| [Table 2] Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens | |||||
| Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens [abstract] | |||||
| General information | |||||
| 00 Table of content | boolean true | ||||
| 01 Date of notification | date | ||||
| 02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114 | boolean true | ||||
| 03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114 | boolean true | ||||
| 04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114 | boolean true | ||||
| 05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114 | boolean true | ||||
| 06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114 | boolean true | ||||
| SUMMARY | |||||
| 07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114 | boolean true | 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. |
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| 08 Characteristics of the crypto-asset | textBlock | SPIRIT serves as a governance token within the Spirit Protocol ecosystem. Its primary functions are: to enable participation in governance processes relating to the protocol; to support the coordination and development of AI agents deployed on the protocol; to act as a technical parameter within certain protocol mechanisms, including the distribution of newly created agent tokens. SPIRIT is not designed to be used as a means of payment, nor does it reference any underlying asset or currency. Holding $SPIRIT may allow users to: participate in governance mechanisms of the protocol, including voting on certain parameters and decisions, where such mechanisms are implemented through smart contracts; be eligible, based on protocol rules, to receive distributions of tokens issued by AI agents operating within the ecosystem. These functionalities do not constitute: ownership rights in Spirit Protocol Labs, Inc. or any affiliated entity; rights to dividends, profits, or revenues; claims against the issuer or any third party. There are no ongoing financial obligations associated with holding $SPIRIT. However, holders are responsible for: securely storing their private keys and managing access to their wallets; complying with applicable laws and regulations when acquiring, holding, or transferring the token. Loss of private keys may result in permanent loss of access to the tokens. Any functionality associated with $SPIRIT are exercised exclusively through blockchain-based mechanisms, including smart contracts deployed on the Base network. Participation in governance or other protocol functions requires interaction with these smart contracts and compatible digital wallets. The ability to exercise such functionalities may depend on technical conditions, including network availability and compatibility with third-party infrastructure. The characteristics and functionalities of $SPIRIT may evolve over time as a result of: updates to the underlying smart contracts; governance decisions made by token holders in accordance with the protocol rules; technical developments or security-related adjustments. Such changes may affect how the token can be used within the protocol but will not result in the creation of financial rights or claims against the issuer. |
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| 09 Further information about utility tokens | textBlock | ||||
| 10 Key information about the offer to the public or admission to trading | textBlock | ||||
| Part A - Information about offeror or person seeking admission to trading | |||||
| A.1 Name | text | ||||
| A.2 Legal form | text | ||||
| A.3 Registered address | |||||
| Registered addess | text | Wilmington, New Castle County Delaware 19808 |
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| Country | enumeration | ||||
| Sub-division | text | US-DE |
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| A.4 Head office | |||||
| Head office | text | Wilmington, New Castle County Delaware 19808 |
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| Country | enumeration | ||||
| Sub-division | text | US-DE |
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| A.5 Registration date | date | ||||
| A.6 Legal entity identifier | LEI | ||||
| A.7 Another identifier required pursuant to applicable national law | text | ||||
| A.8 Contact telephone number | text | ||||
| A.9 E-mail address | text | ||||
| A.10 Response time (days) | integer | ||||
| A.11 Parent company | text | ||||
| A.12 Members of the management body | |||||
| Member #1 | id | 1 | |||
| Identity | text | ||||
| Business address | text | Wilmington, New Castle County Delaware 19808 United States of America |
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| Function | text | ||||
| A.13 Business activity | textBlock | ||||
| A.14 Parent company business activity | textBlock | ||||
| A.15 Newly established | boolean | ||||
| A.16 Financial condition for the past three years | textBlock | ||||
| A.17 Financial condition since registration | textBlock | ||||
| Part B - Information about issuer, if different from offeror or person seeking admission to trading | |||||
| B.1 Issuer different from offerror or person seeking admission to trading | boolean | ||||
| B.2 Name | N/A | . | |||
| B.3 Legal form | N/A | . | |||
| B.4 Registered address | |||||
| Registered addess | N/A | . | |||
| Country | N/A | . | |||
| Sub-division | N/A | . | |||
| B.5 Head office | |||||
| Head office | N/A | . | |||
| Country | N/A | . | |||
| Sub-division | N/A | . | |||
| B.6 Registration date | N/A | . | |||
| B.7 Legal entity identifier | N/A | . | |||
| B.8 Another identifier required pursuant to applicable national law | N/A | . | |||
| B.9 Parent company | N/A | . | |||
| B.10 Members of the management body | |||||
| Member #1 | N/A | . | |||
| Identity | N/A | . | |||
| Business address | N/A | . | |||
| Function | N/A | . | |||
| B.11 Business activity | N/A | . | |||
| B.12 Parent company business activity | N/A | . | |||
| Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114 | |||||
| C.1 Name | N/A | . | |||
| C.2 Legal form | N/A | . | |||
| C.3 Registered address | |||||
| Registered address | N/A | . | |||
| Country | N/A | . | |||
| Sub-division | N/A | . | |||
| C.4 Head office | |||||
| Head office | N/A | . | |||
| Country | N/A | . | |||
| Sub-division | N/A | . | |||
| C.5 Registration date | N/A | . | |||
| C.6 Legal entity identifier | N/A | . | |||
| C.7 Another identifier required pursuant to applicable national law | N/A | . | |||
| C.8 Parent company | N/A | . | |||
| C.9 Reason for crypto-asset white paper preparation | N/A | . | |||
| C.10 Members of the management body | |||||
| Member #1 | N/A | . | |||
| Identity | N/A | . | |||
| Business address | N/A | . | |||
| Function | N/A | . | |||
| C.11 Operator business activity | N/A | . | |||
| C.12 Parent company business activity | N/A | . | |||
| C.13 Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114 | N/A | . | |||
| C.14 Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114 | N/A | . | |||
| Part D - Information about other token project | |||||
| D.1 Crypto-asset project name | text | ||||
| D.2 Crypto-asset name | text | ||||
| D.3 Abbreviation | text | ||||
| D.4 Crypto-asset project description | textBlock | Within the protocol, developers and creators can deploy AI agents that perform specific computational or data-processing tasks. Each agent operates with a distinct identity and may provide services such as data analysis, content generation, or other AI-based functionalities. Access to these services is managed through agent-specific digital tokens, which are used within the protocol to standardize interactions and abstract underlying technical costs, such as computing resources and data processing. The SPIRIT token functions as the coordination layer of the ecosystem. It enables participation in protocol governance and supports mechanisms intended to facilitate the development and expansion of AI agents within the system. The project does not involve the management of client funds, the provision of financial services, or the operation of a centralized platform. The protocol operates through smart contracts deployed on a public blockchain network, and interactions occur directly between users and these smart contracts. |
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| D.5 Details of all natural or legal persons involved in implementation of crypto-asset project | |||||
| Person #1 | id | 1 | |||
| Type of person | enumeration | ||||
| Name of person | text | ||||
| Business address of person | text | ||||
| Domicile of company | enumeration | ||||
| D.6 Utility token classification | boolean | ||||
| D.7 Key features of goods or services for utility token projects | text | ||||
| D.8 Plans for the token | |||||
| Description of past milestones | textBlock | Past milestones: • 2 February 2026 – Incorporation of Spirit Protocol Labs, Inc. in Delaware (Legal Entity Identifier: 984500D5C71F1B09UD05). • 6 March 2026 – Launch of the initial "Genesis" cohort of AI agents within the protocol environment. • 15 April 2026 – Public presentation of the project in Paris and launch of the website (spiritprotocol.io). • 21 April 2026 – Deployment and minting of the $SPIRIT token on the Base mainnet as a Superfluid SuperToken (proxy contract address: 0xA1534d279F467063Fc40f71F2C672822A7E63880), with a fixed total supply of 1,000,000,000 tokens. |
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| Description of future milestones | textBlock | • 1 May 2026 – Finalization and lock of the core smart contract architecture. • 5 May 2026 – Submission of MiCAR notification to the Central Bank of Ireland. • 25 May 2026 – Publication of the crypto-asset white paper. • 1 June 2026 – Token Generation Event (TGE), admission to trading, activation of the agent token issuance framework, and initiation of programmed token distribution mechanisms. • Second half of 2026 – Progressive launch of initial agent tokens by participants in the protocol. • From 2027 onwards – Progressive transition towards increased decentralization, based on predefined thresholds (e.g. number of active agents or time elapsed since TGE). |
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| D.9 Resource allocation | text | ||||
| D.10 Planned use of collected funds or other tokens | text | ||||
| Part E - Information about offer to public of other tokens or their admission to trading | |||||
| E.1 Public offering or admission to trading | enumeration | ||||
| E.2 Reasons for public offer or admission to trading | textBlock | ||||
| E.3 Fundraising target | |||||
| Target expressed in currency | monetary | EUR | |||
| Target expressed in units | decimal | ||||
| Target expressed in digital token identifier | text | ||||
| E.4 Minimum subscription goals | |||||
| Goals expressed in currency | monetary | EUR | |||
| Goals expressed in units | decimal | ||||
| Goals expressed in digital token identifier | text | ||||
| E.5 Maximum subscription goals | |||||
| Goasl expressed in currency | monetary | EUR | |||
| Goals expressed in units | decimal | ||||
| Goals expressed in digital token identifier | text | ||||
| E.6 Oversubscription acceptance | boolean | ||||
| E.7 Oversubscription allocation | text | ||||
| Issue price details | |||||
| E.8 Issue price | decimal | ||||
| E.9 Official currency determining issue price | enumeration | ||||
| E.9 Any other tokens determining issue price | text | ||||
| E.10 Subscription fee | |||||
| Fee expressed in currency | monetary | EUR | |||
| Fee expressed in units | decimal | ||||
| Fee expressed in digital token identifier | text | ||||
| E.11 Offer price determination method | text | ||||
| E.12 Total number of offered or traded other tokens | integer | ||||
| E.13 Targeted holders | enumeration | ||||
| E.14 Holder restrictions | text | ||||
| E.15 Reimbursement notice | boolean true | ||||
| E.16 Refund mechanism | textBlock | ||||
| E.17 Refund timeline | text | ||||
| E.18 Offer phases | textBlock | ||||
| E.19 Early purchase discount | textBlock | ||||
| E.20 Time-limited offer | boolean | ||||
| E.21 Subscription period beginning | date | ||||
| E.22 Subscription period end | date | ||||
| E.23 Safeguarding arrangements for offered funds or other tokens | textBlock | ||||
| E.24 Payment methods for other token purchase | textBlock | ||||
| E.25 Value transfer methods for reimbursement | textBlock | ||||
| E.26 Right of withdrawal | textBlock | ||||
| E.27 Transfer of purchased other tokens | textBlock | ||||
| E.28 Transfer time schedule | text | ||||
| E.29 Purchaser's technical requirements | textBlock | ||||
| Other token services provider characteristics | |||||
| E.30 Other token service provider (CASP) name | text | ||||
| E.31 CASP identifier | LEI | ||||
| E.32 Placement form | enumeration | ||||
| Trading platforms characteristics | |||||
| E.33 Trading platforms name | text | ||||
| E.34 Trading platforms market identifier code (MIC) | text | ||||
| E.35 Trading platforms access | text | ||||
| E.36 Involved costs | textBlock | ||||
| E.37 Offer expenses | textBlock | ||||
| E.38 Conflicts of interest | textBlock | ||||
| E.39 Applicable law | textBlock | ||||
| E.40 Competent court | textBlock | ||||
| Part F - Information about other tokens | |||||
| F.1 Crypto-asset type | text | The value of the crypto-asset is entirely determined by market forces – specifically, the dynamics of supply and demand – and is not supported by any stabilization mechanism. It is neither pegged to a fiat currency nor backed by external assets, which differentiates it from EMTs and ARTs. Moreover, the crypto-asset does not qualify as a financial instrument, deposit, insurance policy, pension product, or any other regulated financial product under EU law. It does not confer any financial entitlements contractual claims on its holders, thereby placing it outside the regulatory scope governing traditional financial instruments. |
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| F.2 Other token functionality | textBlock | SPIRIT enables holders to participate in governance processes relating to the Spirit Protocol. Through blockchain-based voting mechanisms, token holders may contribute to decisions concerning: • protocol parameters; • criteria for the inclusion of AI agents within the ecosystem; • allocation and use of protocol-controlled resources. SPIRIT serves as a coordination tool within the protocol by supporting mechanisms aimed at incentivising the development and deployment of AI agents. In particular: • the protocol includes programmed distributions of SPIRIT to creators who deploy AI agents, according to predefined rules; • these distributions are intended to support network participation and do not constitute remuneration linked to financial performance. AI agents deployed within the Spirit Protocol may issue their own tokens ("agent tokens"), which are used to access the services provided by those agents. SPIRIT is an ERC-20 compatible token implemented with a SuperToken wrapper via the Superfluid protocol. This enables compatibility with standard blockchain infrastructure and supports programmable token interactions. All functionalities of SPIRIT are executed through smart contracts and require interaction with the Base network. The availability and performance of these functionalities depend on the proper operation of the underlying blockchain and associated infrastructure. SPIRIT does not grant access to services outside the Spirit Protocol; is not required as a means of payment for goods or services outside the protocol; does not provide any entitlement to income, profits, or assets; does not include any redemption rights. Its use is limited to the functionalities described above and may evolve as a result of protocol updates or governance decisions. |
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| F.3 Planned application of functionalities | textBlock | ||||
| A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article | |||||
| F.4 Type of crypto-asset white paper | enumeration | ||||
| F.5 Type of submission | enumeration | ||||
| F.6 Other token characteristics | textBlock | The total supply of SPIRIT is fixed at 1,000,000,000 tokens. No inflation mechanism is implemented, and no additional tokens will be created beyond this amount. SPIRIT is designed to function as governance token within the Spirit Protocol. Its characteristics are defined by its role in enabling participation in protocol governance and facilitating coordination mechanisms within a decentralized ecosystem of AI agents. The token does not reference any underlying asset, basket of assets, or fiat currency, and no stabilization mechanism is in place. Its value is determined solely by market conditions. SPIRIT does not grant any rights of ownership, control, or claim over Spirit Protocol Labs, Inc., the Spirit Protocol, or any associated assets. It does not provide entitlement to dividends, revenues, profits, or any other financial returns. The token does not include any redemption rights or guarantees of value. The token is transferable on the Base network and may be stored in compatible digital wallets or through third-party custody solutions. Transfers are executed via blockchain transactions and are subject to network conditions and applicable fees. The functionalities and characteristics of SPIRIT are governed by smart contracts and may evolve over time through protocol updates or governance decisions. Such changes may affect the use of the token within the protocol but will not result in the creation of financial rights or claims against the issuer. Holding or using SPIRIT requires interaction with blockchain infrastructure and may depend on third-party software, interfaces, or service providers. |
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| F.7 Commercial name or trading name | text | ||||
| F.8 Website of the issuer | text | ||||
| F.9 Starting date of offer to the public or admission to trading | date | ||||
| F.10 Publication date | date | ||||
| F.11 Any other services provided by the issuer | textBlock | ||||
| F.12 Language or languages of white paper | text | ||||
| F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available | text | ||||
| F.14 Functionally fungible group digital token identifier, where available | text | ||||
| F.15 Voluntary data flag | boolean | ||||
| F.16 Personal data flag | boolean | ||||
| F.17 LEI eligibility | boolean | ||||
| F.18 Home member state | enumeration | ||||
| F.19 Host member states #1 | enumerationSet | ||||
| F.19 Host member states #2 | enumerationSet | ||||
| F.19 Host member states #3 | enumerationSet | ||||
| F.19 Host member states #4 | enumerationSet | ||||
| F.19 Host member states #5 | enumerationSet | ||||
| F.19 Host member states #6 | enumerationSet | ||||
| F.19 Host member states #7 | enumerationSet | ||||
| F.19 Host member states #8 | enumerationSet | ||||
| F.19 Host member states #9 | enumerationSet | ||||
| F.19 Host member states #10 | enumerationSet | ||||
| F.19 Host member states #11 | enumerationSet | ||||
| F.19 Host member states #12 | enumerationSet | ||||
| F.19 Host member states #13 | enumerationSet | ||||
| F.19 Host member states #14 | enumerationSet | ||||
| F.19 Host member states #15 | enumerationSet | ||||
| F.19 Host member states #16 | enumerationSet | ||||
| F.19 Host member states #17 | enumerationSet | ||||
| F.19 Host member states #18 | enumerationSet | ||||
| F.19 Host member states #19 | enumerationSet | ||||
| F.19 Host member states #20 | enumerationSet | ||||
| F.19 Host member states #21 | enumerationSet | ||||
| F.19 Host member states #22 | enumerationSet | ||||
| F.19 Host member states #23 | enumerationSet | ||||
| F.19 Host member states #24 | enumerationSet | ||||
| F.19 Host member states #25 | enumerationSet | ||||
| F.19 Host member states #26 | enumerationSet | ||||
| F.19 Host member states #27 | enumerationSet | ||||
| F.19 Host member states #28 | enumerationSet | ||||
| F.19 Host member states #29 | enumerationSet | ||||
| Part G - Information on rights and obligations attached to other tokens | |||||
| G.1 Purchaser rights and obligations | textBlock | Any functionalities associated with the SPIRIT token are limited to its role within the Spirit Protocol and are of a purely technical nature, such as participation in decentralized governance mechanisms or interaction with protocol-level functionalities, where implemented. Such functionalities do not constitute legal rights enforceable against any identifiable issuer or entity. The holding or use of SPIRIT tokens does not impose any obligation on the purchaser, including any obligation to make additional payments, provide capital contributions, or undertake any form of performance or service. Purchasers are not subject to any contractual or legal obligations solely by virtue of holding or using the token. Ownership and transfer of SPIRIT tokens are governed by the applicable rules of private law, including the relevant provisions of international private law, which may vary depending on the jurisdiction and the specific circumstances of each case. |
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| G.2 Exercise of rights and obligations | textBlock | To the extent that the token enables participation in certain functionalities within the Spirit ecosystem (such as decentralized governance mechanisms or interaction with smart contracts), such functionalities are exercised exclusively through technical means and are subject to the rules encoded in the relevant smart contracts and protocol architecture. Any such interactions are not enforceable as legal rights against any legal entity and are dependent on the proper functioning of the underlying technology and network. |
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| G.3 Conditions for modifications of rights and obligations | textBlock | However, the functionalities associated with the SPIRIT token in connection with the Spirit ecosystem may evolve over time as a result of technical developments, protocol upgrades, or governance decisions implemented at the protocol level. Such changes may affect how the token can be used within the ecosystem but do not constitute modifications of legal rights or obligations. Any such changes are determined by the technical and governance processes within the Spirit ecosystem and are not subject to contractual guarantees or enforceable claims by token holders. |
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| G.4 Future public offers | textBlock | |
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| G.5 Issuer retained other token | integer | ||||
| G.6 Utility token classification | boolean | ||||
| G.7 Key features of goods or services utility tokens | text | ||||
| G.8 Utility tokens redemption | text | ||||
| G.9 Non-trading request | boolean | ||||
| G.10 Other tokens purchase or sale modalities | text | ||||
| G.11 Other tokens transfer restrictions | text | ||||
| G.12 Supply adjustment protocols | boolean | ||||
| G.13 Supply adjustment mechanisms | text | ||||
| Other token schemes details | |||||
| G.14 Token value protection schemes | boolean | ||||
| G.15 Token value protection schemes description | textBlock | ||||
| G.16 Compensation schemes | boolean | ||||
| G.17 Compensation schemes description | textBlock | ||||
| G.18 Applicable law | textBlock | ||||
| G.19 Competent court | textBlock | ||||
| Part H – Information on underlying technology | |||||
| H.1 Distributed ledger technology (DTL) | text | The SPIRIT crypto-asset is primarily issued on Base, leveraging its scalability and efficiency, while maintaining compatibility with the broader Ethereum ecosystem. The underlying blockchain infrastructure is used to issue, transfer, and manage the SPIRIT token and to support interactions with platform-related smart contracts. Transactions and state changes are recorded on the respective blockchain networks and can be independently verified by any participant using standard blockchain tools. The use of Ethereum and Base allows the system to operate without reliance on a central authority for transaction validation, while providing transparency, auditability, and resistance to unilateral modification of transaction records. Smart contracts deployed on these networks automate predefined logic and execute programmed conditions without discretionary intervention. These contracts define the technical conditions under which tokens may be transferred and used within the ecosystem, in accordance with the applicable protocol rules. The interoperability between Ethereum and Base enables broader accessibility and integration with third-party applications and services within the EVM-compatible ecosystem. |
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| H.2 Protocols and technical standards | text | $SPIRIT is implemented as a fungible token in accordance with the ERC-20 standard (EIP-20), ensuring compatibility with standard wallets, exchanges, and infrastructure supporting Ethereum-based assets. The token is further integrated with the Superfluid protocol through the use of the SuperToken specification. This enables programmable token flows, including continuous and automated transfers, implemented through mechanisms such as Constant Flow Agreements (CFA) and General Distribution Agreements (GDA). The protocol operates within the Ethereum Virtual Machine (EVM) environment, with smart contracts developed using the Solidity programming language (version ^0.8.x). Deployment takes place on Base, an Ethereum Layer 2 network built using the OP Stack optimistic rollup architecture, which provides scalability and reduced transaction costs while maintaining compatibility with Ethereum. For treasury and administrative functions, the protocol utilizes multisignature wallet infrastructure (Safe, formerly Gnosis Safe), enabling shared control over designated on-chain accounts. Decentralized storage components are implemented using the InterPlanetary File System (IPFS) for the persistence of selected off-chain data. The protocol may also incorporate additional standards as development progresses, including the planned adoption of an ERC-8004-compatible registry for managing identities and metadata associated with AI agents deployed within the system. |
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| H.3 Technology used | textBlock | Smart contracts are developed, tested, deployed, and verified primarily using the Foundry development framework, with Hardhat used as a complementary tool where appropriate. All deployed contracts are publicly verifiable via blockchain explorers (e.g. Basescan). Transaction signing and key management are performed using keystore-based cryptographic systems, and custody of protocol-controlled assets is managed through multisignature wallets (including Safe and Coinbase-supported custody solutions), providing enhanced security through distributed control. The protocol interacts with the Base network through public Remote Procedure Call (RPC) endpoints, with infrastructure providers such as Alchemy and Infura used as fallback services to ensure continuity of access. Off-chain data associated with the protocol, including agent manifests and related artifacts, are stored using IPFS, with pinning services (e.g. Pinata) used to maintain data availability. User-facing interfaces, including the main website (spiritprotocol.io), are built using Next.js (version 14) and deployed via cloud infrastructure providers such as Vercel. The execution environment for AI agents is supported by third-party systems, including managed AI services (e.g. Anthropic Claude Managed Agents), which enable the operation of agent-based functionalities outside the blockchain environment. Additional data indexing and analytics capabilities may be implemented using tools such as The Graph and Dune Analytics, to facilitate access to on-chain data and support transparency. The overall system architecture combines on-chain smart contract execution with off-chain computation and storage components. The proper functioning of the protocol therefore depends on both blockchain infrastructure and external service providers. |
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| H.4 Consensus mechanism | text | Ethereum operates under a Proof-of-Stake (PoS) consensus mechanism, in which network participants ("validators") stake ETH to propose and validate new blocks. Validators receive rewards for correctly performing validation activities and may incur penalties, including reduction of staked assets ("slashing"), in cases of inactivity or malicious behavior. The PoS mechanism is designed to promote honest participation through economic incentives and to deter network disruption through penalties. Finality is achieved when a sufficient proportion of staked validators agree on the validity of a block, making it computationally and economically impractical to reverse confirmed transactions. As a Layer 2 solution, Base processes transactions off the Ethereum mainnet and periodically submits transaction data to Ethereum, where it benefits from Ethereum's security guarantees. This architecture allows Base to inherit the security properties of Ethereum while enabling higher throughput and lower transaction costs. The SPIRIT token does not implement a separate consensus mechanism and relies on the consensus protocols of the underlying blockchain networks on which it is deployed. |
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| H.5 Incentive mechanisms and applicable fees | text | Validator Rewards Validators are responsible for proposing new blocks and attesting to the validity of blocks proposed by others. In return for performing these duties correctly and consistently, validators earn rewards denominated in ETH, which are automatically added to their staked balance. • Block Proposal Rewards: Granted to validators selected to create new blocks. • Attestation Rewards: Distributed to validators who confirm that proposed blocks are valid. • Sync Committee Rewards: Periodic incentives for participating in specialized committees that help propagate finalized states across the network. • Inclusion and Participation Bonuses: Additional rewards are given to validators who participate promptly, maintaining high uptime and responsiveness. These rewards encourage validators to remain active, properly configured, and connected, thereby ensuring the liveness and stability of the network. Penalties and Slashing To maintain integrity, Ethereum enforces penalties for non-performance or dishonest behavior: • Inactivity Penalties: Validators who fail to perform their duties, for instance due to downtime or misconfiguration, lose a small portion of their stake over time. • Slashing: Validators who act maliciously—such as by proposing conflicting blocks or submitting contradictory attestations—can be slashed, meaning part of their staked ETH is destroyed, and the validator is forcibly removed from the network. The severity of slashing depends on the correlation of infractions: isolated errors incur minor penalties, while coordinated or mass misconduct can lead to the loss of up to 100% of the validator's stake. Finality and Economic Security Ethereum's PoS finality mechanism ensures that once two-thirds of the total staked ETH agrees on a checkpoint, it becomes finalized and irreversible without severe financial loss. To revert a finalized block, an attacker would have to destroy at least one-third of all staked ETH – making attacks economically irrational and self-destructive. Incentive Alignment This mechanism creates a self-reinforcing equilibrium: • Honest validators are financially rewarded for securing the network. • Dishonest actors are economically penalized for undermining it. • The high capital requirement for validation (32 ETH) ensures that participants have substantial economic exposure to the network's long-term success. |
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| H.6 Use of distributed ledger technology | boolean | ||||
| H.7 DLT functionality description | textBlock | ||||
| Other token audit details | |||||
| H.8 Audit | boolean | ||||
| H.9 Audit outcome | textBlock | ||||
| Part I - Information on risks | |||||
| I.1 Offer-related risks | textBlock | Market Risk. SPIRIT can be subject to significant price fluctuations based on supply-demand dynamics, market sentiment, and external macroeconomic factors. These may result in financial losses for token holders. Liquidity Risk. While admission to trading increases accessibility, liquidity is not guaranteed. Low trading volumes may result in high slippage or the inability to exit positions efficiently. Counterparty Risk. The exchanges or trading platforms where SPIRIT tokens are listed may become insolvent or cease operations, potentially resulting in a loss of access to funds or SPIRIT. Integration with third-party trading platforms involves dependencies on their internal policies and stability. Delisting, insolvency, or technical failures at such platforms could adversely impact tradability. Issuer Non-involvement in Trading. When SPIRIT is traded on exchanges, the issuer does not act as a contractual party to these transactions. All legal relationships regarding these trading platforms are subject to their respective terms and conditions, with no responsibility assumed by the issuer for their operations and services. |
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| I.2 Issuer-related risks | textBlock | Operational Dependency Risk. The issuer relies on various infrastructure providers – including cloud services, validators, and custodial partners – to support its operations. Any interruption, failure, or termination of these relationships could adversely affect the functioning of the protocol or associated services. Reputational Risk. Negative publicity stemming from operational incidents, security breaches, or perceived associations with illicit activities could harm the issuer's public image, potentially reducing confidence in and demand for SPIRIT tokens. Internal Operations Risk. Weaknesses in the issuer's internal processes, human resources, or technology systems could impair the effective management of token operations. Failures in operational integrity may result in service disruptions, financial losses, or reputational harm. Legal and Regulatory Risk. Evolving legal frameworks, regulatory changes, or adverse legal proceedings may create uncertainty around the legality, usability, or valuation of SPIRIT tokens, potentially restricting their circulation or acceptance. Competitive Market Risk. SPIRIT operates within a rapidly evolving and highly competitive environment at the intersection of blockchain infrastructure and artificial intelligence. The Spirit Protocol may face competition from other decentralized or centralized platforms offering similar functionalities, including AI service marketplaces, agent-based systems, or alternative tokenized ecosystems. |
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| I.3 Other tokens-related risks | textBlock | Volatility Risk. As with most crypto-assets, SPIRIT is subject to substantial short- and long-term price fluctuations. Market sentiment, liquidity shifts, and macroeconomic trends can all cause significant volatility, potentially resulting in financial losses for holders. Liquidity Risk. Market depth and trading activity for SPIRIT may vary over time. Limited order book participation could lead to price slippage or difficulty executing trades efficiently, particularly during periods of market stress. Technological Obsolescence Risk. SPIRIT operates within a rapidly evolving and highly competitive environment at the intersection of blockchain infrastructure and artificial intelligence. The Spirit Protocol may face competition from other decentralized or centralized platforms offering similar functionalities, including AI service marketplaces, agent-based systems, or alternative tokenized ecosystems. Speculative Nature Risk. The value of SPIRIT is highly speculative and depends on market demand, platform adoption, validator participation, and community engagement. There are no guarantees of future value, performance, or rewards associated with the token. Blockchain Dependency Risk. SPIRIT operates on public blockchains such as Ethereum. Changes to their infrastructure, governance, consensus mechanisms, or transaction fees could affect SPIRIT's usability, transferability, and cost efficiency. Security Risks. a) Smart Contract Vulnerabilities: Despite comprehensive audits, unforeseen bugs or vulnerabilities could compromise smart contract functionality, impacting token security, staking, or governance. b) Private Key Management: Token holders are solely responsible for safeguarding their wallets and private keys. Loss or compromise of credentials will irreversibly result in the loss of tokens. Fraud and Scam Risks. Holders face exposure to scams, phishing, impersonation, counterfeit tokens, and fake airdrops. Interacting with unverified platforms or unofficial channels significantly increases the risk of fraud or asset loss. Cybercrime and Theft Risks. Blockchain assets may be targeted by cyberattacks, including hacking, malware, or phishing. Breaches affecting wallets, exchanges, or smart contracts could lead to theft, loss of assets, or service disruption. Data Integrity Risk. Software bugs, human error, or malicious tampering could corrupt blockchain data, impacting transaction records, network reliability, and user confidence. Wallet and Storage Risk. Access to SPIRIT requires compatible wallets. Incompatibility, network errors, or the shutdown of wallet providers may restrict users' ability to access, store, or transfer tokens. Regulatory and Compliance Risks. a) Evolving Legal Frameworks: Regulatory regimes governing digital assets are changing rapidly, potentially impacting SPIRIT's classification, availability, or functionality. b) Jurisdictional Restrictions: Certain jurisdictions may limit or prohibit SPIRIT trading or use, restricting accessibility for some users. c) Enforcement Actions: Regulators could take action if SPIRIT were reclassified as an unregistered security or other regulated financial instrument. d) AML & CTF Risks: Transactions involving crypto-assets may be scrutinized for compliance with anti–money laundering and counter–terrorism financing laws, potentially affecting users' ability to trade or transfer SPIRIT. |
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| I.4 Project implementation-related risks | textBlock | Resource Constraint Risk. The successful development of the SPIRIT ecosystem depends on the availability of adequate financial and human resources. Budget limitations, difficulties in attracting or retaining qualified technical personnel, or reliance on external or volunteer contributors could impede progress and delay protocol improvements. Interoperability and Technical Failure Risk. The SPIRIT token operates in connection to other networks, such as BASE. Interoperability challenges, software bugs, or technical failures affecting one or more of these networks could disrupt transaction execution, cross-chain functionality, or other core operations, potentially undermining user confidence and protocol reliability. Competitive Risk. The Spirit Protocol operates in a rapidly evolving market. The emergence of more advanced, better-capitalized, or innovative competitors could reduce network adoption and negatively impact SPIRIT's market position and value. |
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| I.5 Technology-related risks | textBlock | Smart Contract Vulnerability Risk. Although the Sprit Protocol smart contracts have undergone security audits, there remains a possibility of undetected bugs or exploitation through novel attack vectors. Such vulnerabilities could compromise token integrity, staking mechanisms, or governance processes. Fault-Tolerance and Incentive Mechanism Risk. SPIRIT's operational model relies partly on user participation and incentive structures. Misconfigurations, design flaws, or unexpected failures in these mechanisms could lead to inconsistent performance or temporary instability in protocol operations. Private Key Management Risk. Token holders are solely responsible for the secure management of their private keys and recovery credentials. Loss, theft, or compromise of wallet access will irreversibly result in the loss of SPIRIT tokens, as blockchain transactions cannot be reversed. External Infrastructure Dependency Risk. The Spirit Protocol depends on third-party infrastructure providers, including RPC services, decentralized storage solutions, and agent orchestration frameworks. Downtime, cyberattacks, or incompatibility issues within these components could impact data availability, performance, or verification processes across the network. Technological and Coordination Failure Risk. Participants should be aware that technological malfunctions, software errors, or coordination breakdowns among validators, developers, or governance participants could impair the availability, security, or functionality of both the SPIRIT token and the Spirit Protocol. Maintenance and Upgrade Risk. Ongoing network maintenance, software updates, or protocol upgrades introduce a residual risk of unexpected bugs or compatibility issues. |
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| I.6 Mitigation measures | textBlock | a) Transparent Governance: All major protocol and token-related decisions are made through community governance, supported by public documentation and auditable voting records. b) Stewardship: The issuer provides strategic guidance and ensures the project's adherence to sustainability and compliance standards. Technical Security. a) Independent Smart Contract Audits: All smart contracts are subjected to multiple third-party security audits prior to deployment and after major upgrades. Operational Resilience. a) Infrastructure Diversification: Multiple RPC providers, storage networks, and validator partners are employed to reduce reliance on any single provider. b) Incident Response Procedures: A structured monitoring and response framework enables rapid detection, containment, and resolution of potential security or operational incidents. c) Periodic Stress Testing: Protocol systems undergo regular performance and load testing to evaluate resilience under adverse conditions. Regulatory and Compliance Measures. a) Regulatory Monitoring: The issuer and foundation actively monitor evolving EU and international regulations, including MiCAR developments, to ensure continuous compliance. b) Legal Reviews: Ongoing external legal assessments help ensure that token operations remain consistent with applicable laws and regulatory classifications. Market and Financial Controls. a) Treasury Management Policies: Treasury operations follow internal governance controls to ensure transparent use of funds and responsible liquidity management. b) Diversification of Assets: The treasury maintains a balanced composition of SPIRIT and stablecoins to maintain liquidity. Community and Transparency. a) Clear Documentation: documentation and informative materials are publicly accessible, enabling independent review. b) Continuous Communication: Regular updates through governance forums, community calls, and transparency reports ensure ongoing stakeholder engagement. |
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| Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts | |||||
| J.1 Adverse impacts on climate and other environment-related adverse impacts | textBlock | ||||
| Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism | |||||
| General information about adverse impacts | |||||
| S.1 Name | text | ||||
| S.2 Relevant legal entity identifier | text | ||||
| S.3 Name of the crypto-asset | text | ||||
| S.4 Consensus mechanism | text | Under Proof-of-Stake, network integrity is maintained by validators rather than miners. Validators are participants who stake 32 ETH as collateral within a smart contract to become eligible to verify transactions and propose new blocks. In each 12-second slot, one validator is randomly selected to propose a block, while a committee of other validators attests to its validity. Ethereum organizes time into epochs, each consisting of 32 slots. Once a sufficient majority of validators have attested to consecutive checkpoints within these epochs, a block is considered finalized, meaning it cannot be reversed without significant economic penalty. |
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| S.5 Incentive mechanisms and applicable fees | text | Validator Rewards Validators are responsible for proposing new blocks and attesting to the validity of blocks proposed by others. In return for performing these duties correctly and consistently, validators earn rewards denominated in ETH, which are automatically added to their staked balance. • Block Proposal Rewards: Granted to validators selected to create new blocks. • Attestation Rewards: Distributed to validators who confirm that proposed blocks are valid. • Sync Committee Rewards: Periodic incentives for participating in specialized committees that help propagate finalized states across the network. • Inclusion and Participation Bonuses: Additional rewards are given to validators who participate promptly, maintaining high uptime and responsiveness. These rewards encourage validators to remain active, properly configured, and connected, thereby ensuring the liveness and stability of the network. Penalties and Slashing To maintain integrity, Ethereum enforces penalties for non-performance or dishonest behavior: • Inactivity Penalties: Validators who fail to perform their duties, for instance due to downtime or misconfiguration, lose a small portion of their stake over time. • Slashing: Validators who act maliciously—such as by proposing conflicting blocks or submitting contradictory attestations—can be slashed, meaning part of their staked ETH is destroyed, and the validator is forcibly removed from the network. The severity of slashing depends on the correlation of infractions: isolated errors incur minor penalties, while coordinated or mass misconduct can lead to the loss of up to 100% of the validator's stake. Finality and Economic Security Ethereum's PoS finality mechanism ensures that once two-thirds of the total staked ETH agrees on a checkpoint, it becomes finalized and irreversible without severe financial loss. To revert a finalized block, an attacker would have to destroy at least one-third of all staked ETH – making attacks economically irrational and self-destructive. Incentive Alignment This mechanism creates a self-reinforcing equilibrium: • Honest validators are financially rewarded for securing the network. • Dishonest actors are economically penalized for undermining it. • The high capital requirement for validation (32 ETH) ensures that participants have substantial economic exposure to the network's long-term success. |
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| S.6 Beginning of period to which disclosed information relates | date | ||||
| S.7 End of period to which disclosed information relates | date | ||||
| Mandatory key indicator | |||||
| S.8 Energy consumption | energy (kWh) | ||||
| Sources and methodologies | |||||
| S.9 Energy consumption sources and methodologies | textBlock | ||||
| Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of consensus mechanism | |||||
| Supplementary key indicators | |||||
| S.10 Renewable energy consumption | percent | ||||
| S.11 Energy intensity | energy (kWh) | ||||
| S.12 Scope 1 DLT GHG emissions - controlled | GHG emissions (tCO2e) | ||||
| S.13 Scope 2 DLT GHG emissions - purchased | GHG emissions (tCO2e) | |
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| S.14 GHG intensity | GHG emissions (tCO2e) | ||||
| Sources and methodologies | |||||
| S.15 Key energy sources and methodologies | textBlock | https://ethereum.org/energy-consumption/. |
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| S.16 Key GHG sources and methodologies | textBlock | https://ethereum.org/energy-consumption/. |
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| Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism | |||||
| Optional indicators | |||||
| S. 17 Energy mix | percent | ||||
| S.18 Energy use reduction | |||||
| Energy use reduction target (absolute value) | energy (kWh) | ||||
| Energy use reduction target (percentage) | percent | ||||
| S.19 Carbon intensity (kgCO2e/kWh) | decimal | ||||
| S.20 Scope 3 DLT GHG emissions - value chain | GHG emissions (tCO2e) | ||||
| S.21 GHG emissions reduction targets or commitments | textBlock | ||||
| S.22 Generation of waste electrical and electronic equipment (WEEE) | mass (tonnes) | ||||
| S.23 Non-recycled WEEE ratio | percent | ||||
| S.24 Generation of hazardous waste | mass (tonnes) | ||||
| S.25 Generation of waste (all types) | mass (tonnes) | ||||
| S.26 Non-recycled waste ratio (all types) | percent | ||||
| S.27 Waste intensity (all types) | mass (tonnes) | ||||
| S.28 Waste reduction targets or commitments (all types) | textBlock | ||||
| S.29 Impact of use of equipment on natural resources | textBlock | ||||
| S.30 Natural resources use reduction targets or commitments | textBlock | ||||
| S.31 Water use | volume (m3) | ||||
| S.32 Non recycled water ratio | percent | ||||
| Sources and methodologies | |||||
| S.33 Other energy sources and methodologies | textBlock | ||||
| S.34 Other GHG sources and methodologies | textBlock | ||||
| S.35 Waste sources and methodologies | textBlock | ||||
| S.36 Natural resources sources and methodologies | textBlock | ||||