Project & Team
Description of Project
Provide a narrative description of the purpose of the project.
Ekubo Protocol is a community-source automated market maker protocol with the most efficient implementation of concentrated liquidity available on Ethereum, Starknet, and all other EVM chains. Ekubo Protocol provides novel features implemented via a permissionless extension system such as an on-chain Oracle, DCA orders, and incentives.
Known Project Team
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Labs / DevCo
Full Name | Official Title | Prior Experience |
|---|---|---|
Moody Salem | Founder & CEO | Previously worked at Uniswap Labs, Google, and AWS as a software engineer. |
Gerald | Governance Coordinator |
Labs/DevCo — Ekubo, Inc.
Foundation No foundation entity exists for Ekubo Protocol. DAO / Onchain Governance Governance is fully on-chain and open source on Starknet; token holders vote directly via Ekubo Governance. There are no paid delegates. Ekubo, Inc. delegates a large share of itsEKUBO tokens to active community members. All delegate information can be discovered here.
DAO Structure
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List on-chain or administrative authorities and limits: pause/upgrade roles, governance-executor authorities, and the method of authority for each.
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Current tokenholder governance rights and economic arrangements — If any, describe current governance rights of tokenholders and presently operative rights or arrangements relating to treasury actions, fee-routing, rewards, buybacks, or other protocol-controlled resources. If none, state that explicitly.
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
- (f) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism.
(a) IP ownership & control
All codebases and their licenses can be found on our GitHub. Notably, the EVM smart contractsuse our community source license ekubo-license-v1.eth which is managed via an ENS namethat is owned by the Ekubo DAO. Anyone may use the Ekubo smart contracts as long as they share revenue with the Ekubo DAO. All the other public repositories have an open source license, usually MIT. As of April 2026, there are no trademarks filed for the Ekubo brand.
(b) Contract/admin powers
Governance contracts live on Starknet and are labeled on block explorers (addresses listed in the prior filing at https://docs.ekubo.org/integration-guides/reference/contract-addresses#governance-contracts). Governance can upgrade all smart contracts on Starknet, which is required to be able to handle breaking network upgrades. On Ethereum and other EVM chains, the Core contracts are permissionless, immutable and ownerless. Governance only owns the peripheral contracts that enable adding and removing liquidity and collect a share of swap fees for the protocol. Others can deploy their own versions of the Positions contract as long as they adhere to the license terms.
(c) Locked-token rights (conditional)
Token holders may stake EKUBO tokens to participate in governance of the protocol. Ekubo, Inc., the only disclosed insider, holds its tokens on its balance sheet and can delegate, vote, or stake its tokens as an ordinary tokenholder. The DAO may decide if, when and how to distribute the revenue generated by the protocol via the typical governance process. Open source infrastructure has been developed by Ekubo, Inc. to distribute revenue to stakers and delegates. There is no minimum lock duration for staking.
(d) Current tokenholder governance rights and economic arrangements
EKUBO token holders have non-binding voting rights via Ekubo Governance. The DAO has the right and responsibility to control all revenue earned by the protocol, including the authority to redistribute revenue to stakers or liquidity providers. The DAO may vote on proposals that direct Ekubo, Inc., as a service provider to the DAO, to perform duties such as distributing incentives; Ekubo, Inc. may in some cases decline additional responsibilities assigned by the DAO. The entirety of protocol revenue is owned by the DAO. Spending of the DAO treasury goes through the public governance process.
(e) Control surface reliance
/ anticipated evolution. The protocol is fully decentralized. After the change to the license model with launch of V3 of the protocol, no changes to the governance model are anticipated.
(f) Dissolution authority
The DAO has the right to dissolve itself solely at its own discretion.
Primary Foundation
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe current powers over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the Foundation can exert direct or indirect influence over decision-making of the Developer Company.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each.
- (f) Current economic arrangements and distribution policies — Describe current governance-approved, contractual, or programmatic mechanisms by which protocol-controlled resources may be directed to this entity, its equityholders, contributors, or other participants. If none exist, state that explicitly.
A Primary Foundation does not exist for Ekubo. The entity directly involved in the issuance of the EKUBO token at launch was Ekubo, Inc. (the Developer Company; see item 5). The Ekubo DAO is the on-chain governance body but is not structured as a legal foundation.
Primary Developer Company
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe current powers over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the Developer Company can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each.
- (f) Current economic arrangements and distribution policies — Describe current governance-approved, contractual, or programmatic mechanisms by which protocol-controlled resources may be directed to this entity, its equityholders, contributors, or other participants. If none exist, state that explicitly.
(a) Entity
type and jurisdiction. Ekubo, Inc., a Delaware C corporation.
(b) IP ownership & control
All codebases and their licenses can be found on our GitHub. Notably, the EVM smart contractsuse our community source license ekubo-license-v1.eth which is managed via an ENS namethat is owned by the Ekubo DAO. Anyone may use the Ekubo smart contracts as long as they share revenue with the Ekubo DAO. All the other public repositories have an open source license, usually MIT. As of April 2026, there are no trademarks filed for the Ekubo brand.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Ekubo, Inc. is a major tokenholder, holding approximately one-third of all EKUBO supply on its balance sheet. It acts as an ordinary tokenholder — it can delegate its tokens, vote on proposals, or stake the tokens to earn a share of protocol revenue whenever possible. Ekubo, Inc. has committed to abstain from voting in proposals to launch additional tokens. The DAO may vote on proposals directing Ekubo, Inc., as a service provider, to perform duties (e.g., distribute incentives); Ekubo, Inc. may in some cases decline additional responsibilities. Ekubo, Inc. has committed not to earn revenue via fees charged on the Ekubo Interface to interact with Ekubo Protocol, and revenue generated directly by Ekubo, Inc. will never be distributed to token holders.
(d) Powers over Foundation
Not applicable — no Foundation is disclosed to exist (see item 4).
(e) Contract/admin powers
Ekubo, Inc. holds no ownership roles over the protocol. In some cases, Ekubo, Inc. may transiently hold ownership of DAO assets, e.g. during the deployment of contracts at the direction of the Ekubo DAO.
(f) Current economic arrangements and distribution policies
Ekubo, Inc.'s business model is to sustain itself on revenue earned by the protocol and distributed to tokenholders (i.e., as a staker of its own one-third allocation). The majority of Ekubo, Inc.'s company funds were provided by a grant from the Ekubo DAO. Equity holders in Ekubo, Inc. have the normal voting and other rights afforded to equity holders in a Delaware corporation by virtue of the Articles of Association of Ekubo, Inc.. Revenue generated directly by Ekubo, Inc. will never be distributed to token holders, and Ekubo, Inc. has committed not to earn revenue in any way that hinders protocol revenue. There are no agreements between the DevCo and any team members or investors that commit any of the one-third of total supply allocated to the team.
Affiliated Protocol Contributor
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
- (a) Identity & role — Legal name, entity type, jurisdiction, and role.
- (b) Parameter control & scope — If any, what major protocol parameters the APC controls; include the method of authority. If none, say so.
- (c) Contract/admin powers — If any, provide pause/upgrade powers, governance-executor authorities and limitations; include the method/threshold for each. If none, say so.
- (d) Compensation and material economic arrangements — If any protocol-generated resources or economic value is dynamically routed to the APC, describe the arrangement. If none, state that explicitly.
There are 4 APCs to the DAO.
- Ekubo, Inc. is the most active APC, providing the supermajority of development services and hosting an interface that allows users to interact with Ekubo Protocol. Ekubo, Inc. has no administrative powers over the protocol whatsoever. Occasionally, Ekubo, Inc. will receive ownership from the DAO of certain contracts or liquidity positions to perform execute administrative actions and return ownership to the DAO. Ekubo, Inc. received agrant of approximately $1.4M for 2 years of service in August 2024 (src).
- Gerald provides tool development and governance facilitation services to the DAO. Hereceived 22.5k EKUBO for 1 year of service starting October 2025 (src).
Token Supply
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule.
(a) Launch supply totals
Total supply of EKUBO is 10,000,000 tokens, split into three equal parts of 3,333,333 tokens. The token is fully distributed and immutable with a fixed supply. All tokens were issued at launch with no vesting-based locks on any category.
(b) Recipient categories & use of funds
The token was split three ways: (i) Airdrop — 1/3 (3,333,333 tokens) distributed to users via airdrop to liquidity providers, using a superlinear transformation of points based on fees earned in the protocol up to the May 2024 airdrop snapshot; (ii) Team — 1/3 (3,333,333 tokens) held by Ekubo, Inc., which has committed to keeping 100% of its allocation on its balance sheet; (iii) Sale — 1/3 (3,333,333 tokens) sold by the DAO for ETH, USDC, and STRK via Ekubo's TWAMM/DCA order feature on Starknet between May 2024 and July 2024.
(c) Initial price per token
No fixed offering price. The 1/3 allocated to the public sale was sold via TWAMM (Time-Weighted Average Market Maker) / DCA order feature on Starknet between May 2024 and July 2024, with price determined by the market during the sale period. The sale was split into 3 parts of 1,089,970 EKUBO tokens. In total, 1,204,770 USDC, 1,549,920 STRK and343.675 ETH were raised by the token sale. (src)
(d) Ticker / market symbol
EKUBO.
(e) Total supply & supply regime
Fixed supply of 10,000,000 EKUBO. The EKUBO token contract is immutable and has no on-chain owner; public token issuance is not possible. No inflation, no emission schedule.
(f) Initial vesting / release schedules
No vesting schedule applies to any category. The Ekubo, Inc. (team) allocation has no contractual vestingThe airdrop and public-sale tokens were distributed without lockups.
Vesting Insider Tokens
List all insider allocations subject to vesting, including recipient class, token amount, vesting start, cliff, and end date.
There are no post-TGE token compensation plans. Ekubo, Inc. is the only insider, there are no investors in Ekubo, Inc. equity, and there are no agreements between the DevCo and any team members or investors that commit any of the one-third of total supply allocated to the team.
Disclosure of Token Advisory Billings
Disclose token-based compensation for external advisors and service providers funded from the on-chain treasury. If none exist, state so explicitly.
- (a) Existence — Whether any such token-based payments or advisory commitments exist, or explicitly state that no token-based compensation for advisory commitments exist.
- (b) Total token allocation — The total token allocation across all advisory services.
- (c) Payer entity — The payer entity.
- (d) Description of advisory/services — A brief description of the advisory/services.
(a) Existence
No token-based compensation for advisory commitments exists. There are no agreements between the DevCo (Ekubo, Inc.) and any team members or investors that commit any of the one-third of total supply allocated to the team.
(b) Total token allocation
None.
(c) Payer entity
Not applicable.
(d) Description of advisory/services
Not applicable for token-denominated advisory.
KOL Marketing Activities
Disclose ongoing KOL or influencer relationships that partially or fully received tokens for payment. If none exist, state so explicitly.
- (a) Existence & scope — State plainly whether KOLs receive tokens for payment. If none, say so.
- (b) Usernames & roles — List usernames/handles and platforms for KOLs that received token-based compensation and describe the nature of their activities.
- (c) Token allocation & vesting/locks — Provide the aggregate token amount across all such arrangements and summarize vesting, lock, or release terms.
As of April 2026, there are no KOL / influencer marketing activities for the EKUBO token.
Labelled Unissued & Operational Token Wallets
For wallets holding unissued tokens or essential operational funds, disclose primary function, chain, address, control mechanism, and one verification link.
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Ekubo, Inc. DeprecatedTeam Wallet | Starknet | 0x07be094d936b49bd8b41e62e27958f2ee9f65379db88e2bbd8cbbbdb2799acb0 | Ekubo, Inc. single key | ||
Updated Team Wallet | Starknet | 0x03eD77d43F4F5388fcb70d1BBB07e96cCAaC52cFeDB1ea0441f5F7873a1b125c | Ekubo, Inc. multisig | ||
Team SAFE (holds small amount of stables) | Ethereum | 0x01BCA817F9b75986e6552BAaf40Fa8C7F53D9Cf6 | Gnosis Safe — 1/1 | ||
Development Ethereum Key | Ethereum | 0x00000C771F6176268D5A9846E0956C3eF58597A1 | Ekubo, Inc. —Single key | ||
Governor | Starknet | 0x053499f7aa2706395060fe72d00388803fb2dcc111429891ad7b2d9dcea29acd | DAO / on-chain governance | ||
L1 Governor Proxy | Ethereum | 0x1E0EF4162e42C9bF820c307218c4E41cCcA6E9CC | DAO / on-chain governance |
NOTE: EKUBO has a fixed supply of 10,000,000 tokens that is fully distributed; there is no Unissued Supply (no tokens are authorized-but-not-issued). The wallets below are operational wallets for the DevCo (Ekubo, Inc.) and governance.
Market Structure
Market Maker Agreements & Deals
Disclose market maker name, token allocation or loaned amount, agreement term, and structure. If none exist, state so explicitly.
No market making agreements have been signed by Ekubo, Inc. regarding the EKUBO token, or by any third-party. No native EKUBO tokens have been loaned or allocated to market makers.
CEX / DEX Agreements & Deals
Disclose exchange name or DEX pool, token allocation, term duration, and native-token listing fees if applicable. If none exist, state so explicitly.
No centralized exchange agreements have been signed by Ekubo, Inc. regarding the EKUBO token (or by any third-party to our knowledge). No native EKUBO tokens have been paid as listing fees.
Liquidity Deals and Market Activity
Disclose liquidity deals and market activity, including repurchases, protocol-owned liquidity, purchased TVL, and token-secured loans or lines if applicable.
- (a) Token repurchases or secondary-market accumulations (if any) — Source of funds, treatment, controller/approvals, and whether those tokens may be re-used, re-issued, or permanently removed from circulation.
- (b) Protocol-owned liquidity (POL) — Where deployed, total token or dollar size across deployments, controller, and unwind/exit policy.
- (c) Liquidity deals / purchased TVL — The total size across all deals, and where the capital participates.
- (d) Token-secured loans/lines (incl. against unissued tokens) — Principal, gross position size, collateral, counterparties, and unwind/exit policy.
(a) Token repurchases or secondary-market accumulations (if any)
The DAO has made a one time buyback using $100k of DAO funds via governance proposaldescribed (src). The majority of DAO treasury used to fund the buyback came from the initialtoken sale. These tokens may be used at the DAO’s discretion.
(b) Protocol-owned liquidity (POL)
The DAO owns some EKUBO token liquidity in oracle pools on Starknet. The majority of DAO treasury used to fund the protocol owned liquidity comes from the initial token sale. Positions are often updated and can be seen under the governance addresses here:
- https://ekubo.org/positions?forUser=0x053499f7aa2706395060fe72d00388803fb2dcc111429891ad7b2d9dcea29acd
- https://ekubo.org/positions?forUser=0x1E0EF4162e42C9bF820c307218c4E41cCcA6E9CC
(c) Liquidity deals / purchased TVL
The only liquidity deal for the EKUBO token is public incentives via our onchain permissionlessboosted fees extension. The amount is 100k EKUBO and 50 ETH over 6 months (src). Themajority of the funds used for these incentives came from the initial token sale.
(d) Token-secured loans/lines (incl. against unissued tokens)
None.
Resources
Prior Token Sales & Fundraising
Disclose prior token sales, fundraising rounds, material OTC sales, and discounted market-maker sales. If none occurred, state so explicitly.
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
DAO public sale via TWAMM / DCA order feature on Starknet (for ETH, USDC, STRK) | May 2024 – July 2024 | 3,333,333 EKUBO (1/3 of total supply, sold by the DAO) | No vesting (delivered at purchase) |
No token sales or token-related transactions have been conducted by Ekubo, Inc. Ekubo, Inc. is not aware of the details of any third-party sales of EKUBO token. There have been no fundraising rounds, OTC rounds to investors, or discounted market-maker sales by Ekubo, Inc. For completeness, the only primary-market sale of EKUBO was the DAO's public sale of the 1/3 sale allocation via Ekubo's TWAMM / DCA order feature on Starknet, which was not a fundraising round, OTC, or discounted MM sale and in which the buyers were not pre-arranged investors:
Operational Funding, Economic Flows, and Resource Provisioning
Describe operational funding sources, economic flows, and how resources are provisioned across DevCo, Foundation, DAO, or other contributors.
(a) Entity existence
Foundation: does not exist. Lab/DevCo: Ekubo, Inc. exists (Delaware corporation). DAO: Ekubo DAO exists, with fully on-chain open-source governance on Starknet.
(b) Material sources of funding or economic inflows
The DAO owns 100% of protocol revenue. Liquidity providers pay a portion of the swap fees they earn to the DAO. These fees are used to buyback EKUBO tokens. EKUBO holders stake their tokens on Starknet to vote. The DAO decides how and when revenue is distributed to stakers.
(c) Operational use of resources
DAO treasury spending goes through the public governance process and may be directed to protocol incentives, service providers, stakers, and other purposes decided by tokenholder vote. Ekubo, Inc. uses its grant and staking-revenue to fund development and operations of the protocol. The majority of Ekubo, Inc.’s initial grant has been spent on security audits and development of the interface, smart contracts and infrastructure.
(d) Onchain resource usage
- DAO treasury dashboard: https://dao-treasury.ekubo.org — reports the total current value of the DAO's portfolio and breakdown.
- Discord town-hall: https://discord.ekubo.org — updates on key developments and community discussion.
- Ekubo charts: https://ekubo.org/charts — adoption and activity metrics.
- DeFiLlama: https://defillama.com/protocol/fees/ekubo — continuously-disclosed public fees and revenue data.
- Governance contract addresses: https://docs.ekubo.org/integration-guides/reference/contract-addresses#governance-con tracts — on-chain governance contracts on Starknet.
Previous Exploits Affecting The Native Token
Disclose prior exploits or incidents directly affecting the native token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. If none occurred, state so explicitly.
No exploits affecting tokenholders or protocol funds as of 2026-05-05 There have been no exploits to the protocol affecting tokenholders or protocol funds. One bug in the Starknet protocol was fixed in November 2024 with insignificant impact to the protocol, andthe post mortem can be found here.
[Optional] Offchain Foundation Or DevCo Income Statement
Optional upload of the most recent offchain income statement for the Foundation or DevCo.
Not provided. Ekubo, Inc. does not disclose its expenses and the same is not expected of any other service providers to the DAO (e.g., Blockworks). The DevCo holds: (i) one on-chain wallet with the EKUBO tokens, (ii) one Safe holding a small amount of stables, and (iii) the remainder of company funds in a Mercury bank account. The majority of company funds were provided by a grant from the Ekubo DAO. Of those funds, approximately 20% is remaining as of May 2026. The runway at the current operating expenses is ~18 months.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Ekubo is solely responsible for the content, accuracy, and legality of its disclosures.