MiCA Whitepaper Inline XBRL

N	Field	Content
00	Table of contents	I. Compliance with duties of information II. Summary Part A: Information about the offeror or the person seeking admission to trading Part B: Information about the issuer, if different from the 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 the crypto-asset project Part E: Information about the offer to the public of crypto-assets or their admission to trading Part F: Information about the crypto-assets Part G: Information on the rights and obligations attached to the crypto-assets Part H: Information on the underlying technology Part I: Information on the risks Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
01	Date of notification	2025-12-23
02	Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror 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	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	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	FALSE
06	Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	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.
07	Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	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 documents pursuant to the applicable national law.
08	Characteristics of the crypto-asset	CHZ is the native token of the Chiliz Chain, a Layer 1, open, public, permissionless, decentralized blockchain infrastructure. The original supply of CHZ (pre-Dragon8 hard fork) was issued by The Chiliz Group Limited under the CAP-20 token standard and serves as the gas token and governance token of the Chiliz Chain, with an initial total token supply of 8,888,888,888 CHZ. Following the Dragon8 hard fork, the CHZ supply is subject to an inflationary model where the supply increases at a protocol level based on a pre-determined inflation rate. CHZ tokens are a digital representation of a value that can be transferred and stored on the Chiliz Chain. CHZ tokens are fungible and do not purport to maintain a stable value. Hence, under MiCA, CHZ qualifies as a crypto-asset other than asset-referenced tokens (ARTs) or e-money tokens (EMTs).
09	Further information about utility tokens	CHZ does not qualify as a utility token (see point No. 5). However, CHZ provides the below mere utilities to token holders: -Pay gas fees for on-chain transactions, including when transferring tokens or invoking smart contracts. -Run a node validator to participate in the PoSA consensus mechanism by creating blocks and validating transactions, which requires staking a minimum of 10,000,000 CHZ. -Participate in the PoSA consensus mechanism by delegating CHZ to a node validator, which requires delegating a minimum of 0.01 CHZ. -Submit and vote on on-chain governance proposals.
10	Key information about the offer to the public or admission to trading	The initial total CHZ supply was minted in 2018 and distributed through a private placement process. CHZ is currently listed on multiple third-party exchanges, such as Binance, Bybit, Coinbase, OKX, Kraken, Bitget, and Gate, amongst others. Despite the current listing of CHZ on numerous exchanges, The Chiliz Group Limited, in its capacity as the original issuer of CHZ, is seeking admission to trading of CHZ in the European Union on MiCA-compliant trading platforms, and outside the EU, where the trading of CHZ is not prohibited under applicable laws.

N	Field	Content
B.1	Issuer different from offerror or person seeking admission to trading	FALSE
B.2	Name	N/A
B.3	Legal form	N/A
B.4	Registered address	N/A
B.5	Head office	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	N/A
B.11	Business activity	N/A
B.12	Parent company business activity	N/A

N	Field	Content
C.1	Name	N/A
C.2	Legal form	N/A
C.3	Registered address	N/A
C.4	Head office	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	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

N	Field	Content
E.1	Public offering or admission to trading	ATTR
E.2	Reasons for public offer or admission to trading	The Chiliz Group Limited is committed to regulatory compliance in the activities it conducts in relation to the admission to trading of CHZ in the EU. In its quality as issuer of CHZ, The Chiliz Group Limited seeks to extend the accessibility of CHZ on third-party trading platforms, ensuring that users in the EU can benefit from the clarity and transparency required for such admission to trading. CHZ is currently listed on multiple third-party exchanges, such as Binance, Bybit, OKX, Bitget, and Gate, amongst others.
E.3	Fundraising target	N/A
E.4	Minimum subscription goals	N/A
E.5	Maximum subscription goals	N/A
E.6	Oversubscription acceptance	N/A
E.7	Oversubscription allocation	N/A
E.8	Issue price	N/A
E.9	Official currency or any other crypto-assets determining the issue price	N/A
E.10	Subscription fee	N/A
E.11	Offer price determination method	N/A
E.12	Total number of offered/traded crypto-assets	15050414348
E.13	Targeted holders	ALL
E.14	Holder restrictions	None
E.15	Reimbursement notice	N/A
E.16	Refund mechanism	N/A
E.17	Refund timeline	N/A
E.18	Offer phases	N/A
E.19	Early purchase discount	N/A
E.20	Time-limited offer	N/A
E.21	Subscription period beginning	N/A
E.22	Subscription period end	N/A
E.23	Safeguarding arrangements for offered funds/crypto-Assets	N/A
E.24	Payment methods for crypto-asset purchase	N/A
E.25	Value transfer methods for reimbursement	N/A
E.26	Right of withdrawal	N/A
E.27	Transfer of purchased crypto-assets	N/A
E.28	Transfer time schedule	N/A
E.29	Purchaser's technical requirements	N/A
E.30	Crypto-asset service provider (CASP) name	N/A
E.31	CASP identifier	N/A
E.32	Placement form	N/A
E.33	Trading platforms name	Payward Global Solutions Limited (Kraken), Bitstamp Europe S.A. (Bitstamp)
E.34	Trading platforms market identifier code (MIC)	PESL, BESA
E.35	Trading platforms access	All prospective Tokenholders must complete identity verification and anti-money laundering AML checks in accordance with the regulatory policies of the trading platforms. Failure to comply with these procedures will prevent access to trading platforms, the purchase or transfer of tokens, or result in regulatory measures such as freezing of funds, mandatory cancellation or redemption of tokens, or other actions deemed necessary by the issuer to ensure compliance with applicable laws. Prospective tokenholders must create a trading account on platforms. Prospective tokenholders need a wallet compatible with the token standards to facilitate deposits and withdrawals.
E.36	Involved costs	No conflicts of interest have been identified by the Issuer in relation to the admission to trading of CHZ in the EU.
E.37	Offer expenses	This field does not apply, as there is no offer to the public.
E.38	Conflicts of interest	Potential conflicts of interest of the persons involved in the offer to the public or admission to trading, arising in relation to the offer or admission to trading.
E.39	Applicable law	Malta
E.40	Competent court	Malta

N	Field	Content
F.1	Crypto-asset type	Crypto-asset other than ARTs or EMTs
F.2	Crypto-asset functionality	As the native token of the Chiliz Chain, CHZ can be used to: Pay gas fees for onchain transactions, including when transferring tokens or invoking smart contracts. Run a node validator to participate in the chain’s consensus mechanism by creating blocks and validating transactions. Participate in the chain’s consensus mechanism by delegating CHZ to a node validator. Submit and vote on onchain governance proposals.
F.3	Planned application of functionalities	The Chiliz Chain has been operational since 2023, and all relevant functionalities of CHZ on the Chiliz Chain, as described under this white paper, are already in operation.
F.4	Type of crypto-asset white paper	OTHR
F.5	The type of submission	MODI
F.6	Crypto-asset characteristics	CHZ is stored and can be transferred on the Chiliz Chain. It does not purport to maintain a stable value and is classified as a crypto-asset other than EMTs and ARTs. The initial token supply was 8,888,888,888 CHZ and was entirely minted in 2018. The initial sale of CHZ took place through a private placement process in 2018. However, the CHZ total token supply is subject to an inflationary model and is indefinite in accordance with the inflationary mechanism governed by the protocol. The current circulating supply is around 10,030,000,000 CHZ. CHZ tokens are CAP-20 tokens, and all tokens are fungible. As the native token of the Chiliz Chain, CHZ can be used to: Pay gas fees for onchain transactions, including when transferring tokens or invoking smart contracts. Run a node validator to participate in the chain’s consensus mechanism by creating blocks and validating transactions. Participate in the chain’s consensus mechanism by delegating CHZ to a node validator. Submit and vote on onchain governance proposals.
F.7	Commercial name or trading name	N/A as DTI is provided in F.13
F.8	Website of the issuer	https://www.chiliz.com/
F.9	Starting date of offer to the public or admission to trading	2025-09-02
F.10	Publication date	2026-01-26
F.11	Any other services provided by the issuer	The Chiliz Group Limited is the data controller for CHZ and manages the token reserve allocated for ecosystem growth (marketing, user-base rewards, strategic partnerships), besides ensuring regulatory compliance of the CHZ token with applicable laws.
F.12	Language or languages of the crypto-asset white paper	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	GV9QD1V9M
F.14	Functionally fungible group digital token identifier, where available	KNS06KRXQ
F.15	Voluntary data flag	FALSE
F.16	Personal data flag	TRUE
F.17	LEI eligibility	TRUE
F.18	Home Member State	Malta
F.19	Host Member States	Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

N	Field	Content
G.1	Purchaser rights and obligations	Ownership of CHZ tokens grants holders only the rights explicitly outlined in this white paper and those established under Regulation (EU) 2023/1114 and applicable laws. No additional rights are conferred beyond the below: CHZ Token holders may freely transfer, exchange, trade, or otherwise dispose of their tokens. CHZ Token holders may stake their tokens on the Chiliz Chain governance to run a node validator and participate in the consensus mechanism of the Chiliz Chain, earning additional Tokens as staking rewards. CHZ Token holders who stake their tokens on the Chiliz Chain governance to run a node validator participating in the consensus mechanism of the Chiliz Chain may submit and vote on governance proposals. CHZ Token holders may delegate their tokens to node validators on the Chiliz Chain governance and receive part of the staking rewards earned by node validators participating in the consensus mechanism of the Chiliz Chain. For the purpose of clarity, the Issuer does not confer any of the above rights to CHZ Token holders, but such rights are rather inherent to the holding of CHZ on the Chiliz Chain. In addition, CHZ does not confer any of the following rights: CHZ does not represent or constitute any ownership rights or stake, shares or security, or equivalent rights in the Issuer, and does not convey any rights to receive or participate in future profits, revenue streams, or proceeds that are related to the activities of the Issuer; CHZ does not create or confer any enforceable contractual or other obligations against the Issuer, and does not grant the holder any license or right of any nature with respect to any intellectual property rights, rights of publicity, or equivalent rights in or related to the Issuer. CHZ Token holders do not have the right to participate in the capital of the Issuer or any other company whatsoever. CHZ Token holders do not have the right to receive proceeds from the liquidation of the Issuer or any other company whatsoever in excess of the nominal value of the Token. CHZ Token holders do not have the right to entry in the register of shareholders of the Issuer or any other company whatsoever. CHZ Token holders do not have the right to a principal amount due of a fixed sum with a fixed or variable maturity. CHZ Token holders do not have the right to entry in the register of debenture holders of The Chiliz Group Limited or any other company.
G.2	Exercise of rights and obligations	CHZ Token holders acknowledge that transferring CHZ tokens to another address results in the automatic assignment of ownership to the recipient of that address. Transactions involving CHZ tokens are irreversible. Once tokens are sent to an address, holders accept permanently losing access to them, unless sent to another wallet address under their control. This may occur due to reasons such as (i) incorrect address entry, making it impossible to identify the recipient, (ii) loss or lack of access to the private key associated with the address, (iii) transfer to an entity unwilling to return the tokens, or (iv) transfer to an entity requiring identity verification or other actions before returning the tokens. The Issuer bears no responsibility to track, verify, or determine the ownership of CHZ token balances unless explicitly required by applicable laws. By holding CHZ, Token holders confirm and guarantee that: They comply with the terms outlined in this white paper and applicable laws. They are at least 18 years of age. They will not use CHZ for any illegal purposes, including but not limited to illicit gambling, money laundering, fraud, extortion, ransomware, financing of terrorism, violent activities, or prohibited market practices. For US residents, they cannot make any reliance on the content of this white paper and the information provided therein. CHZ Token holders use and hold their tokens solely for their own account and are not considered as nominees or agents of the Issuer, unless explicitly agreed upon in writing by the Issuer. Holders are fully informed that the Issuer, along with its affiliates, officers, directors, agents, employees, and suppliers, holds liability only as expressly stated under applicable laws and this white paper. Specifically, the Issuer assumes no responsibility for (i) the use of CHZ tokens; (ii) the costs associated with acquiring replacement goods or services resulting from any purchases, transactions, or communications involving CHZ tokens; or (iii) unauthorized access to or modification of token holders' data or transactions. To the maximum extent permitted by applicable laws, the Issuer disclaims all warranties, whether express or implied, including but not limited to implied warranties of merchantability and fitness for a particular purpose. Furthermore, the Issuer shall not be liable for any damages resulting from the use of CHZ tokens, including but not limited to direct, indirect, incidental, punitive, or consequential damages.
G.3	Conditions for modifications of rights and obligations	As provided by Article 12 of Regulation (EU) 2023/1114, any significant new factor, material mistake, or material inaccuracy that is capable of affecting the assessment of CHZ will be described in a modified version of this white paper, notified to the competent authorities, and published on the Issuer’s website.
G.4	Future public offers	FALSE
G.5	Issuer retained crypto-assets	N/A
G.6	Utility Token Classification	FALSE
G.7	Key features of goods/services of utility tokens	N/A
G.8	Utility tokens redemption	N/A
G.9	Non-trading request	TRUE
G.10	Crypto-assets purchase or sale modalities	N/A
G.11	Crypto-assets transfer restrictions	This admission to trading does not outline any restrictions on the transferability of the crypto-assets.
G.12	Supply adjustment protocols	TRUE
G.13	Supply adjustment mechanisms	Through the Dragon8 upgrade, new tokenomics for CHZ have been designed to ensure the sustainability, security, and growth of the Chiliz ecosystem by introducing a dynamic economic model that reflects its current and future operational realities. This new economic model offers robust and transparent governance of the chain by incentivising validators and providing a sustainable model for on-chain governance. This model has introduced two main changes to the CHZ tokenomics: Implementation of an inflationary model with an initial annual base inflation of 8.80% in year 1, dynamically decreasing over time until stabilizing at 1.88% (inflation floor) after 14 years. Implementation of a perpetual burning mechanism to balance the token supply. This mechanism was inspired by the introduction of the EIP-1559 on the Ethereum blockchain, following which the vast majority of accrued gas fees are burned at a protocol level. Please refer to the “Tokenomics 2.0’ section of the Preamble and additional details provided under H.5.
G.14	Token value protection schemes	FALSE
G.15	Token value protection schemes description	N/A
G.16	Compensation schemes	FALSE
G.17	Compensation schemes description	N/A
G.18	Applicable law	Malta
G.19	Competent court	Subject to the applicable law, any dispute arising out of or in connection with this white paper and the admission to trading of CHZ in the EU shall be exclusively that of the Courts of Malta.

N	Field	Content
H.1	Distributed ledger technology (DTL)	N/A as DTI is provided in F.13
H.2	Protocols and technical standards	Chiliz Chain is accessed by wallets, exchanges and applications through Ethereum-style RPC interfaces exposed over HTTP(S) and, where available, WebSocket. Execution environment and base chain At the protocol and execution layer, Chiliz Chain is an EVM-compatible Layer-1 blockchain, a fork of BNB Smart Chain (BSC), which is itself a go-Ethereum fork. The Chiliz Chain design inherits most of the EVM mechanisms, concepts and binaries from this lineage. Chiliz Chain runs an EVM execution environment, allowing developers to deploy Solidity smart contracts and interact with them through standard Web3 libraries and EVM-compatible wallets. CHZ is the native token of Chiliz Chain, which serves as the gas token for on-chain transactions and is also used for staking and on-chain governance: validators must stake CHZ and can submit and vote on governance proposals, while delegators stake CHZ to support validators and share in protocol rewards. CHZ balances and transfers are recorded directly on the Chiliz Chain ledger in the same account-based state as other assets and smart contracts, so all protocol-level state relevant to CHZ is maintained within the EVM execution environment. Alongside the JSON-RPC interfaces exposed by nodes, Chiliz operates a dedicated REST service known as the Chiliz Chain API. Token standards and client interfaces For fungible assets, Chiliz defines a family of CAP token standards that mirror familiar Ethereum token interfaces. The CAP-20 standard is Chiliz Chain’s ERC-20-style fungible-token standard: it follows the usual ERC-20 semantics including balance queries, transfer and approval flows, however, it is adapted for the Chiliz environment. Fan Tokens issued on Chiliz Chain, are implemented as CAP-20 tokens. Block explorers such as Chiliscan and the Blockscout-based Chiliz Chain Explorer expose blocks, transactions, token contracts and account balances via web dashboards and, where available, programmatic APIs.
H.3	Technology used	Smart-contract platform and execution environment Smart contracts on Chiliz Chain are written in Solidity 0.8.24 and compiled for the Shanghai-equivalent EVM introduced with the Dragon8 upgrade. Dragon8 implemented modern Ethereum proposals such as EIP-1559 and EIP-2718, aligning Chiliz Chain’s fee mechanics and transaction format with Ethereum. All transactions on Chiliz Chain are metered using the EVM gas schedule and settled in CHZ, the network’s native token. The deterministic EVM runtime ensures that, given the same inputs and state, contract execution produces identical results across all validator nodes. Transfer and interoperability technology CHZ exists both as the native gas and governance token on Chiliz Chain and as an ERC-20 token on Ethereum. To move value between these environments, the ecosystem relies on smart-contract-based bridges. One major path is the integration with ChainPort, which allows users to lock CHZ on one chain and mint a corresponding representation on the other via audited bridge contracts and off-chain relayers. In parallel, the official Chiliz Bridge and “Wrapped CHZ” tooling manage CHZ and wCHZ representations on Chiliz Chain and Ethereum, ensuring that bridged tokens remain economically equivalent to native CHZ. From a holder’s perspective, moving CHZ between Ethereum and Chiliz Chain involves interacting with these bridge contracts through a web application or wallet interface: tokens are locked or burned on the source chain and minted or released on the target chain once the bridge confirms the transfer. On Chiliz Chain, bridged CHZ (including wrapped representations) ultimately resolves into balances recorded in the native CHZ ledger, which can then be used to pay gas, participate in staking and governance, or be further transferred on-chain.
H.4	Consensus Mechanism	Chiliz Chain employs a hybrid Proof‐of‐Staked Authority consensus, which combines aspects of Proof-of-Authority (PoA) and Delegated Proof-of-Stake (DPoS). Under PoSA, a fixed set of validators produces blocks, but authority is granted based on staking CHZ. With PoSA, block times average ~3 seconds, allowing up to ~400 TPS under normal conditions. Gas fees are typically set around 2,500 GWEI per standard transaction (gas price).
H.5	Incentive Mechanisms and Applicable Fees	The Chiliz Chain’s PoSA consensus mechanism implements incentive mechanisms at the protocol level through a combination of block inflation (newly issued CHZ), transaction priority fees (tips), and a structured distribution model. Main Validators, producing blocks, and their delegators, earn rewards sourced from: Block Inflation: Under CHZ Tokenomics 2.0, the Chiliz Chain mints a predetermined amount of new CHZ in each block according to a dynamically decreasing inflation schedule (Please refer to the ‘Tokenomics 2.0’ section of the Preamble). Transaction Priority Fees (“Tips”): In addition to block inflation, every transaction on Chiliz Chain can include a priority fee (tip) that users pay to have their transactions mined more quickly. Those priority fees are pooled with the inflation rewards for distribution to stakers (validators and delegators). Every block’s total reward, comprising both newly minted CHZ and collected priority fees, is allocated as follows: 65 % to active validators and their delegators. This 65 % “validator pool” portion is paid out to the validator that produced the block. That validator then distributes rewards among itself and its delegators according to the validator’s chosen commission rate. 35 % to network growth and ecosystem, diverted to onchain funding pools: 10 % to the Community Vault and CHZ Liquidity Pools / Shared-Security Restaking Rewards: These funds support ecosystem initiatives, liquidity incentives on native DEXs, and potential “restaking” programs that reuse staked CHZ as collateral in DeFi applications. 25 % to Ecosystem and Operational Distribution: This allocation underwrites ongoing chain development, marketing, validator incentives, hackathons, partnerships, and other ecosystembuilding activities. For example, if a block generates 100 CHZ (50 CHZ inflation + 50 CHZ tips), 65 CHZ goes to that validator, subject to commission splits with its delegators. Each validator chooses a commission rate (e.g., 5 %–20 %) that they deduct from the total staking rewards (the 65 % pool) before distributing the remainder to delegators. The validator’s commission goes to cover infrastructure costs, node operation, and as an additional profit margin. In addition, any validator that does not behave as per the rules of the protocol (e.g., producing two blocks at once or going oﬄine repeatedly) can be “jailed” and/or partially slashed, in which case a percentage of the validator’s staked CHZ is burned. This risk of slashing further incentivizes validators to maintain high uptime and honest behavior. Moreover, a portion of transaction-based fees is burned in application of the EIP-1559 perpetual burn mechanism. As on-chain activity grows, the burn rate may outpace inflation, creating a deflationary pressure that supports CHZ value over time.
H.6	Use of distributed ledger technology	FALSE
H.7	DLT functionality description	N/A
H.8	Audit	TRUE
H.9	Audit outcome	Halborn’s Chiliz Chain Core Contracts Object: Core Chiliz Chain smart contracts used at mainnet launch, including the staking contract, governance contract and bridge contract. Findings: Minor risks were identified in these contracts, with no indication of unresolved high-severity issues at launch. Remediation: The necessary fixes were implemented before the 2023 mainnet launch, and the contracts remain subject to further audits when they are upgraded. CertiK’s Governance and Core Contracts Object: Smart contracts underpinning Chiliz governance and core V2 contracts, including the V2 Genesis Contracts and related upgradeable components, as well as the on-chain vote token implementation reviewed under the Chiliz project on CertiK Skynet. Findings: No critical issues, several major centralisation-type findings, plus medium, minor and informational issues, all marked as acknowledged. Remediation: The identified issues have been addressed. Halborn’s Chiliz Bridge Smart-Contract Audit Object: Smart-contract infrastructure for the Chiliz Bridge that connects CHZ between Ethereum and the Chiliz Chain. Findings: No critical, unaddressed issues. Remediation: Subsequent updates to bridge logic are tracked via blockchain code-change logs and outage reports.

Part I - Information on risks

N	Field	Content
I.1	Offer-related risks	No public offering is being conducted for CHZ, and this white paper is being drafted for the purpose of seeking admission to trading of CHZ predominantly within the EU. Such acts of seeking admission to trading pose minimal risks, considering that CHZ tokens are already available for trading on numerous third-party exchanges. In addition, since CHZ is not an ART or an EMT, there are no reserves of assets, financial risks, or liabilities to be managed concerning the admission to trading of CHZ. The main risk to be considered is that trading platforms may not accept listing CHZ for internal considerations, or may decide to delist CHZ from their trading platforms for any reasons whatsoever external to CHZ or the project. In such circumstances, users may no longer be able to purchase/sell CHZ on the trading platform or withdraw CHZ from and deposit CHZ to the trading platform. For this reason, users should bring particular attention to the rules of the trading platform and ensure they understand the risks associated with the trading platform, its functioning, and services. There is no guarantee that CHZ remains available for trading at any time, on any trading platform, and that such trading platform keeps operating under the same rules, which are subject to regulatory changes.
I.2	Issuer-related risks	Regulatory Compliance Risks: Issuers of crypto-assets must adhere to a wide array of regulatory requirements across different jurisdictions. Non-compliance can result in fines, sanctions, or the prohibition of the crypto asset offering or trading, impacting its viability and market acceptance. Operational Risks: These include risks related to the Issuer's internal processes, personnel, and technologies, which can affect their ability to manage crypto-asset operations effectively. Failures in operational integrity might lead to disruptions, financial losses, or reputational damage. Legal Risks: Legal uncertainties, potential lawsuits, or adverse legal rulings can pose significant risks to issuers. Legal challenges may affect the legality, usability, or value of a crypto-asset. Reputational Risks: Negative publicity, whether due to operational failures, security breaches, or association with illicit activities, can damage an Issuer's reputation and, by extension, the value and acceptance of the crypto-asset. Dependency on Key Individuals: The success of some crypto projects can be highly dependent on the expertise and leadership of key individuals. Loss or changes in the project’s leadership can lead to disruptions, loss of trust, or project failure. Counterparty Risks: Risks associated with the Issuer's partners, suppliers, or collaborators, including the potential for non-fulfillment of obligations that can affect the Issuer’s operations.
I.3	Crypto-assets-related risks	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 gains or losses within short periods, making the market highly unpredictable and challenging for token holders. Liquidity Challenges: Some crypto-assets may 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. 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-asset transactions are generally irreversible, any security breach or mismanagement can result in the permanent loss of assets, emphasizing the importance of strong security measures and practices. Smart Contract Vulnerabilities: Many crypto-assets, including CHZ, rely on smart contracts to automate processes. Even when relevant audits have been completed and remedies have been implemented, these contracts are not immune to risks. Bugs, coding errors, or vulnerabilities within the smart contract code can be exploited by malicious actors, potentially leading to asset loss, unauthorized data access, or unintended operational consequences. Privacy Concerns: All transaction details on the Chiliz Chain are permanently recorded and publicly accessible, which can potentially expose user activities. Although addresses are pseudonymous, the transparent and immutable nature of the Chiliz Chain 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. 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 token holders and businesses operating in the crypto space. 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. Token holders 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. 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 crypto ecosystem or specific project, negatively affecting investor confidence and market value, thereby hindering widespread adoption and acceptance.
I.4	Project implementation-related risks	The risks related to project implementation are minimal, since the initial issuance has already been completed and the Chiliz Chain has been fully operational since 2023. The Chiliz Chain is a Layer 1 blockchain network with CHZ as the native token, allowing validators who stake CHZ to participate in the consensus mechanism and governance of the chain. Hence, the validator set of the Chiliz Chain maintains the good functioning and state of the chain, and the project operates in a decentralized way, where decisions related to the network and its native token are submitted to a transparent voting process following pre-established rules. As per I.1, in relation to the admission to trading of CHZ on trading platforms, the main potential risk is based on trading platforms opting not to list CHZ or to delist CHZ.
I.5	Technology-related risks	Private Key Management: The security of crypto-assets heavily depends on the effective management of private keys, which serve as the only means to access and control digital funds. Losing a private key or engaging in poor security practices, such as sharing or storing keys insecurely, can result in the irreversible loss of assets. Additionally, theft or unauthorized access to private keys can lead to the complete loss of funds, emphasizing the importance of secure key storage solutions like hardware wallets and multi-signature schemes. Transaction Finality: Transactions on the Chiliz Chain achieve finality probabilistically, meaning their security increases as more blocks are confirmed. However, theoretical risks of transaction reversals exist, particularly in cases of blockchain reorganizations or consensus attacks. Furthermore, transactions sent to incorrect or unintended addresses are typically irreversible, making it crucial for users to double-check addresses and transaction details before execution. Scalability Issues: As blockchain networks experience increased adoption and usage, scalability challenges can arise. A higher number of transactions on the Chiliz Chain might lead to network congestion, resulting in increased transaction fees, slower confirmation times, and reduced usability. Network Sustainability: For a blockchain network to remain sustainable, it must maintain sufficient transaction volume to ensure economic viability. This volume is necessary to incentivize validators, support network security, and sustain overall operations. If transaction activity on the Chiliz Chain declines significantly, the chain may face economic challenges, leading to protocol changes or, in extreme cases, network obsolescence due to a lack of participants and security contributors. Cybersecurity Threats: Blockchain networks are vulnerable to various cybersecurity threats that can compromise their operations and data integrity. Potential attacks include 51% attacks, where a single entity gains majority control over the network, Sybil attacks, where attackers create multiple fake identities to manipulate the network, and DDoS attacks, which can overwhelm nodes and disrupt network functionality. Mitigating these threats requires robust security protocols and decentralized network structures. Consensus Failures: Issues with a blockchain’s consensus mechanism can lead to serious disruptions such as network forks, operational halts, and a loss of trust among participants. Forks can result in duplicate transactions or diverging ledger states, causing confusion and potential financial losses. Protocol Vulnerabilities: Undetected bugs and flaws within a blockchain’s core protocol code pose significant risks, including network disruption, balance manipulation, and potential exploits by malicious actors. Continuous code audits, rigorous testing, and the implementation of bug bounty programs help identify and mitigate such vulnerabilities before they can be exploited. Smart Contract Risks: Smart contracts, while offering automation and efficiency, introduce risks stemming from coding flaws, misconfigurations, and unintended logic vulnerabilities. Exploitable weaknesses in smart contracts can lead to asset loss, unauthorized access to sensitive data, and broader network vulnerabilities. Thorough audits and security best practices are essential to minimize these risks. Infrastructure Dependencies: Blockchain networks depend on various underlying infrastructures such as internet connectivity, cloud services, and hardware systems, which may themselves be susceptible to attacks, outages, or external interference. Any disruption in these critical dependencies can compromise the accessibility and reliability of blockchain services, emphasizing the need for decentralized and resilient infrastructure solutions. Technological Obsolescence: As technology evolves, blockchain networks face the risk of becoming obsolete. Emerging innovations, such as quantum computing, could potentially break current cryptographic encryption standards, rendering blockchain networks insecure. To remain resilient, continuous advancements in cryptographic techniques and blockchain protocols must be pursued to address evolving threats. Governance Challenges: The decentralized nature of the Chiliz Chain can present governance challenges, particularly when it comes to decision-making and issue resolution. Ineffective governance models may result in delays in addressing critical network concerns, instability, and even the centralization of power among a small group of stakeholders. Transparent, inclusive, and well-structured governance frameworks are necessary to support long-term sustainability. Data Integrity: Maintaining the integrity of blockchain data is critical to its reliability and trustworthiness. Bugs, errors, or malicious tampering with transaction data can undermine the accuracy and consistency of the ledger, potentially leading to financial and operational risks. Mechanisms such as data verification, redundancy, and integrity checks are essential to safeguarding the blockchain against corruption. Third-Party Risks: The reliance on external service providers, such as centralized exchanges, wallet providers, and custodial services, introduces additional layers of risk. These third parties may be susceptible to security breaches, operational failures, and regulatory non-compliance, which could impact users' assets and overall market stability. Due diligence and choosing reputable service prviders are essential to mitigating such risks.
I.6	Mitigation measures	Smart Contract Vulnerabilities: Chiliz Chain’s core contracts have been audited and found not to pose any critical, high, or medium risks. Chiliz Chain’s contracts are open source, and anyone can consult it. However, the Issuer cannot prevent any risks related to smart contract vulnerabilities where such smart contracts have been deployed by third parties. Regulatory Uncertainty: The Issuer stays abreast with all legal and regulatory updates, and continuously works to ensure compliance of CHZ with any applicable laws and regulations. Blockchain Related Risks: While all blockchain networks face risks, including software errors, network connectivity disruptions, hardware failures, security threats from hacking or unauthorized access, and changes in consensus rules, the Chiliz Chain’s validator set continues to grow and diversify, enhancing resilience against potential centralization or targeted attacks. Risks Related to Project Implementation and Admission to Trading: While the Issuer cannot guarantee the listing of CHZ on particular platforms, it will ensure that all necessary actions are taken to ensure listing on targeted platforms within the EU, while maintaining the highest level of integrity and professionalism.

General information	Page 3
Part A - Information about offeror or person seeking admission to trading	Page 4
Part B - Information about issuer, if different from offeror or person seeking admission to trading	Page 5
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	Page 6
Part D - Information about other token project	Page 7
Part E - Information about offer to public of other tokens or their admission to trading	Page 8
Part F - Information about other tokens	Page 9
Part G - Information on rights and obligations attached to other tokens	Page 10
Part H – Information on underlying technology	Page 11
Part I - Information on risks	Page 12
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts	Page 13

N	Field	Content
S.1	Name	The Chiliz Group Limited
S.2	Relevant legal entity identifier	C77290
S.3	Name of the crypto-asset	Chiliz
S.4	Consensus Mechanism	Proof-of-Staked Authority
S.5	Incentive Mechanisms and Applicable Fees	CHZ is the native token of the Chiliz Chain. On the Chiliz Chain, both validators and delegators are incentivized through a structured staking model. Validators are responsible for proposing and validating blocks, and in return, they earn rewards derived from transaction fees and a portion of the network's inflationary CHZ token supply minted at the protocol level. Delegators, who may not run validator nodes themselves, can participate by delegating CHZ to chosen validators, which also allows them to earn a share of the validators' rewards proportionally to the amount of CHZ tokens delegated, thereby promoting broader community involvement and greater security. Transaction fees are low and encourage widespread participation and high volume of transactions. Additionally, the network has implemented a transaction fee burning mechanism inspired by the EIP-1559 governance proposal, where a significant portion of the gas fees is burned at the protocol level, introducing a deflationary mechanism to CHZ token supply.
S.6	Beginning of period to which disclosed information relates	2024-07-30
S.7	End of period to which disclosed information relates	2025-07-30
S.8	Energy consumption	23212.40185
S.9	Energy consumption sources and methodologies	The energy consumption of CHZ is aggregated across multiple components: For the calculation of energy consumption of the network, the so-called 'bottom-up' approach is being used. The nodes are considered to be the central factor for the energy consumption of the network. These assumptions are made on the basis of empirical findings through the use of public information sites, open-source crawlers, and crawlers developed in-house. The main determinants for estimating the hardware used within the network are the requirements for operating the client software. The energy consumption of the hardware devices was measured in certified test laboratories. When calculating the energy consumption, the Functionally Fungible Group Digital Token Identifier (FFG DTI) is used to determine all implementations of the asset in scope. The mappings are updated regularly, based on data from the Digital Token Identifier Foundation. The information regarding the hardware used and the number of participants in the network is based on assumptions that are verified with best effort using empirical data. In general, participants are assumed to be largely economically rational. As a precautionary principle, assumptions are made on the conservative side when in doubt, i.e., making higher estimates for the adverse impacts. To determine the energy consumption of CHZ, the energy consumption of the Chiliz Chain is calculated first. For the energy consumption of the token, the energy consumption of the network is attributed to the token, depending on the activity of the crypto-asset within the network. When calculating the energy consumption, the Functionally Fungible Group Digital Token Identifier (FFG DTI) is used - if available - to determine all implementations of the asset in scope. The mappings are updated regularly, based on data from the Digital Token Identifier Foundation. The information regarding the hardware used and the number of participants in the network is based on assumptions that are verified with best effort using empirical data. In general, participants are assumed to be largely economically rational. As a precautionary principle, assumptions are made on the conservative side when in doubt, i.e., making higher estimates for the adverse impacts.
S.10	Renewable energy consumption	N/A
S.11	Energy intensity	N/A
S.12	Scope 1 DLT GHG emissions - controlled	0.00000
S.13	Scope 2 DLT GHG emissions - purchased	N/A
S.14	GHG intensity	N/A
S.15	Key energy sources and methodologies	Not applicable (see S.10)
S.16	Key GHG sources and methodologies	Not applicable (see S.10)
S.17	Energy mix	N/A
S.18	Energy use reduction	N/A
S.19	Carbon intensity	N/A
S.20	Scope 3 DLT GHG emissions – Value chain	N/A
S.21	GHG emissions reduction targets or commitments	N/A
S.22	Generation of waste electrical and electronic equipment (WEEE)	N/A
S.23	Non-recycled WEEE ratio	N/A
S.24	Generation of hazardous waste	N/A
S.25	Generation of waste (all types)	N/A
S.26	Non-recycled waste ratio (all types)	N/A
S.27	Waste intensity (all types)	N/A
S.28	Waste reduction targets or commitments (all types)	N/A
S.29	Impact of the use of equipment on natural resources	N/A
S.30	Natural resources use reduction targets or commitments	N/A
S.31	Water use	N/A
S.32	Non recycled water ratio	N/A
S.33	Other energy sources and methodologies	N/A
S.34	Other GHG sources and methodologies	N/A
S.35	Waste sources and methodologies	N/A
S.36	Natural resources sources and methodologies	N/A

Index

General information

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