Reserve Rights Token Transparency Filing

Project & Team

Description of Project

A narrative description of the purpose of the project is provided.

Reserve's mission is to make it possible for anyone to own and earn their share of the world's wealth. The project addresses the difficulty of holding diversified, fully asset-backed portfolios onchain: its Decentralized Token Funds (DTFs) are fully asset-backed ERC-20 tokens created with Reserve's open-source contracts, so users can hold diversified baskets of assets through a single token.

Reserve comprises two related protocols: a Yield Protocol for baskets backed by yield-bearing ERC-20 collateral on Ethereum, Base, and Arbitrum, and an Index Protocol for wrapping baskets of ERC-20 tokens into fungible assets that rebalance through onchain Dutch auctions without authorized participants or intermediaries. In July 2026, Index DTFs backed by tokenized US-listed equities (via Ondo Global Markets) launched on BNB Smart Chain.

RSR is an ERC-20 governance token that unifies governance, risk management, and value accrual across the Reserve ecosystem. It enables governance participation, provides first-loss overcollateralization when staked on Yield DTFs, and receives value accrual through fee-funded market buys and burns of RSR from Index DTF platform fees.

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

Full Name	Official Title	Prior Experience
Nevin Freeman	Co-founder & CEO	Serial entrepreneur and free thinker working on approaches to non-fiat money based on traditional assets. He’s the Co-Founder and CEO of Reserve and President of Confusion Capital, a foundation-like entity that supports the Reserve ecosystem by funding public goods, driving ecosystem development, and conducting special projects.
Matt Gertler	General Counsel	Previously co-founded and served as General Counsel and Senior Analyst at Digital Asset Research. Other past experience includes associate positions at Milbank LLP and Promontory Financial Group.
Patrick McKelvy	Director of Engineering	Spent six years building financial smart-contract applications on public Ethereum and private forked-Ethereum networks before joining Reserve in late 2022.
Ivan Camps	Head of GTM	Previously worked in Investment Banking in the Technology sector before joining Reserve in 2023. Leads business development and partnerships and is involved in product design and GTM strategy.

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

The protocol codebases are open source and published in the reserve-protocol GitHub organization under the Blue Oak Model License v1.0.0. DTF governance bodies do not own IP. Reserve trademarks are registered to ABC Labs.

(b) Contract/admin powers

Deployed protocol instances are open-source smart contracts on permissionless public blockchains; ABC Labs neither controls nor operates any version of the Reserve Protocol onchain. For Index DTFs, the Admin is expected to be a DAO operating through FolioGovernor and a timelock; it can add and remove basket assets, set fees and fee recipients, set auction timing, assign roles, and manage the optimistic selector registry, subject to a default 48-hour timelock and hard-coded ceilings, and it cannot seize collateral directly. The Auction Approver configures auctions; the Platform Fee Registry is controlled by the platform owner multisig.

(c) Locked-token rights (conditional)

RSR holders can stake on Yield DTFs and vote-lock for Index DTF governance, gaining authority over basket changes, parameters, contract upgrades, fee splits, and other governance actions, and in some Index DTFs a pro-rata claim on fee distributions to governance token holders. These powers are constrained by timelocks, role sandboxes, and hard-coded ceilings, and staked RSR on Yield DTFs can be seized to absorb collateral losses.

(d) Current tokenholder governance rights and economic arrangements

RSR holders receive value accrual through fee-funded RSR buy-and-burn on Index DTFs, and governance token holders can claim a pro-rata share of distributed fees where a DTF routes fees to them. Token holders do not have any other rights.

(e) Control surface reliance

The control surface relies on token-based onchain governance and role-scoped administration rather than direct ABC Labs control over deployed protocol instances: timelocked Admin powers, configurable governance roles, vote-locking for Index DTFs, and RSR staking-based governance for Yield DTFs. ABC Labs states that it neither controls nor operates any version of the Reserve Protocol onchain

(f) Dissolution authority

Because there is no single DAO or legal wrapper for tokenholders, there is no dissolution mechanism at the tokenholder level. Individual DTFs can be wound down through their own governance processes. Since Index DTF tokens represent a share of the underlying assets backing the DTF, such tokenholders can always redeem their DTF token for the underlying collateral.

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. 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.
(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.

(a) Entity

No Foundation

Primary Developer Company

Do the following for the Primary Developer Company, defined below. If the primary Developer Company does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. 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.
(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.

(a) Entity

ABC Labs, LLC, a Delaware limited liability company with its head office in Nevada. ABC Labs is the company leading Reserve protocol development and bringing the Reserve service interfaces (including Register / app.reserve.org) to users.

(b) IP ownership & control

The protocol codebases are open source and published in the reserve-protocol GitHub organization under the Blue Oak Model License v1.0.0.. DTF governance bodies do not own IP. Reserve trademarks are registered to ABC Labs.

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

Powers over DAO, treasury, protocol-controlled resources, and token administration — ABC Labs states it neither controls nor operates deployed protocol instances onchain. ABC Labs generates revenue through staking RSR and participating in the DeFi ecosystem.

(d) Powers over Foundation

There is no Foundation.

(e) Contract/admin powers

ABC Labs neither controls nor operates any version of the Reserve Protocol onchain

(f) Current economic arrangements and distribution policies

ABC Labs received initial funding from Confusion Capital and generates revenue through staking RSR and DeFi participation. Index DTF platform fees are currently used to market-buy and burn RSR rather than being paid to ABC Labs.

Affiliated Protocol Contributor

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.

(a) Identity & role

Confusion Capital, Inc., a Delaware corporation and the parent company of ABC Labs, LLC — Confusion Capital supports the Reserve ecosystem by funding public goods, supporting ecosystem development, and conducting special projects.

(b) Parameter control & scope

Powers over DAO, treasury, protocol-controlled resources, and token administration — Confusion Capital administers the “Slower Wallet,” which holds unissued RSR subject to a hard-coded 4-week withdrawal delay and a throttle of no more than 1% of total RSR supply withdrawable in any 4-week period.

(c) Contract/admin powers

Confusion Capital holds the USER role on the Slower Wallet contract (4-week delay + 1%-of-supply-per-4-weeks throttle).

(d) Compensation and material economic arrangements

Slower Wallet withdrawals have funded Confusion Capital’s operations. As of August 2026, withdrawals are currently paused but may be unpaused in the future. See Confusion Capital communications for current status.

Token Supply & Allocation

Initial Allocation

Ticker	Date	Allocation Category Name	Recipient Type	Allocation %	Allocation Tokens	TGE Unlock %	TGE Unlock Tokens	Circulating Treatment	Notes on what each category is used for	If applicable: Contract / Wallet address
RSR	2019-05-21	Treasury — unlocked operating wallet	Treasury	2.85	2850000000	100	2850000000	Circulating at TGE	Treasury operating wallet; fully unlocked at TGE.
RSR	2019-05-21	Treasury — Slow Wallet	Treasury	55.75	55758000000	0	0	Non-circulating treasury; excluded until withdrawn	Treasury reserve held in a wallet with a hard-coded 4-week on-chain withdrawal delay; funded May 21, 2019. Not a fixed vesting schedule — each withdrawal is subject to the 4-week delay. Since January 2024, a portion of funds flows to a Slower Wallet (0x0774dF07205a5E9261771b19afa62B6e757f7eF8, administered by Confusion Capital) that keeps the 4-week delay and adds a throttle: max 1% of total RSR supply withdrawable per 4-week period.	0x4903dc97816f99410E8dfff51149fA4C3CDaD1b8
RSR	2019-05-21	Team & Advisors	Team	20.0	20000000000	100	20000000000	Circulating at TGE	Team and advisor compensation.
RSR	2019-05-21	Strategic Partners	Strategic partners	5.0	5000000000	100	5000000000	Circulating at TGE	Strategic partner incentives.
RSR	2019-05-21	Seed round investors	Investors	12.39	12392000000	100	12392000000	Circulating at TGE	Seed round sale at $0.0004 per token.
RSR	2019-05-21	Private/strategic round investors	Investors	1.0	1000000000	100	1000000000	Circulating at TGE	Private/strategic round sale at $0.0020 per token.
RSR	2019-05-21	Huobi Prime sale (public)	Public sale	3.0	3000000000	100	3000000000	Circulating at TGE	Public sale via Huobi Prime: Round 1 600M tokens at $0.0006; Round 2 2.4B tokens at $0.0011. Unlocked, no lockup.

Vesting Insider Tokens

If there are not post-TGE token compensation plans, state explicitly they do not exist. If there are, state each of (A)–(B) below.

(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.

(a) Post-TGE employee lock as % of total supply

All tokens for insiders and employees have been vested and are unlocked.

(b) Typical post-TGE vesting schedule

All tokens for insiders and employees have been vested and are unlocked.

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.

(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 (e.g., Foundation, Labs/DevCo, DAO/treasury).
(d) Description of advisory/services — A brief description of the advisory/services (e.g., "legal and regulatory advisory," "growth and BD support," "security advisory").

(a) Existence

Employees and contractors are partially compensated with unlocked RSR as part of their compensation.

(c) Payer entity

ABC Labs and Confusion Capital

(d) Description of advisory/services

Employees and contractors are partially compensated with unlocked RSR as part of their compensation.

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.

(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.

(a) Existence & scope

None

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.

Title	Primary Function	Chain	Address	Control Mechanism	Explorer Link
Slow Wallet	Treasury holding unissued RSR	Ethereum	0x4903dc97816f99410E8dfff51149fA4C3CDaD1b8	Locked smart contract wallet controlled by Reserve project team; hard-coded 4-week onchain delay after initiating each withdrawal	https://etherscan.io/address/0x4903dc97816f99410e8dfff51149fa4c3cdad1b8
Slower Wallet	Treasury holding unissued RSR	Ethereum	0x0774dF07205a5E9261771b19afa62B6e757f7eF8	Administered by Confusion Capital; keeps the 4-week withdrawal delay and adds an onchain throttle capping withdrawals at 1% of total RSR supply per 4-week period	https://etherscan.io/address/0x0774dF07205a5E9261771b19afa62B6e757f7eF8

Transactions & Market Structures

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.

Market Maker Name	Token Allocation Committed	Term Duration	Structure Name
Confidential	Terms are confidential

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.

Exchange Name	Token Allocation Committed	Term Duration	Native Token Listing Fees
Confidential	Terms are confidential

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 (if any)

Index DTF platform fees are programmatically used to market-buy RSR and burn it; roughly 100M RSR had been bought and burned cumulatively through mid-2026. Additionally, Confusion Capital has stated it was a net buyer of RSR in 2024 and 2025.

(b) Protocol-owned liquidity (POL)

Unable to disclose

(c) Liquidity deals / purchased TVL

Unable to disclose

(d) Token-secured loans/lines (incl. against unissued tokens)

Unable to disclose

Resource Disclosures

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.")

Series Name	Investment Vehicle	Date Of Sale	Number of tokens sold	Vesting Schedule
Seed round	Debt instrument	June-July 2018	12,392,000,000	Locked until mainnet launch; currently unlocked
Private/strategic round	Debt instrument	May 2019	1,000,000,000	None; unlocked
Huobi Prime public sale	Not applicable for a public exchange sale	May 22, 2019	3,000,000,000	None; unlocked

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.

(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

No Foundation exists, ABC Labs is the DevCo, and DTF governance functions as the DAO layer across the platform.

Fee flow: https://docs.reserve.org/core-components/index-dtfs/fees Buy-and-burn activity: https://dune.com/starl3xx/rsr-burn

(b) Material sources of funding or economic inflows

Confidential

(c) Operational use of resources

Confidential

(d) Onchain Resource Usage

RSR buy-and-burn activity: https://dune.com/starl3xx/rsr-burn

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. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").

(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) — Link(s) to post-mortem/advisory/PR.

(a) Date & component affected

No exploits affecting tokenholders or protocol funds as of 2026-07-29

(b) Exploit vector summary

N/A

(c) Quantified impact

N/A

(d) Remediation/response taken

N/A

(e) Current status

N/A

(f) References (optional)

N/A

[Optional] Offchain Foundation Or DevCo Income 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.

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. Reserve Rights is solely responsible for the content, accuracy, and legality of its disclosures.