14-07-2026

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

false

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning

This summary should be read as an introduction to the crypto-asset white paper.

The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone.

The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

POWER is a single ecosystem token that serves as the core unit of value across Power Protocol's consumer entertainment stack. Rather than being purpose-built for any one application, POWER is designed to power an entire ecosystem made up of three interconnected pillars: consumer content (beginning with Fableborne and expanding to future titles), protocol infrastructure and the incubation of third-party studios through Power Labs. Deployed across Ethereum, BNB Smart Chain, and Ronin, it unifies activity across the ecosystem into a single token, where content engagement, infrastructure fees and incubated project growth all feed value back into POWER, supported by the staking and tokenomics mechanisms outlined in this white paper.

Not applicable as POWER is not a utility token as defined under MiCA.

This white paper has been prepared for the purposes of seeking admission to trading on multiple crypto-asset trading platforms. The Issuer seeks to ensure broad accessibility for the POWER token by pursuing admission to trading across suitable venues.

Power Protocol Limited

A Company Limited by Shares

2nd Floor, Ellen L. Skelton Building, Fishers Lane, Road Town, Tortola VG 1110, British Virgin Islands

2nd Floor, Ellen L. Skelton Building, Fishers Lane, Road Town, Tortola VG 1110, British Virgin Islands

2024-06-05

2549006LFMRP348E3113

2150343

+1 284 442 2560

team@powerprotocol.xyz

5

Power Protocol Foundation, 410549

1
Omar Alexis Camargo Sarmiento, Lc23152-274 in Front of Ms Casa Real, Up The Street, House Mustard Color, To The Left, Las Cumbres, Casa Real 2nd Street, Diagonal, Dist. of Panama, PANAMA, Director

Power Protocol Limited is the entity associated with the Power ecosystem for protocol-level, administrative, and structural matters related to the POWER token and the underlying protocol framework. The company’s activities are focused on supporting the existence, continuity, and formal organization of the Power ecosystem.

In this capacity, Power Protocol Limited is involved in protocol-level coordination, contractual, administrative, and governance-related functions relevant to the POWER token and its role within a broader blockchain-based engagement and rewards framework. The protocol framework is designed to support consumer-focused engagement and rewards use cases in blockchain-enabled entertainment and digital consumer applications, initially anchored in content and gaming but extendable to other consumer products and experiences.

The principal markets relevant to the activities associated with Power Protocol Limited are global blockchain-enabled consumer ecosystems. These markets include developers, studios, intellectual property holders, and consumer application providers seeking interoperable engagement and rewards mechanisms across multiple blockchain networks and platforms.

Power Protocol Foundation, conducts its activities as a decentralized autonomous organization (DAO). The foundation operates as a coordination and governance layer for a Web3 software and information technology development platform. Its activities are focused on supporting decentralized participation, coordination, and oversight in relation to the development and operation of blockchain-based software infrastructure.
The principal scope of activity is aligned with digital and Web3 technology ecosystems, without reference to traditional commercial markets, and is not limited to a specific geographic market due to the decentralized and global nature of DAO-based operations.

true

Not applicable as the person seeking admission to trading was established within the past three years

FINANCIAL STATEMENTS
(US dollars)
Reporting period:
Financial year ended 31 December 2024
Power Protocol Limited has completed one reporting period for the financial year ending 31 December 2024.
Statement of Financial Position (Balance Sheet)
As at 31 December 2024, the company reported total assets of 550,000, consisting entirely of cash and cash equivalents of 550,000. No investments, tangible fixed assets, intangible assets, or other assets were reported for the period.
Total liabilities are reported as 0. The balance sheet notes accounts payable of 10,000, while long-term debts and other liabilities are reported as 0, as presented in the annual return.
Total shareholders’ equity is reported as 1. Total liabilities and shareholders’ equity are reported as 539,999, as presented in the annual return.
Statement of Profit or Loss (Income Statement)
For the financial year ended 31 December 2024, the company reported cost of sales of 3,993,700. As no revenue figure is reported for the period, the resulting gross profit is reported as a gross loss of (3,993,700).
Total expenses for the reporting period amounted to 22,800, comprising operating expenses of 12,800 and other expenses of 10,000. No income tax expense was recorded for the period.
The company reported net income of 4,016,500 for the financial year ended 31 December 2024.

false

Power Protocol

POWER

POWER

Purpose and Goals:
Power Protocol aims to be the infrastructure and rewards layer for a unified blockchain consumer ecosystem, turning user engagement and spending across games and consumer apps into portable, long-term value rather than short-term incentives. It focuses on supporting high‑retention consumer products, enabling sustainable reward models, and scaling with real usage across multiple chains and platforms.

Key Features and Operation:

• $POWER is the core token that underpins every game, consumer app, IP integration, and transaction within the Power Protocol ecosystem, compounding value as ecosystem activity grows.
• The protocol serves as an infrastructure layer solving live-economy, live-ops, fiat on‑ramp, and value-capture challenges for games, studios, and brands building in Web3.
• A flagship live game, Fableborne by Pixion Games, serves as the initial proof-of-concept, showcasing how competitive gameplay can be powered by $POWER and extended to future titles.
• Power Labs operates as an incubator funding and accelerating teams in gaming, AI, and blockchain whose products denominate in $POWER or recycle value back via buybacks, swaps, or programmable app-tokens.
• The ecosystem is designed for multi-chain deployment and broader rollout as an engagement and rewards layer for additional products, partners, and global IP over time.

1
Development team, Kam Punia

2
Development team, Tamara Slavskaya

3
Development team, Sëmen Samusev

4
Development team, Maria Gillies

5
Other person involved in implementation, Pixion Games

false

Not applicable as POWER is not a utility token as defined under MiCA

Delivered

• Launch of the $POWER token and core ecosystem infrastructure as the unified value layer for blockchain entertainment.
• Protocol deployed across multiple chains (Ethereum, BNB Smart Chain, Ronin).
• Integration with the flagship gaming title, Fableborne, demonstrating real user engagement.
• Exchange listings, liquidity infrastructure, and Power Labs incubator established to channel new products and IP into $POWER-denominated value flows.

Q4 2025 – Initial Launch

• Launch Power Protocol and establish liquidity for $POWER in a controlled and stable manner.
• Release the foundational token staking and token sinks infrastructure layer.
• Activate initial partner onboarding pilots, focusing on early utility loops in Fableborne to position the ecosystem as evidence-based and product-driven.

Q1 2026 – Platform Expansion

• Expand platform infrastructure via toolkit release, enabling partners and builders to integrate $POWER reward rails into their projects.
• Establish initial protocol-connected integrations, including cross-app identity systems, APIs, and reward-compounding rails.
• Demonstrate that Power Protocol functions as a broader product growth layer beyond a single game.
• Future milestones: deeper integrations with partner platforms and third-party games, increasing ecosystem activity and transactions settled in $POWER, and continuous refinement of engagement, progression, and retention systems.

Q2 2026 – Power Labs & Advanced Infrastructure

• Scale high-potential projects to market through Power Labs and onboard new partners and incubated products to $POWER-enabled token sinks.
• Compound inbound usage by enabling new partner ecosystems to launch and recycle value back into $POWER.
• Expand infrastructure toward innovative reward-compounding rails and AI-led adtech personalization to maximize partner marketing ROI and target high-value users.
• Future milestones: broader rollout of Power as a generalized engagement and rewards layer, and strategic partnerships leveraging $POWER as the primary unit of value for IP, AI-native products, and consumer experiences.

Q3 2026 – Ecosystem Growth & Maturity

• Grow the ecosystem through integrations that expand $POWER activity and sinks across non-gaming apps.
• Demonstrate high-value yield of broader consumer apps as the primary growth driver for new users and spenders.
• Scale data maturity and user quality to unlock compounding value to partners and $POWER.
• Achieve product feature parity with leading rewarded user acquisition and live-ops platforms.
• Onboard the first mass-market partner that validates Power Protocol’s compounding-rewards adtech product/market fit at billion-dollar marketing budgets.

• Financial resources / funding raised: Power Protocol Limited has raised over USD 8 million in total funding, primarily through token warrants and SAFT (Simple Agreement for Future Tokens) agreements.

• Protocol treasury & revenue model: Entire 1B fixed-supply ERC‑20 $POWER is initially allocated to a treasury controlled via a Gnosis Safe multisig, with protocol-level usage fees (reward distribution, seasonal programs, referrals, and ERC20C-based app-token flows) accruing to this treasury to fund ecosystem operations and long‑term development.

• Human resources / team members: Execution is led by Pixion Games, a 28-person and growing team of veterans from Konami, Blizzard, Riot, King, Sony, Wargaming, Pixonic, Ubisoft, and NCSOFT.

• Key leadership: Includes roles spanning Founder & CEO, Director of Operations, Technical Director and Product Director, all held by individuals with prior senior experience in large-scale multiplayer and F2P gaming.

• Additional contributors: Advisors across gaming, infrastructure, and digital assets, plus third‑party partners for compliance, security, market making, and exchange integrations.

• Technological resources / technology developed: Core Power Protocol infrastructure for blockchain entertainment, including systems for live economies, live‑ops, fiat user integration, and on‑chain value capture, built and battle-tested with the live game Fableborne.

• Token and staking tech: Deployed standard ERC‑20 $POWER token (fixed 1B supply to treasury) and ERC‑677-compatible wrapped token with role-based mint/burn controls, along with staking and seasonal program mechanics where users stake $POWER to access tiered rewards and engagement systems.

• Multi-chain and integrations: Ecosystem infrastructure and token are live across Ethereum, BNB Smart Chain, and Ronin, with integration into at least one live consumer product and established exchange/liquidity infrastructure.

• Other significant investments / ecosystem build-out: Power Labs incubator established to fund, mentor, and accelerate world‑class teams in gaming, AI, and blockchain, with cohorts launching products that denominate in or route value back into $POWER via buybacks, swaps, or programmable app tokens.

• Operational and risk management investment: Implemented a multi‑sig treasury setup and planned diversification of token holdings to reduce centralization and key‑compromise risk, alongside ongoing investments into compliance, reporting, and exchange integrations.

Power Protocol’s resources are intended primarily to launch and maintain the protocol infrastructure, establish and support liquidity for $POWER, expand partner integrations, scale the Power Labs incubator, and develop AI-led reward and adtech rails to drive ecosystem growth and user acquisition.

ATTR

Enable EU market access for POWER holders.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

1,000,000,000

All.

There are no restrictions.

There are no reimbursement rights.

There is no refund mechanism.

There is no refund mechanism.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Fiat or other crypto-assets.

There are no reimbursement rights.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Via crypto-asset trading platforms on which POWER is admitted to trading.

There is no relevant time schedule.

There are no technical requirements.

NTAV

Power Protocol Limited is seeking admission to trading for the POWER token across multiple trading platforms, including Payward Global Solutions Limited.

PGSL

Online via the platform

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

The issuer is not aware of any potential conflict of interest of the persons involved in its admission to trading.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

British Virgin Islands (BVI)

The Token is a crypto-asset under Regulation (EU) 2023/1114 of the European Parliament and of the Council which is not an e-money token, an asset-referenced token or a utility token, each as defined under such Regulation. Therefore, it falls in the "Other" category.

• Medium of exchange across the ecosystem: used as the token that “fuels” all games, consumer apps, IP and transactions in the Power Protocol ecosystem, including Fableborne and future first‑ and third‑party titles.
• Consumer utility token: provides immediate utility across consumer products and applications within the Power Protocol ecosystem, including Fableborne and future titles, functioning as the core gaming token within those experiences.
• Infrastructure token: “fuels the Power Protocol,” acting as the economic standard for protocol usage and value capture across tools and infrastructure.
• Incubation / unit‑of‑account token: used as the unit of value for Power Labs, with incubated projects either denominating in $POWER or routing value back via buybacks, token swaps or programmable app‑tokens.
• Value‑accrual mechanism: designed as a “systemic value‑capture token” where ecosystem activity (games, IP, integrations) can drive demand via buybacks, sinks, staking and treasury growth.
• Staking utility / rewards right: holders can stake POWER (initially via the Fableborne Kingdoms NFT integration) to earn seasonal POWER rewards; 4% of total supply is allocated to Kingdom staking rewards.

Rights:

• Economic: entitlement to participate in protocol‑defined staking reward distributions (e.g., the 4% Kingdom staking allocation) if tokens are staked under the specified programs.
• No explicit governance or ownership rights are granted, including voting rights, control over governance, ownership of project entities, or direct legal or profit‑sharing claims on revenues or assets.

No future calendar-dated POWER token functionality milestones (e.g., future activations of staking, new token utilities, or governance rights) are disclosed in the available white paper, tokenomics, staking documentation, or roadmap; these materials only describe features already live or vesting/emission schedules relative to TGE without specifying concrete future dates.

OTHR

NEWT

POWER is an ecosystem token designed as the primary unit of value across the Power Protocol consumer stack, functioning simultaneously as a consumer utility token (initially within Fableborne and later other first- and third‑party titles), an infrastructure token for protocol operations, and an incubation token for projects supported via Power Labs. It is intended to operate on a multi-chain base including Ethereum, BNB Smart Chain, and Ronin, supporting integration across multiple chains and products rather than any single application. Operationally, POWER is positioned as the foundation of a vertically integrated consumer economy where user engagement, consumer app economies, infrastructure fees, and incubated products are intended to denominate in or recycle value into the token, with dedicated sections for value accrual, staking, and tokenomics specified in the project’s white paper but not yet reflected in public market data.

Power Protocol Limited

https://powerprotocol.xyz

2026-08-11

2026-08-11

Nothing other than already stated in the white paper.

English

DRCLT984V

65LQ4RRZM

false

true

true

Ireland

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

For $POWER, documentation describes it as a systemic value‑capture token for the broader Power ecosystem that accrues demand from multiple products via buybacks, sinks, staking and treasury growth, but it does not state that holders receive equity, dividends, or other formal ownership or profit‑sharing rights in Power Protocol or Pixion entities. In terms of access and utility, $POWER is positioned as the economic standard across the ecosystem, providing immediate in‑game token utility in Fableborne, fuelling the Power Protocol infrastructure layer, and serving as the unit of value for Power Labs and incubated products, with additional utility via staking integrations such as the Fableborne Kingdoms NFT “merge, stake, earn” flow and other sinks across games, IP and partners. The white paper and site currently do not describe any on‑chain or off‑chain voting, governance rights, or formal governance processes attached specifically to holding $POWER. With respect to holder obligations, general token‑holder duties are not detailed, but Airdrop Terms for related ecosystem rewards impose specific conditions (age, non‑participation from a long list of restricted jurisdictions, not being a U.S. Person or sanctioned “Prohibited Person”), reserve the right to require KYC/AML checks, and place responsibility for any applicable taxes on participants, indicating that users are expected to comply with these eligibility, compliance, and tax obligations when engaging in such programs.
Holders of POWER token have the right to claim full liability from the token issuer - Power Protocol Limited, its members of administrative, management and/or supervisory bodies under Article 15 of Regulation (EU) 2023/1114 for any loss incurred to holders of the crypto-asset due to any infringement of Article 6 where Power Protocol Limited provide information in this crypto-asset white paper or any modified crypto-asset white paper that is not complete, fair, clear, or that is misleading.

Rights associated with POWER tokens are exercised through smart contract interactions on supported blockchain networks. Token holders can send transactions, stake tokens, or redeem them for services via compatible decentralized applications (dApps) or exchanges.

All rights and obligations must be exercised in compliance with applicable laws and the provisions outlined in this white paper.

Changes or new information will be regularly published on the Power Protocol website, social media and/or through the newspaper. Holders are responsible for keeping their own wallet keys secure and for conducting transactions on the correct network.

Rights and obligations related to POWER tokens may be modified through updates in network protocols or smart contract upgrades. Changes may be implemented through decentralised, community-led governance mechanisms or technical improvements.

There are no future offers planned.

372300000

false

true

Not applicable. This whitepaper is published solely in relation to the admission to trading of the POWER token and does not relate to any public offering.

Lock-ups / vesting (contractual distribution restrictions)

• Community rewards: 13.2% of supply unlocked at TGE, remainder distributed over 48 months. This delays full transferability for that allocation.
• Advisors: 0% at TGE, 12‑month cliff, then 36‑month vesting, restricting transfers of advisor allocations during cliff and gradual vesting.
• Team: 0% at TGE, 12‑month cliff, then 36‑month vesting, restricting transferability of team tokens on the same basis.
• Investors: 0% at TGE with 4–12 month cliffs and 6–36 month vesting, meaning investor allocations are locked and only become transferable over time.
• Ecosystem fund: 2.8% at TGE, remaining tokens unlock over 36 months, delaying full transferability of this allocation.

Geo‑restrictions (airdrop / reward distribution)

• Participation in the Power Protocol airdrop program is prohibited for residents, citizens, or domiciled persons from an extensive list of jurisdictions including, among others, the US, UK, EU‑sanctioned and OFAC‑sanctioned countries, Canada, China, Japan, UAE, Hong Kong, South Africa, and many others; only non‑US, non‑“Prohibited Persons” may receive rewards. This limits transfer of airdropped rewards (USDC and, if applicable, $POWER) to users in permitted jurisdictions.

Fees

• No protocol‑level transfer fees, taxes, or similar on $POWER peer‑to‑peer transfers are disclosed in the white paper, tokenomics, or terms.

Blacklist / whitelist

• No on‑chain blacklist or whitelist mechanism for $POWER transfers is described in the publicly available documentation or terms.

false

POWER tokens do not have an automatic supply adjustment mechanism. The total supply is fixed, and new tokens are not minted or burned based on demand fluctuations.

false

There is no protection scheme available.

false

There are no compensation schemes.

British Virgin Islands

British Virgin Islands

Power uses standard public blockchain infrastructure so that all activity around the $POWER token and connected apps is recorded on-chain and can be independently verified. Distribution of tokens and in‑game rewards happens via smart contracts deployed across multiple networks (currently including Ethereum, BNB Smart Chain, and Ronin), so allocations and transfers follow pre‑programmed rules rather than manual control. Security and immutability are inherited from these underlying chains: once a transaction is confirmed on-chain it cannot be altered without a network-wide consensus, making the history of ownership and rewards effectively tamper‑resistant. Transparency comes from the fact that all token movements, game-related interactions, and ecosystem flows are visible on public explorers for each chain, allowing anyone to audit how $POWER is used across games and applications in the ecosystem.

Token standards / smart-contract layer

• Ethereum mainnet
• ERC‑20 fungible token – primary POWER token implementation with capped total supply of 1,000,000,000 tokens.
• ERC‑677 extension – additional ERC‑677 token contract used alongside ERC‑20.
• Ronin
• POWER is also implemented on Ronin using the same Solidity codebase as Ethereum.
• BNB Smart Chain (BSC)
• The ecosystem documentation states a multi‑chain deployment across Ethereum, BNB Smart Chain, and Ronin, implying an EVM‑compatible POWER token on BSC.

Interoperability / scalability orientation

• The use of standard EVM‑based token interfaces (ERC‑20 and ERC‑677) across EVM‑compatible chains (Ethereum, Ronin, BSC) supports interoperability with existing wallets, bridges, and DeFi infrastructure on those networks, although specific bridge protocols, L2 stacks, wallets, or SDKs are not named in the documents reviewed.

Power Protocol uses standard blockchain wallets for end users, with no bespoke retail wallet product disclosed to date. For protocol- and treasury-level holdings, the token audit recommends and confirms use of a multi-signature wallet such as Gnosis Safe as the primary treasury address to avoid single points of failure and improve security and decentralization. The audit also notes that owner and minter permissions for the POWER token are or will be controlled via a multi-signature wallet, reducing the risk of unauthorized minting if a single private key is compromised. Large token balances are intended to be distributed across multiple addresses and stored in multisig wallets rather than concentrated in a single key, further mitigating key-compromise risk.

POWER is a multi‑chain application/token that lives on Ethereum and Ronin, and is integrated across a broader ecosystem that also uses BNB Smart Chain infrastructure. It therefore inherits the consensus and settlement guarantees of: Ethereum Proof of Stake (PoS), Ronin Delegated Proof of Stake (DPoS), and (where used) BNB Smart Chain’s Proof of Staked Authority (PoSA).

• Ethereum – PoS: Ethereum uses a PoS consensus where validators stake ETH, propose/attest to blocks, and achieve economic finality via Casper FFG checkpoint voting; reverting finalized blocks would require slashing a super‑majority of stake, making attacks economically prohibitive while remaining energy‑efficient.
• Ronin – DPoS: Ronin has transitioned from PoA to Delegated Proof of Stake, where RON holders delegate stake to validators, and the top validators produce blocks, improving decentralization and security over the original small validator set while maintaining fast, low‑cost block production.
• BNB Smart Chain – PoSA (ecosystem use): BNB Smart Chain relies on a small elected validator set under PoSA (a hybrid of DPoS and PoA) with staking‑based selection, giving short block times and low fees while tying validator behavior to bonded stake for economic security.

Role of $POWER and high‑level incentives

• $POWER is the unified utility token for the Power ecosystem, used for staking, accessing seasonal and mission‑based programs, and powering engagement and reward loops across integrated applications.
• It is explicitly positioned as a systemic value‑capture token: demand should come from multiple sources (players, studios, brands, IPs, partners), with value routed back to the token economy via buybacks, sinks, staking and treasury growth.

Staking and participant rewards

• Users can stake $POWER to participate in seasonal systems, unlock tiered rewards, and engage in competitive or mission‑based programs across applications that integrate the Power Protocol. This is framed as a participation and retention mechanism, not chain security.
• A specific implementation is Kingdom staking via the Fableborne Kingdoms NFT collection: holders stake $POWER through these NFTs and earn seasonal $POWER rewards. 4% of total $POWER supply is allocated to Kingdom staking rewards.
• Community Rewards and Emissions (37.2% of supply) plus parts of the Ecosystem Fund (28%) are intended to support community incentives and emissions broadly, though detailed program‑by‑program splits are not disclosed.

Protocol‑level fees and who earns what

• The ecosystem uses a usage‑driven revenue model. Protocol revenue is generated mainly from protocol usage fees paid in $POWER by applications for:
• Reward distribution,
• Seasonal programs,
• Referral mechanics,
• Other engagement systems operated through the Power Protocol.
• These protocol usage fees are denominated in $POWER and scale with user activity and transaction volume across integrated applications.
• Fees “accrue to the protocol treasury” and are used to fund ecosystem operations, incentives, and long‑term development. Application‑level revenues such as in‑app purchases remain with the operating companies.
• Who earns what at a high level:
  • Protocol treasury: protocol usage fees in $POWER and defined portions of partner/app‑token fees.
  • Application operators (e.g., game studios): in‑app purchases and application‑specific revenues.
  • Token holders/users: rewards from staking/seasonal programs funded from allocated supply and treasury‑funded incentive programs.

App‑token (ERC20C) fees and routing

• As the ecosystem expands, partner applications can deploy ERC20C‑based “App Tokens” and localized economies with optional:
• Usage fees,
• Premium actions,
• Withdrawal fees or similar.
• A defined portion of these application‑level fees routes back into the Power Protocol, creating a recurring revenue stream that grows with partner adoption.

Transaction‑level fees

• Users still pay normal gas fees to the underlying chains (ETH, BNB, RON) when moving $POWER or interacting with integrated apps. Those base‑layer fees go to the respective chain validators/miners and are not part of Power’s own economic model.
• For application‑specific actions (e.g., premium moves, withdrawals, or other ERC20C‑based mechanics), fee levels and formulas are left to each application; only the fact that a predefined portion can be routed back to the protocol is specified.

Contribution to sustainability

• Sustainability is intended to come from:
• Usage‑based protocol fees in $POWER flowing to the treasury rather than fixed subscriptions.
• Staking and seasonal programs that encourage long‑term token holding and engagement instead of short‑term emissions.

false

true

Power’s core token contracts have undergone a dedicated third‑party audit (Beosin), which used a combination of formal verification, multi‑team manual review (basic testing, simulated attack group, expert analysis group), and static analysis against a large vulnerability database to validate correctness, business logic alignment, and resilience against common attack patterns such as re‑entrancy and denial‑of‑service.

The audit identified 1 medium‑risk, 1 low‑risk, and 2 informational issues, all of which have been remediated. The main medium‑risk items were (i) centralization risk from initially concentrating the full 1 billion POWER supply in a single treasury address, and (ii) a wrapped token design where owner/minter roles plus an unlimited maxSupply (0) could, if compromised, allow unlimited minting; these have been addressed by deploying with a Gnosis Safe multi‑signature treasury, enforcing a hard maxSupply of 1 billion tokens, and committing to manage owner/minter permissions via multi‑sig, thereby removing single‑key points of failure and capping overall issuance.

At the protocol level, Power is built as an infrastructure “economic engine” for blockchain entertainment rather than a single‑game token, with the tech stack already battle‑tested inside the live Fableborne game and designed to scale to third‑party apps via AI‑driven, behavior‑based incentives and simple DeFi primitives, which provides real‑world validation of the system before wider rollout. This combination of independent security review, concrete remediation of identified risks, multi‑sig governance over critical keys, capped token supply, and production‑tested infrastructure offers a robust technical foundation intended to support long‑term, reliable operation of the POWER ecosystem.

Legal and Regulatory Risk

• The project positions $POWER as an ecosystem, gaming, and infrastructure token and states that its white paper is informational only, but regulators in various jurisdictions could nonetheless characterize the token or related activities as involving securities, investment products, or other regulated instruments, potentially restricting offerings or secondary trading.
• The airdrop terms expressly exclude participants from a wide range of jurisdictions (including the US, UK, EU-sanctioned and other high‑risk countries) and require that participants are not “U.S. Persons” or on sanctions lists; changes in global sanctions or securities laws could expand or alter these restrictions, reducing the addressable user base and limiting future listings.

AML / KYC Risk

• The project reserves the right to require KYC and compliance checks before distributing rewards and to disqualify or withhold distributions where documentation is not provided or fraud/abuse is suspected, creating a risk that some participants may not receive expected allocations.
• KYC for entities involved in SAFTs, token warrants, exchange listings, and market-making is handled via third‑party providers on a case‑by‑case basis, and that legacy KYC data is not retained unless required by law or contract; investors face reliance on third‑party compliance processes and on the project’s ongoing ability to satisfy regulatory and counterparty due diligence requirements.

Technical and Operational Risk

• $POWER is deployed across multiple chains (Ethereum, BSC, and Ronin), introducing smart contract, bridge, and multi‑chain operational risk, including potential bugs, exploits, or incompatibilities across networks.
• The protocol underpins a broad ecosystem (games, infrastructure, incubated projects, AI products), so operational failures, downtime, or security incidents in any of these components (e.g. Fableborne or Power Labs projects) could adversely affect token utility and perception.

Tokenomics and Vesting Risk

• $POWER has a fixed total supply of 1,000,000,000 tokens allocated across community rewards and emissions (37.2%), ecosystem fund (28%), investors (16.15%), team (9.23%), liquidity (5%), and advisors (4.42%), which concentrates a large portion of supply in team, investor, and treasury allocations.
• Significant portions of supply are subject to cliffs and vesting (e.g. 12‑month cliffs with 36‑month vesting for team and advisors; 4–12‑month cliffs and 6–36‑month vesting for investors; multi‑year unlocks for the ecosystem fund), creating overhang and potential sell‑pressure at and after each unlock event.
• 5% of supply is allocated to liquidity at TGE, and 13.2% of community rewards is unlocked at TGE with further emissions over 48 months, which may result in periods of rapid circulating‑supply expansion if demand does not keep pace.

Governance and Centralization Risk

• Large allocated tranches to team, investors, and the ecosystem fund imply that, at least in early stages, decision‑making, treasury control, and de‑facto governance influence are likely to be concentrated among a small number of stakeholders, even if on‑chain or off‑chain governance mechanisms are later introduced.
• The ecosystem’s strategic direction, partner selection, and incubation via Power Labs appear to be curated by the project team and associated entities, so investors are exposed to key‑person and execution risk: adverse changes in leadership, strategy, or risk appetite could materially affect token utility and ecosystem growth.

Market and liquidity risks:
As a new token in a developing consumer ecosystem, POWER is likely to face periods of low liquidity, wide spreads, and high price volatility, with limited historical data to inform fair value or risk models. Holders may be exposed to concentrated liquidity around a small number of venues or pairs, magnifying slippage and the impact of large orders.

Legal and regulatory risks:
The issuer is a BVI business company, which may face evolving regulatory expectations for gaming- and infrastructure-related tokens, including under MiCA and other virtual asset regimes. Changes in classification (e.g., treatment as a financial instrument or e‑money–like asset) could affect where and how POWER can be offered, traded, or used, and may require additional disclosures or licenses.

AML and privacy risks:
KYC is performed via third‑party providers for SAFT participants, exchange listings, market makers, and strategic partners, with a policy of not retaining legacy KYC documents beyond what is legally or contractually required; this creates reliance on external providers’ controls and data security. Case‑by‑case onboarding and data‑minimization practices may lead to heterogeneous AML standards across participants and jurisdictions, and users may have limited visibility into exactly what personal data is collected and retained.

Technical and security risks:
Power Protocol underpins multi‑chain Web3 consumer use cases, meaning POWER may be exposed to smart contract, bridge, and infrastructure vulnerabilities across several chains and integrated products. The ecosystem depends on external consumer products (such as Fableborne) and incubated projects, so security incidents or exploits in these applications or their in‑app economies could directly affect token utility and confidence.

Governance and concentration risks:
Protocol and token operations, including issuance and treasury oversight, are currently driven by a small set of key contributors and a BVI corporate issuer, leading to material key‑person and centralization risk until governance is further decentralized. Planned “further ecosystem decentralization aligned with operational maturity” introduces execution risk around if and how voting rights, treasury control, and upgrade powers are transitioned to a broader stakeholder base.

Listings and venue risks:
Exchange listings and liquidity infrastructure are a stated part of the ecosystem roadmap, so access, liquidity depth, and pricing may depend heavily on a limited set of centralized and/or decentralized venues and associated market‑making arrangements. Any change in an exchange’s listing decision, risk appetite, or regulatory status could impair trading access for POWER holders and may trigger abrupt liquidity shocks.

Technical risks
Power Protocol must deliver and maintain shared infrastructure for multi‑game, multi‑chain entertainment, including staking, token sinks, APIs, cross‑app identity and reward rails; delays or defects in these components could block or degrade partner integrations.
At deployment, all 1 billion POWER tokens are transferred to a single treasury address, creating a security and single‑point‑of‑failure risk if key management or multi‑sig configuration is not implemented correctly or if distribution away from that address is delayed.
The wrapped token contract originally allowed unlimited minting and relies on correct maxSupply configuration and secure multi‑sig control of owner/minter roles in production; any mis‑configuration or governance failure here could undermine supply integrity.

Operational / resources risks
Execution is heavily dependent on Pixion Games for product development, operations, and ecosystem growth, with Fableborne as the flagship; resourcing issues, delays, or coordination challenges at Pixion could slow roadmap delivery and limit real‑world proof points.
The roadmap is explicitly described as a “living document subject to change,” signaling that milestone timing, scope and prioritization may shift as the team responds to constraints or market conditions.

Third‑party dependency risks
The model depends on onboarding external studios, third‑party games, incubated projects, AI‑native apps and global IP partners; if these partners fail to launch, sustain, or scale POWER‑denominated products, the expected compounding ecosystem effects and token sinks may not materialize.
The project also relies on external providers for compliance, security, market making, and exchange integrations, so failures, service withdrawals, or regulatory constraints affecting these providers could disrupt trading venues, liquidity support, or onboarding processes.

Market / liquidity risks
The roadmap emphasizes launching Power Protocol and “establish[ing] liquidity for POWER in a controlled and stable manner”, highlighting execution risk around actually achieving sufficient depth and stability without over‑committing to features that increase pressure.
Because the token’s demand thesis is tied to usage across games, consumer apps, and AI‑driven products, weak adoption or cyclical downturns in blockchain gaming and related sectors could limit organic transaction volume and constrain sustainable liquidity formation.

Legal / compliance risks
The issuer is a BVI business company, relying on third‑party KYC providers on a case‑by‑case basis (e.g., for SAFT participants, listings and partners); evolving regulatory expectations in key jurisdictions may require changes to onboarding, disclosures, or distribution practices that could delay integrations or restrict access.
Given the cross‑border user base and the use of staking, rewards and token sinks, there is ongoing risk that regulators re‑characterize POWER or related activities under securities, derivatives, or e‑money regimes, impacting where and how the token and associated services can be offered.

Governance / tokenomics risks
All tokens are initially concentrated in a single treasury address, and protocol‑level matters, token issuance and treasury oversight are controlled by the issuer and core contributors; this centralization increases reliance on a small group for allocation, emissions, and policy decisions.
The roadmap calls for “further ecosystem decentralization aligned with operational maturity”; if governance mechanisms, multi‑sig structures, and token‑holder participation are delayed, weakly implemented, or not clearly communicated, this could undermine trust in the long‑term fairness and resilience of the tokenomics and decision‑making process.

Smart contracts:
$POWER is implemented as a standard ERC‑20 token in Solidity with a fixed max supply of 1 billion, all initially allocated to a treasury address; minting and burning are disabled, which limits monetary-policy risk but concentrates initial control in the treasury. The audit notes prior centralization and owner/minter-privilege concerns and recommends multi‑sig control, which the team has implemented via a Gnosis Safe for the treasury and multi‑sig management of owner/minter roles, reducing single‑key compromise risk. Redundant ERC20Permit inheritance and unnecessary public variables were removed, slightly simplifying the attack surface and reducing phishing risk from unused permit flows.

Cross-chain:
The token and related contracts are deployed on Ethereum and Ronin, and earlier ecosystem materials also reference BNB Smart Chain, implying a multi‑chain environment with potential bridges or wrapped tokens. The audit highlights and fixes a medium‑severity centralization risk in a wrapped token contract (PowerWrappedToken), but any cross‑chain value flow still inherits standard bridge risks: contract or key compromise on bridge/wrapper contracts, inconsistent states across chains, and potential liquidity fragmentation if one chain or bridge becomes impaired.

Scalability and performance:
Power Protocol positions itself as an “infrastructure layer that makes blockchain entertainment scale,” validated in production through the Fableborne game, but public materials and the audit do not specify throughput targets, gas-optimization strategies, or congestion mitigation mechanisms. This leaves open how the system behaves under heavy load (e.g., large in‑game events across chains), and users remain exposed to fee and latency conditions on each underlying network.

Wallets and privacy:
Docs focus on protocol economics rather than custom wallet or key‑management infrastructure, so users are expected to interact via standard chain wallets and game/app frontends, inheriting usual risks of phishing, key loss, and on‑chain traceability. The project publishes a privacy policy but does not detail protocol‑level privacy or data‑minimization mechanisms for gameplay and engagement data, so off‑chain profiling by apps and partners remains a material risk.

L2 / infrastructure dependencies:
Because $POWER and its ecosystem contracts run on Ethereum and Ronin (and potentially BNB Smart Chain), security and availability depend on those networks’ consensus, validator sets, and governance, as well as any bridging or wrapping infrastructure used to move value between them. Users are indirectly exposed to outages, reorgs, protocol upgrades, or censorship at these layers, which could affect token transfers, staking, or game integration.

Audits and security process:
The Power Token and associated wrapped token contracts underwent a dedicated security review by Beosin from 2–3 April 2025 using static analysis, formal verification, and manual review. The audit identified 1 medium‑risk, 1 low‑risk, and 2 informational issues (including centralization of token distribution, centralization in the wrapped token, redundant code, and variable visibility), and all were reported as fixed in the latest code. This provides a baseline of smart‑contract assurance, but there is no publicly described ongoing security program (e.g., bug bounties, continuous audits, or monitoring) for future upgrades or additional protocol components.

Power protocol implements a multi-layered security approach, including third-party smart contract audits, rigorous internal testing, and ongoing research into cryptographic best practices. Continuous monitoring mechanisms are in place to detect and respond to potential vulnerabilities. The project adopts a decentralised governance model to facilitate protocol upgrades in response to technological challenges. Additionally, risk mitigation strategies involve partnerships with established infrastructure providers to enhance network stability and reliability.

Power Protocol Limited

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POWER

POWER does not operate its own independent consensus mechanism. As a multi-chain token and application, it relies on and inherits the consensus and settlement guarantees of the underlying blockchain networks on which it is deployed and used.

Specifically, POWER is deployed on and integrated with the following networks:

• Ethereum (Proof of Stake – PoS): Ethereum secures transactions through a PoS consensus mechanism in which validators stake ETH to propose and attest to blocks, with economic finality achieved via Casper FFG. This provides strong security guarantees and energy-efficient block validation.
• Ronin (Delegated Proof of Stake – DPoS): Ronin operates under a DPoS model where RON holders delegate stake to validators, and a selected validator set produces blocks, enabling fast and low-cost transactions while maintaining economic security.
• BNB Smart Chain (Proof of Staked Authority – PoSA), where applicable: BNB Smart Chain uses a PoSA consensus mechanism with a limited validator set selected through staking, combining fast block times with stake-based accountability.

Accordingly, transaction validation, block production, and finality for POWER depend entirely on the consensus mechanisms of these underlying networks, rather than on a protocol-specific consensus layer.

Power Protocol uses incentive mechanisms designed to encourage user participation and long-term engagement within the ecosystem, rather than network security.

• Staking and Participation Rewards:
$POWER token holders may stake tokens to participate in seasonal, mission-based, or community programs across applications integrated with the Power Protocol. Staking unlocks tiered rewards and participation benefits. Rewards are funded from predefined token allocations and protocol-managed incentive pools. For example, a portion of the total $POWER supply is allocated to staking programs such as Kingdom staking.

• Protocol Usage Fees:
Applications using the Power Protocol pay protocol usage fees denominated in $POWER for services such as reward distribution, seasonal programs, referral systems, and engagement mechanics. These fees scale with ecosystem usage and accrue to the protocol treasury.

• Reward Distribution:
Incentives distributed to users are funded through allocated token emissions and treasury resources generated from protocol usage fees. Application-specific revenues (e.g. in-app purchases) remain with application operators.

Underlying blockchain gas fees are paid separately to the respective base-layer networks and are not part of the Power Protocol’s incentive or reward model.

2026-01-27

2026-02-09

10.07055

Data provided by CCRI; all indicators are based on a set of assumptions and thus represent estimates; methodology description and overview of input data, external datasets and underlying assumptions available at:
https://carbon-ratings.com/dl/whitepaper-mica methods-2024 and https://docs.mica.api.carbon ratings.com. We do not account for any offsetting of energy consumption or other market-based mechanism as of today.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.

Not applicable as the annual energy consumption is less than 500,000 kWh.