Token Transparency Framework
Standardized, open-source disclosures for organizations bringing trust back to onchain markets.
Not investment advice. The Token Transparency Filing is published for general informational purposes only. It is not investment, legal, tax, or accounting advice, and it is not a recommendation, offer, or solicitation to buy, sell, or hold any token, digital asset, or security. Blockworks is not a registered investment adviser or broker-dealer, and nothing here creates an advisory or fiduciary relationship. This filing has not been prepared with regard to the objectives, financial situation, or needs of any particular person, and no suitability determination has been made. Digital assets are highly volatile and involve significant risk, including total loss of value. Readers should conduct their own research and consult their own advisers before making any decision. Information is presented as of the filing date; Blockworks has no obligation to update it.
B1
One-time launch filing for projects introducing a token, covering project identity, governance, allocation, liquidity arrangements, prior sales, and key risks.
| Version | Filings | Status | Summary | Downloads |
|---|---|---|---|---|
| 1.4 | 26 | Current | B1 v1.4 refines v1.3 without changing the question count or sections. DAO Structure gains a sixth sub-question: (d) broadens to current governance rights and economic arrangements (treasury, fee routing, rewards, buybacks) and a new (e) Control surface reliance asks how the control model may evolve. Entities must state non-existence under every sub-question, Foundation and DevCo get separate definitions, and the subsidiary-entity and ‘no hypothetical distributions’ asks are dropped. Airdrop Process collapses to one answer with three status paths. CEX / DEX becomes Exchange Agreements & Deals, and exploit references are now required. | |
| 1.3 | 13 | Superseded | B1 v1.3 rebuilds the structured answers that v1.1 loosened. Initial Allocation is now a worksheet-driven table (category, recipient type, allocation % and tokens, TGE unlock, cliff, linear vesting, cadence, circulating treatment, wallet address) instead of six narrative sub-items. Market Maker, CEX / DEX and Prior Token Sales return to fixed tables. Known Project Team goes back to separate Labs / DevCo, Foundation and DAO tables. Airdrop Process splits into planned, executed and none sub-questions. Material Risk Factors and exploit references get light wording cleanup. Question count and sections are unchanged at 12 and 4. | |
| 1.1 | 123 | Superseded | B1 v1.1 keeps the 12 questions from v1.0 but changes how answers are captured. DAO Structure, Primary Foundation, Primary DevCo, Initial Allocation and Previous Exploits move from lettered prose into discrete sub-questions. Known Project Team collapses the per-entity tables into one table with an Entity column. Market Maker, CEX / DEX and Prior Token Sales drop their fixed tables for free-text answers, with Prior Token Sales now separating series name from investment instrument. Initial price per token becomes ‘if applicable’ and accepts auctions or liquidity bootstrapping with the final market price. Spelling standardizes on ‘onchain’. | |
| 1.0 | 1 | Superseded | Initial release of the B-1 template. B1 is a one-time filing for projects launching a token. It tells tokenholders who is behind a project, how it is governed, how the token is allocated, what liquidity/listing deals exist, what was sold before launch, and the main legal, technical, and token-economic risks. The B1 is classification agnostic -- it does not predetermine legal classification under a specific regime. |
B2
Continuously updated filing for mature post-token-generation teams, covering governance, supply, liquidity, funding, resources, and risks.
| Version | Filings | Status | Summary | Downloads |
|---|---|---|---|---|
| 2.2 | 13 | Current | B2 v2.2 is a wording and consistency pass on v2.1; the 18 questions and four sections are unchanged. Filers must state that an entity, APC, advisor or KOL does not exist under every sub-question rather than once. Foundation and DevCo get separate definitions, the subsidiary-entity ask is dropped from IP ownership, and the Foundation’s ‘no hypothetical distributions’ line is removed. CEX / DEX Agreements is renamed Exchange Agreements & Deals, Prior Token Sales splits series name from investment instrument, and Liquidity Deals asks who controls buyback and POL policy. ‘Earns full credit’ leaves Market Maker; exploit references are required. | |
| 2.1 | 5 | Superseded | B2 v2.1 restructures v2.0 around machine-readable answers. Initial Allocation moves from six narrative sub-items to a worksheet-driven table (allocation % and tokens, TGE unlock, cliff, vesting, cadence, wallet address). Market Maker, CEX / DEX and Prior Token Sales become fixed tables, and Vesting Insider Tokens, Advisory Billings, KOL Marketing and Liquidity Deals get lettered sub-questions. Sections are renamed Token Supply & Allocation, Transactions & Market Structures and Resource Disclosures. Instructions add Foundation, DevCo and APC definitions and bar hypothetical future distributions. Employee lock is measured against total supply. | |
| 2.0 | 16 | Superseded | Release of the updated B-2 v2.0 template. B2 is a continuously updated filing for mature post-TGE teams that discloses governance, supply, liquidity, funding, resources, and risks. B2 v2.0 adds DAO/Foundation/DevCo/APC control, KOL token marketing, liquidity/POL/repurchase/loan activity, token exploits, and optional offchain income statements. It removes airdrop, future/related-token, locked-staking, insider transaction, holder-report and asset/cashflow items. Classification agnostic -- does not predetermine legal classification under a specific regime. | |
| 1.0 | 32 | Superseded | Initial release of the B-2 template. B2 is a continuously updated filing for mature post-TGE teams. It tells tokenholders how the project operates, how resources accrue to tokenholders, how governance works, how supply is managed, what liquidity/listing deals exist, and quarterly reporting. Covers resource flow, governance, token supply, market structure, and holder reports. |
The Problem The TTF Solves
Digital assets lack a shared disclosure standard, so tokenholders, exchanges, and funds are forced to piece together material information from scattered, incomplete sources.
The TTF fixes this by giving the industry standardized disclosure frameworks with consistent completion states.
What Is The TTF
TTF provides protocols a standardized way to put material information on the record. They create a consistent disclosure format the market can understand across all projects equally.
- What they do: Each filing helps organize important information around token structure, market structure, entity structure, financial disclosures, agreements, and other details.
- Filing types:
- The B-1 filing is a one-time disclosure (the S-1 of crypto) for pre-launch or post launch teams.
- The B-2 is a continuously updated filing for mature post-ICO teams.
- Both filings are classification agnostic, meaning they don't predetermine legal classification under a specific regime.
- How to complete: Get started by reaching out to Blockworks. A project will draft a filing then Blockworks will return a filing status that conveys whether required disclosures are complete or partial. For example, a "partial" status means the project has not fully disclosed all required information, whereas a "complete" status means the project has fully disclosed all required information.
Why Teams Complete A Filing
- Earn market trust. Tokenholders, exchanges, and market makers want to know that the teams they support are aligned, transparent, and willing to put important information on the record.
- Differentiate with disclosure. Strong teams should not be evaluated the same way as opaque teams. A completed filing gives credible protocols a way to stand apart.
- Increase investor visibility. Completed filings are distributed across Blockworks' investor, analyst, and venture network.
The Transparency Alliance
The organizations backing an open, verifiable standard for token disclosures -- from policy bodies and exchanges to custodians and asset managers advancing trust in onchain markets.
in combined market capitalization behind the framework
Estimated aggregate market cap of the exchanges, custodians, and asset managers supporting the Token Transparency Framework.
The OBSERVERS participate in The Transparency Alliance as independent observers only and are not involved in the decision-making process of the Token Transparency Framework or the relevant standards, norms or rules. The participation of the OBSERVERS shall not be considered as their endorsement of the Token Transparency Framework developed by Blockworks.
