White Paper Report


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

	Digital Token Identifier:	BQ53DH590
	Offeror or person seeking admission to trading:	254900XHQIYLONV5P484 - MetaDAO LLC
	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	2026-07-02
02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid
05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	boolean true	Not applicable
06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
SUMMARY
07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	boolean true	Warning This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.
08 Characteristics of the crypto-asset	textBlock	The crypto-asset referred to in this white paper is the META Token ("Token"). The Token is the governance token of MetaDAO ("DAO"), a decentralized community developing the MetaoDAO Protocol ("Protocol"), which is accessible through the MetaDAO platform ("Platform"). The Protocol is a META-Token powered governance infrastructure that organizes the DAO's governance through market based "futarchy" mechanisms. Under this model, governance decisions are driven by Token holders providing price signals rather than conventional token-holder voting (see Section D.04 below for further information). The Token does not represent nor confer any ownership, equity interest, participation, corporate governance rights, or any rights beyond the programmatic functionalities expressly described herein, nor any entitlement to business revenues, profit sharing, or other similar eco-nomic benefits in relation to the Platform, the Company, or any other entity or individual
09 Further information about utility tokens	textBlock	Not applicable, as 05 is not applicable.
10 Key information about the offer to the public or admission to trading	textBlock	MetaDAO LLC ("Company"), a company incorporated and domiciled in Marshall Islands, seeks admission of the Token on trading platforms operating within the European Union ("EU") and/or the European Economic Area ("EEA") ("Trading Platforms").
Part A - Information about offeror or person seeking admission to trading
A.1 Name	text	MetaDAO LLC
A.2 Legal form	text	See A.06
A.3 Registered address
Registered addess	text	See A.06
Country	enumeration
Sub-division	text	See A.06
A.4 Head office
Head office	text	See A.06
Country	enumeration
Sub-division	text	See A.06
A.5 Registration date	date	2024-02-16
A.6 Legal entity identifier	LEI	254900XHQIYLONV5P484
A.7 Another identifier required pursuant to applicable national law	text	Not applicable. See A.06.
A.8 Contact telephone number	text	+1 ‪(925) 269-7135‬‬‬‬‬‬‬‬‬‬
A.9 E-mail address	text	technology@metadao.fi
A.10 Response time (days)	integer	7
A.11 Parent company	text	Not applicable.
A.12 Members of the management body
Member #1	id	1
Identity	text	Robin Van Niekerk
Business address	text	Trust Company Complex, Ajeltake Road, Ajeltake Is-land, Majuro, Republic of the Marshall Is-lands, MH 96960
Function	text	Authorized Representative Nominee
A.13 Business activity	textBlock	The Company's purpose is to develop Solana-based products and services, as well as such other activities as may be determined through the Protocol's futarchy-based governance mechanisms
A.14 Parent company business activity	textBlock	Not applicable See A.11.
A.15 Newly established	boolean	true
A.16 Financial condition for the past three years	textBlock	Not applicable, see A.15.
A.17 Financial condition since registration	textBlock	Financial Aspect Initial Capital Contribution The Company was established with an initial capital of USDC 10,000 in accordance with the laws of Marshall Islands. A capital increase of 13,000,000 was carried out in 3 years, and no further increases are currently anticipated as of the date of this notification. Source of Fund and Funding The Company generates funding through its commercial activities, as described in the purpose set out in Section A.13. Revenue Since incorporation through 03/31/2026: $3,405,744 Expenses Since incorporation through 03/31/2026: $4,046,704 excluding gross revenue tax. Liabilities and Financial Commitments The Company has no outstanding liabilities, debts, or financial commitments and does not face any financial risks or uncertainties impacting its long-term sustainability. Non-Financial Aspect The Platform has facilitated the raising of 40M+ for other businesses via the Protocol
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	MetaDAO
D.2 Crypto-asset name	text	META Token
D.3 Abbreviation	text	$META
D.4 Crypto-asset project description	textBlock	MetaDAO Protocol – The Protocol is the first futarchy governance infrastructure, in which result of governance decisions is determined by market signals rather than conventional voting mechanisms. Under this model, DAO resolutions are reached through the following process: -Creation of Proposals: DAO members can submit proposals, provided that they stake a specified amount of Tokens as required by the Protocol. -Creation of Pass and Fail Markets: For each proposal, the Protocol establishes two corresponding markets: a "pass" market and a "fail" market. -Creation of Conditional Tokens: DAO members may engage in these markets by minting conditional tokens through dedicated vault mechanisms, including pMETA (representing a "pass" outcome) and fMETA (representing a "fail" outcome). -Creation of Market Based Decision: In both the pass and fail markets, participants place bids and offers reflecting their expectations regarding the outcome of the pro-posal. For instance, a participant expecting that a proposal to be approved would purchase pMETA and sell fMETA, directly expressing that view through market activity. Once the relevant governance decision making period closes, the governance pro-posal's outcome is determined by a time-weighted average price (TWAP): a proposal passes only if the TWAP of the pass market exceeds that of the fail market. Accordingly, proposals are implemented where market participants collectively expect them to have a positive effect on the overall project. MetaDAO – The DAO, comprising Token holders, governs all decisions relating to the Token supply, DAO's treasury expenditures, and matters concerning the Protocol's intellectual property. $META – The purpose of the Token is to enable Token holders to access the Protocol and participate in the DAO's governance. The Protocol and the Token are designed such that Token holders do not have any rights in relation to the Company's decision-making processes, including, for example, corporate governance decisions such as the election of board members or the approval of mergers and acquisition
D.5 Details of all natural or legal persons involved in implementation of crypto-asset project
Person #1	id	1
Type of person	enumeration	Other person involved in implementation
Name of person	text	Organization Technology LLC
Business address of person	text	500 3rd Street Suite 535 San Francisco CA 94017 USA
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. See D.06.
D.8 Plans for the token
Description of past milestones	textBlock	The Token has undergone, or is expected to undergo, the following key events: Public Testnet of the Platform: November 2023. Token Generation Event November 2023. Public Airdrop: November 2023. Public Token Sale: None.
Description of future milestones	textBlock	Admission on Trading Platforms operating within the EU / EEA: The date has not yet been determined, but in any case, it will take place only after the publication of the white paper (see F:09).
D.9 Resource allocation	text	The Company has completed financing rounds totaling USDC 13.1 million by October 2025. The financial resources have been primarily allocated to human and technical resources for the development, operation, and expansion of the Protocol, as well as the Platform. This includes financing core engineering, infrastructure provisioning, and ongoing security audits. Additional funds may be directed towards ecosystem growth initiatives, such as supporting developers and educational efforts to expand community participation.
D.10 Planned use of collected funds or other tokens	text	Not applicable. The Company is seeking admission to trading and does not collect any funds in that context.
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 Token serves as the governance token of the DAO. The admission of the Token to trading aims to make it accessible among potential DAO participants, enabling them to fully engage with and benefit from the Protocol and the Platform.
E.3 Fundraising target
Target expressed in currency	monetary		EUR
Target expressed in units	decimal
Target expressed in digital token identifier	text	Not applicable. The present white paper is published solely in relation to the admission to trading of the Token under article 5 of MiCA and does not relate to any public offering.
E.4 Minimum subscription goals
Goals expressed in currency	monetary		EUR
Goals expressed in units	decimal
Goals expressed in digital token identifier	text	Not applicable. See explanation under E.03.
E.5 Maximum subscription goals
Goasl expressed in currency	monetary		EUR
Goals expressed in units	decimal
Goals expressed in digital token identifier	text	Not applicable. See explanation under E.03.
E.6 Oversubscription acceptance	boolean
E.7 Oversubscription allocation	text	Not applicable. See explanation under E.03.
Issue price details
E.8 Issue price	decimal
E.9 Official currency determining issue price	enumeration	Not applicable. See explanation under E.03.
E.9 Any other tokens determining issue price	text	Not applicable. See explanation under E.03.
E.10 Subscription fee
Fee expressed in currency	monetary		EUR
Fee expressed in units	decimal
Fee expressed in digital token identifier	text	Not applicable. See explanation under E.03.
E.11 Offer price determination method	text	Not applicable. See explanation under E.03.
E.12 Total number of offered or traded other tokens	integer	22684698
E.13 Targeted holders	enumeration	All types of investors
E.14 Holder restrictions	text	Trading Platforms, in accordance with applicable laws and their internal policies, may impose restrictions on Token buyers and sellers. These may include, among others, the successful completion of Know Your Customer (KYC) procedures, Anti-Money Laundering (AML) checks, and measures to combat the financing of terrorism (CFT).
E.15 Reimbursement notice	boolean true
E.16 Refund mechanism	textBlock	Not applicable. See explanation under E.03.
E.17 Refund timeline	text	Not applicable. See explanation under E.03.
E.18 Offer phases	textBlock	Not applicable. See explanation under E.03.
E.19 Early purchase discount	textBlock	Not applicable.
E.20 Time-limited offer	boolean
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. See explanation under E.03.
E.24 Payment methods for other token purchase	textBlock	The method of payment to buy and sell the Token on the Trading Platform is determined and set by the Trading Platforms and is not controlled, influenced, or governed by the Company.
E.25 Value transfer methods for reimbursement	textBlock	Not applicable. See explanation under E.03.
E.26 Right of withdrawal	textBlock	Not applicable. See explanation under E.03.
E.27 Transfer of purchased other tokens	textBlock	The purchased Tokens can be transferred to or from the purchaser's compatible wallet or technical device as designated by the Trading Platforms. The Company bears no responsibility for any transfers of the Token between buyers and sellers conducted on the Trading Platforms
E.28 Transfer time schedule	text	The transfer of the Token from the seller's wallet or device to the buyer's wallet or device may not occur immediately. The Company has no control over the timing of such transfers.
E.29 Purchaser's technical requirements	textBlock	Token holder must comply with the technical requirements specific to the Trading Platforms on which the Token is admitted to trading, which may include the following: - A compatible digital wallet or account on supported Trading Platforms; and -Internet access
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	Admission to trading is or might be sought on different Trading Platforms operating within the EU/EEA, including Kraken, Bitstamp, OKX, or MiCA CASP such as Coinbase. Users should check their own Trading Platforms to see if the Token is supported.
E.34 Trading platforms market identifier code (MIC)	text	-Kraken MIC: PESL -Bitstamp MIC: BESA
E.35 Trading platforms access	text	Trading Platforms are accessible via their respective websites or applications for mobile device.
E.36 Involved costs	textBlock	The use of services offered by Trading Platforms may involve costs, including transaction fees, withdrawal fees, and other charges, which should be notified to users in advance. These costs are determined and set by the respective Trading Platforms and are not controlled, influenced, or governed by the Company.
E.37 Offer expenses	textBlock	Not applicable. See explanation under E.03.
E.38 Conflicts of interest	textBlock	Not applicable.
E.39 Applicable law	textBlock	Seeking admission to trading of the Token shall be governed by the laws and regulations of the Republic of the Marshall Islands, where the Company, as the person seeking admission to trading is incorporated, as well as the European Union law, including Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR) together with any mandatory provisions of applicable national laws of the respective Member States (to the extent the latter do not contra-dict mandatory provisions of EU law). Once the Tokens are trading, the legal relationship and applicable law between the Trading Platforms and their users shall be determined on the basis of the law governing the contract between them and the applicable mandatory provisions of EU law. Nothing in this whitepaper shall deprive any consumer located in the EU or EEA of the manda-tory rights conferred on that consumer by the consumer-protection legislation of his or her country of habitual residence, if applicable.
E.40 Competent court	textBlock	The courts of the Republic of the Marshall Islands constitute a proper and convenient forum for disputes, claims or proceedings related to the person seeking admission to trading as it is in-corporated in that jurisdiction. Any disputes arising in connection with the seeking of admission to trading of the Token that are between the Company and the respective Trading Platform for crypto-assets shall be de-termined by the respective competent court depending on the contractual arrangement (if any) between the parties and the mandatory provisions of applicable law. The competent court for any disputes between Trading Platforms and their users shall be de-termined on the basis of the contract between them and the applicable EU law. If you are an EU or EEA consumer, you may bring any judicial proceedings before the compe-tent court of your place of residence.
Part F - Information about other tokens
F.1 Crypto-asset type	text	Crypto-asset other than e-money tokens and asset-referenced tokens.
F.2 Other token functionality	textBlock	The purpose of the Token is to enable Token holders to interact with the Protocol and partici-pate in the DAO's governance.
F.3 Planned application of functionalities	textBlock	While further functionalities may be introduced in the future, there is no commitment or guaran-tee that such functionalities will be implemented.
A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article
F.4 Type of crypto-asset white paper	enumeration	Other crypto-asset token white paper
F.5 Type of submission	enumeration	New
F.6 Other token characteristics	textBlock	The purpose of the Token is to enable Token holders to interact with the Protocol and partici-pate in the DAO's governance.
F.7 Commercial name or trading name	text	See F.13.
F.8 Website of the issuer	text	https://docs.metadao.fi/mica
F.9 Starting date of offer to the public or admission to trading	date
F.10 Publication date	date	2026-07-31
F.11 Any other services provided by the issuer	textBlock	None.
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	BQ53DH590
F.14 Functionally fungible group digital token identifier, where available	text	JTCV65M2F
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	Italy
F.19 Host member states #16	enumerationSet	Latvia
F.19 Host member states #17	enumerationSet	Liechtenstein
F.19 Host member states #18	enumerationSet	Lithuania
F.19 Host member states #19	enumerationSet	Luxembourg
F.19 Host member states #20	enumerationSet	Malta
F.19 Host member states #21	enumerationSet	Netherlands
F.19 Host member states #22	enumerationSet	Norway
F.19 Host member states #23	enumerationSet	Poland
F.19 Host member states #24	enumerationSet	Portugal
F.19 Host member states #25	enumerationSet	Romania
F.19 Host member states #26	enumerationSet	Slovakia
F.19 Host member states #27	enumerationSet	Slovenia
F.19 Host member states #28	enumerationSet	Spain
F.19 Host member states #29	enumerationSet	Sweden
Part G - Information on rights and obligations attached to other tokens
G.1 Purchaser rights and obligations	textBlock	The Token does not confer any rights or entitlements to its holders. Instead, the Token solely provides access to the Protocol and enables participation in the decentralized governance of the DAO.
G.2 Exercise of rights and obligations	textBlock	Not applicable.
G.3 Conditions for modifications of rights and obligations	textBlock	Not applicable.
G.4 Future public offers	textBlock	At the time of the present notification, no such offers are currently planned.
G.5 Issuer retained other token	integer	22811
G.6 Utility token classification	boolean	false
G.7 Key features of goods or services utility tokens	text	Not applicable. See G.06.
G.8 Utility tokens redemption	text	Not applicable. See G.06.
G.9 Non-trading request	boolean	true
G.10 Other tokens purchase or sale modalities	text	Not applicable. See G.09.
G.11 Other tokens transfer restrictions	text	There are no restrictions on transfers other than those that may be required by Trading Platforms to comply with applicable law.
G.12 Supply adjustment protocols	boolean	false
G.13 Supply adjustment mechanisms	text	Not applicable. See G.12.
Other token schemes details
G.14 Token value protection schemes	boolean	false
G.15 Token value protection schemes description	textBlock	Not applicable. See G.14.
G.16 Compensation schemes	boolean	false
G.17 Compensation schemes description	textBlock	Not applicable. See G.16.
G.18 Applicable law	textBlock	The Tokens do not give rise to obligations or direct rights enforceable against their issuer. The Token is governed by the applicable laws and regulations of the Republic of the Marshall Islands where the Company is incorporated. Nothing in this whitepaper shall deprive any consumer located in the European Union or Euro-pean Economic Area of the mandatory rights conferred on that consumer by the consumer-protection legislation of his or her country of habitual residence, if applicable
G.19 Competent court	textBlock	The courts of the Republic of the Marshall Islands constitute a proper and convenient forum for disputes, claims or proceedings related to the creation of the tokens as the Company is incor-porated in that jurisdiction. EU or EEA consumers may be able to bring any judicial proceedings before the competent court of their place of residence.
Part H – Information on underlying technology
H.1 Distributed ledger technology (DTL)	text	See F.13.
H.2 Protocols and technical standards	text	Technical Standards: -Solana Program Library (SPL): The Token adheres to the SPL token standard, the Solana blockchain's equivalent of ERC-20 used within the Ethereum blockchain. This standard ensures compatibility with Solana's ecosystem, including decentralized ex-changes (DEXs), wallets, and decentralized applications (dApps). -Anchor v0.29.0: Development framework for building Solana programs (smart con-tracts). For more information, please refer to https://www.anchor-lang.com/docs) -Solana Verified Builds with Security Text: A self-adhered standard amongst the Solana ecosystem, whereby the code deployed can be matched to a version control system whereby any person may build and trust the source is the source. For more in-formation please refer to: https://github.com/solana-foundation/solana-verifiable-build -Squads Multisig: Best practice for managing program deploys and upgrades to en-sure no one individual has unilateral control over the protocol.
H.3 Technology used	textBlock	MetaDAO Platform and Protocol Technology -RPC: Helius and Triton RPC providers for use of aggregating, indexing and displaying historical and current Solana account state -APIs: We provide internal and external APIs for data retrieval, storage and display. A mixture of onchain state and our self-contained state enriching onchain data. -Cloud Computing – Infrastructure: Infrastructure to operate the data collection and display. As well as monitoring, alerting and providing frontend access to the onchain application (smart contract / program). -Vercel: A frontend application hosting site which provided direct access to the on-chain program and the interface for interacting from users' wallet. This is a cloud com-puting platform serving frontend, DNS routing, geofencing and DoSS protection. -Github: Version control system used to manage all applications developed for the Protocol. It includes integrations with CI/CD for deployment of programs. -Squads: A multisig program used to deploy and manage programs. This software is leveraged as an operational security best practice.
H.4 Consensus mechanism	text	Consensus Mechanisms for Solana -Proof of History (PoH): A unique innovation of the Solana blockchain – PoH serves as a cryptographic timestamp that establishes a historical record of transactions. PoH optimizes transaction validation by enabling nodes to agree on the order and time of transactions without extensive communication overhead, allowing for high-speed pro-cessing. -Proof of Stake (PoS): Solana's network operates on a PoS consensus mechanism, where validators are selected based on the number of SOL tokens staked. This mechanism enhances security, energy efficiency, and scalability by requiring valida-tors to commit resources to participate in the network.
H.5 Incentive mechanisms and applicable fees	text	Solana Blockchain The Solana blockchain operates on a proof of stake model (see H.04) under which validators and delegators are incentivized through staking rewards derived from protocol issuance and transaction fees. Validators earn rewards for producing blocks and participating in consensus, while delegators receive a reward for indirectly participating in securing the network.
H.6 Use of distributed ledger technology	boolean	false
H.7 DLT functionality description	textBlock	Not applicable.See H.06
Other token audit details
H.8 Audit	boolean	true
H.9 Audit outcome	textBlock	Audits have been conducted in the past and security issues around permissions and account state, token validation and access, as well as around conditional validation have been identi-fied and resolved. To access the full audit reports please refer to: https://github.com/metaDAOproject/programs/tree/develop/audits
Part I - Information on risks
I.1 Offer-related risks	textBlock	▪ Listing Risk: The Company, its affiliates, directors, and officers shall not be held lia-ble for any damages, losses, costs, fines, penalties, or expenses of any kind – whether or not reasonably foreseeable by the Company or the Token holder – that the Token holder may suffer, sustain, or incur in connection with, or as a result of, the Token not being listed on a Trading Platform. ▪ General Contractual and Counterparty Risk: The Company does not operate, con-trol, oversee, or manage the functioning of crypto-asset services providers as defined under MiCA ("CASP") operating within the EU/EEA and Trading Platforms (together with CASPs, the "Exchanges"), where the Token will be admitted for trading or listed. ▪ Multiple White Paper Risk: Token holders understand that any third party can decide to draft and publish a MiCA white paper about the Token ("Spontaneous White Pa-per"). The publication of these Spontaneous White Papers does not imply any endorsement by the Company that the Spontaneous White Papers are complete, correct, fair, clear and not misleading. ▪ Spontaneous Admission to Trading Risk by Trading Platform: Third parties can elect to admit the Token on their Trading Platforms without any request, authorization or approval by the Company or anyone else. Pursuant to article 5 (2) of MiCA, Trading Platforms are responsible for ensuring compliance with all applicable laws, especially MiCA requirements with respect to the spontaneous admission of the Token to trading. The Company, its affiliates, directors, agents and officers shall not be held liable for these spontaneous admissions to trading. ▪ Exchanges Risk: When Token holders buy or sell Token on the Exchanges, the Company does not serve as a contractual party or counterparty to the transaction. Consequently, any legal relationship concerning these Exchanges is subject to their own terms and conditions. The Company, and its service providers, assume no responsibility for the operations, services, or outcomes associated with any transactions or activity on the Exchanges. The Company makes no representations or warranties regarding any Exchange itself and disclaims all responsibility or liability for any regulatory, compliance, operational, financial, technical, or reputational failures that may adversely affect its activities. ▪ Pausing and Delisting Risk: The Company cannot and does not guarantee that the Token will remain listed or tradeable on any of the Exchanges. Delisting (or the temporary pausing of such listing) on any of the Exchanges could significantly hinder the ability of Token holders to buy, sell, or otherwise transact in Token. In the event of delisting, Token holders may face challenges in finding alternative markets or counterparties willing to trade or transact in the Token, which could impact on the liquidity and market value of Token. The Company, its affiliates, directors, agents and officers shall not be held liable for any losses or damage arising from the suspension, removal, or delisting of the Token from any Exchange. ▪ Trading Risk: The Company does not control the secondary markets. There can be no representations nor warranties as to the secondary market (if any) in Token. It can-not and does not guarantee the depth, stability, or sustainability of any secondary market for Token. Limited market depth or trading activity may result in reduced liquidity, increased price volatility, and challenges in buying or selling the Token at desired prices. The Company also cannot and does not guarantee the healthy and consistent availability of buying or selling opportunities for the Token or the integrity of the market price. Trading activity may be affected by manipulative practices such as wash trad-ing, front-running, and similar schemes. While Exchanges and other Trading Platforms may be subject to varying regulatory frameworks that may or may not prohibit such practices and impose oversight to detect and deter them, the Company assumes no responsibility or liability for their effective prevention or enforcement. ▪ Operational and Technical Risk: The Exchanges operate interfaces that allow users to trade crypto-assets for or other crypto-assets. The reliance on any Exchanges' in-ternal system for asset storage and transfer adds an additional layer of counterparty risk, as users are exposed to potential operational, technical, or human errors during these processes, including the following: -Trades on an Exchange may be executed based on a centralized matching algorithm and are often recorded off-chain, meaning they are not directly related to transparent on-chain transfers of crypto-assets, and could dissimulate detrimental trade matching or rogue practices. The traded assets are recorded solely on the Exchange's internal ledger, with each internal ledger entry corresponding to an offsetting trade involving either government currency or another crypto as-set. -Funds deposited by users for trading may be comingled by the Exchanges, ra-ther than stored in unique wallet addresses for each user. This practice results in the centralization of a large volume of assets in a single location, which in turn increases the potential risk of damage or theft, particularly in the event of a hack or security breach. -Furthermore, users who wish to trade or withdraw their Token may be required to deposit them into the Exchange, increasing the risk of loss in the event of a failure of the deposit or withdrawal Token processes set up by an Exchange. ▪ Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combina-tions of the risks discussed in these Sections I.01 to I.05
I.2 Issuer-related risks	textBlock	The person seeking admission to trading, i.e., the Company is simultaneously the entity con-trolling the technical minting of the Token. As such, the person seeking admission to trading qualifies as the issuer within the meaning of article (3) (1) (10) of MiCA. Given that the issuer and the person seeking admission are the same entity, and for the sake of consistency, state-ments related to the issuer shall be deemed as statements related to the person seeking admission, i.e., the Company. ▪ Abandonment/Lack of Success Risk: The Protocol and related activities may be partially or totally abandoned for several reasons including, but not limited to, the lack of interest from the public, incapacitation or withdrawal of Token key developers and project supporters, force majeure (including pandemics and wars) or lack of commercial success or prospects. ▪ Change Risk: The Protocol may evolve over time. This could involve pivoting from the original vision of the Protocol or modifying how the vision and objectives are executed. Such changes may be driven by market conditions, regulatory development, technological advancements, or strategic decisions by Protocol contributors. While adaptation and change can foster innovation, it also introduces risks, including shifts in value proposition and potential misalignment with prior expectations. ▪ Partner Risk: The implementation of the Platform and Protocol depends strongly on the collaboration and functioning of services provided by several third parties, core contributors, activities of the legal entities associated with the project and other crucial ecosystem partners. Loss or changes in the project's leadership, key partners, and other service providers can lead to disruptions, loss of trust, reputational damage, or even complete project failure. The Company cannot and does not guarantee that the Platform and the Protocol will remain operational in perpetuity. ▪ Legal and Regulatory Compliance Risk: Crypto-assets and blockchain technologies are subject to an evolving regulatory landscape worldwide. Regulations vary widely across jurisdiction and may be subject to significant changes, which would lead to changes with respect to the trading of the Token. Changes in laws or regulations may negatively impact on the value, legality, or functionality of the Token. Non-compliance with changing or newly formed regulations can result in investigations, enforcement actions, penalties, fines, sanctions, or the prohibition of trading of Token, impacting the Platform and/or Protocol's viability and market acceptance. The Company, core contributors, or other ecosystem partners could be subject to private litigation. Addi-tionally, any legal uncertainties, potential lawsuits, or adverse legal rulings can pose significant risks to the project. Legal challenges may ultimately affect the legality, usability, or value of the Token. ▪ Reputational Risk: There could be a risk of negative publicity related to the Platform and/or the Protocol and its affiliated legal entities, whether due, without limitation to operational failures, security breaches, or association with illicit activities, all of which can damage the ecosystem reputation and, by extension, the value and usability of the Token. ▪ Operational Risk: Any failure to develop or maintain effective internal control or any difficulties encountered in the implementation of such controls could harm the opera-tions of the Company, causing disruptions, financial losses, or reputational damage. ▪ Competition Risk: Similar crypto-assets projects may enter the market at any time. The effect of existing, new or additional competition on the Token or its market price cannot be predicted or quantified. Competitors may have significantly greater financial, legal, and technical resources than the Company and there is no guarantee that the project will be able to compete successfully, or at all, with such competitors. ▪ Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combina-tions of the risks discussed in these Sections I.01 to I.05
I.3 Other tokens-related risks	textBlock	▪ Market Risk: Crypto-assets, including the Token, are highly volatile, with prices sub-ject to significant fluctuations in short periods due to market sentiment, regulatory news, technological advancements, and macroeconomic factors, which increases the risk of sudden and substantial losses. Such valuation risk arises as the market value of a crypto-asset may not always reflect its underlying utility or fundamentals and is subject to subjective assessment. Potential Token holders are thus exposed to potential losses due to the Token's: ▪ Potential fluctuations in value, driven by various factors such as supply and de-mand dynamics, Token purchasers' and holders' sentiment, and broader market trends, including changes in interest rates, general movements in local and international markets, technological advancements, regulatory changes, and media coverage. Notably, momentum pricing of crypto-assets has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the value of such assets, further contributing to volatility and potentially inflating prices at any given time. ▪ Liquidity risk, where a lack of depth in secondary markets – if any – or limited trading volumes can hinder the ability to execute trades at favorable prices, which could lead to significant losses, especially in fast-moving market condi-tions. As a result, Token holders may experience challenges in managing their holdings, with the value of the asset subject to unpredictable fluctuations and potential depreciation. ▪ Solvency and collateral risk, if the Token is used to finance further activities, especially in leveraged positions or as collateral for loans. Significant fluctuations in the value of the Token could adversely affect the solvency of its holder, particularly if the Token is pledged as collateral. A drastic decline may trigger mar-gin calls or automatic liquidations, which could further depress Token's price creating a negative feedback loop. This volatility poses the risk of forced asset sales, potentially resulting in substantial losses for the holder and amplifying downward pressure on the market price of the Token. ▪ Custodial Risk: The method chosen to store the Token, like any crypto-asset, carries inherent risks related to the security and management of the storage solution. The chosen storage method – whether hot or cold wallets, or centralized custody – can significantly impact the safety, liquidity, and accessibility of the Token, with direct consequences for the holder's ability to access, trade, or retain their assets. ▪ Scam Risk. Token holders may be subject to the risk of loss resulting from a scam or fraudulent schemes perpetrated by malicious actors targeting Token holders. These scams include, but are not limited to, phishing or social engineering on social Plat-forms or by email, fake giveaways, identity theft or impersonation of key contributors to the Platform, creation of fake Tokens, offering fake Token airdrops, among others. Token holders, recipients and purchasers should always verify and confirm that they are interfacing with legitimate websites, personnel, and other assets associated with the Platform. ▪ Anti-Money Laundering / Counter-Terrorism Financing (AML/CTF) Risk: Crypto-asset wallets holding Token or transactions in Token may be used for money laundering or terrorist financing purposes or attributed to a person or entity known to have committed or is associated with such offenses. Consequently, there is a risk that a public wallet address holding Token could be flagged in relation to AML/CTF efforts. In such cases, receiving Tokens could result in a holder's address being flagged by relevant authorities, Exchanges, or other service providers, which may lead to restrictions on transaction or the freezing of a holder's assets. Token holders may thus face legal or regulatory challenges if their address becomes associated with illicit activities, impacting their ability to freely access, trade, or transfer their tokens. ▪ Taxation Risk: The taxation regime that applies to the trading of Tokens by either individual holders or legal entities will depend on each Token holder's jurisdiction. The Company cannot and does not guarantee that the holding of the Token, the receipt of the Token, conversion of fiat currency against the Token, or other conversion of other crypto assets against the Token, will not incur tax consequences. It is the Token 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, capital gains tax, or other sim-ilar taxes arising in connection with the appreciation and depreciation of the Token. ▪ Market Abuse Risk: The market for crypto-assets is rapidly evolving, spanning local, national, and international Platforms with an expanding range of assets and participants. Any market abuse, along with a potential loss of confidence among holders, could adversely impact the value and stability of the Token. Notably: -Significant trading activity may take place on systems and Platforms with limited oversight and predictability. Sudden and rapid changes in the supply or demand of a crypto-asset, particularly those with low market capitalization or low unit prices, can result in extreme price volatility. -Additionally, the inherent characteristics of crypto-assets and their underlying in-frastructure may be exploited by certain market participants to engage in abusive trading practices such as front-running, spoofing, pump-and-dump schemes, and fraud across different Platforms, systems, or jurisdictions. ▪ Legal and Regulatory Risk: There is a lack of regulatory harmonization globally, which results in diverging regulatory frameworks. Regulations related to crypto-assets remain in flux globally with possible further regulatory evolution in the future. Divergent and shifting regulation could negatively impact the value, utility and overall viability of the Token. Specifically: -While Token is characterized as a token used to access and interact with the Platform, certain non-EU regulators may nevertheless classify the Token as a security, financial instrument, or payment instrument under their respective legal frameworks. Such classifications could impose specific regulatory constraints, leading to significant changes in how the Token is structured, purchased, or traded. -Evolving regulations could substantially increase compliance costs and opera-tional burdens relating to facilitating transactions in the Token. -New or restrictive regulations could result in Token losing functionality, depreciating in value, or even becoming illegal or impossible to use, buy or sell in cer-tain jurisdictions. -Regulators could take enforcement action against the Company, if they determine that the Token constitutes a regulated instrument that has been issued in a non-compliant manner or that the activities of the project, its core contributors or other ecosystem partners violate existing laws. Such actions could expose such parties to legal and financial penalties, including civil and criminal liability. ▪ Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combina-tions of the risks discussed in these Sections I.01 to I.05
I.4 Project implementation-related risks	textBlock	▪ Novel Ecosystem Risk: The Protocol, the Platform and its ecosystem are built on emerging and rapidly evolving technologies, which inherently carry significant risks. The underlying software, blockchain infrastructure, smart contracts, and related tech-nologies are still in their early stages of development, meaning there is no guarantee that the process of receiving, using or holding the Token will be uninterrupted or error-free. As with any novel technology stack, there is an inherent risk that the underlying blockchain, smart contracts, novel technical features, or associated components may contain weaknesses, vulnerabilities, or bugs, despite audits being conducted. Such issues could lead to unintended behaviors, security breaches, or critical failures, po-tentially resulting in the partial or complete loss of the Token or their functionality or the inability to access or use the services of the Platform and/or the Protocol. Fur-thermore, unforeseen technical limitations, incompatibilities, or the emergence of su-perior alternatives could further impact the stability, security, and long-term success and viability of the Platform and/or Protocol ecosystem. ▪ Dependency Risk: The Platform and the Protocol rely on third-party technologies, infrastructures, which could impact its functionality, security, and long-term sustaina-bility. Any disruptions, vulnerabilities, regulatory scrutiny or changes in the Platform or the Protocol may result in a negative effect on the Token. This reliance on external in-frastructure increases systemic risk, as unforeseen issues in third-party infrastructure could cascade into disruptions in the ecosystem. ▪ Reliability Risk: There is a risk that the key features and services of the Platform and of the Protocol may not always function properly, negatively affecting the community's perception of the Platform and the Protocol and its underlying technology and in turn, affecting the value of the Token. The Platform and the Protocol will be deployed strictly on an "as is" and "as available" basis without any representations, warranties or guarantees of any kind, whether express or implied. The Company cannot and does not warrant that the Token, the software code of the Token, or the Platform are reliable current or error-free, free of viruses or other harmful components. ▪ Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combina-tions of the risks discussed in these Sections I.01 to I.05.
I.5 Technology-related risks	textBlock	The person seeking admission to trading and its affiliate, directors, agents and officers shall not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether reasonably foreseeable by them and the potential Token holder, and which the Token holder, may suffer, sustain, or incur, arising out of or relating to the technical risks outlined below or a combination thereof. ▪ Cybersecurity Risk: The Token - including the Protocol and the Platform infrastruc-ture, underlying technology such as smart contracts, wallets and other components - may be vulnerable to cyberattacks. Malicious actors may exploit software vulnerabilities, attack consensus mechanisms, or compromise private keys to gain unauthorized access to the Token. Risks include hacking attempts on the Protocol, the Platform, smart contract exploits, phishing attacks, malware infections, and other forms of cybercrime that could result in the theft, loss, or unauthorized transfer of the Token. Since digital assets exist entirely in a technological environment, they are inherently exposed to evolving cyber threats, some of which may be undetectable or irreparable until after significant damage has occurred. ▪ Smart Contract Risk: Transactions associated with the Token rely on smart contracts deployed on a Solana. Smart contracts are susceptible to coding vulnerabilities, bugs, or security flaws that could be exploited by malicious actors. A breach in the smart contract could result in unauthorized transactions, token loss, or manipulation of staking mechanism, negatively impacting the Token's security and trust among Token holders. Even though independent security audits are routinely conducted, unforeseen vulnerabilities may still pose a risk. ▪ Private Key Management Risk and Loss of Access to Crypto-Assets: The security of the Token holding heavily relies on the management of private keys, which are used to access and control crypto-assets. The Token holders are responsible for the custody of their Tokens in a compatible cryptographic wallet and for the security of their private keys. Poor management practices, loss, or theft of private keys, or respective credential, can lead to irreversible loss of access to the Tokens. If a Token holder connects their wallet to malicious applications or Platforms, they also risk unauthorized access to their assets and their Token holdings. ▪ Protocol and Platform-Level Risk: It cannot be excluded that any technical failure, malfunction, or vulnerability within the Protocol or the Platform could directly or indi-rectly impact the value of the Token. -The Protocol and the Platform could be subject to critical exploits, such as reen-trancy attacks, logic errors, or oracle manipulation, which could lead to unintended token transfers, assets being drained from the system, or tokens being ir-retrievably lost. Fixing such issues may require significant coordination, governance approval, or even disruptive measures such as migrations or forks, none of which are guaranteed to be successful. -Any security breach, or governance deadlock affecting the Protocol or the Platform could have cascading effects, including depreciation of the Token's value, reduced market confidence, and potential loss of funds for Token holders. -Settlement Finality and Irrevocability of Transactions: Transactions in Token may be irreversible. Holders sending Tokens to nonexistent or incorrect addresses may ir-revocably lose their Tokens and be unable to reverse the transaction or recover their Tokens. ▪ Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combina-tions of the risks discussed in these Sections I.01 to I.05.
I.6 Mitigation measures	textBlock	While security audits have been conducted (see H.09), potential Token holders understand that the risks outlined in Sections I.01 to I.05 above are inherent to the Protocol and Platform activi-ties and its broader ecosystem, making elimination impossible.
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	The below is information on the principal adverse impacts on the climate and other environ-ment-related adverse impacts of the consensus mechanism used to validate and finalize transactions in the Tokens and to maintain the integrity of the distributed ledger of transactions. The energy consumption for the validation and finality of transactions and the maintenance of the integrity of the distributed ledger of transactions for the period is estimated to be lower than 500'000 kWh. (see S.08).
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	MetaDAO LLC
S.2 Relevant legal entity identifier	text	254900XHQIYLONV5P484
S.3 Name of the crypto-asset	text	META
S.4 Consensus mechanism	text	See H.04.
S.5 Incentive mechanisms and applicable fees	text	See H.05.
S.6 Beginning of period to which disclosed information relates	date	2025-01-01
S.7 End of period to which disclosed information relates	date	2025-12-31
Mandatory key indicator
S.8 Energy consumption	energy (kWh)	23840.30000
Sources and methodologies
S.9 Energy consumption sources and methodologies	textBlock	The estimated energy consumption in J.08 was calculated using the methodology recommend-ed by the Crypto Carbon Ratings Institute in its December 2024 Paper, version 2.0 "Methodol-ogies to calculate sustainability indicators for the EU Markets in Crypto-Assets (MiCA) regula-tion", to be found at https://carbon-ratings.com/dl/whitepaper-mica-methods-2024.
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	0%
S.11 Energy intensity	energy (kWh)	0
S.12 Scope 1 DLT GHG emissions - controlled	GHG emissions (tCO2e)	0
S.13 Scope 2 DLT GHG emissions - purchased	GHG emissions (tCO2e)	0
S.14 GHG intensity	GHG emissions (tCO2e)	0
Sources and methodologies
S.15 Key energy sources and methodologies	textBlock	Not applicable.
S.16 Key GHG sources and methodologies	textBlock	Not applicable.
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	0%
S.18 Energy use reduction
Energy use reduction target (absolute value)	energy (kWh)	0
Energy use reduction target (percentage)	percent	0%
S.19 Carbon intensity (kgCO2e/kWh)	decimal	0
S.20 Scope 3 DLT GHG emissions - value chain	GHG emissions (tCO2e)	0
S.21 GHG emissions reduction targets or commitments	textBlock	Not applicable.
S.22 Generation of waste electrical and electronic equipment (WEEE)	mass (tonnes)	0
S.23 Non-recycled WEEE ratio	percent	0%
S.24 Generation of hazardous waste	mass (tonnes)	0
S.25 Generation of waste (all types)	mass (tonnes)	0
S.26 Non-recycled waste ratio (all types)	percent	0%
S.27 Waste intensity (all types)	mass (tonnes)	0
S.28 Waste reduction targets or commitments (all types)	textBlock	Not applicable.
S.29 Impact of use of equipment on natural resources	textBlock	Not applicable.
S.30 Natural resources use reduction targets or commitments	textBlock	Not applicable.
S.31 Water use	volume (m3)	0
S.32 Non recycled water ratio	percent	0%
Sources and methodologies
S.33 Other energy sources and methodologies	textBlock	Not applicable.
S.34 Other GHG sources and methodologies	textBlock	Not applicable.
S.35 Waste sources and methodologies	textBlock	Not applicable.
S.36 Natural resources sources and methodologies	textBlock	Not applicable.