MiCA Whitepaper

Table of contents

Date of notification
‍
Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114
‍
Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114
‍
Statement in accordance with Article 6(5), points (a), (b), (c) of Regulation (EU) 2023/1114
‍
Statement in accordance with Article 6(5), point (d) of Regulation (EU) 2023/1114
‍
Statement in accordance with Article 6(5), points (e) and (f) of Regulation (EU) 2023/1114

SUMMARY
‍
Warning in accordance with Article 6(7), second subparagraph of Regulation (EU) 2023/1114
‍
Characteristics of the crypto-asset Key information about the offer to the public or admission to trading

Part A - Information about the offeror or the person seeking admission to trading
‍
Name
Legal form
Registered address
Head office
Registration Date
Legal entity identifier
Another identifier required pursuant to applicable
national law
Contact telephone number
E-mail address
Response Time (Days)
Parent Company
Members of the Management body
Business Activity
Parent Company Business Activity
Newly Established
Financial condition for the past three years
Financial condition since registration

Part B - Information about the issuer, if different from the offeror or person seeking admission to trading Issuer different from offeror or person seeking admission to trading
‍
Name
Legal form
Registered address
Head office
Registration Date
Legal entity identifier
Another identifier required pursuant to applicable
national law
Parent Company
Members of the Management body
Business Activity
Parent Company Business Activity

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
‍
Name
Legal form
Registered address
Head office
Registration Date
Legal entity identifier of the operator of the trading
platform
Another identifier required pursuant to applicable
national law
Parent Company
Reason for Crypto-Asset White Paper Preparation
Members of the Management body
Operator Business Activity
Parent Company Business Activity
other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114 Reason for drawing the white paper by persons referred
to in Article 6(1), second subparagraph, of Regulation (EU)
2023/1114


Part D - Information about the crypto-asset project
‍
Crypto-asset project name
Crypto-assets name
Abbreviation
Crypto-asset project description
Details of all natural or legal persons involved in the
implementation of the crypto-asset project
Utility Token Classification
Key Features of Goods/Services for Utility Token Projects
Plans for the token
Resource Allocation
Planned Use of Collected Funds or Crypto-Assets

Part E - Information about the offer to the public of crypto- assets or their admission to trading
‍
Public Offering or Admission to trading
Reasons for Public Offer or Admission to trading
Fundraising Target
Minimum Subscription Goals
Maximum Subscription Goal
Oversubscription Acceptance
Oversubscription Allocation
Issue Price
Official currency or any other crypto- assets determining
the issue price
Subscription fee
Offer Price Determination Method
Total Number of Offered/Traded Crypto- Assets
Targeted Holders
Holder restrictions
Reimbursement Notice
Refund Mechanism
Refund Timeline
Offer Phases
Early Purchase Discount
Time-limited offer
Subscription period beginning
Subscription period end
Safeguarding Arrangements for Offered Funds/Crypto-
Assets
Payment Methods for Crypto-Asset Purchase
Value Transfer Methods for Reimbursement
Right of Withdrawal
Transfer of Purchased Crypto-Assets
Transfer Time Schedule
Purchaser's Technical Requirements
Crypto-asset service provider (CASP) name
CASP identifier
Placement form
Trading Platforms name
Trading Platforms Market Identifier Code (MIC)
Trading Platforms Access
Involved costs
Offer Expenses
Conflicts of Interest
Applicable law
Competent court

Part F - Information about the crypto-assets
‍
Crypto-Asset Type
Crypto-Asset Functionality
Planned Application of Functionalities
Type of white paper
The type of submission
Crypto-Asset Characteristics
Commercial name or trading name
Website of the issuer
Starting date of offer to the public or admission to trading
Publication date
Any other services provided by the issuer
Identifier of operator of the trading platform
Language or languages of the white paper
Digital Token Identifier Code
Functionally Fungible Group Digital Token Identifier
Voluntary data flag
Personal data flag
LEI eligibility
Home Member State
Host Member States

Part G - Information on the rights and obligations attached to the crypto-assets
‍
Purchaser rights and obligations
Exercise of rights and obligations
Conditions for modifications of rights and obligations
Future Public Offers
Issuer Retained Crypto-Assets
Utility Token Classification
Key Features of Goods/Services of Utility Tokens
Utility Tokens Redemption
Non-Trading request
Crypto-Assets purchase or sale modalities
Crypto-Assets Transfer Restrictions
Supply Adjustment Protocols
Supply Adjustment Mechanisms
Token Value Protection Schemes
Token Value Protection Schemes Description
Compensation Schemes
Compensation Schemes Description
Applicable law
Competent court

Part H - Information on the underlying technology
‍
Distributed ledger technology
Protocols and technical standards
Technology Used
Consensus Mechanism
Incentive Mechanisms and Applicable Fees
Use of Distributed Ledger Technology
DLT Functionality Description
Audit
Audit outcome

Part I - Information on risks
‍
Offer-Related Risks
Issuer-Related Risks
Crypto-Assets-related Risks
Project Implementation-Related Risks
Technology-Related Risks
Mitigation measures

‍
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other
‍
environment-related adverse impacts
Adverse impacts on climate and other environment-
related adverse impacts

Part S - Mandatory information on principal adverse impacts on the climate and other environmental-related adverse impacts of the consensus mechanism
‍
Name
Relevant legal entity identifier
Name of the crypto-asset
Consensus Mechanism
Incentive Mechanisms and Applicable Fees
Beginning of the period to which the disclosed informatior relates
End of the period to which the disclosed informatior relates
Mandatory key indicator on energy consumption
Energy Consumption
Sources and methodologies
Energy Consumption Sources and Methodologies
Supplementary key indicators on energy and GHG emissions
Renewable energy consumption
Energy intensity
Scope 1 DLT GHG emissions - Controlled
Scope 2 DLT GHG emissions - Purchased
GHG intensity
Sources and methodologies
Key energy sources and methodologies
Key GHG sources and methodologies
‍

1
Date of notification
2026-02-20
2
Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114
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.
3
Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114
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.
4
Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114
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
5
05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114
N/A
6
Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114
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.
7
Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114
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.
8
Characteristics of the crypto-asset
DRONE (the 'Token') will be launched on Base Layer 2 ('Base') to serve as the native token of LayerDrone Protocol (the 'Protocol'), a geospatial drone data capture and distribution protocol built on Base. The Token will serve as the primary medium of exchange within the Protocol's decentralised network of drone operators and data buyers.

The Token will be used to compensate drone pilots when they complete verified data capture missions by submitting verified aerial imagery. Data buyers will be able to use the Token to buy imagery from the Foundation or through Value-Added Providers ('VAPs'). Additionally, drone pilots will be able to deposit the Token to reserve the ability to fly missions requested by the Protocol.

Any modifications to the Token's characteristics, rights, or obligations will be implemented through protocol updates managed by LayerDrone Foundation (the 'Foundation'). Changes to the Protocol and Token mechanics will be communicated through the Protocol's official channels and documentation.
9
Further information about utility tokens
N/A
10
Key information about the offer to the public or admission to trading
Admission of the Token to trading is sought in order to enable more individuals to obtain and use the Token so that they can contribute and participate in the Protocol, thereby creating a mutually beneficial system where every participant is fairly compensated for their efforts. Additionally, by seeking admission to trading, they aim to increase the liquidity of the Token, facilitating its exchangeability. The trading platforms for which admission to trading is being sought have been delineated in Part E.33 of this whitepaper.
Part A - Information about the offeror or the person seeking admission to trading
A.1
Name
LayerDrone Inc.
A.2
Legal form
Company limited by shares
A.3
Registered address
Country
Sub-division
CO Services (BVI) Ltd. of Rodus Building, P.O. Box 3093, Road Town, Tortola, VG1110
Virgin Islands (British)
Tortola
A.4
Head Office
Country
Sub-division
CO Services (BVI) Ltd. of Rodus Building, P.O. Box 3093, Road Town, Tortola, VG1110
Virgin Islands (British)
Tortola
A.5
Registration Date
2025-05-23
A.6
Legal entity identifier
N/A
A.7
Another identifier required pursuant to applicable national law
2177449
A.8
Contact telephone number
+1 345 9360807
A.9
E-mail address
sarah@marfire.com
A.10
Response Time (Days)
5
A.11
Parent Company
LayerDrone Foundation
A.12
Members of the Management body
Identity
Business address
Function
1
Ms. Sarah Wheeler
Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands
The management body responsible for the person seeking admission to trading of the Token is the Layerdrone Foundation. The Foundation is directed solely by Ms. Sarah Wheeler, who has therefore been identified as the control person.
A.13
Business Activity
The person seeking admission to trading is a wholly-owned subsidiary of the Parent Company, which is the genesis entity for the Token.
A.14
Parent Company Business Activity
The LayerDrone Foundation is responsible for overseeing the operations of the LayerDrone protocol, also serving as the issuer of the Token. The Foundation manages the aerial imagery data repository while stewarding the Protocol and related network, including by distributing rewards to drone operators.
A.15
Newly Established
TRUE
A.16
Financial condition for the past three years
N/A
A.17
Financial condition since registration
Since its establishment in 2025, LayerDrone Inc. has maintained a stable financial position supported by structured intercompany funding arrangements. The Company serves as the entity engaging with exchange and market makers within the LayerDrone group structure.

Funding for LayerDrone Inc. is provided by the LayerDrone Foundation, which in turn is financed through a promissory note issued by Spexi Geospatial Inc, a core contributor to the Protocol and related network. Spexi Geospational Inc. has successfully raised approximately USD 20.7 million to date, providing a robust capital base to support the development and launch of the LayerDrone Protocol.

Prior to the public launch of the Token, operational and development expenditures are funded through this promissory note arrangement. The project's monthly operating expenses remain modest, currently averaging between USD 20,000 - 30,000 per month, ensuring a controlled burn rate relative to available resources.

Following the public launch of the Token, the LayerDrone Foundation will continue to fund LayerDrone Inc. through over-the-counter token sales reserved specifically to support ongoing operational activities and ecosystem development.

The overall structure, comprising a Cayman Islands foundation with a BVI subsidiary, has been established to facilitate transparent funding flows and efficient resource allocation. This setup ensures that LayerDrone Inc. maintains adequate financial resources to meet its obligations and sustain its activities in connection with the token issuance and related ecosystem development.
Part B - Information about issuer, if different from offeror or person seeking admission to trading
B.1
Issuer different from offer or or person seeking admission to trading
TRUE
B.2
Name
LayerDrone Foundation
B.3
Legal form
Foundation Company Limited by Guarantee
B.4
Registered address
Country
Sub-division
Highvern Cayman Limited at PO Box 448, Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands
Cayman Islands
Grand Cayman
B.5
Head office
Country
Sub-division
Highvern Cayman Limited at PO Box 448, Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands
Cayman Islands
Grand Cayman
B.6
Registration Date
2025-04-10
B.7
Legal entity identifier
N/A
B.8
Another identifier required pursuant to applicable national law
420554
B.9
Parent Company
N/A
B.10
Members of the Management body
Identity
Business address
Function
1
Ms. Sarah Wheeler
Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands
Director
B.11
Business Activity
The LayerDrone Foundation is responsible for overseeing the operations of the LayerDrone protocol, also serving as the issuer of the Token. The Foundation manages the aerial imagery data repository while stewarding the Protocol and related network, including by distributing rewards to drone operators.
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
Country
Sub-division
N/A
C.4
Head office
Country
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
Identity
Business address
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
LayerDrone Protocol
D.2
Crypto-asset name
DRONE Token
D.3
Abbreviation
DRONE
D.4
Crypto-asset project description
The Protocol is a geospatial drone data capture and distribution protocol built on Base. It standardises and monetises aerial imagery collection by incentivising a decentralised network of drone operators to capture high-resolution data on standardised geographic zones.

The Protocol team has developed a system to coordinate data collection missions, verification of the captured imagery, and distribution to data buyers. By relying on a blockchain-based verification system, the Protocol offers data authenticity and immutable proof of capture. This combination provides data integrity for buyers while creating a reward system for drone pilots.

The Protocol follows a structured mission system based on 'spexigons', which are 25-acre hexagon-shaped pieces of land that represent standard image capture zones. The Protocol has two types of missions: supply-led missions that approximate target spexigons, and demand-led missions where entities or individuals are willing to pay for standardised aerial imagery.

The Token will serve as the Protocol's native token. Pilots who complete data capture missions and provide verified imagery receive in exchange a non-fungible token ('NFT') as a submission and validity proof, and will be compensated with the Token. Data buyers will be able to use the Token to buy imagery directly from the Foundation. In exchange, they will receive an NFT that represents the right to access and commercialise the imagery. Additionally, data can be bought through Value-Added Providers ('VAPs') who will be able to acquire the data from the Protocol using the Token, to then resell it.

Lastly, the Protocol is split into sub-protocols that handle mission creation, data verification, and storage. The sub-protocols will be administered by the Foundation.
D.5
Details of all natural or legal persons involved inthe implementation of the crypto-asset project
Type of person
Name of person
Business address of person
Domicile of company
Type of person
Name of person
Business address of person
Domicile of company
Type of person
Name of person
Business address of person
Domicile of company
Type of person
Name of person
Business address of person
Domicile of company
Type of person
Name of person
Business address of person
Domicile of company
Details of all natural or legal persons involved inthe implementation of the crypto-asset project
Other person involved in implementation‍
Coinbase Custody‍
248 3rd St, #434 Oakland, CA 94607
United States of America
Other person involved in implementation‍
Autonomous Projects
Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands
Virgin Islands (British)
Other person involved in implementation‍
Carey Olsen
Pavilion East, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands
Cayman Islands
Other person involved in implementation‍
Fenwick
801 California Street, Mountain View, CA 94041
United States of America
Other person involved in implementation‍
Spexi Geospatial (labs co)
087 Headquarters Road, Courtenay BC V9J 1M1, Canada
Canada
D.6
Utility Token Classification
False
D.7
Key Features of Goods/Services for Utility Token Projects
N/A
D.8
Description of past milestones
Description of future milestones
N/A
The Token will be introduced through a public launch planned to be announced. The Protocol is organised under a set of sub-protocols that handle mission creation, data verification, and storage. Currently, the Foundation is in charge of defining sub-protocol parameters.

In this context, the Token's use cases will be introduced following its public launch. The Token will be used to reward drone pilots that successfully complete missions within the Protocol. Drone pilots will be able to deposit the Token to reserve the ability to fly missions requested by the Protocol. The Token will also serve as the Protocol's medium of exchange, allowing users to buy data from the Foundation. Lastly, VAPs, such as Spexi, will be able to use the Token to buy imagery from the Foundation and resell it.

The Protocol's roadmap comprises the launch of an API and developer tools, establishing additional partnerships with VAPs beyond Spexi, and implementing bounty systems for community-requested imagery. Additionally, the aim is to expand network coverage to new countries, add 50 new municipalities, and capture over 3 million acres of imagery in 2025.
D.9
Resource allocation
N/A
D.10
Planned Use of Collected Funds or Crypto-Assets
N/A
Part E - Information about offer to public of other tokens or their admission to trading
E.1
Public Offering or Admission to trading
Admission to trading
E.2
Reasons for Public Offer or Admission to trading
Admission of the Token to trading is sought in order to enable more individuals to obtain and use the Token so that they can contribute and participate in the Protocol, thereby creating a mutually beneficial system where every participant is fairly compensated for their efforts. Additionally, by seeking admission to trading, they aim to increase the liquidity of the Token, facilitating its exchangeability.
E.3
Fundraising Target
N/A
E.4
Minimum Subscription Goals
N/A
E.5
Maximum Subscription Goal
N/A
E.6
Oversubscription Acceptance
FALSE
E.7
Oversubscription Allocation
N/A
E.8
Issue Price
N/A
E.9
Official currency or any other crypto-assets determining the issue price
N/A
E.10
Subscription fee
N/A
E.11
Offer Price Determination Method
N/A
E.12
Total Number of Offered/Traded other tokens
1,000,000,000
E.13
Targeted Holders
All types of investors
E.14
Holder restrictions
While the rewards of the Token are geofenced to the region where the missions are held, the actual purchase of the Token from EU-regulated trading platform will be available to all users of such trading platform. Most trading and exchange services offered by trading platforms are open to retail holders, and may be subject to the compliance requirements of the respective trading platform. The trading platform may impose restrictions on holders of Tokens on their respective trading platform, in accordance with applicable laws and internal policies.
E.15
Reimbursement Notice
N/A
E.16
Refund Mechanism
N/A
E.17
Refund Timeline
N/A
E.18
Offer Phases
N/A
E.19
Early Purchase Discount
N/A
E.20
Time-limited offer
FALSE
E.21
Subscription period beginning
N/A
E.22
Subscription period end
N/A
E.23
Safeguarding Arrangements for Offered Funds/Crypto-Assets
N/A
E.24
Payment Methods for Crypto-Asset Purchase
N/A
E.25
Value Transfer Methods for Reimbursement
N/A
E.26
Right of Withdrawal
N/A
E.27
Transfer of Purchased
Crypto-Assets
N/A
E.28
Transfer Time Schedule
N/A
E.29
Purchaser's Technical
Requirements
Technical requirements will be specified by the CASP and may include the following:

- A compatible digital wallet or account on supported exchange;
- Internet access;
- A device (computer or mobile) to manage digital wallet/private key and/or account on exchange to carry out transactions
E.30
Other token service provider (CASP) name
N/A
E.31
CASP identifier
N/A
E.32
Placement form
NATV
E.33
Trading Platforms name
The trading platforms for which admission to trading of the Token is being sought include but are not limited to the following: OKX, Kraken, Crypto.com, Coinbase, ByBit, Bitvavo and Binance. The person seeking admission to trading reserves the right to expand such listings as additional MiCA-compliant trading platforms become available over time.
E.34
Trading Platforms Market Identifier Code (MIC)
N/A
E.35
Trading Platforms Access
The trading platforms are accessible via their respective websites and/or applications. Naturally, investors would need to complete standard registration procedures and are recommended to secure their accounts via adequate security measures such as two-factor authentication to prevent unauthorised access.
E.36
Involved costs
The use of services offered by trading platforms may involve costs, including transaction fees, withdrawal fees, and other charges. These costs are determined and set by the respective trading platforms, varying between one and the other, which is why investors are encouraged to carefully review the fee schedule of their chosen trading platform prior to trading.

Moreover, these costs are not controlled, influenced, or governed by the person seeking admission to trading. Consequently, any changes to fee structures or the introduction of new costs are solely at the discretion of these platforms.
E.37
Offer Expenses
N/A
E.38
Conflicts of Interest
N/A
E.39
Applicable law
Laws of the British Virgin Islands
E.40
Competent court
Courts of the British Virgin Islands
Part F - Information about other tokens
F.1
Crypto-Asset Type
The Token is classified as a "crypto-asset other than asset-referenced token or e-money token" under Title II of the Markets in Crypto-Assets Regulation (EU) 2023/1114.
F.2
Other token functionality
According to article 3(1)(5) of MiCA, a crypto-asset 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. As reminded by the European Banking Authority ('EBA'), the term 'right' should be interpreted broadly in accordance with recital (2) of MiCA.

The Token qualifies as a crypto-asset within the meaning of MiCA, as it is a digital representation of the right to access the Ecosystem and participate in the Ecosystem's governance. The Token can be transferred and stored using the distributed ledger technology ('DLT')

The Token facilitates Token holders' interaction with the Protocol by displaying the following functionalities:

- Payment: Drone pilots who complete data capture missions and provide verified imagery will be compensated with the Token. Data buyers and VAPs will be able to use the Token to buy imagery from the Foundation.

- Deposits - Special Access: Drone pilots will be able to deposit the Token to reserve the ability to fly missions requested by the Protocol.
F.3
Planned Application of Functionalities
The functionalities mentioned in F.2 will be available following the Token's public launch.
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
Other crypto-asset token white paper
F.5
Type of submission
Modify
F.6
Other token characteristics
The Token will be launched on Base to serve as the native token of Protocol, a geospatial drone data capture and distribution protocol built on Base. The Token will serve as the primary medium of exchange within the Protocol's decentralised network of drone operators and data buyers.

The Token will be used to compensate drone pilots when they complete verified data capture missions by submitting verified aerial imagery. Data buyers will be able to use the Token to buy imagery from the Foundation or through VAPs. Additionally, drone pilots will be able to deposit the Token to reserve the ability to fly missions requested by the Protocol.

Any modifications to the Token's characteristics, rights, or obligations will be implemented through protocol updates managed by Foundation. Changes to the protocol and Token mechanics will be communicated through the Protocol's official channels and documentation.
F.7
Commercial name or trading name
DRONE
F.8
Website of the issuer
https://www.layerdrone.org/
F.9
Starting date of offer to the public or admission to trading
2026-03-05
F.10
Publication date
2026-03-04
F.11
Any other services provided by the issuer
N/A
F.12
Language or languages of the white paper
English
F.13
CTN8VQZQ1
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
F.14
Functionally fungible group digital token identifier, where available
6PM4VCV3K
F.15
Voluntary data flag
FALSE
F.16
Personal data flag
TRUE
F.17
LEI eligibility
TRUE
F.18
Home Member State
Malta
F.19
Host Member States
The admission to trading of the Token is passported in the following countries:

• Austria
• Belgium
• Belgaria
• Croatia
• Cyprus
• Czechia
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hungary
• Iceland
• Ireland
• Italy
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• Slovakia
• Slovenia
• Spain
• Sweden
Part G - Information on the rights and obligations attached to other tokens
G.1
Purchaser Rights and Obligations
Following the Token public launch, the Token will provide the following rights:

- Payment: Drone pilots who complete data capture missions and provide verified imagery will be compensated with the Token. Data buyers and VAPs will be able to use the Token to buy imagery from the Foundation.

- Deposits - Special Access: Drone pilots will be able to deposit the Token to reserve the ability to fly missions requested by the Protocol.
G.2
Exercise of Rights and obligations
Following the Token public launch, to exercise the rights mentioned in G.1, Token holders must:

- Payment: To be compensated with the Token, drone pilots will have to complete data capture missions and provide verified imagery. To exercise their right to buy data from the Foundation, data buyers and VAPs will have to use the Token to buy imagery from the Foundation.

- Deposits - Special Access: To be able to reserve the ability to fly missions requested by the Protocol, drone pilots will have to deposit the Token.
G.3
Conditions for modifications of rights and obligations
Any modifications to the Token's characteristics, rights, or obligations are to be decided and implemented by the Foundation. Modifications to the Protocol and Token mechanics are to be communicated through the Platform's official channels and documentation.
G.4
Future Public Offers
N/A
G.5
Issuer retained other token
520,000,000
G.6
Utility Token Classification
FALSE
G.7
Key Features of Goods/Services of Utility Tokens
N/A
G.8
Utility Tokens Redemption
N/A
G.9
Non-Trading request
TRUE
G.10
Other tokens purchase or sale modalities
N/A
G.11
Other tokens transfer restrictions
The trading platforms may impose restrictions on holders of Tokens on their respective trading platform, in accordance with applicable laws and internal policies. Token holders who acquire the Token through 'private sales' are subject to restrictions as per the terms of sale.
G.12
Supply Adjustment Protocols
FALSE
G.13
Supply Adjustment Mechanisms
N/A
G.14
Token Value Protection Schemes
FALSE
G.15
Token Value Protection Schemes Description
N/A
G.16
Compensation Schemes
FALSE
G.17
Compensation Schemes Description
N/A
G.18
Applicable Law
The laws of the British Virgin Islands
G.19
Competent court
Courts of the British Virgin Islands
Part H - Information on underlying technology
H.1
Distributed ledger technology (DTL)
The Token will be launched on Base under the ERC-20 standard to guarantee industry-standard compatibility.
H.2
Protocols and technical standards
The Token will be launched on Base under the ERC-20 standard to guarantee industry-standard compatibility.
H.3
Technology Used
As an ERC-20 token, the Token will be deployed as a smart contract on Base. Users will be able to manage the Token through their own non-custodial wallet software provided by third parties or by directly interacting with the token's smart contract through a third-party API.
H.4
Consensus Mechanism
Base is a Layer-2 (L2) solution on Ethereum that was introduced by Coinbase and developed using Optimism's OP Stack. L2 transactions do not have their own consensus mechanism and are only validated by the execution clients. The so-called sequencer regularly bundles stacks of L2 transactions and publishes them on the L1 network, i.e. Ethereum. Ethereum's consensus mechanism (Proof-of-stake) thus indirectly secures all L2 transactions as soon as they are written to L1.
H.5
Incentive Mechanisms and Applicable Fees
Base is a Layer-2 (L2) solution on Ethereum that uses optimistic rollups provided by the OP Stack on which it was developed. Transactions on base are bundled by a, so called, sequencer and the result is regularly submitted as an Layer-1 (L1) transaction. This way, many L2 transactions get combined into a single L1 transaction. This lowers the average transaction cost per transaction, because many L2 transactions together fund the transaction cost for the single L1 transaction. This creates incentives to use base rather than the L1, i.e. Ethereum, itself. To get crypto-assets in and out of base, a special smart contract on Ethereum is used. Since there is no consensus mechanism on L2 an additional mechanism ensures that only existing funds can be withdrawn from L2. When a user wants to withdraw funds, that user needs to submit a withdrawal request on L1. If this request remains unchallenged for a period of time the funds can be withdrawn. During this time period any other user can submit a fault proof, which will start a dispute resolution process. This process is designed with economic incentives for correct behaviour.
H.6
Use of Distributed Ledger Technology
FALSE
H.7
DLT Functionality Description
N/A
H.8
Audit
TRUE
H.9
Audit outcome
All areas of risk were assessed at either low (majority) or moderate (minority). 8 risk vectors were audited.

Severity of Vulnerability: 7 Low, 1 Moderate
Probability of exploitation: 4 Moderate, 4 low
Overall Risk to Spexi: 8 Low

Low Risk: Vulnerabilities are not exploitable but would reduce an organisation's attack surface. Remediation within 4-6 months is recommended.

Moderate Risk: Vulnerabilities exist but are not exploitable or require extra steps such as social engineering. Remediation within 1-3 months is highly recommended.
Part I - Information on risks
I.1
Offer-Related Risks
A non-exhaustive list of risks associated with admitting a crypto-asset for trading include:

Exchange Selection and Counterparty Risk: The admission to trading on a crypto-asset exchange exposes token holders to risks associated with the specific exchange's operational practices, financial stability, and security measures. Exchanges vary significantly in their regulatory compliance, custody arrangements and track record. If a token is listed on exchanges with inadequate security, poor governance, or weak financial controls, holders face increased risks of losing their assets due to exchange insolvency, mismanagement, or fraud. Token holders who maintain their assets on exchanges rather than in self-custody wallets are particularly exposed to these counterparty risks, as they rely entirely on the exchange's ability and willingness to honor withdrawal requests and protect deposited assets.

Market Manipulation and Trading Irregularities: Crypto-asset exchanges, particularly those with lower trading volumes or less stringent oversight, may be susceptible to market manipulation activities including wash trading, spoofing, pump-and-dump schemes, and coordinated trading by groups of actors. Such manipulative practices can create artificial price movements that do not reflect genuine supply and demand, potentially misleading investors about a token's true market value and liquidity. Token holders may suffer losses if they make trading decisions based on manipulated price signals, or if they are unable to execute trades at expected prices due to artificial order book conditions.

Delisting and Trading Suspension Risk: Exchanges retain the discretion to suspend trading or delist crypto-assets based on their own policies, regulatory requirements, compliance concerns, or commercial decisions. A token may be delisted due to insufficient trading volume, regulatory developments, concerns about the project's legitimacy, technical issues, or changes in the exchange's listing criteria. Delisting or trading suspension can severely impact a token's liquidity and market value, as holders may find themselves with limited or no venues to trade their assets. In cases where a token is delisted from major exchanges, remaining liquidity may concentrate on smaller, less reputable platforms with higher risks, or liquidity may effectively disappear entirely. Exchanges typically provide limited notice before delisting, giving holders little time to react.

Cross-Exchange Price Fragmentation and Arbitrage Inefficiencies: When a crypto-asset trades on multiple exchanges simultaneously, prices may diverge significantly across venues due to differences in liquidity, trading volumes, geographical user bases, or temporary technical issues. This price fragmentation can make it difficult for holders to determine a fair market price and may result in disadvantageous trading outcomes depending on which exchange they use. While arbitrage activity typically works to align prices across exchanges, inefficiencies in deposit and withdrawal processes, varying transaction fees, network congestion, or restrictions on inter-exchange transfers can delay or prevent effective arbitrage. Holders may find themselves unable to take advantage of better prices on other exchanges due to these friction costs and operational barriers.

Withdrawal Restrictions and Liquidity Constraints: Exchanges may impose restrictions on withdrawals through daily limits, minimum holding periods, enhanced verification requirements, or temporary suspensions during periods of high volatility or technical issues. Such restrictions can prevent token holders from accessing their assets when they need or wish to, particularly during market stress when many holders may simultaneously attempt to withdraw. Additionally, exchanges may require completion of extensive know-your-customer (KYC) procedures before permitting withdrawals, and holders who cannot or do not complete these procedures may find their assets effectively locked on the platform.
I.2
Issuer-Related Risks
A non-exhaustive list of the risks relating to the issuer include:

Financial Risks: The issuer may face financial risks, including liquidity, credit and market risks that could affect its ability to meet its obligations.

Insolvency Risks: The issuer may become insolvent or unable to meet its financial obligations

Funding Risk: The issuer may be unable to secure additional funding when/if needed

Legal Risks: The issuer may become subject to legal claims, disputes or litigations that are costly, time-consuming and may result in adverse judgements.

Changes in Law: Changes in applicable laws or regulations may adversely affect the Issuer's business model and ability to operate

Reputational Risk: The issuer may fail to provide adequate transparency regarding operations, financial conditions and other key matters.

Key Person Risk: The issuer's success may be heavily dependent on key individuals who skills, experience and continued development are critical to operations.

Business Risk: The issuer's business model may not be successful. The issuer may face operational challenges, management failures, or strategic errors.
I.3
Other tokens-related risks
A non-exhaustive list of the risks relating to crypto-assets include:

Market Volatility Risk: Crypto-assets, including the Token, are subject to extreme price volatility that can result in significant and rapid changes in value. Unlike traditional financial instruments, crypto-asset markets operate continuously without circuit breakers or trading halts, meaning prices can fluctuate dramatically within short timeframes due to market sentiment, speculation, regulatory news, macroeconomic factors, or large trading volumes. Resultantly, holders of the Token may experience substantial losses in the Token's market value, and there is no guarantee that the Token will maintain any particular value or that holders will be able to sell their tokens at a price equal to or greater than their acquisition cost.

Liquidity Risk: There is no guarantee that an active, liquid secondary market for the Token will develop or be maintained. Even if trading venues list the token, liquidity may be limited, sporadic, or concentrated on specific platforms. Low liquidity can result in wide bid-ask spreads, making it difficult for holders to buy or sell tokens at desired prices without significantly impacting the market price. In extreme cases, holders may find themselves unable to exit their positions entirely, particularly during periods of market stress or if trading venues suspend or delist the token.

Regulatory and Legal Uncertainty: The regulatory landscape for crypto-assets is evolving rapidly and varies significantly across jurisdictions. While MiCA provides a regulatory framework within the European Union, other jurisdictions may impose different, conflicting, or more restrictive requirements. Changes in applicable laws and regulations could adversely affect the Token's utility, transferability, or value.

Loss of Private Keys and Irreversibility of Transactions: Crypto-assets are sometimes held in digital wallets controlled by cryptographic private keys. If a holder loses access to their private keys through theft, loss, or technical failure, they will permanently lose access to their Tokens with no possibility of recovery, as there is no central authority capable of restoring access or reversing transactions. Similarly, blockchain transactions are generally irreversible, meaning that tokens sent to an incorrect address or as a result of fraud or error cannot be recovered. Holders bear sole responsibility for implementing appropriate security measures to safeguard their private keys and wallet credentials, and failure to do so may result in total and permanent loss of their crypto-assets.

Cyber Security and Hacking Risk: Crypto-asset infrastructure, including exchanges, wallets, smart contracts, and blockchain networks, are targets for cyber-attacks, hacking attempts, and other malicious activities. Additionally, holders who use third-party wallets, exchanges, or custody services face risks associated with the security practices of those providers. Historical incidents in the crypto-asset industry have resulted in significant losses for token holders, and there is no guarantee that similar incidents will not occur in the future, potentially affecting token holders.
I.4
Project Implementation- Related Risks
A non-exhaustive list of the risks associated with the Project's implementation include:

Centralisation and Foundation Control: The LayerDrone Foundation initially retains around half of the total token supply and controls critical aspects of the Protocol's governance, including sub-protocol parameters for mission creation, data verification, and storage processes. This significant concentration of control and token holdings creates risks that the Foundation may act in ways that are not aligned with the interests of other token holders or the broader community. Decisions regarding token distribution, mission reward structures, or protocol parameters could disproportionately benefit the Foundation or certain participants at the expense of others.

Adoption and Network Effects Risk: The success of the LayerDrone Protocol depends critically on achieving sufficient adoption among drone pilots, data buyers, and Value-Added Providers to create a functional, liquid marketplace for geospatial imagery. If the Protocol fails to attract an adequate number of drone operators willing to capture and submit imagery, or if data buyers do not perceive sufficient value in the Protocol's offerings compared to alternative data sources, the network may fail to achieve the critical mass necessary for sustainability. Low adoption would result in limited mission availability, reduced token utility, minimal transaction volume, and potentially render the Token valueless.

Mission Economics and Reward Sustainability: The Protocol's economic model relies on balancing token rewards for drone pilots with revenue from data buyers and the strategic allocation of the Foundation's token holdings. If the token rewards offered for completing missions are insufficient to cover pilots' operational costs, pilot participation may decline, reducing data capture and network utility. Conversely, if rewards are too generous relative to revenue generation, the Protocol may deplete its token reserves unsustainably, leading to inflation, token value decline, and eventual economic collapse.

Data Quality and Verification System Risk: The Protocol's value proposition depends on providing high-quality, verified, authentic geospatial imagery to data buyers. While the Protocol implements a proof-of-capture verification system that records metadata (timestamp, GPS location, file size) on-chain, this system may have limitations or vulnerabilities that could compromise data quality or authenticity. If the verification system proves inadequate or if data quality issues emerge systematically, buyer confidence in the Protocol would erode, reducing demand for imagery, depressing token value, and potentially causing network failure.

Technology Integration and Operational Complexity: The successful operation of the LayerDrone Protocol requires seamless integration of multiple complex technological components, including blockchain infrastructure (Base Layer 2), smart contracts, drone capture applications, data verification systems, storage solutions, NFT minting processes, and interfaces for pilots and data buyers. Failures, bugs, or incompatibilities in any of these components could disrupt Protocol operations, prevent mission completion, block reward distribution, or render captured data inaccessible. The Protocol's reliance on third-party infrastructure providers also creates dependencies that are outside the Protocol's direct control.
I.5
Technology-Related Risks
A non-exhaustive list of the risks associated with the technology used includes:

Smart Contract Vulnerabilities and Exploits: The LayerDrone Protocol relies on smart contracts deployed on the Base Layer 2 blockchain to manage critical functions, including mission creation, proof-of-capture verification, token rewards distribution, NFT minting, and potentially governance mechanisms. Smart contracts are immutable once deployed and may contain coding errors, logic flaws, or security vulnerabilities that could be exploited by malicious actors. Such vulnerabilities could enable unauthorised token minting, theft of tokens, manipulation of mission parameters, bypassing of verification systems, or other unintended behaviours that compromise the Protocol's integrity and cause financial losses to participants. While smart contracts can be audited before deployment, audits do not guarantee the absence of vulnerabilities, and even audited contracts have been successfully exploited.

Base Layer 2 Dependencies and Risks: The Token and LayerDrone Protocol are built on Base, a Layer 2 scaling solution for Ethereum. This creates dependencies on Base's ongoing operation, security, and performance. Layer 2 solutions introduce additional technical complexity compared to Layer 1 blockchains, including bridge mechanisms between layers, sequencer operations, and data availability guarantees. If Base experiences technical failures, security breaches, consensus issues, prolonged downtime, or network congestion, the LayerDrone Protocol's operations could be disrupted or suspended. Additionally, Base itself depends on Ethereum's Layer 1 for security guarantees, creating further dependency risks.

Blockchain Network Congestion and Transaction Costs: During periods of high network activity on Base, transaction costs (gas fees) can increase and transaction confirmation times may be delayed. Network congestion could also delay time-sensitive operations, degrading the Protocol's user experience and utility. While Layer 2 solutions like Base are designed to reduce transaction costs compared to the Ethereum mainnet, they are not immune to congestion.

Token Standard and Interoperability Limitations: The Token is implemented as an ERC-20 token on Base, which means it inherits both the capabilities and limitations of this token standard. While ERC-20 provides broad compatibility with wallets and exchanges, it may not support certain advanced functionalities that could be beneficial for the Protocol's use cases going forward.

Data Storage and Availability Risks: While the Protocol stores proof-of-capture metadata on-chain, the actual drone imagery files are necessarily stored off-chain due to their size. If the off-chain storage systems experience failures, data corruption, provider insolvency, or loss of data, the imagery associated with minted NFTs could become permanently inaccessible despite the on-chain proof-of-capture existing. This would render the NFTs valueless and damage buyer confidence in the Protocol.
I.6
Mitigation measures
N/A
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
Base operates as a Layer-2 (L2) on Ethereum, developed with Optimism's OP Stack. It does not have its own consensus mechanism; instead, transactions are sequenced and bundled before being secured on Ethereum's proof-of-stake consensus. Incentives are driven by fee aggregation, reducing per-transaction costs and energy use. Estimated annual energy consumption is 1.43303 kWh, with 32.23% from renewable sources. Scope 1 emissions are 0.00000 tCO2e, Scope 2 emissions 0.00047 tCO2e, and overall GHG intensity per transaction is negligible. Calculations are based on a conservative bottom-up methodology using node-level assumptions, geo-location data, and benchmark datasets from Ember (2025) and the Energy Institute (2024).
Mandatory information on principal adverse impacts on climate and other environment-related adverse impacts of the consensus mechanism
S.1
Name
LayerDrone Inc.
S.2
Relevant legal entity identifier
2177449
S.3
Name of the crypto-asset
DRONE Token
S.4
Consensus Mechanism
Base is a Layer-2 (L2) solution on Ethereum that was introduced by Coinbase and developed using Optimism's OP Stack. L2 transactions do not have their own consensus mechanism and are only validated by the execution clients. The so-called sequencer regularly bundles stacks of L2 transactions and publishes them on the L1 network, i.e. Ethereum. Ethereum's consensus mechanism (Proof-of-stake) thus indirectly secures all L2 transactions as soon as they are written to L1.
S.5
Incentive Mechanisms and Applicable Fees
Base is a Layer-2 (L2) solution on Ethereum that uses optimistic rollups provided by the OP Stack on which it was developed. Transaction on base are bundled by a, so called, sequencer and the result is regularly submitted as an Layer-1 (L1) transactions. This way many L2 transactions get combined into a single L1 transaction. This lowers the average transaction cost per transaction, because many L2 transactions together fund the transaction cost for the single L1 transaction. This creates incentives to use base rather than the L1, i.e. Ethereum, itself. To get crypto-assets in and out of base, a special smart contract on Ethereum is used. Since there is no consensus mechanism on L2 an additional mechanism ensures that only existing funds can be withdrawn from L2. When a user wants to withdraw funds, that user needs to submit a withdrawal request on L1. If this request remains unchallenged for a period of time the funds can be withdrawn. During this time period any other user can submit a fault proof, which will start a dispute resolution process. This process is designed with economic incentives for correct behaviour.
S.6
Beginning of the period to which the disclosed information relates
2025-09-25
S.7
End of the period to which the disclosed information relates
2026-09-25
Mandatory key indicator on energy consumption
S.8
Energy consumption
1.43303 kWh/a
Sources and methodologies
S.9
Energy consumption sources and methodologies
Since the crypto-asset is not yet been fully implemented at the time of writing the white paper, conservative estimates regarding the expected activity have been made.

For the calculation of energy consumption, 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 a token, the energy consumption of the networks Base is calculated first. For the energy consumption of the token, a fraction of the energy consumption of the network is attributed to the token, 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.
Supplementary information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism
S.10
Renewable energy consumption
32.2255486008 %
S.11
Energy intensity
0.00000 kWh
S.12
Scope 1 DLT GHG emissions - Controlled
0.00000 tCO2e/a
S.13
Scope 2 DLT GHG emissions - Purchased
0.00047 tCO2e/a
S.14
GHG intensity
0.00000 kgCO2e
Sources and methodologies
S.15
Key energy sources and methodologies
To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal energy cost wrt. one more transaction. Ember (2025); Energy Institute - Statistical Review of World Energy (2024) - with major processing by Our World in Data. "Share of electricity generated by renewables - Ember and Energy Institute" [dataset]. Ember, "Yearly Electricity Data Europe"; Ember, "Yearly Electricity Data"; Energy Institute, "Statistical Review of World Energy" [original data]. Retrieved from https://ourworldindata.org/grapher/share-electricity-renewables.
S.16
Key GHG sources and methodologies
To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from Our World in Data, see citation. The intensity is calculated as the marginal emission wrt. one more transaction. Ember (2025); Energy Institute - Statistical Review of World Energy (2024) - with major processing by Our World in Data. "Carbon intensity of electricity generation - Ember and Energy Institute" [dataset]. Ember, "Yearly Electricity Data Europe"; Ember, "Yearly Electricity Data"; Energy Institute, "Statistical Review of World Energy" [original data]. Retrieved from https://ourworldindata.org/grapher/carbon-intensity-electricity Licenced under CC BY 4.0.