QUANT
Token Transparency Filing
Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Quant builds programmable-money and interoperability infrastructure for banks, corporates and partners. The company states that it helps those users unlock new revenue streams, deploy new services and future-proof infrastructure with programmable money. The Quant Overledger Business Paper states that blockchain implementations were difficult for enterprises and governments to adopt and that Overledger was designed to remove barriers to communication across multiple blockchains. (Source: About Us, Overledger Business Paper)
(b) Operational priorities
Quant Network Ltd funds ongoing development and operations as a privately held operating company through commercial revenue. Its public materials center on financial-services and payments use cases, developer access, enterprise standards and secure interoperability. Overledger 2.0 moved functionality from SDKs into APIs, added OAuth 2.0 for single sign-on and supports Open API 3 standards for developer workflow. (Source: About Us, Mid-Year Technology Update)
(c) High-level project overview
Overledger is a universal API connector that provides interoperability between traditional financial systems and blockchain networks. Overledger APIs let users issue, connect and monitor assets on any blockchain without blockchain expertise. The Overledger Business Paper describes Overledger as a blockchain operating system that enables applications to function across multiple blockchains. (Source: Overledger Platform, Overledger Developer Hub, Overledger Business Paper)
(d) Primary token functions
QNT is a utility token that customers use for Quant products and services, including staking. Overledger licence fees are payable in QNT. Under the Overledger 2.1.5 release, developers seeking MainNet access paid a GBP 100 annual licence fee in QNT using MetaMask. QNT carries no governance rights. The Multi-Ledger Rollup will use QNT as its native token for gas and execution fees, and trusted-node operators stake QNT to participate and earn rewards. (Source: Terms and Conditions, Overledger Licence Fee Announcement, Overledger 2.1.5 Release, Technical FAQs, Layer 2.5 Article)
(e) Control surface reliance
Quant Network Ltd controls the protocol as a corporate operator. Overledger access runs through Quant's platform terms, API keys, paid plans and compliance requirements. Users who develop against mainnet networks need a paid plan and a KYC check. Overledger APIs use OAuth 2.0 Client-Credentials authorization and short-lived JWT bearer tokens, and API keys are created by registering an application on Quant Connect. Quant will operate as the Multi-Ledger Rollup sequencer responsible for collecting rollup transactions and building rollup blocks. The company has published no plan to transition control to tokenholders or a DAO. (Source: Terms and Conditions, Onboarding Docs, API Keys Docs, Technical FAQs)
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Gilbert Verdian | Labs | Founder and CEO of Quant | More than 20 years of cybersecurity experience. C-level accountability as CISO, CIO and CTO. Government work for Downing Street, HM Treasury, the Cabinet Office, the Ministry of Justice and NSW Health. Private-sector work at Mastercard, Vocalink, CSC, EY, PwC, BP and HSBC. (Source: Gilbert Verdian Profile) |
Martin Hargreaves | Labs | Chief Product Officer, Financial Services | Nearly 13 years at Vocalink, a Mastercard company, most recently as Vice President, Product Management. Led product, strategy and architecture teams. Built infrastructure architecture teams and departments. Professional-services delivery experience. Holds two patents in payments data processing and ACH transactions. Steering Committee member of the Digital Pound Foundation. (Source: Martin Hargreaves Profile) |
Blockworks note: Foundation: The project does not operate a foundation entity. There is no foundation leadership to disclose. |
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List onchain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., onchain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
No DAO exists, so no DAO owns or controls project IP. Existing and future copyrights and other intellectual and industrial rights in the Quant Network platform belong solely to Quant Network and its affiliated companies, and buyers do not and will not have related rights in those IP rights. (Source: Overledger Business Paper)
(b) Contract/admin powers
No DAO governance or on-chain governance executor exists. The control surface is company-administered and platform-administered. The Overledger Platform may only be accessed using an API Key, Quant may disable dormant login credentials unused for more than 180 days and mainnet development requires a paid plan and a KYC check. Overledger API keys consist of a ClientID and Secret and allow resource CRUD operations through the Overledger APIs. Quant Fusion's permissioned Besu network demonstration requires a Quant Connect application to obtain a unique client ID and uses that client ID to authenticate requests against the Besu JSON-RPC endpoint. Quant will operate as the Multi-Ledger Rollup sequencer responsible for collecting rollup transactions and building rollup blocks, and Quant Besu Private Network is an Ethereum-compatible private network operated by Quant for enterprise and regulated use. Private smart contracts and applications on the Multi-Ledger Rollup can only be accessed by the Quant Connect user who deployed them, permissioned smart contracts and applications can be accessed by whitelisted Quant Connect users and the deployer of a permissioned smart contract creates and maintains the whitelist. Quant configures and enforces withdrawal prerequisites, and only authorized chains and tokens can participate in the Multi-Ledger Rollup. (Source: Terms and Conditions, Onboarding Docs, API Keys Docs, Private Network Connection Docs, Technical FAQs, Rollup Networks Docs, MLR Apps Docs, MLR Smart Contracts Docs)
(c) Locked-token rights (conditional)
Staking QNT grants no governance rights. QNT is a utility token that customers use for Quant products and services, including staking. Node participation for the Multi-Ledger Rollup can require QNT staking and can earn QNT rewards, users can pay platform fees in USD or subscribe with QNT and node operators stake QNT to participate and earn rewards. Acquiring QNT does not grant users any right or influence over Quant Network's organisation and governance. (Source: Terms and Conditions, Technical FAQs, FAQ, Layer 2.5 Article, Overledger Business Paper)
(d) Value accrual & holder rights
Tokenholders hold no rights over revenue distribution or any treasury. The QNT Token does not give rights to dividends or interest, is not a share and does not give any right to participate in company general meetings. No DAO treasury exists. (Source: Overledger Business Paper)
(e) Dissolution authority
No DAO exists, so no DAO dissolution mechanism exists. Quant Network Ltd is a private limited company whose winding-up is governed by UK company law and the decisions of its shareholders and directors. (Source: Quant Network Ltd Overview)
Blockworks note: The project does not have a DAO or on-chain governance mechanism. Quant Network Ltd manages the protocol as a corporate operator and tokenholders hold no voting rights over technical or organizational matters. (Source: Overledger Business Paper, Terms and Conditions)
Primary Foundation
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(f) Current economic arrangements and distribution policies
Blockworks note: The project does not operate a foundation entity. Items (a) through (f) do not apply. Quant operates through for-profit corporate entities. Quant Network Ltd is the UK operating company, Quant Group Corporation Ltd is a UK holding-structure entity and Quant Network AG in Zug, Switzerland was the token issuer at TGE. None of these is a non-profit foundation. (Source: Quant Network Ltd Overview, Terms of Use, Overledger Business Paper, Quant Group Corporation Ltd Officers)
Primary Dev Co
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
Quant Network Ltd is a private limited company registered in England and Wales with registered number 09798383, registered office at 20-22 Wenlock Road, London, England, N1 7GU and incorporation date 28 September 2015. It owns and operates the Quant website with its affiliates and is registered with the UK Financial Conduct Authority as a PSD Agent of Yapily Connect Ltd under FRN 1038324. The token issuer at TGE was Quant Network AG, a Swiss Aktiengesellschaft in Zug with UID CHE-260.956.363, founded in 2017, whose active decision-makers include Gilbert Verdian as director. Companies House lists one active person with significant control for Quant Network Ltd, with ownership of voting rights of 75% or more and the right to appoint or remove directors. Ogier Global Trustee (Jersey) Limited as Trustee of Goulding Trust is the active person with significant control for Quant Group Corporation Ltd, with 75% or more share ownership, 75% or more voting-right ownership and the right to appoint or remove directors. (Source: Quant Network Ltd Overview, Terms of Use, Quant Flow Terms, Overledger Business Paper, Business Monitor Quant Network AG, Quant Network Ltd PSC, Quant Group Corporation Ltd PSC)
(b) IP ownership & control
"Quant" and "Overledger" are trademarks of Quant. Quant and its licensors own rights, title and interest in the services, documentation, wider Quant Ecosystem and copies of them. Existing and future copyrights and other intellectual and industrial rights in the Quant Network platform belong solely to Quant Network and its affiliated companies. A full IP ownership schedule across the corporate group, including the division of IP between Quant Network Ltd, Quant Group Corporation Ltd and Quant Network AG, is not publicly disclosed. (Source: Terms of Use, Quant Connect Terms, Overledger Business Paper)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
No DAO or protocol treasury exists for Quant Network Ltd to hold powers over. The company holds direct operational control over protocol-controlled resources. Quant controls access to its services through API keys, monitors or limits access to the services and wider Quant Ecosystem and requires bearer-token authorization for Overledger API access. The community treasury smart contract handles QNT payments from users to gateways and can be held accountable to any observer, and its UpgradeableProxy source requires the admin address for changeAdmin, setImplementation and changeProxyVariables. (Source: Terms and Conditions, Quant Connect Terms, API Keys Docs, Community Treasury README, UpgradeableProxy Source)
(d) Powers over Foundation
The project does not operate a foundation entity, so no DevCo powers over a foundation exist.
(e) Contract/admin powers
Quant may disable passwords, accounts or access to the Overledger Platform if sums payable to Quant are not received by the due date. Quant's acceptable-use policy prohibits unlawful, malicious, disruptive and platform-abusive uses of Overledger. The community treasury UpgradeableProxy contract restricts changeAdmin, setImplementation and changeProxyVariables to the admin address and applies a speed-bump timestamp before proxy-variable changes take effect. Multisig configurations and signing thresholds for company-controlled contract admin keys are not publicly disclosed. (Source: Terms and Conditions, Acceptable Use Policy, UpgradeableProxy Source)
(f) Current economic arrangements and distribution policies
Quant Network Ltd receives fees for its services directly as commercial revenue, and customers can pay in QNT. Overledger is a managed service with network nodes secured and updated by Quant. No governance-approved or programmatic mechanism directs protocol-controlled resources, treasury assets, fees, revenue, rewards or token distributions to third parties, because the company itself is the direct recipient of platform fees. Contractual distribution arrangements between Quant Network Ltd, Quant Group Corporation Ltd and their equityholders are not publicly disclosed. (Source: Terms and Conditions, Overledger Factsheet)
Token Supply & Allocations
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
- (a) Launch supply totals — The total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch.
- (b) Recipient categories & use of funds — The recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket.
- (c) Initial price per token (if applicable) — The initial price per token at TGE. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so.
- (d) Ticker / market symbol — The ticker/market symbol.
- (e) Total supply & supply regime — The total supply and whether the supply is fixed (if not explain inflation rate or deflation rate).
- (f) Initial vesting / release schedules — The initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).
(a) Launch supply totals
Pre-TGE: The Pre-TGE ran from 19/03/2018 to 01/04/2018, allocated 15,000,000 QNT and priced tokens at 1 ETH = 687 QNT. (Source: Overledger Business Paper) TGE: The TGE ran from 02/04/2018 to 30/04/2018, offered 31,000,000 QNT and priced tokens at 1 ETH = 430 QNT. The sale raised $11,000,000 from the sale of 9,964,259 QNT at an effective price of roughly $1.10 per token. (Source: Overledger Business Paper, CoinCodex ICO Page) Company reserve: The Business Paper allocated 14,467,000 QNT to the company reserve. (Source: Overledger Business Paper) Burn and post-burn supply: Quant burned 9,545,765.950989192 unsold QNT on 14 September 2018, setting total supply at 14,612,493.080826178 QNT, public circulating supply at 9,964,259.03181537 QNT and company-held supply at 4,648,234.049010808 QNT. (Source: Archived Burn Post)
(b) Recipient categories & use of funds
Post-burn allocation breakdown: Of the 14,612,493 QNT total supply, 9.9 million QNT were sold to the public in the token sale, 2.6 million QNT went to the company reserve, 1.3 million QNT went to founders and 651,000 QNT went to advisors. Kraken presents the initial distribution as 35% Community, 35% Token sale, 10% Team, 10% Advisors and 10% Quant Treasury. (Source: CoinMarketCap Quant, Kraken Crypto Asset Statement)
(c) Initial price per token (if applicable)
The Pre-TGE priced tokens at 1 ETH = 687 QNT and the TGE priced tokens at 1 ETH = 430 QNT; the sale raised $11,000,000 from the sale of 9,964,259 QNT at an effective price of roughly $1.10 per token. (Source: Overledger Business Paper, CoinCodex ICO Page)
(d) Ticker / market symbol
QNT (Source: Overledger Business Paper)
(e) Total supply & supply regime
Supply regime: The supply is fixed and deflationary from launch. Total supply was limited to tokens created during the crowdsale period and no additional QNT has been created after the TGE. (Source: Overledger Business Paper) Current supply: Etherscan lists circulating supply as 14,544,176 QNT against the 14,612,493 QNT total. Etherscan's max total supply display of 45,467,000 QNT reflects the theoretical maximum hardwired into the smart contract rather than tokens actually created, per Quant's burn post, because burned tokens cannot be removed from that contract-level display. (Source: Etherscan QNT, Archived Burn Post) The authoritative supply record is total supply 14,612,493 QNT and circulating supply 14,544,176 QNT. Etherscan's 45,467,000 QNT figure is a contract-display artifact, CoinGecko's 15 million figure is a rounded presentation of the same supply and CoinCodex's 68% public-sale figure and May 2018 ICO dates conflict with the primary record in the Business Paper and Quant's burn post. (Source: Archived Burn Post, Etherscan QNT, Kraken Crypto Asset Statement, CoinGecko Quant, CoinCodex ICO Page)
(f) Initial vesting / release schedules
Vesting/restrictions: Managers and staff members underwent a 12-month vesting period after the end of the crowdsale, and QNT token transfers were restricted for 2 months after the end of the crowdsale. (Source: Overledger Business Paper)
Blockworks note: Additional disclosure rows from the printed allocation table that do not map to a configured column: Token standard — QNT is a standard ERC20 Ethereum token with 18 decimals. (Source: Overledger Business Paper) Issuer at TGE — Quant Network AG (Zug, Switzerland). (Source: Overledger Business Paper) Minimum cap — USD 5,000,000. (Source: Overledger Business Paper) Purchase method — The secured method for QNT token purchase was ETH and the crowdsale mechanism was the native QNT application using an Ethereum smart contract. (Source: Overledger Business Paper) Production licence fee — Annual license fees for the live production environment were £100 payable in QNT, while sandbox access remained free. (Source: Overledger 2.1.5 Release Notes)
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
- No airdrop planned or conducted: The project has never conducted an airdrop and has announced no plan to execute one. Quant has published no affirmative "no airdrop" statement in its own channels. QNT distribution occurred through the 2018 Pre-TGE and TGE crowdsale, company reserve, founder and advisor allocations. (Source: Overledger Business Paper, CoinMarketCap Quant)
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
- (a) Market maker's name — the market maker's name;
- (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
- (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
- (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes.
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Blockworks note: Quant has not publicly disclosed any market-making agreements, and no public source confirms or denies their existence. Kraken's listing standards state that projects are responsible for engaging qualified market makers. (Source: Kraken Get Listed)
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
- (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
- (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
- (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
- (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
- Exchange Name: Coinbase Pro / Coinbase Exchange
- Token Allocation Committed: Coinbase accepted inbound QNT transfers starting Wednesday June 23, 2021 and opened QNT-USD trading on or after 9AM Pacific Time on Thursday June 24, 2021 once liquidity conditions were met. Any issuer token allocation committed to Coinbase is not publicly disclosed. (Source: Coinbase Listing Blog)
- Term Duration: QNT-USD order books launched in post-only, limit-only and full trading phases once sufficient supply was established, and Coinbase retained the right to keep the order book in one state longer or suspend trading if market-health conditions were not met. Coinbase Exchange's asset-listing process includes legal, compliance, technical-security, business and ongoing-monitoring review. (Source: Coinbase Listing Blog, Coinbase Asset Listings)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: KuCoin
- Token Allocation Committed: KuCoin listed QNT with QNT/USDT as the supported trading pair and ran a QNT listing campaign together with the Quant project with a $26,000 QNT reward pool for qualified users. Any issuer token allocation committed to KuCoin outside that user-reward campaign is not publicly disclosed. (Source: KuCoin Listing, KuCoin Listing Campaign)
- Term Duration: Deposits were effective immediately, QNT/USDT trading started at 10:00 on February 7, 2021 UTC and withdrawals started at 14:00 on February 9, 2021 UTC. The listing campaign ran from February 7, 2021 at 12:00:00 UTC to February 13, 2021 at 12:00:00 UTC. (Source: KuCoin Listing, KuCoin Listing Campaign)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: Binance.US
- Token Allocation Committed: Binance.US lists QNT, supports QNT/USD and QNT/USDT trading and opened QNT deposits and withdrawals. Any issuer token allocation committed to Binance.US is not publicly disclosed. (Source: Binance.US Listing)
- Term Duration: Deposits for QNT first opened on November 2, 2022 at 5 a.m. PDT / 8 a.m. EDT and trading opened 24 hours later. The Binance.US listing process includes a listing questionnaire, preliminary review, due diligence, launch implementation and post-listing monitoring. (Source: Binance.US Listing, Binance.US Listing Process)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: Kraken
- Token Allocation Committed: Kraken opened QNT trading on 29 March 2022 with QNT/USD and QNT/EUR as supported trading pairs. Any issuer token allocation committed to Kraken is not publicly disclosed. (Source: Kraken Listing Blog)
- Term Duration: Deposits were live at announcement and trading started on 29 March. Kraken requires projects to engage qualified market makers and to notify Kraken 30 days in advance of contract migrations or significant tokenomic changes. (Source: Kraken Listing Blog, Kraken Get Listed)
- Native Token Listing Fees: Kraken never charges a fee to list an asset and has no paid fast-track review, so no native-token listing fee was paid to Kraken. (Source: Kraken Get Listed)
- Exchange Name: LCX
- Token Allocation Committed: LCX supported QNT at LCX Exchange after a Quant-LCX partnership announcement. Any issuer token allocation committed to LCX is not publicly disclosed. (Source: LCX Listing)
- Term Duration: QNT deposits started on April 20, 2021 at 20:00 CET, QNT/LCX trading started on April 21, 2021 at 13:00 CET and QNT/BTC trading started on April 22, 2021 at 13:00 CET. (Source: LCX Listing)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: CoinEx
- Token Allocation Committed: CoinEx listed QNT with QNT/USDT and QNT/BTC trading pairs. Any issuer token allocation committed to CoinEx is not publicly disclosed. (Source: CoinEx Listing)
- Term Duration: Deposits and withdrawals opened on 29 June 2021 and trading opened at 03:00 UTC on 29 June 2021. (Source: CoinEx Listing)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: XT.COM
- Token Allocation Committed: XT.COM listed QNT/USDT and ran a trading competition with an $8,000 USDT prize pool for the top 200 users by QNT/USDT trading value. Any issuer token allocation committed to XT.COM is not publicly disclosed. (Source: XT.COM Listing)
- Term Duration: QNT deposits opened at 01:00 on February 18, 2023 UTC, QNT/USDT trading opened at 02:00 on February 18, 2023 UTC, withdrawals opened at 02:00 on February 19, 2023 UTC and the trading competition ran from 02:00 on February 18, 2023 to 02:00 on March 04, 2023 UTC. (Source: XT.COM Listing)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: DigiFinex
- Token Allocation Committed: DigiFinex launched Quant (QNT). Any issuer token allocation committed to DigiFinex is not publicly disclosed. (Source: DigiFinex Listing)
- Term Duration: QNT deposits opened on January 31, 2019 at 10:00 GMT+8, withdrawals and trading opened on February 1, 2019 at 10:00 GMT+8 and the listed trading pairs were QNT/USDT, QNT/BTC and QNT/ETH. (Source: DigiFinex Listing)
- Native Token Listing Fees: Not publicly disclosed.
- Exchange Name: Binance
- Token Allocation Committed: Binance is the most active QNT trading venue, with QNT/USDT as the most active Binance trading pair. (Source: CoinGecko Quant)
- Term Duration: Not publicly disclosed.
- Native Token Listing Fees: Not publicly disclosed.
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
- (a) Series Name
- (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
- (c) Date of sale (at least month & year)
- (d) Number of tokens sold (or % of total supply)
- (e) Vesting schedule
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
- Series Name: Pre-TGE crowdsale allocation
- Date Of Sale: 19/03/2018 to 01/04/2018 (Source: Overledger Business Paper)
- Number of tokens sold: 15,000,000 QNT allocated (Source: Overledger Business Paper)
- Vesting Schedule: Managers and staff members had a 12-month vesting period after the end of the crowdsale, and QNT token transfers were restricted for 2 months after the end of the crowdsale. (Source: Overledger Business Paper)
- Series Name: TGE public crowdsale
- Date Of Sale: 02/04/2018 to 30/04/2018 (Source: Overledger Business Paper)
- Number of tokens sold: 31,000,000 QNT offered for sale, with 9,964,259 QNT actually sold, raising $11,000,000 (Source: Overledger Business Paper, CoinCodex ICO Page, Archived Burn Post)
- Vesting Schedule: Managers and staff members had a 12-month vesting period after the end of the crowdsale, and QNT token transfers were restricted for 2 months after the end of the crowdsale. (Source: Overledger Business Paper)
Blockworks note: Participants passed KYC/AML compliance to be added to the whitelist. Kraken presents the initial token distribution as 35% Community, 35% Token sale, 10% Team, 10% Advisors and 10% Quant Treasury. Unsold tokens from the 31,000,000 QNT offering were burned on 14 September 2018. (Source: Overledger Business Paper, Kraken Crypto Asset Statement, Archived Burn Post)
CoinCodex's statement that the ICO ran from May 1, 2018 to May 11, 2018 conflicts with the Business Paper's primary record of 02/04/2018 to 30/04/2018. The Business Paper record is authoritative. (Source: Overledger Business Paper, CoinCodex ICO Page)
Whether any material OTC sales or discounted market-maker sales occurred after the TGE is not publicly disclosed. Exchange listing announcements from Coinbase, KuCoin, Binance.US, Kraken and CoinEx confirm secondary-market availability only and disclose no issuer allocations, listing fees or OTC terms. (Source: Coinbase Listing Blog, KuCoin Listing, Binance.US Listing, Kraken Listing Blog, CoinEx Listing)
Previous Exploits Affecting The Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — References (optional): link(s) to post-mortem/advisory/PR.
(a) Date & component affected
Incident 1: LCX hot wallet theft. 2022-01-08. One LCX exchange hot wallet on Ethereum. (Source: LCX Incident Report)
Incident 2: Bitrue hot wallet exploit. 2023-04-14 at 07:18 UTC. One Bitrue exchange hot wallet. (Source: Bitrue Security Breach Update)
(b) Exploit vector summary
Incident 1: Unauthorized access to a single LCX hot wallet. (Source: LCX Incident Report)
Incident 2: A brief exploit of one Bitrue hot wallet in which attackers withdrew assets. (Source: Bitrue Security Breach Update)
(c) Quantified impact
Incident 1: Approximately USD 7.94 million of crypto assets were stolen, including 669.00 QNT valued by LCX at USD 115,609. No Quant funds or contracts were affected. (Source: LCX Incident Report)
Incident 2: Attackers withdrew approximately USD 23 million in ETH, QNT, GALA, SHIB, HOT and MATIC. The affected hot wallet contained less than 5% of Bitrue's overall funds. No Quant funds or contracts were affected. (Source: Bitrue Security Breach Update)
(d) Remediation/response taken
Incident 1: All other LCX wallets were not impacted, LCX's main server infrastructure, data storages, wallet management and vaults were not compromised and deposits and withdrawals for supported ERC-20 tokens including QNT later resumed. (Source: LCX Incident Report)
Incident 2: Bitrue committed to compensate affected users in full and resumed normal operations for all tokens except QNT, MATIC and HOT at the time of its follow-up. (Source: Bitrue Follow-Up)
(e) Current status
Incident 1: Resolved at the exchange level. (Source: LCX Incident Report)
Incident 2: Resolved at the exchange level with user compensation. (Source: Bitrue Follow-Up)
(f) References (optional)
Quant maintains external auditing of its smart tokens, validates smart contracts externally before deployment, implemented mandatory multi-factor authentication for developer accounts in Overledger 2.2.25 and manages custody keys through AWS KMS HSMs adhering to FIPS 140-2 Level 2 and Fireblocks MPC shards distributed across separate cloud environments. (Source: Guarding Your Core, Tokenisation Page, Overledger 2.2.25 Release Notes, DLT Address Generation Docs)
Blockworks note: No exploits have affected the QNT token contract or Quant-operated protocol funds as of 2026-07-22. EtherAuthority's QNT token audit found that the token contract has no ownership control. Two third-party exchange incidents affected QNT held on exchange hot wallets, without any compromise of Quant infrastructure. (Source: EtherAuthority QNT Audit)
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
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(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
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Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
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Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
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Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
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Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
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(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
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Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
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(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
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Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
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Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
Quant's regulatory exposure concentrates at the entity level because a single UK company operates the protocol. Quant Network Limited is registered in England and Wales and is registered with the UK FCA as a PSD Agent of Yapily Connect Ltd, so enforcement actions, licensing changes or forced structural changes affecting that company would directly affect the entire platform. Quant Flow services are intended for users residing in the United Kingdom or the EEA and may not be available in other jurisdictions. QuantNet embeds governance, KYC, AML and audit trails directly into its infrastructure and provides shared rulebooks, governance and audit trails for compliant settlement. The services, documentation and wider Quant Ecosystem are subject to export restrictions by the United States, the European Union, the UK and other states, and to import restrictions by foreign governments. The 2018 TGE excluded U.S. citizens, U.S.-registered institutions, mainland China residents, mainland China institutions and specified FATF-sanctioned jurisdictions, and the TGE terms warned that regulatory measures, investigations or actions could affect Quant Network's business and limit or prevent future operations. Tokenholders are responsible for understanding their own tax obligations in their jurisdictions. (Source: Quant Flow Terms, QuantNet, Quant Connect Terms, Overledger Business Paper, TGE Terms and Conditions)
(b) Protocol, Technology & Security Risks
Quant's technology risk profile centers on centralized operation, custody infrastructure and smart-contract dependencies. Overledger is a universal API connector between traditional financial systems and blockchain networks, and the platform depends on API keys, paid-plan access and KYC checks for mainnet development. Overledger APIs use OAuth 2.0 Client-Credentials authorization and short-lived JWT bearer tokens, and Quant Fusion's permissioned Besu network demonstration authenticates requests with a client ID against the Besu JSON-RPC endpoint. Quant will operate as the Multi-Ledger Rollup sequencer responsible for collecting rollup transactions and building rollup blocks, which concentrates sequencing risk in one company. Fusion creates a single interoperable layer for digital assets to move across ecosystems without wrapped tokens or fragile bridges, and the Multi-Ledger Rollup connects public and permissioned blockchains in a unified execution environment that eliminates complex bridging and reduces the risks of asset duplication. (Source: Overledger Platform, Onboarding Docs, API Keys Docs, Private Network Connection Docs, Technical FAQs, Quant Fusion, Rollup Developer Documentation)
Custody and key management run through third-party infrastructure. Overwallet enables key generation and transaction signing through AWS KMS and Fireblocks while private keys remain in custody with no possibility of extraction. Overledger Authorise facilitates authentication and request signing on a customer's behalf and handles key management while the organisation keeps control of its users' keys, and it enables transaction-signing verification rules such as whitelists, blacklists, validation checks and blocking or allowing access to smart-contract functions. AWS KMS private keys are stored within HSMs that adhere to FIPS 140-2 Level 2, and Fireblocks direct-custodial wallets divide the master key into three MPC shards across separate cloud environments. Overledger 2.2.25 made MFA mandatory for developer sign-ins. (Source: Wallets Docs, Overledger Authorise, DLT Address Generation Docs, Bybit Security Perspective, Overledger 2.2.25 Release Notes)
Smart-contract risk remains disclosed and mitigated but not eliminated. Quant's terms state that services may depend on smart contracts and that smart-contract bugs, defects, hacking, theft, attacks, coding choices, design choices or protocol-rule changes can expose customers to total loss or forfeiture of services and relevant digital assets. EtherAuthority's audit found the QNT token contract has no ownership control. Quant smart tokens are based on ERC standards, are chain-agnostic, are pre-audited and are regularly tested via external providers, and Quant validates smart contracts externally before deployment. Quant warns that bridge smart contracts may have exploitable bugs and vulnerabilities and recommends thorough testing and external validation of all smart-contract code, and Quant Smart Audit provides smart-contract and source-code analysis and testing. Fusion Firewall smart contracts are intentionally non-upgradeable once live, and institutions can manage their own token whitelists instead of relying only on a Quant-managed whitelist. The public Overledger Network community treasury proxy requires the admin address for implementation and admin changes and applies a speed-bump timestamp before proxy-variable changes take effect. (Source: Quant Connect Terms, EtherAuthority QNT Audit, FAQ, Token API Docs, Tokenisation Page, Bridge Security Article, Guarding Your Core, Quant Smart Audit, Smart Audit Press Release, Smart Audit News, 5 January Fusion Update, UpgradeableProxy Source)
(c) Token Economics, Unlocks & Incentive Risks
QNT's economic risk profile rests on utility-driven demand against a fixed supply, with no vesting overhang remaining. QNT is a utility token that customers use for Quant products and services, including staking. Overledger licence fees are payable in QNT, annual license fees for the live production environment were £100 payable in QNT and users can pay platform fees in USD or subscribe with QNT, which ties token demand to platform adoption. QNT is the utility token of the Overledger ecosystem, Multi-Ledger Rollup transactions will require QNT because QNT will be the rollup's native token, deposited QNT powers gas and execution fees within the MLR and trusted-node operators stake QNT to participate and earn rewards. The QNT Token does not give rights to dividends or interest, is not a share, does not give any right to participate in company general meetings and does not grant any right or influence over Quant Network's organisation and governance, so tokenholders bear platform-adoption risk without governance recourse. (Source: Terms and Conditions, Overledger Licence Fee Announcement, Overledger 2.1.5 Release Notes, FAQ, Technical FAQs, Rollup Networks Docs, Layer 2.5 Article, Overledger Business Paper)
Supply is fixed at 14,612,493 QNT following the burn of 9,545,765.950989192 unsold QNT on 14 September 2018, with 14,544,176 QNT circulating and roughly 68,000 QNT company-held per Etherscan at time of writing. Company-held tokens are unlocked and can be sold at any time, which creates a discrete but small supply overhang of under 0.5% of total supply. Etherscan's 45,467,000 QNT maximum-supply display is a contract-level artifact of the pre-burn theoretical maximum rather than the actual supply, and Quant's burn post directly explains that Etherscan could not change that hardwired display. Secondary aggregators present rounded or stale figures, with CoinGecko showing 15 million circulating and CoinCodex showing roughly 68% of total supply sold to public investors at roughly $1, and the primary on-chain record supersedes them. (Source: Archived Burn Post, Etherscan QNT, Kraken Crypto Asset Statement, CoinGecko Quant, CoinCodex ICO Page, CoinMarketCap Quant)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
