Financials and Estimates

Operational expenses, growth assumptions, and P&L forecast

Monthly Operational Expenses

Expense	Cost
Core team salaries (4 members)	$30,000
Engineering & product team salaries (7 members)	$20,000
Global operations team (10 members)	$15,000
Global marketing & growth team (5 members)	$10,000
Monthly average legal and miscellaneous corporate expenses	$10,000
Growth marketing campaigns, rewards & cashback programme spends	$50,000
Gas sponsorships to users & technical infra costs	$15,000
Travel, emergency buffers, team incentives, SaaS & AI subscriptions	$25,000
Total Monthly Expenses	$175,000

Key Assumptions

Assumption	Value
Monthly volume growth rate	30%
Transaction fees	1.25%
Merchant commission	0.75%
March 2026 volume	$5,000,000
Variable gas/cloud costs	5%
Monthly operational expense growth rate	12%

P&L Forecast ($‘000s)

	Apr 2026	Jul 2026	Oct 2026	Jan 2027	Apr 2027	Jul 2027
Volume	$6,500	$14,281	$31,374	$68,929	$151,438	$332,708
Transaction fees	$81	$179	$392	$862	$1,893	$4,159
Transaction cost	$49	$107	$235	$517	$1,136	$2,495
Variable cost	$4	$9	$20	$43	$95	$208
Total COGS	$53	$116	$255	$560	$1,230	$2,703
Gross profit	$28	$63	$137	$302	$663	$1,456
Operational expenses	$196	$275	$387	$544	$764	$1,073
Operating profit/(loss)	($168)	($213)	($250)	($242)	($101)	$383

Path to Profitability

The protocol is forecast to reach operating profitability by mid-2027 as volume compounds at 30% monthly growth.

Key Milestones

• April 2026: $6.5M monthly volume, ($168k) operating loss
• October 2026: $31.4M monthly volume, ($250k) operating loss
• April 2027: $151.4M monthly volume, ($101k) operating loss
• July 2027: $332.7M monthly volume, **$383k operating profit**

Revenue Model

Revenue is driven entirely by:

• Transaction fees on a working product
• Real volume from actual users
• No reliance on token emissions
• No inflationary incentives

Real Revenue

All revenue comes from transaction fees on working product

Sustainable Growth

No token emissions or inflationary rewards needed

Path to Profit

Operating profitability expected by mid-2027

Volume-Driven

30% monthly growth compounds revenue rapidly

Cost Structure

Fixed Costs

• Team salaries (engineering, operations, marketing)
• Legal and corporate expenses
• SaaS subscriptions and tools

Variable Costs

• Transaction processing costs (merchant commissions)
• Gas sponsorships scale with volume
• Cloud infrastructure costs
• Marketing campaigns tied to user acquisition

Efficiency Gains

As volume scales, operating leverage improves. Fixed costs become smaller percentage of revenue while variable costs remain proportional.