White Paper Report


			..
	White paper for crypto-assets other than asset-referenced tokens or e-money tokens (Please note that this version is outdated. For an update version, please see here).

	Digital Token Identifier:	HQ3X8PQD4
	Offeror or person seeking admission to trading:	158291 - Fuse Crypto Limited (the "Issuer")
	Type of submission:	New

Table of content
General information
SUMMARY
Part A - Information about offeror or person seeking admission to trading
Part B - Information about issuer, if different from 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 other token project
Part E - Information about offer to public of other tokens or their admission to trading
Part F - Information about other tokens
Part G - Information on rights and obligations attached to other tokens
Part H – Information on underlying technology
Part I - Information on risks
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts




[Table 2] Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens

Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens [abstract]
General information
00 Table of content	boolean true	true
01 Date of notification	date	2025-12-05
02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	boolean true	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.
03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	boolean true	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.
04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	boolean true	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
05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	boolean true	The utility token referred to in this white paper may not be exchangeable against the good or service promised in this white paper, especially in the case of a failure or discontinuation of the crypto-asset project.
06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	boolean true	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 or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
SUMMARY
07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	boolean true	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 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.
08 Characteristics of the crypto-asset	textBlock	The Crypto Asset Project The Energy Network ("Network") is a network of homes and distributed energy resources - like EV chargers, batteries, and solar panels - coordinated by Fuse. By dispatching the energy usage of participating homes and devices, the Energy Network helps reduce grid network congestion and balance supply and demand. The goal is to lower energy prices, reduce price volatility, and increase the security of energy supply. Participation is rewarded via the Network's native utility token, the Energy Dollar. The Crypto Asset The Energy Dollar ($ENERGY) is a utility token designed to support participation in the Network. Energy Dollars are issued on the Solana blockchain in accordance with the fungible SPL token standard. Holders of Energy Dollars can: Earn tokens as rewards for contributing to the stability and efficiency of the Energy Network, such as by connecting DERs or shifting their energy consumption to off-peak periods. Use or burn tokens to obtain discounts or rebates on goods and services provided within the Fuse ecosystem. Transfer tokens freely within the Solana ecosystem or to other compatible wallets. There will be a capped total supply of 10 billion Energy Dollars minted by the Issuer over the course of the 2025-2050 period. The Energy Dollar does not represent ownership, voting, or governance rights in Fuse or the Energy Network, and does not entitle holders to profits, dividends, or financial returns. They are solely intended to provide access to network utility and rewards within the Energy Network. The rights and obligations of token holders are defined by the operating terms of the Energy Network. Token holders are responsible for complying with all applicable laws when using or transferring tokens. The exercise of token rights (such as burning or redeeming tokens) requires successful onboarding with a Fuse group entity, including completion of know-your-customer (KYC) checks. Fuse may update the terms or mechanisms governing the use of $ENERGY, including reward schedules or redemption rates, to ensure effective network operation, regulatory compliance, and alignment with market conditions. Any such modifications will be communicated transparently through official Fuse channels prior to implementation.
09 Further information about utility tokens	textBlock	Holders of Energy Dollars can use or burn the tokens to obtain discounts or rebates on goods and services provided within the Fuse ecosystem. This will include (but is not restricted to) EV charger installations at launch; in the future, this will expand to include battery and solar PV installations and possibly energy bills. There are no technical restrictions on transferability. Tokens can be freely transferred within the Solana ecosystem or to other compatible wallets.
10 Key information about the offer to the public or admission to trading	textBlock	Admission to trading is being sought on Coinbase. Any further trading platforms on which the token will be admitted to trading will be published on the Applicant’s website once confirmed.
Part A - Information about offeror or person seeking admission to trading
A.1 Name	text	Fuse Crypto Limited (the "Issuer")
A.2 Legal form	text	Private Limited Company incorporated in Jersey
A.3 Registered address
Registered addess	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Country	enumeration	Jersey
Sub-division	text	Not Applicable
A.4 Head office
Head office	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Country	enumeration	Jersey
Sub-division	text	Not Applicable
A.5 Registration date	date	2025-02-07
A.6 Legal entity identifier	LEI
A.7 Another identifier required pursuant to applicable national law	text	158291
A.8 Contact telephone number	text	02039511052
A.9 E-mail address	text	token@fuseenergy.com
A.10 Response time (days)	integer	7
A.11 Parent company	text	Fuse Laboratories Limited (100% Ownership)
A.12 Members of the management body
Member #1	id	1
Identity	text	King Lun Alan Chang
Business address	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Function	text	Director
Member #2	id	2
Identity	text	Charles Orr
Business address	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Function	text	Director
Member #3	id	3
Identity	text	Ryan Taylor
Business address	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Function	text	Director
Member #4	id	4
Identity	text	James Muir
Business address	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Function	text	Director
Member #5	id	5
Identity	text	Angela Morris
Business address	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Function	text	Director
A.13 Business activity	textBlock	Issuer of Energy Dollars
A.14 Parent company business activity	textBlock	Yes
A.15 Newly established	boolean	true
A.16 Financial condition for the past three years	textBlock	Not Applicable
A.17 Financial condition since registration	textBlock	The Applicant is financially supported by its Parent Company.
Part B - Information about issuer, if different from offeror or person seeking admission to trading
B.1 Issuer different from offerror or person seeking admission to trading	boolean	false
B.2 Name	N/A		.
B.3 Legal form	N/A		.
B.4 Registered address
Registered addess	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.5 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.6 Registration date	N/A		.
B.7 Legal entity identifier	N/A		.
B.8 Another identifier required pursuant to applicable national law	N/A		.
B.9 Parent company	N/A		.
B.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
B.11 Business activity	N/A		.
B.12 Parent company business activity	N/A		.
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
C.1 Name	N/A		.
C.2 Legal form	N/A		.
C.3 Registered address
Registered address	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.4 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.5 Registration date	N/A		.
C.6 Legal entity identifier	N/A		.
C.7 Another identifier required pursuant to applicable national law	N/A		.
C.8 Parent company	N/A		.
C.9 Reason for crypto-asset white paper preparation	N/A		.
C.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
C.11 Operator business activity	N/A		.
C.12 Parent company business activity	N/A		.
C.13 Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
C.14 Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
Part D - Information about other token project
D.1 Crypto-asset project name	text	Energy Network
D.2 Crypto-asset name	text	Energy Dollar
D.3 Abbreviation	text	ENERGY
D.4 Crypto-asset project description	textBlock	The Energy Network is a platform that coordinates Distributed Energy Resources (DERs), such as solar panels, batteries, and electric vehicles, to support electricity grids and reduce energy costs. Participants earn the project's native token, the Energy Dollar, for shifting their energy use to off-peak times or contributing flexibility to the grid. Energy Dollars can be used within the Fuse ecosystem (the business and services offered by Fuse Energy Supply Limited) to unlock discounts on products and services. This will include goods and services like EV chargers at launch; in the future, this will expand to cover batteries, solar installations, and potentially energy bills.
D.5 Details of all natural or legal persons involved in implementation of crypto-asset project
Person #1	id	1
Type of person	enumeration	Development team
Name of person	text	King Lun Alan Chang
Business address of person	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Domicile of company	enumeration	Jersey
Person #2	id	2
Type of person	enumeration	Development team
Name of person	text	Charles Orr
Business address of person	text	13 Castle Street, St Helier, Jersey, JE2 3BT
Domicile of company	enumeration	Jersey
D.6 Utility token classification	boolean	true
D.7 Key features of goods or services for utility token projects	text	Energy Dollars can be used within the Network to unlock discounts on goods and services. This will include (but is not restictred to) EV chargers at launch; in the future, this will expand to include battery and solar installations, and potentially energy bills.
D.8 Plans for the token
Description of past milestones	textBlock	First EV charger installation by Fuse in Q1 2024. Launched the UK's cheapest EV tariff in Q3 2025. Surpassed 50,000 energy customers in Q3 2025. First solar PV installation by Fuse in Q4 2024. Surpassed 200,000 energy customers in Q4 2025.
Description of future milestones	textBlock	Beta testing: December 2025 (subject to change) Token listing: January 2026 (subject to change)
D.9 Resource allocation	text	For tokens, the Issuer has received funds through Simple Agreements for Future Tokens (SAFTs) as follows: 2022-05-01: $47,301,500 2024-09-01: $12,000,000 2025-01-01: $5,952,597 The Issuer and parent has allocated financial and administrative resources to fulfill its mission, i.e building the Energy Network.
D.10 Planned use of collected funds or other tokens	text	Not applicable because the Applicant is seeking admission to trading and does not collect any funds in that context.
Part E - Information about offer to public of other tokens or their admission to trading
E.1 Public offering or admission to trading	enumeration	Admission to trading
E.2 Reasons for public offer or admission to trading	textBlock	The admission of the Energy Dollar to trading aims to promote broad circulation and distribution to potential network users, enabling them to fully engage with and benefit from the utilities of Energy Dollar.
E.3 Fundraising target
Target expressed in currency	monetary		EUR
Target expressed in units	decimal
Target expressed in digital token identifier	text	N/A. The present White Paper is published solely in relation to the admission to trading of the Energy Dollar and does not relate to any offering.
E.4 Minimum subscription goals
Goals expressed in currency	monetary		EUR
Goals expressed in units	decimal
Goals expressed in digital token identifier	text	N/A. See explanation under E.03.
E.5 Maximum subscription goals
Goasl expressed in currency	monetary		EUR
Goals expressed in units	decimal
Goals expressed in digital token identifier	text	N/A. See explanation under E.03.
E.6 Oversubscription acceptance	boolean	false
E.7 Oversubscription allocation	text	N/A. See explanation under E.03.
Issue price details
E.8 Issue price	decimal
E.9 Official currency determining issue price	enumeration
E.9 Any other tokens determining issue price	text	N/A. See explanation under E.03.
E.10 Subscription fee
Fee expressed in currency	monetary		EUR
Fee expressed in units	decimal
Fee expressed in digital token identifier	text	N/A. See explanation under E.03.
E.11 Offer price determination method	text	N/A. See explanation under E.03.
E.12 Total number of offered or traded other tokens	integer
E.13 Targeted holders	enumeration	All types of investors
E.14 Holder restrictions	text	There are no holder or transfer restrictions within the European Economic Area. Solana is by design permissionless and decentralised. There are thus no restrictions at chain-level. The Trading Platforms in accordance with applicable laws and internal policies may impose restrictions to buyers and sellers of tokens.
E.15 Reimbursement notice	boolean true
E.16 Refund mechanism	textBlock	N/A. See explanation under E.03.
E.17 Refund timeline	text	N/A. See explanation under E.03.
E.18 Offer phases	textBlock	N/A. See explanation under E.03.
E.19 Early purchase discount	textBlock	N/A. See explanation under E.03.
E.20 Time-limited offer	boolean	false
E.21 Subscription period beginning	date
E.22 Subscription period end	date
E.23 Safeguarding arrangements for offered funds or other tokens	textBlock	N/A. See explanation under E.03.
E.24 Payment methods for other token purchase	textBlock	N/A. See explanation under E.03.
E.25 Value transfer methods for reimbursement	textBlock	N/A. See explanation under E.03.
E.26 Right of withdrawal	textBlock	N/A. See explanation under E.03.
E.27 Transfer of purchased other tokens	textBlock	Energy Dollars acquired as a result of trades shall be transferred to the compatible wallet or technical device as designated by the selected Trading Platforms. The Applicant bears no responsibility for any transfers of the token between market participants on the Trading Platforms.
E.28 Transfer time schedule	text	The transfer of Energy Dollars acquired as a result of trades conducted on the Trading Platforms may or may not occur immediately, depending on the functioning of the selected Trading Platform. The Applicant has no control over the timing of such transfers.
E.29 Purchaser's technical requirements	textBlock	Energy Dollar holders must comply with the technical requirements specific to the Trading Platforms on which the token is admitted to trading, which may include the following: A device (computer or mobile) to manage digital wallet/private key and/or account on exchange to carry out transactions. A compatible digital wallet or account on the Trading Platform. Internet access.
Other token services provider characteristics
E.30 Other token service provider (CASP) name	text	N/A. See explanation under E.03.
E.31 CASP identifier	LEI
E.32 Placement form	enumeration	Not applicable
Trading platforms characteristics
E.33 Trading platforms name	text	Admission to trading is being sought on Coinbase. Any further trading platforms on which the token will be admitted to trading will be published on the Applicant’s website once confirmed.
E.34 Trading platforms market identifier code (MIC)	text	Not Applicable
E.35 Trading platforms access	text	Trading Platforms are accessible via their respective desktop and/or mobile based interfaces.
E.36 Involved costs	textBlock	The use of services offered by Trading Platforms may involve costs, including transaction fees, withdrawal fees, and other charges, as notified to users in advance. These costs are determined and set by the respective Trading Platforms and are not controlled, influenced, or governed by the Applicant. Consequently, any changes to initially announced fee structures or the introduction of new costs for the future are solely at the discretion of the Trading Platforms.
E.37 Offer expenses	textBlock	N/A. See explanation under E.03.
E.38 Conflicts of interest	textBlock	The Issuer, Fuse Energy Supply Limited, its affiliates, their respective directors, partners, members, officers, employees and agents may be subject to certain conflicts of interest with respect to the tokens and the activities described in this document. In particular, Alan Chang and Charles Orr are directors of the Issuer, which is controlled by its sole member Fuse Laboratories Limited. Alan Chang and Charles Orr are also shareholders and directors of Fuse Laboratories Limited and Alan Chang is the ultimate beneficial owner of Fuse Laboratories Limited.
E.39 Applicable law	textBlock	N/A. See explanation under E.03.
E.40 Competent court	textBlock	N/A. See explanation under E.03.
Part F - Information about other tokens
F.1 Crypto-asset type	text	Crypto-Asset other than E-Money Token or Asset-Referenced Token
F.2 Other token functionality	textBlock	The Energy Network is built to coordinate the deployment and operation of energy demand flexibility and DERs to achieve that end. The underlying incentive mechanism is provided via the project's native token, the Energy Dollar. Energy Dollars will reward those who contribute most to accelerating the development of the Network. Rewards will be distributed to users for connecting DERs and shifting their demand out of peak price periods. Rewards can then be burned to unlock discounts on goods and services in the Network, for example: purchases of EV chargers; and later, installations of batteries.
F.3 Planned application of functionalities	textBlock	Holders of Energy Dollars can: Use or burn tokens to obtain discounts or rebates on goods and services provided within the Fuse ecosystem. This will include (but is not restricted to) energy installations like EV chargers at launch. Batteries, solar installations, and possibly energy bills will be incorporated in the future. Transfer tokens within the Solana ecosystem or to other compatible wallets.
A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article
F.4 Type of crypto-asset white paper	enumeration	Other crypto-asset token white paper
F.5 Type of submission	enumeration	New
F.6 Other token characteristics	textBlock	The functionalities of the Energy Dollar token are outlined in Sections F.2 and F.3. Energy Dollars do not represent ownership, voting, or governance rights in Fuse or the Energy Network, and do not entitle holders to profits, dividends, or financial returns. They are solely intended to provide access to network utility and rewards within the Energy Network. The rights and obligations of token holders are defined by the operating terms of the Energy Network. Token holders are responsible for complying with all applicable laws when using or transferring tokens. The exercise of token rights (such as burning or redeeming tokens) requires successful onboarding with a Fuse group entity, including completion of know-your-customer (KYC) checks. Fuse may update the terms or mechanisms governing the use of Energy Dollars, including reward schedules or redemption rates, to ensure effective network operation, regulatory compliance, and alignment with market conditions. Any such modifications will be communicated transparently through official Fuse channels prior to implementation.
F.7 Commercial name or trading name	text	Energy Dollar
F.8 Website of the issuer	text	https://www.fuseenergy.com/energy-network
F.9 Starting date of offer to the public or admission to trading	date
F.10 Publication date	date	2026-01-08
F.11 Any other services provided by the issuer	textBlock	Not Applicable
F.12 Language or languages of white paper	text	English
F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available	text	HQ3X8PQD4
F.14 Functionally fungible group digital token identifier, where available	text	Not Applicable
F.15 Voluntary data flag	boolean	false
F.16 Personal data flag	boolean	true
F.17 LEI eligibility	boolean	false
F.18 Home member state	enumeration	Luxembourg
F.19 Host member states #1	enumerationSet	Austria
F.19 Host member states #2	enumerationSet	Belgium
F.19 Host member states #3	enumerationSet	Bulgaria
F.19 Host member states #4	enumerationSet	Croatia
F.19 Host member states #5	enumerationSet	Cyprus
F.19 Host member states #6	enumerationSet	Czechia
F.19 Host member states #7	enumerationSet	Denmark
F.19 Host member states #8	enumerationSet	Estonia
F.19 Host member states #9	enumerationSet	Finland
F.19 Host member states #10	enumerationSet	France
F.19 Host member states #11	enumerationSet	Germany
F.19 Host member states #12	enumerationSet	Greece
F.19 Host member states #13	enumerationSet	Hungary
F.19 Host member states #14	enumerationSet	Iceland
F.19 Host member states #15	enumerationSet	Ireland
F.19 Host member states #16	enumerationSet	Italy
F.19 Host member states #17	enumerationSet	Latvia
F.19 Host member states #18	enumerationSet	Liechtenstein
F.19 Host member states #19	enumerationSet	Lithuania
F.19 Host member states #20	enumerationSet	Malta
F.19 Host member states #21	enumerationSet	Netherlands
F.19 Host member states #22	enumerationSet	Norway
F.19 Host member states #23	enumerationSet	Poland
F.19 Host member states #24	enumerationSet	Portugal
F.19 Host member states #25	enumerationSet	Romania
F.19 Host member states #26	enumerationSet	Slovakia
F.19 Host member states #27	enumerationSet	Slovenia
F.19 Host member states #28	enumerationSet	Spain
F.19 Host member states #29	enumerationSet	Sweden
Part G - Information on rights and obligations attached to other tokens
G.1 Purchaser rights and obligations	textBlock	Energy Dollars do not confer any rights or entitlements to their holders.
G.2 Exercise of rights and obligations	textBlock	Not Applicable
G.3 Conditions for modifications of rights and obligations	textBlock	Not Applicable
G.4 Future public offers	textBlock	At the time of this notification, terms and conditions of other future offers are not determined.
G.5 Issuer retained other token	integer
G.6 Utility token classification	boolean	true
G.7 Key features of goods or services utility tokens	text	Energy Dollars can be spent on goods and services provided within the Fuse ecosystem. This will include goods and services such as EV charger installations, and installations of batteries and solar and potentially energy bills in the future.
G.8 Utility tokens redemption	text	Token holders will be able to burn tokens through the Fuse App.
G.9 Non-trading request	boolean	true
G.10 Other tokens purchase or sale modalities	text	Not Applicable
G.11 Other tokens transfer restrictions	text	None
G.12 Supply adjustment protocols	boolean	false
G.13 Supply adjustment mechanisms	text	Not Applicable
Other token schemes details
G.14 Token value protection schemes	boolean	false
G.15 Token value protection schemes description	textBlock	Not Applicable
G.16 Compensation schemes	boolean	false
G.17 Compensation schemes description	textBlock	Not Applicable
G.18 Applicable law	textBlock	Any controversy, dispute or claim arise out of or in relation to the White Paper and/or the Energy Dollar shall be governed exclusively by the laws of Jersey
G.19 Competent court	textBlock	Courts of Jersey
Part H – Information on underlying technology
H.1 Distributed ledger technology (DTL)	text	General Information on Distributed Ledger Technology and Blockchain: Distributed Ledger Technology (DLT) describes a decentralised and distributed network system architecture where multiple participants maintain and verify a shared database. Unlike traditional databases, they distribute control across a network of computers (nodes) and require all changes to be recorded and agreed by the nodes. This distributed approach enhances the resilience and security of such a system, and transparency of the data stored in it without the need for trust between the actors of the systems. Blockchain technology is a subset of DLT, where the distributed database maintains a continuously growing list of records, called blocks, which are linked together in chronological order and secured using cryptographic techniques. A blockchain generally has the following key characteristics: Distribution: A blockchain operates on a network of nodes, each holding a copy of the ledger and each participating in the transaction verification and synchronisation process. Security: Blockchain employs advanced cryptographic methods to secure data. Each block contains a cryptographic hash (a "digital fingerprint") of the previous block, a timestamp, and transaction data. This structure ensures that once data is recorded, it cannot be altered retroactively without also changing all subsequent blocks, which would require consensus from the majority of the network nodes. Transparency and Immutability: Transactions on a blockchain are usually visible to all participants in the network, providing transparency. Once a transaction is confirmed and added to the blockchain, it is virtually immutable due to the cryptographic methods used, meaning it cannot be changed or deleted. The Solana Blockchain Solana is a decentralized blockchain platform that operates as a form of DLT, distributing data management and validation across a global network of independent nodes without relying on a central authority. Solana stands out for its high throughput, low latency and low fees, making it suitable for applications in finance, gaming, and Web3. Solana is not an EVM-compatible chain, i.e. is not natively designed to interact with Ethereum, although technical solutions exist to allow for such interactions. Solana employs a hybrid PoS model enhanced by PoH (see H.4), where validators stake tokens and use historical proofs to agree on transaction order and block production efficiently without the energy-intensive mining of proof-of-work systems. Validators received newly generated SOL from Solana and MEV rewards as proof-of-stake rewards for securing Solana.
H.2 Protocols and technical standards	text	The Energy Dollar token relies on the following protocols and standards: Solana Protocol: the protocol operates on Solana and Energy Dollars are transacted on Solana, whether when used in relation to the Protocol or not. Solana Program Library (SPL) Token Standard: Energy Dollars are issued based on an SPL standard.
H.3 Technology used	textBlock	Technology Enabling Holding, Storing, and Transfer Solana-Compatible Wallets: Energy Dollars can be held and stored in any Solana-compatible wallet, such as Phantom, Solflare, or other wallets supporting the Solana Program Library (SPL) token standard. These wallets provide secure storage and user-friendly interfaces for managing Energy Dollars and other Solana-based tokens. Note that in some cases, wallet interfaces must enable the display and use of an Energy Dollar balance within that wallet. Decentralised Ledger: The Solana blockchain serves as the decentralised ledger for all Energy Dollar transactions. It maintains an immutable record of token ownership and transfers, ensuring transparency and security. SPL Token Standard: The Energy Dollar is an SPL token, which is Solana's equivalent to Ethereum's ERC20 standard. This standard ensures compatibility across Solana's ecosystem, enabling seamless integration with decentralised exchanges (DEXs), wallets, and decentralised applications (dApps). Smart Contracts: All token issuance, refund mechanisms, and transfers during the public offer are managed by audited Solana smart contracts, ensuring transparency and security. The smart contract infrastructure guarantees accurate token distribution and the enforcement of vesting schedules for the issuer and team allocations. Blockchain Scalability: Solana's high throughput and low fees allow Energy Dollars to be transferred efficiently, even during periods of high network activity. Security Measures for Holding and Transfers Private Key Management: Users must securely store their wallet including, where applicable, their private keys and recovery phrases to maintain control over their Energy Dollars. Cryptographic Integrity: Solana uses elliptic curve cryptography to ensure that all transactions and transfers are securely verified and executed.
H.4 Consensus mechanism	text	Proof of History (PoH): PoH serves as a cryptographic timestamp that establishes a historical record of transactions. PoH optimises transaction validation by enabling nodes to agree on the order and time of transactions without extensive communication overhead, allowing for high-speed processing. Proof of Stake (PoS): Solana's network operates on a PoS consensus mechanism, where validators are selected based on the number of SOL tokens staked. This mechanism enhances security, energy efficiency, and scalability by requiring validators to commit resources to participate in the network.
H.5 Incentive mechanisms and applicable fees	text	Please refer further to the information provided in section H.1 above.
H.6 Use of distributed ledger technology	boolean	false
H.7 DLT functionality description	textBlock	Not Applicable
Other token audit details
H.8 Audit	boolean	false
H.9 Audit outcome	textBlock	Not Applicable
Part I - Information on risks
I.1 Offer-related risks	textBlock	General Contractual and Counterparty Risk: The Applicant does not operate Trading Platforms ("Exchanges"). Transactions between token holders and Exchanges are governed solely by the Exchange's own terms. The Applicant assumes no liability for operational, financial, or regulatory failures of Exchanges, including sanctions, bankruptcy, or shutdowns, which may cause total loss of tokens. Pausing and Delisting Risk: The Applicant cannot guarantee the token will remain listed or tradable. Delisting or trading pauses may restrict liquidity and depress token value. Trading Risk: The Applicant does not control secondary markets and cannot ensure liquidity or price stability. Market manipulation (e.g., wash trading, front-running) may occur despite regulatory oversight. Unsolicited Admission to Trading Risk: Third parties may list tokens without authorisation from the Applicant, which does not imply endorsement. Operational and Technical Risk: Exchange infrastructure may fail or be compromised, including internal ledger manipulation, co-mingling of user funds, or failures in deposit/withdrawal systems, creating counterparty and custodial risks.
I.2 Issuer-related risks	textBlock	Abandonment / Lack of Success Risk: The project may fail or be abandoned due to lack of interest, force majeure, or commercial viability. Reputational Risk: Negative publicity from operational or security failures could harm reputation and token value. Key Individuals Risk: Dependence on specific leaders or developers creates continuity and trust risks. Internal Control Risk: Failures in governance, fraud, or weak internal controls may cause operational, financial, or reputational harm. Conflicts of Interest: There may be conflicts of interest between the Issuer, Fuse, Alan Chang and Charles Orr. Failure to appropriately address and mitigate such conflicts of interest could have an adverse impact on the tokens and token holders.
I.3 Other tokens-related risks	textBlock	Market Volatility and Price Fluctuations: The digital asset market in which the tokens operate is unpredictable and highly volatile. Prices can fluctuate dramatically within short periods, potentially leading to significant losses for token holders. No Historical Market, Lack of Liquidity and Market Depth: The tokens are a brand new digital asset with no operating history and no historical market. Newly launched digital assets such as the tokens may suffer from lack of adoption, limited liquidity and shallow market depth, making it difficult for token holders to buy or sell large quantities without significantly affecting the price. Renewable Energy Technology Adoption: The tokens rely in part on the continued and increased adoption of renewable energy technologies such as DERs. The renewable energy industry is relatively nascent and subject to rapid changes. Unfavourable or disadvantageous changes in the renewable energy industry could have material effects on the tokens. Custodial Risk: Storage method (hot/cold wallets or custodians) carries security and access risks. Scam Risk: Holders may suffer losses from phishing, impersonation, or fake airdrops. Taxation Risk: Token-related transactions may trigger tax obligations depending on jurisdiction; compliance is the holder's responsibility. Market Manipulation and Insider Trading Risks: The digital assets market is susceptible to manipulation and insider trading, which can distort prices and undermine the integrity of the market, posing risks to market participants. Legal and Jurisdictional Risks: Digital assets operate within a complex legal and regulatory landscape, with risks related to compliance, taxation, and legal enforcement actions that vary across jurisdictions and could affect the viability and value of the tokens. Changes in this landscape could negatively impact the value of the tokens. Token Distribution Risks: The initial distribution of tokens may face challenges such as concentration of ownership, unequal access to tokens, or regulatory scrutiny, which could affect the fairness and legitimacy of the distribution process. Negative Public Perception: Digital assets are subject to negative public perception for various reasons, such as their largely unregulated nature and their potential negative impact on the climate. The tokens may be subject to similar negative perceptions, whether or not justifiable, which may affect the value and the widespread adoption of the tokens. Adoption and Network Effects Risks: The success of a digital asset depends on its ability to attract users and achieve network effects. The Network may experience difficulties attracting new users and may ultimately be unable to expand the network. Scalability and Transaction Speed Risks: Scalability issues and slow transaction speeds can hinder the usability and adoption of a digital asset, particularly during periods of high network activity or congestion. The tokens may be subject to scalability issues and transaction speeds, reducing interest in the tokens. Geopolitical and Macroeconomic Risks: Digital assets may be influenced by geopolitical events and macroeconomic factors, such as government policies, economic downturns, or global financial instability, which could impact investor sentiment and the value of tokens.
I.4 Project implementation-related risks	textBlock	Project Change Risk: The project may pivot or change direction, affecting token utility and alignment with original expectations. Novel Ecosystem Risk: The Energy Dollar ecosystem relies on emerging technologies that may contain bugs or vulnerabilities, creating risks of token loss or instability. Competition from Established or Similar Digital Assets: The digital assets market is highly competitive, with numerous established digital assets competing for market share and investor attention, potentially limiting the growth prospects of the tokens. Competitors may launch digital assets similar to the tokens, which in turn could adversely affect the value of the tokens. Third-Party Risks, including Exchanges and Wallet Providers: Users rely on third-party services such as exchanges and wallet providers to interact with the tokens, exposing them to risks such as security breaches, insolvency, and fraud.
I.5 Technology-related risks	textBlock	Technological Vulnerabilities and Security Risks: Digital assets are susceptible to technological flaws and cyberattacks, such as hacking and phishing, which could compromise user funds and undermine confidence in the token's security. Blockchain-Level Risk: The underlying blockchain could be attacked (e.g., consensus-driven attacks, forks, censorship), disrupting token transactions and balances. Smart Contract-Level Risk: Smart contracts, which automate the execution of agreements on blockchain platforms, are susceptible to coding errors and vulnerabilities, potentially leading to financial losses or unexpected outcomes for users. Protocol-Level Risk: Technical failures or exploits (e.g., oracle manipulation) could drain assets or undermine governance, affecting token confidence and price. Finality / Irrevocability of Transactions: Blockchain transactions may be irreversible; losses from errors or key loss may be permanent.
I.6 Mitigation measures	textBlock	Mitigation measures include rigorous technology testing, auditing, and careful selection of management and partners. However, complete elimination of crypto-related risks is impossible. Token holders are advised to: Use appropriate custody safeguards. Stay informed via public sources. React swiftly to market or regulatory developments that could trigger specific risks.
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
J.1 Adverse impacts on climate and other environment-related adverse impacts	textBlock	The Person Seeking Admission to Trading of the Energy Dollar is providing information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism used to validate transactions of Energy Dollars and to maintain the integrity of the distributed ledger of transactions. The validation of transactions in $ENERGY and the maintenance of the integrity of the distributed ledger of transactions has led to a total estimated energy consumption of no more than 5000 kilowatt-hours (kWh) per calendar year.
Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism
General information about adverse impacts
S.1 Name	text	Fuse Crypto Limited
S.2 Relevant legal entity identifier	text	Not Available
S.3 Name of the crypto-asset	text	Energy Dollar
S.4 Consensus mechanism	text	Solana's Proof of History (PoH) and Proof of Stake (PoS).
S.5 Incentive mechanisms and applicable fees	text	Please refer to the information provided in section H.1 above
S.6 Beginning of period to which disclosed information relates	date	2025-01-01
S.7 End of period to which disclosed information relates	date	2025-12-31
Mandatory key indicator
S.8 Energy consumption	energy (kWh)	5000
Sources and methodologies
S.9 Energy consumption sources and methodologies	textBlock	The estimated energy consumption provided in J.08 has been calculated using the methodology recommended by the Crypto Carbon Ratings Institute in its December 2024 Paper, version 2.0 "Methodologies to calculate sustainability indicators for the EU Markets in Crypto-Assets (MiCA) regulation", to be found at https://carbon-ratings.com/dl/whitepaper-mica-methods-2024. Data from the Solana Energy Impact Report from September 2024 has been used to do this, to be found at https://solana.com/news/energy-use-report-september-2024.
Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of consensus mechanism
Supplementary key indicators
S.10 Renewable energy consumption	percent
S.11 Energy intensity	energy (kWh)
S.12 Scope 1 DLT GHG emissions - controlled	GHG emissions (tCO2e)
S.13 Scope 2 DLT GHG emissions - purchased	GHG emissions (tCO2e)
S.14 GHG intensity	GHG emissions (tCO2e)
Sources and methodologies
S.15 Key energy sources and methodologies	textBlock
S.16 Key GHG sources and methodologies	textBlock
Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism
Optional indicators
S. 17 Energy mix	percent
S.18 Energy use reduction
Energy use reduction target (absolute value)	energy (kWh)
Energy use reduction target (percentage)	percent
S.19 Carbon intensity (kgCO2e/kWh)	decimal
S.20 Scope 3 DLT GHG emissions - value chain	GHG emissions (tCO2e)
S.21 GHG emissions reduction targets or commitments	textBlock
S.22 Generation of waste electrical and electronic equipment (WEEE)	mass (tonnes)
S.23 Non-recycled WEEE ratio	percent
S.24 Generation of hazardous waste	mass (tonnes)
S.25 Generation of waste (all types)	mass (tonnes)
S.26 Non-recycled waste ratio (all types)	percent
S.27 Waste intensity (all types)	mass (tonnes)
S.28 Waste reduction targets or commitments (all types)	textBlock
S.29 Impact of use of equipment on natural resources	textBlock
S.30 Natural resources use reduction targets or commitments	textBlock
S.31 Water use	volume (m3)
S.32 Non recycled water ratio	percent
Sources and methodologies
S.33 Other energy sources and methodologies	textBlock
S.34 Other GHG sources and methodologies	textBlock
S.35 Waste sources and methodologies	textBlock
S.36 Natural resources sources and methodologies	textBlock