..

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


Digital Token Identifier:   0

Offeror or person seeking admission to trading:   5067002444K4ZYWL2S06 - BLOCKv Foundation, to be renamed Dual Foundation ("Person Seeking Admission to Trading")

Type of submission:   New


Table of content

General information

SUMMARY

Part A - Information about offeror or person seeking admission to trading

Part B - Information about issuer, if different from offeror or person seeking admission to trading

Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114

Part D - Information about other token project

Part E - Information about offer to public of other tokens or their admission to trading

Part F - Information about other tokens

Part G - Information on rights and obligations attached to other tokens

Part H – Information on underlying technology

Part I - Information on risks

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





[Table 2] Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens


Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens [abstract]

General information



00 Table of content
boolean true true

01 Date of notification
date 2026-02-25

02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114
boolean true This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114
boolean true This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114
boolean true The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid

05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114
boolean true The utility token referred to in this white paper may not be exchangeable against the good or service promised in this white paper, especially in the case of a failure or discontinuation of the crypto-asset project.

06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114
boolean true The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

SUMMARY



07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114
boolean true Warning

This summary should be read as an introduction to the crypto-asset white paper.

The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone.

The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.


08 Characteristics of the crypto-asset
textBlock The DUAL project ("Project") is a Web3 operating system with a modular, enterprise-grade architecture that enables the creation and deployment of interactive, programmable digital assets.

Important Disclaimer: The Project was initially operated under the name BLOCKv and was rebranded as DUAL in February 2026. As a result, certain legacy references, materials, or terminology referring to BLOCKv may remain accessible online. Prospective and current Token holders should rely exclusively on the most recent official documentation, communications, and resources referring to the name DUAL. The Person Seeking Admission to Trading does not assume any responsibility for, nor provide any assurance as to the accuracy, completeness, or continued availability of information contained in third-party or legacy sources that use outdated terminology.

The Project comprises the DUAL platform ("Platform"), which provides tools for tokenization and several other complementary services, which rely on the DUAL network ("Network"), an independent Layer-2 serving as the canonical verification and anchoring layer of the Project ecosystem.

The Token is the native token of the Network. Because the Network is an Ethereum based L2, the Token is issued on Ethereum based on the ERC-20 standard for fungible tokens.

The Token has a fixed total supply of 10 billion units.

The Token grants access to the following functionalities:
Gas Functionality: The Token serves to pay for the gas required to transact on the Network;
Validator Staking Functionality: Tokens can be staked to join the Network as a validator, thereby contributing to its consensus mechanism, therefore verifying and assembling transactions into blocks in exchange for rewards ("Validator Rewards").
Delegated Staking Functionality: Token holders may delegate their Tokens to other participants who act as Validators, rather than directly joining the Network in those roles themselves, while still benefiting from the Validator Rewards generated by the participants to whom they have delegated.
Access Functionality: Tokens serve to access Platform functionalities.
Governance Functionality: Token holders can access the governance mechanism of the Network, effectively voting on its future development, relating to upgrades, modifications to fee structures, or changes in staking parameters. The Governance Functionality may give rise to the adoption of Network upgrades that modify or extend the functionalities associated with the Token. Any such upgrades are outside the control and responsibility of the Person Seeking Admission to Trading.

The Token qualifies as a crypto-asset other than e-money token and asset-reference token, and specifically a utility token, under Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets ("MiCAR").


09 Further information about utility tokens
textBlock The quality of each Token functionality depends on the state of both the Network itself and its ecosystem, namely applications deployed thereon and involved actors (including validators and provers). It will be further shaped by governance votes and ensuing changes made to the Network.
The scale of each Token functionality depends on the circulating supply of Tokens available for use with such functionality.
Considering the foregoing, the quality and quantity of the functionalities are unquantifiable as they will constantly evolve as the Network and ecosystem develop.

The Tokens to be admitted to trading (see E.12) are freely transferable.


10 Key information about the offer to the public or admission to trading
textBlock BLOCKv Foundation, to be renamed Dual Foundation ("Foundation") acts as the Person Seeking Admission to Trading and seeks admission of the Token on multiple trading platforms, operating within the European Union ("EU") or the European Economic Area ("EEA") ("Trading Plat-forms").

At the time of the present notification, listings are sought but were not yet confirmed. The up-to-date list of confirmed and available Trading Platforms will be maintained on the Person Seeking Admission to Trading's website.

In seeking admission to trading, the Person Seeking Admission to Trading complies with its obligations under article 5 of Regulation (EU) 2023/1114.


Part A - Information about offeror or person seeking admission to trading



A.1 Name
text BLOCKv Foundation, to be renamed Dual Foundation ("Person Seeking Admission to Trading")

A.2 Legal form
text Foundation (Stiftung) under Swiss Law

A.3 Registered address



Registered addess
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland.

Country
enumeration
Switzerland


Sub-division
text Not applicable.

A.4 Head office



Head office
text Not applicable.

Country
enumeration


Sub-division
text Not applicable.

A.5 Registration date
date 2025-06-25

A.6 Legal entity identifier
LEI 5067002444K4ZYWL2S06

A.7 Another identifier required pursuant to applicable national law
text Swiss Commercial Register Registration Number: CHE-223.601.269

A.8 Contact telephone number
text +41415082676

A.9 E-mail address
text info@dual.org

A.10 Response time (days)
integer 14

A.11 Parent company
text Not applicable.

A.12 Members of the management body



Member #1
id 1

Identity
text Thomas Tyler Moebius

Business address
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Function
text President of the Foundation Council

Member #2
id 2

Identity
text Lukas Fluri

Business address
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Function
text Member of the Foundation Council

Member #3
id 3

Identity
text Walter Kortschak

Business address
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Function
text Vice President of the Foundation Council

A.13 Business activity
textBlock The Person Seeking Admission's purpose focuses on providing services related to emerging technologies built on decentralized software architectures. Its mission includes publishing, developing and promoting the Protocol, as well as creating and advancing technologies and applications based on this Protocol. The Person Seeking Admission also publishes all software components connected to the Protocol ecosystem, supporting its growth and adoption.
For the detailed purpose as registered in the Swiss commercial register, please see https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-223.601.269


A.14 Parent company business activity
textBlock Not applicable, see answer provided under Section A.11.

A.15 Newly established
boolean true

A.16 Financial condition for the past three years
textBlock Not applicable, see answer provided under Section A.15.

A.17 Financial condition since registration
textBlock Source of Funds
The Person Seeking Admission to Trading does not generate revenues yet. The Person Seeking Admission to Trading has been primarily funded by the Token issuer (see below in section B) and though contributions by ecosystem partners. In this regard, the Person Seeking Admission to Trading received twenty-seven (27) percent of the Token total supply (vested over five (5) years).
Expenses
At the time of the notification, the aggregate operational expenses of the Person Seeking Admission amounted to approximately CHF 200,000.
Liabilities
The Person Seeking Admission has no outstanding liabilities, debts, or financial commitments and does not face any financial risks or uncer-tainties impacting its long-term sustainability.
Sufficient Financial Resources
The Person Seeking Admission's financial resources are sufficient to cover the costs generated by its business activities, as described in A.13. No material adverse changes have occurred in its financial condition since incorporation.


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 true

B.2 Name
text BLOCKv AG to be renamed Dual Labs AG ("Issuer")

B.3 Legal form
text Company limited by shares

B.4 Registered address



Registered addess
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Country
enumeration
Switzerland


Sub-division
text Not applicable.

B.5 Head office



Head office
text Not applicable.

Country
enumeration


Sub-division
text Not applicable.

B.6 Registration date
date 2017-08-29

B.7 Legal entity identifier
LEI


B.8 Another identifier required pursuant to applicable national law
text Swiss Commercial Register Registration Number: CHE-431.037.604

B.9 Parent company
text Not applicable.

B.10 Members of the management body



Member #1
id 1

Identity
text Lukas Fluri

Business address
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Function
text Member of the board with individual signatory rights

Member #2
id 2

Identity
text Raphael Noth

Business address
text Landsgemeindeplatz 11, 6300 Zug, Canton Zug, Switzerland

Function
text Authorised signatory

B.11 Business activity
textBlock The Issuer's business activity consists of the development, marketing, and distribution of software applications.
For the detailed purpose as registered in the Swiss commercial register, please see https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-431.037.604


B.12 Parent company business activity
textBlock Not applicable, see answer provided under Section B.9.

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 DUAL

D.2 Crypto-asset name
text DUAL Token

D.3 Abbreviation
text $DUAL

D.4 Crypto-asset project description
textBlock The DUAL project ("Project") is a Web3 operating system with a modular, enterprise-grade architecture that enables the creation and deploy-ment of interactive, programmable digital assets. The Project comprises the DUAL platform ("Platform"), which provides tools for tokenization, wallet infrastructure, and no-code or low-code development, allowing creators and developers to build engaging digital experiences that bridge the physical and virtual worlds.
The Platform relies on the DUAL network ("Network"), an independent Layer-2 serving as the canonical verification and anchoring layer of the ecosystem, on which the Token acts as the native token (see Sections H.1 and H.4 for further details about the Network, its architecture and consensus mechanism). Through a Blockchain Abstraction Layer, the Project enables Smart Digital Objects (both fungible and non-fungible) generated via the Platform to be minted or anchored on any supported public blockchain, in addition to the Network itself.
Designed for scalability and interoperability, the Platform supports diverse applications including digital collectibles, loyalty programs, real-world asset tokenization, and immersive AR activations. By combining flexible developer tools with enterprise-grade integrations, the Project positions itself as a foundational layer for the "Trillion Object Opportunity", the next generation of digital ownership of programmable assets and en-gagement in Web3.


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



Person #1
id 1

Type of person
enumeration
Crypto-asset service provider


Name of person
text Decentralized Security AG

Business address of person
text Thurgauerstrasse 40, 8050 Zürich, Switzerland

Domicile of company
enumeration
Switzerland


D.6 Utility token classification
boolean true

D.7 Key features of goods or services for utility token projects
text All goods and services are provided by the Platform and/or the Network in accordance with the applicable Platform Terms and Conditions and the protocol of the Network, including any modifications or updates approved through the Governance Functionality.

D.8 Plans for the token



Description of past milestones
textBlock Original Token Generation Event - VEE Token TGE: 2017.
The Network was originally launched with the VEE Token acting as the native token. The To-ken was launched to fully substitute itself to the VEE Token.
Network Mainnet Launch: April 2026 .
Deployment Token Smart Contract on Ethereum: December 31, 2025.


Description of future milestones
textBlock The timeline below contains estimates of future events, and may be subject to change depending, notably, on third-party integrations and cooperations.
Migration Tools Availability: March 2026
Listing within the EU/EEA on Trading Platforms: March-April 2026
Launch of the Governance Platform: Q2 2026


D.9 Resource allocation
text Presently, the Person Seeking Admission to Trading allocates available resources, as indicated under Section A.17, to further Network development and promotion, as well as expand the network of future partners.

D.10 Planned use of collected funds or other tokens
text Not applicable because the Person Seeking Admission to Trading is seeking admission to trading and does not collect any funds in that context.

Part E - Information about offer to public of other tokens or their admission to trading



E.1 Public offering or admission to trading
enumeration
Admission to trading


E.2 Reasons for public offer or admission to trading
textBlock The admission of the Token to trading aims to promote broad market access to the Token for potential Platform users and thereby support Platform engagement and use.

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
All types of investors


E.14 Holder restrictions
text The Network is by design permissionless and decentralized. There are thus no restrictions at chain-level.
The Trading Platforms in accordance with applicable laws, including applicable international sanctions, and internal policies may impose restrictions to buyers and sellers of Tokens. Any check performed to implement such restrictions, notably KYC checks, are not conducted by the Person Seeking Admission to Trading.


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 The Tokens acquired as a result of trades shall be transferred to the compatible wallet or technical device as designated by the selected Trading Platforms.
The Person Seeking Admission to Trading bears no responsibility for any transfers of the Token between market participants on the Trading Platforms.


E.28 Transfer time schedule
text The transfer of the Tokens acquired as a result of trades conducted on the Trading Platforms may or may not occur immediately, depending on the functioning of the selected Trading Platform.
The Person Seeking Admission to Trading has no control over the timing of such transfers.


E.29 Purchaser's technical requirements
textBlock Token holders must comply with the technical requirements specific to the Trading Platforms on which the Token is admitted to trading, which may include the following: a device (computer or mobile) to manage digital wallet/private key and/or account on exchange to carry out transactions; a compatible digital wallet or account on the Trading Platform; and Internet access.

Other token services provider characteristics



E.30 Other token service provider (CASP) name
text Not applicable.

E.31 CASP identifier
LEI


E.32 Placement form
enumeration


Trading platforms characteristics



E.33 Trading platforms name
text Admission to trading is being sought on Trading Platforms operating within the EU/EEA. As of the date of notification of the present White Paper, no listing agreement has been concluded; therefore, no specific Trading Platform can be identified at this stage.
The most current list of available Trading Platforms will be at all times available on the website of the Person Seeking Admission to Trading.


E.34 Trading platforms market identifier code (MIC)
text Not available.

E.35 Trading platforms access
text Trading Platforms are accessible via their respective desktop and/or mobile based interfaces.

E.36 Involved costs
textBlock The use of services offered by Trading Platforms may involve costs, including transaction fees, withdrawal fees, and other charges, as notified to users in advance. These costs are determined and set by the respective Trading Platforms and are not controlled, influenced, or governed by the Person Seeking Admission to Trading. Consequently, any changes to initially announced fee structures or the introduction of new costs for the future are solely at the discretion of the Trading Platforms.

E.37 Offer expenses
textBlock Not applicable. See answer provided under Section E.1.

E.38 Conflicts of interest
textBlock The Person Seeking Admission to Trading is not aware of any potential conflict of interest among its management body members or any other person within the Person Seeking Admission to Trading with respect to the admission to trading of the Token.

E.39 Applicable law
textBlock Any dispute arising out of or in connection with the present White Paper, the Person Seeking Admission to Trading and the admission to trading shall be governed exclusively by the laws of Switzerland, without regard to conflict of law rules or principles, except to the extent that such disputes are governed by applicable law pursuant to the terms and conditions of the Trading Platform.

E.40 Competent court
textBlock Any dispute arising out of or in connection with the present White Paper, the Person Seeking Admission to Trading and the admission to trading shall be exclusively resolved by the ordinary courts of Zug, Switzerland.

Part F - Information about other tokens



F.1 Crypto-asset type
text Utility token

F.2 Other token functionality
textBlock The Token grants access to the following functionalities:
Gas Functionality: The Token serves to pay for the gas required to transact on the Network;
Validator Staking Functionality: Tokens can be staked to join the Network as a validator, thereby contributing to its consensus mechanism, therefore verifying and assembling transactions into blocks in exchange for rewards ("Validator Rewards").
Delegated Staking Functionality: Token holders may delegate their Tokens to other participants who act as Validators, rather than directly joining the Network in those roles themselves, while still benefiting from the Validator Rewards generated by the participants to whom they have delegated.
Access Functionality: Tokens serve to access Platform functionalities.
Governance Functionality: Token holders can access the governance mechanism of the Network, effectively voting on its future development, relating to upgrades, modifications to fee structures, or changes in staking parameters.


F.3 Planned application of functionalities
textBlock The functionalities described under Section F.2 will be available upon Token issuance, are thus all available for immediate use.
However, the Governance Functionality will be introduced in successive implementation phases to be communicated transparently as they become available.


A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article



F.4 Type of crypto-asset white paper
enumeration
Other crypto-asset token white paper


F.5 Type of submission
enumeration
New


F.6 Other token characteristics
textBlock      Native issued on Ethereum based on the ERC-20 standard.
     Fixed supply of 10 billion units.
     Token issued to serve as the main token in relation to the Network (see Section F.2)
     Token does not carry any legally enforceable rights or entitlements against the issuer (see Section G.1).


F.7 Commercial name or trading name
text DUAL

F.8 Website of the issuer
text www.dual.org/mica

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


F.10 Publication date
date 2026-03-27

F.11 Any other services provided by the issuer
textBlock Not applicable.

F.12 Language or languages of white paper
text English.

F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available
text 00000000000000

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


F.15 Voluntary data flag
boolean false

F.16 Personal data flag
boolean true

F.17 LEI eligibility
boolean true

F.18 Home member state
enumeration
Ireland


F.19 Host member states #1
enumerationSet
Austria


F.19 Host member states #2
enumerationSet
Belgium


F.19 Host member states #3
enumerationSet
Bulgaria


F.19 Host member states #4
enumerationSet
Croatia


F.19 Host member states #5
enumerationSet
Cyprus


F.19 Host member states #6
enumerationSet
Czechia


F.19 Host member states #7
enumerationSet
Denmark


F.19 Host member states #8
enumerationSet
Estonia


F.19 Host member states #9
enumerationSet
Finland


F.19 Host member states #10
enumerationSet
France


F.19 Host member states #11
enumerationSet
Germany


F.19 Host member states #12
enumerationSet
Greece


F.19 Host member states #13
enumerationSet
Hungary


F.19 Host member states #14
enumerationSet
Iceland


F.19 Host member states #15
enumerationSet
Ireland


F.19 Host member states #16
enumerationSet
Italy


F.19 Host member states #17
enumerationSet
Latvia


F.19 Host member states #18
enumerationSet
Liechtenstein


F.19 Host member states #19
enumerationSet
Lithuania


F.19 Host member states #20
enumerationSet
Luxembourg


F.19 Host member states #21
enumerationSet
Malta


F.19 Host member states #22
enumerationSet
Netherlands


F.19 Host member states #23
enumerationSet
Norway


F.19 Host member states #24
enumerationSet
Poland


F.19 Host member states #25
enumerationSet
Portugal


F.19 Host member states #26
enumerationSet
Romania


F.19 Host member states #27
enumerationSet
Slovakia


F.19 Host member states #28
enumerationSet
Slovenia


F.19 Host member states #29
enumerationSet
Spain


F.19 Host member states #30
enumerationSet
Sweden


Part G - Information on rights and obligations attached to other tokens



G.1 Purchaser rights and obligations
textBlock The Tokens do not carry any legally enforceable rights or entitlements against the issuer Instead, To-kens enable their holders to interact with the Platform and Network as well as specific goods and ser-vices provided thereby.
The Person Seeking Admission to Trading, to the fullest extent permitted by applicable laws, disclaims all warranties, whether express or implied, in relation to the Token and its functionalities, as well as the Platform and Network. This includes, but is not limited to, implied warranties of merchantability and fitness for a particular purpose.


G.2 Exercise of rights and obligations
textBlock Not applicable, see answer under Section G.1.

G.3 Conditions for modifications of rights and obligations
textBlock Not applicable, see answer under Section G.1.

G.4 Future public offers
textBlock The Person Seeking Admission to Trading does not plan to proceed with any public offering of the Token as of the date of publication of this White Paper.

G.5 Issuer retained other token
integer 0

G.6 Utility token classification
boolean true

G.7 Key features of goods or services utility tokens
text An up-to-date list of goods and services provided by the Platform and Network, as available to Token holders, is available through the Project documentation as published under https://dual.org.
No specific goods or services are guaranteed to be available for redemption, even more so considering the possibility of upgrades affecting Token functionality and decided in a decentralized manner (see Governance Functionality description under F.2).


G.8 Utility tokens redemption
text Goods and services accessible through the Token's functionalities may be redeemed exclusively via the Platform and the Network.
There is no claim against the Person Seeking Admission to Trading or any identified undertaking.


G.9 Non-trading request
boolean true

G.10 Other tokens purchase or sale modalities
text Not applicable.

G.11 Other tokens transfer restrictions
text See answer provided under Section E.14.

G.12 Supply adjustment protocols
boolean false

G.13 Supply adjustment mechanisms
text See answer provided under Section G.12

Other token schemes details



G.14 Token value protection schemes
boolean false

G.15 Token value protection schemes description
textBlock See answer provided under Section G.14.

G.16 Compensation schemes
boolean false

G.17 Compensation schemes description
textBlock  See answer provided under Section G.16.

G.18 Applicable law
textBlock Any dispute arising out of or in connection with the present White Paper and/or the Token shall be governed exclusively by the laws of Switzerland, without regard to conflict of law rules or principles, except to the extent that such disputes are governed by applicable law pursuant to the terms and con-ditions of the respective Trading Platform on which the Token has been admitted for trading.

G.19 Competent court
textBlock Any dispute relating to the present White Paper and/or the Token shall be exclusively resolved by the ordinary courts of Zug, Switzerland.

Part H – Information on underlying technology



H.1 Distributed ledger technology (DTL)
text General Information on Distributed Ledger Technology and Blockchain
Distributed Ledger Technology ("DLT") describes a decentralized and distributed Network system architecture where multiple participants maintain and verify a shared database. Unlike traditional databases, DLT systems do not rely on a central authority to ensure data consistency and security. Rather, they distribute control across a Network of computers (nodes) and require all changes to be recorded and agreed by the nodes. This distributed approach enhances the resilience and security of such a system, and transparency of the data stored in it without the need for trust between the actors of the systems.
Blockchain technology is a subset of DLT, where the distributed database maintains a continuously growing list of records, called blocks, which are linked together in chronological order and secured using cryptographic techniques. A blockchain generally has the following key characteristics:
     Security: A blockchain employs advanced cryptographic methods to secure data. Each block contains a cryptographic hash (a "digital fingerprint") of the previous block, a timestamp, and transaction data.
     Consensus: Blockchains rely on a predefined consensus mechanism establishing how new blocks, and the transactions included therein, are approved by nodes.
     Immutability: once data is recorded in a block, it cannot be deleted nor altered retroactively without also changing all subsequent blocks, which would require consensus from most of the nodes.
     Transparency: Transactions on a blockchain are usually visible to all, thereby providing transparency. Private blockchains, without or with limited transparency, however, do also exist.
     Accessibility: Blockchains are usually permissionless, thus accessible to all, whether to act as a node or to submit transactions to be recorded thereon. Permissioned blockchains, with limited accessibility for nodes and/or users, however, do also exist.
About Ethereum
The Token is issued on the Ethereum permissionless public blockchain. Ethereum aims to provide a decentralized, secure, and scalable Company for financial services, digital identity, supply chains, and other real-world use cases. Ethereum benefits from widespread adoption and has constant on-chain activity.
Launched in 2015, Ethereum introduced a Turing-complete virtual machine, enabling developers to create and execute programmable contracts without intermediaries, commonly referred to as smart contracts. E
thereum has undergone significant upgrades, including its transition to Ethereum 2.0 via the Merge, which replaced its original Proof-of-Work (PoW) consensus mechanism with Proof-of-Stake (PoS) to improve energy efficiency and scalability (more details on consensus under Section H.04). Its code has been audited several times.
Ethereum's native cryptocurrency, Ether (ETH), serves as the primary medium of exchange within the network. It is used to pay for transaction fees (gas), incentivize validators, and participate in governance and staking.
Ethereum operates with a layered architecture that separates different functions for modularity and scalability:
     Execution Layer (Ethereum Virtual Machine - EVM): The EVM is the computational layer that processes smart contract execution and dApp interactions. It enables Turing-complete programming, allowing developers to write and deploy complex applications using languages like Solidity and Vyper
     Consensus Layer (Beacon Chain): The Beacon Chain handles validator coordination, staking, and the consensus mechanism implementation. It ensures security and finality for transactions processed by the Execution Layer.
     (Optional) Data Availability & Scalability Solutions (Rollups & Sharding): Rollups (Optimistic & ZK-Rollups) can be used to offload computation from the main Ethereum chain while retaining security; Sharding (Future Upgrade) is planned to be implemented to divide network operations across multiple smaller chains (shards) to enhance scalability.
For more details, visit Ethereum's official documentation and repositories:
     Ethereum Company: https://ethereum.org
     Ethereum Developer Resources: https://ethereum.org/en/developers/
     Ethereum GitHub Repositories: https://github.com/ethereum
About the Network
The network is a Layer 2 scaling network on Ethereum that uses optimistic rollups to process transactions off-chain while inheriting Ethereum's security. It significantly reduces gas fees and increases transaction throughput, while remaining fully compatible with Ethereum smart contracts and tooling.
The optimistic rollup–based Layer 2 executes transactions off-chain in a separate execution environment while publishing transaction data and state roots to Ethereum for data availability and security. State transitions are assumed valid by default and can be challenged during a defined dispute window using fraud proofs enforced by Ethereum smart contracts. This architecture preserves Ethereum's security and decentralization guarantees while providing higher throughput, lower gas fees.


H.2 Protocols and technical standards
text The Token relies on the following protocols:
     Ethereum Protocol: The Token lives on Ethereum and its existence well as usage through transactions is thus governed by Ethereum rules, including the ERC-20 standard used for its issuance.
     Network Protocol: The Token is used for functionalities on the Network and its usage in such context is thus governed by Network rules.
     Platform smart contracts: The Token is used for functionalities in relation to the Platform and its usage in such context is thus also governed by the relevant smart contracts.


H.3 Technology used
textBlock      Ethereum and the Network, as well as on technology provided by third party providers active in the each respective ecosystem, and providing, amongst other, wallets, bridges, oracles and alike.
     Partner integrations with the Platform and Network rely on APIs.
     The custody solution chosen by the Token holder (non-custodial or custodial, hot or cold wal-let).


H.4 Consensus mechanism
text Ethereum
     The consensus mechanism of Ethereum is a PoS (proof-of-stake) system known as the Bea-con Chain, which coordinates the network by selecting validators who propose and validate new blocks. Validators are chosen based on the amount of ETH they have staked, rather than computational power, significantly reducing Ethereum's energy consumption by over 99% compared to PoW.
     Ethereum has over 1 million validators as of date of writing.
     Key features of Ethereum's PoS system:
     Validators and Staking: Participants must stake at least 32 ETH to become a validator, securing the network while earning staking rewards. Smaller ETH holders can partici-pate via staking pools.
     Epochs and Slots: Ethereum's PoS mechanism divides time into epochs and slots, en-suring an orderly block validation process.
     Slashing Mechanism: Validators who engage in dishonest behavior risk losing a portion of their staked ETH as a penalty
Network
As a layer 2 network on Ethereum, the Network does not operate an independent consensus mecha-nism comparable to a Layer 1 blockchain. Instead, it derives its security and transaction finality from the Ethereum network's native proof-of-stake consensus. The Layer 2 maintains a simplified sequencer and multiple validators set responsible solely for ordering transactions within the Layer 2 environment.


H.5 Incentive mechanisms and applicable fees
text Please refer further to the information provided in Section H.1 above.

H.6 Use of distributed ledger technology
boolean false

H.7 DLT functionality description
textBlock Not applicable.

Other token audit details



H.8 Audit
boolean true

H.9 Audit outcome
textBlock Independent security audits have been conducted on specifc security audit of the token smart contract and the migration system. No critical vulnerabilities remain outstanding and the full audit reports are available at: https://www.chainsecurity.com/security-audit/block-v-dual-token-smart-contracts
While audits strengthen security, they do not guarantee the absence of all vulnerabilities. Undetected issues or new exploits could still arise, and investors should consider these risks. See also Part I (Information about the risks).


Part I - Information on risks



I.1 Offer-related risks
textBlock For the Admission to Trading
     No Listing Risk: The present white paper is drafted and notified by the Person Seeking Ad-mission to Trading in accordance with its obligations under Article 5 of MiCAR, in its capacity as a person seeking the admission of the Token to trading. As of the date of notification, the Person Seeking Admission to Trading has not entered into any listing agreement with any Trading Platforms. The Person Seeking Admission to Trading its affiliates, directors, and offic-ers shall not be held liable for any damages, losses, costs, fines, penalties, or expenses of any kind - whether or not reasonably foreseeable by the Person Seeking Admission to Trad-ing or the Token holder - that the Token holder may suffer, sustain, or incur in connection with, or as a result of, the Token not being listed on a Trading Platform.
     General Contractual and Counterparty Risk: The Person Seeking Admission to Trading neither operates nor controls, oversees, or manages the functioning of crypto-asset services providers as defined under MiCAR ("CASP") operating within the EU /EEA and Trading Plat-forms where the Token will be admitted for trading or listed.
When Token holders buy or sell the Token on Trading Platforms, the Person Seeking Admis-sion to Trading is not a contractual party to these transactions. As a result,
     any legal relationship between Token holders and the Exchange is governed solely by the terms and conditions set by each Exchange at its discretion.
     The Person Seeking Admission to Trading assumes no responsibility or liability for the operations, services, security, performance, or any outcomes—whether financial or technical—arising from transactions conducted on these Trading Platforms.
     The Person Seeking Admission to Trading provides no assurances regarding any Ex-change itself and assumes no responsibility or liability for any regulatory, compliance, operational, financial, technical, or reputational failures that may adversely affect its ac-tivities. This includes, but is not limited to, circumstances where such failures result in disruptions, restrictions on trading, or the Exchange halting or ceasing its operations entirely, due to sanctions, bankruptcy or alike. The foregoing may result in substantial or even total losses for the Token holder.
     Multiple White Paper Risk: Token holders understand that any third party can decide to draft and publish a MiCA white paper about the Token ("Spontaneous White Pa-per"). The publication of these Spontaneous White Papers does not imply any en-dorsement by the Company that the Spontaneous White Papers are complete, correct, fair, clear and not misleading.
     Spontaneous Admission to Trading Risk by Trading Platform: Third parties can elect to admit the Token on their Trading Platforms without any request, authorization or approval by the Company or anyone else. Pursuant to article 5 (2) of MiCA, Trading Platforms are responsible for ensuring compliance with all applicable laws, especially MiCA requirements with respect to the spontaneous admission of the Token to trading. The Company, its affiliates, directors, agents and officers shall not be held liable for these spontaneous admissions to trading.
     Pausing and Delisting Risk: The Person Seeking Admission to Trading cannot guarantee that the Token will remain listed or tradeable on any Trading Platforms. Delisting (or the tem-porary pausing of such listing) could significantly hinder the ability of Token holders to buy, sell, or otherwise transact in Tokens. In the event of delisting, Token holders may face chal-lenges in finding alternative markets or counterparties willing to trade Tokens, which could ad-versely impact the Token's liquidity and market value. Delisting could also negatively impact the price of the Token, due to modified demand for the Token and/or reputational impact.
     Trading Risk: The Person Seeking Admission to Trading does not control the secondary markets. There can be no assurance as to the secondary market (if any) in the Tokens, and specifically:
     it cannot guarantee the depth, stability, or sustainability of any secondary market for Tokens. Limited market depth or trading activity may result in reduced liquidity, in-creased price volatility, and challenges in buying or selling Tokens at desired prices; and
     it cannot guarantee the healthy and consistent availability of buying or selling opportu-nities for Tokens or the integrity of their market price. Trading activity may be affected by manipulative practices such as wash trading, front-running, and similar schemes. While Trading Platforms are subject to varying regulatory frameworks that may or may not prohibit such practices and impose oversight to detect and deter them, the Person Seeking Admission to Trading assumes no responsibility or liability for their effective prevention or enforcement.
     Unsolicited Admission to Trading Risk: Third parties can elect to support Tokens on their Trading Platforms without any request nor authorization or approval by the Person Seeking Admission to Trading or anyone else. Token listing, or any further integration, by any third-party does not imply any endorsement by the Person Seeking Admission to Trading that such third-party services are valid, legal, stable or otherwise appropriate.
     Operational and Technical Risk: Trading Platforms operate interfaces that allow users to trade crypto-assets for fiat currencies, such as U.S. Dollars and Euros, or other crypto-assets. The reliance on the Exchange's internal system for asset storage and transfer adds an additional layer of counterparty risk, as users are exposed to potential operational, tech-nical, or human errors during these processes. As a result, the Person Seeking Admission to Trading assumes no responsibility or liability for any losses arising from these risks.
     Trades on these Trading Platforms are executed based on a centralized matching algo-rithm and are often recorded off-chain, meaning they are not directly related to trans-parent on-chain transfers of crypto-assets, and could dissimulate detrimental trade matching or rogue practices. The traded assets are recorded solely on the Exchange's internal ledger, with each internal ledger entry corresponding to an offsetting trade in-volving either government currency or another crypto asset.
     Additionally, funds deposited by users for trading may be co-mingled by the Trading Platforms, rather than stored in unique wallet addresses for each user. This practice results in the centralization of a large volume of assets in a single location, which in turn increases the potential risk of damage or theft, particularly in the event of a hack or security breach.
     Furthermore, users who wish to trade or withdraw their Tokens must deposit them into the Exchange, increasing the risk of loss in the event of a failure of the deposit or with-drawal processes set up by the Exchange.
Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Addi-tionally, new risks could emerge as unexpected variations or combinations of the risks discussed in these Sections I.1 to I.5.


I.2 Issuer-related risks
textBlock      Abandonment / Lack of Success Risk: This is the risk that the activities of the Issuer must be partially or totally abandoned for several reasons including, but not limited to, lack of inter-est from the public, lack of funding, incapacitation of key developers and project members, force majeure (including pandemics and wars) or lack of commercial success or prospects.
     Legal and Regulatory Compliance Risk: Crypto assets and blockchain-based technologies are subject to evolving regulatory landscapes worldwide. Regulations vary across jurisdictions and may be subject to significant changes. This could lead to changes with respect to trading of the Token and increase the Issuer's costs and/or obligations in admitting the Token for trading. Changes in laws or regulations may negatively impact the value, legality, or function-ality of the Token. Non-compliance can result in investigations, enforcement actions, penal-ties, fines, sanctions, or the prohibition of the trading of the Token impacting its viability and market acceptance. The Issuer could also be subject to private litigation.
     Reputational Risk: The Issuer faces the risk of negative publicity, whether due, without limi-tation, to operational failures, security breaches, or illicit activities, all of which can damage the Issuer's reputation and, by extension, the value and acceptance of the Token.
     Key Individuals Risk: The success of a crypto projects can be highly dependent on the ex-pertise and leadership of key individuals. Loss or changes in the Issuer's leadership could lead to disruptions, loss of trust, or project failure.
     Internal Control Risk: Any failure by the Issuer to develop or maintain effective internal con-trols or any difficulties encountered in the implementation of such controls, or their improve-ment could harm it, causing the issuer to have to report such failures. Such failures could lead to a loss of trust and further harm the business of the Issuer, causing disruptions, finan-cial losses, or reputational damage affecting the Token. Fraudulent activity or mismanage-ment by the Issuer could directly impact the usability or value of the Token or damage the credibility of the Platform, Network and the Project at broad.
     Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combinations of the risks discussed in these Sections I.1 to I.5.


I.3 Other tokens-related risks
textBlock      Token Admission to Trading "As Is" Risk: The Tokens are admitted to trading on an "as is" and "as available" basis without warranties of any kind, and the Person Seeking Admission to Trading and Issuer expressly disclaim all implied warranties that the Token, the software code of the programs, are free of viruses or other harmful components which may affect the To-kens.
     Market Risk: Crypto assets, including Tokens, are highly volatile and can experience signifi-cant price swings in short periods, increasing the risk of sudden and substantial losses. Such valuation risk arises as the market value of a crypto asset may not always reflect its underly-ing utility or fundamentals and is subject to subjective assessment. Token holders are thus exposed to potential for losses due to the Token's
     potential fluctuations in value, driven by various factors such as supply and demand dynamics, investor sentiment, and broader market trends, incl. changes in interest rates, general movements in local and international markets, technological advance-ments, regulatory changes, and media coverage. Notably, momentum pricing of crypto assets has previously resulted, and may continue to result, in speculation regarding fu-ture appreciation or depreciation in the value of such assets, further contributing to volatility and potentially inflating prices at any given time.
     liquidity risk, where a lack of depth in secondary markets – if any – or limited trading volumes can hinder the ability to execute trades at favorable prices, which could lead to significant losses, especially in fast-moving market conditions. As a result, holders of Tokens may experience challenges in managing their holdings, with the value of the asset subject to unpredictable fluctuations and potential depreciation.
     solvency and collateral risk, if the Token is used to finance further activities, especially in leveraged positions or as collateral for loans. Significant fluctuations in the value of the Token could adversely affect the solvency of its holder, particularly if the Token is pledged as collateral. A drastic decline in its value may trigger margin calls or automatic liquidations, which could further depress the Token's price, creating a negative feed-back loop. This volatility poses the risk of forced asset sales, potentially resulting in substantial losses for the holder and amplifying downward pressure on the market price of Tokens.
     Custodial Risk. The method chosen to store Tokens, like any crypto-asset, carries inherent risks related to the security and management of the storage solution. The chosen storage method—whether hot or cold wallets, or centralized custody—can significantly impact the safety, liquidity, and accessibility of Tokens, with direct consequences for the holder's ability to access, trade, or retain their assets.
     Scam Risk. This is the risk of loss resulting from a scam or fraud suffered by Token holders from other malicious actors. These scams include, but are not limited to, phishing on social networks or by email, fake giveaways, identity theft, creation of fake Tokens, offering fake To-ken airdrops, among others.
     Anti-Money Laundering/Counter-Terrorism Financing Risk: This is the risk that crypto-asset wallets holding Token or transactions in Token may be used for money laundering or terrorist financing purposes or identified to a person known to have committed such offenses. There is thus a risk that a public address holding Tokens could be flagged in relation to Anti-Money Laundering or Counter-Terrorism Financing efforts. In such cases, receiving Tokens could result in the holder's address being flagged by relevant authorities, Trading Platforms, or other service providers, which may lead to restrictions on transactions or the freezing of assets. Consequently, holders of Tokens may face legal or regulatory challenges if their ad-dress becomes associated with illicit activities, impacting their ability to freely access, trade, or transfer their Tokens.
     Taxation Risk: The taxation regime that applies to the trading of Tokens by either individual holders or legal entities will depend on each Token holder's jurisdiction. The Person Seeking Admission to Trading cannot guarantee that the holding of Tokens, the reception of the Token, conversions of fiat currency against Tokens, or conversions of other crypto assets against Tokens, will not incur tax consequences. It is the Token holder's sole responsibility to comply with all applicable tax laws, including, but not limited to, the reporting and payment of income tax, wealth tax or similar taxes arising in connection with the appreciation and depreciation of the Token.
     Market Abuse Risk: The market for crypto assets is rapidly evolving, spanning local, nation-al, and international networks with an expanding range of assets and participants. Any market abuse, along with a potential loss of confidence among holders, could adversely impact the value and stability of Tokens, and by extension the trading conditions on the Trading Plat-forms. Notably,
     significant trading activity may take place on systems and networks with limited over-sight and predictability. Sudden and rapid changes in the supply or demand of a crypto asset, particularly those with low market capitalization or low unit prices, can result in extreme price volatility.
     the inherent characteristics of crypto assets and their underlying infrastructure may be exploited by certain market participants to engage in abusive trading practices such as front-running, spoofing, pump-and-dump schemes, and fraud across different net-works, systems, or jurisdictions.
     Legal and Regulatory Risk: There is a lack of regulatory harmonization and cohesion global-ly, which results in diverging regulatory frameworks and possible further regulatory evolutions in the future. These could negatively impact the value, utility, and overall viability of Tokens and, in extreme cases, force the Person Seeking Admission to Trading to cease operations. Notably,
     while Tokens do not create or confer any contractual or other obligations against any party, certain non-EU regulators may nevertheless classify them as securities, financial instruments, or payment instruments under their respective legal frameworks. Such classifications could impose specific regulatory constraints, leading to significant changes in how Tokens are structured, issued, purchased, or traded.
     Evolving regulations could substantially increase the Person Seeking Admission to Trading's compliance costs and operational burdens related to facilitating transactions in Tokens.
     New or restrictive regulations could result in the Token losing functionality, depreciating in value, or even becoming illegal or impossible to use, buy, or sell in certain jurisdic-tions.
     Regulators could take enforcement action against the Person Seeking Admission to Trading if they determine that the Token constitutes a regulated instrument or that the Person Seeking Admission to Trading's activities violate existing laws. Such actions could expose the Person Seeking Admission to Trading, its affiliates, directors, and of-ficers to legal and financial penalties, including civil and criminal liability.
     Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combinations of the risks discussed in these Sections I.1 to I.5.


I.4 Project implementation-related risks
textBlock      Platform and Network "As Is" Risk: The Platform and Network and any future components were deployed on an "as is" and "as available" basis without warranties of any kind, and the Person Seeking Admission to Trading expressly disclaims all implied warranties as to the Network and the Token including, without limitation, implied warranties of merchantability, fit-ness for a particular purpose, title and non- infringement. Therefore, the Person Seeking Ad-mission to Trading cannot and does not warrant that the Token, the programs, or the technol-ogy underlying the Tokens, Platform and Network (jointly, "DUAL Technology") are reliable, current or error-free, free of viruses or other harmful components, meet the Token's require-ments, or that defects in the DUAL Technology will be corrected. Additionally, there is a risk that Network functionalities may be abandoned, that no new functionalities may be added.
     Decentralized Governance and Network Change Risk: The Network is subject to decen-tralized, on-chain decision-making (so-called DAO governance). Token holders are invited to participate in proposal discussions and votes concerning matters relating to the Network's development (see Governance Functionality, as described under Sections 08 and F.02). This could result in material changes to the Network's goals, priorities, or operating methods. While such evolution can promote innovation and strengthen adaptability, it also presents cer-tain risks, such as alterations in the value proposition and possible divergence from stake-holders' previous expectations.
     Novel Ecosystem Risk: The Token holder understands and acknowledges that the DUAL ecosystem, as evolving around the Platform, is built on emerging and rapidly evolving tech-nologies, which inherently carry significant risks. The underlying software, blockchain infra-structure, smart contracts, and related technologies are still in their early stages of develop-ment, meaning there is no guarantee that the process of receiving, using, or holding Tokens will be uninterrupted or error-free. As with any novel technology stack, there is an inherent risk that the underlying blockchain, smart contracts, or associated components may contain weaknesses, vulnerabilities, or bugs, despite audits being conducted. Such issues could lead to unintended behaviors, security breaches, or critical failures, potentially resulting in the par-tial or complete loss of Tokens or their functionality. Additionally, unforeseen technical limita-tions, incompatibilities, or the emergence of superior alternatives could further impact the stability, security, and long-term viability of the DUAL ecosystem.
     Industry and Competition Risk: The Project is and will be subject to all the risks and uncer-tainties associated with any new venture, visionary projects, including the risk that the project cannot be realized in line with its original purpose or vision about the Network. Other projects may have the same or a similar vision as the Projects There are several other crypto-assets and projects, and new competitors may enter the market at any time. The effect of new or additional competition on the Token or its market price cannot be predicted or quantified. Competitors may have significantly greater financial and legal resources than the project and there is no guarantee that the Project will be able to compete successfully, or at all, with such competitors. Moreover, increased competition may severely impact the profitability and cre-ditworthiness of the project and involved entities.
     Dependency/Withdrawing Partners Risk: The DUAL Technology itself relies on third-party technologies, infrastructures, and protocols, which could impact its functionality, security, and long-term sustainability. Loss or changes in the key partners providing such technologies can lead to disruptions, loss of trust, or project failure. Any disruptions, vulnerabilities, regulatory scrutiny, or changes in operation of third-party technologies (such as modifications to its mechanisms, governance, or economic incentives) could directly affect the usability and se-curity of the DUAL Technology, which may result in a negative effect for the Tokens. If the third-party technologies experiences technical failures, security breaches, or regulatory inter-vention, it could severely impact the stability and performance of the DUAL Technology, po-tentially limiting its intended functionality and value. This reliance on external infrastructure in-creases systemic risk, as unforeseen issues in third-party protocols could cascade into dis-ruptions within the Token ecosystem.
     Withdrawing Partners Risk: This is the risk that the Person Seeking Admission to Trading faces in its business relationships with one or more third parties. The implementation of the Project depends strongly on the collaboration and functioning of services provided by several third parties and other crucial partners. The Person Seeking Admission to Trading cannot guarantee that the Project and related DUAL Technology will be successfully developed fur-ther.
     Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combinations of the risks discussed in these Sections I.1 to I.5


I.5 Technology-related risks
textBlock The Person Seeking Admission to Trading and its affiliate, directors and officers shall not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether reasonably foreseeable by them and the Token holder, and which the Token holder, may suffer, sustain, or incur, arising out of or relating to the technical risks outlined below or a combination thereof.
     General Cybercrime Risk: The Token holder acknowledges that, despite best efforts to en-hance security, the technological components supporting the Token —including its blockchain infrastructure, smart contracts, wallets—may be vulnerable to cyberattacks. Malicious actors may exploit software vulnerabilities, attack consensus mechanisms, or compromise private keys to gain unauthorized access to Tokens. Risks include hacking attempts on the Protocol, smart contract exploits, phishing attacks, malware infections, and other forms of cybercrime that could result in the theft, loss, or unauthorized transfer of Tokens. Since digital assets ex-ist entirely in a technological environment, they are inherently exposed to evolving cyber threats, some of which may be undetectable or irreparable until after significant damage has occurred.
     Blockchain-Level Risk: The Token holder understands and accepts that, as with other blockchains, the blockchain used for the issuance of the Tokens could be susceptible to con-sensus-related attacks, including but not limited to double-spend attacks, majority validation power attacks, censorship attacks, and byzantine behavior in the consensus algorithm or be subject to forks. Any successful attack or fork presents a risk to the Token, the expected proper execution and sequencing of Token -transactions and the expected proper execution and sequencing of contract computations as well as the Token balances in the wallet of the Token holders.
     Smart Contract-Level Risk: The issuance and transfers of Tokens rely on smart contracts deployed on a blockchain network, which introduce specific technical and security risks.
     Smart contracts are self-executing, meaning any vulnerabilities, coding errors, or un-foreseen logic flaws in the issuance contract could result in unintended consequences, such as the incorrect distribution of Tokens, loss of funds, or permanent locking of To-kens. Additionally, smart contracts are exposed to potential exploits, including hacking attempts, reentrancy attacks, and other forms of malicious activity that could compro-mise the security of the issuance process.
     Once deployed, the smart contract governing the issuance of Tokens cannot be easily altered or corrected, meaning any discovered vulnerabilities may be difficult or impos-sible to fix without significant coordination, community approval, or even a network fork. Furthermore, changes to the underlying blockchain protocol—such as updates to consensus mechanisms, transaction processing rules, or gas fee structures—could af-fect the functionality or cost-efficiency of the issuance smart contract. These risks could lead to disruptions in Token issuance, security breaches, or a loss of confidence in the DUAL ecosystem, potentially impacting the Token's value and usability.
     Platform-Level Risk: It cannot be excluded that any technical failure, malfunction, or vulner-ability within the Platform could directly or indirectly impact the value of the Token.
     The Platform could be subject to critical exploits, such as reentrancy attacks, logic er-rors, or oracle manipulation, which could lead to unintended Token transfers, assets being drained from the system, or Tokens being irretrievably lost. Fixing such issues may require significant coordination, governance approval, or even disruptive measures such as protocol migrations or forks, none of which are guaranteed to be successful.
     Because the Token's value is inherently tied to its functionality, including governance, any security breach, or governance deadlock affecting the Network or its governance system could have cascading effects, including depreciation of the Token's value, re-duced market confidence, and potential loss of funds for Token holders.
     Finality or Irrevocability of Transactions: There is a risk that transactions may be irre-versible, depending on the tools and service providers used to initiate them. Access to and any claim on such transactions could be lost indefinitely or permanently. For example, this could occur if (i) a blockchain address is entered incorrectly and the true owner is never iden-tified, (ii) the private key associated with the address is lost, (iii) the address belongs to an entity that will not return the crypto asset, or (iv) the address belongs to an entity that may return the asset but requires additional actions, such as identity verification.
     Unanticipated Risks: In addition to the risks outlined in this Section, unforeseen risks may arise. Additionally, new risks could emerge as unexpected variations or combinations of the risks discussed in these Sections I.1 to I.5.


I.6 Mitigation measures
textBlock Various measures to mitigate the risks outlined in Sections I.01 to I.05 above have been implemented. These include rigorous technology testing and auditing, and the careful selection of personnel, man-agement, and third-party partners. However, many of these risks are inherent to the activities with crypto assets and the broader ecosystem, making complete elimination impossible.
To further reduce exposure to these risks, prospective Token holders should adopt appropriate safeguards based on their chosen custody method and remain vigilant by actively monitoring publicly available news and market signals, enabling them to respond swiftly to significant developments which may result in the materialization of specific risks.


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



J.1 Adverse impacts on climate and other environment-related adverse impacts
textBlock The Person Seeking Admission to Trading is providing information on principal adverse impacts of Token on the climate and other environment-related adverse impacts of the consensus mechanism of the following:
Based on an annual forecast of over 1 million transactions and acknowledging that these estimates are forward-looking and may prove inaccurate, the total yearly energy consumption of the Token, on respectively Ethereum and the Network, is estimated to be less than 500,000 kWh. In any scenario, it is not expected to exceed this threshold.


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 BLOCKv Foundation, to be renamed Dual Foundation

S.2 Relevant legal entity identifier
text 5067002444K4ZYWL2S06

S.3 Name of the crypto-asset
text DUAL

S.4 Consensus mechanism
text See as further described under Section H.4.

S.5 Incentive mechanisms and applicable fees
text See description provided under Section H.5.

S.6 Beginning of period to which disclosed information relates
date 2026-03-26

S.7 End of period to which disclosed information relates
date 2026-12-31

Mandatory key indicator



S.8 Energy consumption
energy (kWh)  < 500'000 kWh per year

Sources and methodologies



S.9 Energy consumption sources and methodologies
textBlock The estimated energy consumption of < 500'000 kWh per year has been calculated using a set of assumptions and thus represent estimates.
The estimates did not account for any offsetting of energy consumption or other market-based mechanism as of the date of this estimation.
Sources and Methodology: Estimates follow the Crypto Carbon Ratings Institute (CCRI) and Cambridge DLT Sustainability Framework, applying standard parameters for node-level power × count × uptime.

The DUAL token is issued on public Ethereum Proof-of-Stake (PoS) blockchain. The estimated average energy consumption per transaction on PoS is 0.03–0.05 kWh.(Source: CCRI PoS transaction intensity model). Approximately 45–60% of network energy usage is estimated to originate from renewable sources.(Source: CCRI & Ethereum Foundation Sustainability Reports). Estimated average carbon emissions per transaction are 0.015–0.025 kg CO₂, based on validator location and energy mix.(Source: CCRI PoS carbon intensity dataset)


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)


S.14 GHG intensity
GHG emissions (tCO2e)


Sources and methodologies



S.15 Key energy sources and methodologies
textBlock


S.16 Key GHG sources and methodologies
textBlock


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
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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)
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S.29 Impact of use of equipment on natural resources
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S.30 Natural resources use reduction targets or commitments
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S.31 Water use
volume (m3)


S.32 Non recycled water ratio
percent


Sources and methodologies



S.33 Other energy sources and methodologies
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S.34 Other GHG sources and methodologies
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S.35 Waste sources and methodologies
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S.36 Natural resources sources and methodologies
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