Pursuant to Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation)

REGULATORY STATEMENTS

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 admission to trading of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129.

SUMMARY

Characteristics of the Crypto-asset

MEZO is the native token of the Mezo blockchain, an EVM-compatible Bitcoin-native platform that enables self-service Bitcoin finance and supports the MUSD stablecoin. MEZO tokens serve multiple functions:

1. Governance participation through locking into veMEZO NFTs to vote on gauge emissions and protocol parameters (when paired with veBTC)
2. Boost multiplier for veBTC holders to amplify their voting power up to 5x
3. Anti-dilution rebases through the rebase mechanism for veMEZO holders
4. Ecosystem incentives to attract liquidity and support protocol growth

The token operates within the Mezo Earn economic system, a dual-token matching market where MEZO and BTC work together for governance. The genesis supply is 1,000,000,000 MEZO tokens allocated as:

• 40% Community/Ecosystem
• 25% Team/Contributors
• 25% Investors
• 10% Treasury

MEZO has no intrinsic value or asset backing, with its value derived from protocol utility and market dynamics.

Key Information about the Offer

Supernormal OpCo BVI LTD (the "Applicant") is seeking admission of MEZO tokens to trading on OKX Europe Ltd in order to enhance liquidity and accessibility for ecosystem participants. The admission to trading serves to provide regulated market access for token holders and enhance liquidity through compliant trading venues operating under the MiCA framework. This will enable broader participation in the Mezo ecosystem governance by providing accessible on-ramps for potential participants and support the growth of the decentralised Bitcoin finance platform. The total genesis supply is 1,000,000,000 MEZO tokens.

PART I - INFORMATION ON RISKS

I.1 Admission to Trading Risks

(1) Increased price volatility: Exchange listing typically attracts new market participants including algorithmic traders, arbitrageurs, and short-term speculators. This influx of participants with varying investment horizons and strategies can lead to price movements that become disconnected from fundamental ecosystem metrics.

(2) Different trading environment: Centralised exchanges operate with order books, market makers, and fee structures that differ substantially from decentralised exchanges native to the Mezo ecosystem. This structural difference creates potential for significant price discrepancies between venues.

(3) Platform operational risks: Exchange infrastructure is subject to various operational challenges including matching engine failures, DDoS attacks, and scheduled maintenance windows. More severe scenarios involving platform insolvency, regulatory enforcement actions, or security breaches could result in frozen funds or extended trading halts.

(4) Regulatory compliance: Trading platforms must comply with evolving regulatory frameworks that may result in sudden delistings, geographic restrictions, or trading limitations without advance notice.

I.2 Issuer-Related Risks

(1) Limited Operating History: Supernormal OpCo BVI LTD is a newly established entity, providing limited historical performance data for assessment.

(2) Key Personnel: Protocol development benefits from the continued involvement of core team members.

(3) Multi-Entity Structure: The relationship between Supernormal Foundation (Cayman Islands), Supernormal OpCo BVI LTD (BVI), and RiverDelta, Inc. involves coordination across multiple jurisdictions.

(4) Cross-Jurisdictional Operations: Operating across multiple jurisdictions requires compliance with varying regulatory frameworks.

(5) Treasury Governance: Treasury allocation and management is subject to governance mechanisms and oversight.

(6) Entity Coordination: The Foundation coordinates with the BVI Entity and RiverDelta, Inc. for protocol development activities.

(7) Development Resources: Protocol development is managed by a dedicated team whose continued involvement supports ongoing progress.

I.3 Crypto-Assets-Related Risks

(1) Market-Determined Value: MEZO derives value from protocol utility and market demand. The token has no underlying asset backing, revenue rights, or redemption guarantees.

(2) Token Model Complexity: The dual-token system (MEZO/veMEZO paired with BTC/veBTC) involves locking mechanics, boost calculations, and gauge voting that participants should understand before participating.

(3) Emission Schedule: Ongoing emissions follow a scheduled decay: approximately 25% in years 0-2, 12.5% in years 2-4, 6.25% in years 4-8, and 2% thereafter.

(4) Lock-up Mechanics: veMEZO positions require locking tokens for periods from 1 week to 4 years. Longer locks provide more voting power but reduce liquidity flexibility.

(5) Dual-Token Requirements: MEZO's primary governance utility requires pairing with veBTC positions.

(6) Technical Understanding: Full protocol participation involves understanding epoch timing (7 days), gauge voting, lock durations, and boost mechanics.

(7) No Asset Backing: MEZO has no intrinsic value, asset backing, or redemption right.

(8) Multi-Venue Trading: Tokens may trade across multiple venues with varying liquidity levels.

(9) Market Correlation: Token value may be influenced by broader cryptocurrency market movements.

(10) Vesting Schedules: Different participant categories have different vesting schedules that affect token availability over time.

I.4 Project Implementation-Related Risks

(1) Bitcoin Ecosystem Integration: Mezo's operations are integrated with Bitcoin through tBTC bridging infrastructure provided by Threshold Network.

(2) Emission Transition: The protocol uses MEZO emissions to incentivize liquidity. As emissions decrease, fee revenue becomes increasingly important.

(3) Governance Participation: The protocol benefits from active veBTC and veMEZO holder engagement in weekly voting.

(4) MUSD Collateralization: The Bitcoin-backed stablecoin relies on adequate collateralization ratios and functioning liquidation mechanisms.

(5) Stability Pool Reserves: The Stability Pool mechanism requires sufficient MUSD reserves to function as designed.

(6) Validator Model: The network currently operates under proof-of-authority with plans for potential transition to proof-of-stake.

(7) Smart Contract Operations: Protocol operations depend on smart contracts designed following security best practices.

(8) User Onboarding: The dual-token system is designed for users who understand DeFi mechanics.

(9) Ecosystem Development: Protocol growth depends on attracting users, liquidity providers, and developers.

(10) Integration Partnerships: The ecosystem benefits from integrations with wallets, DeFi protocols, and other service providers.

I.5 Technology-Related Risks

(1) Smart Contract Complexity: The Mezo protocol involves multiple interacting smart contracts including gauge contracts, locking mechanisms, and emission splitters.

(2) Bridge Infrastructure: Bitcoin enters Mezo through Threshold Network's tBTC bridge; bridge operations involve technical complexity.

(3) EVM Compatibility: Mezo utilizes Ethereum's execution environment and associated technical standards.

(4) External Data Sources: Certain protocol functions may rely on price feeds or external data sources.

(5) Validator Operations: The current proof-of-authority validator model operates with a defined validator set.

(6) Protocol Upgrades: Protocol parameters can be adjusted through governance, subject to constraints.

(7) User Interface: The primary user interface is hosted by Supernormal Foundation.

(8) Private Key Management: Users are responsible for securing their wallet private keys.

(9) Transaction Ordering: Transaction ordering follows the network's consensus mechanism.

(10) Technology Evolution: As a newer protocol, Mezo will continue to develop and may introduce modifications over time.

I.6 Mitigation Measures

(1) Security Reviews: Smart contract security audits have been completed before mainnet deployment.

(2) Established Bridge Infrastructure: The Mezo protocol builds on tBTC with over 24,000 BTC bridged since 2020.

(3) Gradual Parameter Changes: Splitter constraints limit governance changes to maximum 1% per epoch.

(4) Anti-Dilution Mechanism: The rebase formula provides protection for veMEZO lockers.

(5) Dual-Token Alignment: The design requires both BTC and MEZO commitment for maximum governance influence.

(6) On-Chain Transparency: Protocol operations occur on-chain with publicly verifiable emissions, fees, and governance decisions.

(7) Security Incentives: A bug bounty program is planned.

(8) Decentralization Roadmap: A transition from proof-of-authority to proof-of-stake is planned.

(9) Open Development: Protocol code is intended to be open source.

(10) Flexible Legal Structure: The Foundation structure is designed to adapt to regulatory developments.

PART A - INFORMATION ABOUT THE PERSON SEEKING ADMISSION TO TRADING

A.17 Financial Condition Since Registration

Applicant Financial Position: The Applicant develops Protocol code, functionality, and intellectual property. Its activities are funded through intercompany arrangements with Supernormal Foundation. Through the support of its parent entity, the Applicant maintains sufficient runway for operations for the foreseeable future.

Parent Entity Financial Position (as of 31 October 2025): Total assets of approximately USD 2.25 million, comprising cash and stablecoins (~USD 592,000), digital assets (~USD 1.32 million), prepaid expenses (~USD 280,000), and long-term assets (~USD 53,000). Total liabilities ~USD 1.11 million. Net equity ~USD 1.14 million.

Operational Performance (January-October 2025): Operating expenses totalled approximately USD 474,000, comprising personnel and contractor costs (~USD 343,000), professional fees (~USD 13,000), recruitment (~USD 40,000), travel (~USD 14,000), events and marketing (~USD 43,000), software (~USD 16,000), and other expenses (~USD 5,000).

PART B - INFORMATION ABOUT THE ISSUER

Not applicable. The issuer of the MEZO token is the Applicant, which is the same entity as the person seeking admission to trading. Accordingly, all relevant information about the issuer has been provided in Part A of this white paper.

PART C - INFORMATION ABOUT THE OPERATOR OF THE TRADING PLATFORM

Not applicable. This crypto-asset white paper has been drawn up by the Applicant rather than by the operator of the trading platform.

PART D - INFORMATION ABOUT THE CRYPTO-ASSET PROJECT

D.4 Crypto-asset Project Description

Mezo is an EVM-compatible Bitcoin-native blockchain designed for Bitcoin holders. The platform enables self-service Bitcoin finance where users can deposit Bitcoin as collateral and borrow MUSD, a dollar-pegged stablecoin, at a fixed interest rate of 1%. Users can access up to 90% of their Bitcoin's value as borrowing capacity, with no credit checks, minimum payments, set repayment schedules, or penalties for early repayment.

Core Features:

• Bitcoin Loans (MUSD): Self-service loans at a fixed 1% rate with access up to 90% of Bitcoin's value as collateral
• Bitcoin Savings Accounts: Automated vaults generating yield through lending and liquidity provision
• Native Swaps: Decentralized exchange for trading between BTC, MUSD, USDC, USDT and other assets
• Mezo Market: Spend MUSD on goods and services without selling Bitcoin
• BTC as Gas: All transactions paid in Bitcoin, creating revenue flow back to ecosystem participants

Mezo Earn Economic System:

Mezo is powered by Mezo Earn, an open-source dual-token economic incentive system. Users lock Bitcoin to create veBTC (Vote-Escrowed BTC), ERC-721 NFTs representing locked Bitcoin positions with time-weighted voting power. Users lock MEZO tokens to create veMEZO (Vote-Escrowed MEZO), ERC-721 NFTs representing locked MEZO with time-weighted boost power that amplifies veBTC voting power but cannot vote independently.

The system operates on 7-day cycles called epochs. Votes cast in epoch N determine emission allocation for epoch N+1 and fee distribution for epoch N.

Technical Foundation:

Mezo integrates with Threshold Network's tBTC, a decentralized Bitcoin bridge. All BTC on Mezo is technically tBTC, held within smart contracts that users deposit into and can withdraw from. Full EVM compatibility enables developers to build permissionless financial products using standard Ethereum tooling.

D.5 Entities Involved

Supernormal OpCo BVI LTD (British Virgin Islands): The Applicant and Issuer of MEZO tokens. Develops Protocol code, functionality, and intellectual property. Wholly-owned subsidiary of Supernormal Foundation.

Supernormal Foundation (Cayman Islands): Parent company. Acts as an adjacent entity to the Supernormal DAO, manages treasury tokens, facilitates governance, and hosts user interface.

RiverDelta, Inc. (United States): Provides development support services under Master Services Agreement. Owns intellectual property to Mezo Earn under open-source license.

Threshold Network: Provides tBTC infrastructure for Bitcoin bridging to Mezo.

D.8 Plans for the Token

Emission Phases:

• Bootstrap Phase (Years 0-2): ~25% annualized inflation, declining linearly
• Growth Phase (Years 2-4): ~12.5% annualized inflation
• Maturity Phase (Years 4-8): ~6.25% annualized inflation
• Perpetuity Phase (Years 8+): ~2% annualized inflation

Emission Routing:

• Block Splitter: Divides between validators (20%) and other uses (80%)
• Chain Splitter: Divides between staking gauges (90%) and non-staking ecosystem gauges (10%)
• Anti-Dilution Rebase: Proportional distribution to veMEZO holders based on lock ratio

D.9 Resource Allocation

Genesis Token Allocation (1,000,000,000 MEZO):

• Community/Liquidity/Ecosystem: 40% (400,000,000 MEZO) - Immediate availability
• Contributors and Team: 25% (250,000,000 MEZO) - 1-year cliff, 3-year linear vesting
• Investors: 25% (250,000,000 MEZO) - 1-year cliff, 2-year linear vesting
• Treasury/Reserves: 10% (100,000,000 MEZO) - Held by Supernormal Foundation for governance-directed deployment

PART E - INFORMATION ABOUT THE ADMISSION TO TRADING

PART F - INFORMATION ABOUT THE CRYPTO-ASSETS

F.2 Crypto-Asset Functionality

(1) Governance Activation: MEZO holders can lock their tokens for 1 week to 4 years, receiving veMEZO NFTs with voting power proportional to lock duration.

(2) Boost Multiplication: veMEZO amplifies the voting power of veBTC positions. Without veMEZO, a user receives their base veBTC voting weight (1x). With veMEZO, users can increase their effective voting power up to 5x.

(3) Emission Direction: veBTC holders (with optional veMEZO boost) vote weekly to allocate MEZO emissions to specific gauges.

(4) Fee and Incentive Claims: Voters earn fees and incentives from pools they support.

(5) Anti-Dilution Rebases: The protocol distributes additional MEZO to veMEZO holders through a rebase mechanism.

Note: The Mezo token does not grant any rights to its holders, but rather allows holders to exercise certain functions.

F.6 Crypto-Asset Characteristics

MEZO is a token operating on the Mezo blockchain, an EVM-compatible Layer 1 network. The token implements ERC-20 standard with 18 decimal places. Total genesis supply is 1,000,000,000 MEZO tokens. Locking MEZO creates veMEZO, represented as transferable ERC-721 NFTs. MEZO tokens have no physical form, backed assets, or redemption rights.

PART G - INFORMATION ON THE RIGHTS AND OBLIGATIONS ATTACHED TO THE CRYPTO-ASSETS

G.1 Purchaser Rights and Obligations

Abilities of MEZO Token Holders:

1. Locking Functions: Lock MEZO for 1 week to 4 years to receive veMEZO NFTs
2. Transfer Functions: Full ERC-20 transfer functionality; veMEZO NFTs also transferable as ERC-721
3. Boost Functions: Direct veMEZO to any veBTC gauge for boost multiplication
4. Rebase Functions: Receive proportional anti-dilution rebases

MEZO Does NOT Provide:

• Independent voting rights (requires pairing with veBTC)
• Direct fee claims without active participation
• Redemption rights against any assets
• Revenue distribution rights
• Equity or ownership in any legal entity

G.2 Exercise of Rights and Obligations

To use MEZO tokens, holders need a Web3-compatible wallet connected to the Mezo network. Standard token transfers follow ERC-20 processes. Gas fees on Mezo are paid in BTC. To convert MEZO to veMEZO, access the Mezo interface at mezo.org, navigate to the locking function, select lock duration, and confirm the transaction.

veMEZO Weight = MEZO Amount × (Remaining Lock Duration / Maximum Lock Duration)

G.3-G.5 Governance and Retained Assets

The Mezo protocol operates under decentralized governance. Governable parameters include veBTC maximum lock duration, maximum boost multiplier, boost coefficient, anti-dilution function parameters, and splitter ratios (subject to 1% max change per epoch). The Issuer does not retain tokens for its own account; all are distributed to designated categories or transferred to Supernormal Foundation for treasury management.

G.13 Supply Adjustment Mechanisms

Emission Schedule:

• Years 0-2: ~25% annualized
• Years 2-4: ~12.5% annualized
• Years 4-8: ~6.25% annualized
• Years 8+: ~2% annualized (perpetual tail)

Distribution: Gauge Emissions weekly based on veBTC voting; Anti-Dilution Rebase to veMEZO holders; Validator Rewards (20%); Staking Gauges (72%); Ecosystem Gauges (8%). All distributions executed automatically on-chain at epoch boundaries (7-day cycles).

PART H - INFORMATION ON THE UNDERLYING TECHNOLOGY

H.3 Technology Used

(1) Consensus Layer: Currently proof-of-authority with planned transition to proof-of-stake.

(2) Execution Layer: Full EVM compatibility enabling Solidity smart contracts.

(3) Bitcoin Bridge: Integration with Threshold Network's tBTC (over 24,000 BTC bridged since 2020).

(4) Mezo Earn Smart Contracts: Gauge contracts, Splitter contracts, VotingEscrow contracts, veBTC contracts, Minter contracts.

(5) DeFi Protocols: AMM pools, Lending protocol for MUSD minting, Stability Pool for liquidation handling, Savings vaults.

H.4 Consensus Mechanism

Current State - Proof of Authority: Validators are selected and authorized to produce blocks. Provides high throughput and low latency. Validators receive MEZO emissions through the validator gauge branch (20% of post-rebase emissions).

Planned Evolution - Proof of Stake: Validator economic weight determined by staked MEZO. Slashing enabled for misbehavior (only MEZO, not BTC). veBTC/veMEZO voting determines relative validator share.

H.5 Incentive Mechanisms and Fees

Participant Rewards:

• veBTC Holders: Passive fees + active voting rewards + boost multiplication up to 5x
• veMEZO Holders: Anti-dilution rebases + incentives from voted gauges (no independent voting)
• Liquidity Providers: MEZO emissions from staked gauges
• MUSD Savers: Interest from savings vault + additional MEZO emissions

Fee Structure:

• DEX Stable Pools: 0.05%
• DEX Volatile Pools: 0.3%
• MUSD Borrowing: 1% fixed rate
• Bridging Fees: ~$3 flat + variable gas
• Network Gas: Paid in BTC

H.7 DLT Functionality Description

The Mezo blockchain serves as a Bitcoin-focused financial platform enabling self-service Bitcoin-backed loans with MUSD stablecoin, decentralized exchange functionality, governance through the Mezo Earn dual-token system, and yield generation through liquidity provision and savings vaults. All protocol operations are executed on-chain through smart contracts with no centralized custody of user assets.

PART J - INFORMATION ON THE SUSTAINABILITY INDICATORS

J.04 Consensus Mechanism

Mezo Blockchain: Proof-of-Authority (PoA) transitioning to Proof-of-Stake (PoS). The network does not use energy-intensive Proof-of-Work mining. PoA and PoS consensus mechanisms require only modest computational resources compared to PoW systems. Bitcoin Bridge (tBTC) relies on Threshold Network's staking mechanism operating on Ethereum's Proof-of-Stake consensus.

J.05 Incentive Mechanisms and Fees

The MEZO protocol operates without energy-intensive mining or competitive computational rewards. The incentive structure consists of MEZO token emissions distributed weekly through gauge voting (no computational mining competition), trading fees collected from swaps (0.05%-0.3%) distributed to governance voters, bridging fees (~$3 flat) processed through efficient tBTC infrastructure, and standard EVM gas fees for transaction processing.

J.08 Energy Consumption

Estimated Annual Energy Consumption: 1,500 - 8,000 kWh (0.0015 - 0.008 GWh)

Energy calculations follow methodologies developed by the Crypto Carbon Ratings Institute (CCRI) and the Cambridge Blockchain Network Sustainability Index (CBNSI). With a small PoA validator set of fewer than 10 nodes, total network consumption is minimal. Comparative context: Ethereum post-Merge uses ~2,601 MWh/year; Mezo's consumption is ~99.7% lower than Ethereum and significantly below all major PoS networks.

J.09 Energy Consumption Sources and Methodologies

Methodology Framework: CCRI methodology for PoS/PoA networks, Cambridge Blockchain Network Sustainability Index, and IEA emission factor databases. Calculation Parameters: Hardware energy estimated at 50-150W per node, PoA consensus eliminates computational competition, tBTC bridge operations allocated proportionally to Mezo's share of total bridge volume, and carbon intensity using global average grid emission intensity of 445 gCO2/kWh (IEA 2024 data).

J.10 Environmental Impact

Estimated Annual Carbon Footprint: 0.7 - 3.6 tonnes CO2 equivalent (tCO2e)

Contextual Comparisons: Equivalent to ~0.1-0.5 roundtrip economy flights (London-New York), ~0.1-0.4 average EU household annual carbon footprints, and less than 0.000005% of Bitcoin network's estimated annual footprint. Environmental Efficiency: No mining competition, small validator set (<10 nodes), efficient PoA consensus, and leveraged security through Threshold Network's existing infrastructure.