1. Decentralization Strengthening

The issuer is aware that decentralization is gradually becoming an important requirement for listing on recent global CEXs. Therefore, the issuer plans to sequentially pursue the following measures to enable more decentralized circulation and operation of tokens in the future.

1) Determining Decentralized Governance of Token Distribution

In the future, we plan to use governance voting tools such as Snapshot to propose and discuss the distribution of non-sale tokens, such as ecosystem tokens, and make decisions through them.

However, there are areas where some confidentiality is necessary for business operations, such as listing or market creation, and team token distribution. For such areas, we aim to pursue both decentralization and confidentiality by setting a kind of upper limit in decentralized governance by saying 'Let's allocate this much volume for this purpose first.

This is expected to operate in a way similar to how director compensation limits are established at a shareholders' meeting, even though individual directors may not know exactly how much they will receive.

1) After introducing decentralized governance for token allocation, we plan to gradually 2) transfer the tokens held in the issuer's vault to a multi-sig contract or a third-party custodian, furthermore, 3) until signers who manage the multi-sig key for managing token contracts or product contracts can be elected directly through a vote within the DAO, our plan is to pursue achieving token decentralization as one of our crucial goals.

However, as for the individual functions of the token, it may be somewhat difficult for the DAO to discuss and decide depending on the product situation, regulations, and industry/competitive environment. Therefore, for now, we plan to exclude it and gradually expand the role and scope of DAO decision-making by determining only the non-sales token distribution details or setting limits for specific purposes.

2) Decentralization of the Alliance Products and Partnerships

In the Changer alliance products, for on-chain products such as DeFi and NFTs, we aim to conduct decision-making solely through tokens, except in cases where an operator is required due to regulations. The ecosystem will be operated in a manner that solely utilizes tokens, thereby increasing decentralization as much as possible. Furthermore, we aim to sequentially progress towards complete decentralization by ultimately electing contract multi-signature signers from a DAO.

Of course, a centralized operating entity may be necessary for compliance with relevant regulations, worker employment, and tax payments. In such cases, the goal is for the organization to exist solely as a practical body that simply executes the results of votes from decentralized governance.

In other words, all decision-making regarding on-chain products will be proposed, debated, and decided through voting in the DAO, and the centralized organization will only carry out tasks as a delegate with execution authority. As for off-chain products, DAO decision-making may be difficult due to regulations, so they are excluded from our current objectives.

Regarding partnerships, decisions about how Changer will be used within partnerships and the expansion of partnerships themselves are currently driven by a centralized operating entity. However, in the future, we intend to change the focus so that the centralized company identifies potential partners, but discussions and decision-making take place within the DAO.

Of course, it may be necessary to maintain confidentiality for a certain period during discussions and negotiations with potential partners. Therefore, the DAO will provide broad guidance on the objectives and roles of the centralized company, and the company, delegated by the DAO, will act as a proxy to drive, contract, and execute these objectives, reporting back to the DAO.

It's important to note that it may be difficult for us to pursue a high level of decentralization with external companies, such as partnerships, compared to our alliance products. Since this is an inevitable issue, we plan to sequentially move forward with the direction of increasing decentralization beyond its current state.

2. Enhancing Liquidity

1) Listing Expansion

To ensure stable transactions of digital assets, a large number of buyers and sellers are required. This is known as liquidity. In order to expand liquidity, it is crucial to list the asset on multiple exchanges, particularly those with high participation rates.

Changer recognizes the importance of listing its token on various exchanges. After two and half years of product development since its initial token issuance, the first alliance product called Altpro was officially launched in Dec 2023, and the tokenomics have been updated in accordance with the latest regulatory trends. Based on this, we are committed to actively pursuing additional exchange listings in the future.

2) Enhancement of Market Formation

Ensuring ample liquidity on exchanges is as important as being listed on them. When there is a large gap between the prices offered by buyers and sellers, or spread, it can be difficult to execute trades smoothly. While such spreads can decrease over time, this is often challenging to achieve solely through trading among market participants.

At Changer, we believe that professional market makers are essential for facilitating active token trading. Over the past two and half years, we have been in discussions with numerous market makers worldwide, and in Mar 2023, we confirmed our collaboration with a top global firm.

With this collaboration, Changer will be listed on exchanges supported by the market-making firm, and traders can expect to conduct stable transactions 24 hours a day with significantly lower spreads compared to other tokens. We will continue to prioritize improving the trading environment for traders by expanding listings and reducing spreads.

3. Enhancing Accessibility

1) Enhancing Institutional Accessibility

Changer recognizes that for its token to be successful, it must provide seamless access for institutions trading cryptocurrencies. To achieve this, Changer has made efforts to enable the storage, trading, and transfer of its token on the digital asset infrastructure used by global cryptocurrency trading institutions since its initial issuance.

As of Jan 2024, Changer is registered as one of the assets supported by BitGo, the world's largest digital asset custodian. Additionally, Fireblocks, an MPC-based custody infrastructure utilized by various crypto-specialized institutions, including major OTCs worldwide, supports multiple temporary tokens, including not only Changer but also ecoCNG, backCNG, and teamCNG.

Moving forward, Changer intends to consistently encourage diverse institutional custodians to actively support Changer. By doing so, Changer aims to establish its token as one of the popular assets in the expanding "Permissioned DeFi" market, which is anticipated to achieve a market size of $1 trillion by 2030.

2) Bridging to Multiple Blockchain Networks and Dapp Partnerships

Changer plans to actively promote token bridging to enable the token to be utilized not only on Ethereum but also on promising L2 and Non-EVM chains.

In the next cycle, L2 is likely to thrive much more due to low gas fees and high performance. In this context, one of Changer's important goals is to become one of the preferred tokens among promising high-performance chains.

To achieve this goal, it is crucial to partner and collaborate with various decentralized applications (Dapps) being created on promising new L2s and other platforms. Therefore, Changer will strengthen its business development (BD) team and devote significant effort to formal collaborations with various Dapps emerging on promising new L2s.

4. Compliance with Regulations

1) Principle of Exclusion of Securities

Changer considers the absence of any security-like characteristics in the token's functionality and operation to be the most crucial aspect of its evolved tokenomics. This principle will be an uncompromising and absolute requirement when expanding the token's use cases or designing its functionality.

While interpretations of security-like characteristics may vary depending on each country's laws and regulatory authorities' interpretations, it is generally considered risky if tokens simply accrue interest through holding or staking, guarantee the principal or profit, or obtain dividends linked to the performance of a specific business.

Therefore, the basic design principle is that Changer are simply used like tickets or coupons within their own service ecosystem and affiliates. Just as BTS fan meeting tickets or goods do not suddenly become recognized as securities simply because the number of people wanting them increases significantly, Changer are also aimed at increasing the number of uses that accept tokens within a limited circulation.

Changer are not tied to the performance of any specific joint venture, based on the principles of the Howey Test used by the U.S. SEC to determine the nature of a security. The primary goal of Changer is to ensure that there is no "common enterprise with an expectation of profit." Instead, the tokens serve as a means and medium for various products and services to be used for promotional or marketing purposes, like coupons, with their sole issuance purpose being this function.

To ensure that its tokens do not possess security features, Changer is making special efforts based on the content of the SEC's Framework for "Investment Contract" Analysis of Digital Assets, which was last updated on March 8th, 2023.

2) Principle of Exclusion of Unqualified Traders

At the time of its initial token issuance, Changer conducted strict Know Your Customer (KYC) procedures and prohibited US citizens and residents, Singaporean citizens and residents, as well as citizens and residents of countries sanctioned by the US OFAC from purchasing tokens.

Changer's centralized alliance products allow KYC, which enables them to prevent the purchase or trading of Changer by citizens and residents of countries sanctioned by the US OFAC. Additionally, they fully prohibit individuals classified as high-risk by governments or international organizations worldwide from purchasing and trading tokens, even if they are not citizens or residents of sanctioned countries.

Changer strictly prohibits and condemns the trading of its tokens by unqualified individuals, and this principle will continue to be upheld and responsibly managed. However, it may be technically impossible to prevent secondary distribution in places where KYC is not feasible, such as DeFi and P2P transactions. Therefore, Changer aims to exert maximum effort within the scope of what is technically possible to identify high-risk traders and prohibit or reclaim token usage in DeFi and P2P transactions as technology advances.

Furthermore, if it is confirmed that an unqualified person has acquired and holds Changer through any means, Changer plans to develop a system that promptly notifies alliance products and partners in order to deny transactions with the wallet addresses associated with that trader.

Compliance with regulations related to digital assets is one of Changer's top priorities, and they will always strive to stay at the forefront of regulatory compliance within the limits of what technology permits.


Digital assets are not legal tender and carry the risk of principal loss upon purchase. Changers are not securities such as stocks, bonds, or investment contracts and do not grant any rights to alliance products or operating entities. The purchase or holding of Changer should always be exercised with caution, and DFX Pte. Ltd. and its affiliates do not guarantee principal or provide any financial guarantees or warranties. All responsibility for the purchase and holding of tokens lies solely with the buyer. Changers are not linked to the success or failure of any business beyond simple marketing and promotional purposes.

The token overview, utility, manifesto, and circulation data are for reference purposes only and are not guaranteed or warranted to be accurate to anyone. All information presented here is subject to change without notice based on market conditions, regulatory environments, and business success or failure. The token circulation data is based on information available to the issuer, but it may not be accurate depending on the time of assessment and the aggregation method, and is therefore not guaranteed or warranted.

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