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Unit Economics
Asset-class-neutral liquidity and distribution rail for tokenized real-world assets.
Economics must be separated so investors do not confuse current service proof, future platform revenue and token incentives.
Unit Economics Are Not Yet Validated
The workbook now includes a Unit Economics input sheet. Missing hours, unit costs, CAC or retention remain n.a. rather than zero. The 55%/60%/65% contribution assumptions are provisional planning allowances, not measured gross margins.
| Cost | Treatment | Evidence |
|---|---|---|
| Fixed cloud, CRM, data and KYC minimums | Infrastructure deployment budget only | Contract, quotation and usage limit |
| Platform build and permanent operations | Technology or team deployment budget only | Role, FTE, start date and rate |
| Extra customer delivery, QA, usage and provider charges | Incremental delivery cost provision only | Measured hours and marginal invoices |
| Token/MM allocation | Conditional cash expenditure; no recoverable principal assumed | Approved scope, contract and cash classification |
| Taxes and prior obligations | Unconfirmed cash allowance, separately exposed | Accountant/counsel review |
Calculation
Contribution per account = price less incremental delivery hours multiplied by loaded rate, usage and customer-specific compliance costs. CAC includes sales labor, media, channel fees and attributable travel. Payback is CAC divided by positive monthly contribution. No payback is stated until these inputs are supported.
Scale Test
Measure whether delivery hours, error/rework rate and acquisition cost improve with repeat usage. Do not count the same fixed labor or infrastructure cost again as incremental expense. Do not call a contribution margin accounting EBITDA or free cash flow.
English is the governing text. New amendments may remain in English in localized views. Updated 23 September 2026.