Introducing TAP

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9 Feb 2024
75

Overview




TAP is the heart of Tapioca DAO, an omnichain stablecoin ecosystem. It serves three roles within the Tapioca ecosystem- voting power within Tapioca DAO ecosystem governance, a claim on Tapioca ecosystem fees, and as an economic stimulus through Tapioca’s pioneering call option incentive model.

The TAP token is a LayerZero OFTV2 (Omnichain Fungible Token), an omnichain extension of the ERC-20 token standard which supports both EVM’s & non-EVM’s. The TAP token will first be deployed on the Arbitrum Network, the preeminent Ethereum scaling solution.
The TAP token has a finite supply of 100,000,000- there will never be more than 100,000,000 (100 million) TAP tokens.

For a glossary of terms used in this article, please visit this section of the Tapioca documentation.

DO NOT INTERACT WITH ANY TAP TOKEN CONTRACT UNTIL AN OFFICIAL DEPLOYMENT ANNOUNCEMENT IS MADE FROM THE TAPIOCADAO X & DISCORD.

Why Now?

DeFi has become stagnant, filled with low effort forks and new inventive ways to package money grabs for insiders and venture capital groups to extract profit. Tapioca was started by passionate DeFi users fed up with the space’s lack of innovation, transparency, and community focus. Tapioca is rooted in a vision of creating and scaling an omnichain fully decentralized and over-collateralized stablecoin ecosystem to propel the DeFi space forward from its now trademark fragmentation, while also reestablishing its core tenets. This vision was then polished into the shining Pearl that Tapioca is today collaboratively with thousands of like-minded Tapiocans over the course of a year. Many have witnessed first hand Tapioca’s embodiment of the phrase “community first”, and that will persist as we put the entire Tapioca ecosystem- painstakingly crafted by 15 individuals pouring their blood, sweat, and tears over two years into making a dream many said would never become reality- completely into the hands of our glorious community, day one.

Closer Look:

The TAP token acts as the backbone of the TapiocaDAO ecosystem which is made up of six core sub protocols:

Big Bang USDO (OmniDollar) Creation Engine
Singularity Isolated Lending & Borrowing Engine
Yieldbox Token Vault, Successor to Bentobox
Pearlnet LayerZero DVN (Decentralized Verifier Network)
tOFT Liquidity Reunification Module
twAML Economic Consensus Engine

TAP purposefully has no functionality within the Tapioca ecosystem until it is Time Weighted (akin to being locked). Upon Time Weighting, TAP is transformed into twTAP. twTAP or “Time Weighted TAP” is represented by a LayerZero ONFT-721, an omnichain extension of the ERC-721 NFT token standard.

twTAP grants the holder the following benefits:

  1. Voting Power within the Tapioca DAO & Option Gauges
  2. Pro-Rata Share of Ecosystem Fees which is distributed every epoch (week) in the form of Tapioca’s omnichain stablecoin- USDO.


Genesis TAP Token Distribution:


The Genesis supply of the TAP token will be 7,630,000.

83% of the Genesis supply will be allocated to the Tapioca community, of which:
-50.3% (3.84m TAP) is set to be distributed in a Genesis Auction via Balancer Liquidity Bootstrapping Pool (LBP)

-32.7% (2.5m TAP) is set to be distributed via Call Option Airdrop

The remaining 17% of TAP circulating at Genesis (1.29m) is allocated to Supporters who bootstrapped the costs to execute the vision of Tapioca DAO.

Genesis Auction (LBP):

For the Genesis TAP Token Auction, a self-hosted Omnichain Balancer Liquidity Bootstrapping Pool (LBP) was chosen as it was deemed the most equitable mechanism for launching the TAP token. The LBP’s configuration is as follows:

Duration: 48 hours
Starting Weights: 1% USDC & 99% LTAP (170,000 USDC & 5,000,000 LTAP)
Ending Weights: 80% USDC & 20% LTAP
Swap Fee: 0.3%

The proceeds of the LBP will be awarded to the Tapioca DAO Treasury, and used to seed initial liquidity for TAP/WETH 0.05% & USDO/USDC 0.01% Uniswap V3 pools on Arbitrum, and the USDO/DAI 0.01% Uniswap V3 pool on Ethereum.

LTAP serves as a 1:1 receipt token for TAP, and was strategically employed to deter malicious end users from deploying a TAP/WETH Uniswap V3 pool before the LBP has concluded and the DAO can configure and deploy the pool itself. LTAP can be redeemed immediately for TAP at a 1:1 ratio after the deployment of the Uniswap V3 pool. There is no vesting nor lock-up implemented.

Everyone is equally free to participate in the LBP at a level playing field, there are no whitelists, special pricing, etc. Anyone who participates in the LBP will become eligible for the call option airdrop, with the airdrop distribution occurring upon the LBP's conclusion. To contribute to the LBP, individuals can prepare Native USDC (USDC.e is not supported) on the Arbitrum Network, or can utilize the integrated Stargate Router to participate with USDC from any supported network. Users are able to both submit purchase and sell orders throughout the LBP duration.

The initial price of TAP in the LBP is configured at $3.52, following Balancer's recommendation for the starting price to be four times higher than a “realistic valuation”, which following previous LBP’s was configured as two times the price of TAP during the bootstrapping raise. The formula:

($0.44 [Supporter Price] x 2) = $0.88 x 4 = $3.52 [TAP LBP Starting Price]


It is very important to understand the starting price is not a ceiling, nor indicative of a realistic valuation, but is instead set well above what is considered to be a realistic valuation for the purpose of discouraging front-running, sniping, and arbitrage bots. The swap fee is set at 0.3%. LBPs allow for purchase & sell orders throughout. The Tapioca LBP was configured using best practices from Balancer, and using recommendations from successful LBP operators, such as Perpetual Protocol.

An LBP is not similar to Dutch or Batch auctions. In a Batch auction, there is a set cap of a total amount being raised, whereby whales can purchase a majority of the token supply, like what was observed in the Stargate STG Token Launch Auction, where Alameda Research purchased the entire genesis supply of STG. Conversely, in a Dutch auction, the token linearly decreases from a starting point until all of the tokens are sold, and is not supply/demand responsive, which like batch auctions allow whales to purchase a majority of the supply, as well as also creating incentives for malicious actors to collude to purchase at a mutually agreed upon price. In both Dutch & Batch auctions, the token ends up well above or below a realistic market price, and the final distribution heavily favors whales & insiders.


Above is a chart showing the Merit Circle $MC LBP, the Perpetual Protocol $PERP LBP, and the Timeless $LIT LBP, and finally the Tapioca $TAP LBP (without any purchase or sell orders). This is for educational purposes only, and is not a representation of potential performance.

An LBP instead maintains constant downward pressure on the TAP token's price, which is juxtaposed with users' purchase orders creating upward buy pressure, which together aim to keep the price of TAP oscillating around a realistic market value. One entity cannot purchase all of the TAP tokens, or even near a majority. For simplicity's sake, you can think of an LBP as being most similar to a normal AMM liquidity pool. Because of this, slippage & price impact can become extremely high with large purchase orders. Contributors are therefore incentivized to split up large purchase orders into smaller tranches throughout the LBP’s durations.

Tapioca LBP Simulator.xlsx


Option Airdrop:

The Tapioca airdrop will be a first of its kind call option airdrop via airdropped oTAP, referred to as "aoTAP," an American-style call option with a 48-hour expiry. This call option airdrop will bear a discount ranging from 25% to 50% against the market price of TAP at the time of distribution, which will occur in four phases after the completion of the LBP. aoTAP may be redeemed with Native USDC on the Arbitrum Network. Recipients are permitted to redeem as many times as they wish within the expiry period, until they have no aoTAP remaining to redeem. Tapioca created the Option Airdrop to establish stronger alignment between the protocol and loyal community members while simultaneously discouraging sybil attacks which are incentivized in traditional airdrops.

Notably, this is achieved through the airdrop not being distributed freely- you can think of a normal airdrop as a -100% discount call option- but instead carrying a substantial (but not 100%) discount against the market price of TAP at the time of distribution. Consequently, the protocol will generate POL (Protocol Owned Liquidity) from the proceeds of redeemed airdropped call options, which will be awarded to the Tapioca DAO Treasury. The option airdrop thus economically deters parasitic airdrop farmers from participating, since participation is not without cost. On the other hand, loyal community members will be happy to bear this cost, and receive an outsized reward in kind due to the economic barrier to sybil attackers & airdrop farmers who typically receive a large share of the total airdrop rewards.
Four cohorts will become eligible to redeem aoTAP; in the following- order, discount level, expiry, and total allocation:

  1. LBP Contributors: 50% Discount, 48 hours, 1,500,000 TAP
  2. Guild: 25% to 50% Discount (depending on role), 48 hours, 500,000 TAP
  3. Pearl Club NFT Holders: 50% Discount, 48 hours, 500,000 TAP
  4. twTAP Lockers: 33% Discount, 4x 7 day epochs, Unclaimed TAP*


Phase 1: All contributors to the LBP will receive an estimated proportional 30% share of aoTAP to their final LTAP holdings after the conclusion of the LBP. Therefore, if a user owned 100 LTAP at the conclusion of the LBP, they would receive an estimated 30 aoTAP in the first airdrop phase, bearing a 50% discount to the final LBP price.

Phase 2: Tapioca Guild members are long standing & dedicated Tapioca community members who participated in the original Taptalk live episodes, and obtained Tapioca POAP or Galaxe OAT NFTs which granted them access to Tapioca Guild roles. These roles are now locked. Tapioca Guild roles which are eligible for the Option Airdrop are:
OG Pearls 50% Discount, 200 aoTAP each
Tapiocan’s 40% Discount, 200 aoTAP each
Oysters 33% Discount, 190 aoTAP each
Sushi Frens 25% Discount, 190 aoTAP each

Each Guild member will receive their respective aoTAP in the second phase, or two days after the completion of the LBP, with a 25%-50% discount to market price at the time of distribution, depending on their specific Guild role. Community members can have multiple roles, and will receive the reward for each role they obtained. There are 2695 unique addresses eligible within this phase.

Phase 3: Pearl Club NFT’s were distributed for free to Guild members who provided useful feedback during the beta test phase of the Tapioca protocol, and can be found on OpenSea. Each PCNFT will be able to claim 714 aoTAP in the third phase, or 4 days after the LBP, with a 50% discount to the market price of TAP at the time of distribution. The PCNFT airdrop does not work off a whitelist or snapshot, and therefore the PCNFT aoTAP allocation is redeemed on demand by PCNFT holders. The reward is additive for those that own multiple Pearls.

Phase 4: twTAP lockers in the fourth phase will receive a pro-rata share of the total unredeemed aoTAP from the 3 previous phases, 6 days after the LBP. This aoTAP distribution will bear a 33% discount to the market price of TAP at the time of distribution. The twTAP airdrop phase will change from the prior 48 hour epochs to a seven day epoch, and the distribution of the unclaimed aoTAP will occur over four seven day epochs to twTAP lockers.


Transparency is 🔑:

Regarding Tapioca’s Supporters, there were two distinct cohorts:

Early Supporters & Supporters

Early Supporters: 3,500,000 TAP (3.5% of total supply) was sold during Q2 2022 at $0.22 per TAP, implying a $22m FDV (Fully Diluted Valuation), generating $770,000. This allocation will be distributed with a 24 month linear per block unlock schedule, with a Genesis unlock of 6%. This cohort was composed of 26 unique angels, DAOs, protocol contributors, and communities.

Supporters: 13,500,000 TAP (13.5% of total supply) was sold in Q2 2023 at $0.44 per TAP, implying a $44m FDV, generating $5,940,000. This allocation will be distributed with an 18 month linear per block unlock schedule, with a Genesis unlock of 8%. This cohort was composed of 98 unique angels, DAOs, protocol contributors, and communities.

Both Supporter unlock schedules begin at the conclusion of the LBP.

Venture Capital funds were purposefully excluded from making financial contributions. The maximum amount of TAP tokens any single individual was allowed to purchase was capped at 1% of the total supply, or 1,000,000 TAP. Of 124 total Supporters, only 3 Supporters reached this cap. The average contribution was $75,600, the median is $20,010, and the average allocation of TAP per Supporter is 129,891 TAP, and the median is 56,818 TAP.
In addition to the TAP tokens designated for the two Supporters cohorts, there exists two other predefined TAP token distributions.

Firstly, Chaos Labs has been allocated 284,090 TAP tokens, vested linearly over 18 months, with an 8% unlock at Genesis, following the Supporter terms. In addition to the allocation of TAP, 350,000 USDC will be paid out over the course of a year. This is in exchange for Chaos Labs’ risk monitoring and parameter recommendation services being provided to the Tapioca DAO for a period of a year.

Secondly, ProtocolGuild has been allocated 100,000 TAP tokens to its Arbitrum multisig (0x29031805D0f40E5dcDE21A236FB4a69e6e0423B2) to be distributed in linear monthly increments. This allocation aims to both acknowledge Ethereum contributors for establishing the foundation of DeFi of which Tapioca would not exist without, and to ensure the continued stewardship and advancement of Ethereum by offering incentives to contributors of Ethereum.

Both allocations were informally approved prior to Genesis via informal temperature checks conducted in the Tapioca Community Discord to ensure consensus before the finalization of both agreements.

No other arrangements were entered into for TAP token(s), including (but not limited to): CEX listing agreements, advisory arrangements, loan arrangements, token warrants, or agreements with market makers. The decision to allocate TAP tokens for any purpose moving forward will solely be at the bequest of the DAO through transparent negotiation on Tapioca’s Governance forum and a subsequent successful Snapshot vote.

Tapioca Foundation’s June 2023 announcement of the completion of the Tapioca fundraise can be viewed here.

(Incomplete) List of Supporters: @fisher8cap, @LayerZero_Labs, @crypto_condom, @dcfgod, @coinflipcanada, @noahseidman, @vfat0, @JonesDAO_io, @SmallCapScience, @icebergy_,  @redphonecrypto,  @blocmatesdotcom, @squirrelcrypto, @DewhalesCapital, @CapyCapital_

As we at Tapioca believe everyone has a right to know the full terms for financial contributors, we also believe you have a right to view financial contributors addresses, their allocations of TAP, even the Tapioca Guild airdrop address whitelist. This practice will hopefully become a requirement for any new entrant to DeFi.

Complete list of all Supporter wallet addresses, TAP token allocations, and addresses eligible for the airdrop (Guild only).

Final Token Distribution:



There are no "team tokens" allocated. Instead, 15,000,000 TAP, constituting 15% of the total supply of TAP, is allocated to the Tapioca Foundation to serve as incentives for core contributors ongoing stewardship & advancement of the Tapioca ecosystem. The Foundation’s TAP allocation will undergo a one-year lockup period, followed by a linear unlocking schedule spanning three years thereafter. This lock-up and protracted vesting period was implemented to guarantee sustained commitment from core contributors to the Tapioca DAO, reinforcing their long term dedication to the ecosystem.

The Tapioca DAO Treasury is allocated 8,000,000 TAP, equivalent to 8% of the total supply. The Treasury’s TAP tokens are only circulated upon DAO governance instruction. Possible applications of this allocation encompass seeding new TAP liquidity pools on Ethereum or other networks, initiating new incentive programs, and any other strategic initiatives guided by the DAO.

Supporters, as aforementioned, are allocated a combined 17,000,000 TAP, or 17% of the total supply between both cohorts. For comparison, Tapioca’s financial contributors have less ownership of the TAP token supply than Arbitrum (17.53%), Liquity (33.9%), Radiant (17.5%), and many other protocols. Early Supporters will receive a 6% unlock at Genesis, and the remainder will unlock linearly per block over 24 months. Supporters will receive an 8% unlock at Genesis, and the remainder will unlock linearly per block over 18 months.

Finally, the DAO Share Options (DSO) Incentive Program inherits the remainder of the total supply of 52,500,000 TAP, or 52.5%. This allocation is immutably utilized in the DSO Call Option Incentive program (oTAP), marking the inception of the first ever self-perpetuating & sustainable economic stimulus in DeFi- a concept first introduced in the infamous R.I.P. Liquidity Mining Mirror article (abridged version linked). oTAP is exclusively distributed to Singularity lenders with lock positions every epoch (week) over the course of 6 to 10 years.


DSO/oTAP Issuance:



In each epoch (week), the maximum potential TAP issuance available for redemption through oTAP American call option incentives follows an immutable exponential decay curve. This decay curve entails a reduction of 0.88% in the maximum potential issuance each subsequent epoch, and its calculation is determined by the following formula:

E = total supply x epoch
D = decay rate (0.0088)



TAP from DSO enters circulation only when a Singularity lender with a lock position exercises their oTAP call option(s). In the event oTAP expires, which typically would only occur if the market price of TAP dropped below the strike price of any unredeemed oTAP call options, the TAP that the call option could have redeemed is instead "rolled over" to the subsequent epoch. This mechanism allows the DSO Program to dynamically extend well beyond its minimum six-year lifespan. The minimum six year DSO lifespan is based on the improbable scenario of 100% of the oTAP incentives each epoch being redeemed. The DSO incentive program establishes a natural price floor for TAP, enforced by the "strike price" of oTAP. The chart below shows how DSO extends itself with lower percentages of total oTAP being redeemed every epoch:


The strike price is the price at which TAP can be OTC (over-the-counter) purchased at by lenders with lock positions when exercising their oTAP call option incentives. The minimum discount a lender with a lock position can receive against the TAP tokens market price at the start of the epoch is 0%, and the maximum discount is 50%. A new lock position’s discount level is decided by the current AML (Average Magnitude Lock) at the time of lock through weighing the proposed lock duration and the amount of capital being locked against the current economic consensus of users in the Tapioca ecosystem. The strike price is computed at the onset of each epoch using the following formula:

Starting_Epoch_Average_TAP_Market_Price X Discount Level = Strike Price.


Example: $10.00 (Average Price of TAP at Start of Epoch) X 0.50 (50% Discount [Maximum]) = $5.00 (Strike Price)

In the context of DSO, Tapioca will utilize the TAP/WETH Uniswap V3 TWAP Oracle to obtain the price of TAP via three one hour price snapshots taken the day prior to the new epoch, which are then averaged to prevent attempts at price manipulation of TAP when formulating the spot price of TAP. This average is then used at the start of each epoch to calculate each oTAP holders strike price. For more information, please visit this section of the Tapioca documentation.

Inflation:

Generally, DeFi protocol tokens require untenable and infinite hyperinflation to sustain the system's rented liquidity. Using a recent example, a protocol based on a fork of the Liquity codebase released their token with a circulating supply of around 1 million at their Genesis. After two months, the circulating supply of this token now stands at over 17 million, thus inflating by an eye watering 17X in this very short time frame.

Through estimating 50% of all oTAP emissions being redeemed in the first year, the circulating supply of the TAP token will inflate to 28,607,614 TAP, an increase of only 3.8X from the Genesis supply of 7.63m TAP. Inflation continues decreasing year over year following an exponential decay curve until there is no TAP remaining for the DSO Incentive Program. It is also important to note, unlike typical DeFi protocols which employ liquidity mining (distributing free tokens as rewards for temporary liquidity provision), each TAP emitted brings permanent value (POL) to the ecosystem, as new TAP is only issued against a redemption of an oTAP call option.

By again using 50% of all oTAP emissions being redeemed, it would take ten years for the TAP supply to reach full distribution. Because of this and the normal hyperinflationary DeFi token model like the above examples aforementioned, the TAP token’s low float (small percentage of circulating tokens) may appear negative to unfamiliar onlookers. This design decision wasn’t made lightly, but rather was necessary to ensure the ecosystem could sustainably grow economically over a long time horizon via housing a sufficient amount of uncirculated TAP to use as incentives, while retaining programmatic finality with a finite supply of TAP tokens, and predefined expected inflation. Upon the conclusion of TAP token inflation, Tapioca will have captured enough POL to perpetuate itself forever without requiring further inflation. Tapioca’s token model was thus designed to be a paradigm shift to a sustainable, long-term oriented, value capture focused inflation design.

The end goal of Tapioca’s economic model is to create the largest DAO Treasury ever conceived in DeFi, in order to both bootstrap & scale USDO. It has often been argued that CDP (Collateralized Debt Position) stablecoins cannot scale due to their reliance on over-collateralization to remain stable. However, reducing collateralization to 100% akin to the reserve backed model like FEI or Ethena’s USDe results in centralization and enormous amounts of infrastructure and upkeep requirements (fail points) to maintain peg to the U.S. Dollar, and reducing below 100% collateralization as in the case of the algorithmic backed model like UST has resulted in losses of billions of dollars. The core problem with the so-called “stablecoin trilemma” boils down to stablecoin liquidity needs and reliance on employing unsustainable monetary policy, like liquidity mining, in attempts to acquire & maintain rented mercenary stablecoin liquidity. Maker has been the sole success in scaling the CDP stablecoin, thanks to their PSM (Peg Stability Module) which allows Maker to create on-demand liquidity for DAI at the cost of centralization (USDC/USDT directly backing DAI). Tapioca will be able to utilize its POL captured from oTAP incentives as a permanent source of USDO liquidity cross chain, while retaining full censorship resistance / decentralization.

Please visit this Dune Dashboard to view the issuance schedule in an interactive graph.

Time Weighted TAP (twTAP):



Within the Tapioca ecosystem, the TAP token bears some similarities to Curve's CRV token, as TAP, like CRV, lacks purpose unless locked—referred to as Time Weighting within the Tapioca ecosystem. Time Weighting represents an evolution of Curve's Vote Escrowing (ve), through its ability to dynamically adjust the stimulus based on economic consensus derived from Tapioca’s twAML within the Tapioca ecosystem.

TAP can be Time Weighted (locked) for a duration ranging from a minimum of one epoch to a maximum of four times the current Average Magnitude Lock (AML), which caps out at 100 years. The AML, or Average Magnitude Lock, serves as a user-controlled measuring stick that evaluates all new locks. As the number of locks and overall demand for twTAP increases, the AML rises, necessitating longer and longer lock durations to attain the maximum 100% output of twTAP for an input of TAP + Time. Conversely, with fewer new locks being initiated, pre-existing locks expiring, and overall demand for twTAP decreasing, the AML will begin to diminish, resulting in progressively shorter lock duration requirements to achieve the maximum 100% output. This makes twTAP’s output ratio supply & demand responsive, no longer fixed at arbitrary durations as with vote escrowing (4 years always = 100% output of veCRV for any input of CRV, for example, no matter the economic state of Curve).


When Time Weighting TAP, users obtain an output of twTAP based on their chosen lock duration and the amount of TAP being locked, ranging from a minimum of 0% to a maximum of 100%. For instance, if 100 TAP is locked, the user may receive anywhere from 0 to 100 twTAP. twTAP is a LayerZero ONFT-721, an Omnichain LayerZero extension of the ERC-721 NFT standard. Unlike veCRV, twTAP is transferable, and the users balance of twTAP does not linearly decay. Time Weighted positions are immutable- they cannot be modified or unlocked prematurely. Once the predetermined lock duration concludes, users may then withdraw their underlying TAP.

Each epoch (week), twTAP holders receive a pro-rata share of all Tapioca ecosystem fees obtained, which are then distributed as USDO. 100% of all ecosystem fees goes to twTAP lockers. These fee sources include:

  • USDO Creation Fee (0% - 1%)
  • Big Bang Interest (3% - 3.5%)
  • Liquidation Fee (5% of total liquidation bonus)
  • Flash Mint Fee (0.001%)
  • Yieldbox Collateral Performance Fee (0.25% - 1%)
  • DAO Owned LP (Arrakis V2) Performance Fee (50%)


twTAP holders also receive voting power, which offers the ability to direct the flow of oTAP via control over the Option Gauges, as well as Governance rights over the entire Tapioca ecosystem.

Tapioca Foundation:

Pearl Labs is a privately held limited liability company located in the British Virgin Islands, which conceptualized and created the Tapioca protocol, and currently acts as its core contributor(s). Pearl Labs was founded by twMatt & 0xRektora in February 2022, and its sole shareholder is the Tapioca Foundation. Pearl Labs houses talented contributors from all over the world, with a current contributor count of 15 who dedicated the past two years of their lives to Tapioca, including:


Tapioca Foundation is a Cayman Islands Foundation Company, a non-for-profit registered under company number CR-400607 which represents the Tapioca DAO in the real world.

All legal filings and documentation related to the Tapioca Foundation may transparently be found publicly viewable in the Tapioca Foundation section of the documentation.

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docs
website
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boring (and binding) legal stuff
THIS IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO PURCHASE ANY TAP TOKEN OR ANY OTHER DIGITAL ASSET OR PRODUCT. THIS IS NOT AN OFFERING, ADVERTISEMENT, SOLICITATION, CONFIRMATION, STATEMENT OR ANY FINANCIAL PROMOTION THAT CAN BE CONSTRUED AS AN INVITATION OR INDUCEMENT TO ENGAGE IN ANY INVESTMENT ACTIVITY OR SIMILAR. YOU SHOULD NOT RELY ON THE CONTENT HEREIN FOR ADVICE OF ANY KIND, INCLUDING LEGAL, INVESTMENT, FINANCIAL, TAX OR OTHER PROFESSIONAL ADVICE, AND SUCH CONTENT IS NOT A SUBSTITUTE FOR ADVICE FROM A QUALIFIED PROFESSIONAL.

THIS DOCUMENT CONTAINS HYPOTHETICAL, FORWARD-LOOKING AND/OR PROJECTED FIGURES WHICH ARE NOT GUARANTEED AND ARE SUBJECT TO CHANGE; ACTUAL NUMBERS MAY VARY. TAPIOCA FOUNDATION AND ITS AFFILIATES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE COMPLETENESS, RELIABILITY, VALIDITY, OR ACCURACY OF THIS INFORMATION OR DATA. THE CONTENT HEREIN IS NOT ERROR-FREE AND MAY CONTAIN INCORRECT INFORMATION OR DATA. YOU AGREE AND ACKNOWLEDGE THAT ANY INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE WITHOUT NOTICE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED FROM TAPIOCA FOUNDATION OR ITS AFFILIATES, WILL BE CONSTRUED TO CREATE ANY WARRANTY OR REPRESENTATION NOT EXPRESSLY MADE HEREIN. FOR ADDITIONAL INFORMATION, PLEASE REFER TO OUR TERMS OF SERVICE AND RISK DISCLOSURE.

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