Index

General Information
Part A: Information about the offeror or the person seeking admission to trading
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D: Information about the crypto-asset project
Part E: Information about the offer to the public of crypto-assets or their admission to trading
Part F: Information about the crypto-assets
Part G: Information on the rights and obligations attached to the crypto-assets
Part H: Information on the underlying technology
Part I: Information on the risks
Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

2026-09-01

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

FALSE

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council. The crypto-asset referred to in this white paper is not covered by the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning

This summary should be read as an introduction to the crypto-asset white paper.

The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone.

The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other documents pursuant to the applicable national law.

This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

$DOJO is the official Fan Token of Ninjas in Pyjamas (hereinafter referred to as “Ninjas in Pyjamas” or the “Team”). It is a permissionless, blockchain-based crypto-asset that follows the CAP-20 token standard and is issued by Fan Token Management AG (“FTM”, the “Issuer”, or the “Offeror”) (previously Socios Technologies AG) in partnership with Ninjas in Pyjamas.

$DOJO is primarily intended to provide fans with access to exclusive experiences and rewards directly linked to fan engagement activities. It provides an IP-driven utility experience, enabling holders to interact with the Team in meaningful ways. Token holders may benefit from a range of Web3 utilities, including access to decentralised applications (“dApps”) and the ability to collect NFTs and digital collectibles. In addition, $DOJO may provide access to more traditional benefits such as participation in binding and non-binding surveys related to the Team, hospitality and ticketing privileges, discounts on official products, exclusive signed merchandise and real-life experiences, subject to availability and eligibility. $DOJO token holders may also have access to unique money-can’t-buy opportunities and immersive digital experiences designed to deepen fan interaction with the Team.

For the avoidance of doubt, access to token-gated features, functionalities, and rewards is not guaranteed and may vary over time. Such benefits are contingent upon holding $DOJO Fan Token following the public offer and will be subject to eligibility criteria, availability, and platform-specific conditions, always at the discretion of the Issuer or the operator of the ‘Socios.com’ utility platform (hereinafter the “Platform”), or based on instructions from the Team.

$DOJO Fan Token is not intended to be used for payments or value transfer, and token holders retain full ownership of their tokens when using its features on the Platform. Similarly, token holders do not acquire the right to receive any financial return, dividend, or any right to participate in any voting related to the management, corporate, or strategic matters of the Team, the Offeror, or any affiliated entity.

In light of the above, $DOJO Fan Token is a crypto-asset other than asset-referenced token and e-money token under the classification provided by the Regulation (EU) 2023/1114 (“MiCA”). It does not qualify as a utility token as it is intended to provide access to goods and services that are not exclusively supplied by the Issuer or any entity associated with the Issuer.

This field does not apply, as 05 is false.

Key information about the public offer are the following:

• Total offer amount: 75,000 $DOJO offered to the public x amount of $CHZ equivalent to USD $1 per $DOJO = Amount of $CHZ equivalent to USD $75,000.
• Total number of $DOJO tokens offered to the public: 75,000 $DOJO.
• Subscription period: i) 2025-06-24 at 14:00 CET to 2025-06-24 at 23:59 CET or ii) until all offered $DOJO are sold, whichever occurs first.
• Minimum subscription goal: Not applicable.
• Maximum subscription goal: 75,000
• Issue price: USD $1 worth of $CHZ tokens per $DOJO token.
• Subscription fees (if any): 0.
• Target holders of tokens: The public offer was exclusively targeted to retail investors with special emphasis on e-sport fans and members of the Chiliz Chain ecosystem community.
• Crypto-Assets Service Provider (CASP) responsible for placing the token (if any) post-offering: Socios Europe Services Limited (“SES”).
• Form of placement: Without a firm commitment basis.

Fan Token Management AG

2021-01-21

984500B6F8407AE38911

+356 20607777

[email protected]

FTM is the issuer of Fan Tokens. Fan Tokens are crypto-assets minted on the Chiliz Chain under the CAP-20 token standard. Fan Tokens are issued by FTM in partnership with global sports brands and are directly associated with the intellectual property of such sport brands.

The Chiliz Group Limited is the sole shareholder of FTM, with its main role being that of a holding company. It is a registered entity in Malta under the number C 77290. It does not undertake any specific commercial or business activities, other than having been the original issuer of the $CHZ token.

TRUE

1. Financial Performance and Strategic Progress

Over the past three years, FTM has continued its trajectory toward financial stability, driven by disciplined cost management, new commercial partnerships, and operational improvements. Following a difficult 2023 marked by a significant net loss amid challenging market conditions, FTM's financial performance improved steadily in 2024 and then improved markedly in 2025. In 2025, FTM focused on expanding its network of exchange partners to provide greater liquidity for Fan Tokens, pursuing new commercial partnerships, and reducing operating costs, and these efforts are clearly reflected in the year's results:

• Revenue Growth: Revenue increased by approximately 44% from 2024 to 2025, rising from CHF 50.8 million to CHF 73.3 million, reflecting renewed momentum in Fan Token sales and a broader base of liquidity venues.
• Profitability: FTM's net loss narrowed by approximately 87% in 2025, falling from CHF 18.5 million in 2024 to CHF 2.5 million, supported by a substantial improvement in gross result (CHF 22.8 million in 2025 versus CHF 3.4 million in 2024) and continued cost discipline.

As of 2025, FTM has made significant progress toward break-even, leveraging sustained revenue growth, an improved margin profile, and a more resilient business model. Financial and operational performance indicators point to continued progress, underpinned by an expanding exchange network and a tighter cost base.

2. Financial Position as of December 31, 2025

The following is a summary of FTM's financial position based on the audited financial statements for the year ended 31 December 2025:

(A) Assets

As of December 31, 2025, FTM's assets are categorised as follows:

• Total Current Assets: CHF 97,830,038.
• Total Non-Current Assets: CHF 647,756.
• Total Assets: CHF 98,477,794.

(B) Debts and Other Liabilities

As of December 31, 2025, FTM's liabilities are detailed as follows:

• Total Short-term Liabilities: CHF 85,358,382.
• Total Long-term Liabilities: CHF 0.
• Total Liabilities: CHF 85,358,382.

(C) Shareholders' Equity

Total Shareholders' Equity: CHF 13,119,412.

3. Future Outlook

Looking ahead, FTM remains focused on onboarding new commercial and exchange partners to further increase Fan Token liquidity, alongside continued cost reduction across the business. Key initiatives and expectations, consistent with management's going concern assessment for the wider Group, include:

• Onboarding of new team partners and commercial relationships, having already signed various national teams ahead of the 2026 World Cup;
• Multichain capabilities across all Fan Tokens, which is expected to bring more liquidity and, over time, improved pricing;
• Expansion into the US market, where Fan Token Management LLC has been established and discussions with US college leagues are at an advanced stage;
• Increased monetisation of existing digital assets; and
• The development of new strategic partnerships and revenue channels.

A continued focus on cost management and revenue expansion will enhance financial stability. Cost reduction has also been a Group-wide priority. With a solid foundation in place and the going concern uncertainty narrowing, FTM is well-positioned for continued financial improvement.

(A) Key Performance Indicators (KPIs)

FTM's KPIs reflect its core business priorities:

• Fan Token Sales: FTM's primary business, Fan Token sales, showed strong performance in 2025, with net proceeds from sales of goods and services rising to CHF 73.3 million. Management expects continued improvement in this KPI as new partnerships and exchange listings come online.
• New Partners and Exchanges: FTM actively pursued new commercial partners and exchange listings during 2025 to expand liquidity venues for Fan Tokens, including agreements with national teams ahead of the 2026 World Cup, a focus that is expected to continue into 2026.
• Multichain Expansion: The rollout of multichain capabilities across all Fan Tokens is expected to widen access to liquidity venues and support pricing over time.
• US Market Expansion: FTM is advancing its US strategy through Fan Token Management LLC, with discussions underway with US college leagues.
• Cost Reduction: FTM maintained a disciplined approach to operating costs in 2025, contributing to a substantially narrower net loss compared to the prior year, consistent with the wider Group's cost reduction programme.
• Enhanced Fan Token Utility: FTM also focuses on increasing the utility of Fan Tokens, both through the Platform and third-party collaborations. Providing greater utility encourages long-term holding and enhances Fan Token's value.

(B) Capital Resources

FTM's capital resources are primarily derived from Fan Token sales, ensuring a sustainable funding model aligned with business growth.

(C) Non-Financial Factors

Beyond financial metrics, FTM's success is underpinned by its reliance on highly skilled personnel and efficient resource allocation, reinforcing the strength of its operational model.

This field does not apply as FTM has been established for the past three years.

FALSE

$DOJO Fan Token project

$DOJO Fan Token

$DOJO

$DOJO is the official Fan Token of Ninjas in Pyjamas, and part of the pioneering Fan Token ecosystem powered by the Platform. This utility-focused crypto-asset is designed to bring fans closer to the Team by offering new ways to engage with the Team and to reward token holders for their engagement via blockchain technology.

$DOJO Fan Token is intended to grant holders a variety of exclusive digital and real-world utilities with the potential of expanding to web3 and DeFi functionalities. $DOJO aims to transform passive supporters into active participants in the Team's community and digital ecosystem.

Indicatively, holders may be eligible to vote on official Ninjas in Pyjamas’s non-managerial decisions through binding and non-binding polls on the Platform. In addition, holding $DOJO may unlock access to exclusive rewards, such as VIP matchday experiences, signed merchandise, discounts on official products, unique real-life opportunities (e.g., Meet & Greet with Players of the Team), as well as access to digital experiences and rewards, subject to availability.

Through the Platform, fans can earn loyalty points when engaging with certain features such as the ‘Stake & Earn’ feature. These loyalty points are redeemable for limited-edition items and enhanced utilities available through the dedicated fan rewards shop, subject to availability.

The project's mission is to strengthen the bond between the Team and its global fanbase by leveraging Web3 technology to provide meaningful engagement, recognition, and rewards within a secure and transparent framework. As the world of sports and entertainment transitions to Web3, $DOJO serves as a gateway to a new era of fandom and enables fans to engage with the Team in immersive and innovative ways within this new digital realm. Fully compliant with the EU regulatory landscape, the project emphasises transparency and user protection.

FALSE

Past milestones

Below is a timeline highlighting past milestones for the token:

• 2025-02-18: Initial notification of this crypto-asset white paper to the Lithuanian Financial Supervisory Authority (LT-FSA).
• 2025-05-22: Initial publication of this crypto-asset white paper.
• 2025-06-24: Beginning of the subscription period.
• 2025-06-24: End of the subscription period.
• 2025-06-25: Final airdrop for unclaimed $DOJO.
• 2025-06-25 onwards: FTM retains control and management over the non-circulating supply of $DOJO. Subject to the partnership agreement signed with the Team, the non-circulating supply may be used to: (i) fund utilities and rewards made available to token holders on the Platform; (ii) promote $DOJO and associated marketing activations; and (iii) provide liquidity on MiCA-licensed trading platforms and decentralised exchanges (“DEXs”).

Future milestones

Below is a timeline highlighting key milestones for the token:

• 2026-09-01: Re-notification of this crypto-asset white paper to the Malta Financial Services Authority (MFSA).
• 2026-10-01: Re-publication of this crypto-asset white paper.

The resources allocated to the project primarily consist of non-financial contributions, including the extensive man-hours and expertise provided by the development team of the Issuer/Offeror. Additionally, marketing efforts have been deployed by FTM and Ninjas in Pyjamas to drive awareness, foster community engagement, and ensure the successful adoption of the token.

Part of the proceeds will be distributed to the Team as per the terms of the revenue-share mechanisms agreed upon between FTM and the Team. A portion of the proceeds retained by FTM will primarily be allocated to cover partnership fees. Additionally, the funds will be allocated to support the Issuer/Offeror group operational expenses and to ensure ongoing provisioning of utility inventory on the Platform for $DOJO.

The public offer aimed to grow the Team’s community by fostering engagement with its global fan base, allowing fans to connect with the Team and benefit from a variety of utilities that may be provided to token holders, including on the Platform. This initiative not only strengthens the connection between the Team and its global fanbase but also fosters long-term engagement, rewarding fans for their ongoing commitment. $DOJO Fan Token allows token holders to be part of a global community of like-minded fans, highlighting their fan identity within such a community and enhancing their sense of belonging to that community.

FALSE

$CHZ (KNS06KRXQ)

The issue price was determined by the amount of $CHZ tokens equivalent to USD $1 calculated based on the exchange rate for CHZ/USD on the day and time of participation. The offer price has been discretionary determined by the Issuer/Offeror in accordance with the terms of the partnership agreement signed with the Team.

The public offer was only available to registered Socios.com users. All participants were required to comply with the Platform’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) requirements, including the completion of all necessary customer due diligence procedures. Additionally, users who were citizens or residents of any Excluded Jurisdiction (as per the Platform’s terms of use) at the time of the public offer were prohibited from participating in the public offer.

Not applicable

Not applicable

Not applicable

The public offer of $DOJO comprised three distinct phases:

• Wave 1: Limited to a maximum of 100 $DOJO tokens per participant. Duration: 2 hours.
• Wave 2: Capped at 300 $DOJO tokens per participant. Duration: 2 hours.
• Wave 3: No purchase limit (uncapped). Duration: 6 hours.

Not applicable

TRUE

2025-06-24

2025-06-25

Not applicable

Not applicable

Not applicable

Not applicable

Following participation in the public offer, $DOJO tokens were directly delivered by the Issuer to the participant’s Socios.com wallet address.

Participants in the public offer received their purchased $DOJO tokens within 24 hours following the end of the subscription period.

To participate in the public offer, prospective holders must have had a registered account on the Platform and set up their Socios.com Wallet to receive $DOJO Fan Token.

Socios Europe Services Limited

984500EBA2E9980CDD80

FTM reserves the right to seek admission to trading of $DOJO on MiCA-compliant trading platforms established in the EU/EEA.

Not available

Not available

The costs were exclusively related to Chiliz Chain network (gas) fees, which are required to process transactions on the Chiliz Chain. However, these gas fees were subsidised by FTM, meaning that participants were not required to pay gas fees when purchasing $DOJO Fan Token during the public offer, or to claim their $DOJO tokens during the claim period. No hidden or imposed fees apply to the subscription for $DOJO.

The resources allocated to the $DOJO public offer were primarily non-financial, encompassing significant man-hours and expertise from the Offeror's development team. These efforts focused on technical development, compliance with applicable laws, and comprehensive project planning to facilitate the token launch. In addition to these resource commitments, certain financial expenditures were also incurred, including costs related to targeted marketing campaigns and gas fees charged programmatically on the Chiliz Chain.

No conflicts of interest have been identified by FTM in relation to the admission to trading of $DOJO in the EU.

Laws of Switzerland

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper shall be exclusively resolved by arbitration in accordance with the Swiss Rules of International Arbitration.

$DOJO falls within the definition of crypto-asset set forth in Article 3 of MiCA, as it is a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology.

$DOJO is issued as a fungible token under the CAP-20 token standard on the Chiliz Chain (ERC-20 equivalent). $DOJO does not purport to maintain a stable value and, thus, it should be classified as a crypto-asset other than asset-referenced token or e-money token. In addition, $DOJO does not qualify as a utility token under MiCA’s Article 3, as the associated utilities are not provided exclusively by the Issuer or an entity related to that Issuer.

$DOJO is a utility-based crypto-asset designed to increase community engagement between the Team and its global fanbase. The token serves as a digital membership credential that enables participants to access token-gated features and exclusive non-financial experiences that may be made available to token holders. Its issuance is linked to the fan engagement strategy of the Team and forms part of a broader initiative to integrate Web3 technology into the fan experience. The functionalities of $DOJO Fan Token on the Platform depend on the contractual arrangement with the Team. These functionalities may include, but are not limited to, participation in binding and/or non-binding polls, access to exclusive content/experiences, and rewards mechanisms through the Platform. These features, benefits, and rewards are indicative, not guaranteed, subject to availability, and contingent upon holding $DOJO.

$DOJO Fan Token holders do not acquire any financial rights, ownership, or entitlements to revenues or intellectual property from the Team, FTM, or their respective affiliates. $DOJO does not entitle token holders to participate in any decisions which are ordinarily reserved to corporate bodies or vested in directors and shareholders of either the Team, FTM, or their respective affiliates, nor does it entitle token holders to receive any sort of profits generated by the Team, FTM, or their respective affiliates. In addition, $DOJO is not intended to be used as a means of payment or value transfer but is solely intended for fan engagement purposes.

$DOJO Fan Token holders may have access to a range of token-gated features, which may be made available through the Socios.com fan engagement and rewards platform or other platforms as may be determined in the future. Following its issuance, additional functionalities may be introduced, further enhancing $DOJO Fan Token holder experience, either on the Platform or on any other third party platform, subject to integration of $DOJO on such third party platforms. Such features are subject to change and may be added, modified, or removed, upon instructions from the Team or at the discretion of FTM or the operator of the platform on which such features are made available.

$DOJO is a fungible crypto-asset issued by FTM under the CAP-20 token standard on the Chiliz Chain, with an initial total supply of 5,000,000 tokens. $DOJO can be stored and transferred on the Chiliz Chain and other compatible blockchain networks. $DOJO Fan Token holders can use $DOJO on the Platform to access exclusive experiences, rewards, and Web3 utilities, enhancing fan engagement with the Team.

Fan Token Management AG

Not available

2025-06-24

2026-10-01

FTM does not currently provide any other services.

English

LN2X51JZW

1QKPM2558

FALSE

TRUE

TRUE

Rights of the purchasers:

Ownership of $DOJO Fan Token is limited to control over the tokens themselves and does not provide any ownership or claim in the Issuer or any related entity, including any rights to shares, assets, revenues, intellectual property, governance, or profit-sharing. Within this framework, purchasers may benefit from certain functionalities and rights associated with the acquisition and use of $DOJO, as well as being subject to certain conditions necessary for the proper functioning of the public offer and the ecosystem. These include:

• Purchasers were entitled to receive their $DOJO allocation based on their $CHZ contribution as determined at the end of the subscription period.
• Purchasers were guaranteed equal access to the public offer, ensuring fairness and preventing over-concentration.
• Purchasers have the right to access specific fan engagement functionalities associated with $DOJO Fan Token, as provided on the Platform, along with additional functionalities that may be provided by third parties.
• Purchasers have full control over the purchased $DOJO tokens, granting them the freedom to hold, trade, sell, transfer, use, or otherwise dispose of their tokens at their discretion.

Purchasers are subject to the following requirements:

• Participants had to create an account on the Socios.com Platform to participate in the public offer.
• Participants had to ensure that their participation in the public offer was not in violation of any laws, regulations, or rules in their country of residence or domicile. If there were any local legal restrictions, prospective purchasers were expected not to participate in the public offer.
• Participants were required to be at least 18 years old, or of the minimum legal age to obtain and hold crypto-assets, according to the laws of their jurisdictions.
• Participants had to read, understand, and accept the Terms and Conditions of the public offer made available on the Platform before proceeding with their purchase.

Token holders can freely hold, sell, transfer, trade, use, or otherwise dispose of their $DOJO tokens upon receiving their $DOJO Fan Token allocation. Token holders can exercise such control through their Socios.com Wallet or any other non-custodial wallet compatible with the Chiliz Chain.

The terms related to the purchasers’ rights and obligations during the public offer were made available on the Platform at the time of the public offer and are not subject to modifications as the public offer has already ended.

Not applicable

FALSE

TRUE

$DOJO is tradeable on various secondary market platforms, including both centralised and decentralised exchanges accessible on the Chiliz Chain or any other blockchain network on which $DOJO Fan Token can be stored and transferred.

No lock-up period in place. $DOJO tokens are freely tradeable and transferable.

FALSE

At the protocol level, $DOJO token contract does not implement any supply adjustment mechanisms that may affect the total supply of $DOJO. Nevertheless, FTM reserves the right to periodically deploy and/or promote mint-and-burn activities that may increase or decrease the total supply of $DOJO. Token holders may access full disclosure regarding such initiatives, including, but not limited to, previous mint and burn transactions, and current circulating supply, via the official Fan Token ecosystem website accessible at https://www.fantokens.com/. For clarity purposes, mint-and-burn activities are not permanent and may be activated, stopped, modified, resumed, or otherwise permanently suspended at the sole discretion of FTM.

FALSE

This field does not apply, as G.14 is false.

FALSE

This field does not apply, as G.16 is false.

Laws of Switzerland

Subject to mandatory applicable law, any dispute arising out of or in connection with this white paper shall be exclusively resolved by arbitration in accordance with the Swiss Rules of International Arbitration.

The Chiliz Chain is the distributed ledger technology used for the issuance, storage, and transfer of $DOJO. It is a public, EVM-compatible Layer 1 blockchain forked from BNB Smart Chain, which is itself a derivative of Go-Ethereum. $DOJO is issued on the Chiliz Chain as a CAP-20 fungible token. The Chiliz Chain's core system contracts, including those governing staking, governance, and upgrade mechanisms, are fully audited. See H.9 for audit details.

Token Standard

$DOJO is issued under the CAP-20 token standard, the Chiliz Chain's native fungible token standard, functionally equivalent to Ethereum's ERC-20. CAP-20 enforces 18 decimal places, which means that on-chain balances, transfer amounts, and total supply are denominated in the token’s smallest unit rather than as whole integers. $DOJO implements the standard CAP-20 interface for transfers, approvals, allowances, and supply queries.

Transaction Standards

Since the Dragon8 hard fork in June 2024, Chiliz Chain supports the following transaction standards:

• EIP-2718 (Typed Transaction Envelope): defines a typed transaction format enabling multiple transaction types to coexist on the same network.
• EIP-1559 (Fee Market): enables type-2 transactions with a protocol-defined base fee and an optional priority fee paid to validators.
• EIP-155 (Replay Protection): transactions are signed with the Chiliz Chain Mainnet Chain ID of 88888, preventing cross-chain replay attacks.

Execution Environment

The $DOJO token contract is compiled for the Shanghai-equivalent EVM target introduced with the Dragon8 upgrade. The Shanghai specification includes improvements covering warm coinbase access, the push zero opcode, and initcode size limits. This ensures full compatibility with standard Solidity development, testing, and auditing tooling across the Ethereum ecosystem.

Client Interface Standards

Chiliz Chain exposes standard Ethereum JSON-RPC and WebSocket endpoints, supporting the eth, net, and web3 method namespaces. ABI encoding follows the Ethereum Contract ABI specification, ensuring consistent function call and event log decoding across all compatible clients. Any wallet or application that supports custom EVM networks can interact with Chiliz Chain using the documented network parameters.

Account Model

Chiliz Chain uses Ethereum-style externally owned accounts and contract accounts, each identified by a standard 20-byte hexadecimal address. The same wallet address is valid on Chiliz Chain and any other EVM-compatible network.

NFT Standards

Although $DOJO is a fungible CAP-20 token, the Chiliz Chain supports ERC-721 and ERC-1155 through EVM compatibility. These standards are relevant to the broader $DOJO utility ecosystem, which may include NFT-based collectibles and digital experiences accessible to token holders on the Platform.

Cross-Chain Bridge Protocols

Two smart-contract-based bridge protocols facilitate interoperability between Ethereum and Chiliz Chain:

• Dcentralab's Chainport: converts ERC-20 $CHZ on Ethereum to wrapped $CHZ on Chiliz Chain.
• The Chiliz Bridge: performs a direct ERC-20 to native $CHZ conversion using paired contracts deployed on both networks.

These bridges are not operated by FTM or any of its affiliates and are used primarily to supply wallets with native $CHZ for gas, staking, and governance purposes on the Chiliz Chain.

In addition, following the deployment of LayerZero’s omnichain messaging protocol, token holders may have the ability to bridge their $DOJO Fan Token to other compatible blockchain networks, including but not limited to Base and Solana, subject to availability of LayerZero’s protocol.

Implementation and Architecture

$DOJO token contract runs on the Chiliz Chain client implementation published as open-source software in the chiliz-chain/v2 repository, written in Go. A separate genesis-configuration repository defines the chain parameters and network configuration. Together, these components define the execution and consensus stack within which the $DOJO CAP-20 contract is deployed and executed.

Smart-Contract Platform and Execution Environment

Smart contracts on Chiliz Chain are written in Solidity and compiled for the Shanghai-equivalent EVM introduced with the Dragon8 upgrade. Dragon8 also implemented EIP-1559 and EIP-2718, aligning Chiliz Chain's fee mechanics and transaction format with Ethereum. All transactions on Chiliz Chain are metered using the EVM gas schedule and settled in $CHZ, the network's native token. The deterministic EVM runtime ensures that, given the same inputs and state, contract execution produces identical results across all validator nodes.

Transfer and Interoperability Technology

Before transferring $DOJO, token holders must hold native $CHZ to pay transaction fees. Transfers are executed as standard CAP-20 transactions on Chiliz Chain, with gas paid in $CHZ and finality achieved upon block confirmation. The bridge protocols described in H.2 are available to move $CHZ between Ethereum and Chiliz Chain where required, though these are third-party services not operated or endorsed by FTM.

$DOJO does not implement its own consensus mechanism. All $DOJO transactions executed within the Chiliz Chain's base layer achieve finality once included in blocks that reach the relevant commitment level. Settlement, ordering, and data availability are determined entirely by the Chiliz Chain's validator set. $DOJO inherits those security and availability guarantees.

Chiliz Chain uses Proof of Staked Authority (PoSA), a hybrid consensus mechanism that combines Proof-of-Authority-style validator rotation with Proof-of-Stake-based weighting and eligibility. A limited set of Main Validators, each required to bond $CHZ and be approved through on-chain governance, is responsible for proposing and validating blocks. Validator seats are currently capped at 13, subject to on-chain governance. The Parlia consensus engine coordinates block production and interacts with system contracts managing staking, validator-set updates, reward distribution, and penalties for misbehaving or offline validators. Advanced security features including double-sign detection and slashing mechanisms uphold the chain's stability and finality.

Following the Snake8 hard fork in October 2025, block production is assigned via a randomised algorithm weighted by the amount of $CHZ staked on each validator node, replacing the previous equal-rotation model. This rewards validators that attract greater delegator trust and enhances competition within the validator set.

This PoSA design, adapted from BNB Smart Chain, is tuned for short block times averaging approximately three seconds, low transaction fees, and fast practical finality. It operates with a comparatively small validator set and therefore offers a lower degree of permissionless decentralisation than large, fully open validator networks.

At the network level, the Chiliz Chain employs a gas-based fee model denominated in $CHZ. Since the Dragon8 hard fork, the network supports EIP-1559-style type-2 transactions with a dynamically adjusted base fee. The base fee is burned at the protocol level, applying deflationary pressure to $CHZ supply. Priority fees are distributed to validators and delegators and are not burned.

Block rewards, comprising both newly minted $CHZ from the inflationary supply introduced by Dragon8 and collected priority fees, are allocated as follows:

• 65% to active validators and their delegators, distributed in proportion to staked amounts after the validator's commission is applied.
• 10% to the Community Vault, $CHZ liquidity pools, and shared-security restaking rewards.
• 25% to the Ecosystem and Operational Distribution pool, funding ongoing development, marketing, and operational expenses of the Chiliz Chain.

The inflationary $CHZ supply follows a programmatic decay schedule introduced by Dragon8, beginning at an annual rate of 8.8% and declining over time toward a long-term steady rate, providing predictable and transparent monetary policy for the network.

Validators that fail to comply with protocol rules, such as double-signing or repeated downtime, may be jailed and partially slashed, with a proportion of their staked $CHZ burned. This mechanism incentivises honest behaviour and high uptime across the validator set.

FALSE

Not applicable

TRUE

Three categories of audit are relevant to $DOJO.

Halborn's Chiliz Chain Core Contracts

• Object: Core Chiliz Chain smart contracts used at mainnet launch, including the staking contract, governance contract, and bridge contract.
• Findings: Minor risks were identified, with no indication of unresolved high-severity issues at launch.
• Remediation: The necessary fixes were implemented before the 2023 mainnet launch. The contracts remain subject to further audits when upgraded.

CertiK's Governance and Core Contracts

• Object: Smart contracts underpinning Chiliz governance and the core V2 contracts, including the V2 Genesis Contracts and related upgradeable components, as well as the on-chain vote token implementation reviewed under the Chiliz project on CertiK Skynet.
• Findings: No critical issues. Several major centralisation-type findings, plus medium, minor, and informational issues, all marked as acknowledged.
• Remediation: The identified issues have been addressed.

Halborn's Chiliz Bridge Smart-Contract Audit

• Object: Smart-contract infrastructure for the Chiliz Bridge connecting $CHZ between Ethereum and the Chiliz Chain.
• Findings: No critical, unaddressed issues.
• Remediation: Subsequent updates to bridge logic are tracked via blockchain code-change logs and outage reports.

The following risks specifically relate to the admission to trading of the $DOJO Fan Token:

Listing refusal or removal

The main risk to be considered is that trading platforms may not accept listing $DOJO for internal considerations, or may decide to delist $DOJO from their trading platforms for any reasons whatsoever external to $DOJO or the project. In such circumstances, users may no longer be able to purchase/sell $DOJO on the trading platform or withdraw $DOJO from and deposit $DOJO to the trading platform. For this reason, users should bring particular attention to the rules of the trading platform and ensure they understand the risks associated with the trading platform, its functioning, and services. There is no guarantee that $DOJO remains available for trading at any time, on any trading platform, and that such trading platform keeps operating under the same rules, which are subject to regulatory changes.

The following risks specifically relate to FTM as the Issuer of $DOJO:

Regulatory compliance risks

Issuers of crypto-assets must adhere to a wide array of regulatory requirements across different jurisdictions. Non-compliance can result in fines, sanctions, or the prohibition of the crypto-asset offering, impacting its viability and market acceptance.

Operational risks

These include risks related to the Issuer's internal processes, personnel, and technologies, which can affect their ability to manage crypto-asset operations effectively. Failures in operational integrity might lead to disruptions, financial losses, or issuer’s reputational damage.

Legal risks

Legal uncertainties, potential lawsuits, or adverse legal rulings can pose significant risks to issuers. Legal challenges may affect the legality, usability, or value of a crypto-asset.

Reputational risks

Negative publicity, whether due to operational failures, security breaches, or association with illicit activities, can damage an issuer's reputation and, by extension, the value and acceptance of the crypto-asset.

Dependency on key individuals

The success of some crypto projects can be highly dependent on the expertise and leadership of Issuer’s key individuals. Loss or changes in the project’s leadership can lead to disruptions, loss of trust, or project failure.

Counterparty risks

Risks associated with FTM's suppliers or collaborators, including the potential for non-fulfilment of obligations that can affect FTM’s operations.

Token functionalities

Participants understand that the partnership agreement with the Team will eventually expire or may be terminated and $DOJO may partially or fully lose utilities on the Platform as a result of such expiration or termination.

Non-circulating supply management

FTM retains management of 4,925,000 $DOJO tokens, representing 98.5% of total supply, as treasury following the public offer. FTM's decisions regarding the timing and method of releasing any portion of this supply into circulation could materially affect $DOJO market price and liquidity conditions.

The following risks specifically relate to $DOJO as a crypto-asset:

Compliance with MiCA

Although $DOJO is designed to be fully compliant with MiCA, future changes to regulatory requirements could affect the token’s status or its ability to be traded.

Regulatory uncertainty

The regulatory environment surrounding crypto-assets is constantly evolving, which can directly impact their usage, valuation, and legal status. Changes in regulatory frameworks may introduce new requirements related to consumer protection, taxation, and anti-money laundering compliance, creating uncertainty and potential challenges for token holders and businesses operating in the crypto space.

Market volatility

$DOJO’s value is likely to be highly volatile and subject to market speculation. $DOJO’s price may fluctuate significantly, resulting in potential losses.

Liquidity risks

The availability of liquidity depends on the level of trading activity on DEXs and, where applicable, on centralised exchanges (CEXs). Even if the token becomes available on CEXs, such platforms may experience insufficient trading volumes, hindering the ability to buy or sell $DOJO, or may be subject to regulatory, compliance, or operational risks, including potential service disruptions, crashes, or market manipulation, that could affect $DOJO‘s availability or tradability.

Dynamic supply risks

The operational implementation of mint-and-burn activities for $DOJO Fan Token introduces a dynamic supply model that is innovative and engagement-driven but also carries inherent risks. Token supply fluctuations may introduce volatility in $DOJO value and could lead to significant supply deflation or inflation.

Adoption challenges

If participants in the crypto-assets market do not engage with $DOJO as expected, demand for the token may remain low.

Macroeconomic risks

A crypto market crash or financial crisis could reduce interest and investment in the token.

Reputational concerns

Crypto-assets are often subject to reputational risks stemming from associations with illegal activities, high-profile security breaches, and technological failures. Such incidents can undermine trust in the broader crypto ecosystem or specific project, negatively affecting investor confidence and market value, thereby hindering widespread adoption and acceptance.

The following risks specifically relate to the implementation of $DOJO as a project:

Partnership dependency

The token functionalities associated with $DOJO are contingent on the partnership agreement between FTM and the Team. If this agreement expires without renewal, is terminated early, or if either party fails to perform its obligations, $DOJO may partially or fully lose its token functionalities, materially reducing its value. There is no guarantee that the partnership will be renewed on equivalent or any terms.

Team performance and reputational exposure

The desirability of $DOJO is directly tied to fan interest in the Team. Events adversely affecting the Team, including deterioration in sporting performance, financial difficulties, governance failures, or reputational harm, could reduce fan engagement and materially affect demand for and the value of $DOJO.

Functionality non-delivery

The features, benefits, rewards, and experiences described in this white paper are indicative and subject to availability, eligibility, and platform-specific conditions. There is no contractual guarantee to token holders that any specific utility will be available at any given time. Features may be modified, reduced, or removed at the discretion of FTM, the Platform operator, or the Team.

Platform operational dependency

$DOJO utilities are delivered through platform(s) designated by FTM and the Team from time to time, currently including the Socios.com platform. Any discontinuation, material disruption, or modification of the designated platform, or any failure by FTM to maintain an operational delivery environment, could limit or eliminate token holders' access to $DOJO‘s features.

Insufficient funding

The project relies on the public offer to raise a portion of the proceeds allocated to fund the utility inventory. If the offer raises insufficient proceeds, the scope of rewards, benefits, and experiences made available to token holders may be scaled back or limited.

Oracle and data integrity risks

In case of oracle network congestion or failure, supply adjustments based on game results may be delayed until oracle network conditions allow to implement the relevant supply adjustments. Additionally, vulnerabilities and attacks within the oracle network may lead to wrong supply adjustments or not implementing any supply adjustments, until such vulnerabilities are fixed and correct game result is provided.

The following risks specifically relate to the underlying blockchain technology used for the primary issuance, storage, and transfer of $DOJO:

Blockchain dependency risks

$DOJO is built on the Chiliz Chain, making it inherently reliant on the stability, security, and long-term operation of the underlying blockchain. Any disruptions, protocol upgrades, or governance decisions on the Chiliz Chain could potentially impact the token’s functionality, transaction speed, and overall ecosystem integration. Changes to gas fees, validator incentives, or consensus mechanisms may also influence transaction costs and adoption.

Smart contract risks

Despite thorough testing and audits, smart contracts are susceptible to vulnerabilities such as logic errors, reentrancy attacks, or integer overflows. If an exploit is discovered in $DOJO token’s contract, it could lead to financial losses, token theft, or unintended behaviors.

Private key management

The security of $DOJO holdings depends on the effective management of wallet private keys and recovery phrases. Loss of private keys results in irreversible loss of access to tokens. Theft or unauthorised access to private keys can result in complete loss of funds.

Network security risks

While Chiliz Chain benefits from robust blockchain security, it remains susceptible to network-level attacks such as Sybil attacks, 51% attacks, or DDoS attempts on validators.

Transaction finality

Transactions on the Chiliz Chain achieve finality probabilistically, meaning their security increases as more blocks are confirmed. However, theoretical risks of transaction reversals exist, particularly in cases of blockchain reorganisations or consensus attacks. Furthermore, transactions sent to incorrect or unintended addresses are typically irreversible, making it crucial for users to double-check addresses and transaction details before execution.

Scalability issues

As blockchain networks experience increased adoption and usage, scalability challenges can arise. A higher number of transactions on the Chiliz Chain might lead to network congestion, resulting in increased transaction fees, slower confirmation times, and reduced usability.

Consensus failures

Issues with a blockchain’s consensus mechanism can lead to serious disruptions such as network forks, operational halts, and a loss of trust among participants. Forks can result in duplicate transactions or diverging ledger states, causing confusion and potential financial losses.

Ecosystem dependency risks

$DOJO is compatible with many platforms across the Chiliz Chain and other compatible blockchain networks. It is always best practice to only interact with reputable platforms.

Cross-chain bridge exposure

Interoperability protocols enabling $DOJO to be transferred to other networks introduce message-verification risk, trust-anchor compromise risk, finality and liveness risk, smart contract upgrade risk, and operational risks including liquidity fragmentation and pricing divergence. Failure of a cross-chain bridge could result in partial or total loss of bridged tokens.

Evolving technology risks

Blockchain technology is rapidly evolving, and new standards, protocols, or competitor chains could render existing token implementations obsolete.

Several measures have been implemented to mitigate the risks associated with $DOJO:

Offer-related risks

• Listing refusal or removal: FTM intends to reduce the risks associated with a refusal, suspension, or removal of the $DOJO token from a trading platform by conducting pre-admission legal, compliance and technical assessments; maintaining appropriate documentation and designated personnel for trading-platform due diligence; monitoring continued compliance with applicable legal, operational and admission requirements; and, where commercially and legally appropriate, seeking admission to more than one trading platform. Material developments will be communicated to token holders through the project’s official website and communication channels.

Issuer-related risks

• Non-circulating supply management: FTM discloses the existence, size, and intended uses of the non-circulating treasury supply in this white paper, including the permitted purposes for which it may be released, as described.

Crypto-asset-related risks

• Regulatory uncertainty: FTM monitors regulatory developments across relevant jurisdictions on an ongoing basis, including developments in the United Arab Emirates where Ninjas in Pyjamas's primary fanbase is located.
• Supply concentration and dilution: The total supply, public offer allocation, and non-circulating treasury supply are disclosed in full in this white paper across fields F.6, G.5, and D.8, including the permitted uses for which treasury tokens may be released.
• Liquidity constraints: FTM actively seeks partnerships with established and reputable centralised exchanges and decentralised exchanges to ensure a smooth trading experience for $DOJO token holders and to reduce venue-related operational risks following the public offer.

Project implementation-related risks

• Utility non-delivery: The token-gated features and utilities made available to $DOJO token holders are governed by the contractual arrangement between FTM and Ninjas in Pyjamas. FTM maintains an active programme of utility provisioning on the Socios.com platform, as evidenced by the history of utilities delivered across the broader Fan Token ecosystem described in field D.8.

Technology-related risks

• Smart contract vulnerabilities: $DOJO token and distribution contracts were developed using established Solidity development practices and subjected to extensive testing across multiple functional and edge-case scenarios to ensure reliability and correctness during token distribution. Where an independent security audit has been conducted, prospective purchasers should refer to H.9 for the full disclosure. FTM does not warrant that the contracts will be free from all errors or security issues. If any issues or problems arise in connection with participation in the public offer, it may take days, weeks, or months to resolve, and some issues may not be resolved at all.
• Blockchain dependency: The Chiliz Chain's core infrastructure contracts, including staking, governance, bridge, and Dragon8 tokenomics contracts, have been independently audited by Halborn Security and CertiK. See H.9 for full details.
• Private key management: FTM provides clear guidance to participants on securely managing their Socios.com Wallet credentials, including private keys and recovery phrases, to minimise risks related to loss of access. Participants are solely responsible for the safekeeping of their wallet credentials.
• Network security: The Chiliz Chain's validator network continues to grow and diversify, enhancing resilience against potential centralisation or targeted attacks. However, the distribution of $DOJO tokens following the public offer and any subsequent transaction may be delayed or not executed due to transaction volume on the blockchain, mining attacks, or similar events.
• Cross-chain bridge exposure: The Chiliz Bridge smart-contract infrastructure, which connects $CHZ between Ethereum and the Chiliz Chain, has been independently audited by Halborn Security with no critical unaddressed issues identified. See H.9 for full details.
• Evolving technology: FTM actively monitors advancements in blockchain technology and commits to adopting improvements in the Chiliz Chain ecosystem to maintain technical competitiveness and security. The $DOJO project team evaluates protocol upgrades and new standards as they emerge to ensure the token's continued relevance and functionality within the broader EVM ecosystem.

Fan Token Management AG

984500B6F8407AE38911

$DOJO

$DOJO does not implement its own consensus mechanism. All $DOJO transactions executed within the Chiliz Chain's base layer achieve finality once included in blocks that reach the relevant commitment level. Settlement, ordering, and data availability are determined entirely by the Chiliz Chain's validator set. $DOJO inherits those security and availability guarantees.

Chiliz Chain uses Proof of Staked Authority (PoSA), a hybrid consensus mechanism that combines Proof-of-Authority-style validator rotation with Proof-of-Stake-based weighting and eligibility. A limited set of Main Validators, each required to bond $CHZ and be approved through on-chain governance, is responsible for proposing and validating blocks. Validator seats are currently capped at 13, subject to on-chain governance. The Parlia consensus engine coordinates block production and interacts with system contracts managing staking, validator-set updates, reward distribution, and penalties for misbehaving or offline validators. Advanced security features including double-sign detection and slashing mechanisms uphold the chain's stability and finality.

Following the Snake8 hard fork in October 2025, block production is assigned via a randomised algorithm weighted by the amount of $CHZ staked on each validator node, replacing the previous equal-rotation model. This rewards validators that attract greater delegator trust and enhances competition within the validator set.

This PoSA design, adapted from BNB Smart Chain, is tuned for short block times averaging approximately three seconds, low transaction fees, and fast practical finality. It operates with a comparatively small validator set and therefore offers a lower degree of permissionless decentralisation than large, fully open validator networks.

At the network level, the Chiliz Chain employs a gas-based fee model denominated in $CHZ. Since the Dragon8 hard fork, the network supports EIP-1559-style type-2 transactions with a dynamically adjusted base fee. The base fee is burned at the protocol level, applying deflationary pressure to $CHZ supply. Priority fees are distributed to validators and delegators and are not burned.

Block rewards, comprising both newly minted $CHZ from the inflationary supply introduced by Dragon8 and collected priority fees, are allocated as follows:

• 65% to active validators and their delegators, distributed in proportion to staked amounts after the validator's commission is applied.
• 10% to the Community Vault, $CHZ liquidity pools, and shared-security restaking rewards.
• 25% to the Ecosystem and Operational Distribution pool, funding ongoing development, marketing, and operational expenses of the Chiliz Chain.

The inflationary $CHZ supply follows a programmatic decay schedule introduced by Dragon8, beginning at an annual rate of 8.8% and declining over time toward a long-term steady rate, providing predictable and transparent monetary policy for the network.

Validators that fail to comply with protocol rules, such as double-signing or repeated downtime, may be jailed and partially slashed, with a proportion of their staked $CHZ burned. This mechanism incentivises honest behaviour and high uptime across the validator set.

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For the calculation of energy consumptions of the underlying networks, the so-called 'bottom-up' approach is being used. The nodes are considered to be the central factor for the energy consumption of the network. The main determinants for estimating the hardware used within the network are the requirements for operating the client software.

To determine the energy consumption of $DOJO, the energy consumption of the Chiliz Chain is calculated first. For the energy consumption of $DOJO, a fraction of the energy consumption of the network is attributed to $DOJO, which is determined based on the activity of the crypto-asset within the network. The information regarding the hardware used and the number of participants in the network is based on assumptions that are verified with best effort using empirical data. In general, participants are assumed to be largely economically rational. As a precautionary principle, we make assumptions on the conservative side when in doubt, i.e. making higher estimates for the adverse impacts.
The share of the token within the network is then determined and a corresponding share of the network's energy consumption is attributed to $DOJO.