(a) Problem the project solves

Opinion describes macro trading as inaccessible because retail and institutional participants cannot trade economic indicators such as inflation and interest rates directly and instead rely on proxies such as gold, bonds or crypto. Opinion presents itself as a prediction exchange with integrated data dashboards and trading tools that lets participants trade macroeconomic data, predictions and news outcomes directly as standardized assets. (Source: About OPINION, OPINION Whitepaper v1.0)

(b) Operational priorities

Opinion describes trading fee revenue from market transactions as live since day one, with data service fees for professional and institutional users, custom API integration service fees, and AI oracle integration service fees for B2B clients all described as in the pipeline rather than in production. Fees are charged to takers only, range from 0% to 1% of notional and rise as market probability approaches 50%, subject to a $5 minimum order and a $0.25 minimum fee, and Opinion covers the onchain gas for trade matching and settlement. A 12.00% Foundation allocation of 120,000,000 OPN is designated for long-term protocol sustainability, including development, infrastructure and operational expenses. (Source: OPINION Whitepaper v1.0, Opinion Fees)

(c) High-level project overview

Opinion operates a prediction exchange built on a conditional token framework and a central limit order book, in which each market's outcome shares are traded against a settlement asset such as USDT. Makers place resting limit orders and takers execute against them, positions are settled onchain, and the resolution method for each market is specified in that market's definition, with most markets resolved through Opinion AI acting as the primary oracle mechanism. Access is available through the web interface, a public REST API, a websocket feed, and Python and TypeScript CLOB SDKs. The whitepaper places testnet launch on Monad in 2025 Q2-Q3 and BNB Chain mainnet deployment in 2025 Q4. (Source: OPINION Whitepaper v1.0, About OPINION, Opinion Fees)

(d) Primary token functions

The whitepaper states that demand for $OPN is expected to be driven by data consumption, where accessing premium dashboards and oracle feeds requires token usage; access and privileges, through VIP tiers, fee reductions and product access; governance participation, described as influencing core protocol and oracle governance; and network growth alignment. The one token function documented in the live product is dispute staking: any user may challenge a proposed market resolution under a Wrong Result or Too Early category by staking the greater of 1% of the market's open interest or 1,000 $OPN, converted at the Binance OPN/USDT rate at the time the first resolution is proposed. An accepted dispute returns the stake plus an equal amount of $OPN as a reward, and a rejected dispute forfeits the stake. Only one dispute is permitted per resolution and it is allocated first-come, with the disputer paying their own gas. (Source: OPINION Whitepaper v1.0, Opinion Dispute)

(e) Control surface reliance

Opinion states that it operates under a foundation-led governance model during its initial stages, with the Opinion Foundation overseeing protocol development, operational coordination and strategic direction, and that governance structures may evolve as the protocol matures and community participation expands. The published roadmap places the introduction of protocol governance mechanisms in 2026 Q2 and enhanced governance mechanisms in 2026 Q3, so no tokenholder voting mechanism was live at the token generation event. Separately, the Terms of Use identify Superchillclub Limited as the company providing the interfaces and features and reserve to it sole discretion to place wallets in close-only mode and to terminate access. (Source: OPINION Whitepaper v1.0, Opinion Terms of Use)

(a) IP ownership & control

Opinion has no DAO, so no DAO owns or controls any intellectual property. The Terms of Use state that the Company or its licensors own all right, title and interest, including all intellectual property rights, in and to the site, any other interface and the features, and grant users only a personal, limited, revocable, non-exclusive, non-sublicensable and non-transferable licence to use them. (Source: OPINION Whitepaper v1.0, Opinion Terms of Use)

(b) Contract/admin powers

Opinion has no DAO and no governance-executor authority held by tokenholders. For the OPN token contract itself, the whitepaper specifies that the Owner role holds setPeer, setEnforcedOptions, setDelegate and transferOwnership, that the Delegate role holds endpoint-level configuration over LayerZero decentralized verifier networks, executors and send and receive libraries, and that the contract has no pause, blacklist or upgrade functionality. Opinion has not publicly disclosed which entity or address holds the Owner or Delegate role, whether either sits behind a multisig, or any approval threshold for exercising them. (Source: OPINION Whitepaper v1.0)

(c) Locked-token rights (conditional)

Opinion has no locking or staking mechanism that grants additional governance rights to OPN holders. The only staking use of OPN documented in the product is dispute staking, under which a staked deposit is returned with an equal OPN reward if the dispute is accepted and forfeited if it is rejected, and which confers no governance rights and no additional decision-making power. (Source: OPINION Whitepaper v1.0, Opinion Dispute)

(d) Value accrual & holder rights

The whitepaper states that holding $OPN enables participation in defined protocol governance matters, including core protocol parameters and oracle governance oversight, and lists token utility as data consumption, access and privileges, governance participation and network growth alignment. It describes no right for tokenholders to receive revenue distributions, fee shares or treasury assets, and no mechanism by which tokenholders can direct treasury spending. Because the roadmap places the introduction of protocol governance mechanisms in 2026 Q2, no tokenholder voting mechanism was live at the token generation event. (Source: OPINION Whitepaper v1.0)

(e) Dissolution authority

Opinion has no DAO to dissolve or wind up, and Opinion has not publicly disclosed any dissolution or wind-up mechanism, threshold or responsible body for a DAO or for a legal wrapper of a DAO. (Source: OPINION Whitepaper v1.0)

(a) Entity

A primary foundation exists. The whitepaper identifies the Opinion Foundation as the body overseeing protocol development, operational coordination and strategic direction, and lists [email protected] as the project's contact address. Opinion has not publicly disclosed the Opinion Foundation's entity type or its jurisdiction of incorporation. (Source: OPINION Whitepaper v1.0)

(b) IP ownership & control

Opinion has not publicly disclosed what intellectual property the Opinion Foundation owns or controls, including repositories, code or trademarks, and has disclosed no licence terms for any Foundation-held intellectual property. The Terms of Use instead assign all right, title and interest, including all intellectual property rights, in and to the site, any other interface and the features to Superchillclub Limited or its licensors. Opinion has not publicly disclosed any subsidiary entities of the Opinion Foundation. (Source: OPINION Whitepaper v1.0, Opinion Terms of Use)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

The whitepaper states that the Opinion Foundation's mandate is to support the long-term development and integrity of the protocol, including overseeing protocol upgrades, managing core parameters where necessary, maintaining security standards and facilitating ecosystem growth, and that its role is limited to protocol stewardship and infrastructure coordination rather than financial services or investment management. The Foundation is also the designated recipient of a 12.00% allocation of 120,000,000 OPN. There is no DAO for the Foundation to hold powers over. Opinion has not publicly disclosed the approval method or threshold for any of these powers. (Source: OPINION Whitepaper v1.0)

(d) Powers over DevCo

The only influence channel Opinion has described is the Foundation's own mandate. The whitepaper places protocol development, operational coordination and strategic direction under the Opinion Foundation, and gives the Foundation oversight of protocol upgrades and of core protocol parameters, which is decision-making authority over the product that Opinion Labs builds rather than over Opinion Labs as a company. Nothing further connects the two: Opinion discloses no shareholding by the Foundation in Opinion Labs or in Superchillclub Limited, no board seat or director-appointment right, no reserved matters or veto, and no services, development or grant agreement between the Foundation and either operating entity. The Terms of Use name Superchillclub Limited as the operator of the site and interfaces and as the owner of the intellectual property in them without any reference to the Foundation, so on the published record the Foundation has no formal control over either company's internal decision-making. (Source: OPINION Whitepaper v1.0, Opinion Terms of Use)

(e) Contract/admin powers

Opinion has not publicly disclosed whether the Opinion Foundation holds the Owner or Delegate role over the OPN token contract, nor any pause, upgrade or governance-executor authority or its method or threshold. The whitepaper states that the token contract has no pause, blacklist or upgrade functionality, and that the Owner role is limited to setPeer, setEnforcedOptions, setDelegate and transferOwnership while the Delegate role is limited to LayerZero endpoint-level configuration. (Source: OPINION Whitepaper v1.0)

(f) Current economic arrangements and distribution policies

The only disclosed economic arrangement benefiting the Opinion Foundation is its 12.00% token allocation of 120,000,000 OPN, designated for long-term protocol sustainability including development, infrastructure and operational expenses, of which 1% unlocks at the token generation event and the remainder is subject to a 6-month cliff followed by 12-month linear vesting. Opinion has not publicly disclosed any governance-approved, contractual or programmatic mechanism by which trading fee revenue, treasury assets, protocol-controlled resources or rewards are directed to the Opinion Foundation, its equityholders, its contributors or other participants. (Source: OPINION Whitepaper v1.0, Opinion Fees)

(a) Entity

A primary development company exists. The Terms of Use identify Superchillclub Limited as the company that provides the interfaces and features, including the opinion.trade site and the prediction market platform, and public reporting identifies Opinion Labs as the developer of the protocol. Opinion has not publicly disclosed the entity type or jurisdiction of incorporation of either Superchillclub Limited or Opinion Labs. The Terms of Use are governed by the laws of Panama, with the exclusive jurisdiction for non-arbitrated disputes being the courts located in Panama. (Source: Opinion Terms of Use, PANews: What is Opinion, the project that's been making headlines lately?)

(b) IP ownership & control

The Terms of Use state that the Company, defined as Superchillclub Limited, or its licensors own all right, title and interest, including all intellectual property rights, in and to the site, any other interface and the features, including any related content and technology, and that users receive only a personal, limited, revocable, non-exclusive, non-sublicensable and non-transferable licence. The terms also state that the Company owns all right, title and interest in and to user feedback. The whitepaper lists github.com/OpinionLabs as the project's public code location. Opinion has not publicly disclosed any subsidiary entities of Superchillclub Limited or of Opinion Labs, nor the ownership of the Opinion trademark or brand. (Source: Opinion Terms of Use, OPINION Whitepaper v1.0)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

There is no DAO for the development company to hold powers over. Opinion has not publicly disclosed what powers Superchillclub Limited or Opinion Labs holds over treasury actions, protocol-controlled resources such as trading fee revenue, token administration or reward parameters, nor any method or threshold for exercising such powers. The Terms of Use do reserve to the Company sole discretion to investigate potentially prohibited use, to terminate a user's access to the site, interfaces and features, to prohibit a user from participating in any reward or incentive programs or product launches, and to place wallets in close-only mode. (Source: Opinion Terms of Use, OPINION Whitepaper v1.0)

(d) Powers over Foundation

On the published record the influence runs in the opposite direction and is not reciprocated. The whitepaper places protocol development, operational coordination and strategic direction, and oversight of protocol upgrades and core parameters, with the Opinion Foundation, and describes the Foundation's role as limited to protocol stewardship and infrastructure coordination; it assigns the operating entities no corresponding authority over the Foundation. The Terms of Use, which are governed by Panamanian law, name Superchillclub Limited as the company that provides the site, the interfaces and the features and as the owner of the intellectual property in them, and make no reference to the Foundation at all. Opinion has therefore disclosed no shareholding, membership interest, council or board seat, director-appointment right, veto, reserved matter or contractual right through which Superchillclub Limited or Opinion Labs could direct or constrain the Opinion Foundation's decision-making, and no services, development or funding agreement between them. (Source: Opinion Terms of Use, OPINION Whitepaper v1.0)

(e) Contract/admin powers

Opinion has not publicly disclosed whether Superchillclub Limited or Opinion Labs holds the Owner or Delegate role over the OPN token contract, nor any pause, upgrade or governance-executor authority or its method or threshold. The whitepaper states that the token contract has no pause, blacklist or upgrade functionality, that the Owner role is limited to setPeer, setEnforcedOptions, setDelegate and transferOwnership, and that the Delegate role is limited to endpoint-level configuration of decentralized verifier networks, executors and send and receive libraries. (Source: OPINION Whitepaper v1.0)

(f) Current economic arrangements and distribution policies

Trading fees on the platform are charged to takers only, range from 0% to 1% of notional under a price times one-minus-price curve scaled by a per-market topic rate, are subject to a $0.25 minimum fee, and are denominated in the settlement asset; referrers receive incentives equivalent to 5% of the fees paid by their invitees. Opinion has not publicly disclosed which entity receives that fee revenue, and has not publicly disclosed any governance-approved, contractual or programmatic mechanism by which treasury assets, protocol-controlled resources, rewards or token distributions are directed to Superchillclub Limited, Opinion Labs, their equityholders or their contributors. A separate Team and Advisors allocation of 19.50%, or 195,000,000 OPN, is designated for core contributors and advisors supporting protocol development, with 0% unlocked at the token generation event, a 12-month cliff and 24-month linear vesting thereafter. (Source: Opinion Fees, OPINION Whitepaper v1.0)

(a) Launch supply totals

The total supply of OPN is 1,000,000,000 tokens. The initial total supply is minted once at contract deployment, split 200,000,000 tokens on BNB Chain and 800,000,000 tokens on Ethereum. A total of 198,500,000 OPN, or 19.85% of total supply, was unlocked at the token generation event to form the initial circulating supply, leaving 801,500,000 OPN, or 80.15% of total supply, locked or subject to vesting at launch. (Source: OPINION Whitepaper v1.0, Binance Launchpool: Opinion (OPN))

(b) Recipient categories & use of funds

The allocation is Airdrop 23.50% (235,000,000 OPN) for user participation incentives and community growth programs; Investors 23.00% (230,000,000 OPN) for investors who provided capital during funding rounds; Team and Advisors 19.50% (195,000,000 OPN) for core contributors and advisors supporting protocol development; Foundation 12.00% (120,000,000 OPN) for long-term protocol sustainability including development, infrastructure and operational expenses; Ecosystem 11.10% (111,000,000 OPN) for builders, partners and protocol growth initiatives; Marketing 8.90% (89,000,000 OPN) for user acquisition, ecosystem expansion and brand development; and Liquidity and Market Making 2.00% (20,000,000 OPN) for initial liquidity provision on centralized and decentralized exchanges. Separately, 20,000,000 OPN, equal to 2% of total supply, was distributed as Binance Launchpool farming rewards, and a further 15,000,000 OPN was allocated to marketing campaigns over the three months following listing. (Source: OPINION Whitepaper v1.0, Binance Launchpool: Opinion (OPN))

(c) Initial price per token (if applicable)

Opinion set no fixed public offering price for OPN. Distribution at listing ran through Binance Launchpool, where users locked BNB, USDC, U and USD1 to farm 20,000,000 OPN over a farming period from 2026-03-03 00:00 UTC to 2026-03-04 23:59 UTC, after which price was set by the market on spot listing at 2026-03-05 13:00 UTC. The whitepaper states no offering price. (Source: Binance Launchpool: Opinion (OPN), OPINION Whitepaper v1.0)

(d) Ticker / market symbol

The native token is OPN, presented in project materials as $OPN. (Source: OPINION Whitepaper v1.0, Binance Launchpool: Opinion (OPN))

(e) Total supply & supply regime

Total supply is fixed at 1,000,000,000 OPN and remains constant across chains. The whitepaper states that the initial total supply is minted once during contract deployment and that there is no public or administrative mint function; additional tokens may only be minted internally via lzReceive upon verified cross-chain transfers, with matching internal burns on the source chain when a transfer is initiated via the send function, and there is no public or administrative burn function. There is therefore no inflation or deflation schedule; supply distribution shifts between BNB Chain and Ethereum only through cross-chain transfers under the LayerZero omnichain fungible token standard. (Source: OPINION Whitepaper v1.0)

(f) Initial vesting / release schedules

Investors, at 23.00%, unlock 0% at the token generation event and are subject to a 12-month cliff followed by 24-month linear vesting. Team and Advisors, at 19.50%, unlock 0% at the token generation event and are subject to the same 12-month cliff followed by 24-month linear vesting. Airdrop, at 23.50%, unlocks 3.5% of total supply at the token generation event with the remainder vesting over 7 months. Ecosystem, at 11.10%, unlocks 5.65% of total supply at the token generation event followed by 36-month vesting. Foundation, at 12.00%, unlocks 1% of total supply at the token generation event followed by a 6-month cliff and 12-month linear vesting. Marketing, at 8.90%, unlocks 7.7% of total supply at the token generation event followed by 6-month linear vesting. Liquidity and Market Making, at 2.00%, is 100% unlocked at the token generation event. (Source: OPINION Whitepaper v1.0)

Planned but not yet executed airdrop

Partly applicable, because the Airdrop allocation is only partly distributed. Of the 23.50% of total supply, or 235,000,000 OPN, designated for user participation incentives and community growth programs, 3.5% of total supply unlocked at the token generation event and the remainder vests over 7 months, so the balance is committed to future distribution under the same program. The target segments and allocation method for those future tranches are the ones already in force and are set out under (b) below. Opinion has not committed to publishing a recipient wallet list in a public channel, or to providing one to Blockworks quarterly, for the tranches that remain to be distributed over that vest. (Source: OPINION Whitepaper v1.0, Binance Research: Opinion)

Executed airdrop

This is the applicable branch for the distributed portion. Binance Research describes the day-one retail float as Season 1 plus Social Airdrop at 3.5% of total supply and a Lock Airdrop at 3.5% of total supply.

Per-address source. No per-address source has been published. Opinion's whitepaper, its documentation and the Binance listing materials contain no CSV, TSV or JSON allocation file, no Dune table, no full Merkle dump, no GitHub repository file embedding per-address allocations, and no RPC endpoint exposing per-address claim or amount data; eligibility is surfaced only through the in-product point balance and weekly leaderboard, which show a participant their own standing rather than the recipient set. The published record therefore establishes the allocation's size and the point mechanics behind it but does not allow the recipient list or any individual allocation to be reconstructed from public data.

Covered user segments and allocation method. The covered segment is active traders on the Opinion platform, and the allocation method is the Opinion Point System, which requires $200 in cumulative trading volume to join, distributes a fixed pool of points weekly with leaderboards updated weekly, and awards points across three activities: limit orders placed closer to prevailing market odds, in larger size and left open longer earn more points, with orders above $10 USDT classified as liquidity provision; trading activity earns points proportionally to trade size; and maintaining conditional token positions over time earns ongoing points that scale with the number of tokens held and the holding duration. The whitepaper states that there is no fixed point-to-token conversion rate and that a participant's point balance may determine a proportional share of incentive distribution, so the method is a proportional share of a weekly pool rather than a fixed per-address amount. (Source: OPINION Whitepaper v1.0, Binance Research: Opinion)

No airdrop planned or conducted

Not applicable, because an airdrop was conducted. Opinion distributed the token-generation-event tranche of the Airdrop allocation as described above, so the project cannot state that it has never conducted one. (Source: Binance Research: Opinion)

Opinion discloses a Liquidity and Market Making allocation of 2.00% of total supply, or 20,000,000 OPN, fully unlocked at the token generation event and designated for initial liquidity provision on centralized and decentralized exchanges. Opinion has not named any market maker engaged in respect of the token, has not disclosed any token allocation or loan made to a market maker, has not disclosed any agreement term or duration, and has not labelled the financial vehicle used in any such arrangement. (Source: OPINION Whitepaper v1.0, Binance Research: Opinion)

• Market Maker Name: Opinion has not publicly disclosed the name of any market maker engaged in respect of the OPN token. OPINION Whitepaper v1.0
  • Token Allocation Committed: Opinion has not publicly disclosed any token allocation or loaned amount committed to a market maker; the only related disclosure is an undifferentiated Liquidity and Market Making bucket of 2.00% of total supply, or 20,000,000 OPN, fully unlocked at the token generation event. OPINION Whitepaper v1.0
  • Term Duration: Opinion has not publicly disclosed the duration or term of any market-making agreement. OPINION Whitepaper v1.0
  • Structure Name: Opinion has not publicly disclosed the name or type of the financial vehicle used in any market-making agreement, such as a loan, option or call, or retainer model. OPINION Whitepaper v1.0

Opinion's only publicly disclosed exchange arrangement is the Binance Launchpool and spot listing. Opinion has not disclosed any listing agreement with any other centralized exchange or any decentralized exchange pool, has not disclosed any token allocation committed for listing beyond the Launchpool and marketing amounts stated by Binance, has not disclosed any listing lockup term, and has not disclosed whether any listing fees were paid in native tokens. (Source: Binance Launchpool: Opinion (OPN), OPINION Whitepaper v1.0)

• Exchange Name: Binance, which listed OPN on spot at 2026-03-05 13:00 UTC with the Seed Tag applied, against the OPN/USDT, OPN/USDC, OPN/BNB, OPN/U, OPN/USD1 and OPN/TRY pairs. Binance Launchpool: Opinion (OPN)
  • Token Allocation Committed: Binance states that 20,000,000 OPN, equal to 2% of total supply, was committed as Launchpool farming rewards, split 16,000,000 OPN to the BNB pool, 2,000,000 OPN to the USDC pool, 1,000,000 OPN to the U pool and 1,000,000 OPN to the USD1 pool, and that a further 15,000,000 OPN, equal to 1.5% of total supply, was allocated to other marketing campaigns. Binance Launchpool: Opinion (OPN)
  • Term Duration: The Launchpool farming period ran from 2026-03-03 00:00 UTC to 2026-03-04 23:59 UTC, and the additional marketing campaigns were stated to run over the three months following listing. Opinion has not publicly disclosed any listing lockup or any longer liquidity or incentive-program term. Binance Launchpool: Opinion (OPN)
  • Native Token Listing Fees: Opinion has not publicly disclosed whether any listing fees were paid to Binance in OPN, nor any amounts, recipients or vesting or lock terms tied to the listing. Binance Launchpool: Opinion (OPN)
• Exchange Name: Opinion has not publicly disclosed any other centralized exchange or decentralized exchange pool covered by a listing agreement. OPINION Whitepaper v1.0
  • Token Allocation Committed: Opinion has not publicly disclosed any token allocation supplied or committed for listing on any other venue; the only related disclosure is an undifferentiated Liquidity and Market Making bucket of 2.00% of total supply for initial liquidity provision on centralized and decentralized exchanges. OPINION Whitepaper v1.0
  • Term Duration: Opinion has not publicly disclosed the duration or term of any listing lockup, liquidity or incentive program at any other venue. OPINION Whitepaper v1.0
  • Native Token Listing Fees: Opinion has not publicly disclosed any native-token listing fees paid to any other venue. OPINION Whitepaper v1.0

• Series Name: Seed round. Binance Research: Opinion
  • Investment Vehicle: Opinion has not publicly disclosed the early-stage investment instrument used for the seed round, such as a SAFT, SAFE, SAFE plus token warrant or STAMP. Binance Research: Opinion
  • Date Of Sale: March 2024, as stated by Binance Research. Binance Research: Opinion
  • Number of tokens sold: 8.65% of total supply, equal to 86,500,000 OPN, raising $2.45 million. Binance Research: Opinion
  • Vesting Schedule: Investor tokens unlock 0% at the token generation event and are subject to a 12-month cliff followed by 24-month linear vesting. OPINION Whitepaper v1.0
• Series Name: Pre-A round. Binance Research: Opinion
  • Investment Vehicle: Opinion has not publicly disclosed the early-stage investment instrument used for the pre-A round. Binance Research: Opinion
  • Date Of Sale: December 2024, as stated by Binance Research. Binance Research: Opinion
  • Number of tokens sold: 1.61% of total supply, equal to 16,100,000 OPN, raising $1.3 million. Binance Research: Opinion
  • Vesting Schedule: Investor tokens unlock 0% at the token generation event and are subject to a 12-month cliff followed by 24-month linear vesting. OPINION Whitepaper v1.0
• Series Name: Series A round. Binance Research: Opinion
  • Investment Vehicle: Opinion has not publicly disclosed the early-stage investment instrument used for the series A round. Binance Research: Opinion
  • Date Of Sale: December 2025, as stated by Binance Research. Binance Research: Opinion
  • Number of tokens sold: 12.74% of total supply, equal to 127,400,000 OPN, raising $21.55 million. Binance Research: Opinion
  • Vesting Schedule: Investor tokens unlock 0% at the token generation event and are subject to a 12-month cliff followed by 24-month linear vesting. OPINION Whitepaper v1.0
• Series Name: Opinion has not publicly disclosed any material over-the-counter sale to investors or any discounted sale to a market maker. OPINION Whitepaper v1.0
  • Investment Vehicle: Not applicable, because no such sale has been disclosed.
  • Date Of Sale: Not applicable, because no such sale has been disclosed.
  • Number of tokens sold: Not applicable, because no such sale has been disclosed.
  • Vesting Schedule: Not applicable, because no such sale has been disclosed.

The three rounds above total 23.00% of total supply and approximately $25.3 million raised, which reconciles with the 23.00% Investors allocation of 230,000,000 OPN stated in the whitepaper. Two disclosure inconsistencies should be noted. Opinion's own roadmap dates the seed round to 2025 Q1 and states it was a $5 million round led by YZi Labs, which does not reconcile with the March 2024 date and $2.45 million amount stated by Binance Research; and press reporting places a further round of approximately $20 million led by Hack VC and Jump Crypto in early 2026, which does not reconcile with the December 2025 date and $21.55 million amount stated by Binance Research for the series A. Opinion has not published its own round-by-round fundraising table, so the per-round token percentages above rest solely on Binance Research. (Source: Binance Research: Opinion, OPINION Whitepaper v1.0, PANews: What is Opinion, the project that's been making headlines lately?)

(a) Date & component affected

No exploits or security incidents affecting protocol funds or tokenholders have been publicly disclosed by Opinion as of 2026-09-28, so there is no incident date, chain or affected component to report. The protocol's onchain components are the conditional token framework, the exchange engine and fee manager, and the OPN omnichain fungible token contracts deployed on BNB Chain and Ethereum at 0x7977BF3e7e0c954D12cdcA3E013ADAf57E0B06E0. (Source: OPINION Whitepaper v1.0, Binance Launchpool: Opinion (OPN))

(b) Exploit vector summary

There is no exploit vector to summarize, because no exploit affecting protocol funds has been publicly disclosed. (Source: OPINION Whitepaper v1.0, Opinion Audit Report)

(c) Quantified impact

No loss of funds has been publicly disclosed. Opinion has reported no assets or tokens affected by any exploit or security incident. (Source: OPINION Whitepaper v1.0, Opinion Audit Report)

(d) Remediation/response taken

No incident remediation has been required. Opinion's disclosed security response consists of independent third-party reviews before token issuance: the conditional token framework was audited by ScaleBit and by Zellic, the exchange engine and fee manager were audited by ScaleBit, and the OPN token contract was audited by ScaleBit and by Pashov. The whitepaper states that all identified findings have been addressed in accordance with the respective audit reports and that additional audits may be conducted prior to token issuance or major protocol upgrades. (Source: Opinion Audit Report, OPINION Whitepaper v1.0)

(e) Current status

There is no open, litigated or under-investigation incident. No exploit affecting tokenholders or protocol funds has been publicly disclosed as of 2026-09-28. (Source: OPINION Whitepaper v1.0, Opinion Audit Report)

(f) References (optional)

The published audit reports are the ScaleBit and Zellic reviews of the conditional tokens at https://static.opinion.trade/opinion-v1-scalebit.pdf and https://static.opinion.trade/opinion-v1-zellic.pdf, the ScaleBit review of the exchange engine and fee manager at https://static.opinion.trade/opinion-v2-scalebit.pdf, and the ScaleBit and Pashov reviews of the OPN token at https://static.opinion.trade/opn-token-scalebit.pdf and https://static.opinion.trade/opn-token-pashov.pdf. Opinion has published no post-mortem or security advisory, because no incident has occurred. (Source: Opinion Audit Report)

(a) Regulatory, Legal & Tax Risks

Impact of regulatory change on TGE and listings

Opinion operates prediction markets, a product that is directly regulated or prohibited in a number of major jurisdictions. The token generation event and listing were completed through Binance Launchpool on 2026-03-05, with the Seed Tag applied to OPN, a label Binance uses for newly listed and innovative tokens that may carry higher volatility and risk. Opinion's own whitepaper states that regulatory treatment of digital assets and prediction markets varies across jurisdictions and may evolve, and its roadmap lists regulatory compliance initiatives in key markets as a 2026 Q1 item rather than a completed one. A change in law or in exchange policy in a jurisdiction where OPN currently trades could restrict or end trading of the token on that venue, and a change in the regulatory treatment of prediction markets could restrict the protocol's ability to deliver or maintain the product that gives the token its utility. (Source: OPINION Whitepaper v1.0, Binance Launchpool: Opinion (OPN), Opinion Terms of Use)

Entity-level regulatory impact

The Terms of Use identify Superchillclub Limited as the operating company and are governed by the laws of Panama, with mandatory arbitration in Panama before one arbitrator and exclusive court jurisdiction in Panama for non-arbitrated disputes. Opinion has not disclosed any licence, registration or authorisation held by Superchillclub Limited, Opinion Labs or the Opinion Foundation in any jurisdiction. The Opinion Foundation's stated mandate is limited to protocol stewardship and infrastructure coordination and expressly excludes financial services and investment management. Regulatory or legal change affecting prediction markets, digital-asset intermediaries or offshore operating structures could subject these entities to enforcement action or licensing requirements, or force changes to their structure or operations, and the project's limited public disclosure about their entity types, jurisdictions and relationships means tokenholders cannot assess that exposure from public sources. (Source: Opinion Terms of Use, OPINION Whitepaper v1.0)

Tokenholder tax treatment

The Terms of Use state that using the site, any other interface or the features may result in tax consequences, that it is the user's sole responsibility to determine whether there are any tax consequences from any transactions they initiate, and that the user is solely responsible for ensuring compliance with applicable tax laws in their tax resident jurisdiction. The terms also state that the Company is not acting as an investment adviser or as a trading, tax, legal or other adviser to any person or entity. Because the tax characterisation of airdropped tokens, of trading gains on prediction market positions and of dispute-staking rewards is unsettled and differs by jurisdiction, tokenholders are responsible for understanding and meeting their own tax obligations and should consult their own advisers. (Source: Opinion Terms of Use)

Jurisdictional and user access restrictions

The Terms of Use prohibit access to, use of or trading on the platform by any person residing in, a citizen of, organized in or located in a Restricted Jurisdiction, defined as any jurisdiction or territory subject to comprehensive country-wide, territory-wide or regional economic sanctions by the United States, including Iran, Syria, Cuba, North Korea and the Crimea, Donetsk and Luhansk regions of Ukraine, and in addition the United States, the United Kingdom, France, Ontario, Singapore, Poland, Thailand, South Korea, the People's Republic of China, Taiwan Province and Hong Kong. Persons in a Restricted Jurisdiction may use only the content features of the site and may not access the technology features, including the platform itself. The terms state that there are no exceptions, prohibit the use of a VPN or similar tool to circumvent the restrictions, and provide that any person in violation may have their wallets placed in close-only mode and be prohibited from accessing the technology features at the Company's sole discretion. These restrictions materially limit the addressable market for the protocol and therefore for demand for the token, and create a risk for users that access can be withdrawn and positions forced into close-only mode. (Source: Opinion Terms of Use)

(b) Protocol, Technology & Security Risks

Bugs and design flaws

The protocol depends on three distinct onchain components, each with its own failure mode: the conditional token framework, which governs market creation and outcome settlement; the exchange engine and fee manager, which govern order matching, fee calculation and settlement; and the OPN token contract, a native LayerZero omnichain fungible token using a burn-and-mint architecture in which tokens are burned on the source chain and minted on the destination chain, so a fault in cross-chain message verification could result in tokens being minted without a corresponding burn. The protocol also depends on an off-chain resolution path: the whitepaper states that most markets are resolved through Opinion AI acting as the primary oracle mechanism, so an incorrect, delayed or manipulated resolution would mis-settle markets even if the contracts function as designed. The Terms of Use expressly direct users to familiarise themselves with smart contract vulnerabilities, front-end vulnerabilities, hacks, phishing attacks, social engineering attacks, cryptoasset volatility and transaction irreversibility. (Source: OPINION Whitepaper v1.0, Opinion Terms of Use)

Security measures and their limitations

Opinion's disclosed security measures are independent third-party audits: ScaleBit and Zellic on the conditional tokens, ScaleBit on the exchange engine and fee manager, and ScaleBit and Pashov on the OPN token. The whitepaper states that all identified findings have been addressed in accordance with the respective audit reports and that additional audits may be conducted prior to token issuance or major protocol upgrades. These measures have clear limits. An audit is a point-in-time review and does not guarantee the absence of vulnerabilities, and the audits cover the contracts rather than the AI oracle resolution path or the front end. The token contract has no pause, blacklist or upgrade functionality, which removes an administrative abuse surface but also removes any ability to halt transfers or patch the token contract in an incident. The Owner role retains setPeer, setEnforcedOptions, setDelegate and transferOwnership and the Delegate role retains LayerZero endpoint configuration over decentralized verifier networks, executors and libraries, and Opinion has not disclosed who holds those roles or whether they sit behind a multisig, so tokenholders cannot assess key-management risk from public sources. Opinion has published no bug bounty program. (Source: Opinion Audit Report, OPINION Whitepaper v1.0)

(c) Token Economics, Unlocks & Incentive Risks

Critical economic assumptions

Only 19.85% of total supply was circulating at the token generation event, so 80.15% of supply remains to be released against demand that must grow to absorb it. Investors at 23.00% and Team and Advisors at 19.50%, together 42.50% of total supply, unlock nothing at the token generation event and then begin a 24-month linear release after a 12-month cliff, concentrating a large share of supply into a single unlock onset roughly one year after launch. The Airdrop remainder of 20% of total supply vests over 7 months, the Marketing remainder over 6 months, the Foundation remainder over 12 months after a 6-month cliff, and the Ecosystem remainder over 36 months. On the revenue side, the whitepaper states that only trading fee revenue is live, while data service fees, custom API integration fees and AI oracle integration fees for B2B clients are described as in the pipeline, so the business currently rests on a single revenue line. That line is itself constrained: fees are charged to takers only, range from 0% to 1% of notional, fall toward zero as market probability moves away from 50%, can be reduced by up to 100% through stacking VIP, promotional and referral discounts subject only to a $0.25 minimum fee, and Opinion covers the onchain gas for trade matching and settlement, so net fee capture depends on discount uptake, market mix and gas costs. (Source: OPINION Whitepaper v1.0, Opinion Fees)

Governance control over monetary policy and rewards

No tokenholder voting mechanism was live at the token generation event. The whitepaper states that Opinion operates under a foundation-led governance model during its initial stages, with the Opinion Foundation overseeing protocol development, operational coordination and strategic direction, and places the introduction of protocol governance mechanisms in 2026 Q2 and enhanced governance mechanisms in 2026 Q3. In consequence, the parameters that determine token economics and reward flow are set unilaterally by the project rather than by tokenholders: the per-market topic rate that scales the fee curve, the VIP and promotional discount tiers, the referral rate, the size of the fixed weekly point pool, and the internal metrics used to score point-earning activity are all project-set, and the whitepaper states that there is no fixed conversion rate between points and incentive distributions. Fee and gas thresholds are stated to be subject to change during abnormal network conditions, with the interface reflecting the current schedule. Tokenholders have no disclosed right to direct treasury assets, to receive revenue distributions or to veto changes to emissions or reward parameters. (Source: OPINION Whitepaper v1.0, Opinion Fees)