254900OYD1IONT765K68

2025-01-01
2025-12-31

Table of Contents

General Information

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

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 Risks

Part J – Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

General Information

01: Date of notification

2025-11-04

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 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

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.

SUMMARY

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 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

Superfluid (SUP) is the governance token of the Superfluid Protocol, a token infrastructure protocol enabling many-to-many real-time asset streaming on EVM-compatible networks. SUP will be deployed on the Base (contract address: 0xa69f80524381275A7fFdb3AE01c54150644c8792), and Ethereum (contract address: 0xd05001db979ff2f1a3b2105875d3454e90dd2961) networks. The token follows the ERC-20 standard as an extension called the Super Token, which enables advanced streaming and distribution functionalities. The total supply is 1,000,000,000 SUP.

09: Further information about utility tokens

Not applicable.

10: Key information about the offer to the public or admission to trading

This white paper has been prepared for the purposes of seeking admission to trading on the crypto-asset trading platform operated by Coinbase Luxembourg S.A.

A.1: Name

SUP Corp. (BVI)

A.2: Legal form

BVI Business Company

A.3: Registered address

Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands

A.4: Head office

A.5: Registration date

2025-01-22

A.6: Legal entity identifier

254900OYD1IONT765K68

A.7: Another identifier required pursuant to applicable national law

2168202

A.8: Contact telephone number

The telephone number is: +34 601 286 992

A.9: E-mail address

[email-masked]

A.10: Response time (days)

30

A.11: Parent company

Not applicable

A.12: Members of management body

Member of Management Body is Superfluid Foundation (corporate director), Marc Piano and Wayne Flanagan are directors of the foundation.

Marc Piano, Director of the Superfluid Foundation (parent company of SUP Corp. (BVI)), Elgin Avenue, PO Box 448, George Town, Grand Cayman KY1-1106, Cayman Islands.
Wayne Flanagan, Director of the Superfluid Foundation (parent company of SUP Corp. (BVI)), Elgin Avenue, PO Box 448, George Town, Grand Cayman KY1-1106, Cayman Islands.

A.13: Business activity

SUP Corp (BVI) is a wholly owned subsidiary of The Superfluid Foundation. The primary activity of SUP Corp (BVI) is to act as the token issuing entity for the Superfluid Protocol.

A.14: Parent company business activity

The Superfluid Foundation is established as an independent entity in the Cayman Islands. Its principal activities are to oversee the long-term stewardship of the Superfluid Protocol, facilitate its governance, and provide administrative and legal support for stakeholders. The Foundation represents the interests of SUP token holders in contractual and legal processes and fosters the growth and maintenance of the protocol’s technology and ecosystem.

A.15: Newly established

False.

A.16: Financial condition for the past three years

Not applicable as the person seeking admission to trading was established in 2025.

A.17: Financial condition since registration

Activities since registration:
The BVI issuer’s activities have been limited to token issuance and distribution arrangements connected to the Superfluid DAO program and disclosed sales. No other operating business is described for the issuer in the filing.

Capital resources:
Token supply at genesis is 1 billion SUP, with allocations governed via DAO/Foundation (Community 60% of which DAO 35% and Foundation 25%; Investors & Team 40%). Distribution to Investors and Team uses smart-contract streaming with a 1-year cliff and 2-year linear release thereafter; inflation is not planned initially.

Financings / token sales by the issuer:

Kaito launchpad sale: one-off sale of 25.3 m SUP in September; 768 purchasers; delivery at the token transferability event due November 2025.

Fabric Ventures purchase: 2,510,638 SUP for $200,000 in August; ⅓ unlock 19 Feb 2026, remaining ⅔ linearly over 2 years.

Cash flows & revenues:
The filing does not present issuer-level revenues; more broadly, it states there is no project-team revenue mechanism unrelated to token ownership. Accordingly, ongoing cash needs for the ecosystem are expected to be met via treasury allocations and previously completed token sales rather than operating income.

Part B - Information about the Issuer, If Different from the Offeror or Person Seeking Admission to Trading

B.1: Issuer different from offerror or person seeking admission to trading

False.

B.2: Name

Not applicable as the issuer is the person seeking admission to trading.

B.3: Legal form

Not applicable as the issuer is the person seeking admission to trading.

B.4: Registered address

Not applicable as the issuer is the person seeking admission to trading.

B.5: Head office

Not applicable as the issuer is the person seeking admission to trading.

B.6: Registration date

Not applicable as the issuer is the person seeking admission to trading.

B.7: Legal entity identifier

Not applicable as the issuer is the person seeking admission to trading.

B.8: Another identifier required pursuant to applicable national law

Not applicable as the issuer is the person seeking admission to trading.

B.9: Parent company

Not applicable as the issuer is the person seeking admission to trading.

B.10: Members of management body

Not applicable as the issuer is the person seeking admission to trading.

B.11: Business activity

Not applicable as the issuer is the person seeking admission to trading.

B.12: Parent company business activity

Not applicable as the issuer is the person seeking admission to trading.

Part C - Information about the Operator of the Trading Platform

C.1: Name

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.2: Legal form

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.3: Registered address

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.4: Head office

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.5: Registration date

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.6: Legal entity identifier

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.7: Another identifier required pursuant to applicable national law

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.8: Parent company

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.9: Reason for crypto-asset white paper preparation

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.10: Members of management body

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.11: Operator business activity

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.12: Parent company business activity

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.13: Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

C.14: Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Not applicable as the operator of the platform is not admitting the crypto-asset to trading

Part D - Information about the Crypto-Asset Project

D.1: Crypto-asset project name

Superfluid Protocol

D.2: Crypto-asset name

The primary crypto-asset being offered is the SUP token.

D.3: Abbreviation

SUP

D.4: Crypto-asset project description

Superfluid is an asset streaming and distribution protocol designed to enable real-time, continuous transfer of value on EVM-compatible blockchains. Its primary goal is to bring programmable payments, subscriptions, salaries, vesting, and rewards to DAOs and crypto-native businesses by allowing assets to flow continuously rather than through discrete transactions. The protocol aims to improve the operational efficiency and capital efficiency of financial interactions and make possible entirely new user experiences.

Key Features and Operation:

Super Tokens: Superfluid introduces "Super Tokens," which are extensions of the ERC-20 standard. These tokens can be either wrapped versions of existing tokens or natively created with Superfluid capabilities. Super Tokens enable advanced functionalities such as real-time balance updates and programmable cash flows.

Money Streaming: The protocol allows for continuous, per-second token transfers between parties at a defined rate. These streams persist until canceled or until the sender's balance is depleted, enabling use cases like real-time payroll, subscriptions, and ongoing payments.

Distributions: Superfluid supports scalable one-to-many fund transfers through distribution pools. Pool administrators can allocate units to members, who then receive funds either instantly or as continuous streams. This is particularly useful for distributing rewards, dividends, or other shared revenues.

No Capital Lockups: Unlike traditional streaming or vesting solutions, Superfluid does not require capital to be locked up. All inflows and outflows are netted in real time at every block, and the protocol is non-custodial and permissionless.

Governance and SUP Token: SUP is the governance token for the protocol. It is used for voting on protocol upgrades, rewarding ecosystem participants, staking (with rewards and voting on funding allocations), and providing liquidity in the ETH/SUP Uniswap pool (to go live with token transferability in November 2025).

Superfluid is fully open source and designed to be composable and modular, allowing developers to integrate real-time finance into a wide range of decentralized applications.

D.5: Details of all natural or legal persons involved in implementation of crypto-asset project

Founders and Key Individuals:

Francesco George Renzi – Co-Founder & CEO

Zhicheng (Miao) Miao – Co-Founder & CTO

Michele D’Aliessi – Co-Founder & COO

D.6: Utility token classification

FALSE

D.7: Key features of goods or services for utility token projects

Not applicable as SUP is not a utility token.

D.8: Plans for the token

Key Achievements:
Superfluid Protocol launched in 2021 with initial deployments on Polygon and Gnosis Chain. Since then, it has expanded to 11 networks, reaching over 1 million wallets and 80,000 daily active users, and surpassing $1.3 billion in total volume. The protocol has been adopted for a wide range of use cases, including grants, payroll, vesting, DeFi, games and social applications. Notable ecosystem partnerships include ENS DAO, Optimism, Animoca Brands, and PlanetIX. Superfluid secured $5.1 million in strategic funding to support growth. The protocol went live on Base in August 2023. Live metrics dashboard can be sees at https://superfluid.org/metrics .

Token SUP and Its Role:
SUP is the governance token of the Superfluid Protocol. Its utilities include:

Governance voting on protocol upgrades and ecosystem funding

Programmatic rewards to ecosystem users via Streaming Programmatic Rewards (SPR)

Staking for SUP rewards and voting on funding allocations

Liquidity provision (LP) to earn trading fees and SUP yield (to be available after Transferability event)

SUP is initially non-transferable, with transferability subject to a DAO vote. Staking and rewards are distributed programmatically using the protocol itself. The token distribution is 60% to the community (35% DAO Treasury, 25% Foundation), and 40% to investors and team (with a 3-year lockup and streaming vesting).

Timeline of Key Milestones:

2021: Protocol launch on Polygon and Gnosis Chain

2021–2023: Expansion to 11 networks, ecosystem growth, $750M+ streamed

Aug 9, 2023: Protocol live on Base

Feb 19, 2025: SUP token launch, Superfluid DAO and Foundation established, Streaming Programmatic Rewards Season 1 begins.

Future Goals - Superfluid Protocol aims to:

Nov 2025 (planned): Token transferability event as voted for by DAO

Expand the SPR ecosystem rewards campaigns

SUP token holders will play a central role in these objectives through governance, staking, and participation in ecosystem campaigns. Superfluid DAO's Governance Forum activities are public and can be see here: https://forum.superfluid.org/

D.9: Resource allocation

Financial Resources:
Superfluid Finance Ltd (the original devleoper of Superfluid Protocol before tehe establishment of Superfluid DAO) has raised a total of $14.1 million across three funding rounds: a $1 million pre-seed round in 2020, a $9 million seed round in 2021 led by Multicoin Capital with participation from Semantic Ventures, DeFiance Capital, Delphi Digital, DeFi Alliance, Divergence Ventures, and others, as well as notable angel investors such as Balaji Srinivasan, Ryan Selkis, and Stani Kulechov, and a $5.1 million strategic round in 2024 led by Fabric Ventures with participation from Multicoin Capital, IOSG Ventures, Circle Ventures, Safe Foundation, WAGMI Ventures, Eterna Capital, Veris Ventures, Skyland Ventures, Hyperithm, and several angel investors including The LAO, Bernardo Bilotta, Alex Van De Sande, Kartik Talwar, and Taavet+Sten. The 2024 round was earmarked to support the developer ecosystem, expand the core team, and launch new protocol features.

Since the DAO was formed in February 2025, a one-off public sale of 25.3 million SUP tokens was held in September 2025, with 768 purchasers. Fabric Ventures also entered a token purchase agreement for 2,510,638 SUP tokens for $200,000, with a vesting schedule.

Human Resources:
An engineering team of 4, a marketing agency and various speciliast service providers are contracted to Superfluid Foundation. Superfluid Finance Ltd provides support services to to Superfluid Foundation, founded in 2020 by Francesco Renzi (CEO), Michele D'Aliessi (COO), and ZhiCheng Miao (CTO) and a current team size of 4.

Technological Resources:
Superfluid Protocol has developed a protocol for programmable asset streaming and distribution, including the Super Token (an ERC-20 extension), Constant Flow Agreement (CFA), and Instant/General Distribution Agreement (IDA/GDA). The protocol is live on multiple EVM-compatible blockchains, including Ethereum Mainnet, Polygon, Gnosis Chain, Arbitrum, Optimism, Avalanche, BNB Smart Chain, and Celo.

The project maintains an SDK (notably @superfluid-finance/sdk-core) built with TypeScript, Ethers, and GraphQL, supporting integration with the protocol's core agreements and Super Tokens.

Security investments include multiple third-party audits. The protocol is non-custodial, and all token vesting and distribution are enforced by smart contracts.

D.10: Planned use of collected funds or other tokens

Planned use of funds/crypto-assets by the BVI issuer is to support the Superfluid ecosystem through DAO- and Foundation-directed programs: allocations from treasury will fund governance-approved spending, including Streaming Programmatic Rewards, staking and future LP incentives, grants/ecosystem growth, and operational/legal administration for the protocol.

Part E - Information about the Offer to the Public of Crypto-Assets or their Admission to Trading

E.1: Public offering or admission to trading

ATTR

E.2: Reasons for public offer or admission to trading

Enable EU market access for SUP holders.

E.3: Fundraising target

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.4: Minimum subscription goals

There are no minimum target subscription goals.

E.5: Maximum subscription goals

There are no maximum target subscription goals.

E.6: Oversubscription acceptance

There are no oversubscriptions accepted.

E.7: Oversubscription allocation

There are no oversubscriptions accepted.

E.8: Issue price

There is no issue price, as this whitepaper is being produced for an admission to trading and the crypto asset is already in issuance. At the time of writing, SUP is not transferable. Once transferable, the price of the SUP token will be determined by supply and demand dynamics.

E.9: Official currency determining issue price

There is no issue price, as this whitepaper is being produced for an admission to trading and the crypto asset is already in issuance. At the time of writing, SUP is not transferable. Once transferable, the price of the SUP token will be determined by supply and demand dynamics.

E.10: Subscription fee

There are no subscription fees.

E.11: Offer price determination method

Not applicable, as this whitepaper is published in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.12: Total number of offered or traded other tokens

1,000,000,000

E.13: Targeted holders

ALL

E.14: Holder restrictions

There are no restrictions.

E.15: Reimbursement notice

No withdrawal or reimbursement rights apply under Article 13 of MiCAR as the SUP tokens will be acquired only after admission to trading on a crypto-asset trading platform. Accordingly, Article 13(4) MiCAR excludes the right of withdrawal in such cases.

E.16: Refund mechanism

There is no refund mechanism.

E.17: Refund timeline

There is no refund mechanism.

E.18: Offer phases

There are no phases.

E.19: Early purchase discount

There are no discounts.

E.20: Time-limited offer

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.21: Subscription period beginning

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.22: Subscription period end

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.23: Safeguarding arrangements for offered funds or other tokens

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.24: Payment methods for other token purchase

Fiat or other crypto assets.

E.25: Value transfer methods for reimbursement

There are no reimbursement rights.

E.26: Right of withdrawal

Not applicable. This whitepaper is published solely in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.27: Transfer of purchased other tokens

Via crypto-asset trading platforms on which SUP is admitted to trading.

E.28: Transfer time schedule

Token transferability is scheduled for November 2025 depending on the DAO vote.

E.29: Purchaser's technical requirements

There are no technical requirements.

E.30: Other token service provider (CASP) name

Not applicable

E.31: CASP identifier

Not applicable

E.32: Placement form

NTAV

E.33: Trading platforms name

Coinbase Luxembourg S.A.

E.34: Trading platforms market identifier code (MIC)

XNAS

E.35: Trading platforms access

Online via the platform.

E.36: Involved costs

Not applicable.

E.37: Offer expenses

Not applicable, as this whitepaper is published in relation to the admission to trading of the SUP token and does not relate to any public offering.

E.38: Conflicts of interest

The issuer is not aware of any potential conflict of interest involving the person seeking admission to trading

E.39: Applicable law

British Virgin Islands

E.40: Competent court

British Virgin Islands

Part F - Information about the Crypto-Assets

F.1: Other token type

SUP is a crypto-asset as defined under MiCAR, which is not an “e-money token”, “an asset-referenced token” or a “utility token”, each as defined under MiCAR. Therefore, it falls in the "Other" category

F.2: Other token functionality

Governance and Voting:
SUP holders have the right to participate in the governance of the Superfluid Protocol through the Superfluid DAO. This includes proposing and voting on protocol upgrades, funding allocations, and other key decisions via the Superfluid Improvement Proposal (SIP) process. Voting is already live, even while the token is non-transferable, and is governed by the procedures outlined in the DAO Constitution.

Ecosystem Rewards:
SUP is distributed as rewards to users who engage with Superfluid ecosystem applications through the Streaming Programmatic Rewards (SPR) campaigns. Rewards are streamed in real time to users' Reserve contracts, and users can increase their share by continued participation).

Staking:
SUP holders can stake their tokens in a universal staking pool to earn additional SUP rewards. Staking is currently live, and rewards are streamed programmatically to stakers based on their relative stake.

Liquidity Provision (LP):
Once SUP becomes transferable (planned for November 2025, subject to DAO vote), holders will be able to provide liquidity to the ETH/SUP Uniswap pool. LPs will earn trading fees and SUP yield, with rewards distributed similarly to staking. There is a minimum liquidity provision period of 7 days.

F.3: Planned application of functionalities

Per DAO vote, by 2025-11-30 (target): SUP token transferability to be enabled, conditional on completion of defined milestones (distribution, utility, liquidity, security, UX, governance, macro). This is subject Security Council execution and may be delayed if milestones are not met.

F.4: Type of crypto-asset white paper

OTHR

F.5: Type of submission

NEWT

F.6: Other token characteristics

Superfluid (SUP) is the governance token of the Superfluid Protocol, a token infrastructure protocol enabling many-to-many real-time asset streaming on EVM-compatible networks. SUP will be deployed on the Base (address 0xa69f80524381275A7fFdb3AE01c54150644c8792), and Ethereum (addres 0xd05001db979ff2f1a3b2105875d3454e90dd2961) networks, with the contract addresses The token follows the ERC-20 standard as an extension called the Super Token, which enables advanced streaming and distribution functionalities. The total supply is 1,000,000,000 SUP.

F.7: Commercial name or trading name

Superfluid Protocol

F.8: Website of the issuer

https://superfluid.org

F.9: Starting date of offer to the public or admission to trading

2025-12-02

F.10: Publication date

2025-12-02

F.11: Any other services provided by the issuer

Not applicable

F.12: Language or languages of 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

Not available

F.14: Functionally fungible group digital token identifier, where available

Not available

F.15: Voluntary data flag

FALSE

F.16: Personal data flag

TRUE

F.17: LEI eligibility

TRUE

F.18: Home member state

Luxembourg

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, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Part G - Information on the Rights and Obligations attached to the Crypto-Assets

G.1: Purchaser rights and obligations

Governance and Voting Rights:
SUP is the governance token of the Superfluid Protocol. Holders of SUP have the right to participate in the governance of the protocol by voting on Superfluid Improvement Proposals (SIPs), which include protocol upgrades, allocation of rewards, and other major decisions. Voting is conducted via Snapshot, and token holders may also delegate their voting power to others. The Constitution of the Superfluid DAO details the proposal and voting process, including quorum requirements and the distinction between Constitutional and non-Constitutional proposals. Delegates can represent other holders, and a Security Council exists for emergency and routine protocol actions, with its composition and powers subject to DAO governance.

Access to Services and Rewards:
SUP holders can access staking and liquidity provision features. Staking SUP entitles holders to additional SUP rewards, and providing liquidity to the ETH/SUP Uniswap pool allows holders to earn trading fees and SUP yield. Rewards are distributed through mechanisms such as Streaming Programmatic Rewards (SPR) and Reserves. Some rewards and features are only accessible to users who meet eligibility requirements and are not in geo-blocked regions.

Responsibilities and Obligations:
Holders must comply with the Terms of Use, which include:

Eligibility: Users must be legally permitted to use digital assets in their jurisdiction and not be subject to sanctions or listed as prohibited persons.

Compliance: Users must not use VPNs or similar tools to circumvent geo-blocking or other restrictions. Deliberate circumvention may result in permanent disqualification.

KYC/AML: Some users may be required to provide information for compliance checks.

Taxes and Fees: Users are responsible for any applicable transaction fees and taxes arising from their use of SUP or participation in the protocol.

Lawful Use: Users must not use the protocol for unlawful, fraudulent, or malicious activities, and must comply with all applicable laws and regulations.

Adherence to Governance: Participation in governance is subject to the rules and procedures set out in the DAO Constitution and related governance documents.

G.2: Exercise of rights and obligations

Voting and Governance Participation:

SUP is the governance token for the Superfluid Protocol. All holders of SUP can vote on protocol upgrades and other proposals via the Snapshot platform at https://snapshot.box/#/s:superfluid.eth.

To submit a proposal (SIP), an address must be delegated at least 1% of Votable Tokens at the time of submission. Proposals are first discussed on the governance forum (https://forum.superfluid.org/) and then put to a 7-day call for voting, followed by a 14-day voting period on Snapshot.

A proposal passes if more Votable Tokens vote "in favor" than "against" and meets quorum: 5% of Votable Tokens for Constitutional SIPs, 3% for Non-Constitutional SIPs. After passing, there is a waiting period before implementation (7 days for Constitutional, 3 days for Non-Constitutional SIPs).

Voting power is based on the amount of SUP held, excluding tokens in the DAO/Foundation treasury or on centralized exchanges without explicit voting consent.

To vote, token holders must connect a wallet holding SUP to the Snapshot space. No gas is required; voting is done via signature.

Staking and Rewards:

SUP holders can stake their tokens to earn rewards. Staking is available at https://claim.superfluid.org/ for users with SUP in their Reserve (earned via ecosystem engagement)

There is a universal staking pool. Rewards are streamed programmatically to stakers based on their relative staked amount. The minimum staking period is 30 days; partial or full unstaking is allowed after this period.

Liquidity provision (LP) will be available after the token transferability event (from November 2025), allowing users to add SUP and ETH to a Uniswap pool for additional rewards.

Accessing Services and Other Rights:

SUP holders can claim allocations based on their engagement with Superfluid ecosystem applications via the Claim app (https://claim.superfluid.org/).

The main Superfluid app for protocol interactions is https://app.superfluid.org/.

Participation in governance discussions and delegate registration is available on the forum (https://forum.superfluid.org/).

Geo-Restrictions:
Geo-blocking applies to protocol apps, including the claim app. Blocked countries include Cuba, North Korea, Iran, Syria, Russia, Congo (DRC), Lebanon, Yemen, Belarus, Ethiopia, Libya, Zimbabwe, Myanmar, Hong Kong, Sudan, Central African Republic, Iraq, Venezuela, and certain regions in Ukraine (Crimea, Donetsk, Luhansk)

G.3: Conditions for modifications of rights and obligations

Superfluid Protocol's governance is decentralized and primiarily controlled by holders of SUP. SUP holders can create and vote on proposals that could potentially affect the core protocol functions, including but not limited to, the rights and obligations of the token holders.

G.4: Future public offers

There are no future offers planned.

G.5: Issuer retained other token

Superfluid Foundation, which is the parent company of the issuer, retains 25% of the total SUP token supply in the Foundation treasury. With a total genesis supply of 1 billion SUP tokens, this equates to 250,000,000 SUP tokens. The DAO treasury allocation is 35% of the token supply (350,000,000)

G.6: Utility token classification

False.

G.7: Key features of goods or services utility tokens

Not applicable as SUP is not a utility token

G.8: Utility tokens redemption

Not applicable as SUP is not a utility token

G.9: Non-trading request

True.

G.10: Other tokens purchase or sale modalities

Not applicable, as this whitepaper is published in relation to the admission to trading of the SUP token and does not relate to any public offering.

G.11: Other tokens transfer restrictions

SUP tokens were initially non-transferable, with transferability scheduled to be enabled by the end of November 2025, contingent on the completion of specific milestones set by the Superfluid DAO and Foundation.

Lock-up periods apply to certain allocations: the development team and early backers are subject to a 3-year lock-up with a 1-year cliff and the remaining two-thirds vest linearly over the following two years).

G.12: Supply adjustment protocols

FALSE

G.13: Supply adjustment mechanisms

Not applicable

G.14: Token value protection schemes

FALSE

G.15: Token value protection schemes description

Not applicable

G.16: Compensation schemes

FALSE

G.17: Compensation schemes description

Not applicable

G.18: Applicable law

British Virgin Islands.

G.19: Competent court

British Virgin Islands.

Part H - Information on the underlying technology

H.1: Distributed ledger technology (DTL)

Superfluid is a protocol built on top of Ethereum and other EVM-compatible blockchains (such as Polygon, Optimism, Arbitrum, Avalanche, Gnosis Chain, and BNB Chain). It uses smart contracts to enable real-time asset streaming and distribution through Super Tokens, which are ERC20 tokens with added features. Distribution is achieved via agreements like the Constant Flow Agreement (CFA) for continuous money streams and the Instant Distribution Agreement (IDA) for batch distributions.

Security and immutability are provided by the underlying blockchain's consensus mechanism and the protocol's design: once a Superfluid agreement is created, it is immutable and guarantees execution as written. Transparency is ensured because all agreements and token flows are recorded on-chain and the protocol is open source, allowing anyone to audit or verify activity. Super Tokens can be upgraded from and downgraded to their underlying ERC20 tokens at any time, maintaining compatibility and flexibility.

H.2: Protocols and technical standards

Superfluid's token standard, the SuperToken, is fully compatible with the ERC-20 standard and implements ERC-777-style hooks and operator model, enabling seamless integration with existing DeFi protocols and wallets. The protocol leverages the ERC-1820 registry to support ERC-777 hooks.

SuperTokens can be upgraded from and downgraded to their underlying ERC-20 tokens, allowing for flexible asset movement between Superfluid and other protocols.

Superfluid introduces unique agreements such as the Constant Flow Agreement (CFA) for real-time money streaming and the General Distribution Agreement (GDA) for scalable one-to-many token distributions.

The protocol uses a modular, upgradable architecture based on the UUPS proxy pattern (EIP-1967), allowing for secure and flexible upgrades of core components.

The protocol is deployed on multiple EVM-compatible blockchains, including Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, Gnosis, BNB, Celo, Scroll, and Degen, with standardized subgraph endpoints for each network to enable efficient data indexing and querying.

Automated solvency and liquidation are managed by a decentralized network of Sentinels, which monitor and close insolvent streams, ensuring protocol reliability at scale.

H.3: Technology used

EVM Wallets:
Superfluid is EVM-compatible, allowing users to store and manage SUP tokens using any EVM-based wallets. Examples of the supported wallets include MetaMask, Rabby, Coinbase Wallet, and Brave wallet.

Key Management and Secure Storage:
Superfluid supports multisig structure ensures that no single individual can unilaterally move assets; a majority of designated signers must approve each transaction.

H.4: Consensus mechanism

Not applicable. Superfluid does not operate its own blockchain or consensus mechanism.

H.5: Incentive mechanisms and applicable fees

The protocol's solvency and stream integrity are maintained through a liquidation mechanism (TOGA), where participants called Patricians in Charge (PICs), Plebs, and Pirates can earn rewards from buffer deposits when closing undercollateralized or insolvent streams. These rewards are not paid in SUP but are taken from the stream buffer or PIC stake, and serve to maintain protocol solvency rather than network security in the traditional sense.

Transaction Fees and Protocol Sustainability:
Superfluid does not charge protocol-level transaction fees on money streams or distributions. All funds streamed through the protocol go directly to recipients, and users are only responsible for paying the underlying blockchain's gas fees.

The only protocol-level deductions are related to solvency and liquidation events. When a stream becomes undercollateralized or insolvent, a buffer deposit is used to reward those who close the stream (PICs, Plebs, or Pirates), and in the case of insolvency, a portion of the PIC's stake is burned to offset the deficit.

H.6: Use of distributed ledger technology

FALSE

H.7: DLT functionality description

Not applicable

H.8: Audit

Superfluid (token SUP) has undergone multiple independent security audits of its technology. The protocol's smart contracts were audited by PeckShield in January 2021, Halborn in February 2022, and Trail of Bits in December 2023. The corresponding audit reports are publicly available in the project's official GitHub repository. These audits provide detailed assessments and, in the case of Trail of Bits, include a comprehensive report with a fix review.

H.9: Audit outcome

No Critical or High-Risk Vulnerabilities:
Across all audits, no critical or high-severity vulnerabilities were found. The Trail of Bits 2023 audit reported zero high or medium issues; all six findings were informational only. The Halborn 2022 audit found no vulnerabilities, only one informational issue. The PeckShield 2021 audit identified one medium and several low/informational issues, all of which were either fixed or confirmed as non-exploitable.

Areas for Improvement:
Auditors recommended improving inline and NatSpec comments, especially in complex contracts, to aid future audits and developer understanding. The Trail of Bits audit noted that some contracts are upgradable by a single entity without a time delay, and recommended further decentralization and clearer user documentation on governance powers.

Minor Unresolved Informational Issues:
As of the latest Trail of Bits fix review (December 2023), three informational issues remain unresolved, relating to event generation and ownership transfer patterns. These do not pose immediate security risks and were consciously deprioritized by the development team.

All audit reports are publicly available in the Superfluid GitHub repository.

Part I - Information on Risks

I.1: Offer-related risks

Tokenomics and Unlock Risks:
SUP has a maximum total supply of 1 billion tokens and the distribution is as follows: 60% to the community, 35% to the DAO treasury, 25% to the Foundation treasury, 25% to the development team, and 15% to early backers. Team and investor allocations are subject to a 3-year lockup with a 1-year cliff. This introduces potential unlock risks in the future. The token is initially non-transferable, with transferability subject to DAO governance and a future event.

Governance and Protocol Risks:
The Superfluid DAO governs the protocol, with a Security Council empowered to execute emergency and non-emergency actions, including protocol upgrades and treasury management. The DAO can modify or eliminate the Security Council. Governance is subject to on-chain and off-chain processes, and changes to protocol or token require DAO approval. This structure introduces risks related to governance attacks, centralization of power, and potential for rapid protocol changes.

Smart Contract and Security Risks:
The Superfluid Protocol has undergone a PeckShield audit, but as with all smart contracts, there remains a risk of vulnerabilities or exploits. A prior wallet impersonation incident in 2022 resulted in losses of $8.7m.

Bridging Risk:
The SUP token is deployed on Base and Ethereum, and bridging introduces additional risks related to cross-chain operations and contract upgrades.

Market and Listing Risks:
The SUP token may be listed on centralized and decentralized exchanges. Risks include low liquidity, high volatility, slippage, and potential for market manipulation, especially during initial listing periods or following large unlocks. There is no guarantee of continued or new exchange listings, and delistings could impact liquidity and price discovery.

Custody and User Risks:
Users are responsible for their own custody and security of private keys. Loss of access, phishing, or wallet compromise can result in irreversible loss of assets. Participation in staking, liquidity provision, or governance involves interacting with smart contracts, which may have operational or technical risks.

I.2: Issuer-related risks

Issuer Structure and Separation of Entities:
The issuer of the SUP token is SUP Corp (BVI), which is a separate entity from the Superfluid Foundation. This may introduce additional risks related to coordination, oversight, and legal recourse for investors.

Financial Health and Transparency:
As with any commercial venture, there is a risk of insolvency, which could result from factors including, but not limited to, the failure of the project, lack of adoption, or force majeure events.

Nature and Stability of Business Activities:
The Superfluid protocol operates as a decentralized asset streaming and distribution platform, with the Foundation and DAO responsible for governance, technology development, and ecosystem growth. The protocol's business model is subject to the evolving adoption of decentralized finance and the broader crypto industry, which is characterized by high volatility, rapid technological change, and regulatory uncertainty.

Legal and Regulatory Compliance Challenges:
The Foundation and its subsidiaries are registered in offshore jurisdictions (Cayman Islands, BVI), which may present challenges in terms of regulatory oversight and legal recourse. The regulatory status of the protocol and DAO remains unsettled in many jurisdictions. This creates potential legal and compliance risks for investors, including the risk of future regulatory actions or restrictions on token transferability and trading).

Environmental, Social, and Governance (ESG) Issues:
There is no public evidence of specific ESG policies or disclosures by the issuer or the Foundation. The use of blockchain technology may have environmental implications due to energy consumption, depending on the networks used.

I.3: Other tokens-related risks

Tokenomics and unlock risk:
SUP has a maximum total supply of 1 billion tokens and the distribution is as follows: 60% to the community (of which 35% to the DAO treasury and 25% to the Foundation treasury,) 25% to the development team, and 15% to early backers. Team and investor allocations are subject to a 3-year lockup with a 1-year cliff. This introduces potential unlock risks in the future. The token is initially non-transferable, with transferability subject to DAO governance and a future event.

Speculative Asset risk:
Like most cryptocurrencies, SUP lacks intrinsic value. The token is not backed by any real-world asset, and its price is primarily driven by speculation surrounding the asset and its underlying network. This speculative nature could lead to significant volatility and potential loss of value.

Governance Risk:
Superfluid and the SUP token are governed by a decentralized autonomous organization (DAO). Governance right lie with the SUP token holders, who have the right to vote on proposals which could impact the project’s development and functioning.

Regulatory risk:
As cryptocurrencies represent a relatively new asset class, the regulatory landscape remains uncertain and continues to evolve. Future regulatory changes could adversely affect the token, its underlying network, or its holders.

Market and Liquidity Risks:
As with most crypto assets, SUP is subject to significant price volatility. Crypto assets could also be susceptible to low liquidity especially during times of high volatility.

Technical and Security Risks:
A protocol or associated blockchains may contain coding errors or be subject to malicious attacks, which could result in security breaches, loss of funds, or reduced protocol functionality. Additionally, token holders also face risk of targeted hacks, phishing attempts, or loss of private key or hardware wallets.

Migration and Bridge risk:
Users bridging SUP from one network to another could be exposed to bridging risks such as user error or technical vulnerabilities, which may result in the loss of tokens.

Taxation Risk:
Cryptocurrency taxation rules vary significantly across jurisdictions and often depend on the holder’s place of residence. In some regions, tax regulations may remain unclear or subject to change. The responsibility to ensure compliance with applicable local laws rests with the individual holder.

I.4: Project implementation-related risks

Smart Contract and Protocol Security:
Superfluid suffered a major exploit in February 2022, resulting in a loss of approximately $8.7 million. The vulnerability allowed an attacker to impersonate other accounts and drain funds by exploiting the protocol's context serialization mechanism. Although the bug was patched within hours, the incident demonstrates the risk of smart contract vulnerabilities and the potential for collateral damage to integrated projects.

Multi-Chain Operations:
Superfluid operates on multiple blockchains (including Ethereum, Base, Optimism, Arbitrum, Polygon, Avalanche, Gnosis, BNB, Celo, Scroll, and Degen), increasing the complexity of development, maintenance, and security.

Third-Party Dependencies:
The protocol relies on "Sentinels", third-party actors who liquidate insolvent streams in return for a share of the stream's buffer. This introduces operational dependencies and potential coordination issues among external contributors

Governance and Legal Constraints:
The Superfluid DAO governs the protocol, but the Foundation's regulatory director holds veto power over proposals that could violate laws, bylaws, or fiduciary duties. This structure can introduce delays or conflicts in decision-making, especially when proposals intersect with legal or regulatory boundaries.

Decentralized Governance Risks:
DAO-based governance can lead to coordination challenges, slow decision-making, and the risk of governance capture or adverse decisions that impact protocol value and operations.

User and Integration Risks:
As an open protocol, Superfluid is integrated by hundreds of apps and DAOs. Bugs, misconfigurations, or failures in these integrations can propagate risk or cause loss to end users.

Competition:
Superfluid faces competition from other payment and streaming protocols, such as Sablier, LlamaPay, and Flexa, which may impact adoption and ecosystem growth.

I.5: Technology-related risks

Streaming and Liquidation Risks:
Superfluid’s streaming model (Constant Flow Agreements) requires users to maintain solvency. If a sender’s balance reaches zero, their stream enters a critical state and can be closed by external actors (Sentinels), who claim the buffer deposit. If not closed in time, the protocol can become insolvent for that stream, and the Patrician in Charge (PIC) is slashed. This creates risks of forced liquidations, loss of buffer deposits, and potential griefing if users are targeted with streams they cannot maintain.

Upgradability and Governance Risks:
Superfluid contracts, including Super Tokens and core agreements, are deployed as upgradable proxies (UUPS/EIP-1967). This allows protocol upgrades but introduces risks if governance or admin keys are compromised, or if an upgrade introduces new vulnerabilities. The protocol’s governance is managed by a DAO and a Security Council with multisig control, which can be modified or eliminated by DAO vote.

Composability and SuperApp Risks:
Superfluid enables composable agreements and SuperApps, which can interact in complex ways. This increases the attack surface, especially if SuperApps are not carefully audited or if callback mechanisms (such as ERC777 hooks) are misused, potentially leading to reentrancy or other logic bugs. The protocol’s reliance on external actors (Sentinels, PICs) for liquidation and solvency also introduces operational dependencies.

Token Wrapping and Compatibility:
Super Tokens can be wrappers around existing ERC20 tokens or natively issued. Wrapping/unwrapping processes and compatibility with non-standard tokens may introduce risks, especially if the underlying token has transfer fees, rebasing, or other non-standard behaviors.

I.6: Mitigation measures

Security Audits:
The protocol has undergone multiple independent security audits, including by PeckShield (2021), Halborn (2022), and Trail of Bits (2023). These reports are publicly available in the project's GitHub repository.

Bug Bounty Program:
Superfluid has operated a bug bounty program on Immunefi, with a maximum bounty of $100,000. The program focused on critical smart contract vulnerabilities, including those in the Constant Flow Agreement (CFA) and Instant Distribution Agreement (IDA), and issues that could prevent streams from being closed or cause supply drift.

Liquidation and Solvency Mechanisms:
The protocol uses a buffer/deposit system to incentivize users to close their streams before running out of tokens. If a stream is not closed in time, a structured liquidation process involving Patricians, Plebs, and Pirates (3Ps) ensures that insolvent streams are closed and deficits are covered by slashing the stake of the Patrician in Charge (PIC). The TOGA (Transparent OnGoing Auction) system manages the assignment of PICs and their incentives, further supporting protocol solvency.

Super App Jail System:
Superfluid enforces a jail system for Super Apps, which can "jail" (disable) apps that violate protocol rules or encounter unexpected errors, preventing them from causing systemic issues.

Governance and Emergency Controls:
The Superfluid DAO and a Security Council (multisig) govern protocol upgrades and emergency actions. The Security Council can execute emergency upgrades or actions without delay in response to critical vulnerabilities, and must publish a transparency report within 7 days of such actions. Non-emergency upgrades also require Security Council approval. The DAO can modify or remove the Security Council's powers via governance.

Part J – Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

S.1: Name

SUP Corp. (BVI)

S.2: Relevant legal entity identifier

LEI: 254900OYD1IONT765K68

S.3: Name of the crypto-asset

SUP

S.4: Consensus mechanism

Token / No Consensus Algorithm

S.5: Incentive mechanisms and applicable fees

Tokens do not have an own consensus mechanism, but rely on the consensus mechanism of one or multiple underlying crypto-asset networks. Depending on the token design, incentive mechanisms arise from the utility, scarcity, or governance rights.

S.6: Beginning of period to which disclosed information relates

2025-10-08

S.7: End of period to which disclosed information relates

2025-10-21

S.8: Energy consumption

1.64226 kWh/year

S.9: Energy consumption sources and methodologies

Data provided by CCRI; all indicators are based on a set of assumptions and thus represent estimates; methodology description and overview of input data, external datasets and underlying assumptions available at:

https://carbon-ratings.com/dl/whitepaper-mica methods-2024 and https://docs.mica.api.carbon ratings.com. We do not account for any offsetting of energy consumption or other market-based mechanism as of today.

S.10: Renewable energy consumption

Not applicable as the annual energy consumption is less than 500,000kWh.

S.11: Energy intensity

Not applicable as the annual energy consumption is less than 500,000kWh.

S.12: Scope 1 DLT GHG emissions - controlled

Not applicable as the annual energy consumption is less than 500,000kWh.

S.13: Scope 2 DLT GHG emissions - purchased

Not applicable as the annual energy consumption is less than 500,000kWh.

S.14: GHG intensity

Not applicable as the annual energy consumption is less than 500,000kWh.

S.15: Key energy sources and methodologies

Not applicable as the annual energy consumption is less than 500,000kWh.