Stacks

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Token Transparency Filing

B2 v2.1 · Filed 17 Aug 2026Partial - 4 gaps

Project & Team

Description of Project

A narrative description of the purpose of the project is provided.

Stacks is a Bitcoin layer for smart contracts that enables decentralized applications to use Bitcoin as an asset in a trust-minimized way and settle transactions on the Bitcoin blockchain. Bitcoin holds the largest capital base in the asset class but its base layer does not support expressive smart contracts, leaving most BTC idle. Stacks addresses this by turning BTC into a productive asset: applications on Stacks can read Bitcoin state, use BTC in financial applications, and inherit Bitcoin settlement, with the stated goal of growing the Bitcoin economy through Bitcoin staking and Bitcoin-native financial use cases.

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.

Labs / DevCo

Full Name	Official Title	Prior Experience
Alex Miller	Chief Executive Officer Stacks Labs	General Manager at Stack Overflow
Muneeb Ali	Founder of Stacks	Co-Founder One name
Adriano Di Luzio	Chief Technical Officer Stacks Labs	CTO at Algorand Labs
Mitchell Cuevas	Chief Strategy Officer Stacks Labs	Head of Growth at Blockstack

Foundation

Full Name	Official Title	Prior Experience
Claire Gadd	Executive Director	Head of Communications, Startup Weekend
Shakti Pradhan	Finance Director	Treasury Analyst at Exchange Bank of Canada

DAO / Onchain Governance

Full Name	Official Title	Prior Experience
Rena Shah	Chief Operational Officer at Stacks Endowment	Head of Exchange at Binance US
Louise Ivan	Treasury Committee Member	Founder Ryder
Alex Miller	Treasury Committee Member	General Manager at Stack Overflow
Dylan Floyd	Treasury Committee Member	Founder Bitflow
Muneeb Ali	Treasury Committee Member	Founder Stacks
Jonathan Sadlowe	Treasury Committee Member	Founder Gossamer Capital
Andrea Ballesteros	Treasury Committee Member	GP Bitcoin Frontier Fund

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 on-chain 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) Current tokenholder governance rights and economic arrangements — If any, describe the current governance rights of tokenholders and any presently operative rights or arrangements relating to treasury actions, fee-routing, rewards, buybacks, or other protocol-controlled resources. If none, state that explicitly.
(e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(f) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., on-chain vote threshold, board resolution of a legal wrapper).

(a) IP ownership & control

Stacks does not have a DAO in the sense of a tokenholder-controlled onchain treasury or executive body; governance operates through the offchain SIP process combined with onchain signaling votes, as described below.

The Stacks protocol software, including stacks-core, the Clarity virtual machine, SIPs, and documentation, is open source and released primarily under GPLv3. Development happens in public repositories under the stacks-network and stacksgov GitHub organizations, and no single entity holds proprietary rights over the protocol code. Anyone may fork, modify, or build on the protocol without a license from any entity.

The "Stacks" name and associated trademarks are held by Stacks Open Internet Foundation. The marks are used to protect the ecosystem against misrepresentation rather than to restrict development, and trademark ownership confers no control over the protocol itself.

(b) Contract/admin powers

The Stacks base layer has no pause function, no upgrade keys, and no administrative backdoors. Clarity smart contracts are immutable once deployed, and no proxy-upgrade pattern exists at the language level. Protocol changes, including changes to the PoX consensus contract, occur only through the SIP process, requiring community review, an STX-holder signaling vote for consensus-breaking changes, and a coordinated upgrade adopted voluntarily by node operators, miners, and signers.

One scoped exceptions exist, disclosed here in full. sBTC deposits, withdrawals, and signer key rotations are processed by a decentralized set of approximately 15 independent institutional signers, with a 70% threshold required for any operation. Changes to the sBTC contracts themselves follow the SIP governance path, and no single entity, including Stacks Labs, can unilaterally move pegged BTC.

(c) Locked-token rights (conditional)

Locking STX confers three conditional rights. None involve slashing: principal is returned in full at the end of the lock period regardless of network outcomes.

BTC rewards. Stackers lock STX for fixed reward cycles of approximately two weeks and receive BTC committed by miners as part of block production. This is protocol-native yield paid in BTC, not a distribution from any entity. Under PoX-5, miner-committed BTC is distributed through a defined waterfall: paired Bitcoin Bond positions receive their target yield first, 85% of the remainder goes to STX-only stakers, and 15% is routed to a reserve fund supporting future payouts. PoX-5 also removed the post-unlock cooldown cycle, allowing stakers to adjust positions without missing a full reward cycle.

Consensus participation. Since the Nakamoto upgrade, stackers or their delegated signers validate and sign Stacks blocks, with at least 70% of stacked STX weight required to approve each block. Locking STX is the mechanism by which tokenholders participate directly in network security.

Governance weight. SIP signaling votes are weighted by STX holdings, with both stacked and liquid STX eligible in recent votes and some votes conducted directly through stacking contracts.

(d) Current tokenholder governance rights and economic arrangements

STX holders do not hold equity, profit-share, or dividend rights in Stacks Labs, the Stacks Open Internet Foundation, the Stacks Endowment, or any ecosystem entity. Economic rights are limited to the protocol-native mechanisms described in item (c).

Governance is exercised through the SIP process. Proposals are submitted publicly and reviewed by three bodies: the SIP Editor Committee reviews proposals for completeness, Consideration Advisory Boards must indicate majority support for a proposal to proceed, and the Steering Committee makes the final accept-or-reject decision. Consensus-breaking changes additionally require a network-wide vote open to STX holders as part of their activation criteria. Material upgrades, including SIP-021 (Nakamoto) and SIP-031 (treasury restructuring, approved with roughly 97% of voting power in favor), followed this path. Votes function as binding activation signals in practice: node operators, miners, and signers adopt upgrades voluntarily, and no upgrade activates without their coordinated adoption.

(e) Control surface reliance

Governance is expected to continue evolving toward reduced discretionary control along three tracks. SIP-031 moved ecosystem funding from founder-affiliated entities to a community-appointed Treasury Committee and the Stacks Endowment, a structure that continues to mature through published quarterly updates, budget approvals, and committee appointments. The Bitcoin Staking mechanism introduced in PoX-5 launches under Endowment stewardship for approximately one year, with a planned follow-on proposal (PoX-6) intended to transition parameter-setting to fully algorithmic operation once bootstrap-phase participation data is available. PoX-5 is also the first in a series of planned protocol releases, each of which would follow the standard SIP process, including network-wide tokenholder votes for consensus-breaking changes. No changes to the SIP process itself are currently proposed.

(f) Dissolution authority

No entity or DAO has authority to dissolve, halt, or wind down the Stacks network. The protocol runs on independently operated nodes, and block production depends only on independent miners, signers, and node operators. The legal entities in the ecosystem, including Stacks Labs, the Stacks Open Internet Foundation, and the Stacks Endowment, can each be wound down under their respective governing documents and jurisdictions, but their dissolution would affect only their own treasuries and operations, not the network's ability to continue producing blocks.

Primary Foundation

Do the following for the Primary Foundation, defined below. If the primary foundation 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 were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a "new foundation/DevCo" was created, then detail the "new foundation/DevCo".

(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. retained 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 Developer Company.
(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

Stacks Open Internet Foundation, Inc. ("Stacks Foundation"), a nonprofit non-stock corporation incorporated in Delaware, United States, formed in April 2020.

(b) IP ownership & control

The Stacks Foundation holds the "Stacks" name and associated trademarks, used to protect the ecosystem against misrepresentation rather than to restrict development. The Foundation stewards the SIP repository under the stacksgov GitHub organization and operates ecosystem web properties, including stacks.org and the governance documentation. The protocol code itself is open source under GPLv3 in public repositories and is not owned or controlled by the Foundation, as described in section 3(a). The Foundation has no subsidiary entities.

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

The Foundation stewards the SIP governance process: it supports the SIP Editor Committee, Consideration Advisory Boards, and Steering Committee, and facilitates network-wide votes. Steering Committee decisions and network votes are not controlled by the Foundation, and consensus-breaking changes require tokenholder approval and voluntary adoption by node operators.

Following SIP-031, treasury authority sits with the Stacks Endowment under Treasury Committee oversight, not with the Foundation. The Foundation has no powers over token administration: STX issuance is protocol-native, genesis allocations have fully unlocked, and reward parameters are set by consensus rules that change only through the SIP process.

(d) Powers over DevCo

The Foundation has no direct or indirect control over decision-making at either developer company. It holds no equity in Hiro Systems (formerly Blockstack PBC), and its board has been composed of persons independent of the company since formation. Stacks Labs, the current core contributor organization, is funded by the Stacks Endowment and accountable to the Treasury Committee, not to the Foundation. The Foundation's influence over protocol development is limited to participation in the public SIP process available to any ecosystem participant.

(e) Contract/admin powers

The Foundation holds no pause, upgrade, or governance-executor authorities over the Stacks protocol. As described in section 3(b), the base layer has no such functions, and Clarity contracts are immutable once deployed. The Foundation is not part of the sBTC signer set and holds no keys over the Bitcoin staking pilot product contracts.

(f) Current economic arrangements and distribution policies

The Foundation's original funding came from Blockstack PBC in 2020 through a Contribution Agreement and Loan Agreement, comprising initial working capital and a donation of 100 million STX to fund ecosystem support; that arrangement is historical and concluded. No governance-approved, contractual, or programmatic mechanism directs protocol-controlled resources, fees, revenue, or token distributions to the Foundation, its contributors, or other participants. The Foundation has no equityholders, and no dividend, repurchase, or distribution mechanism exists.

Primary Developer Company

Do the following for the Primary Developer Company, defined below. If the primary Developer Company 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 were directly/indirectly involved in the issuance of the native token at launch. If the original foundation/DevCo has been dissolved and in its place a "new foundation/DevCo" was created, then detail the "new foundation/DevCo".

(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. retained revenue), token administration, or reward parameters, and the method/threshold for each.
(d) Powers over Foundation — Explain whether the Developer Company 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

The company involved in the issuance of STX at launch is Hiro Systems PBC, formerly Blockstack PBC, a Delaware public benefit corporation founded in 2013. Blockstack PBC conducted the 2017 token sale and the 2019 Regulation A+ offering of STX, the first SEC-qualified token offering, and launched the network. The company rebranded to Hiro Systems in late 2020, narrowed its scope to developer tools, and has since stated in its SEC reporting that it no longer plays a significant role in the Stacks ecosystem. It has not been dissolved.

Core protocol development today is carried out by Stacks Labs, the core contributor organization funded by the Stacks Endowment and accountable to the community-appointed Treasury Committee. The remaining items address both entities where relevant.

(b) IP ownership & control

The Stacks protocol code was open-sourced by Blockstack PBC and is developed in public repositories under the stacks-network and stacksgov GitHub organizations under GPLv3; neither Hiro nor Stacks Labs holds proprietary rights over it. Hiro owns its own brand and developer tooling products. Stacks Labs owns its brand and operates ecosystem properties including stacks.co. Neither entity's IP position restricts anyone from forking, modifying, or building on the protocol.

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

Neither entity holds powers over governance, treasury, protocol-controlled resources, or token administration. Hiro has stated that protocol changes may be proposed by third parties and implemented without its approval. Treasury authority sits with the Stacks Endowment under Treasury Committee oversight; Stacks Labs receives funding from that structure and does not control it. STX issuance is protocol-native, genesis allocations have fully unlocked, and reward parameters change only through the SIP process. Stacks Labs contributes engineering work and SIP authorship through the same public process available to any participant; its proposals, including PoX-5, required standard community review and network-wide votes to activate.

(d) Powers over Foundation

Neither company controls the Stacks Foundation. The Foundation's board has been composed of persons independent of the company since its formation in 2020, per Blockstack's SEC reporting. Blockstack PBC provided the Foundation's initial working capital and STX treasury donation as a one-time contribution without ongoing governance rights. Stacks Labs has no board seats, appointment rights, or contractual authority over the Foundation.

(e) Contract/admin powers

Neither entity holds pause, upgrade, or governance-executor authorities over the Stacks base layer, which has no such functions, as described in section 3(b). Hiro operates developer infrastructure such as APIs and tooling, none of which is consensus-critical; the network functions independently of Hiro services. Stacks Labs engineers author protocol code, but changes activate only through the SIP process and coordinated voluntary adoption by node operators, miners, and signers.

(f) Current economic arrangements and distribution policies

Blockstack PBC's historical arrangements are concluded: capital raised in the 2017 token sale and 2019 Regulation A+ offering funded initial development, and the company's genesis STX allocations have fully vested and unlocked under schedules disclosed in its SEC filings. No governance-approved, contractual, or programmatic mechanism currently directs protocol-controlled resources, fees, revenue, rewards, or token distributions to Hiro Systems, its equityholders, or its contributors.

Stacks Labs is funded through budget allocations from the Stacks Endowment, approved by the Treasury Committee under the SIP-031 framework, which allocates 500 million STX in emissions to the Endowment over five years.

Affiliated Protocol Contributor

Definition (for this section): An Affiliated Protocol Contributor (APC) is a non-issuer company - not the protocol's primary Foundation or DevCo - that materially contributes to the protocol's code, operations, governance, or funding. For example, Blockworks Advisory would be considered an APC of Ethena because it materially contributes to its operations through Ethena's risk council. Provide a structured description per APC. If no APCs exist, state that explicitly. Items below apply per APC; if an item isn't applicable to a given APC, leave it absent and note why briefly.

(a) Identity & role — Legal name, entity type, jurisdiction, and role (e.g., core development, security, infrastructure, market making, operations).
(b) Parameter control & scope — If any, what major protocol parameters the APC controls; include the method of authority (e.g., veto, majority, super-majority, "3/5 multisig"). If none, say so.
(c) Contract/admin powers — If any, provide the pause/upgrade powers (e.g., multisig pause), governance-executor authorities and limitations; include the method/threshold for each. If none, say so.
(d) Compensation and material economic arrangements — If any, protocol-generated resources or economic value is dynamically routed to the APC, describe the arrangement. Include the resource sources, routing mechanism, payment frequency, and duration. If no protocol resources or resources-linked economics are routed to the APC, state that explicitly.

(a) Identity & role

The Stacks Endowment is the treasury and ecosystem funding entity created through SIP-031, ratified by network-wide tokenholder vote in 2025 with approximately 97% of voting power in favor. Legal entities for the Endowment and its oversight structure were formed in August 2025. The Endowment was not involved in the issuance of STX at launch.

(b) Parameter control & scope

The Endowment manages a consolidated ecosystem treasury funded by 500 million STX in protocol emissions over five years under the SIP-031 framework. It funds core protocol development through budget allocations to Stacks Labs, operates ecosystem grant programs, and supports liquidity, integrations, and incentive initiatives. Oversight sits with a community-appointed Treasury Committee that approves strategy and budgets, meets quarterly, and publishes community updates; the committee approved the Endowment's initial annual budget in December 2025.

(c) Contract/admin powers

The Endowment holds one scoped, temporary protocol role: the Bitcoin Staking mechanism activated in the PoX-5 upgrade operates under Endowment stewardship for an initial bootstrap period of approximately one year, during which the Endowment administers defined parameters such as target yield and bond capacity within the bounds set by the SIP. A planned follow-on proposal (PoX-6) is intended to transition these parameters to fully algorithmic operation. Beyond this, the Endowment holds no powers over consensus, token issuance, or protocol administration; the emissions funding it receives was authorized by tokenholder vote, and any change to that arrangement would require a new SIP.

(d) Compensation and material economic arrangements

The Endowment receives 500 million STX in emissions over five years as authorized by SIP-031. Outbound, it deploys funds through Treasury Committee-approved budgets, grants, and ecosystem programs; the committee has publicly reported its budget decisions, including a reduction in annualized spend to preserve a 24-month operating runway. No mechanism directs protocol-controlled resources to Endowment equityholders or members for private benefit, and no dividend or distribution mechanism exists.

Token Supply & Allocation

Initial Allocation

Download the Worksheet, enable macros, complete the Initial Allocation sheet, then use Convert To CSV to export the file for import here. To make edits after importing, update the worksheet, use Convert To CSV again, then re-import the new CSV.

Ticker	Date	Allocation Category Name	Recipient Type	Allocation %	Allocation Tokens	TGE Unlock %	Cliff Months	Cadence Months
STX	Nov 2018	SAFT Purchasers (2017 Token Sale)	Private investors	13.37%	176,445,892	4.17% (1/24)	None	~24 mo, monthly (per ~4,320 blocks)
STX	Nov 2018	LP Fund Sale	Institutional investors	16.57%	218,737,294	4.17% (1/24)	None	~24 mo, monthly
STX	Nov 2018	Founder Distribution	Founders / insiders	13.53%	178,642,000	2.78% (1/36)	None	~36 mo, monthly
STX	Nov 2018	Equity Investor Distribution	Equity investors / insiders	8.22%	108,493,373	2.78% (1/36)	None	~36 mo, monthly
STX	Nov 2018	Short-term Treasury	Company treasury (Blockstack PBC)	22.21%	293,115,966	0%	Locked until Oct 2019 fork	~24 mo from Oct 2019, monthly, ending Sept 2021
STX	Oct 2019	Long-term Treasury	Company treasury (Blockstack PBC)	8.33%	110,000,000	0%	~36 mo from genesis	~48 mo thereafter (through ~Oct 2025)
STX	Oct 2019	Regulation A Cash Offering	Public sale (SEC-qualified)	5.68%	74,976,266	4.17% at Oct 2019 distribution	None	~24 mo, monthly, ending Sept 2021
STX	Oct 2019	Regulation A App Mining Program	Ecosystem / developer rewards	3.03%	40,000,000	Unlocked	None	No time lock; paid out monthly as earned
STX	Oct 2019	Regulation S Offering	Non-U.S. investors	2.32%	30,560,000	4.17% at Oct 2019 distribution	None	~24 mo time lock + 1-yr transfer lock
STX	Oct 2019	Partner Payments	Ecosystem partners	1.10%	14,519,888	4.17% at Oct 2019 distribution	None	~24 mo time lock + 1-yr transfer lock (Reg S)

Vesting Insider Tokens

If there are not post-TGE token compensation plans, state explicitly they do not exist. If there are, state each of (A)–(B) below.

(a) Post-TGE employee lock as % of total supply — State the current total amount of tokens locked or unvested attributable to post-TGE employees, expressed as a percentage of total supply.
(b) Typical post-TGE vesting schedule — Describe the standard vesting terms used for post-TGE grants, including: cliff length (or "no cliff"), vesting frequency (e.g., monthly/quarterly), and total duration.

(a) Post-TGE employee lock as % of total supply

N/A.

(b) Typical post-TGE vesting schedule

N/A

Disclosure of Token Advisory Billings

Disclose current token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury. Do not disclose individual payments to advisors receiving fiat-only compensation.

(a) Existence — Whether any such token-based payments or advisory commitments exist (or explicitly state that no token-based compensation for advisory commitments exist).
(b) Total token allocation — The total token allocation across all advisory services.
(c) Payer entity — The payer entity (e.g., Foundation, Labs/DevCo, DAO/treasury).
(d) Description of advisory/services — A brief description of the advisory/services (e.g., "legal and regulatory advisory," "growth and BD support," "security advisory").

(a) Existence

No token-based compensation arrangements for external advisors or service providers funded from the onchain treasury currently exist. External advisors and service providers engaged by Stacks Labs, the Stacks Foundation, and the Stacks Endowment are compensated in fiat.

(b) Total token allocation

Not applicable.

(c) Payer entity

Not applicable.

(d) Description of advisory/services

Not applicable.

KOL Marketing Activities

Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment.

(a) Existence & scope — State plainly whether KOLs receive tokens for payment, if none say so.
(b) Usernames & roles — List usernames/handles (with platforms) for KOLs that received token-based compensation and describe the nature of their activities. Legal names are not required.
(c) Token allocation & vesting/locks — Provide the aggregate token amount across all such arrangements and summarize vesting, lock, or release terms.

(a) Existence & scope

No KOLs or influencers receive tokens for payment. Paid marketing is conducted through disclosed advertising channels and amplification of company employees' own accounts; no ongoing token-compensated influencer relationships exist.

(b) Usernames & roles

Not Applicable.

(c) Token allocation & vesting/locks

Not Applicable.

Labelled Unissued & Operational Token Wallets

For each wallet that holds Unissued Tokens or is essential to operations (e.g., foundation, operations, treasury, investor reserve), disclose:

(a) A category label explaining the wallet's primary function.
(b) chain the wallet is on.
(c) The unique address of the wallet.
(d) The mechanism of control (e.g., DAO, multisig).
(e) One verification link to a blockchain explorer. Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.

Title	Primary Function	Chain	Address	Control Mechanism	Explorer Link
Endowment Wallet	Funding Grants, DeFi Liquidity, and other operations	STX	SP000000000000000000002Q6VF78.sip-031	We use both Custody and Multisig.	https://explorer.hiro.so/txid/SP000000000000000000002Q6VF78.sip-031?chain=mainnet

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.

Market Maker Name	Token Allocation Committed	Term Duration	Structure Name
Wintermute	6,000,000 STX	24 Months	Loan and option that restrikes the 1/8 proportion per quarter

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	Token Allocation Committed	Term Duration	Native Token Listing Fees
N/A	N/A	N/A	N/A
N/A

Liquidity Deals and Market Activity

If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).

(a) Token repurchases or secondary-market accumulations (if any) — Source of funds, treatment (burn, treasury retention, POL, redistribution, or other), controller/approvals, and whether those tokens may be re-used, re-issued, or permanently removed from circulation.
(b) Protocol-owned liquidity (POL) — Where deployed, total token or dollar size across deployments, controller, and unwind/exit policy.
(c) Liquidity deals / purchased TVL — The total size across all deals, and where the capital participates - no counterparty names needed.
(d) Token-secured loans/lines (incl. against unissued tokens) — Principal, gross position size, collateral, counterparties, and unwind/exit policy.

(a) Token repurchases or secondary-market accumulations (if any)

N/A.

(b) Protocol-owned liquidity (POL)

N/A.

(c) Liquidity deals / purchased TVL

N/A.

(d) Token-secured loans/lines (incl. against unissued tokens)

Not applicable.

Resource Disclosures

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 / Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
(b) Date of sale (at least month & year).
(c) Number of tokens sold (or % of total supply)
(d) Vesting schedule If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")

Series Name	Investment Vehicle	Date Of Sale	Number of tokens sold	Vesting Schedule
LP Fund Sale	Equity interests in Blockstack Token Fund AI, L.P. and Blockstack Token Fund QP, L.P. (Reg D, accredited)	November 2017	218,737,294 STX (16.57%) — $26.2M	Delivered Nov 2018 at genesis; ~2-yr time lock: 1/24 at delivery, 1/24 monthly (per ~4,320 blocks); fully unlocked ~Oct 2020. 1-yr transfer lock from sale, expired.
SAFT Sale	SAFT (Reg D, accredited)	December 2017	176,445,892 STX (13.37%) — $21.2M at $0.12	Delivered Nov 2018 at genesis; same ~2-yr time lock, 1/24 at delivery then monthly; fully unlocked ~Oct 2020. 1-yr transfer lock from sale, expired.
Regulation A cash offering	Subscription agreements under SEC-qualified Reg A+ (Tier 2)	July–September 2019 (settled at Oct 18, 2019 hard fork)	74,976,266 STX (5.68%) — $15.4M ($0.30 general / $0.12 voucher tier)	~2-yr time lock from Oct 2019 distribution: 1/24 at distribution, 1/24 monthly, ending Sept 2021. Unrestricted securities, no transfer lock.
Regulation S sales	Token purchase agreements, delayed delivery, private placement under Reg S (non-U.S.)	July–September 2019 (delivered Oct 2019)	30,560,000 STX (2.32%) — ~$7.6M at $0.25	~2-yr time lock from Oct 2019: 1/24 at distribution, 1/24 monthly, ending Sept 2021; plus 1-yr transfer lock from sale (restricted securities), expired 2020.
Partner payments	Reg S agreements with non-U.S. partners and service providers (tokens for services, non-cash)	2019 (delivered Oct 2019)	14,519,888 STX (1.10%)	Same terms as Reg S sales: ~2-yr time lock from Oct 2019, 1/24 monthly, plus 1-yr transfer lock.

Operational Funding, Economic Flows, and Resource Provisioning

Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.

(a) Entity existence — Explicitly state whether each of Foundation, Lab/DevCo, and DAO exists.
(b) Material sources of funding or economic inflows — For each existing entity, describe its primary sources of operational funding or economic inflows, if any (e.g., service fees, grants, donations, treasury reserves, token reserves, staking rewards, validator/sequencer income, partnership payments, retained revenue, or other protocol-related receipts). If none, state "none."
(c) Operational use of resources — Briefly describe how those resources are generally used (e.g., development, operations, security, ecosystem support, grants, liquidity support).
(d) Onchain Resource Usage — Provide links to public dashboards and token holder relations reports that help explain on-chain financial activity, treasury activity, fee flows, rewards, or other protocol-controlled resources. Make certain to explain what each link is for.

(a) Entity existence

A Foundation exists: the Stacks Open Internet Foundation, Inc., a Delaware nonprofit, as described in section 4. A developer company exists in two forms: Hiro Systems PBC (formerly Blockstack PBC), the original developer company involved in token issuance, which remains an independent entity focused on developer tooling; and Stacks Labs, the current core contributor organization for protocol development and go-to-market, created under the SIP-031 framework. No DAO exists in the sense of a tokenholder-controlled onchain treasury or executive body; governance operates through the offchain SIP process with onchain signaling votes, and the Stacks Endowment, the ecosystem's treasury entity, is included below for completeness.

(b) Material sources of funding or economic inflows

Stacks Foundation. Originally funded in 2020 through a contribution from Blockstack PBC comprising initial working capital and a 100 million STX donation. Under SIP-031, the Endowment provides up to $500,000 per year, indexed to inflation, to fund the Foundation's governance activities. The Foundation pursues no revenue-generating activity.

Hiro Systems. An independent company funded by capital raised in its historical offerings and its own commercial activities. It receives no ongoing funding from protocol resources or ecosystem entities.

Stacks Labs. Funded through annual budget allocations from the Stacks Endowment, approved by the Treasury Committee. Stacks Labs pursues no independent revenue-generating activity; its provisioning is the Endowment allocation.

Stacks Endowment. Funded through the SIP-031 framework: 400 million STX in new emissions over five years (100 million unlocking monthly over 24 months, 300 million emitted per PoX tenure block over 60 months on a defined schedule). Operationally, the Endowment converts treasury assets to cover costs, and limited OTC sales of STX to long-term holders, an approach chosen to minimize open-market impact.

(c) Operational use of resources

The Foundation applies its resources to governance operations: administering the SIP process, supporting SIP Deputies, Consideration Advisory Boards, editor development, and community coordination. Stacks Labs applies its budget to core protocol development, engineering and security, marketing and growth, business development, and ecosystem operations. The Endowment deploys treasury capital across ecosystem grants, DeFi liquidity programs, integrations and partnerships, security engagements and audits, incentive programs, and the budget allocations that fund Stacks Labs and the Foundation's governance work, under its published allocation framework (approximately 10% operations, 12% engineering and security, 20% growth and marketing, 31% ecosystem bootstrapping, 27% working capital).

(d) Onchain Resource Usage

SIP-031 boot contract on the Hiro Explorer (explorer.hiro.so, contract SP000000000000000000002Q6VF78.sip-031): the protocol-level contract where the SIP-031 mint and ongoing Endowment emissions accrue before deployment; balance and full transaction history are publicly auditable.
Stacks Endowment quarterly updates (stacksendowment.co/blog and the Stacks forum): recurring treasury reporting covering budget decisions, spend, and runway.
stx.eco: the SIP voting platform, with results and voting-power data for network-wide governance votes.
Hiro Systems' SEC filings (EDGAR): historical disclosure of token issuance, genesis allocations, and unlock schedules.

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) — Link(s) to post-mortem/advisory/PR.

(a) Date & component affected

2023-04 through 2023-05, Stacks mainnet. Component: the pox-2 stacking contract (the protocol's native staking contract governing STX lockups and BTC reward allocation), specifically the stack-increase function.

No STX was stolen, no tokenholder principal was lost, and token supply was unaffected.

(b) Exploit vector summary

On April 19, 2023, a bug was discovered in the stack-increase function of the pox-2 contract that caused the contract's stacked-STX accounting to fall out of sync with actually locked STX, allowing a user to claim inflated stacking amounts. This distorted PoX reward slot allocation and the stacking minimum for the affected cycle, and created a theoretical path to an irrecoverable network state if reported stacked STX exceeded liquid supply. The bug was triggered in the wild. No STX was stolen, no tokenholder principal was lost, and token supply and minting were unaffected; the impact was misallocation of BTC stacking rewards during the affected period.

(c) Quantified impact

No STX was stolen, no tokenholder principal was lost, and token supply and minting were unaffected; the impact was misallocation of BTC stacking rewards during the affected period.

(d) Remediation/response taken

The network executed coordinated emergency hard forks under SIP-022: Stacks 2.2 disabled PoX and unlocked all locked STX to halt the faulty accounting, and Stacks 2.4 deployed a corrected pox-3 contract and re-enabled Stacking in May 2023. Two related emergency fixes shipped in the same window: SIP-023 corrected a trait-invocation regression introduced by the 2.2 fork, and SIP-024 fixed a data-validation issue after a May 8, 2023 denial-of-service event, converting a node-crash condition into transaction invalidation. All fixes followed the public SIP process on an expedited timeline, and stacking has operated on corrected contracts since (pox-3, subsequently pox-4 under Nakamoto and pox-5 under the current upgrade). The incident predates the Nakamoto signer model and the current consensus architecture.

(e) Current status

Resolved

(f) References (optional)

Not applicable.

[Optional] Offchain Foundation Or DevCo Income Statement

Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.

This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Stacks is solely responsible for the content, accuracy, and legality of its disclosures.