White paper drafted under the European Markets in Crypto-Assets Regulation (EU) 2023/1114 for FFG GNL7G95JR

The crypto-asset BLEND referred to in this white paper is a crypto-asset other than EMTs and ARTs and will be deployed on the Fluent network (natively) and also represented on the Ethereum network, according to the DTI FFG shown in section F.14, as of 2026-03-30. The maximum supply of the crypto-asset is 1,000,000,000 tokens. As of 2026-03-30, the Fluent network remains under active development and only a testnet is live; accordingly, no on-chain activity on the Fluent main network can yet be reported. The first activity on Ethereum can be viewed on 2026-02-24 (transaction hash: 0x334f505424e9013cd4cb8d2ec1271ec0acf1f1845404ba4dd8ecb0204b5db3fa; source: https://etherscan.io/tx/0x334f505424e9013cd4cb8d2ec1271ec0acf1f1845404ba4dd8ecb0204b5db3fa; accessed 2026-03-30).

The Fluent project is a Layer 2 network designed to operate in connection with Ethereum and to provide a single execution environment for applications built using different virtual machine standards. At a high level, the network is described as supporting execution across the Ethereum Virtual Machine, the Solana Virtual Machine, and WebAssembly-based environments by compiling instructions into a reduced WebAssembly representation for execution. This architecture is intended to allow applications developed for different environments to interact with a shared blockchain state, and the network also contemplates both shared applications and dedicated application-specific state machines that use the network for proof aggregation and verification.

The BLEND crypto-asset is expected to function as the native governance and functional crypto-asset of the Fluent Network. As of 2026-03-30, the Fluent Network is not yet live and remains in development, while BLEND has been deployed on Ethereum as a smart contract. Accordingly, any described functionalities remain subject to uncertainty and may change depending on the final technical design and operational launch of the network. BLEND is expected to be used for protocol-level governance, validator staking, and certain technical functions within the network environment, including payments, collateral, liquidity, and other protocol-related uses.

The crypto-asset does not grant any legally enforceable or contractual rights or obligations to its holders or purchasers. Any functionalities accessible through the underlying technology are purely technical or operational in nature and do not confer rights comparable to ownership, profit participation, governance, or similar entitlements known from traditional financial instruments.

As defined in Article 3(9) of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in Crypto-Assets – amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 – a utility token is “a type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer”. This crypto-asset does not qualify as a utility token, as its intended use goes beyond providing access to a good or a service supplied solely by the issuer.

Crypto Risk Metrics GmbH is seeking admission to trading on the Payward Global Solutions LTD (“Kraken”) platform in the European Union in accordance with Article 5 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in Crypto-Assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. The admission to trading is not accompanied by a public offer of the crypto-asset.

Crypto Risk Metrics GmbH is a technical service provider that supports regulated entities in fulfilling their regulatory requirements. Among other services, Crypto Risk Metrics GmbH acts as a data provider for ESG data under Article 66(5). In light of the requirements set out in Articles 4(7), 5(4) and 66(3) of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in Crypto-Assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937, Crypto Risk Metrics GmbH aims to provide central services for crypto-asset white papers.

Crypto Risk Metrics GmbH, founded in 2018 and based in Hamburg (HRB 154488), has undergone several strategic shifts in its business focus since incorporation. Due to these changes in business model and operational direction over time, the financial figures from earlier years are only comparable to a limited extent with the company’s current commercial activities. The present business model – centred on regulatory technology and risk analytics in the context of the MiCA framework – has been developed progressively and can realistically be considered fully operational since approximately 2024.

The company’s financial trajectory over the past three years reflects the transition from exploratory development towards market-ready product delivery. Profit or loss after tax for the last three financial years is as follows:

2024 (unaudited): loss of EUR 50,891.81

2023 (unaudited): loss of EUR 27,665.32

2022: profit of EUR 104,283.00

The profit in 2022 resulted primarily from legacy consulting activities, which were discontinued as part of the company’s repositioning.

The losses in 2023 and 2024 resulted from strategic investments in the development of proprietary software infrastructure, regulatory frameworks, and compliance technology for the MiCA ecosystem. During those periods, no substantial commercial revenues were expected, as resources were directed towards preparing the platform for market entry in a regulated environment.

A fundamental repositioning of the company occurred in 2023 and especially in 2024, when the focus shifted towards providing risk management, regulatory reporting, and supervisory compliance solutions for financial institutions and crypto-asset service providers. This marked a material shift in business operations and monetisation strategy.

Based on the current business development in Q4 2025, revenues exceeding EUR 550,000 are expected for the fiscal year 2025, with an anticipated net profit of approximately EUR 100,000. These figures are neither audited nor based on a finalised annual financial statement; they are derived from the company’s current pipeline, client development, and active commercial engagements. Accordingly, they are subject to future risks and market fluctuations.

With the regulatory environment now taking shape and the platform commercially validated, it is assumed that the effects of the strategic developments will continue to materialise in 2026. The company foresees further scalability of its technology and growing market demand for regulatory compliance tools in the European crypto-asset sector.

No public subsidies or governmental grants have been received to date; all operations have been financed through shareholder contributions and internally generated resources. Crypto Risk Metrics has never accepted any payments in tokens from projects it has worked with and – due to its internal Conflicts of Interest Policy – never will.

Not applicable. The company has been established for more than three years and its financial condition over the past three years is provided in Part A.16 above.

Fluent Labs, Inc. operates as a software development company. The Company offers advanced Ethereum L2 blended execution network that combines Wasm, EVM, and SVM apps into an execution environment.

Not applicable.

According to public information published on the Fluent website (source: https://www.fluent.xyz/blended-101, accessed 2026-03-30), the Fluent project is an Ethereum-based Layer-2 network structured as a zero-knowledge rollup and described as a blended execution network. The network is designed to support a unified execution environment in which applications associated with different virtual-machine paradigms, including the Ethereum Virtual Machine, the Solana Virtual Machine, and WebAssembly-based environments, can operate within a shared blockchain state. According to the published materials, Fluent uses rWasm as its primary execution layer, with transaction logic from the supported environments compiled or represented within that framework for execution and proof generation. The infrastructure is described as being intended to enable real-time composability across different execution environments without requiring users to bridge assets or switch wallets. The project also refers to supporting different application models, including shared-state applications and dedicated application-specific environments, while relying on Ethereum as the underlying settlement layer for compressed data publication and proof verification

The project does not involve the granting of ownership, profit-participation rights, or legal claims against the project entity or its contributors. Instead, it centres on the creation of a technical environment in which the BLEND crypto-asset may serve as a governance and utility input for certain protocol processes. The long-term evolution of the Fluent system, including the scope of available features, the decentralisation roadmap, validator-selection mechanisms, and the operational continuity of the infrastructure, may vary based on technical, economic, and regulatory considerations. All future developments remain subject to change.

This section provides an overview of the historical developments related to the BLEND crypto-asset and a description of planned or anticipated project milestones as publicly communicated. All forward-looking elements are subject to significant uncertainty. They do not constitute commitments, assurances, or guarantees, and may be modified, delayed, or discontinued at any time. The implementation of past milestones cannot be assumed to continue in the future, and future changes may have adverse effects for token holders.

There is no formally published multi-year roadmap for the BLEND crypto-asset. Based on public information (sources: https://docs.fluent.xyz/, https://x.com/fluentxyz, https://www.fluent.xyz/; accessed 2026-03-30), several protocol upgrades, ecosystem initiatives, and crypto-asset-related developments have been communicated that affect the evolution of the Fluent protocol and the role of the BLEND crypto-asset.

Past milestones:

- Blended Builders Club Introduction (22 April 2025): The project introduced the “Blended Builders Club,” described as a group of founders building applications within the Fluent ecosystem.

- Public Testnet Phase (early 2026): As of early 2026, the network was in a public testnet phase and supported smart contracts written in Solidity and Rust.

Future milestones:

- Production Layer 2 Network Transition (date not specified): The Fluent Network Foundation is developing the network toward a production Ethereum Layer 2 zk-rollup environment.

- Governance Framework Definition (date not specified): While the BLEND crypto-asset is described as intended for governance-related functions, the specific governance procedures, voting periods, and decision thresholds remain to be defined.

Note: All future milestones are subject to significant uncertainty, including but not limited to technical feasibility, regulatory developments, market adoption, and community governance decisions. The project may modify, delay, or discontinue any of these initiatives at any time. Past implementation or performance outcomes do not constitute an indication of future results, and any such changes may materially affect the characteristics, availability, or perceived value of the BLEND crypto-asset for its holders.

Based on information from various third-party and industry sources, it is reported that Fluent Labs, Inc., the company associated with the BLEND token, has conducted multiple funding rounds involving private investors and venture capital firms.

According to publicly referenced information, on or around 19 February 2025, the project is reported to have completed seed and seed extension funding rounds with an indicated aggregate amount of approximately USD 8,000,000, led by Polychain Capital and involving investors referenced in public materials as including Primitive Ventures, dao5, Symbolic Capital, Builder Capital, Nomad Capital, and Public Works, alongside individual angel investors such as Balaji Srinivasan, Mustafa Al-Bassam, Jason Yanowitz, Santiago Santos, Dingaling, Cristian Manea, and Will Price. Public materials indicate that these proceeds were intended to support expansion of the core engineering team and deployment of infrastructure for the network’s testnet.

In addition, on or around July 2025, Fluent is reported to have secured a subsequent financing event described as a Testnet Round, with an indicated amount of approximately USD 2,200,000. Investors and strategic partners referenced in third-party and project-related materials include echo.xyz, Native Crypto , Q42, WAGMI Ventures, and TCP Ventures. Public descriptions indicate that this round was intended to support testnet operations and the initial wave of applications building on the network.

However, all such information is derived exclusively from public announcements, portfolio disclosures, press releases, and third-party publications. The issuer, foundation, or entities associated with the BLEND crypto-asset have not independently confirmed the occurrence, precise amounts, valuation, legal structure, or contractual terms of these reported financing rounds. As a result, the referenced investment amounts, investor participation, and any implied cumulative funding figures cannot be independently verified and should be considered indicative only.

Not applicable, as this white paper serves the purpose of admission to trading and is not associated with any fundraising activity for the crypto-asset project.

The purpose of seeking admission to trading is to enable the crypto-asset to be listed on a regulated platform in accordance with the applicable provisions of Regulation (EU) 2023/1114 and Commission Implementing Regulation (EU) 2024/2984. The white paper has been drawn up to comply with the transparency requirements applicable to trading venues.

Holder restrictions are subject to the rules applicable to the crypto-asset service provider, as well as any additional restrictions that provider may impose.

The token is intended to be listed on the trading platform operated by Payward Global Solutions LTD ("Kraken"). Access to this platform depends on regional availability and user eligibility under Kraken’s terms and conditions. Investors should consult Kraken’s official documentation to determine whether they meet the requirements for account creation and token trading.

The costs involved in accessing the trading platform depend on the specific fee structure and terms of the respective crypto-asset service provider. These may include trading fees, deposit or withdrawal charges, and network-related gas fees. Investors are advised to consult the applicable fee schedule of the chosen platform before engaging in trading activities.

Not applicable, as this white paper is written to seek admission to trading, not for the initial offer to the public.

MiCA-compliant crypto-asset service providers shall have strong measures in place in order to manage conflicts of interest. Due to the broad audience this white paper addresses, potential investors should always check the conflicts-of-interest policy of their respective counterparty. Crypto Risk Metrics GmbH has established, implemented, and documented comprehensive internal policies and procedures for the identification, prevention, management, and documentation of conflicts of interest in accordance with applicable regulatory requirements. These internal measures are actively applied within the organisation. For the purposes of this specific assessment and the crypto-asset covered by this white paper, a token-specific review has been conducted by Crypto Risk Metrics GmbH. Based on this individual review, no conflicts of interest relevant to this crypto-asset have been identified at the time of preparation of this white paper.

Not applicable, as this white paper is written to seek admission to trading, not for the initial offer to the public.

Not applicable, as this white paper is written to seek admission to trading, not for the initial offer to the public.

BLEND is expected to function as the native crypto-asset of the Fluent Network and as an on-chain technical component within the Fluent ecosystem. As of 2026-03-30, the Fluent Network is not yet live and remains in development, with only a testnet environment available, while BLEND has already been deployed on Ethereum as a smart contract. BLEND is intended to support certain protocol-level functions within the Fluent Network, including staking by validators in connection with network security, participation in protocol-level governance, and use within the network environment in relation to liquidity, collateral, payments, and other technical functions, subject to the final technical design and operational launch conditions of the network. BLEND may also be used in connection with governance over certain ecosystem matters, including incentive parameters, DAO treasury use, and funding decisions relating to ecosystem development. Any such governance-related functionalities are limited to the technical operation and development of the Fluent ecosystem and do not confer rights related to the ownership, management, or assets of any legal entity.

The BLEND crypto-asset does not confer ownership, profit participation, governance rights in or over the issuer or any related entity, or any form of economic entitlement. All functionalities are technical in nature and relate exclusively to interactions within the Fluent protocol environment. The actual usability of BLEND depends on factors such as system stability, smart-contract execution, development progress, governance decisions, and the operational conditions of the Fluent Network, which are outside the control of token holders.

Future milestones:

- Production Layer 2 Network Transition (date not specified): The Fluent Foundation is developing the network toward a production Ethereum Layer 2 zk-rollup environment.

- Governance Framework Definition (date not specified): While the BLEND crypto-asset is described as intended for governance-related functions, the specific governance procedures, voting periods, and decision thresholds remain to be defined.

Note: All future milestones are subject to significant uncertainty, including but not limited to technical feasibility, regulatory developments, market adoption, and community governance decisions. The project may modify, delay, or discontinue any of these initiatives at any time. Past implementation or performance outcomes do not constitute an indication of future results, and any such changes may materially affect the characteristics, availability, or perceived value of the BLEND crypto-asset for its holders.

The crypto-asset referred to herein is a crypto-asset other than EMTs and ARTs, and is available on multiple networks. The crypto-asset is fungible up to 18 digits after the decimal point on Ethereum. As the Fluent network is not yet live, the characteristics of the crypto-asset on Fluent cannot be assessed as of 2026-03-30. The crypto-asset constitutes a digital representation recorded on distributed-ledger technology and does not confer ownership, governance, profit participation, or any other legally enforceable rights. Any functionalities associated with the token are limited to potential technical features within the relevant platform environment. These functionalities do not represent contractual entitlements and may depend on future development decisions, technical design choices, and operational conditions. The crypto-asset does not embody intrinsic economic value; instead, its value, if any, is determined exclusively by market dynamics such as supply, demand, and liquidity in secondary markets.

No such services are currently known to be provided by the issuer. However, it cannot be excluded that additional services exist or may be offered in the future outside the scope of Regulation (EU) 2023/1114.

The crypto-asset does not grant any legally enforceable or contractual rights or obligations to its holders or purchasers. Any functionalities accessible through the underlying technology are of a purely technical or operational nature and do not constitute rights comparable to ownership, profit participation, governance, or similar entitlements known from traditional financial instruments. Accordingly, holders do not acquire any legally enforceable claim against the issuer of the crypto-asset or any third party.

As the crypto-asset does not confer any legally enforceable rights or obligations, there are no applicable procedures or conditions for their exercise. Any interaction or functionality that may be available within the project’s technical infrastructure – such as participation mechanisms or protocol-level features – serves operational purposes only and does not create, evidence, or constitute any contractual or statutory entitlement.

As the crypto-asset does not confer any legally enforceable rights or obligations, there are no conditions or mechanisms for modifying such rights or obligations. Adjustments to the technical protocol, smart contract logic, or related systems may occur in the ordinary course of development or maintenance. Such changes do not alter the legal position of holders, as no contractual rights exist and no rights arise under applicable law or regulation. Holders should not interpret technical updates or governance-related changes as amendments to legally binding entitlements.

Information on the future offers to the public of crypto-assets was not available at the time of writing this white paper (2026-03-30).

The crypto-assets themselves are not subject to any technical or contractual transfer restrictions and are generally freely transferable. However, crypto-asset service providers may impose restrictions on buyers or sellers in accordance with applicable laws, internal policies or contractual terms agreed with their clients.

For the crypto-asset in scope, the supply is limited to 1,000,000,000 tokens according to public information (Source: https://etherscan.io/token/0xd8a271974e8edae9d7b58e3370dc1669427503f4, accessed 2026-03-30). Investors should note that changes in the supply of the crypto-asset can have a negative impact.

This white paper is submitted in the context of an application for admission to trading on a trading platform established in the European Union. Accordingly, this white paper shall be governed by the laws of the Federal Republic of Germany.

Any disputes arising in relation to this white paper or the admission to trading may be brought before the competent courts in Hamburg, Germany.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; protocol parameters, implementations, and governance processes may change following mainnet launch.

1. Core protocol architecture and technical design

The Fluent Network is described as an Ethereum Layer 2 zk-rollup environment that relies on the SP1 zero-knowledge virtual machine developed by Succinct Labs as part of its proving infrastructure. SP1 is a general-purpose zkVM designed to prove the correct execution of arbitrary programs rather than a standalone ledger protocol in its own right. Public materials further describe Fluent as using a blended execution approach, under which different execution environments, including EVM, SVM, and Wasm-related instruction flows, may be translated into a common intermediate execution format for unified proving and verification.

2. Protocols, specifications, and cryptographic standards

According to the available documentation, SP1 is governed at the proving layer by the RISC-V architecture and is designed to prove the execution of programs compiled into RISC-V ELF files. The proof system is based on STARKs and includes a STARK-to-SNARK wrapping layer intended to support efficient on-chain verification in Ethereum-compatible environments. Publicly referenced specifications include a white paper and technical specifications such as a precompile specification. The documentation also refers to architectural version changes, including changes from earlier versions to later proof-system designs, but no formal improvement framework comparable to Ethereum Improvement Proposals is identified in the materials reviewed.

3. Cryptographic primitives and commitment mechanisms

Public technical materials describe the use of cryptographic primitives and proof components including Poseidon2 hashing, FRI commitment techniques, polynomial commitment structures, and finite-field constructions such as BabyBear and Koalabear in different system versions. The documentation also refers to SNARK compression using BN254-based constructions, as well as proof components such as memory arguments, zerocheck procedures, and related interactive-proof techniques. These elements form part of the proving and verification framework supporting the Layer 2 design.

4. Technical standards and implementation basis

The available materials indicate that the proving infrastructure is implemented through open-source software and technical documentation, with support for languages such as Rust, C++, and C where compiled into the relevant execution format. The protocol rules appear to be defined through the open-source prover and verifier implementations together with the associated documentation. Public materials do not provide detailed low-level networking standards such as peer discovery or message propagation standards.

The following applies to Ethereum:

The crypto-asset operates on a well-defined set of protocols and technical standards that are intended to ensure its security, decentralisation, and functionality. Below are some of the key ones:

1. Network Protocols

The crypto-asset follows a decentralised, peer-to-peer (P2P) protocol where nodes communicate over the crypto-asset's DevP2P protocol using RLPx for data encoding.

- Transactions and smart contract execution are secured through Proof-of-Stake (PoS) consensus.

- Validators propose and attest blocks in Ethereum’s Beacon Chain, finalised through Casper FFG.

- The Ethereum Virtual Machine (EVM) executes smart contracts using Turing-complete bytecode.

2. Transaction and Address Standards

crypto-asset Address Format: 20-byte addresses derived from Keccak-256 hashing of public keys.

Transaction Types:

- Legacy Transactions (pre-EIP-1559)

- Type 0 (Pre-EIP-1559 transactions)

- Type 1 (EIP-2930: Access list transactions)

- Type 2 (EIP-1559: Dynamic fee transactions with base fee burning)

The Pectra upgrade introduces EIP-7702, a transformative improvement to account abstraction. This allows externally owned accounts (EOAs) to temporarily act as smart contract wallets during a transaction. It provides significant flexibility, enabling functionality such as sponsored gas payments and batched operations without changing the underlying account model permanently.

3. Blockchain Data Structure & Block Standards

- the crypto-asset's blockchain consists of accounts, smart contracts, and storage states, maintained through Merkle Patricia Trees for efficient verification.

Each block contains:

- Block Header: Parent hash, state root, transactions root, receipts root, timestamp, gas limit, gas used, proposer signature.

- Transactions: Smart contract executions and token transfers.

- Block Size: No fixed limit; constrained by the gas limit per block (variable over time). In line with Ethereum’s scalability roadmap, Pectra includes EIP-7691, which increases the maximum number of "blobs" (data chunks introduced with EIP-4844) per block. This change significantly boosts the data availability layer used by rollups, supporting cheaper and more efficient Layer 2 scalability.

4. Upgrade & Improvement Standards

Ethereum follows the Ethereum Improvement Proposal (EIP) process for upgrades.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; the final production implementation may differ from the currently described design.

1. Ledger structure and network model

Fluent is described as an Ethereum-centric Layer 2 zk-rollup environment. In that context, the network is understood to use an account-based model in which smart contracts interact within a shared state environment. The underlying proving layer is provided through SP1, which itself does not constitute a separate ledger but rather a zero-knowledge execution proving system used to support verifiable state transitions.

2. Execution environment and transaction processing

Public materials describe SP1 as a general-purpose zkVM based on RISC-V, with support for proving programs compiled into RISC-V ELF files. In the Fluent context, execution from multiple environments, including EVM, SVM, and Wasm-related flows, is described as being translated into a common representation to support blended execution. State transition execution is then proved cryptographically, including checks such as gas accounting, nonce handling, and balance updates, before the resulting proof is prepared for verification in an Ethereum-compatible environment.

3. Proof generation, storage, and Layer 2 integration

The available documentation describes a recursive STARK-based proving design in which complex computations may be broken into smaller shards, proved separately, and aggregated into a final proof. Proof generation occurs off-chain through prover infrastructure, while compressed proof outputs are intended to be posted and verified in an Ethereum-compatible settlement environment. In this respect, Fluent is designed as a Layer 2 system whose execution is handled off-chain while verification and settlement assurances are anchored to Ethereum.

The following applies to Ethereum:

1. Decentralised Ledger: The Ethereum blockchain acts as a decentralised ledger for all token transactions, with the intention to preserving an unalterable record of token transfers and ownership to ensure both transparency and security.

2. Private Key Management: To safeguard their token holdings, users must securely store their wallet’s private keys and recovery phrases.

3. Cryptographic Integrity: Ethereum employs elliptic curve cryptography to validate and execute transactions securely, intended to ensure the integrity of all transfers. The Keccak-256 (SHA-3 variant) Hashing Algorithm is used for hashing and address generation. The crypto-asset uses ECDSA with secp256k1 curve for key generation and digital signatures. Next to that, BLS (Boneh-Lynn-Shacham) signatures are used for validator aggregation in PoS.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; the operational consensus arrangement may be refined further upon mainnet launch.

The Fluent Network is publicly described as an Ethereum Layer 2 zk-rollup that uses cryptographic validity proofs generated through the SP1 zkVM as part of its state-transition verification model. Based on the available materials, transactions are intended to be executed off-chain, translated into the relevant execution format, and proved through the zero-knowledge proving system, after which the resulting proofs are to be verified in an Ethereum-compatible environment. In this respect, the integrity of state transitions is intended to be established through proof generation and on-chain verification rather than through a standalone Layer 1 style consensus algorithm operating independently of Ethereum.

Public materials further indicate that participation in network validation or block production is expected to be linked to validators and an active validator set determined by the amount of BLEND staked. On that basis, validators are described as contributing economic security to the network. However, the documentation reviewed does not provide complete detail on matters such as bonding periods, delegation mechanics, sub-committee structures, validator-set limits, or specific slashing conditions for validator misconduct.

To the extent reflected in the currently available materials, the Fluent Network is expected to derive its ultimate settlement assurance and finality from Ethereum, once the relevant transaction data and associated proofs are posted and accepted in the Ethereum-based verification environment. Public materials also refer to governance functions carried out through BLEND-based DAO processes, including decisions on treasury usage and incentive parameters, but those governance processes should be distinguished from the technical mechanism used to validate and settle network state transitions.

The following applies to Ethereum:

The crypto-asset's Proof-of-Stake (PoS) consensus mechanism, introduced with The Merge in 2022, replaces mining with validator staking. Validators must stake at least 32 ETH, and a validator is randomly selected to propose each new block. Once proposed the other validators verify the block’s integrity. The network operates on a slot and epoch system, where a new block is proposed every 12 seconds, and finalisation occurs after two epochs (~12.8 minutes) using Casper-FFG. The Beacon Chain coordinates validators, while the fork-choice rule (LMD-GHOST) ensures the chain follows the heaviest accumulated validator votes. Validators earn rewards for proposing and verifying blocks, but face slashing for malicious behaviour or inactivity. PoS aims to improve energy efficiency, security, and scalability, with future upgrades like Proto-Danksharding enhancing transaction efficiency.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; the final fee model, validator incentives, and reward mechanics may change following mainnet launch.

Based on the available materials, the incentive model of the Fluent Network is intended to centre on the BLEND crypto-asset. Public documentation indicates that BLEND is expected to be used in connection with transaction fees, staking, validator participation, and protocol-level economic coordination. Transaction fees are described as covering the computational and operational resources associated with processing activity on the network, while protocol fees may also arise in connection with network operations.

The reviewed materials further indicate that validators in the active validator set are expected to be compensated through BLEND-denominated staking rewards. Validator participation is described as depending on the amount of BLEND staked, with the active validator set determined by the highest-ranked stakers. In addition, a portion of protocol-generated fees is described as being directed to a foundation treasury, which may then be used for ecosystem development, operational funding, and other governance-directed purposes.

Public materials also describe broader incentive arrangements outside the core protocol reward flow, including treasury-funded ecosystem support, governance-directed spending, and distributions to early users such as airdrop-based incentives. At the same time, the documentation reviewed does not set out a complete live fee schedule, nor does it provide sufficiently detailed information on penalty or slashing mechanisms for validator misconduct or downtime. Accordingly, while the overall model indicates that users would pay fees for network usage and validators would receive BLEND-based economic incentives, the final operational parameters remain subject to implementation and further public definition.

The following applies to Ethereum:

The crypto-asset's PoS system secures transactions through validator incentives and economic penalties. Validators stake at least 32 ETH and earn rewards for proposing blocks, attesting to valid ones, and participating in sync committees. Rewards are paid in newly issued ETH and transaction fees. Under EIP-1559, transaction fees consist of a base fee, which is burned to reduce supply, and an optional priority fee (tip) paid to validators. Validators face slashing if they act maliciously and incur penalties for inactivity. This system aims to increase security by aligning incentives while making the crypto-asset's fee structure more predictable and deflationary during high network activity.

Not applicable, as the DLT is not operated by the issuer, the offeror, the person seeking admission to trading, or any third-party acting on their behalf.

1. Regulatory and Compliance

Regulatory frameworks applicable to crypto-asset services in the European Union and in third countries are evolving. Supervisory authorities may introduce, interpret, or enforce rules that affect (i) the eligibility of this crypto-asset for admission to trading, (ii) the conditions under which a crypto-asset service provider may offer trading, custody, or transfer services for it, or (iii) the persons or jurisdictions to which such services may be provided. As a result, the crypto-asset service provider admitting this crypto-asset to trading may be required to suspend, restrict, or terminate trading or withdrawals for regulatory reasons, even if the crypto-asset itself continues to function on its underlying network.

2. Trading venue and connection risk

Trading in the crypto-asset depends on the uninterrupted operation of the trading venues on which it is listed and, where applicable, on its technical connections to external liquidity sources or venues. Interruptions such as system downtime, maintenance, faulty integrations, API changes, or failures at an external venue can temporarily prevent order placement, execution, deposits, or withdrawals, even when the underlying blockchain is functioning. In addition, trading platforms in emerging markets may operate under differing governance, compliance, and oversight standards, which can increase the risk of operational failures or disorderly market conditions.

3. Market formation and liquidity conditions

The price and tradability of the crypto-asset depend on actual trading activity on the venues to which the service provider is connected, whether centralised exchanges (CEXs) or decentralised exchanges (DEXs). Trading volumes may at times be low, order books thin, or liquidity concentrated on a single venue. In such conditions, buy or sell orders may not be executed in full or may be executed only at a less favourable price, resulting in slippage.

Volatility: The market price of the crypto-asset may fluctuate significantly over short periods, including for reasons that are not linked to changes in the underlying project or protocol. Periods of limited liquidity, shifts in overall market sentiment, or trading on only a small number of CEXs or DEXs can amplify these movements and lead to higher slippage when orders are executed. As a result, investors may be unable to sell the crypto-asset at or close to a previously observed price, even where no negative project-specific event has occurred.

4. Counterparty and service provider dependence

The admission of the crypto-asset to trading may rely on several external parties, such as connected centralised or decentralised trading venues, liquidity providers, brokers, custodians, or technical integrators. If any of these counterparties fail to perform, suspend their services, or apply internal restrictions, the trading, deposit, or withdrawal of the crypto-asset on the listing crypto-asset service provider can be interrupted or halted.

Quality of counterparties: Trading venues and service providers in certain jurisdictions may operate under regulatory or supervisory standards that are lower or differently enforced than those applicable in the European Union. In such environments, deficiencies in governance, risk management, or compliance may remain undetected, which increases the probability of abrupt service interruptions, investigations, or forced wind-downs.

Delisting and service suspension: The crypto-asset’s availability may depend on the internal listing decisions of these counterparties. A delisting or suspension on a key connected venue can materially reduce liquidity or make trading temporarily impossible on the admitting service provider, even if the underlying crypto-asset continues to function.

Insolvency of counterparties: If a counterparty involved in holding, routing, or settling the crypto-asset becomes insolvent, enters restructuring, or is otherwise subject to resolution measures, assets held or processed by that counterparty may be frozen, become temporarily unavailable, or be recoverable only in part or not at all, which can result in losses for clients whose positions were maintained through that counterparty. This risk applies in particular where client assets are held on an omnibus basis or where segregation is not fully recognised in the counterparty’s jurisdiction.

5. Operational and information risks

Due to the irrevocability of blockchain transactions, incorrect transaction approvals or the use of wrong networks or addresses will typically make the transferred funds irrecoverable. Because trading may also rely on technical connections to other venues or service providers, downtime or faulty code in these connections can temporarily block trading, deposits, or withdrawals even when the underlying blockchain is functioning. In addition, different groups of market participants may have unequal access to technical, governance, or project-related information, which can lead to information asymmetry and place less informed investors at a disadvantage when making trading decisions.

6. Market access and liquidity concentration risk

If the crypto-asset is only available on a limited number of trading platforms or through a single market-making entity, this may result in reduced liquidity, greater price volatility, or periods of inaccessibility for retail holders.

1. Insolvency of the issuer

As with any commercial entity, the issuer may face insolvency risks. These may result from insufficient funding, low market interest, mismanagement, or external shocks (e.g. pandemics, armed conflicts). In such a case, ongoing development, support, and governance of the project may cease, potentially affecting the viability and tradability of the crypto-asset.

2. Legal and regulatory risks

The issuer operates in a dynamic and evolving regulatory environment. Failure to comply with applicable laws or regulations in relevant jurisdictions may result in enforcement actions, penalties, or restrictions on the project’s operations. These may negatively impact the crypto-asset’s availability, market acceptance, or legal status.

3. Operational risks

The issuer may fail to implement adequate internal controls, risk management, or governance processes. This can result in operational disruptions, financial losses, delays in updating the white paper, or reputational damage.

4. Governance and decision-making

The issuer’s management body is responsible for key strategic, operational, and disclosure decisions. Ineffective governance, delays in decision-making, or lack of resources may compromise the stability of the project and its compliance with MiCA requirements. High concentration of decision-making authority or changes in ownership/control can amplify these risks.

5. Reputational risks

The issuer’s reputation may be harmed by internal failures, external accusations, or association with illicit activity. Negative publicity can reduce trust in the issuer and impact the perceived legitimacy or value of the crypto-asset.

6. Counterparty dependence

The issuer may depend on third-party providers for certain core functions, such as technology development, marketing, legal advice, or infrastructure. If these partners discontinue their services, change ownership, or underperform, the issuer’s ability to operate the project or maintain investor communication may be impaired. This could disrupt project continuity or undermine market confidence, ultimately affecting the crypto-asset’s value.

1. Valuation risk

The crypto-asset does not represent a claim, nor is it backed by physical assets or legal entitlements. Its market value is driven solely by supply and demand dynamics and may fluctuate significantly. In the absence of fundamental value anchors, such assets can lose their entire market value within a very short time. Historical market behaviour has shown that some types of crypto-assets have become worthless. Investors should be aware that this crypto-asset may lose all of its value.

2. Market volatility risk

Crypto-asset prices can fluctuate sharply due to changes in market sentiment, macroeconomic conditions, regulatory developments, or technology trends. Such volatility may result in rapid and significant losses. Holders should be prepared for the possibility of losing the full amount invested.

3. Liquidity and price-determination risk

Low trading volumes, fragmented trading across venues, or the absence of active market makers can restrict the ability to buy or sell the crypto-asset. In such situations, it is not guaranteed that an observable market price will exist at all times. Spreads may widen materially, and orders may only be executable under unfavourable conditions, which can make liquidation costly or temporarily impossible.

4. Crypto-asset security risk

Loss or theft of private keys, unauthorised access to wallets, or failures of custodial or exchange service providers can result in the irreversible loss of assets. Because blockchain transactions are final, recovery of funds after a compromise is generally impossible.

5. Fraud and scam risk

The pseudonymous and irreversible nature of blockchain transactions can attract fraudulent schemes. Typical forms include fake or unauthorised crypto-assets imitating established ones, phishing attempts, deceptive airdrops, or social-engineering attacks. Investors should exercise caution and verify the authenticity of counterparties and information sources.

6. Legal and regulatory reclassification risk

Legislative or regulatory changes in the European Union or in the Member State where the crypto-asset is admitted to trading may alter its legal classification, permitted uses, or tradability. In third countries, the crypto-asset may be treated as a financial instrument or security, which can restrict its offering, trading, or custody.

7. Absence of investor protection

The crypto-asset is not covered by investor-compensation or deposit-guarantee schemes. In the event of loss, fraud, or insolvency of a service provider, holders may have no access to recourse mechanisms typically available in regulated financial markets.

8. Counterparty risk

Reliance on third-party exchanges, custodians, or intermediaries exposes holders to operational failures, insolvency, or fraud of these parties. Investors should conduct due diligence on service providers, as their failure may lead to the partial or total loss of held assets.

9. Reputational risk

Negative publicity related to security incidents, misuse of blockchain technology, or associations with illicit activity can damage public confidence and reduce the crypto-asset’s market value.

10. Community and sentiment risk

Because the crypto-asset’s perceived relevance and expected future use depend largely on community engagement and the prevailing sentiment, a loss of public interest, negative coverage or reduced activity of key contributors can materially reduce market demand.

11. Macroeconomic and interest-rate risk

Fluctuations in interest rates, exchange rates, general market conditions, or overall market volatility can influence investor sentiment towards digital assets and affect the crypto-asset’s market value.

12. Taxation risk

Tax treatment varies across jurisdictions. Holders are individually responsible for complying with all applicable tax laws, including the reporting and payment of taxes arising from the acquisition, holding, or disposal of the crypto-asset.

13. Anti-money-laundering and counter-terrorist financing risk

Wallet addresses or transactions connected to the crypto-asset may be linked to sanctioned or illicit activity. Regulatory responses to such findings may include transfer restrictions, reporting obligations, or the freezing of assets on certain venues.

14. Market-abuse risk

Due to limited oversight and transparency, crypto-assets may be vulnerable to market-abuse practices such as spoofing, pump-and-dump schemes, or insider trading. Such activities can distort prices and expose holders to sudden losses.

15. Legal ownership and jurisdictional risk

Depending on the applicable law, holders of the crypto-asset may not have enforceable ownership rights or effective legal remedies in cases of disputes, fraud, or service failure. In certain jurisdictions, access to exchanges or interfaces may be restricted by regulatory measures, even if on-chain transfer remains technically possible.

16. Concentration risk

A large proportion of the total supply may be held by a small number of holders. This can enable market manipulation, governance dominance, or sudden large-scale liquidations that adversely affect market stability, price levels, and investor confidence.

As this white paper relates to admission to trading of the crypto-asset, the risk description below reflects general implementation risks typically associated with crypto-asset projects and relevant for the crypto-asset service provider. The party admitting the crypto-asset to trading is not involved in the project’s implementation and does not assume responsibility for its governance, funding, or execution.

Delays, failures, or changes in the implementation of the project as outlined in its public roadmap or technical documentation may negatively impact the perceived credibility or usability of the crypto-asset. This includes risks related to project governance, resource allocation, technical delivery, and team continuity.

Key-person risk: The project may rely on a limited number of individuals for development, maintenance, or strategic direction. The departure, incapacity, or misalignment of these individuals may delay or derail the implementation.

Timeline and milestone risk: Project milestones may not be met as announced. Delays in feature releases, protocol upgrades, or external integrations can undermine market confidence and affect the adoption, use, or value of the crypto-asset.

Delivery risk: Even if implemented on time, certain functionalities or integrations may not perform as intended or may be scaled back during execution, limiting the crypto-asset’s practical utility.

As this white paper relates to admission to trading of the crypto-asset, the following risks concern the underlying distributed ledger technology (DLT), its supporting infrastructure, and related technical dependencies. Failures or vulnerabilities in these systems may affect the availability, integrity, or transferability of the crypto-asset.

1. Blockchain dependency risk

The functionality of the crypto-asset depends on the continuous and stable operation of the blockchain(s) on which it is issued. Network congestion, outages, or protocol errors may temporarily or permanently disrupt on-chain transactions. Extended downtime or degradation in network performance can affect trading, settlement, or the usability of the crypto-asset.

2. Smart contract vulnerability risk

The smart contract that defines the crypto-asset’s parameters or governs its transfers may contain coding errors or security vulnerabilities. Exploitation of such weaknesses can result in unintended token minting, permanent loss of funds, or disruption of token functionality. Even after external audits, undetected vulnerabilities may persist due to the immutable nature of deployed code.

3. Wallet and key-management risk

The custody of crypto-assets relies on secure private key management. Loss, theft, or compromise of private keys results in irreversible loss of access. Custodians, trading venues, or wallet providers may be targeted by cyberattacks. Compatibility issues between wallet software and changes to the blockchain protocol (e.g. network upgrades) can further limit user access or the ability to transfer the crypto-asset.

Outdated or vulnerable wallet software:

Users relying on outdated, unaudited, or unsupported wallet software may face compatibility issues, security vulnerabilities, or failures when interacting with the blockchain. Failure to update wallet software in line with protocol developments can result in transaction errors, loss of access, or exposure to known exploits.

4. Network security risks

Attack risks: Blockchains may be subject to denial-of-service (DoS) attacks, 51% attacks, or other exploits targeting the consensus mechanism. These can delay transactions, compromise finality, or disrupt the accurate recording of transfers.

Centralisation concerns: Despite claims of decentralisation, a relatively small number of validators or a high concentration of stake may increase the risk of collusion, censorship, or coordinated network downtime, which can affect the resilience and operational reliability of the crypto-asset.

5. Bridge and interoperability risk

Where tokens can be bridged or wrapped across multiple blockchains, vulnerabilities in bridge protocols, validator sets, or locking mechanisms may result in loss, duplication, or misrepresentation of assets. Exploits or technical failures in these systems can instantly impact circulating supply, ownership claims, or token fungibility across chains.

6. Forking and protocol-upgrade risk

Network upgrades or disagreements among node operators or validators can result in blockchain “forks”, where the blockchain splits into two or more incompatible versions that continue separately from a shared past. This may lead to duplicate token representations or incompatibilities between exchanges and wallets. Until consensus stabilises, trading or transfers may be disrupted or misaligned. Such situations may be difficult for retail holders to navigate, particularly when trading platforms or wallets display inconsistent token information.

7. Economic-layer and abstraction risk

Mechanisms such as gas relayers, wrapped tokens, or synthetic representations may alter the transaction economics of the underlying token. Changes in transaction costs, token demand, or utility may reduce its usage and weaken both its economic function and perceived value within its ecosystem.

8. Spam and network-efficiency risk

High volumes of low-value (“dust”) or automated transactions may congest the network, slow validation times, inflate ledger size, and raise transaction costs. This can impair performance, reduce throughput, and expose address patterns to analysis, thereby reducing network efficiency and privacy.

9. Front-end and access-interface risk

If users rely on centralised web interfaces or hosted wallets to interact with the blockchain, service outages, malicious compromises, or domain expiries affecting these interfaces may block access to the crypto-asset, even while the blockchain itself remains fully functional. Dependence on single web portals introduces a critical point of failure outside the DLT layer.

10. Decentralisation claim risk

While the technical infrastructure may appear distributed, the actual governance or economic control of the project may lie with a small set of actors. This disconnect between marketing claims and structural reality can lead to regulatory scrutiny, reputational damage, or legal uncertainty – especially if the project is presented as ‘community-governed’ without substantiation.

None.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; the operational consensus arrangement may be refined further upon mainnet launch.

The Fluent Network is publicly described as an Ethereum Layer 2 zk-rollup that uses cryptographic validity proofs generated through the SP1 zkVM as part of its state-transition verification model. Based on the available materials, transactions are intended to be executed off-chain, translated into the relevant execution format, and proved through the zero-knowledge proving system, after which the resulting proofs are to be verified in an Ethereum-compatible environment. In this respect, the integrity of state transitions is intended to be established through proof generation and on-chain verification rather than through a standalone Layer 1 style consensus algorithm operating independently of Ethereum.

Public materials further indicate that participation in network validation or block production is expected to be linked to validators and an active validator set determined by the amount of BLEND staked. On that basis, validators are described as contributing economic security to the network. However, the documentation reviewed does not provide complete detail on matters such as bonding periods, delegation mechanics, sub-committee structures, validator-set limits, or specific slashing conditions for validator misconduct.

To the extent reflected in the currently available materials, the Fluent Network is expected to derive its ultimate settlement assurance and finality from Ethereum, once the relevant transaction data and associated proofs are posted and accepted in the Ethereum-based verification environment. Public materials also refer to governance functions carried out through BLEND-based DAO processes, including decisions on treasury usage and incentive parameters, but those governance processes should be distinguished from the technical mechanism used to validate and settle network state transitions.

The following applies to Ethereum:

The crypto-asset's Proof-of-Stake (PoS) consensus mechanism, introduced with The Merge in 2022, replaces mining with validator staking. Validators must stake at least 32 ETH, and a validator is randomly selected to propose each new block. Once proposed the other validators verify the block’s integrity. The network operates on a slot and epoch system, where a new block is proposed every 12 seconds, and finalisation occurs after two epochs (~12.8 minutes) using Casper-FFG. The Beacon Chain coordinates validators, while the fork-choice rule (LMD-GHOST) ensures the chain follows the heaviest accumulated validator votes. Validators earn rewards for proposing and verifying blocks, but face slashing for malicious behaviour or inactivity. PoS aims to improve energy efficiency, security, and scalability, with future upgrades like Proto-Danksharding enhancing transaction efficiency.

The crypto-asset in scope is implemented on the Fluent network (natively, not live yet) and Ethereum networks following the standards described below.

The following applies to Fluent:

As of 2026-03-30, the Fluent Network is not yet live and the following description is based on publicly available technical documentation and project materials; the final fee model, validator incentives, and reward mechanics may change following mainnet launch.

Based on the available materials, the incentive model of the Fluent Network is intended to centre on the BLEND crypto-asset. Public documentation indicates that BLEND is expected to be used in connection with transaction fees, staking, validator participation, and protocol-level economic coordination. Transaction fees are described as covering the computational and operational resources associated with processing activity on the network, while protocol fees may also arise in connection with network operations.

The reviewed materials further indicate that validators in the active validator set are expected to be compensated through BLEND-denominated staking rewards. Validator participation is described as depending on the amount of BLEND staked, with the active validator set determined by the highest-ranked stakers. In addition, a portion of protocol-generated fees is described as being directed to a foundation treasury, which may then be used for ecosystem development, operational funding, and other governance-directed purposes.

Public materials also describe broader incentive arrangements outside the core protocol reward flow, including treasury-funded ecosystem support, governance-directed spending, and distributions to early users such as airdrop-based incentives. At the same time, the documentation reviewed does not set out a complete live fee schedule, nor does it provide sufficiently detailed information on penalty or slashing mechanisms for validator misconduct or downtime. Accordingly, while the overall model indicates that users would pay fees for network usage and validators would receive BLEND-based economic incentives, the final operational parameters remain subject to implementation and further public definition.

The following applies to Ethereum:

The crypto-asset's PoS system secures transactions through validator incentives and economic penalties. Validators stake at least 32 ETH and earn rewards for proposing blocks, attesting to valid ones, and participating in sync committees. Rewards are paid in newly issued ETH and transaction fees. Under EIP-1559, transaction fees consist of a base fee, which is burned to reduce supply, and an optional priority fee (tip) paid to validators. Validators face slashing if they act maliciously and incur penalties for inactivity. This system aims to increase security by aligning incentives while making the crypto-asset's fee structure more predictable and deflationary during high network activity.

The energy consumption associated with this crypto-asset is aggregated of multiple contributing components, primarily the underlying blockchain network and the execution of token-specific operations. To determine the energy consumption of a token, the energy consumption of the underlying blockchain networks Ethereum and Fluent network is calculated first. A proportionate share of that energy use is then attributed to the token based on its activity level within the network (e.g. transaction volume, contract execution).

The Functionally Fungible Group Digital Token Identifier (FFG DTI) is used to determine all technically equivalent implementations of the crypto-asset in scope.

Estimates regarding hardware types, node distribution, and the number of network participants are based on informed assumptions, supported by best-effort verification against available empirical data. Unless robust evidence suggests otherwise, participants are assumed to act in an economically rational manner. In line with the precautionary principle, conservative estimates are applied where uncertainty exists – that is, estimates tend towards the higher end of potential environmental impact.

For the components of the crypto-asset (Fluent Network), which at the time of the whitepaper’s preparation are not yet fully live and, according to the issuer, are still in the testing phase, conservative assumptions are made regarding how the network may potentially evolve. Comparable networks, which are structurally similar, are used as a reference in order to estimate future energy consumption.

To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivisation structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal energy cost wrt. one more transaction. Ember (2025); Energy Institute - Statistical Review of World Energy (2024) - with major processing by Our World in Data. “Share of electricity generated by renewables - Ember and Energy Institute” [dataset]. Ember, “Yearly Electricity Data Europe”; Ember, “Yearly Electricity Data”; Energy Institute, “Statistical Review of World Energy” [original data]. Retrieved from https://ourworldindata.org/grapher/share-electricity-renewables.

To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivisation structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal emission wrt. one more transaction. Ember (2025); Energy Institute - Statistical Review of World Energy (2024) - with major processing by Our World in Data. “Carbon intensity of electricity generation - Ember and Energy Institute” [dataset]. Ember, “Yearly Electricity Data Europe”; Ember, “Yearly Electricity Data”; Energy Institute, “Statistical Review of World Energy” [original data]. Retrieved from https://ourworldindata.org/grapher/carbon-intensity-electricity Licenced under CC BY 4.0.