admission of the EKUBO token to trading on multiple exchanges in order to encourage users to exert efforts towards contribution and participation in the ecosystem, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. The primary goal is to support the long-term sustainability and operational needs of Ekubo, Inc. by funding research and development, validator coordination infrastructure, and ecosystem growth initiatives. Admission to trading is sought to increase transparency, accessibility, and liquidity of the EKUBO token for existing and future participants in the Ekubo ecosystem. No funds are being raised in connection with the admission to trading, and no new crypto-assets will be issued as part of this process. The admission to trading is intended solely to facilitate secondary market trading of an already fully circulating token and to support broader participation in protocol governance and ecosystem activity.
E.3 Fundraising target
Target expressed in currency	monetary	0	EUR
Target expressed in units	decimal	0
Target expressed in digital token identifier	text	Section 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	Section 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	Section not applicable.
E.6 Oversubscription acceptance	boolean	false
E.7 Oversubscription allocation	text	Section not applicable.
Issue price details
E.8 Issue price	decimal	0
E.9 Official currency determining issue price	enumeration
E.9 Any other tokens determining issue price	text	This section is not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.10 Subscription fee
Fee expressed in currency	monetary	0	EUR
Fee expressed in units	decimal	0
Fee expressed in digital token identifier	text	This section is not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.11 Offer price determination method	text	This section is not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.12 Total number of offered or traded other tokens	integer	10000000
E.13 Targeted holders	enumeration	All types of investors
E.14 Holder restrictions	text	The holder restrictions are subject to the rules applicable to the Crypto Asset Service Provider as well as additional restrictions the Crypto Asset Service Providers might set in force. The EKUBO token contract does not enforce any blacklist, whitelist or similar restrictions on holding the EKUBO token.
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	The payment methods are subject to the respective capabilities of the Crypto Asset Service Provider listing the crypto-asset.
E.25 Value transfer methods for reimbursement	textBlock	Not applicable
E.26 Right of withdrawal	textBlock	Not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.27 Transfer of purchased other tokens	textBlock	The transfer of purchased crypto-assets are subject to the respective capabilities of the Crypto Asset Service Provider listing the crypto-asset.
E.28 Transfer time schedule	text	Not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.29 Purchaser's technical requirements	textBlock	The technical requirements that the purchaser is required to fulfil to hold the crypto-assets of purchased crypto-assets are subject to the respective capabilities of the Crypto Asset Service Provider listing the crypto-asset. A self-custody crypto wallet capable of holding ERC-20 standard tokens on Ethereum or compatible networks is required.
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	Trading on relevant MiCAR-compliant trading platforms is sought, including but not limited to Kraken, Coinbase, Binance, OKX, Bybit, Bitget, and Gate, subject to each platform's approval.
E.34 Trading platforms market identifier code (MIC)	text	Not applicable
E.35 Trading platforms access	text	This depends on the trading platform listing the crypto-asset.
E.36 Involved costs	textBlock	This depends on the trading platform listing the crypto-asset. Furthermore, costs may occur for making transfers out of the platform (i.e. "transaction costs" for blockchain network use that may exceed the value of the crypto-asset itself).
E.37 Offer expenses	textBlock	Not applicable, as this crypto-asset white paper concerns the admission to trading and not the offer of the token to the public.
E.38 Conflicts of interest	textBlock	MiCA-compliant Crypto Asset Service Providers shall have strong measurements in place in order to manage conflicts of interests. Due to the broad audience this white-paper is addressing, potential investors should always check the conflicts of interest policy of their respective counterparty. The DAO governs protocol operations, and no insider sales are permitted due to the permanent no-sell governance commitment.
E.39 Applicable law	textBlock	Not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
E.40 Competent court	textBlock	Not applicable, as this white paper is written to support admission to trading and not for the initial offer to the public.
Part F - Information about other tokens
F.1 Crypto-asset type	text	The crypto-asset described in the white paper is classified as a crypto-asset under the Markets in Crypto-Assets Regulation (MiCAR) but does not qualify as an electronic money token (EMT) or an asset-referenced token (ART). The crypto-asset described in the white paper does not primarily qualify as a utility token, as its primary purpose is governance rather than access to a good or service supplied by the issuer. It is a digital representation of value that can be stored and transferred using distributed ledger technology (DLT) or similar technology. The crypto-asset does not aim to maintain a stable value by referencing an official currency, a basket of assets, or any other underlying rights. Instead, its valuation is entirely market-driven, based on supply and demand dynamics, and not supported by a stabilization mechanism. It is neither pegged to any fiat currency nor backed by any external assets, distinguishing it clearly from EMTs and ARTs. Furthermore, the crypto-asset is not categorized as a financial instrument, deposit, insurance product, pension product, or any other regulated financial product under EU law. It does not grant financial rights, voting rights, or any contractual claims to its holders, ensuring that it remains outside the scope of regulatory frameworks applicable to traditional financial instruments.
F.2 Other token functionality	textBlock	The EKUBO token does not grant governance rights or enforceable obligations within Ekubo, Inc. EKUBO tokens grant governance rights within the Ekubo DAO, including the ability to submit and vote on protocol proposals. The token does not confer ownership, profit, or dividend rights.
F.3 Planned application of functionalities	textBlock	The functionalities of the EKUBO crypto-asset have already been applied since launch in 2024 and continue to operate on an ongoing basis. The token is currently used for governance within the Ekubo DAO and for participation in ecosystem-related activities. Future extensions or enhancements to token-related functionalities may be introduced over time, subject to development progress and on-chain governance decisions, as further described in row D.8.
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	Ethereum ERC-20 Fixed supply of 10,000,000 EKUBO tokens. Fully circulating since 2024 via airdrop, public token sale, and team allocation (subject to a permanent no-sell governance commitment). No vesting, emissions, or insider unlocks. Tokens are transferable on Ethereum and Starknet.
F.7 Commercial name or trading name	text	Ekubo
F.8 Website of the issuer	text	https://ekubo.org/
F.9 Starting date of offer to the public or admission to trading	date	2024-07-31
F.10 Publication date	date	2026-05-08
F.11 Any other services provided by the issuer	textBlock	Not applicable
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	Ethereum- 51CGHRW1R Starknet - VDMKQ209V
F.14 Functionally fungible group digital token identifier, where available	text	Group - PWQLV0N8Q
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	Ireland
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	Malta
F.19 Host member states #22	enumerationSet	Netherlands
F.19 Host member states #23	enumerationSet	Norway
F.19 Host member states #24	enumerationSet	Poland
F.19 Host member states #25	enumerationSet	Portugal
F.19 Host member states #26	enumerationSet	Romania
F.19 Host member states #27	enumerationSet	Slovakia
F.19 Host member states #28	enumerationSet	Slovenia
F.19 Host member states #29	enumerationSet	Spain
F.19 Host member states #30	enumerationSet	Sweden
Part G - Information on rights and obligations attached to other tokens
G.1 Purchaser rights and obligations	textBlock	Purchasers of the EKUBO token do not acquire any governance rights or enforceable obligations within Ekubo, Inc. Purchasers of the EKUBO token have the right to participate in the Ekubo DAO on-chain governance votes. Purchasers do not acquire ownership, dividend, profit, or redemption rights. There are no legal obligations attached to holding the token beyond compliance with applicable laws in the purchaser's jurisdiction.
G.2 Exercise of rights and obligations	textBlock	Not applicable.
G.3 Conditions for modifications of rights and obligations	textBlock	The rights and obligations of EKUBO token holders may be modified solely through on-chain governance decisions of the Ekubo DAO. Any changes will be communicated to purchasers in a transparent manner. The rights and obligations attached to EKUBO tokens can only be modified through DAO governance, by majority vote of token holders via on-chain proposals.
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	No redemptions are possible.
G.9 Non-trading request	boolean	true
G.10 Other tokens purchase or sale modalities	text	Not applicable, as the admission to trading of the tokens is sought.
G.11 Other tokens transfer restrictions	text	The EKUBO token may be subject to certain transfer restrictions to comply with legal, regulatory, and operational requirements. These restrictions ensure that the token remains compliant with Regulation (EU) 2023/1114 and any relevant jurisdictional laws. Jurisdictional Restrictions: EKUBO tokens cannot be transferred or sold to individuals or entities located in prohibited jurisdictions, as defined by the Ekubo, Inc. and the Crypto Asset Service Providers. This includes jurisdictions under sanctions or areas where the transfer or trading of crypto-assets may be restricted due to legal or regulatory requirements (e.g., Russia). AML/KYC Compliance: Transfers of EKUBO tokens may be restricted if the purchaser's identity cannot be verified through the required AML/KYC procedures. Transfers may be restricted at the level of centralized intermediaries (e.g., crypto-asset service providers), in accordance with applicable laws and platform policies. Secondary Market Restrictions: EKUBO tokens may face restrictions on secondary market trading depending on the platform and applicable regulations. The Crypto Asset Service Providers can impose their own restrictions in agreements they enter with their clients. The Crypto Asset Service Providers may impose restrictions to buyers and sellers in accordance with applicable laws and internal policies and terms. These transfer restrictions are designed to protect both the purchasers and the broader ecosystem, ensuring that the EKUBO token remains compliant with legal obligations and functions securely within its intended use. No restrictions are enforced at the protocol or smart-contract level, and peer-to-peer transfers on supported blockchains remain technically unrestricted.
G.12 Supply adjustment protocols	boolean	false
G.13 Supply adjustment mechanisms	text	Not applicable.
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	Applicable law likely depends on the location of any particular transaction with the token. The laws applicable to Ekubo, Inc. are the laws of the State of Delaware, United States of America.
G.19 Competent court	textBlock	Competent court likely depends on the location of any particular transaction with the token. Any dispute, claim, disagreements arising out of or relating in any way Ekubo, Inc. will be resolved by the courts of the state and federal courts located in the State of Delaware, United States of America.
Part H – Information on underlying technology
H.1 Distributed ledger technology (DTL)	text	Distributed Ledger Technology ("DLT") refers to a digital system for recording transactions in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality. Instead, the ledger is decentralized, and consensus on the transactions is achieved through a process that involves multiple nodes, each maintaining its own copy of the ledger. The benefits of DLT include increased transparency, enhanced security, improved traceability, and greater efficiency of transactions. One of the most well-known forms of DLT is a blockchain, which is a subtype characterized by its use of a chain of blocks to manage the ledger. Each block contains a list of transactions and is cryptographically linked to the previous block, ensuring that the data once recorded, cannot be altered retroactively without altering all subsequent blocks. Blockchains also introduce features like smart contracts, notably to automate and enforce pre-defined transactions and logic through code, thereby reducing the need for intermediaries and further boosting efficiency. Blockchains offer significant benefits for consumer choice and interoperability as well. Consumers have the advantage of accessing the open-source code of these blockchains, allowing them to review, verify, and select the platform that best suits their needs. This transparency empowers users to make more informed decisions. Additionally, the open nature of blockchains promotes interoperability, meaning that any type of application that follows the same technical standards can integrate with the blockchain without anyone's permission. This flexibility enables a wide range of applications to work seamlessly together, fostering innovation and making it easier for different services to connect and interact within the blockchain ecosystem. Ekubo, Inc. issues Ekubo tokens on the Ethereum blockchain (and also made available on Starknet via an Ethereum to Starknet token bridge) in order to leverage these benefits.
H.2 Protocols and technical standards	text	Ekubo, Inc. will support EKUBO tokens on the Ethereum and Starknet blockchain. Ekubo, Inc. does not have any ability or obligation to prevent or mitigate attacks or resolve any other issues that might arise with any EKUBO supported blockchain.
H.3 Technology used	textBlock	The EKUBO token uses the existing ERC-20 token standard on Ethereum and Starknet.
H.4 Consensus mechanism	text	Blockchains rely on consensus mechanisms to ensure their decentralized network of nodes can reach agreement around transaction validity and ordering. Ethereum and Starknet (currently transitioning) rely on Proof-of-Stake consensus, which requires that validators stake the native token as collateral in order to qualify as a validator. Validators are selected for consensus based on the proportion of tokens they have staked, and in some cases can lose some of the staked token if they have been shown to sign invalid transactions.
H.5 Incentive mechanisms and applicable fees	text	Transactions involving the EKUBO token are secured through the incentive mechanisms of the underlying blockchains on which the token is issued, namely Ethereum and Starknet. Network participants (validators and sequencers) are economically incentivized to correctly process and order transactions through the payment of transaction fees (gas fees), which are required to submit transactions to the network. On Ethereum, transactions require the payment of gas fees denominated in ETH, which are paid by users and distributed according to the Ethereum protocol's fee mechanism. On Starknet, transactions are subject to network fees that incentivize sequencers to process transactions and maintain network security. Such fees are generally payable in STRK or ETH and may, in certain cases, be sponsored by third-party paymaster mechanisms in accordance with the Starknet protocol design. No additional protocol-level transaction fees are imposed by Ekubo, Inc. in connection with the transfer of EKUBO tokens. Any fees charged in connection with trading or custody of the EKUBO token may be imposed by third-party crypto-asset service providers in accordance with their own fee schedules and applicable law.
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	false
H.9 Audit outcome	textBlock	As we are understanding the question relating to "technology" to be interpreted in a broad sense, the answer to whether an audit of "the technology used" was conducted is "no", we cannot guarantee, that all parts of the technology used have been audited. This is due to the fact this report focusses on risk, and we cannot guarantee that each part of the technology used was audited. All available audit information is available here: https://docs.ekubo.org/integration-guides/reference/audits
Part I - Information on risks
I.1 Offer-related risks	textBlock	1. Regulatory and Compliance: This white paper has been prepared with utmost caution; however, uncertainties in the regulatory requirements and future changes in regulatory frameworks could potentially impact the token's legal status and its tradability. There is also a high probability that other laws will come into force, changing the rules for the trading of the token. Therefore, such developments shall be monitored and acted upon accordingly. 2. Operational and Technical Blockchain Dependency: The token is entirely dependent on the blockchain the crypto-asset is issued upon. Any issues, such as downtime, congestion, or security vulnerabilities within the blockchain, could adversely affect the token's functionality. Smart Contract Risks: Smart contracts governing the token may contain hidden vulnerabilities or bugs that could disrupt the token offering or distribution processes. Connection Dependency: As the trading of the token also involves other trading venues, technical risks such as downtime of the connection or faulty code are also possible. Human errors: Due to the irrevocability of blockchain-transactions, approving wrong transactions or using incorrect networks/addresses could result in funds not being accessibly anymore. Custodial risk: When admitting the token to trading, the risk of losing clients' assets due to hacks or other malicious acts is given. This is due to the fact the token is hold in custodial wallets for the clients. 3. Market and Liquidity Volatility: The token will most likely be subject to high volatility and market speculation. Price fluctuations could be significant, posing a risk of substantial losses to holders. Liquidity Risk: Liquidity is contingent upon trading activity levels on decentralized exchanges (DEXs) and potentially on centralized exchanges (CEXs), should they be involved. Low trading volumes may restrict the buying and selling capabilities of the tokens. 4. Counterparty As the admission to trading involves the connection to other trading venues, counterparty risks arise. These include, but are not limited to, the following risks:General Trading Platform Risk: The risk of trading platforms not operating to the highest standards is given. Examples like FTX show that especially in nascent industries, compliance and oversight-frameworks might not be fully established and/or enforced. Listing or Delisting Risks: The listing or delisting of the token is subject to the trading partner's internal processes. Delisting of the token at the connected trading partners could harm or completely halt the ability to trade the token. 5. Liquidity Liquidity of the token can vary, especially when trading activity is limited. This could result in high slippage when trading a token. 6. Failure of one or more Counterparties Another risk stems from the internal operational processes of the counterparties used. As there is no specific oversight other than the typical due diligence check, it cannot be guaranteed that all counterparties adhere to the best market standards. Counterparties could go bankrupt, possibly resulting in a total loss for the clients' assets hold at that counterparty. 7. No Guarantee of Value or Returns The EKUBO token does not confer any right to profits, dividends, revenues, or other financial returns. The value of the token is not guaranteed and may decrease significantly or become worthless. Participation in governance does not ensure that decisions adopted through on-chain governance will result in positive outcomes for token holders. Token holders may incur a partial or total loss of the value of their holdings.
I.2 Issuer-related risks	textBlock	1. Insolvency As with every other commercial endeavor, the risk of insolvency of the issuer is given. This could be caused by but is not limited to lack of interest from the public, lack of funding, incapacitation of key developers and project members, force majeure (including pandemics and wars) or lack of commercial success or prospects. 2. Counterparty In order to operate, the issuer has most likely engaged in different business relationships with one or more third parties on which it strongly depends on. Loss or changes in the leadership or key partners of the issuer and/or the respective counterparties can lead to disruptions, loss of trust, or project failure. This could result in a total loss of economic value for the crypto-asset holders. 3. Legal and Regulatory Compliance Cryptocurrencies and blockchain-based technologies are subject to evolving regulatory landscapes worldwide. Regulations vary across jurisdictions and may be subject to significant changes. Non-compliance can result in investigations, enforcement actions, penalties, fines, sanctions, or the prohibition of the trading of the crypto-asset impacting its viability and market acceptance. This could also result in the issuer to be subject to private litigation. The beforementioned would most likely also lead to changes with respect to trading of the crypto-asset that may negatively impact on the value, legality, or functionality of the crypto-asset. 4. Operational Failure to develop or maintain effective internal control, or any difficulties encountered in the implementation of such controls, or their improvement could harm the issuer's business, causing disruptions, financial losses, or reputational damage. 5. Reputational The issuer faces the risk of negative publicity, whether due to, without limitation, operational failures, security breaches, or association with illicit activities, which can damage the issuer's reputation and, by extension, the value and acceptance of the crypto-asset. 6. Competition There are numerous other crypto-asset projects in the same realm, which could have an effect on the crypto-asset in question. 7. Unanticipated Risk In addition to the risks included in this section, there might be other risks that cannot be foreseen. Additional risks may also materialize as unanticipated variations or combinations of the risks discussed.
I.3 Other tokens-related risks	textBlock	1. Valuation As the crypto-asset does not have any intrinsic value, and grants neither rights nor obligations, the only mechanism to determine the price is supply and demand. Historically, most crypto-assets have dramatically lost value and were not a beneficial investment for the investors. Therefore, investing in these crypto-assets poses a high risk, and the loss of funds can occur. 2. Market Volatility Crypto-asset prices are highly susceptible to dramatic fluctuations influenced by various factors, including market sentiment, regulatory changes, technological advancements, and macroeconomic conditions. These fluctuations can result in significant financial losses within short periods, making the market highly unpredictable and challenging for investors. This is especially true for crypto-assets without any intrinsic value, and investors should be prepared to lose the complete amount of money invested in the respective crypto-assets. 3. Liquidity Challenges Some crypto-assets suffer from limited liquidity, which can present difficulties when executing large trades without significantly impacting market prices. This lack of liquidity can lead to substantial financial losses, particularly during periods of rapid market movements, when selling assets may become challenging or require accepting unfavorable prices. 4. Asset Security Crypto-assets face unique security threats, including the risk of theft from exchanges or digital wallets, loss of private keys, and potential failures of custodial services. Since crypto transactions are generally irreversible, a security breach or mismanagement can result in the permanent loss of assets, emphasizing the importance of strong security measures and practices. 5. Scams The irrevocability of transactions executed using blockchain infrastructure, as well as the pseudonymous nature of blockchain ecosystems, attracts scammers. Therefore, investors in crypto-assets must proceed with a high degree of caution when investing in if they invest in crypto-assets. Typical scams include – but are not limited to – the creation of fake crypto-assets with the same name, phishing on social networks or by email, fake giveaways/airdrops, identity theft, among others. 6. Blockchain Dependency Any issues with the blockchain used, such as network downtime, congestion, or security vulnerabilities, could disrupt the transfer, trading, or functionality of the crypto-asset. 7. Privacy Concerns All transactions on the blockchain are permanently recorded and publicly accessible, which can potentially expose user activities. Although addresses are pseudonymous, the transparent and immutable nature of blockchain allows for advanced forensic analysis and intelligence gathering. This level of transparency can make it possible to link blockchain addresses to real-world identities over time, compromising user privacy. 8. Regulatory Uncertainty The regulatory environment surrounding crypto-assets is constantly evolving, which can directly impact their usage, valuation, and legal status. Changes in regulatory frameworks may introduce new requirements related to consumer protection, taxation, and anti-money laundering compliance, creating uncertainty and potential challenges for investors and businesses operating in the crypto space. Although the crypto-asset do not create or confer any contractual or other obligations on any party, certain regulators may nevertheless qualify the crypto-asset as a security or other financial instrument under their applicable law, which in turn would have drastic consequences for the crypto-asset, including the potential loss of the invested capital in the asset. Furthermore, this could lead to the sellers and its affiliates, directors, and officers being obliged to pay fines, including federal civil and criminal penalties, or make the crypto-asset illegal or impossible to use, buy, or sell in certain jurisdictions. On top of that, regulators could take action against the issuer as well as the trading platforms if the regulators view the token as an unregistered offering of securities or the operations otherwise as a violation of existing law. Any of these outcomes would negatively affect the value and/or functionality of the crypto-asset and/or could cause a complete loss of funds of the invested money in the crypto-asset for the investor. 9. Counterparty risk Engaging in agreements or storing crypto-assets on exchanges introduces counterparty risks, including the failure of the other party to fulfill their obligations. Investors may face potential losses due to factors such as insolvency, regulatory non-compliance, or fraudulent activities by counterparties, highlighting the need for careful due diligence when engaging with third parties. 10. Reputational concerns Crypto-assets are often subject to reputational risks stemming from associations with illegal activities, high-profile security breaches, and technological failures. Such incidents can undermine trust in the broader ecosystem, negatively affecting investor confidence and market value, thereby hindering widespread adoption and acceptance. 11. Technological Innovation New technologies or platforms could render EKUBO token's design less competitive or even break fundamental parts (i.e., quantum computing might break cryptographic algorithms used to secure the network), impacting adoption and value. Participants should approach the crypto-asset with a clear understanding of its speculative and volatile nature and be prepared to accept these risks and bear potential losses, which could include the complete loss of the assets' value. 12. Community and Narrative As the crypto-asset has no intrinsic value, all trading activity is based on the intended market value is heavily dependent on its community and the popularity of the memecoin narrative. Declining interest or negative sentiment could significantly impact the token's value. 13. Interest Rate Change Historically, changes in interest, foreign exchange rates, and increases in volatility have increased credit and market risks and may also affect the value of the crypto-asset. Although historic data does not predict the future, potential investors should be aware that general movements in local and other factors may affect the market, and this could also affect market sentiment and, therefore most likely also the price of the crypto-asset. 14. Taxation The taxation regime that applies to the trading of the crypto-asset by individual holders or legal entities will depend on the holder's jurisdiction. It is the holder's sole responsibility to comply with all applicable tax laws, including, but not limited to, the reporting and payment of income tax, wealth tax, or similar taxes arising in connection with the appreciation and depreciation of the crypto-asset. 15. Anti-Money Laundering/Counter-Terrorism Financing It cannot be ruled out that crypto-asset wallet addresses interacting with the crypto-asset have been, or will be used for money laundering or terrorist financing purposes, or are identified with a person known to have committed such offenses. 16. Market Abuse It is noteworthy that crypto-assets are potentially prone to increased market abuse risks, as the underlying infrastructure could be used to exploit arbitrage opportunities through schemes such as front-running, spoofing, pump-and-dump, and fraud across different systems, platforms, or geographic locations. This is especially true for crypto-assets with a low market capitalization and few trading venues, and potential investors should be aware that this could lead to a total loss of the funds invested in the crypto-asset. 17. Timeline and Milestones Critical project milestones could be delayed by technical, operational, or market challenges. 18. Governance Limitations and Lack of Influence Holding the crypto-asset does not guarantee any meaningful ability to influence decisions relating to the development, operation, or direction of the associated ecosystem. Even where governance mechanisms exist, outcomes depend on collective participation and voting dynamics, which may be dominated by other token holders or influenced by factors beyond the control of any i
I.4 Project implementation-related risks	textBlock	As this white paper relates to the "admission to trading" of the crypto-asset, the implementation risk is referring to the risks on the Crypto Asset Service Providers side. These can be, but are not limited to, typical project management risks, such as key-personal-risks, timeline-risks, and technical implementation-risks.
I.5 Technology-related risks	textBlock	As this white paper relates to the "admission to trading" of the crypto-asset, the technology-related risks mainly lie in the settling on the Ekubo-Protocol. 1. Blockchain Dependency Risks Ekubo-Protocol Downtime: Potential outages or congestion of the underlying blockchain (Ethereum, Starknet) could interrupt on-chain token transfers, trading, and other functions. Private Key Management: Token holders must securely manage their private keys and recovery phrases to prevent permanent loss of access to their tokens, which includes trading-venues, who are a prominent target for dedicated hacks. 2. Network Security Risks Attack Risks: The underlying blockchain (Ethereum, Starknet) may face threats such as denial-of-service (DoS) attacks or exploits targeting its consensus mechanism, which could compromise network integrity. 3. Evolving Technology Risks Technological Obsolescence: The fast pace of innovation in blockchain technology may make EKUBO token less competitive or become outdated, potentially impacting the usability or adoption of the token. 4. Smart Contract and Upgrade Risks The Ekubo-Protocol relies on smart contracts deployed on public blockchains. Smart contracts may contain undiscovered vulnerabilities, bugs, or design flaws that could be exploited or result in unintended behavior, including loss of funds or disruption of protocol functionality. In addition, upgrades or changes to smart contracts—whether initiated through governance or technical necessity—may introduce new risks, incompatibilities, or unforeseen consequences. Interactions with third-party protocols and composable smart contracts may further amplify such risks.
I.6 Mitigation measures	textBlock	Mitigation measures implemented or considered in relation to the technology include, where applicable: (i) the use of established and widely adopted public blockchains (Ethereum and Starknet) with mature security and validation mechanisms; (ii) reliance on audited or peer-reviewed smart contract components where available, and ongoing security reviews; (iii) decentralization of validation and transaction processing to reduce single points of failure; (iv) transparent, on-chain operation enabling public monitoring of transactions and protocol behavior; and (v) adherence to industry best practices for key management, access controls, and operational security. The issuer also monitors developments in blockchain security, scalability, and sustainability to adapt practices where appropriate. However, it cannot be ensured that the implemented mitigation measures address and/or mitigate all the risks associated with the technology, and uncertainties in regulatory requirements and future changes in regulatory frameworks could potentially impact the crypto-asset and its tradability.
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	Where possible, Ekubo, Inc. seeks to operate the most energy efficient and least environmentally impactful product. With this objective in mind, the blockchain technology, Ethereum and Starknet, selected for the initial issuance of the EKUBO token uses a Proof of Stake consensus mechanism for transaction verification. Proof of stake (PoS) is a consensus mechanism used in blockchain networks as an alternative to proof of work (PoW). PoS relies on validators holding a certain amount of cryptocurrency to secure the network and validate transactions, as opposed to the energy-intensive mining process used in PoW. Compared to PoW, PoS has a much lower environmental impact. PoW requires miners to solve complex mathematical problems using large amounts of computational power, which consumes a significant amount of electricity. This has led to concerns about the environmental impact of PoW, as it contributes to greenhouse gas emissions and climate change. In contrast, PoS requires much less energy to operate, as validators are not required to perform complex calculations. This means that the environmental impact of PoS is significantly lower than that of PoW. Additionally, some PoS networks have implemented various sustainability measures, such as using renewable energy sources or carbon offsets, to further reduce their environmental impact. However, it is worth noting that PoS is not without environmental impact. While it may not consume as much energy as PoW, PoS still requires the use of computers and servers, which have their own environmental impact in terms of manufacturing and disposal. Additionally, the energy consumption of PoS networks can increase as the number of validators and transactions on the network grows. Where possible, Ekubo, Inc. seeks to operate the most energy-efficient and least environmentally impactful product.
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
S.2 Relevant legal entity identifier	text
S.3 Name of the crypto-asset	text
S.4 Consensus mechanism	text
S.5 Incentive mechanisms and applicable fees	text
S.6 Beginning of period to which disclosed information relates	date
S.7 End of period to which disclosed information relates	date
Mandatory key indicator
S.8 Energy consumption	energy (kWh)
Sources and methodologies
S.9 Energy consumption sources and methodologies	textBlock
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