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with pre-qualified institutional partners (e.g., market makers) upon a collateral health threshold breach. If the position is not fully liquidated via private auction, a public, on-chain auction is triggered as a final recourse. This dual-mechanism approach yields several critical outcomes: Elimination of Bad Debt: The rapid and efficient liquidity process mitigates the risk of protocol insolvency. Increased Capital Efficiency: The reliability of the engine enables the protocol to safely offer higher Loan-to-Value (LTV) ratios than competitors. Liquidity Sourcing: The protocol's ability to access both on-chain and off-chain liquidity ensures resilience during periods of extreme market volatility. 7 Business Model and Projections Block Street's business model is designed around monetizing structural inefficiencies in tokenized capital markets while building recurring, infrastructure-level revenue streams that scale with market adoption. The protocol generates revenue across execution, financing, and infrastructure layers, with early validation already demonstrated through Aqua's production deployment. Interest Rate Spread: The differential between borrowing and lending rates via Everst. Everst generates recurring revenue through the spread between borrowing and lending rates on tokenized equities and structured RWA collateral. By combining off-chain institutional liquidity with on-chain composability via the Hybrid Liquidity Engine, Everst can safely support higher capital efficiency than traditional DeFi lending models, enabling competitive rates while preserving protocol margins. Systematic Arbitrage (Aqua): Aqua captures alpha through basis gaps (0.6-1.0%) across tokenized issuers. Current modeling suggests an Annualized ROE of 65-105% for Systematic Arb modes. Aqua monetizes fragmented tokenized equity markets by capturing persistent 0.6–1.0% basis gaps across issuers through RFQ-based execution and cross-venue routing. In production, Aqua operates both market-making and systematic arbitrage strategies, with modeled annualized ROE of ~65–105% for systematic arbitrage modes under conservative turnover assumptions. As of the most recent period, Aqua has reached approximately $200,000 in monthly protocol revenue, scaling steadily alongside market volume growth and institutional participation. This revenue is driven by execution fees, spread capture, and routing efficiency rather than speculative leverage, providing a defensible and repeatable income base. Supplementary Revenue Streams: These include liquidity and settlement rebates, structured products, derivatives offerings (projected for 2026+), and API licensing. Liquidity & Settlement Rebates: Fees earned through routing and settlement optimization across partner venues and issuers. Structured Products & Yield Strategies: Packaged basis, carry, and delta-neutral products built on top of Everst and Aqua liquidity. Derivatives & Advanced Risk Products (2026+): Options, structured credit, and volatility products referencing tokenized RWAs. Institutional API & Infrastructure Licensing: Paid access to RFQ endpoints, routing APIs, and risk-synchronized execution for brokers, market makers, and custodians. Based on current traction, $118M in blended monthly volume achieved, and assuming continued growth in tokenized equity issuance and institutional adoption, Block Street projects total monthly volume scaling toward $800 million by the end of 2026, representing approximately 65% share within targeted tokenized equity and RWA liquidity corridors. As execution quality improves and additional asset classes onboard, revenue is expected to scale non-linearly relative to volume due to increased turnover, routing density, and capital reuse. 8 Roadmap Our market strategy is founded on cultivating key strategic partnerships to facilitate adoption and foster network effects. Our collaborative ecosystem includes a diverse group of industry leaders and protocols. Block Street's roadmap is structured to progressively evolve from execution infrastructure into a full-stack liquidity and risk backbone for tokenized capital markets. Each phase builds on validated production systems rather than speculative feature expansion. 8.1 2026: Liquidity Foundation & Asset Expansion Phase 1 — Institutional Liquidity Network (Q1 2026) Scale Aqua as the default RFQ and routing layer for tokenized equities across major issuers and chains Expand institutional API access for market makers, broker-dealers, and custodians Standardize cross-issuer execution, pricing, and settlement primitives Deepen liquidity density and reduce fragmentation across existing equity tokens Phase 2 — Multi-Asset RWA Support (Q2–Q3 2026) Extend Everst and Aqua support to pre-IPO equities, private credit, ABS, and MBS-style RWAs Introduce asset-specific risk parameters and liquidation profiles within the Hybrid Liquidity Engine Enable structured carry, basis, and yield strategies across heterogeneous RWAs Begin packaging institutional-grade yield products built on verified underlying assets Phase 3 — RWA Trading Venue Preparation (Q4 2026) Lay the groundwork for a high-quality, compliance-aware trading venue dedicated to verifiable RWAs Focus on execution quality, settlement certainty, and risk transparency rather than retail speculation Position Block Street as neutral infrastructure rather than an issuer or exchange 8.2 2027: Market Deepening & Institutionalization Expand derivatives coverage (options, structured credit, volatility overlays) on tokenized RWAs Launch risk-netted cross-margin frameworks across Everst and Aqua Support secondary liquidity for long-duration RWAs (private credit, structured products) Increase institutional balance-sheet participation via improved capital efficiency and execution certainty 8.3 2027+: Global RWA Liquidity Backbone Establish Block Street as a cross-jurisdictional liquidity and risk coordination layer for tokenized capital markets Support sovereign, quasi-sovereign, and large-scale real-asset tokenization programs Enable programmable, composable capital markets where RWAs trade with TradFi-grade liquidity, transparency, and efficiency Transition governance and parameter control progressively toward decentralized, stakeholder-driven oversight 9 Tokenomics The BSB token serves as the native utility token of the Block Street ecosystem, allocated to support protocol growth, incentivize participation, and ensure long-term alignment across liquidity providers, institutional partners, developers, and users. BSB will be deployed on Ethereum and BNB Chain, enabling seamless participation across Block Street's cross-chain liquidity infrastructure. The total supply of BSB is fixed at 1,000,000,000 tokens, with allocations structured to balance ecosystem expansion, decentralization, and operational sustainability. At TGE, 20.775% of the total supply (207,750,000) BSB tokens are expected to be initially in circulation, with the remaining tokens released gradually according to vesting schedules. The BSB token allocation and vesting schedule are structured as follows: Allocation Percentage Vesting Community & User Incentives 22.10% 3.125% unlocked at TGE, 5-year vesting Ecosystem Partners 20.60% 2% unlocked at TGE, 5-year linear vesting Exchanges & Marketing 10.65% 100% unlocked at TGE Treasury 5.65% 6-month cliff, 5-year linear vesting Team & Advisors 17.30% 12-month cliff, 5-year linear vesting Core Investors 15.70% 12-month cliff, 4-year linear vesting Strategic Investors 3.00% 12-month cliff, 4-year linear vesting Liquidity 5.00% 100% unlocked at TGE Community & User Incentives (22.10%): Allocated to early retail users, testnet participants, and community supporters. This allocation supports airdrops, liquidity mining, trading rewards, staking incentives, and other user engagement programs designed to reward active participation and strengthen protocol liquidity. Ecosystem Partners (20.60%): Allocated to institutional partners, liquidity providers, developers, and integration partners supporting Block Street's liquidity infrastructure. This allocation supports cross-chain deployments, liquidity provisioning, protocol integrations, and ecosystem expansion initiatives aligned with long-term network growth. Exchanges & Marketing (10.65%): Allocated to support exchange listings, market expansion, trading campaigns, and user acquisition initiatives. Treasury (5.65%): Allocated to support protocol sustainability, including development, security audits, operational expenses, ecosystem grants, and strategic initiatives. Treasury management will progressively transition to decentralized governance. Team & Advisors (17.30%): Allocated to founders, core contributors, employees, and advisors to ensure long-term alignment and continued protocol development. Core Investors (15.70%): Allocated to seed and private round investors who provided funding for protocol development, infrastructure, audits, regulatory setup, and global expansion. Strategic Investors (3.00%): Allocated to future strategic partners and institutional participants contributing to ecosystem growth, liquidity expansion, and long-term network development. Liquidity (5.00%): Allocated to provide liquidity across centralized and decentralized exchanges, support market-making operations, and ensure efficient price discovery and stable token circulation. 10 Token Allocation and Utility The native cryptographically-secure fungible protocol token of Block Street (ticker symbol BSB) is a transferable representation of attributed utility functions specified in the protocol/code of Block Street, and which is designed to be used solely as an interoperable utility token thereon. Block Street's token supply is allocated to ensure a community-first ecosystem and long-term development. Key Token Utilities: The Block Street token is designed as a multi-utility infrastructure token: Governance: Token holders can vote on protocol upgrades, new asset listings, fee parameters, and other key decisions, steering Block Street's evolution. Membership tiers: Active traders and participants holding tokens enjoy reduced trading fees. Staked token holders can also qualify to participate in exclusive activities for premium membership tiers, aligning incentives between the platform and its users. Ecosystem Participation: The token acts as a gateway to Block Street's ecosystem – from accessing premium features to qualifying for community initiatives (such as governance committees, staking programs, and exclusive pools). Our token serves as relationship-building tools — aligning major ecosystem participants with Block Street's long-term success by giving them a direct stake in the protocol. Tokens distributed through this program will often carry vesting conditions or performance milestones to ensure continued engagement and contribution. Reward active participation: Users who provide liquidity, trade tokenized assets, or interact with Block Street-powered applications will earn BSB as incentives. This mechanism not only drives adoption but also deepens the protocol's liquidity. 10.1 Token Utilities and Use Cases The BSB token is not just a static asset; it has multiple utilities that make it the lifeblood of the Block Street ecosystem. By imbuing BSB with clear use cases, Block Street ensures demand for the token is driven by platform usage and growth, not mere speculation. BSB is a functional multi-utility token which will be used as the medium of exchange between participants on Block Street in a decentralised manner. The goal of introducing BSB is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on Block Street without any intermediaries such as centralised third party entity/institution/credit. It is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. BSB does not in any way represent any shareholding, ownership, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will BSB entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the British Virgin Islands, Singapore or any relevant jurisdiction. BSB may only be utilised on Block Street, and ownership of the same carries no rights, express or implied, other than the right to use BSB as a means to enable usage of and interaction within Block Street. The secondary market pricing of BSB is not dependent on the effort of the Block Street team, and there is no token functionality or scheme designed to control or manipulate such secondary pricing. For the avoidance of doubt, neither the Company nor the Distributor deals in, or is in the business of buying or selling any virtual asset or digital payment token (including BSB). Any sale or distribution of tokens would be performed during a restricted initial period solely for the purpose of obtaining project development funds, raising market/brand awareness, as well as community building and social engagement; this is not conducted with any element of repetitiveness or regularity which would constitute a business. Further, BSB provides the economic incentives which will be distributed to encourage users to exert efforts towards contribution and participation in the ecosystem on Block Street, thereby creating a mutually beneficial system where active participants are fairly compensated for their efforts. BSB is an integral and indispensable part of Block Street, because without BSB, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the ecosystem. Given that additional BSB will be awarded to a user based only on its actual usage, activity and efforts made on Block Street and/or proportionate to the frequency and volume of transactions, users of Block Street and/or holders of BSB which did not actively participate will not receive any BSB incentives. Below are the key utilities of BSB: Governance and Voting Rights: BSB is a governance token, granting holders the ability to influence the direction of the Block Street protocol. Once the token is sufficiently decentralized, governance proposals can be made (and voted on) to modify system parameters, list new tokenized stocks, adjust fee models, or allocate treasury funds for ecosystem growth. For Block Street, this means the community can make decisions such as which new equities to tokenize next, how to adjust collateralization or liquidity parameters for the on-chain stock markets, or how to spend ecosystem funds on new growth initiatives. Governance power encourages long-term holding of BSB, as holders who wish to shape the platform's future will keep their tokens to vote. It also aligns with Block Street's ethos of being a publicly-owned infrastructure – the platform's policies will ultimately be set by BSB holders rather than a central team. Revenue Usage and Incentives: As Block Street grows, the platform would generate revenue (from trading fees, borrowing interest etc.). To develop a self-sustainable, engagement-reward economy, a portion of these fees would be re-distributed in BSB as incentives for active contributors interacting within the ecosystem. For example, users who provide liquidity, trade tokenized assets, or interact with Block Street-powered applications will earn BSB as the incentives for their continued engagement. Staked token holders can also qualify to participate in exclusive activities for premium membership tiers, allowing users to earn rewards for participation. Block Street's tokenomics plan could utilize one or a combination of approaches subject to governance approval. There may be further mechanisms and enhancements to the engagement-reward scheme designed carefully to comply with evolving regulations (distinguishing utility tokens from securities), enabled via governance after launch. Ecosystem Participation: BSB will also offer key utilities within Block Street's trading and lending ecosystem: As the platform currency, users may be able to use BSB as collateral to borrow tokenized stocks or other assets. For example, a user could deposit BSB (alongside other collaterals like stablecoins) to take a leveraged short position on a stock. This adds an intrinsic demand for BSB from traders who want to leverage their positions or access certain margin features. Utilizing BSB, users may be able to pay for services and products. Active traders and participants holding BSB would enjoy reduced trading fees. BSB could also potentially be required for participation in special pools or auctions. In the event that Block Street runs auctions for liquidities or for the tokenization of new equities, having BSB staked or posted might be necessary qualifications to join those auctions, ensuring participants have a stake in the system, and also to enforce good conduct. In the longer term, if Block Street expands DAO-managed activities or index products, BSB might be used to participate/subscribe, or to otherwise vote or engage in such activities. In summary, BSB is intended to be deeply integrated into Block Street's functionality. Holding BSB provides a richer experience: governance influence, lower fees, rewards/yield from actively engaging in platform activities, and enhanced platform privileges. This multi-faceted utility drives organic demand. 11 Conclusion: Strategic Differentiation Together, Everst and Aqua illustrate Block Street's dual-engine design: Everst brings TradFi-grade leverage and structured credit products to tokenized equities. Aqua ensures these markets are cross-chain liquid, risk-synchronized, and globally interoperable. This synergy positions Block Street as the infrastructure backbone for tokenized capital markets, not just a single protocol, unifying liquidity, execution and risk layers across institutional finance. Block Street's position in the market is defined by a rigorous technical approach and a strategic focus on a singular market vertical. Our key differentiators are as follows: Vertical Specialization: Our exclusive focus on tokenized equities and derivatives allows for superior execution and optimized product offerings. Technological Superiority: The Hybrid Liquidity Engine provides a robust and reliable mechanism for managing risk, leading to greater capital efficiency and protocol stability. Strategic Alliances: Our foundational partnerships provide a critical network effect and an enduring competitive advantage. The tokenized equity market has crossed the threshold of real transaction volume but remains architecturally constrained. Aqua's RFQ engine represents the necessary institutional infrastructure uplift, combining superior liquidity aggregation with stringent risk mitigation. By offering tighter spreads, deeper books, and 2x to 3x higher ROE alongside verifiable compliance standards, Aqua provides the execution backbone required to scale institutional participation in the next phase of tokenized RWA growth. With diverse issuer standards, APIs, and liquidity venues now converging through Aqua's infrastructure, the protocol's early technical lead translates directly into scaling advantage—reflected in both rising institutional adoption and accelerating transaction volume. Block Street is on a mission to build a foundational infrastructure designed to serve as the definitive unified liquidity layer for the next generation of global capital markets. BlockStreet Infrastructure Welcome to BlockStr