Provide a concise narrative that clearly states each of (a)–(e) below.
Many valuable computations require multiple independent parties to contribute sensitive data to produce a shared outcome. However, existing systems force a choice between three bad options: hand the data to a custodian, expose the data, or trust proprietary hardware. Each of which reintroduces a party that must be trusted.
The Interfold is distributed infrastructure for multiplayer privacy. It enables independent parties to utilize their encrypted data collaboratively. It turns multiple private inputs from different sources into verifiable computations. It does this all without data custody, data exposure, or trusted hardware.
On-going maintenance will performed by Gnosis Guild, the team that built and incubated the protocol. Gnosis Guild now acts as a development and maintenance service provider to The Interfold Foundation. Funds for development of the protocol were via Gnosis Guild, who raised a pre-seed, a seed, and a Legion round. Additionally, once The Interfold Foundation was incorporated, it received a grant from the Aragon foundation, as well as held two public sales in the form of Uniswap continuous clearing auctions.
Confidential computation is delivered through ephemeral Encrypted Execution Environments (E3s).
An E3 works like a sealed room that assembles itself for one job and dissolves afterwards. Participants encrypt their inputs before submitting them, so nothing sensitive is ever handed to a third party. The key needed to open those inputs is split across a committee of independent operators called ciphernodes, meaning no single participant can decrypt anything on its own.
The computation runs directly on the encrypted data, and only the agreed result is revealed. Alongside the result, the E3 produces a cryptographic proof that the computation was carried out correctly, which is publicly verifiable on Ethereum Mainnet.
The stack is open source at github.com/theinterfold, documented at docs.theinterfold.com, with technical write-ups at blog.theinterfold.com.
On chain governance for FOLD token holders runs on an Aragon OSx DAO contract with two voting modes.
Initially all proposals will require The Interfold Foundation's approval before being executed. However, this will be moved to veto shortly thereafter and will eventually be removed.
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:
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 | Official Title | Prior Experience |
|---|---|---|
Auryn Macmillan | Founder, Gnosis Guild | Gnosis, Clr.fund, DAOhub, Colony |
Full Name | Official Title | Prior Experience |
|---|---|---|
Samuel Jacques-Cloutier | Director, The Interfold Foundation | Hash Directors, Ministry of Financial Services – Cayman Islands Government |
Full Name | Official Title | Prior Experience |
|---|---|---|
The Interfold DAO is currently being set up at https://app.aragon.org/dao/ethereum-mainnet/interfold.dao.eth/dashboard |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so for each sub question. Even if there is no DAO, there must be an answer to (d). Address the lettered items below.
The Interfold DAO owns and controls no IP.
All relevant IP is owned and controlled by the Intefold Foundation or Gnosis Guild.
Per-contract powers (all onlyOwner, renounceOwnership disabled on every contract):
Interfold (upgradeable proxy): wiring of registries/verifiers, fee-token + pricing config (margin & protocol share each hard-capped at 50%), fee-token allowlist, append-only E3 program registration, disableEncryptionScheme (scheme kill-switch), timeouts, committee thresholds, restricted markE3Failed grace window.CiphernodeRegistryOwnable (proxy): add/remove ciphernodes, verifier rotation (2-day timelock), sortition window, accusation-vote validity (zeroing = emergency hard-stop of slashing).BondingRegistry (proxy): ticket price, bond amounts, exit delay, slashed-funds treasury, withdrawSlashedFunds/sweepLicenseSurplus (treasury spend), reward distributors, slashing-manager auth.SlashingManager: Safe holds DEFAULT_ADMIN_ROLE + GOVERNANCE_ROLE; slash policies (can be staged enabled=false = "pause" a policy), two-step bans (proposer ≠ confirmer), appeals, slasher membership. Slashing submission key (SLASHER_ROLE) is a separate operator key.InterfoldToken (FOLD, non-upgradeable): owner holds DEFAULT_ADMIN/MINTER/WHITELIST/LOCK_MANAGER; pre-TGE minting, TGE trigger, claim source, whitelist, lock policies; owner renounce disabled.E3RefundManager (proxy): treasury, work-allocation (50% protocol cap).Upgrades: TransparentUpgradeableProxy + ProxyAdmin for the four proxies (Interfold, registry, bonding, refund manager).
createLockPolicy, write-once, LOCK_MANAGER_ROLE) with linear unlock curves and a global NO_MORE_LOCKS sunset (~Sept 2030).BondingRegistry locks the token for exitDelay (1–90 days) and is slashable; bonded FOLD counts toward satisfying a lock (locked FOLD can be bonded without becoming transferable).Governance rights. Under the assumed deployment, FOLD tokenholders hold the protocol's ultimate governance authority, exercised through a two-phase Aragon OSx process of which the DAO is owner on all protocol contracts:
owner runs them on the protocol contracts. The tokenholder ballot therefore cannot unilaterally execute anything — the foundation multisig is the ratifying gate and will act in accordance with its bylaws.protocolShareBps, marginBps, both capped at 50%), treasury destination addresses and treasury spend (withdrawSlashedFunds, sweepLicenseSurplus, treasury claim routing), ticket price, license bond amounts, exit delays, slashing policy enablement, E3 program registration (append-only), verifier rotation (subject to a 2-day in-contract timelock), fee-token configuration, and contract upgrades (the ProxyAdmins are owned by the DAO).MINTER/admin roles), lock/vesting policy changes (write-once), early release of locked FOLD, delegation of FOLD to ciphernodes (operator-only bonding), exceeding the 50% fee/margin caps, bypassing the foundation multisig gate, or dissolving or transferring ownership (ownership renouncement is disabled on all contracts; no dissolution mechanism exists).Economic arrangements. Protocol-controlled resources remain routed as documented: E3 fees are split between the designated treasuries (protocolTreasury, E3RefundManager treasury, BondingRegistry.slashedFundsTreasury) and the active ciphernode committee; slashed funds go to the treasury or honest nodes per outcome. No revenue accrues to tokenholders directly — there is no fee-share, dividend, staking yield, or buyback mechanism.
Anticipated evolution. The protocol is designed to start with a hybrid control surface and evolve to tokenholder sovereignty:
owner of the protocol contracts, and the foundation multisig retains early-admin powers inside the Aragon DAO — permission management over the DAO itself, the phase-2 approval/veto gate on ballot outcomes, and the ability to act on protocol parameters without a ballot. The multisig is the effective apex of the control surface in this phase: it can respond quickly to issues as the network comes online, but its authority also means tokenholder governance is operative yet subordinate — concessional and revocable.Persistent mitigations (phase-independent). 3-of-5 multisig signature threshold; in-contract timelocks on critical changes (2-day verifier rotation, 1-day registry swap, 2-day two-step admin transfer); hard caps on owner-set economic parameters (fee/margin ≤ 50%); append-only E3 program registration; ownership renouncement disabled on all contracts. There is no on-chain pause, so "quick response" means fast parameter/permission changes, not a protocol halt.
There are no explicit dissolution mechanisms for the Interfold DAO.
For the Primary Foundation do the following independently. If a Foundation does not exist, state so for each sub question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary Foundation can be explained as the entity which is directly involved in the issuance of the native token at launch.
The Interfold Foundation
Exempted Limited Guarantee Foundation Company
Cayman Islands
Interfold related IP, as of at the time that it is published, is currently owned by Gnosis Guild. Currently, The Interfold Foundation does not own any IP. However, all legal ownership of IP (such as repo's, trademarks/brand, etc) will be transferred to the Interfold Foundation shortly.
Method/threshold for all on-chain powers: 3-of-5 Safe signature. Where a DAO ballot applies, execution requires the passing ballot (2% quorum, 5-day minimum, strict plurality) plus foundation approval via 3-of-5 Safe.
The foundation has no legal influence over decision-making of the DevCo. Additionally, The Interfold Foundation has no indirect influence over the DevCo (GG DAO LLC)
General method/threshold: all on-chain admin powers are exercised by 3-of-5 Safe multisig signature. There are no super-majority or vote-threshold mechanisms anywhere in the contracts — the only thresholds are the Safe's 3-of-5, ballot quorum (2% of supply, assumed model), and in-contract delays. The foundation additionally holds an approval/veto gate over DAO ballot outcomes (SPP later stage; vetoes trump approvals) and bootstrap admin permissions inside the DAO.
Pause authorities — none exist:
Pausable module and no pause function on any protocol contract — there is no on-chain pause of the protocol. State this explicitly.Upgrade authorities:
Interfold, CiphernodeRegistryOwnable, BondingRegistry, E3RefundManager. Upgrades execute as upgradeAndCall Safe batch transactions (proposed by an operator wallet, approved/executed by ≥3 signers). No timelock on proxy upgrades themselves beyond the Safe process.InterfoldToken (FOLD) and InterfoldTicketToken (tFOLD).AccessControlDefaultAdminRules — 2-day two-step transfer delay.renounceOwnership and owner-side renounceRole are disabled on all contracts (no abandonment path).Governance-executor authorities:
protocolShareBps/marginBps, each capped 50%), treasury addresses + spend (withdrawSlashedFunds, sweepLicenseSurplus), ticket price, bond amounts, exit delay (1–90 days), slashing policy config, E3 program registration (append-only), committee/sortition parameters, verifier rotation.Hard bounds on all of the above: fee/margin caps (50%), in-contract timelocks (2-day verifier/admin, 1-day registry), append-only program registration, disabled renouncement, no pause, no dissolution mechanism.
Mechanisms that direct resources to the Cayman Foundation:
LOCK_MANAGER_ROLE; allocation ≈41.28% of the 1.2B supply, per tokenomics; 48-month linear unlock). Programmatic: on-chain lock curve; governance-approved: set by the owner today (Safe), by DAO ballot under the assumed model.protocolShareBps (≈1.82%, cap 50%) of the gross fee is paid to the configured protocolTreasury (= IF Cayman, per your assumption). Contractual/programmatic; treasury address and share are owner-set (3-of-5).slashedFundsTreasury (owner-set; if IF Cayman is that recipient, it also receives this). Programmatic, config-dependent.No mechanisms exist to direct resources to equityholders/members or other participants:
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly across each sub-question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary DevCo can be explained as the entity which is directly involved in the issuance of the native token at launch.
GG DAO LLC (informally known as Gnosis Guild)
Limited Liability Company
PO Box 852, MH, Majuro, 96960, MH, Marshall Islands
Interfold related IP, as of at the time that it is published, is currently owned by Gnosis Guild. However, all legal ownership of IP (such as repo's, trademarks/brand, etc) will be transferred to the Interfold Foundation shortly.
GG DAO LLC has no direct control over treasury protocol revenue, token administration or reward parameters.
Some indirect influence will exist by virtue of FOLD vote weight in Interfold DAO. (GG DAO LLC is allocated 20% of FOLD total supply, unlocked linearly over 48 months.) Locked FOLD cannot be used for voting purposes until it is unlocked.
In the current state, the DAO in control of the Interfold Protocol must explicitly approve any proposals voted in by FOLD token holders in order for them to execute. Proposals require a >50% threshold, and have a quorum of 2%, thus GG DAO LLC, with 20% of total supply, will therefore have the ability to influence proposals indirectly in the future when tokens unlock. Having said this, in the current state, Interfold Foundation is still ultimately required to approve the transaction.
In a future state, this approval will change to veto, whereby the foundation must veto a proposal, otherwise it will pass based on token holders vote.
Eventually, the intention is to remove veto, but the timing of this is currently unknown.
No legal influence over the foundation. Neither the DevCo, nor its stakeholders, are on the board of the Foundation.
Currently, the DAO cannot appoint or remove a Foundation Director. Additionally, the DevCo cannot appoint or remove a Foundation Director.
The governing document of the DevCo (GG DAO LLC) is the Certificate of Formation, under Marshall Islands Limited Liability Company Act.
The governing document of The Interfold Foundation is the Memorandum and Articles of Association, under the Foundation Companies Act, Cayman Islands.
The DevCo (GG DAO LLC) has a master service agreement with The Interfold Foundation to provide development and maintenance services on The Interfold Protocol. This work (services) are in cooperation with The Interfold Foundation, and it does not act on its own. As a result, this represents some indirect influence over the Interfold Foundation.
None
GG DAO LLC (informally referred to as Gnosis Guild), a service provider to The Interfold Foundation, has a master service agreement in place with The Interfold Foundation to provide the following scope of services: protocol research, development and maintenance, technical operations and infrastructure, security coordination, community, marketing and ecosystem support services. The MSA pays for monthly costs incurred for the services in USDC to GG DAO LLC's multi-sig.
GG DAO LLC has a 20% FOLD allocation, 48-month linear vest, starting September 1, 2026, over time this will likely represent the largest economic flow to GG DAO LLC. The current MSA monthly rate fluctuates due to changing operating costs, but on average is approximately $150k per month.
Download the Worksheet, enable macros, complete the Initial Allocation sheet, then use Convert To CSV to export the file for import here. To make edits after importing, update the worksheet, use Convert To CSV again, then re-import the new CSV.
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOLD | 2026-08-19 | Investors | Private / VC | 0.188479988361873 | 226175986.034248 | 1 | 226175986.034248 | 0 | 0 | 0 | 1 | No | Aggregate pre-TGE token sales: pre-seed/angel round incl. bonus, private seed, Legion, Aragon bridge and CCA. Exact token count 226,175,986.0342478 is the sum of those six rounds. 100% unlocked at TGE, no cliff or vesting. Predominantly private rounds but includes the Legion and CCA public-sale tranches (88,470,221.61 tokens combined); classified Private / VC on the majority. Source: issuer internal '[Final] FOLD Token Allocation' sheet. | |
FOLD | 2026-08-19 | Airdrop | Community | 0.04 | 48000000 | 0 | 0 | 0 | 0 | 24 | 1 | Conditional | Community airdrop budget, stated as 'up to 4%'. Budget releases in 24 equal monthly tranches of 2,000,000 from 2026-09-01 to 2028-08-31; no TGE unlock. Marked Conditional because released tokens require a separate claim/distribution before reaching public hands; the issuer's internal model counts them as circulating on release. Source: issuer internal '[Final] FOLD Token Allocation' sheet. | |
FOLD | 2026-08-19 | Gnosis Guild | Insiders | 0.2 | 240000000 | 0 | 0 | 0 | 0 | 48 | 1 | No | Allocation to Gnosis Guild, the studio that incubated the project; treated as an insider/strategic entity. 48 equal monthly unlocks of 5,000,000 from 2026-09-01 to 2030-08-31, no TGE unlock and no cliff. Source: issuer internal '[Final] FOLD Token Allocation' sheet. | |
FOLD | 2026-08-19 | Team & Advisors | Insiders | 0.0950687885 | 114082546.2 | 0 | 0 | 0 | 0 | 24 | 1 | No | Core contributors and advisors. 24 equal monthly unlocks of ~4,753,439 from 2026-09-01 to 2028-08-31, no TGE unlock and no cliff. Exact token count 114,082,546.2 (9.50687885% of the 1,200,000,000 total supply). Source: issuer internal '[Final] FOLD Token Allocation' sheet. | |
FOLD | 2026-08-19 | Treasury | Treasury | 0.412851223138127 | 495421467.765752 | 0 | 0 | 0 | 0 | 48 | 1 | Conditional | Protocol/foundation treasury funding ecosystem growth and operations. 48 equal monthly unlocks of ~10,321,281 from 2026-09-01 to 2030-08-31, no TGE unlock and no cliff. Conditional because unlocked treasury tokens require a discretionary treasury spend, grant or sale before entering public hands. Treasury is the residual plug in the source model: 41.2851223138127% of supply, exactly 495,421,467.7657522 tokens, so the six categories total exactly 1,200,000,000. Source: issuer internal '[Final] FOLD Token Allocation' sheet. | |
FOLD | 2026-08-19 | Unsold CCA tokens for fundraising and/or liquidity (unlocked) | Liquidity | 0.0636 | 76320000 | 1 | 76320000 | 0 | 0 | 0 | 1 | No | Tokens left unsold in the CCA, retained unlocked for further fundraising and/or liquidity provision. 100% unlocked at TGE, no cliff or vesting. Marked No because the issuer's model counts this tranche in circulating supply at TGE (with Investors it gives the stated 25.21% circulating at TGE). Source: issuer internal '[Final] FOLD Token Allocation' sheet. |
State the project's airdrop status plainly, and back it up:
4% of supply was airdropped to web3, privacy and security experts and organizations in order to recognize contributions to the space. This allocation is has already been executed, is vested over 24 months and has already been fully allocated.
Individuals on the list received 240,000 FOLD (total).
Each individual received 1,200,000,000 * 0.2 / 100
Organizations received 2,000,000 FOLD (total).
Each organization received 1,200,000,000 * 0.2 / 10
All recipients were hand selected by the Interfold team in recognition of past contributions to Ethereum, privacy, security, and culture.
A full list of airdrop recipients will corresponding amounts can be found here:
https://docs.google.com/spreadsheets/d/12ng8EUx5GJBkNwOXsHXeSz214HEn3CBdtmQCnKjw5_4/edit?usp=sharing
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. For each market maker, include in a table:
If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for (b).
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
None but subject to change at short notice |
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.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Uniswap v4 pool (https://app.uniswap.org/positions/v4/ethereum/339069) | 10.92M FOLD / 130.99 ETH | Indefinite | No listing fees |
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.").
Series Name | Investment Instrument | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Pre-seed/angel round | SAFT | May 14, 2024 - June 14, 2024 | 64149600 | Fully unlocked at token transferability event |
Private Seed | SAFT | Jan 5, 2025 - May 23, 2025 | 61,954,246 | Fully unlocked at token transferability event |
Legion round | TPA | Jan 5, 2025 - May 23, 2025 | 44,808,281 | Fully unlocked at token transferability event |
Aragon grant | Grant | June 26, 2026 | 11,601,919 | Fully unlocked at token transferability event |
CCA | Smart contract | Jul 8, 2026 - July 10, 2026 | 43,661,941 | Fully unlocked at token transferability event |
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").
No exploits affecting the native token, tokenholder balances or custody as of 2026-08-17
No exploits affecting the native token, tokenholder balances or custody as of 2026-08-17
No exploits affecting the native token, tokenholder balances or custody as of 2026-08-17
No exploits affecting the native token, tokenholder balances or custody as of 2026-08-17
No exploits affecting the native token, tokenholder balances or custody as of 2026-08-17
N/A
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?
Regulatory uncertainty in the United States, including the criteria by which digital assets are classified as securities, presents a material risk to the FOLD token. A potential US securities treatment could limit CEX listings.
Restrictive privacy regulations could limit The Interfold's front-end user interface access based on jurisdiction, though the protocol would remain open.
Whilst codebase associated with the Interfold protocol has already undergone extensive auditing, the risk of innovative AI-engineered attack vectors still remains. It is recognized that AI hardening of the Interfold protocol codebase must continue, despite existing production deployment readiness.
The Interfold protocol is provided WITHOUT ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
Approximately 25% of the total supply of FOLD will be unlocked and tradable at the time of token transferability. Holders may sell without restriction, and significant sales, or the expectation of them, could reduce the market price of FOLD and adversely affect market perception of the token thereafter. No assurance can be given as to the price at which FOLD will trade.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. The Interfold is solely responsible for the content, accuracy, and legality of its disclosures.