WHITE PAPER
ENSO TOKEN
Version 1.1
February 2026
White Paper in accordance with Article 6 of the Markets in Crypto Assets Regulation (MiCAR) for the European Union (EU) & European Economic Area (EEA).
Purpose: Seeking admission to trading in EU/EEA.
Prepared and Filed by Association Enso
| 01 | Date of Notification |
| 02–06 | Compliance Statements |
| 07–10 | Summary & Key Information |
| Part A | Information about the person seeking admission to trading |
| Part B | Information about the issuer, if different |
| Part C | Information about the operator of the trading platform |
| Part D | Information about the crypto-asset project |
| Part E | Information about the admission of the crypto-asset 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 risks |
| Part J | Information on sustainability indicators |
2026-02-04
This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading 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 of the person seeking admission to trading, the information presented in this 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.
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 this 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 offer 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.
The ENSO token is a crypto-asset intended to secure the consensus mechanism of the Enso protocol, a network that aggregates decentralized finance (DeFi) and facilitates the bundling of several on-chain DeFi transactions into one transaction (shortcuts).
ENSO tokens are required to validate action calldata, including shortcuts, returned by the Enso protocol and external third parties, by simulating transactions using simulation software, via a proof-of-stake mechanism. The validators receive ENSO tokens from the Enso protocol as reward for providing correct validation services. ENSO tokens can also be delegated to validators.
The ENSO token further serves as governance token for the further development of the protocol smart contracts.
The ENSO token is not pegged to fiat currency or backed by physical assets, and it does not confer any financial, ownership, or dividend rights. The crypto asset's value is determined solely by market supply and demand.
The ENSO token is being admitted to trading on crypto-asset trading platforms in accordance with Regulation (EU) 2023/1114 (MiCA). This admission aims to facilitate broader access and liquidity in a regulated framework. The names of the trading platforms for which admission is sought are: Bitpanda and Bitvavo.
| A.1 Name | Association Enso |
| A.2 Legal form | Association |
| A.3 Registered address | Badenerstrasse 549, 8048 Zurich, Switzerland (CH) |
| A.4 Head office | Badenerstrasse 549, 8048 Zurich, Switzerland (CH) |
| A.5 Registration date | 2021-02-17 |
| A.6 Legal entity identifier | None |
| A.7 Another identifier required pursuant to applicable national law | CHE-215.311.579 |
| A.8 Contact telephone number | +41 76 805 77 20 |
| A.9 E-mail address | connor@enso.finance |
| A.10 Response time (Days) | 5 (five) days |
| A.11 Parent company | None |
| A.12 Members of the management body | Connor Howe, sole member of the board of directors Professional address: Badenerstrasse 549, 8048 Zurich, Switzerland (CH) |
| A.13 Business activity | The Association Enso's purpose is to improve permissionless, decentralized blockchains using a proof of stake consensus algorithm and promote it globally in the light of its unifying values, especially by promoting and developing new technologies and applications in the fields of new open and decentralized software architectures. A dominating but not exclusive focus to promote and foster the community-led development of various new proof of stake consensus blockchains that are capable of high scalability and throughput, and the related technologies thereto. The Association Enso does not pursue commercial purposes and does not strive for profit. |
| A.15 Newly established | false |
| A.16 Financial condition for the past three years |
Since 2022, the Association has strengthened its financial position through sustained cost optimization and operational streamlining. Over this period, total operating expenses have been reduced by nearly 50%, reflecting a deliberate transition to a structurally leaner and more efficient operating model. Cost reductions were achieved primarily across technology & design, professional services, general administration, and marketing, without compromising core operational capabilities and the development of the Enso protocol. The Association maintains a solid financial foundation, supported by three private fundraising rounds as of the end of 2024. It has no financial uncertainties and maintains sufficient resources to support ongoing operations and strategic initiatives. Through prudent financial management and continued cost discipline, the Association is well positioned to sustain its activities and long-term objectives. |
Not applicable.
Not applicable.
| D.1 Crypto-asset project name | Enso | |||||||||
| D.2 Crypto-assets name | ENSO | |||||||||
| D.3 Abbreviation | ENSO | |||||||||
| D.4 Crypto-asset project description | The Enso protocol is a network that aggregates decentralized finance (DeFi) and facilitates the bundling of several on-chain DeFi transactions into one transaction (shortcut) based on a set of smart contracts running autonomously on Ethereum Virtual Machine compatible distributed-ledger-networks. | |||||||||
| D.5 Details of all persons involved in the implementation |
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| D.6 Utility token classification | false | |||||||||
| D.7 Key features of goods/services for utility token projects | Not applicable. | |||||||||
| D.8 Plans for the token |
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| D.9 Resource allocation |
The Association Enso has executed a series of fundraising efforts, ensuring full compliance with applicable legal and regulatory standards. To date, the Association has completed four private rounds, supported by reputable institutional investors including Polychain Capital, Multicoin Capital, Cyber Fund, Ideo Ventures, and Spartan Capital, as well as over 60 angel investors. Funds raised are systematically allocated towards:
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| D.10 Planned use of collected funds or crypto-assets | Not applicable, as this white paper was drawn up for the admission to trading and not for collecting funds for the crypto-asset-project. |
| E.1 Public offering or admission to trading | ATTR – admission to trading |
| E.2 Reasons for admission to trading |
The Association Enso is seeking the admission of ENSO token to trading on regulated platforms and has prepared this white paper in accordance with the disclosure requirements set forth under MiCAR. The primary objective is to provide investors in the EU and EEA with access to the ENSO token within a transparent and MiCAR-compliant framework.
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| E.12 Total number of traded crypto-assets | Initial total supply at Genesis: 100,000,000 ENSO tokens |
| E.13 Targeted holders | ALL – all types of investors |
| E.14 Holder restrictions | No specific restrictions are placed on the type of holders who are authorized to acquire or trade the token. However, each participant is responsible for compliance with regulations based on their local laws. Trading Platforms, in accordance with applicable laws and their internal policies, may impose restrictions including KYC, AML checks, and CFT measures. |
| E.29 Purchaser's technical requirements | The technical requirements that a purchaser must meet to hold the acquired crypto-assets depend on the specific features and capabilities of the platform through which the crypto-asset is made available. These may vary depending on the custody model, wallet compatibility, and user access protocols implemented by the respective crypto-asset service provider. |
| E.30 Crypto-asset service provider (CASP) name | Not applicable. |
| E.31 CASP identifier | Not applicable. |
| E.32 Placement form | Not applicable. |
| E.33 Trading platforms name | Bitpanda, Bitvavo |
| E.34 Trading platforms market identifier code (MIC) | Bitvavo: VAVO; Bitpanda: unknown |
| E.35 Trading platforms access | The trading platforms are accessible via their respective websites. Costs are determined and set by the respective trading platforms and are not controlled by the Association Enso. |
| E.36 Involved costs | Applicable fees depend on the pricing structure of the platform. Additional costs may arise when transferring the crypto-asset off the platform, such as network or "gas" fees associated with blockchain transactions. |
| E.38 Conflicts of interest | The Association Enso is not aware of any potential conflict of interest among its management body members or any other persons within the Association Enso with respect to the admission of the ENSO token to trading. |
| E.39 Applicable law | Not applicable, as this white paper relates exclusively to an admission to trading. |
| E.40 Competent court | Not applicable, as this white paper relates exclusively to an admission to trading. |
| F.1 Crypto-asset type |
Under MiCAR, the crypto-asset described in the present white paper does not qualify as an electronic money token (EMT) or an asset-referenced token (ART). It is a digital representation of value that can be stored and transferred using distributed ledger technology (DLT) or similar technology, without embodying or conferring any rights to its holder. The asset does not aim to maintain a stable value by referencing an official currency, a basket of assets, or any other underlying rights. The ENSO token is therefore a crypto-asset other than asset-referenced token or e-money token. |
| F.2 Crypto-asset functionality |
The ENSO token serves three primary functions on the Enso protocol:
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| F.3 Planned application of functionalities | The ENSO token will be issued fully functional, i.e. with all functionalities described in F.2. No future applications or functionalities are promised. |
| F.4 Type of crypto-asset white paper | OTHR |
| F.5 The type of submission | NEWT |
| F.6 Crypto-asset characteristics |
The ENSO Token is a crypto-asset as defined by article 3 (1) (5) of MiCA. The ENSO token enables ENSO token holders to:
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| F.7 Commercial name or trading name | ENSO |
| F.8 Website of the issuer | https://www.enso.build/ |
| F.9 Starting date of the admission to trading | 2026-03-06 |
| F.10 Publication date | 2026-03-05 |
| F.11 Any other services provided by the issuer | No other services are provided. |
| F.12 Language of the crypto-asset white paper | English |
| F.13 Digital token identifier code | Not available. |
| F.14 Functionally fungible group digital token identifier | Not available. |
| F.15 Voluntary data flag | false |
| F.16 Personal data flag | true |
| F.17 LEI eligibility | false |
| F.18 Home member state | The Netherlands, pursuant to Article 3 (33) (c) of Regulation (EU) 2023/1114. |
| F.19 Host member states | The admission to trading of the ENSO token is passported in the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden. |
| G.1 Purchaser rights and obligations |
Purchasers or holders of ENSO token do not acquire any contractual claims, ownership interests, or entitlements against the Association Enso or any other affiliated entity by virtue of holding the token. The ENSO token is a decentralized digital asset designed solely for functional use within the Enso protocol. Token holders may utilize the ENSO token to (i) participate in the consensus mechanism of the Enso protocol as Validator or Delegator and (ii) participate in governance mechanisms related to protocol-level decisions. Holding ENSO token does not grant any rights to dividends, profit-sharing, equity, or voting rights in any legal entity associated with the Enso ecosystem. Token utility is exclusively tied to its use within the Enso protocol in accordance with its technical specifications. |
| G.2 Exercise of rights and obligations | ENSO token have no centralized issuer that grants rights or entitlements. Any use of the token is executed directly through the protocol's technical functionalities. |
| G.3 Conditions for modifications of rights and obligations | Any changes to the fundamental characteristics or functionality of the ENSO token must follow a structured governance process. No single party, including the core contributors or the Association Enso, can unilaterally alter the token's core properties. Proposed updates to network software would be subject to community deliberation and require broad consensus or governance approval before implementation. |
| G.4 Future public offers | Not applicable. |
| G.5 Issuer retained crypto-assets | 16,605,000 of the total available ENSO token will be held by the Association Enso and 25,000,000 by the Enso team. |
| G.6 Utility token classification | false |
| G.9 Non-trading request | true |
| G.11 Crypto-assets transfer restrictions | The ENSO token as such does not have any transfer restrictions and is generally freely transferable. Trading platforms in accordance with applicable laws and internal policies may impose restrictions to buyers and sellers of ENSO tokens on the trading platforms themselves. |
| G.12 Supply adjustment mechanisms |
The ENSO token operates under a capped supply model. At genesis, the total supply is 100,000,000 tokens, with a predetermined maximum of 127,339,703 tokens over the long-term. New token issuance begins at an initial inflation rate of approximately 8% annually, which then decays progressively each month until reaching about 0.35468% annual inflation by year 10, after which no additional tokens will be issued. There is currently no automated burn on token transfers; instead, supply reduction comes via mechanisms such as token slashing for misbehaving validators. The token model is designed to be inflationary in early years, supporting network growth, and gradually transitions toward a near-fixed supply structure, aligning long-term scarcity with ecosystem adoption. |
| G.14 Token value protection schemes | false |
| G.16 Compensation schemes | false |
| G.18 Applicable law | Any dispute relating to the white paper and/or the ENSO token shall be governed by and construed and enforced in accordance with the laws of Switzerland without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction. |
| G.19 Competent court | Any dispute relating to the white paper and/or the ENSO token shall be exclusively resolved by the ordinary courts of Zug, Switzerland. |
| H.1 Distributed ledger technology | The ENSO token will be launched on the Ethereum blockchain, an established distributed-ledger technology (DLT) widely used worldwide for numerous cryptocurrencies and smart contracts. |
| H.2 Protocols and technical standards | The ENSO token is based on the Ethereum blockchain, in compliance with the ERC20 standard. The Ethereum blockchain is a public, decentralized blockchain that ensures security and transparency through its robust and proven network. The ERC20 standard ensures compatibility and interoperability with existing wallets, exchanges, and decentralized applications that also support the ERC20 standard. |
| H.3 Technology used | See H.2. |
| H.4 Consensus mechanism | The Enso protocol itself does not implement a native consensus layer but relies on Ethereum's Proof-of-Stake (PoS) consensus mechanism for all on-chain operations, including token issuance, staking, and governance. |
| H.5 Incentive mechanisms to secure transactions and applicable fees |
Validation and Staking: Participants who become Validators must have Enso token stake to validate transaction paths ("Shortcuts") within the Enso network. These Validators simulate and verify execution logic; if they act incorrectly or maliciously, their staked tokens may be slashed. Delegation: Token holders who do not directly run a Validator node can delegate their tokens to a Validator. Delegators share the rewards earned by the Validator for correct execution, aligning token-holder interest with network performance. Fees: False – N/A. |
| H.6 Use of distributed ledger technology | False – No, DLT not operated by the issuer or a third-party acting on the issuer's behalf. |
| H.8 Audit | true |
| H.9 Audit outcome | Security audit passed. |
The legal status of cryptocurrencies, including ENSO token, can vary across jurisdictions. While the Association Enso complies with existing regulations, the introduction of new regulatory systems or changes to existing laws could influence the use or trading of cryptocurrencies. This risk is inherent to the entire industry and not specific to this project.
When ENSO token holders buy or sell the ENSO token on trading platforms, the Association Enso does not serve as a contractual party to the future ENSO token holder. Consequently, any legal relationship concerning these trading platforms is subject to their own terms and conditions. The Association Enso assumes no responsibility for the operations, services, or outcomes associated with these trading platforms.
The Association Enso cannot guarantee that the ENSO token will remain listed or tradeable on any exchanges. Delisting could significantly hinder the ability of ENSO token holders to buy, sell, or otherwise transact in ENSO tokens, adversely impacting the ENSO token's liquidity and market value.
There can be no assurance as to the depth or sustainability of the secondary market (if any) in the ENSO tokens, which will affect their liquidity and market price.
Disruptions at trading platforms and potential consequences of a trading platform's failure could adversely affect the value of ENSO tokens. Co-mingling of assets on trading platforms may result in centralization of a large amount of assets in a single location, increasing the risk of loss from a hack or similar event.
The trading platforms may go bankrupt, which may result in substantial or even total losses for the ENSO token holder.
This is the risk that the Enso project must be partially or totally abandoned for a number of reasons including, but not limited to, lack of interest from the public, lack of funding, incapacitation of key developers and project members, force majeure (including pandemics and wars) or lack of commercial success or prospects.
The feasibility and success of the Enso protocol depends strongly on the collaboration and functioning of services provided by key partners. Loss or changes in the project's leadership or key partners can lead to disruptions, loss of trust, or project failure.
Decentralized governance mechanisms, such as token-based voting and community proposals, may lead to governance inefficiencies, conflicts of interest, or contentious decision-making processes that impact protocol development, network security, and ecosystem trust.
The issuer of ENSO tokens must comply with applicable laws and regulations. Any failure to comply with such legal frameworks may result in administrative fines, enforcement actions, reputational harm, and the potential suspension or revocation of regulatory authorizations.
The ENSO token is a crypto-asset and, as such, is subject to extreme price fluctuations. The valuation of the ENSO token is determined by market supply and demand, which may be influenced by macroeconomic conditions, regulatory developments, technological advancements, competitive pressures, and speculative trading activities.
Limited liquidity can make it difficult to buy or sell crypto-assets without significantly affecting their price, potentially trapping investors in unfavorable positions.
Crypto-assets and the underlying blockchain protocol as well as smart contracts used are vulnerable to hacking and cyber-attacks, or other force majeure events, which can result in substantial financial losses and erode trust in the underlying technology.
ENSO tokens are stored in cryptographic wallets that rely on private key management for security. The loss, theft, or compromise of private keys or seed phrases may result in the irreversible loss of ENSO tokens. The issuer bears no responsibility for any such losses incurred by token holders.
The success of a crypto-asset strongly depends on the engagement of participants and widespread adoption, and failure to achieve sufficient interest or participation can result in a lack of utility and reduced asset value.
Sudden or unanticipated shifts in regulatory frameworks can lead to legal uncertainties and potentially restrict or ban certain crypto activities, affecting asset value and market operations.
The Enso protocol's utility and value proposition are predicated on adoption by developers, validators, and action providers. The failure to achieve critical mass adoption may render the protocol less effective or economically unsustainable, potentially leading to reduced demand for ENSO tokens.
The Enso protocol is dependent on various third-party blockchain infrastructures. Any adverse events affecting these platforms, such as protocol changes, network congestion, or governance disputes, may impact Enso protocol's operations and transactional efficiency.
Future changes to the Enso protocol's governance framework may introduce unforeseen risks. Disputes among token holders regarding protocol upgrades could lead to network forks, divergent implementations, or disruptions in ecosystem interoperability.
Projects like Enso require successful fundraising. However, the Association Enso has developed a solid concept to maximize the realization of its project goals.
Delays can occur in any development process. The Association Enso's team is committed to minimizing such delays and will keep investors regularly informed about progress.
The Enso protocol operates using smart contracts deployed across multiple blockchains. Despite rigorous testing and security audits, vulnerabilities in smart contract code may be exploited by malicious actors, leading to unauthorized asset transfers, protocol disruptions, or financial losses.
As the Enso protocol facilitates cross-chain smart contract execution, compatibility issues between different blockchains and smart contract standards may introduce technical complexities. This could result in failed transactions, unexpected contract behaviour, or increased execution costs.
Even with thorough testing, there is always a risk that unknown bugs may exist in a software protocol, which could be exploited to disrupt network operations or manipulate account balances.
Hard forks or contentious upgrades on integrated blockchains may create operational uncertainties, leading to inconsistencies in smart contract execution, token balances, and transaction finality.
Blockchain technology relies on underlying infrastructures, such as specific hardware or network connectivity, which may themselves be vulnerable to attacks, outages, or other interferences.
Technological advancements (e.g. quantum computing breaking encryption paradigms) could impact blockchain systems by making them insecure or obsolete, potentially leading to theft or loss of crypto-assets or compromise of data integrity on the network.
As the number of users and transactions grows, a blockchain network may face scaling challenges. This could lead to increased transaction fees and slower transaction processing times, affecting usability and costs.
The Enso protocol is exposed to various cybersecurity risks that could compromise the integrity, security, and availability of its infrastructure. Potential threats may arise from vulnerabilities in the underlying technology, external attacks, or other security challenges.
The Enso protocol's smart contracts undergo comprehensive security audits by third-party firms to identify and mitigate potential vulnerabilities. Formal verification techniques are applied to enhance protocol robustness.
The issuer maintains an active legal and regulatory monitoring program to ensure compliance with applicable laws and regulations.
The Enso protocol implements decentralized governance frameworks to minimize centralization risks and foster community-driven decision-making processes.
By integrating with multiple blockchain platforms, Enso reduces dependency on any single network, thereby mitigating systemic risks arising from platform failures.
Enso employs redundancy measures, decentralized validator operations, and contingency protocols to enhance network resilience against technical failures and cyber threats.
The ENSO token operates atop the Ethereum blockchain, which transitioned from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism in September 2022 through the network upgrade known as "The Merge." According to publicly available data published by the Ethereum Foundation, this transition resulted in a dramatic reduction in the network's energy consumption — by more than 99.988%. Prior to the Merge, Ethereum's annual energy consumption was comparable to that of a medium-sized country; post-Merge, its consumption is estimated to be approximately 0.0026 TWh per year, roughly equivalent to that of a small town or a single commercial office building.
This substantial decrease is attributed to the fact that PoS no longer requires energy-intensive mining operations. Instead, validators are selected based on the amount of ETH they have staked, a process that requires only a fraction of the computational effort. As the Enso protocol is built on Ethereum and leverages its consensus mechanism, its environmental impact is aligned with Ethereum's low-energy PoS design. This alignment with Ethereum's energy-efficient infrastructure supports broader sustainability goals and contributes to minimizing adverse environmental and climate-related effects associated with blockchain technology.
Source: Ethereum Foundation – ethereum.org/en/energy-consumption/