Token TransparencyEkubo - H2 2026
EKUBOInitial · v2.0 · Filed 02 Jul 2026Complete
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Project & Team

01

Description of project

A narrative description of the purpose of the project in layman’s terms is provided.

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.

02

Known project team

For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the:
  • (a) full names,
  • (b) official titles,
  • (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.

Labs/DevCo — Ekubo, Inc.

Full NameOfficial TitlePrior Experience
Moody SalemFounder & CEOPreviously worked at Uniswap Labs, Google, and AWS as a software engineer.
GeraldGovernance Coordinator

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.

03

DAO structure

Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
  • (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 (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
  • (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 the current governance rights of tokenholders and any 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 (e.g., on-chain vote threshold, board resolution of a legal wrapper).

(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

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.

04

Primary foundation

Do the following for the Primary Foundation, defined below. If the primary foundation does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn’t exist.
  • (a) Entity — type and jurisdiction.
  • (b) IP ownership & control — what IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
  • (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. retained revenue), 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 (e.g., veto/majority/super-majority; “3/5 multisig”).
  • (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other
  • participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted. Definitions: The primary Foundation and DevCo can be explained as those entities which were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a “new foundation/DevCo” was created, then detail the “new foundation/DevCo”.

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.

05

Primary developer company

Do the following for the Primary Developer Company, defined below. If the primary foundation does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn’t exist.
  • (a) Entity — type and jurisdiction.
  • (b) IP ownership & control — what IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
  • (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. retained revenue), 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 (e.g., veto/majority/super-majority; “3/5 multisig”).
  • (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted. Definitions: The primary Foundation and DevCo can be explained as those entities which were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a “new foundation/DevCo” was created, then detail the “new foundation/DevCo”.

(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.

06

Affiliated protocol contributors

Definition (for this section): An Affiliated Protocol Contributor (APC) is a non-issuer company - not the protocol’s primary Foundation or DevCo - that materially contributes to the protocol’s code, operations, governance, or funding. For example, Blockworks Advisory would be considered an APC of Ethena because it materially contributes to its operations through Ethena’s risk council. Provide a structured description per APC. If no APCs exist, state that explicitly. Items below apply per APC; if an item isn’t applicable to a given APC, leave it absent and note why briefly.
  • (a) Identity & role — Legal name, entity type, jurisdiction, and role (e.g., core development, security, infrastructure, market making, operations).
  • (b) Parameter control & scope — If any, what major protocol parameters the APC controls; include the method of authority (e.g., veto, majority, super-majority, “3/5 multisig”). If none, say so.
  • (c) Contract/admin powers — If any, provide the pause/upgrade powers (e.g., multisig pause), 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. Include the resource sources, routing mechanism, payment frequency, and duration. If no protocol resources or resources-linked economics are routed to the APC, 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

07

Initial Allocation

Disclose launch and initial supply details in a single initial allocation schedule covering the token’s launch. Include:
  • (a) Launch supply totals — the total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch;
  • (b) Recipient categories & use of funds — the recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket;
  • (c) Initial price per token (if applicable) — the initial price per token at TGE.. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so.
  • (d) Ticker / market symbol — the ticker/market symbol;
  • (e) Total supply & supply regime — the total supply and whether the supply is fixed (if not explain inflation rate or deflation rate);
  • (f) Initial vesting / release schedules — the initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic);

(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.

08

Vesting insider tokens

If there are not post-TGE token compensation plans, state explicitly they do not exist. If there are then state the:
  • A) Post-TGE employee lock as % of total supply. State the current total amount of tokens locked or unvested attributable to post-TGE employees, expressed as a percentage of total supply.
  • B) Typical post-TGE vesting schedule. Describe the standard vesting terms used for post-TGE grants, including: cliff length (or “no cliff”), vesting frequency (e.g., monthly/quarterly), and total duration.

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.

09

Disclosure of token advisory billings

Disclose current token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury. Do not disclose individual payments to advisors receiving fiat-only compensation. Provide:
  • (a) Whether any such token-based payments or advisory commitments exist (or explicitly state that no token-based compensation for advisory commitments exist).
  • (b) The total token allocation across all advisory services
  • (c) The payer entity (e.g., Foundation, Labs/DevCo, DAO/treasury).
  • (d) A brief description of the advisory/services (e.g., “legal and regulatory advisory,” “growth and BD support,” “security advisory”).

(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 services

Not applicable for token-denominated advisory.

10

KOL marketing activities

Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
  • (a) Existence & scope: State plainly whether KOLs receive tokens for payment, if none say so.
  • (b) Usernames & roles: List usernames/handles (with platforms) for KOLs that received token-based compensation and describe the nature of their activities. Legal names are not required.
  • (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.

11

Labelled unissued & operational token wallets

For each wallet that holds Unissued Tokens or is essential to operations (e.g., foundation, operations, treasury, investor reserve), disclose:
  • (a) A category label explaining the wallet’s primary function.
  • (b) chain the wallet is on.
  • (c) The unique address of the wallet.
  • (d) The mechanism of control (e.g., DAO, multisig).
  • (e) One verification link to a blockchain explorer. Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.

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.

Title / Primary FunctionChainAddressControl MechanismExplorer Link
Ekubo, Inc. DeprecatedTeam WalletStarknet0x07be094d936b49bd8b41e62e27958f2ee9f65379db88e2bbd8cbbbdb2799acb0Ekubo, Inc. single keyhttps://voyager.online/contract/0x07be094d936b49bd8b41e62e27958f2ee9f65379db88e2bbd8cbbbdb2799acb0
Updated Team WalletStarknet0x03eD77d43F4F5388fcb70d1BBB07e96cCAaC52cFeDB1ea0441f5F7873a1b125cEkubo, Inc. multisighttps://voyager.online/contract/0x03ed77d43f4f5388fcb70d1bbb07e96ccaac52cfedb1ea0441f5f7873a1b125 c
Team SAFE (holds small amount of stables)Ethereum0x01BCA817F9b75986e6552BAaf40Fa8C7F53D9Cf6Gnosis Safe — 1/1https://etherscan.io/address/0x01BCA817F9b75986e6552BAaf40Fa8C7F53D9Cf6
Development Ethereum KeyEthereum0x00000C771F6176268D5A9846E0956C3eF58597A1Ekubo, Inc. —Single keyhttps://etherscan.io/address/0x00000C771F6176268D5A9846E0956C3eF58597A1
GovernorStarknet0x053499f7aa2706395060fe72d00388803fb2dcc111429891ad7b2d9dcea29acdDAO / on-chain governancehttps://voyager.online/contract/0x053499f7aa2706395060fe72d00388803fb2dcc111429891ad7b2d9dcea29a cd
L1 Governor ProxyEthereum0x1E0EF4162e42C9bF820c307218c4E41cCcA6E9CCDAO / on-chain governancehttps://etherscan.io/address/0x1e0ef4162e42c9bf820c307218
c4e41ccca6e9c c#readContract

Market Structure

12

Market maker agreements & deals

Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
  • (a) Market maker’s name — the market maker’s name;
  • (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
  • (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
  • (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.

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.

13

CEX / DEX agreements & deals

Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
  • (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
  • (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
  • (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
  • (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership. If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.

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.

14

Liquidity deals and market activity

If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
  • (a) Token repurchases or secondary-market accumulations, if any — Source of funds, treatment (burn, treasury retention, POL, redistribution, or other), 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 - no counterparty names needed.
  • (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

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:

(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

None.

Resources

15

Prior token sales & fundraising

Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
  • (a) Series Name / Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
  • (b) Date of sale (at least month & year).
  • (c) Number of tokens sold (or % of total supply)
  • (d) Vesting schedule If no prior sales occurred, state that explicitly (e.g., “No prior fundraising, OTC, or discounted MM sales have occurred.”)

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:

Series Name / Investment VehicleDate Of SaleNumber of tokens soldVesting Schedule
DAO public sale via TWAMM / DCA order feature on Starknet (for ETH, USDC, STRK)May 2024 – July 2024DAO public sale via TWAMM / DCA order feature on Starknet (for ETH, USDC, STRK)DAO public sale via TWAMM / DCA order feature on Starknet (for ETH, USDC, STRK)May 2024 – July 20243,333,333 EKUBODAO public sale via TWAMM / DCA order feature on Starknet (for ETH, USDC, STRK)May 2024 – July 20243,333,333 EKUBO (1/3 of total supply, sold by the DAO)No vesting (delivered at purchase)
3,333,333 EKUBO (1/3 of total supply, sold by the DAO)No vesting (delivered at purchase)May 2024 – July 20243,333,333 EKUBO (1/3 of total supply, sold by the DAO)No vesting (delivered at purchase)(1/3 of total supply, sold by the DAO)No vesting (delivered at purchase)
16

Operational Funding, Economic Flows, and Resource Provisioning

Provide a narrative description of the Project’s material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations. Address the following:
  • (a) Entity existence — Explicitly state whether each of Foundation, Lab/DevCo, and DAO exists.
  • (b) Material sources of funding or economic inflows — For each existing entity, describe its primary sources of operational funding or economic inflows, if any (e.g., service fees, grants, donations, treasury reserves, token reserves, staking rewards, validator/sequencer income, partnership payments, retained revenue, or other protocol-related receipts). If none, state “none.”
  • (c) Operational use of resources — Briefly describe how those resources are generally used (e.g., development, operations, security, ecosystem support, grants, liquidity support).
  • (d) Onchain Resource Usage — Provide links to public dashboards and token holder relations reports that help explain on-chain financial activity, treasury activity, fee flows, rewards, or other protocol-controlled resources. Make certain to explain what each link is for.

(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.
17

Previous Exploits Affecting The Native Token

If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. For each incident, provide:
  • (a) Date & component affected — date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected;
  • (b) Exploit vector summary — plain-language summary of the exploit vector (what the hack was);
  • (c) Quantified impact — quantified impact (assets/tokens affected or a clear “no loss of funds” statement);
  • (d) Remediation/response taken — remediation/response taken (patches, upgrades, governance actions, compensation);
  • (e) Current status — current status (resolved, in litigation, under investigation, refunded, etc.);
  • (f) References (optional) — references (optional): link(s) to post-mortem/advisory/PR. If no prior incidents, state this explicitly (e.g., “No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD”).

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.

18

Offchain Foundation Or DevCo Income Statement

Statement Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.

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.

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