MiCA Whitepaper Inline XBRL

N	Field	Content
00	Table of contents	General Information Part A: Information about the offeror or the person seeking admission to trading Part B: Information about the issuer, if different from the offeror or person seeking admission to trading Part C: Information about the operator of the trading platform 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 the crypto-asset project Part E: Information about the offer to the public of crypto-assets or their admission to trading Part F: Information about the crypto-assets Part G: Information on the rights and obligations attached to the crypto-assets Part H: Information on the underlying technology Part I: Information on the risks Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
01	Date of notification	2026-03-19
02	Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The operator of the trading platform of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
03	Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
04	Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.
05	Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	FALSE
06	Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
07	Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	Warning This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other 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	Tezos or Tez (XTZ) is the native cryptocurrency of the Tezos blockchain. It was created in the genesis block following the 2017 ICO, with an initial supply of approximately 763 million assets. The total supply is inflationary, as new XTZ are continuously issued as staking rewards, allowing the supply to grow over time depending on network participation. Consensus on Tezos is achieved by bakers who use both their own staked Tez and delegated Tez to validate operations, with baking power determined by a delegate’s total stake, where directly staked Tez carries greater weight. XTZ holders can transfer value, pay transaction and storage fees, stake or delegate assets to bakers to earn rewards, and participate in on-chain governance through weighted voting across the proposal, exploration, cooldown, promotion, and adoption periods. They can also use validation passes to prioritise operation inclusion. Staking is exercised by delegating Tez to bakers. Governance participation occurs through on-chain voting during the defined governance periods. Accounts hold balances in Tez, and Tez used as security deposits may be forfeited (slashed) for misbehaviour, with accusers receiving the penalised amount. Tez serves as the native asset for paying fees and storage costs; some fees and allocations are burned. There are no inherent restrictions on transferability. The network’s security relies on staking and delegation to bakers, with slashing applied to security deposits to deter and penalise misconduct.
09		This field does not apply, as 05 is False.
10	Key information about the offer to the public or admission to trading	Bitstamp Europe S.A is now seeking its admission to trading of XTZ assets within the EU enabling compliant secondary market liquidity. This admission would allow existing holders to trade XTZ on a regulated EU venue ensuring transparent price discovery and stronger market depth. It also supports broader asset distribution, which is essential for decentralised governance and wider stakeholder participation in ecosystem decisions.

N	Field	Content
A.1	Name	N/A
A.2	Legal form	N/A
A.3	Registered address	N/A
A.4	Head office	N/A
A.5	Registration date	N/A
A.6	Legal entity identifier	N/A
A.7	Another identifier required pursuant to applicable national law	N/A
A.8	Contact telephone number	N/A
A.9	E-mail address	N/A
A.10	Response time (Days)	N/A
A.11	Parent company	N/A
A.12	Members of the management body	N/A
A.13	Business activity	N/A
A.14	Parent company business activity	N/A
A.15	Newly established	N/A
A.16	Financial condition for the past three years	N/A
A.17	Financial condition since registration	N/A

N	Field	Content
E.1	Public offering or admission to trading	ATTR
E.2	Reasons for public offer or admission to trading	By admitting the XTZ asset to trading, holders of the token will gain transparent price discovery and improved liquidity. This enables the project’s community and ecosystem participants to more easily enter and exit positions, supporting a dynamic and efficient market.
E.3	Target expressed in currency	N/A
E.3	Target expressed in units	N/A
E.3	Target expressed in digital token identifier	N/A
E.4	Minimum subscription goals	N/A
E.5	Maximum subscription goals	N/A
E.6	Oversubscription acceptance	N/A
E.7	Oversubscription allocation	N/A
E.8	Issue price	N/A
E.9	Official currency or any other crypto-assets determining the issue price	N/A
E.9	Official currency or any other crypto-assets determining the issue price	N/A
E.10	Fee expressed in currency	N/A
E.10	Fee expressed in units	N/A
E.10	Fee expressed in digital token identifier	N/A
E.11	Offer price determination method	N/A
E.12	Total number of offered/traded crypto-assets	1078137793 The number of XTZ crypto-assets admitted to trading may vary over time due to the protocol’s issuance of new tokens through staking rewards and validator participation within the Tezos network. Tezos does not impose a fixed maximum supply; instead, additional XTZ are minted through the network’s “baking” mechanism to incentivize validators and delegators who secure the network. As a result, the supply of XTZ gradually increases over time in line with the protocol’s inflationary reward structure. At the time of writing, the circulating supply is approximately 1,078,137,793 XTZ.
E.13	Targeted holders	ALL
E.14	Holder restrictions	N/A
E.15	Reimbursement notice	N/A
E.16	Refund mechanism	N/A
E.17	Refund timeline	N/A
E.18	Offer phases	N/A
E.19	Early purchase discount	N/A
E.20	Time-limited offer	N/A
E.21	Subscription period beginning	N/A
E.22	Subscription period end	N/A
E.23	Safeguarding arrangements for offered funds/crypto-Assets	N/A
E.24	Payment methods for crypto-asset purchase	N/A
E.25	Value transfer methods for reimbursement	N/A
E.26	Right of withdrawal	N/A
E.27	Transfer of purchased crypto-assets	When a client purchases a token on the Bitstamp Europe S.A.'s trading platform, the crypto-asset will be credited to their Bitstamp account. If a client wants to hold the token in their own wallet, they will need to (i) provide an external blockchain wallet address, where the crypto-assets will be sent if a withdrawal is initiated and (ii) satisfy all other requirements applicable to a withdrawal in line with the Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets.
E.28	Transfer time schedule	N/A
E.29	Purchaser's technical requirements	When a client purchases a token on the Bitstamp Europe S.A.'s trading platform, the crypto-asset will be credited to their Bitstamp account and a client does not need to fulfill any other technical requirement to hold the crypto-assets on their Bitstamp account, apart from have either a computer or phone with an internet connection and appropriate software in order to interact with the Bitstamp services.
E.30	Crypto-asset service provider (CASP) name	N/A
E.31	CASP identifier	N/A
E.32	Placement form	N/A
E.33	Trading platforms name	Bitstamp Europe S.A
E.34	Trading platforms Market identifier code (MIC)	BESA
E.35	Trading platforms access	Admission to trading of the XTZ crypto-asset is sought on Bitstamp. Access to trading, once admission is granted, will be provided through Bitstamp’s trading platform, including its website and mobile applications, in accordance with Bitstamp’s terms of use and applicable regulatory requirements. There are no costs involved in creating an account on the trading platform, however trading fees and other costs apply in accordance with the fee schedule available at https://www.bitstamp.net/fee-schedule.
E.36	Involved costs	Admission to trading of the XTZ crypto-asset is sought on Bitstamp. Access to trading, once admission is granted, will be provided through Bitstamp’s trading platform, including its website and mobile applications, in accordance with Bitstamp’s terms of use and applicable regulatory requirements. There are no costs involved in creating an account on the trading platform, however trading fees and other costs apply in accordance with the fee schedule available at https://www.bitstamp.net/fee-schedule.
E.37	Offer expenses	This field does not apply, as there is no offer to the public.
E.38	Conflicts of interest	There are no conflicts of interest arising at the moment of writing the white paper in relation to the offer or admission to trading. Bitstamp Group has a strict Code of Conduct and Trading Policy in place. They both mitigate the possibility of conflicts of interest. In accordance with the Code of Conduct all officers, directors, employees, agents, representatives, contractors and consultants (and other persons, regardless of job or position), are required to report any situation where there is the potential for conflict of interest between their interests and interests of Bitstamp. The Trading Policy that is in place within the Bitstamp Group prohibits all forms of market manipulation and has been designed to prevent insider trading.
E.39	Applicable law	Luxembourg
E.40	Competent court	Luxembourg

N	Field	Content
F.1	Crypto-asset type	Crypto-assets other than asset-referenced tokens or e-money tokens
F.2	Crypto-asset functionality	XTZ is the native crypto-asset of the Tezos blockchain, functioning as the fundamental unit of account and medium of exchange within the network. It is used to pay transaction and storage fees, secure the network through the baking mechanism, and participate in on-chain governance. Tez is required to pay transaction and smart contract execution fees, as well as storage costs. A portion of these fees is burned, reducing circulating supply over time. Tez can be staked directly or delegated to a baker to secure the network. Bakers validate transactions, produce blocks, and receive block rewards and attestation rewards in Tez. Misbehaviour (e.g., double baking) results in slashing of a baker’s security deposits. Tez holders participate in the governance process by proposing and voting on protocol amendments through a structured cycle comprising five stages: proposal, exploration, cooldown, promotion, and adoption. Governance decisions directly determine protocol upgrades and parameter changes. All balances, deposits, and rewards in the Tezos protocol are denominated in Tez, which serves as the base unit of accounting for the blockchain.
F.3	Planned application of functionalities	All functionalities for XTZ are implemented.
F.4	Type of crypto-asset white paper	OTHR
F.5	The type of submission	NEWT
F.6	Crypto-asset characteristics	XTZ is the native cryptocurrency of the Tezos blockchain. It was created in the genesis block following the 2017 ICO, with an initial supply of approximately 763 million crypto-assets. The total supply is inflationary, as new XTZ are continuously issued as staking rewards, allowing the supply to grow over time depending on network participation. Consensus on Tezos is achieved by bakers who use both their own staked Tez and delegated Tez to validate operations, with baking power determined by a delegate’s total stake, where directly staked Tez carries greater weight. XTZ holders can transfer value, pay transaction and storage fees, stake or delegate XTZ to bakers to earn rewards, and participate in on-chain governance through weighted voting across the proposal, exploration, cooldown, promotion, and adoption periods. They can also use validation passes to prioritise operation inclusion. Staking is exercised by delegating Tez to bakers. Governance participation occurs through on-chain voting during the defined governance periods. Accounts hold balances in Tez, and Tez used as security deposits may be slashed for misbehaviour, with accusers receiving the penalised amount. Tez serves as the native asset for paying fees and storage costs; some fees and allocations are burned. There are no inherent restrictions on transferability. The network’s security relies on staking and delegation to bakers, with slashing applied to security deposits to deter and penalise misconduct.
F.7	Commercial name or trading name	N/A as DTI is provided in F.13
F.8	Website of the issuer	https://tezos.foundation
F.9	Starting date of offer to the public or admission to trading	2026-04-21
F.10	Publication date	2026-04-20
F.11	Any other services provided by the issuer	This field does not apply because: Tezos Foundation (assessed by us as the issuer of the genesis supply) does not currently provide any other services. The new XTZ crypto-assets are not issued by an identifiable legal entity.
F.12	Language or languages of the crypto-asset white paper	English
F.13	Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto-assets to which the white paper relates, where available	LGF6FD5NZ, 7VTRKSC7S
F.14	Functionally fungible group digital token identifier, where available	FLJPFR9RS
F.15	Voluntary data flag	FALSE
F.16	Personal data flag	TRUE
F.17	LEI eligibility	TRUE
F.18	Home Member State	Luxembourg
F.19	Host Member States	Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

N	Field	Content
G.1	Purchaser rights and obligations	Not applicable, purchasers of the XTZ crypto-asset do not acquire any ownership, equity, profit participation, repayment or redemption rights against Tezos. Holding XTZ does not give rise to contractual claims or entitlements against any natural or legal person. As reflected in the governance documentation available on the Tezos.com website (https://docs.tezos.com/architecture/governance), at the time of this white paper, XTZ holders are granted only limited functional rights within the ecosystem, which are further described as crypto-asset functionalities in F.2.
G.2	Exercise of rights and obligations	This field does not apply as the asset confers no ownership or financial claims and does not impose any legal obligations.
G.3	Conditions for modifications of rights and obligations	This field does not apply as the asset confers no ownership or financial claims and does not impose any legal obligations.
G.4	Future public offers	FALSE
G.5	Issuer retained crypto-assets	76330692
G.6	Utility Token Classification	FALSE
G.7	Key features of goods/services of utility tokens	N/A
G.8	Utility tokens redemption	TRUE
G.9	Non-trading request	TRUE
G.10	Crypto-assets purchase or sale modalities	N/A
G.11	Crypto-assets transfer restrictions	There are no restrictions on the transferability of the crypto-assets admitted to trading.
G.12	Supply adjustment protocols	FALSE
G.13	Supply adjustment mechanisms	This field does not apply, as G.12 is false.
G.14	Token value protection schemes	FALSE
G.15	Token value protection schemes description	This field does not apply, as G.14 is false.
G.16	Compensation schemes	FALSE
G.17	Compensation schemes description	This field does not apply, as G.16 is false.
G.18	Applicable law	There is no written legal agreement between the issuer and the crypto-asset holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the laws that govern that relationship will depend on the location of the issuer (to the extent that can be identified) and the given crypto-asset holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto-asset holder.
G.19	Competent court	There is no written legal agreement between the issuer and the crypto-asset holder that sets out which jurisdiction's courts will have authority to deal with a dispute between the crypto-asset holder and the issuer. In the absence of such an agreement, the laws that competent court will depend on the location of the issuer and the given token-holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto-asset holder.

Part H – Information on underlying technology

N	Field	Content
H.1	Distributed ledger technology	N/A as DTI is provided in F.13.
H.2	Protocols and technical standards	Tezos is a native layer-1 blockchain that operates as a public, permissionless distributed ledger. It is designed around a self-amending protocol that enables in-place upgrades without requiring disruptive hard forks. The network consists of bakers, who are validators selected based on stake weight, and delegators, who assign their stake to bakers without transferring custody. Tezos uses its native asset, XTZ, as a unit of account, staking asset, and governance instrument. Networking layer Tezos nodes participate in a peer-to-peer network implemented by the Octez client. The networking layer manages peer discovery, connection setup, message propagation, and denial of service mitigation. Authenticated encryption secures communication between peers. Node operators configure connection pools, timeouts, and peer scoring rules to manage network health. Application layer Tezos applications interact with the chain via Remote Procedure Call (RPC) interfaces defined in the Octez implementation. These endpoints support interaction with blocks, operations, and contract storage, and are documented in OpenAPI schemas. Nodes expose endpoints for chain head queries, mempool inspection, baking rights, and contract storage, enabling full programmability and monitoring. Serialisation layer Smart contract data and code are encoded in Micheline, a JSON-like, machine-readable format. The binary wire format used in network messages and internal data structures is specified by the data_encoding library maintained within the protocol environment. Contracts are compiled to Michelson, a stack-based language with formal semantics. Interoperability and EVM Standards via Etherlink Etherlink, Tezos' EVM-compatible Layer 2 solution powered by enshrined Smart Rollups, supports the Ethereum Virtual Machine (EVM) specification and ERC standards (e.g., ERC-20 for fungible assets like WXTZ, ERC-721 for NFTs), enabling compatibility with Ethereum tools and interoperability. Bridged FA assets from Tezos L1 to Etherlink are minted as ERC-20-compatible, enhancing DeFi and cross-chain use cases while inheriting Tezos L1 security. Cryptographic primitives Tezos supports multiple signature schemes, including Ed25519, secp256k1, and P-256 for account keys, and BLS12-381 for cryptographic commitments in recent rollup protocols. Hashing is performed using Blake2b, which secures operation and block headers. Ledger model The ledger model is account-based. Implicit accounts store XTZ balances and support delegation, while originated accounts represent smart contracts with internal storage. State transitions are validated by the protocol and are deterministically executed across all nodes. Merkle-based data structures enable inclusion proofs for client verification. Token standards Tezos supports token standards defined in the TZIP series. TZIP-7 defines a fungible token interface similar to ERC-20. TZIP-12 introduces a flexible multi-asset interface for fungible, non-fungible, and composite tokens. TZIP-16 defines metadata discovery for tokens and contracts.
H.3	Technology used	Implementation and architecture Tezos is implemented in OCaml, with the reference client known as Octez. The source code is maintained in the official GitLab repository. The architecture separates the node into a shell and a protocol component. The shell handles peer-to-peer networking, storage, and remote procedure calls, while the protocol component enforces block validation rules and executes operations. Bakers run a single daemon that handles both block proposal and consensus participation by interacting with the Tezos node via RPC to fulfill their roles in the Tenderbake consensus mechanism. The modular separation between shell and protocol allows Tezos to upgrade protocol logic without altering the node shell. Protocol upgrades are rolled out via on-chain governance and executed automatically once quorum and supermajority thresholds are achieved. The node software must be updated ahead of the scheduled activation block to maintain compatibility. Runtime and build parameters Octez supports several history modes: archive, full, and rolling, which allow node operators to control the size and behaviour of storage. Operators configure node behaviour using local configuration files, which specify network settings, resource allocation, logging options, and monitoring endpoints. Release documentation defines minimum hardware requirements and describes supported snapshot strategies for efficient state synchronisation. Node software releases are versioned and scheduled around protocol amendment activations. The release documentation and amendment history detail how protocol transitions are implemented and validated across the network. Nodes must be restarted with the appropriate binaries in advance of an activation block to ensure continuity. Dependencies Octez depends on a set of OCaml libraries that implement cryptographic routines, data encoding rules, and protocol logic interfaces. External infrastructure dependencies include public RPC servers, blockchain explorers, indexers, and staking dashboards maintained by community operators and third-party developers. The Tezos documentation also provides operator guides and publishes announcements relating to software security and upgrade best practices.
H.4	Consensus Mechanism	Tezos employs a proof of stake mechanism called Liquid Proof of Stake, in which bakers are selected based on stake weight and can receive delegated stake from other asset holders. Bakers propose blocks, validate operations, and sign endorsements using the Tenderbake consensus protocol. Tenderbake was introduced in the Ithaca upgrade in 2022 and is a deterministic Byzantine fault tolerant protocol inspired by classical consensus algorithms. In each round, a designated baker proposes a block. Other bakers preendorse and endorse the block based on protocol rules. Once a block gathers sufficient endorsements, it becomes final and is added to the chain. The threshold for finality requires endorsement from more than two thirds of active stake. Consensus roles are implemented in the baker daemon, which monitors mempool contents, participates in round-based voting, and injects blocks that satisfy quorum rules. The validator selection is weighted by staking balance. Consensus parameters such as quorum thresholds and endorsement weights are subject to governance and can be amended by protocol upgrade. These upgrades are enacted on chains without requiring manual fork coordination, ensuring continuity while allowing the consensus logic to evolve.
H.5	Incentive Mechanisms and Applicable Fees	Network‑level execution fees On Tezos, each operation, whether a transaction or contract invocation, consumes gas and may incur a storage cost. Users pay fees denominated in XTZ. Bakers receive transaction and gas fees. Storage‑fees which are associated with growth of chain context (such as allocating new contract storage or increasing map size) are burned (i.e., removed from circulation) rather than paid out to bakers. Protocol‑level fees and economic flows Bakers earn rewards from a combination of transaction/gas fees and newly issued XTZ according to the protocol’s adaptive issuance model. Delegators may receive a share of a baker’s rewards at the baker’s discretion. Misbehaviour such as double-baking is detected and penalised by slashing the offending baker’s stake, which may include staked funds. Validator incentives and governance of parameters Bakers must maintain uptime, propose and attest blocks correctly and avoid misbehaviour in order to receive full rewards. The governance mechanism allows asset‑holders to vote on protocol amendment proposals which may change issuance rate, gas cost models, and staking limits. Once a proposal passes and schedule triggers, the protocol logic changes on‑chain without requiring a disruptive fork.
H.6	Use of distributed ledger technology	FALSE
H.7	DLT functionality description	N/A
H.8	Audit	TRUE
H.9	Audit outcome	Multiple audits have been conducted on the Tezos blockchain and the base crypto-asset of its network XTZ. Below are capped reports of these audits indicating objects audited, issues identified, and resolving actions applied thereafter: Least Authority’s Tezos Protocol Security Audit 2018 Object: Consensus logic, transaction validation, RPC exposure, cryptographic primitives, and implementation practices. Result: Recommendations included securing randomness sources, reviewing RPC access controls, and improving operational documentation. Action: Mitigations were applied through protocol updates and node configuration best practices. Final public reports were published later in 2018. Least Authority’s Tezos Protocol Security Audit 2018 Object: Consensus logic, transaction validation, RPC exposure, cryptographic primitives, and implementation practices in the Tezos protocol codebase for betanet and mainnet launches. Result: Identified four issues and two suggestions; key recommendations included securing randomness sources, reviewing RPC access controls, improving fuzzing, addressing selfcompiler security, and enhancing secure handshakes. Action: Mitigations applied through protocol updates, node configuration best practices, and secondary verification; final report issued on March 14, 2019, after Tezos Foundation responses. Least Authority’s Tezos Foundation Vesting Smart Contracts Security Audit 2018 Object: Vesting smart contracts, including Michelson implementation and Tezos Foundationspecific deployment. Result: Identified three main security issues and several suggestions related to documentation inconsistencies and potential vulnerabilities in contract logic. Action: Issues addressed via code updates and documentation improvements; final report issued on March 14, 2019, following verification based on Tezos Foundation responses. Least Authority’s Tezos Ledger Applications Security Audit 2018 Object: Tezos Ledger Baking Application and Tezos Ledger Wallet Application for Ledger Nano S, covering signing, token transfers, delegation, and voting. Result: Identified seven security issues and two suggestions, focusing on cryptographic operations, CLI interface, and potential exploits. Action: Mitigations implemented by Obsidian team through code fixes; final report issued on July 24, 2018, after discussion and verification. Least Authority’s Atomex Smart Contracts Security Audit 2020 Object: Atomic Swap Contract (Tezos in Michelson), FA1.2 Contract (PascaLIGO), Atomic Swap Contract (Ethereum in Solidity), and Atomic ERC20 Contract (Solidity). Result: Identified four issues including ownership transfer risks, unclear error messages, inconsistent validations, and use of deprecated functions; three suggestions on documentation, timestamp consistency, and code comments. Action: Resolved via twostep ownership transfer, improved error messaging, standardised validations, replacement of deprecated functions, and added comments; documentation updates in progress; final report issued on May 6, 2020, after verification.

General information	Page 3
Part A - Information about the offeror or the person seeking admission to trading	Page 4
Part B - Information about the issuer, if different from the offeror or person seeking admission to trading	Page 5
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	Page 6
Part D - Information about the crypto-asset project	Page 7
Part E - Information about the offer to the public of crypto-assets or their admission to trading	Page 8
Part F - Information about the crypto-assets	Page 9
Part G - Information on the rights and obligations attached to the crypto-assets	Page 10
Part H – Information on underlying technology	Page 11
Part I - Information on risks	Page 12
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts	Page 13

N	Field	Content
I.1	Offer-related risks	Irreversibility of transactions Once confirmed and finalised under Tenderbake consensus, XTZ transfers are final and cannot be reversed at protocol level; any corrective outcome requires control of the relevant private keys. Market volatility The market price of XTZ may fluctuate materially due to broader crypto-asset market conditions, protocol upgrade events, and sentiment around governance decisions; no price stability mechanism exists. Liquidity conditions Periods of thin order-book depth may widen spreads and increase slippage for XTZ, particularly around protocol upgrade activations or stressed market conditions. Regulatory exposure Evolving regulatory treatment of crypto-assets across jurisdictions may impose new obligations on the Foundation or trading venues, potentially affecting XTZ listings, disclosures, or holder access.
I.2	Issuer-related risks	Governance and Operational Concentration Tezos Foundation controls a significant treasury of XTZ and other assets. This concentration of resources creates a dependency, where the Foundation's strategic funding decisions can disproportionately influence the ecosystem's development trajectory. Key-person dependence Loss or unavailability of key maintainers or researchers within the Tezos Foundation could delay incident response and roadmap execution. Financial disclosure limitations The Tezos Foundation has stated in a public Q and A that legal constraints, including NDAs, prevent the publication of its fully audited financial statements. While key financial figures are published in biannual reports, this limitation restricts transparency and may hinder stakeholder assessment of its financial health. Regulatory exposure and multi-jurisdiction complexity Evolving treatment of crypto-assets may impose new obligations on Tezos Foundation or its partners, affecting listings, disclosures, or treasury operations.
I.3	Crypto-assets-related risks	Staking risk Staked XTZ is subject to proportional slashing if the baker misbehaves, and a mandatory 4-day unstaking delay during which funds remain frozen and non-transferable. Custody and key management Loss or compromise of private keys used for holding XTZ may result in permanent loss of access.
I.4	Project implementation-related risks	Protocol amendment cadence Tezos employs continuous on-chain governance. Each amendment can introduce changes to core modules, fee logic, or execution semantics, which may cause service disruption if clients or applications fail to adapt. Node operation and upgrade complexity Running or upgrading Tezos nodes (Octez) requires correct parameter configuration, version control, and syncing methods. Misconfiguration may lead to sync issues or node downtime. Third-party tooling dependence Explorers, indexers, and application interfaces for Tezos may be maintained by external entities. Downtime or desynchronisation in these services can affect access to blockchain data.
I.5	Technology-related risks	Execution resource constraints Smart contracts and operations in Tezos are limited by gas, storage and fee limits. Transactions with insufficient resources may be dropped or delayed during network congestion. Semantic shifts from protocol upgrades Protocol upgrades can introduce new features (e.g., Smart Rollups, Data Availability Layer) or alter prior execution logic. Applications must remain responsive to avoid functional breakage. P2P and DoS surface The Tezos P2P layer incorporates abuse mitigation (e.g., greylisting, quotas), indicating potential risks from malformed messages, spam, or node-targeted attacks. RPC fragility and integration risk RPC endpoints follow strict schemas with expected response formats. Client applications failing to interpret errors or responses properly may behave unpredictably. Cryptographic dependencies Tezos relies on signature algorithms such as Ed25519, secp256k1,P-256, and BLS. A vulnerability or implementation error in any could compromise consensus, identity, or assets.
I.6	Mitigation measures	Offer-Related Risks Liquidity Conditions: XTZ is admitted to trading across multiple independent venues, reducing dependency on any single platform for price discovery or execution. Regulatory Exposure: The Foundation retained Swiss and US legal counsel prior to the 2017 fundraiser, is supervised by the SFSA under Swiss foundation law, and is audited by PwC Switzerland. Issuer-Related Risks Governance and Operational Concentration: The Tezos Foundation has a public policy of abstaining from voting on protocol upgrades, which mitigates its potential to unilaterally steer governance through its substantial holdings. Financial disclosure: Whilst full audited statements are not publicly released, the Foundation is audited annually by PwC Switzerland, with the report filed with the Swiss Federal Foundation Supervisory Authority (SFSA) as required under Swiss law. Crypto-Assets-Related Risks Staking and delegation risk: Delegation logic and slashing mechanisms are publicly documented and enforced by protocol rules. Project Implementation-Related Risks Node operation and upgrade complexity: Since Rio, the protocol marks bakers inactive after 2 days of unresponsiveness, allowing the network to redistribute rights quickly and limiting downtime impact. Technology-Related Risks Execution resource constraints: Defined gas models and feescheduling mechanisms are part of every protocol release, ensuring consistent enforcement. P2P and DoS surface: The networking layer incorporates peer greylisting, connection quotas, and bandwidth regulation to protect against abuse. A proofofwork challenge for new connections further disincentivises spam. RPC fragility and integration risk: Tezos’ RPC service relies on a formal architecture for declaring entry points, which includes strict schemas, defined error handling, and payload specifications to reduce integration ambiguity. Cryptographic dependencies: The protocol’s multiple signature schemes provide flexibility and resilience against algorithmspecific vulnerabilities.

Index

General information

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

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

Part C - Information about the operator of the trading platform 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 the crypto-asset project

Part E - Information about the offer to the public of crypto-assets or their admission to trading

Part F - Information about the crypto-assets

Part G - Information on the rights and obligations attached to the crypto-assets

Part H – Information on 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