Question
Provide a concise narrative that clearly states each of (a)–(e) below.
Response
Veranta, formerly Avantis, is an onchain leveraged trading venue on Base that aims to give traders a single place to take leveraged positions across crypto and real-world assets such as forex, commodities, metals and indices. On September 14, 2026 the project rebranded from Avantis to Veranta, opened the platform to everyone without an invite code, and now describes itself as a universal leverage layer. The project stated that nothing changes with the token, which keeps the $AVNT ticker. The project reports more than 100,000 users, more than 120,000 token holders and close to $100 billion in cumulative trading volume since launch. (Source: Introducing Veranta, Veranta on X, Veranta, Avantis Foundation)
Development is funded by capital raised by the Labs entity and by protocol revenue. The MiCAR white paper, published while the project operated as Avantis, states that Avantis raised $12 million through the Labs entity and still held $9.3 million, and it reports 2024 protocol fee revenue of about $1.26 million. The Foundation describes its role as growing and sustaining the ecosystem through development funding, grants, incentives and governance. The rebuilt Veranta platform entered private beta on August 12, 2026 and opened to everyone on September 14, 2026. The project reports more than $1 billion in volume and more than $200,000 in revenue during the private beta. The blog's stated priorities through the end of 2026 are expanding toward 500+ real-world asset markets, raising available RWA liquidity toward $500 million+, introducing tooling for agentic trading, and adding derivatives beyond perpetuals, including options. (Source: Avantis MiCAR White Paper, Avantis Foundation, Introducing Veranta, Veranta on X)
Traders post USDC collateral and open leveraged positions whose prices come from Pyth Pro feeds, cross-checked against Chainlink where a Chainlink feed exists and rejected when stale or divergent beyond a set threshold. Liquidity providers deposit USDC into the avUSDC vault, an ERC-4626 token that is the counterparty to every trade. A protocol buffer that accumulates trader losses pays trader profits before LP capital is touched. LPs receive 70% of opening, closing and win fees and 100% of margin fees. Every market has separate long and short open interest caps that scale with vault size, and positions liquidate at an 85% loss of collateral. (Source: Veranta LP Vault (avUSDC), Accurate Oracle Execution, Limitations and Safeguards)
AVNT is a fixed-supply ERC-20 token on Base at contract 0x696F9436B67233384889472Cd7cD58A6fB5DF4f1. Holders can stake AVNT in the Security Module, which targets a 15% APR paid in AVNT, gives up to a 30% trading-fee discount, and exposes stakers to slashing of up to 20% of their stake if the vault suffers a defined loss event. The token is also the object of a daily buyback-and-burn program funded by 30% of opening, closing and win fees. The MiCAR white paper classifies AVNT as a work token and states that it carries no claim on protocol equity or cash flows. Tokenholder governance voting is announced but not yet live. (Source: AVNT Token, Staking Security Module, Buyback and Burn, Avantis MiCAR White Paper)
Today the protocol is administered by the Foundation, which the MiCAR white paper says uses multisig wallets to hold its assets and to perform upgrades. The foundation site lists tokenholder governance, covering product updates, treasury spend and buybacks, as coming soon. The MiCAR white paper states that holders, U.S. persons included, will be able to vote on key changes, and that holder rights can be changed through protocol updates, contract upgrades or changes to the Terms of Service. The expected path is therefore a move from Foundation multisig control toward tokenholder voting, with no launch date or voting threshold yet published. (Source: Avantis Foundation, Avantis Foundation Token, Avantis MiCAR White Paper)
Question
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.
Response
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Harsehaj (Sehaj) Singh (MiCAR White Paper) | Labs/DevCo | Co-founder and Chief Executive Officer of Avantis Labs (TechCrunch) | Singh studied at UC Berkeley Haas, worked as an M&A analyst at Lazard, was a part-time game economist at Illuvium, and from 2021 was an investor at Pantera Capital where he led diligence on more than 15 deals (0xBeacon) |
Raymond Dong (MiCAR White Paper) | Labs/DevCo | Chief Operating Officer (MiCAR White Paper) | Dong was previously a public and private markets investor and a consultant at McKinsey, and studied economics and biology at the University of Chicago (Raymond Dong on X) |
Yug Kapoor (MiCAR White Paper) | Labs/DevCo | Head of Engineering (MiCAR White Paper) | The MiCAR white paper lists Kapoor among the persons involved in the project but gives no employment history, and no project page publishes a biography for him (MiCAR White Paper) |
Apoorv Tiwari (MiCAR White Paper) | Labs/DevCo | Head of Risk (MiCAR White Paper) | The MiCAR white paper lists Tiwari among the persons involved in the project but gives no employment history, and no project page publishes a biography for him (MiCAR White Paper) |
Glenn Kennedy (MiCAR White Paper) | Foundation | Director of Avantis Foundation (MiCAR White Paper) | Kennedy is Managing Director and founder of Leeward Management, whose Camana Bay office is the registered address of the Foundation. He began as an equity partner at a Toronto business law firm and then joined a multi-jurisdictional offshore law firm focused on fund formation, compliance and regulatory advisory (Leeward, Privacy Policy) |
No DAO or onchain governance body exists yet. The foundation site lists tokenholder governance as coming soon (Avantis Foundation, Avantis Foundation Token) | DAO/Onchain Governance | Because no governance body is live, there are no elected delegates, council members or other governance officeholders (Avantis Foundation) | With no governance officeholders in place, there is no governance leadership experience to report (Avantis Foundation) |
Question
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).
Response
No DAO exists, so no DAO owns or controls any IP. Tokenholder governance is listed as coming soon on the foundation site. The Terms of Service state that the Services, including their copyrights, trademarks and trade names, are owned or controlled by Veranta, its affiliates and licensors, with the Veranta Foundation named as the contracting party. No license of IP to a DAO or to tokenholders is described. (Source: Avantis Foundation, Terms of Service)
No DAO exists, so there is no governance executor, no tokenholder veto and no vote threshold over any contract. Administrative authority sits with the Foundation, which the MiCAR white paper says stores its assets in multisig wallets and uses multisig for upgrades. The Terms of Service state that Veranta may change, suspend or discontinue any aspect of the Services at any time. Neither document publishes the multisig signer set or threshold. (Source: Avantis MiCAR White Paper, Terms of Service, Avantis Foundation)
AVNT can be staked in the Security Module. Stakers earn a target 15% APR paid every block in AVNT and receive up to a 30% discount on fixed-fee and zero-fee-perpetual trading fees. In return their stake backs the LP vault and can be slashed by up to 20% if the vault buffer ratio falls below 0.925 and LPs realize a loss of 5% or more, with slashed AVNT going to LPs. No slashing event has occurred and the largest single-day LP drawdown to date was 30 basis points. Staking confers no voting rights today because governance is not live, so stakers cannot decide parameters, treasury actions or upgrades. (Source: Staking Security Module, Avantis MiCAR White Paper, Avantis Foundation)
Tokenholders have no current right to direct revenue or treasury assets. The MiCAR white paper states that AVNT grants no ownership, voting or profit rights in the issuer and has no claim on protocol equity or cash flows. Value reaches holders programmatically instead. 30% of opening, closing and win fees fund a daily buyback that sends AVNT to the null address, with the remaining 70% going to LPs, margin fees going 100% to LPs and liquidation fees going 100% to the treasury. As of September 28, 2026 the foundation dashboard reported 4,483,073.98 AVNT burned across 827 buyback transactions. A second milestone raising the buyback share to 50% or more is planned but contingent on LP efficiency and risk upgrades. (Source: Avantis MiCAR White Paper, Buyback and Burn, Avantis Foundation Buybacks)
No DAO exists, so no party holds DAO dissolution or wind-up authority and no onchain vote can trigger one. The only legal entity in the governance chain is the Cayman Islands Foundation, and the MiCAR white paper names the Grand Court of the Cayman Islands as the competent court for disputes. Neither the white paper nor the Terms of Service describe a wind-up procedure for the Foundation or any tokenholder role in one. (Source: Avantis MiCAR White Paper, Terms of Service)
Question
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.
Response
The primary Foundation is Avantis Foundation, a Cayman Islands entity with legal form code K575, registration number 40632 and a registration date of January 17, 2024, and it is the issuer named in the AVNT MiCAR white paper. Its director is Glenn Kennedy. Its registered address is Suite 3119, 9 Forum Lane, Camana Bay, Grand Cayman, the office of Leeward Management. Since the September 2026 rebrand the Terms of Service name the Veranta Foundation as the contracting party under Cayman Islands law with arbitration in the Cayman Islands, and the privacy policy names Veranta Foundation, at the same Leeward address, as data controller. (Source: Avantis MiCAR White Paper, Terms of Service, Privacy Policy)
The Terms of Service state that the Services and their copyrights, trademarks, service marks and trade names are owned or controlled by Veranta, its affiliates and licensors, and that Veranta retains all rights in them. The Terms do not say whether the Foundation itself or the Labs entity is the registered owner of the Avantis and Veranta marks or of the code repositories, and the MiCAR white paper does not address IP. Neither document discloses any subsidiary of the Foundation. (Source: Terms of Service, Avantis MiCAR White Paper)
With no DAO in place, the Foundation holds the treasury and token administration powers directly. It retained 100,000,000 AVNT at issuance according to the MiCAR white paper, holds its assets in multisig wallets, and runs the buyback program from address 0xa75886adA4dE4BA28F2385615216E48e7bEA1410, which receives 30% of opening, closing and win fees. Liquidation fees go 100% to the treasury. The Foundation also publishes the staking, airdrop and buyback programs on its own site. No tokenholder approval is required for these actions today, and no multisig threshold is published. (Source: Avantis MiCAR White Paper, Buyback and Burn, Avantis Foundation Buybacks, Avantis Foundation)
The record shows a financial relationship between the two entities but no governance link. The Foundation's June 2025 balance sheet in the MiCAR white paper records $6,800 due to Avantis Labs, and the white paper states that funds were raised through the Labs entity. The Foundation's director is Glenn Kennedy of Leeward Management, an outside Cayman firm, while the Labs executives are listed separately as persons involved in the project. No document gives the Foundation a board seat, shareholding or veto over Labs, and none describes any service agreement between them. (Source: Avantis MiCAR White Paper, Leeward)
The MiCAR white paper states that multisig wallets store Foundation crypto assets and that the project uses multisig for upgrades, which places upgrade authority over the contracts with the Foundation's multisig. The Terms of Service add that Veranta may change, suspend or discontinue the Services at any time. The audits page lists Zellic, Sherlock and Zokyo reviews of earlier versions and names Guardian, Sherlock and Zellic as V2 auditors whose reports have not yet been posted, but neither it nor the white paper names the signers, the signing threshold, a timelock or a separate pause role. (Source: Avantis MiCAR White Paper, Terms of Service, Audits)
Several programmatic flows direct value to or through the Foundation. It holds a 2% Foundation token allocation vesting linearly over 24 months from 0% at TGE. Liquidation fees go 100% to the treasury, and 30% of opening, closing and win fees fund AVNT buybacks that are burned rather than retained. The MiCAR white paper reports 2024 revenue to the issuer of about $1.26 million in protocol fees, $0.146 million in grants, $0.077 million in liquidation fees and $0.5 million in insurance fund inflows, with a profit of $0.31 million. No distribution of fees or tokens to the Foundation's own members or to Labs equityholders is described. (Source: Avantis Foundation Token, Buyback and Burn, Avantis MiCAR White Paper)
Question
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.
Response
The primary DevCo is the Labs entity that raised the project's venture funding, named Avantis Labs in the MiCAR white paper and Veranta Labs, Inc in the privacy policy. The "Inc" suffix indicates a corporation, and the MiCAR white paper lists its CEO and COO at 222 East 44th Street, New York, but no document states its state of incorporation. The Block's June 2025 report described Harsehaj Singh as CEO of Lumena Labs, the core contributor to Avantis, and the project FAQ states that the Base Ecosystem Fund is an investor in Veranta Labs. (Source: Privacy Policy, Avantis MiCAR White Paper, The Block, FAQs)
The Terms of Service assign ownership of the Services, their code and their marks to Veranta, its affiliates and licensors without naming which entity holds them, so Labs may hold them only as an affiliate. The MiCAR white paper and the funding reports do not identify Labs as owner of the repositories or trademarks. The relationship between Avantis Labs and Lumena Labs, the name The Block used for the core contributor, is not explained in any project document, and no other subsidiary is disclosed. (Source: Terms of Service, Avantis MiCAR White Paper, The Block)
No DAO exists for Labs to hold power over. The MiCAR white paper places the treasury, the retained 100,000,000 AVNT and the upgrade multisigs with the Foundation, not with Labs. It lists the Labs CEO, COO, Head of Engineering and Head of Risk as the persons involved in running the project, which indicates that Labs staff operate the product and risk parameters in practice. No document gives Labs a formal right over treasury actions, token administration or reward parameters. (Source: Avantis MiCAR White Paper, Avantis Foundation)
Labs has no documented control over the Foundation. The Foundation's director is Glenn Kennedy of Leeward Management, an outside Cayman firm, not a Labs executive. The Foundation's June 2025 balance sheet shows $6,800 owed to Avantis Labs, and the white paper says the project raised its $12 million through the Labs entity. No document describes Labs holding membership rights in the Foundation, the right to appoint its director, or a service agreement that binds its decisions. (Source: Avantis MiCAR White Paper, Leeward)
The MiCAR white paper assigns the upgrade multisigs and asset-holding wallets to the Foundation and does not describe any contract role held by Labs. The audits page lists the protocol's reviews by Zellic, Sherlock and Zokyo and names Guardian as a V2 auditor whose report is not yet posted, without naming the deployer or admin address holder. No document states whether Labs employees are signers on the Foundation multisigs, and no signer list or threshold is published. (Source: Avantis MiCAR White Paper, Audits)
Labs investors and staff participate through token allocations rather than fee flows. The Series A was sold as equity with token warrants, the Investors category holds 26.6% of supply and the Team & Advisors category holds 13.3%, both with a 12-month cliff followed by 30 months of linear vesting. The Foundation's balance sheet records $6,800 due to Avantis Labs. No mechanism is disclosed that directs protocol fees or revenue to Labs or its equityholders, since fees go to LPs, buybacks and the Foundation treasury. (Source: The Block, Avantis Foundation Token, Avantis MiCAR White Paper, Buyback and Burn)
Question
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
Response
The full supply of 1,000,000,000 AVNT was minted on April 23, 2025, and trading went live on September 9, 2025. At TGE 205,000,000 AVNT, or 20.5% of supply, was unlocked, made up of the 12.5% Airdrop 1 allocation and the 8% Liquidity Reserve. The remaining 795,000,000 AVNT, or 79.5%, was locked under cliff or linear vesting schedules. CoinGecko reported a circulating supply of about 354.8 million AVNT as of September 28, 2026. (Source: Avantis Foundation Token, AVNT Token, CoinGecko)
The seven categories sum to 100% of the 1,000,000,000 fixed supply. Categories marked no were fully unlocked at TGE, and categories marked yes remain under an ongoing cliff or linear vest. (Source: Avantis Foundation Token)
No fixed price was set. AVNT was not sold in a public offering, and the MiCAR white paper marks the issue price and price-determination items as not applicable because it covers admission to trading only. The price was set by open market trading when exchange and DEX markets opened on September 9, 2025. The project did not publish an opening price. CoinGecko records an all-time high of $2.64 and an all-time low of $0.07776, and a price of about $0.1258 as of September 28, 2026. (Source: Avantis MiCAR White Paper, Avantis Foundation Token, CoinGecko)
The ticker is AVNT, written $AVNT in project materials. It was retained unchanged when the project rebranded from Avantis to Veranta on September 14, 2026, and the project stated that nothing changes with the token. CoinGecko now lists the asset under the Veranta name with the AVNT symbol. (Source: AVNT Token, Introducing Veranta, CoinGecko, Veranta on X)
Total supply is fixed at 1,000,000,000 AVNT with no inflation, and the MiCAR white paper states that no supply adjustment mechanism exists. Supply is deflationary in practice because the daily buyback program burns AVNT to the null address. The foundation dashboard reported 4,483,073.98 AVNT burned as of September 28, 2026, about 0.45% of total supply. (Source: AVNT Token, Avantis MiCAR White Paper, Avantis Foundation Buybacks)
Airdrop 1 and the Liquidity Reserve were fully unlocked at TGE. Onchain Incentives vest linearly over 42 months from 0% at TGE. Builder and Ecosystem Grants and the Foundation allocation each vest linearly over 24 months from 0% at TGE. Team & Advisors and Investors each carry a 12-month cliff followed by 30 months of linear vesting, so their first tokens release one year after TGE and the last release 42 months after TGE. The MiCAR white paper confirms that vesting restrictions apply to team and investor tokens. (Source: Avantis Foundation Token, Avantis MiCAR White Paper)
Question
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.
Response
Planned but not yet executed airdrop
Not applicable. The TGE airdrop was already executed, with claims opening on September 9, 2025. (Source: Bitget)
Executed airdrop
Airdrop 1 allocated 12.5% of supply, 125,000,000 AVNT, fully unlocked at TGE, with more than 65,000 wallets eligible. The segments were traders by Trading XP with 8.76% of supply, liquidity providers with 2.19%, the top 500 Wallchain Quackers by a September 4, 2025 snapshot with 0.2%, and Base ecosystem users with 1.35%, the last group covering the top 500 Pythenia users, the top 500 BankrBot members, the top 1,000 Definitive users and several thousand Base token traders. Allocation within the trader and LP segments was based on Trading XP and Liquidity XP earned in the XP program, which covered Season 1 from June 11 to December 11, 2024 and Season 2 from December 12, 2024. Claimants chose between claiming only and claiming and staking everything for a 35% bonus once staking went live. The foundation airdrop page lists Airdrop 2 for Trading XP and Liquidity XP users. Separately, Season 3 of the XP program ran from September 3, 2025 to February 28, 2026 with a 4% reward pool split 3% to traders and 1% to LPs, and traders earned up to 1 XP per dollar of fixed-fee volume, LPs earned 1 XP per dollar per day and referrers earned 10% of referred XP. (Source: Bitget, Season 1, Season 2, Season 3, Avantis Foundation Airdrop, Avantis Foundation Token)
No airdrop planned or conducted
Not applicable. The project has conducted an airdrop, Airdrop 1, and lists a second airdrop on its foundation site. (Source: Avantis Foundation Token, Avantis Foundation Airdrop)
Question
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:
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.
Response
Question
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
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.
Response
Question
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:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Response
Question
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").
Response
No exploit affecting AVNT, its supply, tokenholder balances, its token contract or its mint controls has been publicly reported as of 2026-09-28. The February 21, 2026 hijack of the avantisfi.com web domain hit the offchain frontend, not the token or the protocol on Base, and the project states that no smart contract, treasury, LP vault or token was compromised. That incident falls outside this item and is covered in Section 12B. (Source: Avantis DNS Transfer Incident Report)
Not applicable. No exploit vector affecting AVNT is on the public record. The February 2026 domain hijack was social engineering of the domain registrar, not an attack on the token contract. (Source: Avantis DNS Transfer Incident Report)
Not applicable. No reported incident affected AVNT, its supply or its token contract, and the project states that no token was compromised in the February 2026 domain hijack. (Source: Avantis DNS Transfer Incident Report)
Not applicable. No token exploit required remediation. The MiCAR white paper lists Zellic and Halborn audits of the token. (Source: Avantis MiCAR White Paper)
Not applicable. The project's incident report states that no token contract was impacted, and no token incident has been publicly reported as of 2026-09-28. (Source: Avantis DNS Transfer Incident Report)
No post-mortem exists because no token exploit occurred. The project's February 23, 2026 domain incident report and the MiCAR white paper are the reviewed references. (Source: Avantis DNS Transfer Incident Report, Avantis MiCAR White Paper)
Question
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
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?
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?
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?
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?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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?
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?
(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:
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?
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?
Response
Impact of Regulatory Change on TGE and Listings
The TGE and initial listings are complete, so the remaining exposure is to continued trading. The MiCAR white paper, notified on August 3, 2025 and published on August 29, 2025 with the Netherlands as home member state, states that regulatory change could affect the ability to keep AVNT listed and that its legal classification varies by jurisdiction. A reclassification in a major market could force exchanges such as Binance, Coinbase or Upbit to delist the token or restrict it, which would reduce liquidity for holders. (Source: Avantis MiCAR White Paper, AVNT Token)
Entity-Level Regulatory Impact
The Foundation is a Cayman Islands entity and the issuer of record under MiCAR, while the Labs entity that runs development has its executives in New York. The protocol offers leveraged perpetuals on forex, commodities and other real-world assets, a product class that falls under derivatives regulation in many jurisdictions. Enforcement against either entity, or a licensing requirement for leveraged RWA products, could force changes to market listings, frontend access or entity structure. The white paper also flags that key team members may depart, which could impact delivery, and The Block reported a 12-person team in June 2025. (Source: Avantis MiCAR White Paper, Privacy Policy, The Block)
Tokenholder Tax Treatment
Tokenholders are responsible for their own tax obligations. The Terms of Service state that Veranta is not responsible for any tax obligations users incur in connection with the Services, and the legal disclosures page states that nothing on it is tax advice. Neither document analyzes how AVNT staking rewards, airdrop receipts, buyback-driven supply reduction or Security Module slashing losses are treated for tax purposes, and those events may be taxed differently across jurisdictions. (Source: Terms of Service, Legal Disclosures)
Jurisdictional & User Access Restrictions
The Terms of Service bar residents of the United States, U.S. persons, sanctioned persons, and persons located in Russia, Crimea, Cuba, Iran, North Korea or Syria from the Services. The MiCAR white paper lists Belarus, Cuba, Iran, North Korea, Russia and Syria as restricted for token transfers. The white paper also states that U.S. persons will be able to vote in governance even though they cannot use the Services, which creates an inconsistency in the project's treatment of U.S. holders. Restricted users who access the frontend anyway risk losing access without recourse, and the project risks enforcement if restrictions are not effective. (Source: Terms of Service, Avantis MiCAR White Paper)
Bugs and Design Flaws
The avUSDC vault is the counterparty to every trade, so a pricing bug, oracle failure or run of trader profits beyond the protocol buffer lands directly on LP capital. Execution depends on Pyth Pro prices cross-checked against Chainlink, and trades halt when feeds are stale or diverge by more than a set threshold, which protects against bad prices but can block orders during volatility. The MiCAR white paper lists smart-contract bugs as a risk. V2 went live in August 2026 and its Guardian, Sherlock and Zellic audit reports had not yet been published on the audits page. Offchain components are also an attack surface. On February 21, 2026 an attacker socially engineered the domain registrar, Squarespace, took over the avantisfi.com domain and served a wallet-drainer phishing site. Users who connected a wallet and approved its transactions lost funds, and the incident report does not give the total amount drained or the number of affected wallets. The team recovered the domain within about eight hours, committed to fully refund every affected user and announced a move to an enterprise registrar with registry locks and multi-party authorization. No later project statement confirming that the refunds were completed was found. (Source: Veranta LP Vault (avUSDC), Accurate Oracle Execution, Avantis MiCAR White Paper, Audits, Avantis DNS Transfer Incident Report)
Security Measures & Their Limitations
The audits page lists Zellic, Sherlock and Zokyo audits of earlier contract versions, the MiCAR white paper lists Zellic and Halborn audits of the token, and Chaos Labs provided an economic security review, helping set the genesis trading fee parameters. Open interest is capped per market and per side, profits are capped at 2,500% of collateral for most markets, and vault withdrawal fees rise to 2.5% when the buffer ratio falls below 0.90. The Security Module adds up to a 20% slash of staked AVNT as a backstop. These measures have limits. Audits do not rule out undiscovered bugs, the upgrade multisig signers and threshold are not published, the audits page names no bug bounty, and the Security Module backstop is only as large as the AVNT staked and its market value. (Source: Audits, Avantis MiCAR White Paper, Limitations and Safeguards, Risk Management, Staking Security Module)
Critical Economic Assumptions
AVNT demand rests on trading volume. Buybacks are funded by 30% of opening, closing and win fees, and Security Module rewards target a 15% APR paid in AVNT, so a fall in volume shrinks buybacks while staking emissions continue. Supply overhang is large. With about 354.8 million AVNT circulating in late September 2026, the Team & Advisors and Investors categories, 39.9% of supply combined, are in linear vesting that runs until 42 months after TGE, and the 28.6% Onchain Incentives category releases on the same 42-month horizon. The token traded at about $0.126 on September 28, 2026 against an all-time high of $2.64, and cumulative burns of about 4.48 million AVNT are small relative to these unlocks. (Source: Buyback and Burn, Staking Security Module, Avantis Foundation Token, CoinGecko, Avantis Foundation Buybacks)
Governance Control over Monetary Policy & Rewards
Tokenholders do not control monetary policy or rewards today because governance is not live. The Foundation sets the buyback share, the staking APR target, the fee split and the incentive program terms, and the planned move of the buyback share to 50% or more depends on conditions the Foundation defines. The MiCAR white paper states that holder rights can be changed through protocol updates, contract upgrades or Terms of Service changes, so reward and fee parameters can change without a tokenholder vote until governance launches. (Source: Avantis Foundation, Buyback and Burn, Avantis MiCAR White Paper)
Question
Identify to the best of your ability the token's current deployments across chains, including project-issued deployments, project-endorsed representations, and, if possible, documented third-party wrapped or bridged representations.
For each entry, provide:
Multiple entries on the same chain are permitted.
Definition: A protocol-level asset is an asset whose balances and transfers are handled directly by the blockchain's core rules, rather than by a token smart contract. For protocol-level assets without a token contract address, enter "No contract address" and identify the asset and chain.
Response
Token Contract Address or Onchain Asset Identifier | Chain | Deployment Type | Project Relationship | Supporting Source |
|---|---|---|---|---|
0x696f9436b67233384889472cd7cd58a6fb5df4f1 | Base | Direct token issuance | native-token |
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
