Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
VSN is the utility and governance token for the Bitpanda Web3 product stack, which connects retail users and institutions to Web3 products, cross-chain liquidity, and tokenized-asset infrastructure. The project's positioning emphasizes interoperability, compliance-oriented infrastructure, and a unified token that replaces the legacy dual-token split between BEST and PAN.
(Source: Bitpanda Web3 Vision Token, Vision Paper)
(b) Operational priorities
Ongoing public priorities include VSN issuance and management, treasury and liquidity management, staking emissions, buybacks and burns, ecosystem incentives, community grants, and rollout of Vision Wallet, Vision Protocol, Vision Launchpad, and Vision Chain.
(Source: Vision Paper, Bitpanda Web3 Vision Token)
(c) High-level project overview
VSN sits across Bitpanda Web3 products, with Vision Wallet as a non-custodial wallet surface, Vision Protocol as the interoperability and liquidity meta-aggregation layer, Vision Launchpad as the early-access product surface, and Vision Chain as an Ethereum Layer 2 for tokenized assets and compliant onchain finance.
(Source: Vision Paper)
(d) Primary token functions
VSN is used for staking rewards, governance voting on emissions and burn rates, trading-fee discounts, Spotlight reward eligibility, Launchpad early access, and fee or payment utility across Vision Wallet, Bitpanda Broker, Vision Protocol, and Vision Chain.
(Source: Vision Paper, Bitpanda Web3 Vision Token)
(e) Control surface reliance
The Vision Web3 Foundation manages VSN issuance, supply, liquidity, and protocol-governance operations, while tokenholders have one vote per VSN and can vote on staking emissions, burns, and community funding through onchain governance. After governance goes live, token holders can vote to raise, lower, or maintain the emission rate on a quarterly basis.
(Source: Vision Launch Press Release, Vision Paper)
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.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Lukas Enzersdorfer-Konrad | Labs | Chief Executive Officer, Bitpanda | No prior-experience detail beyond current Bitpanda leadership status identified in cited public sources. |
Eric Demuth | Labs | Co-Founder and Executive Chairman, Bitpanda | No prior-experience detail beyond co-founder status identified in cited public sources. |
Dominik Beier | Labs | Chief Commercial Officer, Bitpanda | No prior-experience detail identified in cited public sources. |
Markus Dorner | Labs | Chief Technology Officer, Bitpanda | No prior-experience detail identified in cited public sources. |
Fabian Reinisch | Labs | Chief Legal Officer, Bitpanda; President of the Vision Web3 Foundation Board | Public sources identify him as CLO at Bitpanda and President of the Foundation Board. |
Fabian Reinisch | Foundation | President of the Foundation Board, Vision Web3 Foundation | Chief Legal Officer, Bitpanda GmbH |
Bernadette Leuzinger | Foundation | Board Member, Vision Web3 Foundation | |
Dr. Hans Kuhn | Foundation | Board Member, Vision Web3 Foundation | Identified in the Swiss commercial register as a board member of Vision web3 Stiftung (UID: CHE-470.746.756). Prior-experience detail beyond this requires additional sourcing. |
Gilles Thiery | Foundation | Board Member, Vision Web3 Foundation | Identified in draft as Managing Director of LacMont. |
Curt Chadha | Foundation | Board Member, Vision Web3 Foundation | Identified in draft as Head of Strategy and Innovation at Raiffeisen-Holding NÖ-Wien. |
Blockworks note: No separately constituted DAO with its own leadership roster exists. The Bitpanda Web3 Committee — composed of independent industry experts — supports the Foundation by advising on emission strategies, grant allocation, and ecosystem growth. Onchain governance is executed through token-weighted voting by VSN holders, not a separate DAO leadership layer. (Source: Swiss Commercial Register via Moneyhouse, StiftungSchweiz, Vision Chain Press Release) |
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 onchain 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) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., onchain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
No public disclosure of IP ownership or control has been identified in cited sources.
(b) Contract/admin powers
VSN holders can propose and vote on changes to staking emissions, protocol upgrades, and tokenomics. Each VSN token equals one vote. Governance decisions influence how rewards are distributed and how capital flows through the ecosystem. The Vision Web3 Foundation executes decisions resulting from governance votes. No separate multisig pause mechanism or governance-executor threshold has been publicly disclosed.
(Source: Vision Paper)
(c) Locked-token rights (conditional)
Staking VSN is tied to staking rewards of up to 10% APY, governance participation, Spotlight reward eligibility, and Launchpad early access. The loyalty terms distinguish between non-staked VSN balance for fee-discount eligibility and staked VSN for Spotlight reward calculations. No vote-escrow (ve-token) regime exists.
(Source: Vision Paper, VSN Launch Incentives)
(d) Value accrual & holder rights
No full public schedule of revenue distribution rights accruing to tokenholders has been identified in cited sources beyond the disclosure that portions of ecosystem fees are used for buybacks, burns, staking rewards, and Foundation-controlled ecosystem programs.
(Source: Vision Paper)
(e) Dissolution authority
No public disclosure of dissolution authority or mechanism has been identified in cited sources.
Blockworks note: Vision does not operate a separately constituted DAO legal wrapper distinct from the Vision Web3 Foundation. Governance is powered through onchain voting, enabling VSN holders to have a say in key parameters such as staking emissions, burns, and community funding.
Primary Foundation
For the Primary Foundation do the following independently. If an entity 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 are directly involved in the issuance of the native token at launch.
- (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. 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 DevCo.
- (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
The primary foundation is the Vision Web3 Foundation, founded in 2025 as an independent organization headquartered in Zug, Switzerland, responsible for the issuance and management of VSN, overseeing token supply, liquidity, and protocol governance. The foundation is registered in the Swiss commercial register under UID CHE-470.746.756 as "VISION web3 Stiftung."
(Source: Vision Launch Press Release, Swiss Commercial Register via Moneyhouse)
(b) IP ownership & control
No public disclosure of IP ownership or control by the Foundation has been identified in cited sources.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The Vision Web3 Foundation issues and manages the supply of VSN, uses a portion of platform fees to buy back and burn tokens, maintains liquidity on decentralized exchanges through trusted partners, funds community incentives and developer grants, and supports dynamic emission models set through governance.
(Source: Vision Paper)
(d) Powers over DevCo
No public disclosure describing whether or to what extent the Foundation can exert direct or indirect influence over Bitpanda GmbH's decision-making has been identified in cited sources.
(e) Contract/admin powers
No specific pause, upgrade, or governance-executor authorities with disclosed thresholds have been identified in cited sources beyond the Foundation's general issuer and treasury role.
(f) Current economic arrangements and distribution policies
A share of fees generated across Bitpanda, Vision Wallet, Vision Protocol, and Vision Chain flows to the Vision Web3 Foundation, which then uses those resources for buybacks and burns, loyalty programme rewards and airdrops, staking emissions, liquidity provision through partner-managed DEX pools, and treasury growth and developer grants. No governance-approved schedule specifying precise allocation percentages across these uses has been publicly disclosed.
(Source: Vision Paper)
Primary Dev Co
For the Primary DevCo do the following independently. If an entity 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 are directly involved in the issuance of the native token at launch.
- (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. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo 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
Bitpanda GmbH is the primary operating company behind the Bitpanda Web3 product suite that VSN is designed to power, launched in 2025 by Bitpanda GmbH and the Vision Web3 Foundation. Bitpanda GmbH is an Austrian entity located at Stella-Klein-Löw Weg 17, 1020 Vienna, Austria.
(Source: Gate.io Vision Analysis, Vision Paper)
(b) IP ownership & control
No public disclosure of IP ownership or control by Bitpanda GmbH has been identified in cited sources.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Public sources tie Bitpanda GmbH to technical development of Vision Wallet, Vision Protocol, Vision Launchpad, Vision Chain, and the Bitpanda loyalty programme, but do not disclose a public grant of treasury or token-administration control equivalent to the Foundation's issuer role.
(Source: Vision Paper, Bitpanda Web3 Vision Token)
(d) Powers over Foundation
No public disclosure describing whether Bitpanda GmbH can exert direct or indirect influence over the Foundation's decision-making has been identified in cited sources.
(e) Contract/admin powers
No pause, upgrade, or governance-executor authorities held by Bitpanda GmbH have been publicly disclosed.
(f) Current economic arrangements and distribution policies
Bitpanda GmbH collects swap fees and performance fees on Earn products that contribute to Foundation reserves, and a share of trading fees paid in VSN flows to the Foundation. No public schedule of distributions from protocol-controlled resources to Bitpanda GmbH or its equityholders has been disclosed.
(Source: Vision Paper)
Token Supply & Allocations
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
- (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
VSN launched with a total supply of 4.2 billion initially minted tokens. Approximately 2.73 billion VSN would enter circulation if all eligible BEST and PAN holders swapped, with the remaining approximately 1.47 billion VSN retained by the Foundation treasury.
(b) Recipient categories & use of funds
The initial allocation is: approximately 65% public circulating supply, claimed by existing BEST and PAN holders through a one-to-one value swap; 20% treasury, a strategic reserve for long-term initiatives and stability; 10% commercial activities and ecosystem grants, for partnerships, developer incentives, hackathons, and user rewards; and 5% liquidity provision, for centralized market-making and DEX liquidity pools.
(c) Initial price per token (if applicable)
No standalone fixed public TGE sale price was disclosed for VSN. The conversion formula used 1 BEST = 4.91 VSN and 1 PAN = 0.89 VSN, determined from the 30-day average daily closing prices ending 2025-03-25.
(d) Ticker / market symbol
VSN.
(e) Total supply & supply regime
VSN launched with an initial supply of 4.2 billion tokens. The supply is not fixed: new tokens are minted and old tokens burned on a quarterly basis. The initial annual emission rate targets 5% of total supply (210 million VSN) in year one, distributed to active stakers. After governance goes live, token holders can vote to raise, lower, or maintain the emission rate on a quarterly basis.
(f) Initial vesting / release schedules
VSN officially launched on 16 July 2025. BEST and PAN trading on Bitpanda was discontinued on that date. Any BEST or PAN remaining on Bitpanda will be automatically converted to VSN on 16 July 2026. The offer to the public took place in two phases: a first phase from 2025-07-09 at 10:00 CEST to 2025-07-16 at 10:00 CEST for opt-in exchanges, followed by later migration processed via automatic conversion. No traditional team or investor vesting schedule with a cliff-and-linear-unlock table has been publicly disclosed.
Blockworks note: (Source: Vision Paper, Bitpanda Blog — Introducing Vision, VSN Whitepaper, Bitpanda Helpdesk — What is VSN, CryptoCalc VSN)
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
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Executed airdrop: The project executed a three-part VSN airdrop programme that repurposed three missed BEST burns into VSN airdrops, with each airdrop representing one-third of the total amount.
The disclosed recipient segments were BEST and PAN holders on Bitpanda at the time of the Vision merge for Airdrop 1, based on average holdings from April 16, 2025 to July 16, 2025, with payout on August 13, 2025; VSN stakers for Airdrop 2, based on average staked amounts from July 16, 2025 to October 16, 2025, with payout on November 13, 2025; and VSN stakers for Airdrop 3, based on average staked amounts from October 16, 2025 to January 16, 2026, with payout on February 13, 2026.
The allocation method is proportional, with each participant receiving a share based on their portion of total eligible holdings or staked amounts during the relevant measurement period. A minimum of 12,275,000 VSN is distributed per airdrop.
(Source: VSN Launch Incentives, CryptoCalc VSN)
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.
Blockworks note: No named market maker or public market-making agreement has been identified in cited public sources. The Vision Paper discloses that 5% of initial supply is reserved for liquidity provision, covering centralized market-making and DEX liquidity pools, and that the Foundation maintains liquidity on decentralized exchanges through trusted partners. No named counterparty, token allocation to a specific market maker, term duration, or agreement structure (loan, option, retainer) has been publicly disclosed.
(Source: Vision Paper)
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: Bitget Spot
- Token Allocation Committed: Not publicly disclosed.
- Term Duration: Available from 2025-12-12 at 12:00 CET; no further term disclosed.
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: Binance Alpha (via Binance Wallet)
- Token Allocation Committed: Not publicly disclosed.
- Term Duration: Available from 2025-11-27 at 11:30 UTC; no further term disclosed.
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: Additional CEXs and DEXs (publicly described as planned)
- Token Allocation Committed: Not publicly disclosed.
- Term Duration: Not publicly disclosed.
- Native Token Listing Fees: Not publicly disclosed.
Blockworks note: Public disclosures identify exchange availability announcements but do not disclose token allocations, lockups, or native-token listing-fee terms.
(Source: Binance Alpha VSN Launch, Vision Launch Press Release)
Financial Disclosures & Risks
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
- (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
- (c) Date of sale (at least month & year)
- (d) Number of tokens sold (or % of total supply)
- (e) Vesting schedule
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
- Series Name: VSN migration offer for BEST and PAN holders
- Date Of Sale: First phase: 2025-07-09 to 2025-07-16; automatic conversion deadline: 2026-07-16
- Number of tokens sold: No fresh capital raised; BEST and PAN converted at fixed rates (1 BEST = 4.91 VSN; 1 PAN = 0.89 VSN)
- Vesting Schedule: Opt-in migration window; no traditional vesting schedule.
- Series Name: BEST IEO (Bitpanda Ecosystem Token) — public sale
- Date Of Sale: Public sale live from July 9, 1pm CET to August 6, 1pm CET 2019; private sale raised more than €10 million prior to the public sale, representing 20% of the total amount for sale. IEO public price was €0.09 per token during the first week.
- Number of tokens sold: 500,000,000 BEST offered during the IEO; the remaining 500,000,000 held by Bitpanda as company reserves out of a total 1 billion BEST created.
- Vesting Schedule: No vesting schedule for private sale investors has been identified in cited sources.
- Series Name: Pantos (PAN) ICO
- Date Of Sale: ICO commenced in March 2018.
- Number of tokens sold: Raised approximately €4 million from 7,821 users. Hard cap was 1,500 BTC; no discounts or bonuses were offered.
- Vesting Schedule: No vesting schedule for PAN ICO participants has been identified in cited sources.
Blockworks note: No new VSN fundraising round or discounted VSN token sale raising fresh proceeds was conducted at launch. The public record shows a migration offer for BEST and PAN holders and historical legacy fundraising associated with BEST and PAN.
(Source: Coinspeaker BEST IEO, Pantos ICO Medium, CoinMarketCap BEST, Bitpanda Blog — Introducing Vision)
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) — References (optional): link(s) to post-mortem/advisory/PR.
(f) References (optional)
Blockworks note: No exploits affecting tokenholders or protocol funds have been identified in the cited public sources reviewed for this filing as of 2026-06-17. The first VSN token burn of 40,000,000 tokens, worth €5,209,776.80, was executed by the Vision Web3 Foundation on approximately September 25, 2025, subsidized from the Foundation treasury as the ecosystem fee flywheel was still being established. This burn was a governance and treasury action, not a loss event. The cited source set discloses a security page, public bug bounty process, ISO 27001 certification, SOC 2 Type 2 certification, and penetration testing rather than any published loss event affecting protocol funds.
(Source: First Vision Burn Blog Post, Bitpanda Web3 Vision Token)
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
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(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
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Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
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Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
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Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
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Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
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(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
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Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
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(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
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Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
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Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
The Vision Web3 Foundation is an independent Swiss Foundation that is not regulated or supervised by any governmental or financial regulatory authority. Interacting with Vision Chain and any applications thereon may be subject to the laws and regulations of the user's jurisdiction. Bitpanda entities rely on MiCAR, MiFID II, PSD2, E-Money, and other licensing frameworks across European jurisdictions. Changes to any of these regulatory frameworks could affect Bitpanda's ability to operate licensed services, maintain exchange listings, or deliver token utility across jurisdictions. The VSN white paper identifies regulatory and taxation risk as a crypto-asset-related risk, and users remain responsible for their own tax obligations under the loyalty and rewards terms.
(Source: Vision Chain Press Release, VSN Whitepaper)
(b) Protocol, Technology & Security Risks
Vision Chain is built as an Ethereum-based Layer 2 rollup using the OP Stack, with Ethereum-equivalent smart contracts and embedded onchain KYC and monitoring controls. Vision Protocol aggregates liquidity from third-party routing partners including 1inch, Jupiter, Socket, and Rango. Technology risk exists across all product surfaces, including smart-contract vulnerabilities, rollup sequencer risk, third-party routing partner failures, custody risk, slippage, low liquidity events, and the sufficiency of monitoring, compliance, and insider-threat controls. Public security materials reference cold storage, ISO 27001, SOC 2 Type 2, penetration testing, and a bug bounty program, but the wallet terms and white paper still warn about volatility, smart-contract vulnerabilities, and broader technological risk.
(Source: Vision Paper, VSN Whitepaper)
(c) Token Economics, Unlocks & Incentive Risks
VSN has no supply cap. New tokens are minted dynamically on a quarterly basis and distributed to active stakers, with a year-one emission rate targeting 5% of total supply (210 million VSN annually, approximately 52.5 million VSN per quarter). Governance can vote to raise, lower, or maintain this rate each quarter. A significant retained treasury position — 20% of the 4.2 billion initial supply, or 840 million VSN — remains under Foundation control for liquidity, reserves, grants, promotions, and related ecosystem programs. Public incentive programs also depend on staking, reward eligibility, loyalty terms, and campaign conditions that Bitpanda may modify, suspend, or terminate, which can adversely affect user economics and tokenholder expectations. The buyback-and-burn mechanism depends on ecosystem fee generation across Wallet, Protocol, Chain, and Launchpad surfaces; reduced platform usage or fee compression would reduce burn volume and deflationary pressure.
(Source: Vision Paper, CryptoCalc VSN, VSN Launch Incentives)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.