RaveDAO

Others+1 · Music+2

Token Transparency Filing

B1 v1.1 · Filed 21 Sep 2026Partial - 9 gaps

This page was compiled by Blockworks using publicly available information reviewed consistent with the TTF. Certain categories of information are more likely to include undisclosed items (e.g., non-announced fundraisings or material relationships).

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

RaveDAO addresses the fragmentation of the live entertainment economy by building a decentralized protocol that ties real-world electronic music events to on-chain ownership, governance, and community coordination. The project targets two structural problems: the exclusion of fans, artists, and organizers from the economic upside of the events they make possible, and the absence of transparent, programmable mechanisms for cultural community coordination at global scale.

(Source: RaveDAO Tokenomics, RaveDAO MiCAR White Paper)

(b) Operational priorities

RAVEDAO ENTERTAINMENT – FZCO operates global events as the primary revenue-generating activity, using ticket sales, sponsorships, NFT drops, and on-site payments to fund operations and buyback-and-burn activity. Operational priorities include scaling the flagship world tour, activating local DAO chapters through a stake-to-license model, expanding the partner network across brands and artists, and growing the Rave for Light philanthropic program. The project reported approximately $1.3 million in event revenue in 2024 and projects approximately $7 million for 2026.

(Source: RaveDAO MiCAR White Paper, Future of RaveDAO)

(c) High-level project overview

RaveDAO is an entertainment and technology protocol that combines large-scale EDM festivals, DAO-style local chapters, NFT ticketing, staking, on-chain payments, and charitable initiatives. The protocol runs on Ethereum, Base, and BNB Smart Chain. Event organizers stake RAVE to license the RaveDAO brand and operate official chapter events. Attendees receive Proof-of-Rave NFTs as on-chain participation records. A portion of event profits funds automatic RAVE buybacks and burns. The x402 payment protocol on Base enables on-site payments via crypto, credit card, Apple Pay, Alipay, and WeChat Pay.

(Source: RaveDAO MiCAR White Paper, Token Utilities)

(d) Primary token functions

RAVE is a fixed-supply ERC-20 and BEP-20 token. It functions as: (i) a B2B staking instrument for event organizers to license the RaveDAO brand, vendors to qualify as verified partners, and artists to co-launch digital collectibles; (ii) a B2C payment and access token for tickets, tables, merchandise, VIP upgrades, artist meet-and-greets, early event access, and digital collectibles; and (iii) a governance participation token for voting on chapter proposals, ecosystem grants, event locations, artist lineups, and philanthropic allocations.

(Source: Token Utilities, RaveDAO MiCAR White Paper)

(e) Control surface reliance

The MiCAR white paper states that community participation processes are facilitated through official RaveDAO communication channels and are advisory in nature, explicitly noting they do not affect the fundamental terms, rights, or obligations associated with RAVE. The whitepaper describes governance rights for event locations, artist lineups, philanthropic allocations, chapter proposals, and ecosystem grants, but does not disclose an on-chain executor, quorum threshold, or admin-role map for any of those decisions. Contract ownership of the Ethereum RAVE token was transferred to a Gnosis Safe 1.4.1 proxy at address 0x9831156F1a6E506Fca41503590b42F07c2e80f54. No Snapshot space, Tally page, or equivalent on-chain governance deployment for RaveDAO has been identified in public sources.

(Source: RaveDAO MiCAR White Paper, Token Utilities, Etherscan RAVE Token Tracker)

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
Yemu Xu (also publicly identified as "Wildwood Xu" and "@wildwoodmoo")	Labs / DevCo	Co-Founder, RaveDAO initiator	Co-founded ARPA Network (privacy-preserving computation protocol, listed on Coinbase) in 2018 and Bella Protocol (DeFi aggregator, listed on Binance) in 2020; co-founding partner at ZX Squared Capital, an options-focused crypto hedge fund; prior roles include Head of Growth at Boro, Associate Consultant at Fidelity Investments, and entrepreneur fellow at ZhenFund; B.S. in Actuarial Science, Mathematics, and Risk Management from the University of Iowa; Forbes 30 Under 30 Asia 2022 and Forbes 30 Under 30 China 2022.
Ronald Yung	Labs / DevCo	Co-Founder, Development Team	Harvard University graduate, organizational psychology; prior experience in strategy and organizational management in private equity funds, Web3 investment incubators, and high-growth companies.
Jiayu Gao	Labs / DevCo	Development Team	No prior-experience biography identified in public sources.
(Source: RaveDAO MiCAR White Paper, Amsterdam Dance Event, Phemex — Who Is Behind RaveDAO, Odaily RaveDAO Profile, Los Angeles Post — AACYF Top 30 Under 30, The Org — Yemu X.)	Labs / DevCo
The project has one issuing legal entity (RaveDAO Ltd., a BVI company) that is a wholly owned subsidiary of RAVEDAO ENTERTAINMENT – FZCO (a Dubai free zone company). The MiCAR white paper uses "RaveDAO Ltd." in the Foundation/issuer role. No separate non-profit foundation entity has been identified. RAVEDAO ENTERTAINMENT – FZCO functions as the operating/parent company (DevCo equivalent). The project describes a DAO governance layer, but no binding on-chain governance mechanism has been publicly deployed; community participation is advisory per the MiCAR white paper.	Labs / DevCo
Wildwood Xu (Yemu Xu)	Foundation	Director of RaveDAO Ltd.	See DevCo entry above.
(Source: RaveDAO MiCAR White Paper)	Foundation
No binding on-chain governance mechanism has been publicly deployed. The MiCAR white paper states that community governance processes are advisory in nature and do not affect the fundamental terms, rights, or obligations associated with RAVE. No Snapshot space, Tally page, governance forum, or equivalent on-chain executor has been identified in public sources for RaveDAO. (Source: RaveDAO MiCAR White Paper)	DAO / Onchain Governance

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

RaveDAO describes itself as a DAO and markets governance voting as a RAVE utility. However, the MiCAR white paper explicitly states that community participation processes "are advisory in nature and do not impact the fundamental terms, rights, or obligations associated with RAVE." No on-chain governance executor, quorum threshold, or binding vote mechanism has been publicly disclosed or identified on Snapshot, Tally, or equivalent platforms. The fields below are answered based on this established structure.

RaveDAO has not publicly disclosed which legal entity owns or controls its codebases, repositories, trademarks, or brand assets. The MiCAR white paper identifies RaveDAO brand IP, logos, design systems, visual assets, event footage, creative content libraries, proprietary membership NFT art assets, and co-branded cultural IP as major asset categories, but does not specify whether ownership vests in RaveDAO Ltd. or RAVEDAO ENTERTAINMENT – FZCO or through a license arrangement.

(Source: RaveDAO MiCAR White Paper)

(b) Contract/admin powers

The Ethereum RAVE token contract at 0x17205fab260a7a6383a81452cE6315A39370Db97 was initially deployed with owner set to 0x17f116AdbD4058869D5798aE3E9Fd1C39Bd4B9F5. A subsequent transferOwnership call moved contract ownership to 0x9831156F1a6E506Fca41503590b42F07c2e80f54, which Etherscan identifies as a Gnosis Safe 1.4.1 proxy. That address holds 747,519,445 RAVE. The verified contract interface exposes the following privileged functions: owner(), renounceOwnership(), transferOwnership(address newOwner), setDelegate, setEnforcedOptions, setMsgInspector, setPeer, and setPreCrime. The signer threshold, number of Safe signers, and identity of Safe signatories are not publicly disclosed. No on-chain governance executor, pause role, or upgrade mechanism beyond the Safe multisig ownership has been identified in public sources.

(Source: Etherscan RAVE Token Tracker, Etherscan Safe Address, Etherscan Ownership Transfer Transaction)

(c) Locked-token rights (conditional)

RAVE staking is publicly described as unlocking the following access rights: stake-to-license for event organizers to franchise RaveDAO IP, vendor qualification for production and experience partners, artist and label collaboration eligibility for digital collectibles and Web3 collaborations, VIP tiers and artist meet-and-greets, early event access, new chapter proposal submission and voting, and ecosystem grant direction. The mechanics for minimum stake thresholds, duration requirements, slashing conditions, or on-chain enforcement of these rights have not been disclosed in public sources.

(Source: Token Utilities)

(d) Value accrual & holder rights

RAVE does not confer ownership, equity rights, or claims on RaveDAO Ltd. or RAVEDAO ENTERTAINMENT – FZCO. The MiCAR white paper explicitly states the absence of redemption rights or claims to profits, revenues, or dividends as an immutable characteristic of the token. Tokenholder rights are limited to utility access (event entry, staking benefits, digital collectibles) and advisory governance participation. No governance-approved or contractual mechanism for revenue distribution or treasury disbursement to tokenholders has been publicly disclosed.

(Source: RaveDAO MiCAR White Paper)

(e) Dissolution authority

The MiCAR white paper states that in the event of issuer restructuring, insolvency, or operational suspension of RaveDAO Ltd. or RAVEDAO ENTERTAINMENT – FZCO, certain user privileges or functionalities may be temporarily restricted. No on-chain vote threshold, board resolution mechanism, or other formal wind-up authority has been publicly disclosed.

(Source: RaveDAO MiCAR White Paper)

Primary Foundation

For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.

(a) Entity — Type and jurisdiction.
(b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
(d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
(e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
(f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.

(a) Entity

RaveDAO Ltd. (BVI) is identified in the MiCAR white paper as the issuer and person seeking admission to trading. It is described as responsible for creation, management, and distribution of the RAVE token. It is a wholly owned subsidiary of RAVEDAO ENTERTAINMENT – FZCO and is the closest entity to a foundation in the project's disclosed structure. Items below treat RaveDAO Ltd. as the primary foundation entity per this identification.

RaveDAO Ltd. is a private limited company incorporated in the British Virgin Islands with registration number 2179629 and registration date June 19, 2025. Its registered and head-office address is Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands. RaveDAO Ltd. is a wholly owned subsidiary of RAVEDAO ENTERTAINMENT – FZCO (License Number 55975), a free zone company organized in Dubai, UAE. The Central Bank of Ireland is identified as the National Competent Authority for RaveDAO Ltd. under the ESMA interim MiCA register, with Kraken listed as the CASP applying for admission to trading.

(Source: RaveDAO MiCAR White Paper, i-BVI RaveDAO Ltd. Search, ESMA Interim MiCA Register)

(b) IP ownership & control

The MiCAR white paper identifies RaveDAO brand IP, logos, design systems, visual assets, event footage, creative content libraries, proprietary membership NFT art assets, and co-branded cultural IP as major asset categories associated with the ecosystem. The white paper does not specify whether ownership of these assets vests in RaveDAO Ltd. or its parent, RAVEDAO ENTERTAINMENT – FZCO, or under what license arrangement those assets are held.

(Source: RaveDAO MiCAR White Paper)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

The MiCAR white paper identifies RaveDAO Ltd. as responsible for creation, management, and distribution of the RAVE token. Contract ownership of the Ethereum RAVE token has been transferred to a Gnosis Safe 1.4.1 proxy address. No public disclosure identifies the specific thresholds, signatories, or authority map by which RaveDAO Ltd. exercises token administration or treasury actions. Community governance participation is advisory and non-binding per the MiCAR white paper.

(Source: RaveDAO MiCAR White Paper)

(d) Powers over DevCo

RaveDAO Ltd. is a wholly owned subsidiary of RAVEDAO ENTERTAINMENT – FZCO. As the subsidiary, RaveDAO Ltd. does not hold publicly disclosed authority over its parent. The direction of control runs from parent to subsidiary per the disclosed corporate structure.

(Source: RaveDAO MiCAR White Paper)

(e) Contract/admin powers

No public disclosure identifies specific pause, upgrade, or governance-executor authorities, thresholds, or multisig configurations held by RaveDAO Ltd. as distinct from those described under Section 3(b) above.

(Source: RaveDAO MiCAR White Paper)

(f) Current economic arrangements and distribution policies

The MiCAR white paper states that the Foundation / Impact Pool allocation (6% of total supply, 60,000,000 RAVE) is subject to a 12-month cliff and 36-month linear vesting, and is designated for long-term reserves for philanthropy and DAO-governed initiatives. No governance-approved, contractual, or programmatic mechanism directing protocol revenue, treasury assets, or token distributions to RaveDAO Ltd. or its equityholders has been publicly disclosed.

(Source: RaveDAO MiCAR White Paper, Token Distribution Schedule)

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

RAVEDAO ENTERTAINMENT – FZCO is the parent company of the token issuer RaveDAO Ltd. and the entity that oversees global operations of the RaveDAO ecosystem. It functions as the operating/DevCo entity in this structure.

RAVEDAO ENTERTAINMENT – FZCO is a free zone company organized in Dubai, United Arab Emirates, with License Number 55975. It is the parent company of RaveDAO Ltd. and is described in the MiCAR white paper as an independent event production and entertainment company that oversees global operations of the RaveDAO ecosystem.

(Source: RaveDAO MiCAR White Paper)

(b) IP ownership & control

IP ownership and control — including codebases, trademarks, and brand assets — has not been publicly assigned between RAVEDAO ENTERTAINMENT – FZCO and RaveDAO Ltd. in any publicly available document.

(Source: RaveDAO MiCAR White Paper)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

Specific powers of RAVEDAO ENTERTAINMENT – FZCO over DAO governance, treasury actions, protocol-controlled resources, and token administration have not been publicly disclosed.

(Source: RaveDAO MiCAR White Paper)

(d) Powers over Foundation

RAVEDAO ENTERTAINMENT – FZCO is the 100% parent of RaveDAO Ltd. As sole owner, it holds direct influence over RaveDAO Ltd. decision-making through its ownership and control of the subsidiary. The specific governance mechanisms, board composition, and any limits on that parent authority have not been publicly disclosed.

(Source: RaveDAO MiCAR White Paper)

(e) Contract/admin powers

Pause, upgrade, or governance-executor authorities and their method or threshold for RAVEDAO ENTERTAINMENT – FZCO have not been publicly disclosed.

(Source: RaveDAO MiCAR White Paper)

(f) Current economic arrangements and distribution policies

RAVEDAO ENTERTAINMENT – FZCO generates event production revenue through ticket sales, sponsorships, NFT drops, vendor staking fees, and on-site payments. The MiCAR white paper states that a portion of event profits is used to buy back and burn RAVE. No governance-approved, contractual, or programmatic mechanism directing protocol-controlled resources, treasury assets, fees, or token distributions to RAVEDAO ENTERTAINMENT – FZCO or its equityholders has been publicly disclosed beyond the buyback-and-burn described above.

(Source: RaveDAO MiCAR White Paper)

Token Supply & Allocations

Initial Allocation

Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.

(a) Launch supply totals — The total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch.
(b) Recipient categories & use of funds — The recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket.
(c) Initial price per token (if applicable) — The initial price per token at TGE. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so.
(d) Ticker / market symbol — The ticker/market symbol.
(e) Total supply & supply regime — The total supply and whether the supply is fixed (if not explain inflation rate or deflation rate).
(f) Initial vesting / release schedules — The initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).

(a) Launch supply totals

RAVE has a total supply capped at 1,000,000,000 tokens. At the Token Generation Event on December 12, 2025, 230,300,000 RAVE (23.03% of total supply) entered circulation. The remaining 769,700,000 RAVE (76.97% of total supply) were locked at TGE subject to vesting schedules described in 6(f).

(Source: Introducing RAVE, Token Distribution Schedule, CoinGecko)

(b) Recipient categories & use of funds

Recipient Category: Community
- Allocation: 30% (300,000,000 RAVE)
- Publicly Described Use: Local chapters, builders, loyal fans, governance grants, incentives, and rewards.
Recipient Category: Ecosystem
- Allocation: 31% (310,000,000 RAVE)
- Publicly Described Use: Brand and ecosystem integrations, partner activations, technology infrastructure, user acquisition, and onboarding. 150,300,000 RAVE (15.03% of total supply) unlocked at TGE; 159,700,000 RAVE (15.97%) subject to 36-month vesting.
Recipient Category: Initial Airdrop
- Allocation: 3% (30,000,000 RAVE)
- Publicly Described Use: Previous RaveDAO event attendees and contributors. 100% unlocked at TGE.
Recipient Category: Foundation / Impact Pool
- Allocation: 6% (60,000,000 RAVE)
- Publicly Described Use: Long-term reserves for philanthropy (Rave for Light) and DAO-governed initiatives. 12-month cliff, 36-month vesting.
Recipient Category: Team & Co-Builders
- Allocation: 20% (200,000,000 RAVE)
- Publicly Described Use: Founding team, core contributors, strategic advisors, and long-term collaborators. 12-month cliff, 36-month vesting.
Recipient Category: Early Supporters
- Allocation: 5% (50,000,000 RAVE)
- Publicly Described Use: Early believers and partners who bootstrapped the movement. 12-month cliff, 36-month vesting.
Recipient Category: Liquidity
- Allocation: 5% (50,000,000 RAVE)
- Publicly Described Use: Liquidity provision across exchanges. 100% unlocked at TGE.

(Source: Introducing RAVE, Token Distribution Schedule)

(c) Initial price per token (if applicable)

No fixed issuer-set public sale price was established at TGE. RAVE launched directly onto secondary markets on December 12, 2025. CoinMarketCap reported a price of approximately $0.15 as of December 15, 2025. No auction, liquidity bootstrapping pool, or other price-discovery mechanism was publicly disclosed as the official price-setting event.

(Source: RaveDAO MiCAR White Paper, WEEX — RaveDAO Price Prediction)

(d) Ticker / market symbol

RAVE

(Source: RaveDAO MiCAR White Paper)

(e) Total supply & supply regime

Total supply is permanently capped at 1,000,000,000 RAVE. The MiCAR white paper states supply adjustment protocols are disabled (false). The token is deflationary: a portion of event profits is used to buy back and permanently remove RAVE from circulating supply through on-chain burns. No inflationary emission schedule exists.

(Source: RaveDAO MiCAR White Paper, Token Utilities)

(f) Initial vesting / release schedules

TGE occurred December 12, 2025. Categories subject to vesting run a 12-month cliff (beginning December 12, 2025, expiring approximately December 12, 2026) followed by 36-month linear vesting (concluding approximately December 12, 2029):

Community (30%): 12-month cliff, 36-month linear vest. First unlock: approximately December 12, 2026. Full release: approximately December 12, 2029.
Ecosystem (31%): 15.03% (150,300,000 RAVE) unlocked at TGE; remaining 15.97% (159,700,000 RAVE) subject to 36-month linear vesting beginning at TGE, concluding approximately December 12, 2028.
Initial Airdrop (3%): 100% unlocked at TGE.
Foundation / Impact Pool (6%): 12-month cliff, 36-month linear vest. First unlock: approximately December 12, 2026. Full release: approximately December 12, 2029.
Team & Co-Builders (20%): 12-month cliff, 36-month linear vest. First unlock: approximately December 12, 2026. Full release: approximately December 12, 2029.
Early Supporters (5%): 12-month cliff, 36-month linear vest. First unlock: approximately December 12, 2026. Full release: approximately December 12, 2029.
Liquidity (5%): 100% unlocked at TGE.

Tokenomist.ai reports the next scheduled community unlock for January 12, 2027 and the full unlock schedule extending through 2029. As of mid-June 2026, approximately 252,480,555 RAVE (25.25% of total supply) has been unlocked.

(Source: Token Distribution Schedule, Tokenomist.ai — RaveDAO, CoinMarketCap — RaveDAO)

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").

The Initial Airdrop allocation of 3% of total supply (30,000,000 RAVE) was 100% unlocked at TGE on December 12, 2025, distributed to previous RaveDAO event attendees and contributors.

GateNews reported that RaveDAO announced an airdrop conversion ratio of 1 RAVE Point = 2 RAVE for Genesis Membership Pass holders, with three wallet-submission windows: December 10–12, 2025 (distribution deadline December 12, 2025), December 13–19, 2025 (distribution deadline December 19, 2025), and December 20, 2025 – January 11, 2026 (distribution deadline January 12, 2026).

The PLVR Genesis Membership program assigned 50 RAVE Points to Gold Pass holders, 500 RAVE Points to Platinum Pass holders, and 2,500 RAVE Points to Black Pass holders, each redeemable for RAVE at the 1:2 conversion ratio. PLVR stated that winner announcements occur within one week after RaveDAO TGE and reward distribution within two weeks after TGE.

No per-address CSV, JSON, Merkle dump, Dune table, GitHub allocation file, or equivalent address-level public allocation source has been identified.

(Source: Introducing RAVE, Token Distribution Schedule, GateNews Airdrop Mechanism, PLVR Genesis Membership)

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.

No market-maker agreement terms, token loans, token allocations to market makers, agreement durations, or structure names have been disclosed in any public source reviewed.

Bitget's RAVE CandyBomb campaign terms excluded sub-accounts, institutional users, and market makers from participation, confirming market maker accounts exist on that venue, but no agreement terms have been disclosed.

(Source: RaveDAO MiCAR White Paper, Bitget RAVE Futures CandyBomb)

CEX / DEX Agreements & Deals

Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:

(a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
(b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
(c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
(d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.

If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.

Exchange Name: Bitget RAVE/USDT spot listing
- Token Allocation Committed: Not publicly disclosed
- Term Duration: CandyBomb campaign December 12–17, 2025; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: Kraken RAVE trading
- Token Allocation Committed: Not publicly disclosed
- Term Duration: Live as of December 12, 2025; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: Gate RAVE/USDT spot listing
- Token Allocation Committed: CandyDrop event disclosed 333,334 RAVE total rewards; no listing allocation percentage disclosed
- Term Duration: CandyDrop event December 12–23, 2025; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: KuCoin RAVE/USDT spot listing
- Token Allocation Committed: Listing campaign disclosed 1,500 RAVE prize pool for qualified users; no listing allocation percentage disclosed
- Term Duration: Trading opened April 17, 2026 at 7:00 UTC; campaign ran April 17–24, 2026; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: BingX RAVE/USDT spot listing
- Token Allocation Committed: Not publicly disclosed
- Term Duration: Trading opened December 12, 2025 at 15:00 UTC+1; zero-fee period December 12–19, 2025; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: OKX Wallet RAVEDAO X Launch and RAVE trading competition
- Token Allocation Committed: X Launch disclosed 500,000 USDT total rewards; no listing allocation percentage disclosed
- Term Duration: X Launch participation December 22–23, 2025; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: LBank RAVE/USDT Innovation Zone listing
- Token Allocation Committed: Not publicly disclosed
- Term Duration: Trading opened December 12, 2025 at 14:00 UTC; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed
Exchange Name: BitMart RAVE/USDT primary listing
- Token Allocation Committed: Not publicly disclosed
- Term Duration: Trading opened December 12, 2025 at 15:00 UTC; no broader listing term disclosed
- Native Token Listing Fees: Not publicly disclosed

The following exchange listings have been publicly announced. Listing token allocations as a percentage of supply, native-token listing fees, and lockup or liquidity term details are not publicly disclosed for any of the listings below.

(Source: Bitget Listing, Kraken Listing, Gate Listing, KuCoin Listing, BingX Listing, OKX RAVEDAO X Launch, LBank Listing, BitMart Listing, RaveDAO MiCAR White Paper)

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.").

The MiCAR white paper states that RaveDAO Ltd. is fully bootstrapped and that no equity fundraising or token sale has taken place. The project reports approximately $1.3 million in event revenue in 2024 as the source of its operational funding.

(Source: RaveDAO MiCAR White Paper)

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

No protocol-funds exploit, hack, or smart-contract post-mortem has been identified in public sources. BlockSec conducted a smart contract audit in October 2025 and found no critical vulnerabilities per the MiCAR white paper, though no separate audit report has been published publicly.

The following table addresses the separate, publicly reported market manipulation allegations from April 2026:

Date & Component Affected: No protocol-funds exploit identified.
- Exploit Vector Summary: Not applicable for protocol-funds exploit. Separate public allegations concern alleged market manipulation, insider supply concentration, deployer-wallet deposits into exchange accounts before a price surge, and thin-float dynamics. ZachXBT alleged on April 18, 2026 that three Gnosis Safe multisig wallets attributed to the team held approximately 90% of the 1 billion RAVE supply, that a deployer wallet deposited 18.58 million RAVE (worth approximately $8 million) into Bitget approximately 10 hours before a rapid price surge, and that only approximately 24% of supply was circulating at the time.
- Quantified Impact: RAVE rose from approximately $0.25 to $18 between April 1 and April 15, 2026, then surged further from approximately $2.10 to approximately $28 in the week before the allegations. The token reached a reported all-time high of approximately $27.89 on April 18, 2026, producing a peak fully diluted market cap reported at approximately $6.7 billion. The Block reported the token subsequently traded at approximately $3.47, a decline of approximately 84% on the day and approximately 87% from its peak. Bitcoin.com News reported a peak-to-trough decline of approximately 68% from $28.47 to near $8.98 using Binance data. Bitget News reported more than $300 million in liquidations within 24 hours.
- Remediation / Response: RaveDAO publicly denied involvement in recent price action. Bitget CEO Gracy Chen confirmed Bitget initiated an investigation. Binance CEO Richard Teng confirmed Binance was reviewing the activity. Gate.io was also identified for review. ZachXBT offered a $25,000 bounty for information on the alleged irregularities.
- Current Status: Under public allegation, project denial, and exchange investigation or review as of the cited reporting dates. No exchange has publicly announced a final determination.

(Source: Crypto Briefing, The Block, Bitget News, Bitcoin.com News, CertiK Skynet, Phemex — Who Is Behind RaveDAO)

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.

(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?

(a) Regulatory, Legal & Tax Risks

The MiCAR white paper has not been approved by any competent authority in any EU Member State. RaveDAO Ltd. bears sole responsibility for its content. RAVE may lose value in part or in full, may not always be transferable, may not be liquid, and is not covered by investor compensation or deposit guarantee schemes in any jurisdiction.

Transferability is subject to jurisdictional restrictions, KYC/AML procedures applicable at exchanges, and potential lockups imposed by exchanges or regulatory requirements. BitMart's listing announcement identified restrictions on trading for users located in, established in, or resident of Lithuania.

Tokenholders are responsible for understanding and complying with their own tax obligations in their respective jurisdictions. Tax treatment of RAVE as a utility and governance token varies by jurisdiction and has not been analyzed or opined upon by the project. No tax guidance is provided by the project in its public disclosures.

The Central Bank of Ireland is identified as the National Competent Authority under ESMA's interim MiCA register. Regulatory status in non-EU jurisdictions, including the United States, has not been publicly addressed by the project. Future regulatory developments in any jurisdiction where token holders reside, or where the project operates events, could affect the project's ability to maintain exchange listings, deliver utility functions, or operate event venues.

(Source: RaveDAO MiCAR White Paper, ESMA Interim MiCA Register, BitMart Listing)

(b) Protocol, Technology & Security Risks

RAVE is deployed on Ethereum (ERC-20), Base (ERC-20), and BNB Smart Chain (BEP-20). The project relies on the underlying networks' proof-of-stake consensus mechanisms and does not operate its own consensus layer. Cross-chain transfers between Ethereum, Base, and BNB Chain are facilitated through Stargate Finance; RaveDAO does not operate the bridge and cannot guarantee its security or availability.

BlockSec conducted an independent audit of the RAVE smart contracts in October 2025 and found no critical vulnerabilities per the MiCAR white paper. No separate public audit report has been identified. Etherscan and BscScan show no contract security audit submission to those block explorers.

The verified contract exposes privileged admin functions including transferOwnership, setDelegate, setEnforcedOptions, setMsgInspector, setPeer, and setPreCrime, all controlled through the Gnosis Safe 1.4.1 proxy at 0x9831156F1a6E506Fca41503590b42F07c2e80f54. The Safe signer threshold and signatory identities are not publicly disclosed. As of the most recent available data, the Ethereum RAVE token shows 12,953 holders and a Tokenomist-reported circulating supply of approximately 252,480,555 RAVE (25.25% of total supply).

(Source: RaveDAO MiCAR White Paper, Etherscan RAVE Token, BscScan RAVE Token, RAVE Cross-Chain Bridge, Tokenomist.ai)

(c) Token Economics, Unlocks & Incentive Risks

230,300,000 RAVE (23.03% of total supply) entered circulation at TGE on December 12, 2025. The remaining 769,700,000 RAVE is subject to vesting schedules with the first major cliff expiration in December 2026, when allocations for Community (30%), Foundation / Impact Pool (6%), Team & Co-Builders (20%), and Early Supporters (5%) begin linear release. Team & Co-Builders (200,000,000 RAVE) and Early Supporters (50,000,000 RAVE) represent a combined 25% of total supply that will begin unlocking in December 2026 and release linearly through December 2029. As of mid-June 2026, approximately 252,480,555 RAVE (25.25% of total supply) is circulating, reflecting some ecosystem distribution since TGE.

ZachXBT alleged on April 18, 2026 that three Gnosis Safe multisig wallets attributed to the team held approximately 90% of the 1 billion RAVE supply at the time of the April 2026 price surge. A deployer wallet deposited 18.58 million RAVE (worth approximately $8 million) into Bitget approximately 10 hours before the price moved from approximately $3 to approximately $10.30, as reported by Bitget News on April 13, 2026. Only approximately 24% of supply was circulating at the time of the surge, and Bitget News reported that thin liquidity amplified the impact with no official news catalyst identified. RaveDAO denied responsibility for the price action. Bitget and Binance opened investigations; no public final determination has been announced.

RAVE utility depends on continued event execution, ticketing adoption, staking deployment, governance activation, and partner and community engagement. The project has not deployed binding on-chain staking or governance mechanics as of the date of this filing; those functions are described as scheduled for a future development phase per the MiCAR white paper. Any failure to launch, scale, or sustain those features would adversely affect the token's stated utility and liquidity.

(Source: Token Distribution Schedule, Tokenomist.ai, Crypto Briefing, The Block, Bitget News, Bitcoin.com News, RaveDAO MiCAR White Paper)

This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.