CONFIDENTIAL & PROPRIETARY © 2025 Inkwell Finance, Inc. All Rights Reserved.
This document is for informational purposes only and does not constitute legal, tax, or investment advice, nor an offer to sell or a solicitation to buy any security or other financial instrument. Any examples, structures, or flows described here are design intent only and may change.
Executive Summary
Leviathan is the Universal Credit Layer for ALL On-Chain Revenue — private credit yields from any chain, with non-custodial enforcement.
Mission: To build the universal, zero-trust credit layer that securely connects global institutional capital with high-yield on-chain revenue streams across every chain — enabling any protocol, treasury, or agent to access private credit seamlessly, compliantly, and at scale.
Inkwell never lends. We are the enforcement + liquidity layer.
Current Traction & Launch Path (December 2025)
- ✅ Demo Partnership: Architecture proven on testnet with Ika ecosystem partner, demonstrating enforcement architecture
- ✅ Primary Pilot Partner: Full Sail (Sui-native DEX) — MOU and LOI signed for embedded lending integration
- 🔄 Active Pipeline: Multiple mainnet protocols in active term-sheet and LOI discussions for first manual pilots
- ⏭️ Q1 2026: 3-5 binding pilot LOIs within 60-90 days
- ⏭️ Q2 2026: First funded loans via parallel SPV ($5-10M, 12-15% preferred return)
- The $20B+ market opportunity in verifiable on-chain protocol revenue (1kx Report, Oct 2025)
- The borrower pipeline of revenue-rich protocols (Jupiter 2.6BTVL,Bluefin150M+, Pump.fun $1.3B raised)
- The Three-Layer Moat that survives AI commoditization
- The institutional experience — bank wires in/out, ISDA docs, zero wallets
For Product OverviewFor a product-focused explanation of how the marketplace works for borrowers and lenders, see the Overview page. The Leviathan Experience
How any fund lends on Day 1:
- Receives Leviathan term sheet (PDF)
- DocuSign + one-time entity KYB
- Funds the loan — two ways:
- USD wire (TradFi)
- USDC transfer (crypto-native)
- Single line on statement (bank or wallet)
- Monthly interest + principal returned in same format
Zero friction. 100% on-chain audit trail from day one.
Market Opportunity
The On-Chain Revenue Opportunity
~$20B of verifiable on-chain protocol revenue exists today (1kx Report, Oct 2025).
Yet no platform offers:
- Bank wires in / bank wires out
- ISDA-style documentation
- Zero wallets, zero seed phrases, zero gas
Leviathan is building the first revenue marketplace purpose-built for institutional access to the on-chain economy:
- Current market: ~$20B in verifiable on-chain recurring revenue (2025)
- Projected market: $18-25B by 2028 (core protocols only)
- Institutional demand: 3-7% AUM crypto credit sleeves opening 2026-2027 → $150-300B looking for a pipe that feels like traditional private credit
- Competitive advantage: Legacy platforms cannot serve this market—they lack native blockchain integration, streaming enforcement, and composability with DeFi primitives
Total Addressable Market (TAM)
Global Non-Dilutive Recurring Revenue Financing (2025E): $9.8-12B originated globally (up from $5.8B in 2024, +69% YoY).
Breakdown by Sector:
| Sector | 2025 Origination | % of Market | Key Drivers |
|---|
| SaaS / Digital Subscriptions | $6-7B | ~60-65% | Mature; dominated by Arc, Capchase, Pipe, Rituals |
| E-commerce / Consumer | $3-3.5B | ~30% | Wayflyer, Shopify Capital, Pipe Capital MCA |
| Web3 / Crypto / RWA Revenue | $700-900M | ~7-8% | Fastest-growing; Centrifuge, Clearpool, Maple, Goldfinch |
| Other (healthcare, etc.) | $500M | ~5% | Niche |
Why Even the Richest Protocols Borrow
Corrected DeFiLlama Reality (Nov 2025)
Initial data from DeFiLlama suggested that top protocols were earning $1M+ per day. The corrected data shows they earn that per month-and they still line up for large, non-dilutive loan facilities.
| Protocol | 24h Revenue | 7d Revenue | 30d Revenue | Annualized Run-Rate | TVL (Nov 2025) |
|---|
| Bluefin | $49.5k | $232k | $1.11M | ~$36M | $189M |
| Jupiter | $1.32M | $4.8M | $19.5M | ~$234M | $2.1B |
| Pump.fun | $903k | $17M | $58M | ~$700M | $450M |
| NAVI | $7.5k | $85k | $518k | ~$6.2M | $420M |
| Cetus | $7.6k | $68k | $320k | ~$3.8M | $280M |
Why $1M-$58M Monthly Revenue Still Isn’t Enough
| Myth | Reality (2025) | Why They Line Up for Inkwell Loans |
|---|
| ”They’re printing money” | 70-100% of gross revenue is rebated as incentives/airdrops to keep TVL (see “Holders Revenue” = $0) | Need real cash for payroll, marketing, acquisitions, new chains |
| ”They can just sell treasury tokens” | Token sales = 20-50% price crash + community rage + 37% tax bill | Fixed-cap RBF is cheaper, cleaner, and zero dilution |
| ”Revenue is smooth” | 24h numbers swing 10x week-to-week. A quiet day on Sui/Solana can cut fees 80% overnight | Borrow to smooth volatility and fund the next growth sprint |
| ”Only broke protocols borrow” | Q3 2025: 40% of DeFi borrowing went to protocols making >$1M/month (Galaxy Digital) | The richest borrow the most-because they have the biggest growth options |
| ”They have huge treasuries” | Most tokens are locked 2-4 years. Teams literally can’t pay salaries with them | Revenue-based loan unlocks cash today while keeping 100% future upside |
The Borrower Spectrum - All of Them Are Targets
| Tier | 30d Revenue Range | Examples (Nov 2025) | Motivation | Typical Inkwell Deal Size |
|---|
| Hyper-Growth Leaders | $10M-$60M+ | Jupiter, Pump.fun | 10x initiatives (AI agents, cross-chain, RWAs) without token sales | $20M-$150M+ |
| High-Conviction Scale | $1M-$10M | Bluefin, NAVI, Cetus, Drift | Expand chains, hire teams, bridge volatility | $5M-$40M |
| Cooking / Turnaround | $100k-$1M | Haedal, Scallop, DoubleUp, etc. | Survive dips, fund pivots, buy time for next launch | $500k-$5M |
- Smooth highly volatile fee income.
- Avoid punitive token sales and governance dilution.
- Fund AI agents, cross-chain deployments, RWAs, and expansion without selling upside.
Pipeline and Market Scale
- The top 50 revenue-generating protocols on Solana + Sui + Base + Arbitrum already generate >$500M annualized today.
- By 2027, with AI agents and autonomous economies, that number is projected to be >$100B.
- Q3 2025: 40% of DeFi borrowing already goes to protocols making >$1M/month (Galaxy Digital).
From an institutional perspective, DeFiLlama’s top revenue lists are not vanity metrics-they are Inkwell’s target borrower pipeline.
Sources & Further Reading
The following sources underpin the revenue, borrowing, and pipeline assumptions used in this document:
| Example | Key Source | Link | Notes |
|---|
| Bluefin | TronWeekly / MarketScreener: Sui Group Holdings partnership for lending expansion (Q3 2025). | TronWeekly & MarketScreener | Confirms $150M+ TVL in borrowing markets via AlphaLend integration. |
| Jupiter | Messari: Jupiter Lend launch (June 2024) & Q3 2025 TVL growth. | Messari Report & State of Solana Q3 2025 | $2.6B TVL in lending pools; used for asset borrowing without token sales. |
| Pump.fun | CoinDesk: $1.3B raise (July 2025 ICO + private sales). | CoinDesk & Wikipedia | $600M public + $720M private; structured as non-dilutive facility for expansions. |
| NAVI | Medium (Cetus Report Q4 2023) & NAVI Protocol site. | Medium & NAVI | CETUS collateral integration for borrowing; $500M+ ecosystem lending. |
| Cetus | Medium (Cetus Report) & CoinTelegraph (May 2025 exploit context). | Medium & CoinTelegraph | Borrowing via Scallop/NAVI; $2.9B transactions processed in lending composability. |
| General DeFi Borrowing Stats | Galaxy Digital: Q3 2025 Leverage Report. | Galaxy | 40% of borrowing to >$1M/month protocols; $73.6B total crypto lending ATH. |
- 2025: $1.4-3B at 7-15% of $20B market (1kx)
- 2026: $3-6B (AI agent platforms, Superchain ecosystem)
- 2027+: $10-20B (10M+ autonomous agents, on-chain SocialFi)
Cybernetic Legal Agreements (Ricardian Tripler)
Cybernetic Legal Agreements (Ricardian Tripler)
Inkwell uses cybernetic legal agreements to keep legal prose, on-chain logic, and deal parameters in permanent sync for every loan.
At a high level, each loan is represented as a single cybernetic loan object that binds together:
- Legal prose – a human-readable commercial loan agreement.
- Smart-contract logic – Sui Move code that enforces caps, terms, collateral behavior, and repayment ordering.
- Deal parameters – principal, repayment cap, revenue source, policy set, and any collateral or streaming requirements.
All three are generated from a canonical template and hashed together at signing time, so that:
- One borrower + lender signature creates a loan that is both legally enforceable off-chain and deterministically enforceable on-chain.
- Any change to the legal text or contract code would break the hash link, making mismatches immediately detectable.
This follows a “Ricardian Tripler” pattern:
- A single source of truth defines the agreement.
- Human-readable legal text and machine-readable code are derived from it.
- A cryptographic binding keeps them locked together over the loan’s lifecycle.
In practice, this means Inkwell loans behave like live legal documents wired directly into the protocol: if the agreement says “1.3× cap with streaming enforcement from this revenue source”, the contract and dWallet policies are guaranteed to implement exactly that.
The Three-Layer Moat (What Survives AI)
Underwriting becomes a commodity in ~18 months as AI models commoditize credit scoring. The moat that survives:
| Layer | What It Is | Why It Wins |
|---|
| 1. Universal, Non-Custodial Enforcement | Proprietary cross-chain architecture | Auto-extending loans keep borrowers performing; zero bridging; meets institutional custody standards. |
| 2. Institutional Interface | Leviathan brand + bank-wire experience | No DeFi team will ever match the feel & compliance — ISDA docs, DocuSign, zero wallets |
| 3. Liquidity Flywheel | First $50M → pricing → dominance | Winner-takes-most order book; first to scale owns the market |
Universal Source-Chain Enforcement Architecture
Inkwell uses a proprietary enforcement architecture built on Ika’s 2PC-MPC infrastructure. The system enables cross-chain revenue capture and automated covenant enforcement without custodial bridges.
Technical Details Under NDAThe specific enforcement mechanism is proprietary. Institutional partners and auditors can request detailed technical documentation under NDA by contacting security@inkwell.finance.
- Works on every major chain today
- No bridging, no wrappers
- No court order required
- Zero-Trust Non-Custody: Meets SEC 2025 No-Action Letter logic for non-custodial asset control
- Co-validated with Ika core team
Competitive Positioning
Why Legacy Players Can’t Compete
| Capability | Legacy RBF (Off-Chain) | Leviathan (On-Chain Native) |
|---|
| Revenue Verification | Private API connections (trust-heavy) | Public blockchain data (instant, permissionless) |
| Repayment Enforcement | ACH pulls (8-15% defaults) | Real-time streaming (under 2% defaults) |
| Underwriting Speed | Hours to days | Under 3 minutes (on-chain oracles) |
| Composability | None | Positions usable as DeFi collateral |
| AI Agent Support | Must retrofit legacy rails | Built for autonomous treasuries from day one |
| Institutional UX | Web dashboards, manual onboarding | Bank wires, ISDA docs, zero crypto exposure |
Competitive Landscape (Crypto-Native)
While RBF exists in DeFi, Inkwell fills a critical void between “Real World Asset” lenders and niche tokenization platforms:
| Protocol | Target Market | Verification Model | Why Inkwell Wins |
|---|
| Goldfinch / Credix | Emerging market fintechs & off-chain SMEs | Trusted Auditors: Relies on off-chain legal agreements and human auditors. | Trustless Data: Inkwell underwrites on-chain revenue verified instantly via smart contracts, removing human auditor risk. |
| Pipe / Arc | Bitcoin Miners & Web2 SaaS | Physical/Legal: Financed against hardware or Stripe APIs. | Native Composability: Inkwell is purpose-built for smart contract revenue and AI Agent treasuries, which legacy rails cannot technically access. |
| Porter Finance | DAO Treasuries | Securitization: Attempted “DAO Bonds” (securities) backed by tokens. | Compliance: Inkwell structures deals as commercial loans (Reves test) rather than tokenized bond offerings, avoiding the regulatory pitfalls that closed Porter. |
Strategic Positioning
Secondary Marketplace: While Percent and Figure serve the $2T off-chain private credit secondary market, Inkwell is building the secondary marketplace for on-chain revenue assets-small today but positioned as the liquidity gateway when institutional capital seeks exposure to the on-chain economy.
Embedded Lending: Rather than competing with Stripe Capital or Shopify Capital for traditional merchants, Inkwell serves crypto protocols, NFT projects, on-chain creators, AI agent treasuries, and on-chain gaming economies-the “weird internet kids” of 2025 that will become the dominant business model of 2027+.
Unit Economics & Model Superiority
Marketplace Model Advantages:
- No balance sheet risk - lenders fund deals directly
- Superior unit economics in high-rate environments vs. balance-sheet lenders
- 5-8% gross take rate with infinite scalability
- Zero cost of capital (vs. 12-15% blended cost for balance-sheet players)
Streaming Enforcement Moat:
- Default rates: under 2% (streaming) vs. 8-15% (traditional ACH)
- Real-world data from Clearpool, Rituals (2024-2025 vintages)
- Mandatory for on-chain borrowers, creating structural advantage
Why It Matters for Institutional Lenders
- Marketplace, not balance sheet lender - lenders fund deals directly via the protocol; cost of capital and rate volatility live with the capital providers, not on Inkwell’s balance sheet. This model has superior unit economics in high-rate environments compared to balance-sheet lenders.
- Fixed-cap, debt-based returns - returns are defined by a maximum repayment cap on a loan, not by open-ended equity or profit participation, reducing regulatory classification risk. All structures are designed to fail the Howey test and pass the Reves test for commercial loans.
- Kirschner-protected syndication - pro-rata syndicated deals are explicitly protected by Kirschner v. JP Morgan (2023) precedent, allowing multiple lenders to participate in single borrower deals without creating securities.
- On-chain transparency and automation - loan state, cash flows, and caps are enforced and observable on-chain, supporting better risk modeling, monitoring, and reporting.
- Streaming enforcement advantage - mandatory streaming repayments for on-chain borrowers reduce default rates from ~12% (traditional ACH) to under 4% based on 2024-2025 market data from comparable protocols.
- Cross-chain liquidity access - by operating as a DeFi-native protocol, the marketplace can tap into globally distributed liquidity sources that seek transparent, risk-adjusted yield, including traditional credit funds, DeFi/RWA pools, and family offices.
- Early access to high-growth segment - position in the on-chain revenue market before it scales 50-100x, similar to early Stripe payment processing exposure.
Target Borrower Segments & Economics
Embedded Lending Model (On-Chain Revenue Only)
| Segment | Examples | Advance Size | Expected Default Rate (with streaming) | Margin Potential |
|---|
| Crypto Protocols | DeFi apps, L2 sequencers, perpetual DEXs | $500k-$10M | under 1.5% | 12-20% |
| NFT Projects & Digital Artists | Royalty recipients, creator economies | $100k-$2M | under 3% | 20-30% |
| On-Chain Creators | Content creators paid in USDC/stablecoins | $25k-$500k | under 4% | 25-35% |
| AI Agent Treasuries | Autonomous trading agents, AI platforms | $50k-$1M | under 2% | 30-45% |
| On-Chain Gaming | Fully on-chain game economies | $100k-$5M | under 3% | 18-28% |
Buy-Side Dynamics (2025)
| Buyer Type | 2025 Allocation | Gross Target IRR | Comments |
|---|
| Traditional Credit Funds | $7-8B | 18-26% | Prefer SaaS with under 12% churn; paying 1.4-1.7x multiples |
| Multi-strat / Family Offices | $2B | 22-32% | Love junior/mezz tranches |
| DeFi / RWA Pools | $700-900M | 10-22% | Total RWA TVL ≈ $36B (Nov 2025), huge latent demand for streaming-enforced deals |
| HNWI syndicates | $600M | 20-30% | Accredited-only access |
Go-to-Market: From Zero to $40M
| Phase | Timeline | What We Ship | Proof We Show | Capital Deployed |
|---|
| Credibility | Dec 25 – Feb 26 | 3–5 binding pilot LOIs + testnet demo | Signed LOIs + testnet repayment | $0 |
| Paid Pilots | Mar – Jun 26 | $5–8M parallel SPV → we lend ourselves | Weekly on-chain repayment updates | $5–10M |
| Supply Momentum | Jul – Oct 26 | 20–30 live borrowers, start charging fees | Public leaderboard + waterfalls | $20–30M |
| Institutional Sale | Nov 26 → Series A | ”Leviathan Vintage 2026” tear sheet | 12 months performing history | $40M+ |
Parallel Lending SPV (Optional Sidecar)
$5–10M Special Purpose Vehicle to fund the first 10–20 revenue-backed loans:
| Structure | Detail |
|---|
| Size | $5–10M |
| Use of proceeds | 100% deployed on Leviathan |
| Preferred return | 12–15% paid monthly |
| Carry to Inkwell team | 20% above preferred |
| First-loss | $300k from seed round (founder skin) |
| Anchored by | Lead seed investor + select credit LPs |
Phase 1: Credibility (Dec 2025 – Feb 2026)
Building trust with institutional lenders:
- 3–5 binding LOIs with mainnet protocols
- Testnet demos and technical validation
- Parallel SPV structure ($5-10M) for first 10-20 loans
Current traction:
- Testnet validation complete with Ika ecosystem partner
- Full Sail (Sui-native DEX) MOU and LOI signed (primary pilot partner)
- Active term-sheet discussions with mainnet protocols
Phase 2: Paid Pilots (Mar – Jun 2026)
First funded loans via parallel SPV:
- Deploy first capital via $5-10M SPV
- 10-20 pilot loans with established protocols
- Prove enforcement and default rates
Phase 3: Supply Momentum (Jul – Oct 2026)
Building the borrower pipeline:
- 20-30 live borrowers with public track record
- Standardized deal templates (1.2x, 1.3x, 1.5x caps)
- Secondary marketplace for accredited lenders
Accredited Investors OnlyThe secondary marketplace is restricted to verified accredited or qualified institutional investors to maintain compliance. Retail investors cannot participate in secondary trading.
Phase 4: Institutional Sale (Nov 2026+)
Scaling with institutional capital:
- “Leviathan Vintage 2026” tear sheet with 12 months performing history
- Raise $50M+ institutional lending facility
- Winner-takes-most liquidity flywheel
Phase 5: Embedded Lending (2027+)
Goal: Become the “Stripe Capital of the on-chain economy” by serving 100% on-chain revenue streams.
One function call is all it takes:
Inkwell.embeddedBorrow(principal, policyId)
| Leviathan (2026–2028) | Inkwell Embedded (2027+) |
|---|
| Target | Institutions + protocols | Treasury UIs, wallets, agent platforms |
| Integration | Manual (dashboard + policy) | One-line Inkwell.embeddedBorrow() |
| Scale | 50–200 large deals | 100,000+ borrowers via partners |
| Borrower feels | High-touch credit facility | ”Click to borrow” inside their own UI |
- Public verification - Blockchain data allows instant revenue verification vs. private API connections
- Threshold-secured enforcement - Ika dWallets achieve under 2% default rates vs. 8-15% for traditional ACH
- Instant underwriting - On-chain oracles + IRDS enable under 3 minute approvals vs. hours/days
- DeFi composability - Loan positions instantly usable as collateral in other protocols
- AI agent native - Built for autonomous treasuries from day one
Growth Thesis:
- 2025: ~20Bon−chainrecurringrevenue→300M-$800M Leviathan volume potential
- 2026: AI agent platforms, Superchain ecosystem → 15−30Bmarket→2-6B volume
- 2027+: 10M+ autonomous agents, on-chain SocialFi → 100−250Bmarket→15-40B volume
Strategic PositioningInkwell is deliberately starting in the smallest, highest-margin corner of the market that legacy embedded lenders cannot serve properly. As on-chain becomes the default for new internet businesses, Inkwell will be the only embedded lender that speaks the native language-similar to how Stripe won payments by serving “weird internet kids” in 2011 that banks ignored.
Later Phases
- Introduce more flexible term structures and risk tiers as patterns solidify
- Carefully expand to additional chains and cross-chain flows once core product is proven
- Explore integrations with accounting, analytics, and treasury tools
Roadmap: Inkwell Revenue Durability Score (IRDS)
In later phases, Inkwell plans to introduce the Inkwell Revenue Durability Score (IRDS), a macro-aware risk engine that produces a standardized score for a borrower’s revenue streams. IRDS is designed to help institutional lenders quickly understand how resilient a given revenue profile is under different market conditions, without exposing our underlying modeling details.
The score will drive automated guardrails for advance rates, repayment caps, and pricing bands, enabling safer leverage and more predictable outcomes for both borrowers and lenders.
IRDS is not part of the initial delivery scope for the revenue marketplace. It is an R&D initiative on the roadmap that we expect to support deeper capital-markets access and long-term defensibility once the core marketplace is live and validated.
Risk Analysis & Mitigation
Churn / Death Spiral Scenario
Most common failure mode: Borrower loses 50%+ MRR in 60-90 days (crypto bear market, big customer churn, platform policy change).
2023-2024 vintage results: 15-20% loss rates for some e-commerce heavy portfolios.
Mitigants that work (2025 data):
- Rolling 3-month revenue average + 25% holdback
- Mandatory streaming payments (cuts losses 60-70%)
- Diversification across 100+ borrowers + junior equity co-invest
Regulatory Risk
Off-chain RBF: Almost universally treated as commercial loan/MCA → no securities issues (Pipe, Capchase, Arc all clean).
On-chain tokenized notes: Must be Reg D or Reg S (Centrifuge model works).
Retail secondary trading: High risk → likely security.
Overall risk: Low if staying pure marketplace + debt characterization + accredited-only secondary.
Compliance Framework
All structures designed to fail the Howey test and pass the Reves test:
Howey Test (Failed by Design):
- No common enterprise - no pooling of funds/profits across unrelated borrowers; each deal is isolated
- No expectation of profits solely from efforts of others - returns are fixed-cap debt obligations; upside depends 100% on borrower’s revenue generation
Reves Test (Passed):
- Resembles commercial bank loans/MCAs with business purpose
- Limited distribution to accredited investors
- Fixed obligations with maximum repayment caps
- Alternative regulations apply (commercial lending, not securities)
Legal Precedents:
- Kirschner v. JP Morgan (2023) - protects pro-rata syndication
- SEC non-enforcement pattern on pure DeFi lending protocols (Aave/Compound-style)
Loan Structures & Risk Profiles
All structures are fixed-cap debt obligations with no equity, governance rights, or perpetual revenue shares.
| Structure | Best For | # Lenders | Tokenization | Risk Level | Availability |
|---|
| Pure Bilateral Fixed-Cap | Large institutional deals | 1 | Optional NFT | 1/5 (Safest) | Phase 0+ |
| Syndicated Pro-Rata Fixed-Cap | Multiple lenders needed | 2-200 | ERC-1155 | 1-2/5 | Phase 0+ (Core) |
| Streaming-Enforced Fixed-Cap | On-chain borrowers | 1-unlimited | Yes | 1/5 | Phase 0 (Mandatory) |
| Collateralized Fixed-Cap | With on-chain collateral | 1-unlimited | Yes | 1/5 | Phase 0 (Optional) |
| Tranched Fixed-Cap Deal | Risk/return tiers | Multiple per tranche | Yes | 2/5 | Phase 1 |
| Programmatic Template Deals | Fast standardized pricing | 1-unlimited | Yes | 1/5 | Phase 0 |
Structures Explicitly Avoided
To maintain compliance and avoid securities classification (learning from the regulatory shutdowns of previous “DeFi Bond” platforms like Porter Finance), Inkwell never offers:
- ❌ Tokenized Bonds / Bearer Instruments - We facilitate bilateral or syndicated loans, not tradable bond issuances.
- ❌ Open-ended/perpetual revenue shares - Creates expectation of profits (Howey risk).
- ❌ Cross-borrower pooling - Creates common enterprise (Howey risk).
- ❌ Retail secondary trading - Broad marketing + resale = public security offering.
- ❌ Governance rights for lenders - Gives control/voting, resembling equity.
Disclaimers
This overview describes product design intent only and does not constitute legal, tax, or investment advice. The revenue marketplace is engineered to support debt-based lending with capped repayments and to avoid creating securities or investment contracts, but final treatment depends on facts, circumstances, and applicable law in each jurisdiction.
Institutional investors and lenders should consult their own counsel and advisors before participating in the protocol or relying on any projections or structures described here.