MiCAR White Paper

Tread Foundry Ltd. is a business company incorporated in the British Virgin Islands. Its activity is limited to the issuance of the TREAD crypto-asset and to matters directly connected thereto, including the offer described in this white paper and the administration of token supply and distribution.

Tread Foundry Ltd. does not develop, operate or maintain the tread.fi platform, and does not itself provide trading, execution, order management or any other service to users. The tread.fi platform is developed and operated by Tread Labs Corporation, which is entirely independent of Tread Foundry Ltd.

A description of the tread.fi platform and of the intended utility of the TREAD token in connection with it is set out in Part D of this white paper.

As Tread Foundry Ltd. was established on July 1st 2026, three-year historical financial data is not available.

Tread Foundry Ltd. is a newly established entity in the early stages of development. The company has not yet generated substantial revenue or incurred significant expenses.

The tread.fi platform, together with all associated technology and intellectual property, is not offered by Tread Foundry Ltd. It is developed, owned, operated and offered exclusively by Tread Labs Corporation, an independent corporation. Tread Foundry Ltd. neither owns, licences, controls nor offers the tread.fi platform or any component of it, and holds no proprietary interest in the underlying intellectual property. The scope of Tread Foundry Ltd. and its affiliated entities is limited to the issuance and stewardship of the TREAD token.

tread.fi is a high-performance algorithmic trading terminal and Order and Execution Management System focusing on solving fragmented market access and poor execution quality by providing a unified interface to design, route, and manage orders across numerous centralized and decentralized venues.

The platform's architecture features institutional-grade execution algorithms, automated market-making and delta-neutral trading bots, pre-trade analytics, and comprehensive REST and WebSocket API integrations. The project's mission is to empower retail and institutional digital-asset traders to optimize execution costs and seamlessly manage their entire portfolio through a single terminal by leveraging advanced smart order routing, algorithmic execution models, and an agentic execution layer utilizing specialized AI trading agents.

The Tread token (TREAD) is the native consumptive-utility token of the tread.fi ecosystem. It is designed to grant tiered discounts on platform trading fees, provide access to the AI agent marketplace for both creators and users, and act as an integration security deposit for exchanges within this interconnected ecosystem.

Prior to purchase, the purchaser shall be solely responsible for assessing whether token functionalities are available in the jurisdiction where the purchaser resides. No representation is made that the token's utilities will be accessible to all purchasers regardless of location.

Given the technical nature of the Tread project, a glossary has been included in this section of the MiCAR whitepaper to clarify the key terms and concepts used throughout the MiCAR whitepaper.

Trading & Platform Technology

• OEMS (Order and Execution Management System): A unified system that allows traders to manage, route, and execute orders across multiple trading venues.

• Smart Order Router (SOR): An automated system that searches for the best available price and liquidity across various centralized and decentralized exchanges to optimize execution.

• Algorithmic Trading: The use of computer programs to automate trading strategies based on predefined criteria, such as timing, price, or volume.

• Perpetual DEX (Decentralized Exchange): A blockchain-based platform for trading perpetual contracts (derivatives with no expiry date) without a central intermediary.

• CEX (Centralized Exchange): A platform, such as Binance or OKX, where a central company facilitates the trading of digital assets.

• Funding Rate Arbitrage: A strategy used to earn yields from funding rates while remaining delta-neutral by executing long and short positions simultaneously.

• Delta-Neutral: A portfolio state where the overall value is protected against small price movements in the underlying asset.

• TWAP (Time Weighted Average Price): An execution strategy that spreads an order evenly over a specified timeframe to achieve a price close to the average for that period.

• VWAP (Volume Weighted Average Price): A strategy that distributes trade execution based on historical and real-time market volume to minimize price impact.

• Maker Fees: Fees paid when an order adds liquidity to the order book (e.g., a limit order).

• Taker Fees: Fees paid when an order removes liquidity from the order book by executing immediately (e.g., a market order).

• Slippage: The difference between the expected price of a trade and the actual price at which the trade is executed, often occurring during high volatility.

• Iceberg Order: A large order split into smaller "slices" that are placed sequentially so the full order size is not visible to the market.

• IOC (Immediate-Or-Cancel): An order type that requires all or part of the order to be filled immediately, with any unfilled portion being canceled.

• Alpha Tilt: A setting that adjusts the execution curve by front-loading or back-loading the distribution of an order.

Tokenomics & Blockchain

• Consumptive-Utility Token: A digital asset designed specifically to be used within an ecosystem to access services, such as fee discounts or marketplace features.

• ERC-20: A technical standard used for fungible tokens on the Ethereum blockchain.

• TGE (Token Generation Event): The specific date when a token is officially created and its utility features are activated.

• Cliff: A period during a vesting schedule where no tokens are released to the holder.

• Linear Vesting: The gradual release of tokens over a set period following a cliff, often occurring monthly.

• Proof-of-Stake (PoS): A blockchain consensus mechanism where validators are chosen to create blocks based on the amount of cryptocurrency they "stake" as collateral.

• Fully Diluted Value (FDV): The total market value of a token project if the entire supply of tokens were in circulation.

The TREAD token has several key functionalities within the tread.fi ecosystem. The platform offers a suite of goods and services designed to solve fragmented market access, poor execution quality, and the absence of institutional-grade workflow tools by providing a single terminal and API through which users can design, route, and manage orders across a connected set of centralized and decentralized venues.

Key utilities of the TREAD token include:

• Lock-to-Discount: TREAD holders can lock their tokens to receive tiered discounts on platform trading and automation fees, with the discount scaling based on both the amount locked and the lock duration.

• Lock-to-Deploy: The token is used as a participation mechanism for agent creators, requiring them to lock tokens to obtain a listing slot and publish a third-party trading agent on the marketplace.

• Lock-to-Hire: Users can lock tokens to obtain a hiring slot, enabling them to activate a third-party agent to execute trades on their connected account strictly within user-defined parameters.

Prior to purchase, the purchaser shall be solely responsible for assessing whether token functionalities are available in the jurisdiction where the purchaser resides. No representation is made that the token's utilities will be accessible to all purchasers regardless of location.

Moreover, each purchaser is solely responsible for assessing whether their intended use of the tokens is lawful and compliant with all applicable laws and regulations in their relevant jurisdiction, and for obtaining independent professional advice where necessary. The Issuer accepts no responsibility or liability for any regulatory, legal, or financial consequences arising from a purchaser's use of the tokens.

As at the date of this crypto-asset white paper, Tread Foundry Ltd. has incurred costs of approximately US$25,000, relating to operational and legal expenditure. These costs have been funded from consideration received in connection with the transfer of assets to Tread Foundry Ltd. Given the early stage of the project, Tread Foundry Ltd. is not in a position to present meaningful figures for expenditure in other areas, including product development and marketing.

Resources are further allocated to the project in the form of TREAD tokens. Under the token allocation set out in this crypto-asset white paper, 35,500,000 TREAD are allocated to ecosystem incentives and 7,500,000 TREAD are allocated to liquidity provision, audits, legal, and operational expenditure.

Resources are additionally allocated in the form of personnel time. The project is directed by the two directors of Tread Foundation, the corporate director of Tread Foundry Ltd., who devote time to the governance and stewardship of the TREAD token. They are supported by a back-office team providing accounting, operations, and token launch services, whose members have prior experience supporting established crypto-asset projects.

This is not applicable because there will be no raising of funds. This is not an offer of the TREAD token but rather an admission of the TREAD token to trading.

The admission to trading of Tread (TREAD) is intended to:

• Increase Accessibility and Liquidity: To make the TREAD token more accessible to European users and improve its liquidity on secondary markets. This can result in more efficient price discovery and reliable trade execution.

• Enhance Transparency and Compliance: This MiCA-compliant disclosure is filed voluntarily to enhance transparency, regulatory clarity, and investor confidence. It signals the project's readiness to align with the high disclosure standards of Regulation (EU) 2023/1114.

• Support Ecosystem Growth: By increasing access, Tread Foundry Ltd aims to encourage wider participation and contribution to the tread.fi ecosystem, allowing a broader user base to utilize tiered fee discounts for algorithmic trading and automation services, access the agent marketplace to hire or deploy trading specialists, and participate in advisory governance voting regarding venue integrations and ecosystem funding proposals.

This initiative is an admission to trading and not a fundraising event or public offer.

The project is targeted at all types of investors. No restrictions are being applied other than those required by relevant laws, regulations, or the internal policies of the trading platforms.

Access to the TREAD token may be restricted by the individual trading platforms where it is made available. These restrictions may include, but are not limited to, geo-fencing for users in OFAC-sanctioned jurisdictions or other individuals prohibited under the platform's terms and conditions and applicable laws.

Purchases of TREAD on OKX and Coinbase may be made using supported crypto-assets (e.g., Bitcoin, ETH, USDT, and USDC) or fiat currencies (e.g., USD), as per the available trading pairs on the platform. The information on the specific payment methods and providers of payment services is available at https://www.okx.com, https://www.coinbase.com, and https://www.bitvavo.com and their use is subject to the applicable terms and conditions of the specific service provider.

If applicable, any valid reimbursements shall be made to the account or wallet originally used to participate in the offer.

The TREAD acquired as a result of trades shall be transferred through means designated by the trading platform to the compatible wallet or account as designated by the selected Trading Platforms.

Purchasers must have an account on a trading platform where TREAD is listed and abide by that platform's terms. Technically, holders must have a digital wallet compatible with the ERC-20 on the Ethereum blockchain. This can be a self-custodial wallet or an account managed by a third party (like an exchange). Basic requirements include internet access and a compatible device (computer or mobile).

TREAD is available on various centralized and decentralized trading platforms. Investors can access these platforms by creating an account on their respective websites (e.g., https://www.okx.com, https://www.coinbase.com, and https://www.bitvavo.com) and complying with the platform's requirements, including KYC/AML verification.

Access to the trading platforms is typically free, but users will incur costs related to trading and transactions. These may include transaction fees (maker/taker fees), withdrawal fees, and network fees. These costs are set by the individual exchanges and are not controlled by Tread Foundry Ltd.. Users are advised to review the fee schedule on the respective platform's website at https://www.okx.com, https://www.coinbase.com, and https://www.bitvavo.com.

To the best knowledge of Tread Foundry Ltd., no conflicts of interest have been identified in relation to the admission to trading.

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper shall be governed by and construed in accordance with the laws of the British Virgin Islands.

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper shall be exclusively subject to the jurisdiction of the courts in the British Virgin Islands.

TREAD. is classified as an "Other Crypto-Asset" under Regulation (EU) 2023/1114, as it is not an Asset-Referenced Token (ART) or E-Money Token (EMT). It is a fungible token based on the ERC-20 standard.

The TREAD token's primary functionalities within the tread.fi ecosystem include:

• Lock-to-Discount on Platform Fees: Users lock TREAD to receive tiered discounts on Tread.fi trading and automation fees. Discounts scale with both the amount locked and the lock duration, automatically applying to the user's own trading and automation activity for the life of the lock.

• Agent Marketplace Access: Both sides of the third-party agent marketplace use TREAD locks as access mechanisms. Creators lock TREAD to obtain a listing slot to publish an agent, while users lock the token to secure a hiring slot and activate an agent to trade on their connected accounts.

• Exchange Integration Deposit: Exchanges integrating with the Tread.fi platform must acquire and lock TREAD as an integration security deposit for a fixed term. The deposit secures the integrating exchange's obligations under its integration agreement and is released at the end of the term in accordance with that agreement. The deposit is not consideration for any good or service and confers no yield, interest, reward, or other return on the depositing exchange.

Prior to purchase, the purchaser shall be solely responsible for assessing whether token functionalities are available in the jurisdiction where the purchaser resides. No representation is made that the token's utilities will be accessible to all purchasers regardless of location.

Moreover, each purchaser is solely responsible for assessing whether their intended use of the tokens is lawful and compliant with all applicable laws and regulations in their relevant jurisdiction, and for obtaining independent professional advice where necessary. The Issuer accepts no responsibility or liability for any regulatory, legal, or financial consequences arising from a purchaser's use of the tokens.

The functionalities described in F.2 will become available at the Token Generation Event (TGE), at which point all consumptive token utility primitives are designed to activate simultaneously.

TREAD is a fungible, transferable crypto-asset classified as an "Other Crypto-Asset" under MiCA. It operates on the Ethereum blockchain as an ERC-20 token. The underlying network, Ethereum, uses a Proof-of-Stake consensus mechanism designed for security and decentralization, in which validators are chosen to propose and attest to new blocks based on the amount of ETH they have staked as collateral. TREAD does not represent ownership, profit rights, or legal claims, and functions solely to support the protocol's technical and economic operations.

The issuer's activity is limited to the issuance of the TREAD crypto-asset and matters directly connected thereto. The issuer does not develop, operate or provide algorithmic trading software, execution management services, order routing, market-making tools, or any marketplace for trading agents, and provides no services to users.

Purchasers or holders of TREAD do not acquire any contractual rights, equity interests, profit-sharing rights, dividends, or other legal claims against Tread Foundry Ltd. or any affiliated entity by virtue of holding the token.

The TREAD token is a digital asset designed for functional use within the independently operating tread.fi ecosystem. Any "rights" are limited to the token's protocol-level utility, such as:

• Lock-to-Discount: The ability to lock tokens to receive tiered discounts on tread.fi trading and automation fees, which scale with both the amount locked and the lock duration.

• Lock-to-Deploy and Lock-to-Hire: The ability to lock tokens to obtain a listing slot to publish a trading agent on the marketplace, or to secure a hiring slot to activate a third-party agent on a connected account.

• Phased Governance: The ability to participate in off-chain, advisory voting on predefined ecosystem parameters, such as prioritizing community-requested venue integrations and funding proposals, with voting power proportional to the amount held.

Holding TREAD does not represent ownership in any legal entity and does not confer any right to financial returns.

Prior to purchase, the purchaser shall be solely responsible for assessing whether token functionalities are available in the jurisdiction where the purchaser resides. No representation is made that the token's utilities will be accessible to all purchasers regardless of location.

Moreover, each purchaser is solely responsible for assessing whether their intended use of the tokens is lawful and compliant with all applicable laws and regulations in their relevant jurisdiction, and for obtaining independent professional advice where necessary. The Issuer accepts no responsibility or liability for any regulatory, legal, or financial consequences arising from a purchaser's use of the tokens.

There are no formal contractual rights to "exercise." Any functionality associated with TREAD is exercised technically by interacting with the tread.fi ecosystem. For example:

• Governance: Rights are exercised by participating in phased, off-chain advisory voting on predefined ecosystem parameters, such as prioritizing community-requested venue integrations and ecosystem funding proposals, with voting power proportional to the amount of tokens held.

• Utility: Rights are exercised by locking tokens to access consumptive platform services, which includes receiving tiered discounts on trading and automation fees, obtaining listing or hiring slots within the agent marketplace, and fulfilling security deposits or permission requirements for exchange integrations.

Utility-based actions such as token locking are carried out through the platform's mechanisms, while governance participation occurs off-chain as described above.

Tread Foundry Ltd may decide on amendments or updates to the rights and functionalities associated with the TREAD.

Changes are suggested by the issuer and implemented through updates to the token terms or related documentation. Where feasible, the issuer may inform and request the token holders to provide an opinion on the material changes in advance, but such changes do not require token-holder approval.

Tread Foundry Ltd. does not intend to conduct any future public offerings of the TREAD token.

TREAD functions as a utility token within the tread.fi ecosystem, providing access to its core goods and services. These include:

• Trading and Automation Fee Discounts: Users lock TREAD to receive tiered discounts on platform trading and automation fees. These discounts scale according to the amount of tokens locked and the duration of the lock period, serving as a consumptive benefit for users active in algorithmic trading.

• Agent Marketplace Access: The token functions as a locking mechanism to participate in the agentic execution marketplace. Independent creators lock tokens to obtain listing slots for their agents, while users lock tokens to obtain hiring slots to activate specific trading agents on their connected accounts.

• Venue Integration: Exchanges integrating with the platform's routing and liquidity layer utilize the token as a security deposit for a fixed term.

Prior to purchase, the purchaser shall be solely responsible for assessing whether token functionalities are available in the jurisdiction where the purchaser resides. No representation is made that the token's utilities will be accessible to all purchasers regardless of location.

Moreover, each purchaser is solely responsible for assessing whether their intended use of the tokens is lawful and compliant with all applicable laws and regulations in their relevant jurisdiction, and for obtaining independent professional advice where necessary. The Issuer accepts no responsibility or liability for any regulatory, legal, or financial consequences arising from a purchaser's use of the tokens.

The TREAD token is "redeemed" or used within the ecosystem to access the goods and services listed in G7. This occurs when a platform participant locks the tokens to access tiered discounts on trading and automation fees, or when a user locks the tokens to obtain a hiring slot for activating an automated trading agent on the marketplace. The type of goods or services that can be redeemed may evolve over time based on ecosystem development and governance.

There are no restrictions on the transferability of TREAD at the protocol level; it may be freely transferred between users.

However, a portion of the token supply is subject to contractual lock-up and/or vesting schedules. Founders, employees, and advisors (the Team allocation) and the Tread Labs Treasury are subject to a 12-month cliff, followed by monthly linear vesting, becoming fully liquid 3 years post-TGE for the Team and 4 years post-TGE for the Tread Labs Treasury. The Community & Ecosystem allocation and the Foundation Treasury carry no cliff: 20% of each unlocks at TGE, with the remaining 80% vesting monthly on a linear basis over 4 years. The Genesis Airdrop (15.2% of supply) is unlocked in full at TGE and carries no restriction. Furthermore, individual trading platforms may impose their own transfer restrictions in accordance with applicable laws and internal policies.

There is no written legal agreement between the person seeking admission to trading and the crypto asset-holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the law and competent court applicable to the TREAD token shall be the law of the British Virgin Islands, unless prescribed otherwise by applicable legislation (incl. consumer law).

There is no written legal agreement between the person seeking admission to trading and the crypto asset-holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the law and competent court applicable to the TREAD token shall be the law of the British Virgin Islands, unless prescribed otherwise by applicable legislation (incl. consumer law).

TREAD is an ERC-20 token. This standard ensures industry compatibility with wallets, exchanges, and smart contracts. The Ethereum network itself is an established Layer-1 blockchain that utilizes a Proof-of-Stake (PoS) consensus mechanism for its operations.

As a ERC-20 token, TREAD is deployed as a smart contract. Users can hold, store, and transfer the token using any wallet software (non-custodial or self-custody) that is compatible with the Ethereum network. Users may also manage the token through accounts provided by third-party custodians or centralized exchanges.

The Ethereum network, which TREAD relies on, operates using a Proof-of-Stake (PoS) consensus mechanism.

In this system, validators are chosen to propose and attest to new blocks based on the amount of native tokens (ETH) they have staked as collateral.

The Ethereum mainnet validators who secure the network are rewarded with economic incentives for their work. These incentives consist of transaction fees (gas) paid by users to process token transfers and interact with smart contracts, together with newly issued ETH awarded as staking rewards for proposing and attesting to blocks. Under Ethereum's fee model, the base portion of each transaction fee is burned rather than paid to validators. The TREAD token itself has a fixed supply and offers no staking yields, revenue-sharing mechanisms, or network security emissions.

The Ethereum DLT is a decentralized, permissionless network. It is not operated or controlled by Tread Foundry Ltd. (the issuer) or any other single, central entity. It is maintained by a distributed, global network of participants (e.g., validators).

The audit was successfully completed. The audit reviewed the smart contract for the TREAD standard ERC-20 token contract on the Ethereum mainnet prior to the token generation event. The outcome was that no critical vulnerabilities were identified.

https://treadfoundation.com/audit

The admission of TREAD to trading on third-party platforms involves specific risks for holders:

• Third-Party Platform Risk: Holders are subject to the terms and conditions of the trading platforms. The platform's operational disruptions (e.g., outages, cyberattacks) or a decision to delist TREAD (due to low liquidity, regulatory pressure, or internal policy) could severely impact the token's accessibility and liquidity.
• Platform Insolvency Risk: If a trading platform holding a user's TREAD tokens becomes insolvent or bankrupt, users risk the partial or total loss of those assets.
• Regulatory Risk (Platforms): Crypto-asset service providers are subject to evolving regulations. New rules could force platforms to halt trading, restrict access for users from certain jurisdictions, or delist TREAD.

N/A

Holding TREAD involves risks inherent to most crypto-assets:

• Market Volatility: Crypto-asset prices are extremely volatile and subject to significant, rapid fluctuations. The value of TREAD can be influenced by market speculation, shifts in sentiment, and macroeconomic factors, and may not reflect the project's fundamentals. There is no guaranteed price floor, buyback or redeemability mechanism, which means that acquiring the TREAD may result in total loss of the invested amounts.

• Liquidity Risk: The market for TREAD may lack depth and liquidity. It may be difficult to buy or sell large quantities at a desired price, or at all, leading to significant financial losses.

• Custody & Private Key Risk: Holders are responsible for securing the private keys to their wallets. The loss, theft, or compromise of these keys will result in the irreversible loss of all associated TREAD tokens, with no recourse.

• Regulatory Risk: The legal and regulatory treatment of crypto-assets is uncertain and evolving. Future regulations could impose restrictions on the holding, use, or trading of TREAD, or it could be classified in a way that adversely affects its value or legality.
  
  The regulatory treatment of the tokens, and of the activities enabled by them, is uncertain and may differ across jurisdictions. The exercise of any utility or functionality may, depending on the manner and jurisdiction of use, be characterised as a regulated activity or otherwise attract legal, regulatory, or tax consequences.

• Utility Risk: The expected utility of the TREAD token within the tread.fi ecosystem may fail to materialize due to low user adoption, technical failures, or superior competing projects, undermining its fundamental value proposition.

The future success of the tread.fi ecosystem is subject to significant implementation risks:

• Adoption & Competition Risk: The project may fail to attract a sufficient number of users, developers, and participants to create a viable ecosystem. It faces competition from other projects that may have substantially greater financial, technical, and marketing resources.

• Roadmap & Development Risk: The project may experience delays, fail to deliver on its published roadmap, or encounter unforeseen technical complexities. Strategic shifts or "pivots" may result in features that do not align with community expectations.

• Funding & Treasury Risk: Continued development depends on the effective management of the project's treasury. A shortfall in funding or misallocation of resources could slow or halt ecosystem development.

• Governance Risk: TREAD's governance is advisory and off-chain, with the project team retaining ultimate decision-making authority. Misalignment between community input expressed through advisory votes and decisions made by Tread Foundry Ltd or Tread Foundation could result in community dissatisfaction or reduced participation, even though such decisions do not require holder approval.

• Regulatory Risk: The legal and regulatory treatment of crypto-assets is uncertain and evolving. Future regulations could impose restrictions on the holding, use, or trading of TREAD, or it could be classified in a way that adversely affects its value or legality.

The TREAD token and the tread.fi platform rely on complex, emerging technology, which introduces specific risks:

• Smart Contract Risk: The smart contracts for TREAD and the ecosystem's applications may contain hidden bugs, flaws, or vulnerabilities, whether or not they have undergone third-party security audits. Such flaws could be exploited by malicious actors, potentially resulting in the theft or irreversible loss of funds.

• Underlying DLT Risk: The project relies on the security and performance of the underlying Ethereum network. This network is subject to its own risks, such as network congestion, high transaction fees, consensus failures (e.g., 51% attacks), forks, or operational halts. Execution of transactions requires gas fees, which are subject to market conditions and may fluctuate during periods of high activity. Users who interact with TREAD via decentralized exchanges (DEXs) may face exposure to front-running or Maximal Extractable Value (MEV), where third parties reorder or insert transactions for their advantage.

• Cybersecurity Risk: The ecosystem, including its front-end applications, is a target for cyber-attacks (e.g., DDoS attacks, hacks). A successful attack could disrupt services or lead to a loss of user assets.

• Scalability Risk: The underlying technology may not scale effectively to handle a high volume of users or transactions, leading to slow performance and high fees, which would deter adoption.

Tread Foundry Ltd has implemented several measures to mitigate the identified risks:

• Security Audits:Commissioning comprehensive security audits of the TREAD smart contract from reputable, independent third-party security firms before deployment.

• Regulatory Monitoring: Actively monitoring the global regulatory landscape with the assistance of external legal counsel to ensure compliance with applicable laws.

• Use of Reputable Technology: Building on a secure and battle-tested DLT (Ethereum) to leverage its established consensus mechanism and security.

• Phased Governance: Implementing a phased, off-chain advisory governance framework that allows token holders to provide input on ecosystem parameters, with the scope of holder participation expanding over time on a schedule to be published by the Foundation.

• Strategic Partnerships: Strategic partnerships and exchange listings are pursued to improve liquidity and operational resilience.

The Ethereum network, which TREAD relies on, operates using a Proof-of-Stake (PoS) consensus mechanism.

In this system, validators are chosen to propose and attest to new blocks based on the amount of native tokens (ETH) they have staked as collateral.

The Ethereum mainnet validators who secure the network are rewarded with economic incentives for their work. These incentives consist of transaction fees (gas) paid by users to process token transfers and interact with smart contracts, together with newly issued ETH awarded as staking rewards for proposing and attesting to blocks. Under Ethereum's fee model, the base portion of each transaction fee is burned rather than paid to validators. The TREAD token itself has a fixed supply and offers no staking yields, revenue-sharing mechanisms, or network security emissions.

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