Superform
DeFi · Decentralized Yield ServicesToken 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
Superform is the user-owned neobank, combining non-custodial vault infrastructure with smart account technology to deliver institutional-grade DeFi access with a consumer-friendly experience. The platform addresses the DeFi fragmentation across chains, where users currently must manage multiple wallets, bridge tokens manually, and navigate complex interfaces while traditional finance and centralized crypto platforms offer poor yields while maintaining custody of user funds.
(b) Operational priorities
The Superform ecosystem is supported by the Superform Foundation, a Cayman Islands Foundation company established on January 23, 2025, overseen by a board of directors consisting of two Cayman-based independent directors and Vikram Arun. Future development and operational costs will be paid from revenue. The Foundation multisig may mint tokens only after the 3-year hard cap period, subject to governance approval of up to 2% annual inflation.
(c) High-level project overview
The platform consists of three core components: Superform Web & Mobile (native applications for iOS, Android, and web providing unified access to DeFi enabling users to swap, send, and spend their onchain assets), SuperVaults (permissionless, non-custodial institutional-grade vaults secured by a validator network that execute flexible strategies with deterministic price-per-share, management, and performance fees), and the UP Token (the native coordination and governance asset that aligns network participants through staking, bonding, and decentralized governance). The protocol's modular design allows developers and users to compose strategies such as bridging, swapping, lending, and staking without requiring trusted intermediaries or protocol upgrades. All operations are non-custodial, meaning users maintain control of their private keys and assets at all times.
(d) Primary token functions
The UP token serves as the native coordination and governance token. When UP is staked, it mints sUP (staked UP), a vault token used for governance. Through sUP, token holders can propose and vote on incentive allocation, treasury use, and emission parameters; adjust validator policies, registry changes, and price-per-share standards; approve listings and risk parameters; and initiate emergency actions. Validators who attest to price-per-share data post UP as collateral with slashing penalties for dishonest reporting, and strategy execution requires UP bonds to deter negligence. The functionality of UP tokens is limited to protocol coordination and governance participation within the decentralized Superform ecosystem. UP tokens do not represent ownership, equity, profit entitlement, or claims on assets of any affiliated entity.
(e) Control surface reliance
No roles exist that have the ability to freeze assets, seize user funds, or blacklist addresses, as the protocol is entirely non-custodial. The Foundation multisig may mint tokens only after the 3-year hard cap period, subject to governance approval of up to 2% annual inflation.
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 |
|---|---|---|---|
Vikram Arun | Labs | CEO & Co-founder | Previously Co-head of $150m AUM DeFi Fund at BlockTower Capital and Analyst at Raymond James, https://www.linkedin.com/in/vikram-arun-a852587a/, https://x.com/vik_runa |
Blake Richardson | Labs | COO & Co-Founder | Previously Co-head of $150m AUM DeFi Fund at BlockTower Capital and Co-founder of CryptoPets, https://www.linkedin.com/in/blake-richardson-142822a6/, https://x.com/blakechains |
Alexandre Cort | Labs | CPO & Co-Founder | Previously Product at Microsoft, https://www.linkedin.com/in/alexcort/ |
Vikram Arun | Foundation | Director | Previously Co-head of $150m AUM DeFi Fund at BlockTower Capital and Analyst at Raymond James, https://www.linkedin.com/in/vikram-arun-a852587a/, https://x.com/vik_runa |
Paul Michael Hurn | Foundation | Director | Previously at Autonomous and KPMG. https://www.linkedin.com/in/mike-hurn-391b33162/ |
Kelly Robinson | Foundation | Director | Previously at KPMG and Deloitte. https://www.linkedin.com/in/kelly-robinson-ca-sa-88b46a104/ |
No DAO governance Leadership Exists | DAO | N/A | N/A |
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
Superform Labs transferred the Superform Protocol v1 and v2, SuperVaults v1 and v2, the Superform Foundation website and the UP token to the Superform Foundation. Superform Labs licensed the Superform brand to the Superform Foundation and retains ownership of the Superform App which is closed source. The Superform Protocol and SuperVaults are open-source under an Apache License.
(b) Contract/admin powers
The Foundation multisig (2 of 3, the three directors are signers) may mint tokens only after the 3-year hard cap period, subject to governance approval of up to 2% annual inflation. No roles exist that have the ability to freeze assets, seize user funds, or blacklist addresses, as the protocol is entirely non-custodial. The only function callable by the multisig is the mint function after the timelock expires, no other functions exist. Through sUP, token holders can propose and vote on incentive allocation, treasury use, and emission parameters; adjust validator policies, registry changes, and price-per-share standards; approve listings and risk parameters; and initiate emergency actions. sUP governance decisions are non-binding and subject to legal, regulatory, and feasibility review by the Superform Foundation.
(c) Locked-token rights (conditional)
When UP is staked, it mints sUP (staked UP), a vault token used for governance. Through sUP, token holders can propose and vote on incentive allocation, treasury use, and emission parameters; adjust validator policies, registry changes, and price-per-share standards; approve listings and risk parameters; and initiate emergency actions. Validators who attest to price-per-share data post UP as collateral with slashing penalties for dishonest reporting, and strategy execution requires UP bonds to deter negligence. Unstaked UP holders do not have governance voting rights. Insiders with locked tokens (i.e. Team, Investors and Advisors) cannot participate in sUP staking or governance until their tokens are freely available and unclocked. sUP holders cannot decide Foundation board composition, legal entity decisions, or other Foundation-level operational decisions.
(d) Value accrual & holder rights
Governance voted and passed SIP-1: Update SuperGovernor Parameter to 2,000 BPS, which provides 20% of protocol revenue collected in the SuperBank which buys $UP and sends it to the sUP vault. sUP holders can propose changes to governance and vote on future proposals to change parameters in the protocol. SuperBank automatically splits fees and sends 80% to the Foundation Treasury and the rest to sUP. The Foundation Treasury is controlled by the directors of the Superform Foundation using a ⅔ Porto multisig. The functionality of UP tokens is limited to protocol coordination and governance participation within the decentralized Superform ecosystem — UP tokens do not represent ownership, equity, profit entitlement, or claims on assets of any affiliated entity. Future development and operational costs will be paid from revenue.
(e) Dissolution authority
Only a board resolution passed by the directors of the Cayman Island based Superform Foundation or action by local authorities can dissolve the Superform Foundation. sUP plays no role in this.
Blockworks note: The Superform Foundation is a Cayman Islands Foundation company that does not operate as a traditional DAO with direct onchain governance of protocol contracts. The Foundation is overseen by a board of directors consisting of two Cayman-based independent directors and Vikram Arun. Superform (BVI) Limited, responsible for UP token activities, has the Superform Foundation as its sole director.
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
Type & Jurisdiction Type: Foundation Company (non-profit) Jurisdiction: Cayman Islands Established: January 23, 2025 Board: Three Directors, mentioned in Section 2.
(b) IP ownership & control
Superform Foundation Repos/Code:
- https://github.com/superform-xyz/v2-periphery
- https://github.com/superform-xyz/v2-core
- https://github.com/superform-xyz/superform-core
- www.superformfoundation.org The Superform website, web app, iOS and Android app as well as the Superform brand are retained by Superform Labs. The Superform Foundation has a license agreement with Superform Labs for use of the apps and branding. Superform Labs is contracted by the Superform Foundation under a Services Agreement to provide protocol development and maintenance for the Superform Protocol. Subsidiary: The Foundation is the sole director (and parent company) of Superform (BVI) Limited, a BVI Business Company incorporated February 19, 2025. The BVI entity is responsible for overseeing and administering activities connected to the UP token — including UP distributions, strategic partnerships, and token treasury operations. The Foundation controls the BVI entity as its sole director.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The Foundation operates under a hybrid onchain governance with multi-sig controls during progressive decentralization model. The Foundation manages the protocol treasury and fund allocation via a Treasury Multi-Sig. The Community & Ecosystem token allocation is administered by the Foundation/BVI, covering: DEX incentives, liquidity incentives, user rewards, developer grants, security reserves, marketing, and validator/strategist pools. Revenue distribution (% to sUP stakers, % to treasury) is subject to guidance by governance with the Foundation in charge of implementation. After 3 years, the Foundation multisig is the only entity that may mint new tokens (up to 2% annual inflation), subject to governance approval. Method/Threshold: 2-of-3 multisig on both the Foundation and BVI wallets.
(d) Powers over DevCo
The Foundation is not controlled by the DevCo (Superform Labs). The Foundation is an independent Cayman Foundation Company with its own board. The Foundation received a $100,000 loan from Superform Labs at inception for initial operating costs. The Foundation exerts no disclosed formal authority over Superform Labs' internal operations, but the Foundation oversees ecosystem governance, which encompasses the protocol that Superform Labs develops.
(e) Contract/admin powers
- Power: Token Minting
- Controller: Foundation Multi-sig
- Method: 2-of-3 multisig; up to 2% annual max; requires governance approval after 3 year timelock expires
- Power: Token Chain Deployments
- Controller: Foundation Multi-sig
- Method: New chains must be configured by 2-of-3 multisig
- Power: Governance Executor
- Controller: Foundation Multi-sig
- Method: Governance via sUP (snapshot-based voting)
Blockworks note: Primary Foundation: Superform Foundation
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
Type & Jurisdiction Type: C-Corporation Jurisdiction: Delaware, USA Incorporated: January 11, 2022 Registered Address: 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808 Co-founders: Vikram Arun, Blake Richardson, Alexandre Cort
(b) IP ownership & control
Repos/Code: Superform Labs is the core contributor that builds and supports the Superform Protocol and "provides development and technical services related to the implementation and ongoing development of the protocol." Superform Labs Repos/Code: https://github.com/superform-xyz/monorepo/tree/main/apps www.superform.xyz
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
It has no powers. Superform Labs is not related to the DAO nor the Superform Foundation treasury. Superform Labs does not currently collect fees or make revenue.
(d) Powers over Foundation
Superform Labs has no authority over the Foundation. The Foundation is the parent/governance entity with its own independent board. The Foundation relied on Superform Labs for a $100K initial loan. Superform Labs has a services agreement with the Superform Foundation that requires it to develop the protocol based on the Superform Foundation’s specifications. The Foundation has no authority over Superform Labs' internal operations (corporate governance, hiring, etc.), though as the protocol governance body it controls what gets deployed and how the protocol evolves.
(e) Contract/admin powers
No direct onchain admin powers are attributed to Superform Labs. All multisig signers on both the Foundation and BVI wallets are directors of Superform Foundation.
Blockworks note: Primary DevCo: ZeroPoint Labs Inc. d/b/a Superform Labs
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
The initial circulating supply at launch is 13.9% of total supply (139,224,377 UP), unlocked on Day One on Base. This breakdown includes:
- Public sale participants: 3.72% (fully unlocked at TGE)
- Airdrop recipients: 1.36% liquid on Day One (Out of 3.7% Total Airdrop)
- Liquidity: 2.98%
- Community & Ecosystem: 5.86% available at TGE Total Supply of UP: 1,000,000,000
(b) Recipient categories & use of funds
- Category: Community and Ecosystem
- Allocation: 40.04% (400,414,553 UP)
- Vesting Schedule: 5.86% available at TGE, remaining 34.18% vested over 36 months
- Staking Eligible: Yes, but tokens retained by the Superform Foundation or BVI cannot be staked
- Category: Core Team & Advisors
- Allocation: 24.59% (245,907,736 UP)
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Staking Eligible: No, locked tokens cannot be staked
- Category: Strategic Partners
- Allocation: 22.17% (221,713,986 UP)
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Staking Eligible: No, locked tokens cannot be staked
- Category: Public Sale
- Allocation: 3.72% (37,182,670 UP)
- Vesting Schedule: Fully unlocked at TGE (unless U.S. person, then monthly vesting over 1 year)
- Staking Eligible: Yes
- Category: Airdrop
- Allocation: 3.70% (37,000,000 UP)
- Vesting Schedule: 1.36% at TGE, remaining 2.34% vesting over 3 months
- Staking Eligible: Yes
- Category: Liquidity
- Allocation: 2.98% (29,777,777 UP)
- Vesting Schedule: Fully unlocked at TGE
- Staking Eligible: N/A
- Category: Echo Strategic Sale
- Allocation: 2.80% (28,003,278 UP)
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Staking Eligible: No, locked tokens cannot be staked
(c) Initial price per token (if applicable)
$0.09 USD per UP.
(d) Ticker / market symbol
$UP — ERC-20 on Ethereum and Base (LayerZero OFT bridge between chains)
- Ethereum: 0x1D926bbE67425C9F507b9A0E8030eEdc7880BF33
- Base: 0x5b2193fDc451C1f847bE09CA9d13A4Bf60f8c86B
(e) Total supply & supply regime
Total Supply: 1,000,000,000 UP Regime: Fixed supply with conditional future inflation.
- Years 0–3: Hard-capped. No minting permitted under any circumstances.
- Year 3+: Governance (sUP holders) may authorize up to 2% annual inflation maximum. Intended uses: validator rewards, strategist incentives, community programs, ecosystem development. Requires governance vote; the Foundation multisig (2-of-3) executes the mint.
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").
- Executed airdrop: Superform has conducted its primary airdrop. 3.70% of total supply (37,000,000 $UP) was
allocated to the community airdrop program, distributed on February 10, 2026.
1.364% was unlocked at TGE with the remaining 2.336% vesting monthly over 3 months.
Eligibility was the following:
- Deposits into the Superform Protocol via the Superform app or through partner integrations like Pendle, Spectra, Morpho, etc.
- Participated in the Superform Community (Content, Events, Social)
- Qualified for the Cookie.Fun Campaign You can see the Airdrop CSV here: https://www.superformfoundation.org/airdrop. Unclaimed airdrop tokens following the claim period will be returned to the ecosystem treasury.
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: Amber Group
- Token Allocation Committed: 0.6%
- Term Duration: 18 months
- Structure Name: Loan Option Model Strike prices: 1-Week TWAP + 40% for 1,500,000 tokens; 1-Week TWAP on month 7 + 40% for 1,500,000 tokens; 12-Month TWAP + 20% for 3,000,000 tokens
- Market Maker Name: Flow Traders
- Token Allocation Committed: 0.6%
- Term Duration: 12 months
- Structure Name: Loan Option Model Strike prices: 1-Week TWAP + 25% for 1,500,000 tokens; 1-Week TWAP + 50% for 1,500,000 tokens; 1-Week TWAP + 75% for 1,500,000 tokens; 1-Week TWAP + 100% for 1,500,000 tokens
- Market Maker Name: Axtior
- Token Allocation Committed: 0.11%
- Term Duration: 6 months
- Structure Name: Retainer Model
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.
Blockworks note: No agreements or deals exist with any CEX or DEX. No native tokens were paid for listing or promotional activity. As of the date of this disclosure, no grants, incentive payments, or token distributions in UP have been made to any centralized exchange or exchange-affiliated entity for listing, marketing, or promotional purposes. Any such arrangements, if entered into in the future, would be disclosed in an updated version of this document.
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: Angel
- Investment Vehicle: SAFE + Token Warrant
- Date Of Sale: April 2022
- Number of tokens sold: $1.6M raised
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Series Name: Seed
- Investment Vehicle: SAFE + Token Warrant
- Date Of Sale: November 2022
- Number of tokens sold: 22.2% of supply sold; $4.9M raised
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Series Name: Strategic
- Investment Vehicle: SAFE + Token Warrant
- Date Of Sale: November 2024
- Number of tokens sold: $3.0M raised
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Series Name: Echo Strategic Sale
- Investment Vehicle: SAFE + Token Warrant
- Date Of Sale: February 2025
- Number of tokens sold: 2.8% of supply sold; $1.4M raised
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Series Name: Private Token Sale
- Investment Vehicle: Token Purchase Agreement (TPA)
- Date Of Sale: September 2025
- Number of tokens sold: 0.5625% of supply sold; $0.45M raised
- Vesting Schedule: 1 year cliff, then monthly vesting over 2 years (3 years total from TGE)
- Series Name: Public Token Sale (Cookie x Legion)
- Investment Vehicle: Token Purchase Agreement (TPA)
- Date Of Sale: December 2025
- Number of tokens sold: 3.135% of supply sold; $2.622M raised
- Vesting Schedule: None
- Series Name: Public Token Sale (Echo)
- Investment Vehicle: Token Purchase Agreement (TPA)
- Date Of Sale: January 2026
- Number of tokens sold: 0.583% of supply sold; $0.525M raised
- Vesting Schedule: None
Blockworks note: No discounted market maker sales, OTC sales nor other sales have occurred outside of the disclosed sales above.
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.
(f) References (optional)
Blockworks note: No major security incidents to date. As of February 2026, neither the Superform Protocol nor the UP token has experienced any security breaches, hacks, or exploits resulting in loss of user funds.
- Superform V1 launched May 2024: No security incidents
- Superform V2 launched October 2025: No security incidents
- UP token deployment: No incidents reported Security Audits: Spearbit (multiple comprehensive audits), Cantina (multiple code competitions), Node Security (core review), Orion (core review), 0xMacro (periphery review), Recon (invariant testing), Octane (recurring tests). All critical and high-severity findings addressed prior to deployment. Audit Reports:
- Core: https://github.com/superform-xyz/v2-core/tree/dev/audits
- Periphery: https://github.com/superform-xyz/v2-periphery/tree/dev/audits
- UP Token: https://github.com/superform-xyz/v2-periphery/blob/dev/audits/2025.11.27-0xMacro.pdf
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
The legal and regulatory treatment of crypto-assets remains uncertain and varies across jurisdictions. UP tokens may be classified as securities, financial instruments, or otherwise regulated assets in certain jurisdictions, which could result in restrictions on transferability, trading, or use, delisting from exchanges, or other regulatory actions. Certain jurisdictions restrict or prohibit acquisition of UP tokens. Restricted jurisdictions include US, UK (for certain sales), China, and OFAC-sanctioned regions. The tax treatment of UP tokens is uncertain; token holders are solely responsible for determining and complying with applicable tax obligations in their respective jurisdictions.
(b) Protocol, Technology & Security Risks
The Superform Protocol and UP token rely on smart contracts which, despite audits and security reviews, may contain undiscovered vulnerabilities, logic errors, or integration issues. The protocol operates on Ethereum and Base, which may experience congestion, high fees, reorganization events, or other disruptions. Cross-chain functionality relies on LayerZero OFT bridge infrastructure, which historically has been subject to exploits. The protocol relies on validator networks for price-per-share reporting; incorrect or manipulated data could lead to mispricing or losses.
(c) Token Economics, Unlocks & Incentive Risks
UP is subject to significant price volatility with no assurance that a liquid market will develop or be sustained. UP tokens do not represent equity, ownership, profit-sharing rights, dividends, or claims on assets or revenues of Superform (BVI) Limited, the Superform Foundation, Superform Labs, or any affiliated entity. Although market makers provide liquidity, there is no guarantee of sufficient liquidity at any time. After 3 years, governance may authorize up to 2% annual inflation, diluting existing holders. Governance decisions may not align with the interests of all token holders. There is no assurance that UP tokens will have any value, liquidity, or utility.
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. Superform is solely responsible for the content, accuracy, and legality of its disclosures.
