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Ecosystem Compliance Capital Token Economics Governance Calculator ← Main Site
Under Active Development · Dubai, UAE

Zero-Knowledge
Infrastructure
for the Regulated Future
of Finance.

A fully integrated blockchain ecosystem connecting institutional payments, digital assets, hybrid exchange infrastructure, and tokenised financial instruments — built from the ground up for regulatory compliance.

Confirmed Capital at Launch
$23.1M
Strategic + HNW Combined
HNW Clients Onboarding
700+
~$25,000 Average Allocation
Phase 2 Token Price
$0.0150
SRX · Strategic Round Open
Platform Transaction Fee
1%
Qualifying Activity

An Integrated Infrastructure Stack
for Regulated Finance

Syrax is architecting a unified layer of blockchain infrastructure that connects every critical component of the digital asset lifecycle — from on-chain settlement to institutional custody and real-world asset tokenisation.

01 · ZK Layer 2

ZKSync Layer 2 Core

Built on ZKSync, a ZK rollup Layer 2 scaling solution — delivering Ethereum-level security with high-throughput, low-cost transactions through zero-knowledge proof compression.

ZK RollupEthereum SecurityHigh Throughput
02 · Payments

Payment Gateway

Enterprise-grade crypto payment infrastructure supporting multi-asset acceptance, stablecoin settlement, and fiat conversion capabilities.

Multi-AssetStablecoin SettlementEnterprise API
03 · Exchange

Hybrid Exchange

Centralised liquidity engine with decentralised settlement — combining institutional-grade execution with on-chain transparency and auditability.

CEX/DEX ArchitectureOn-Chain SettlementZK Verified
04 · Custody

Non-Custodial Wallet

Self-sovereign, multi-chain digital asset wallet with ZK-native integration, enterprise security architecture, and institutional access controls.

Self-SovereignMulti-ChainZK-Native
05 · Token

SRX Ecosystem Token

The native utility token powering gas fees, protocol governance, staking mechanisms, and fee discount structures across the Syrax ecosystem.

Gas FeesGovernanceFee Discounts
06 · RWA

RWA Tokenisation

Infrastructure layer enabling the on-chain representation of traditional financial instruments — equities, fixed income, mutual funds, and beyond.

EquitiesFixed IncomeMutual Funds
07 · Advisory

Account Management Division

Institutional digital asset advisory, strategic treasury consulting, and infrastructure integration services for enterprise clients.

AdvisoryTreasuryEnterprise

Zero-Knowledge Proof Architecture

Syrax is engineered on a zero-knowledge proof foundation — enabling cryptographic verification without data exposure, delivering privacy-preserving scalability for regulated financial operations.

Step 01

Privacy-Preserving Scalability

Transactions are validated through cryptographic proofs without revealing underlying data, enabling compliant privacy at institutional scale.

Step 02

Cryptographic Proof Validation

Every state transition is verifiable on-chain through succinct proofs, ensuring mathematical certainty without trusted intermediaries.

Step 03

High-Throughput Architecture

Proof aggregation and parallel computation enable throughput exceeding traditional blockchain designs while maintaining decentralised integrity.

Step 04

Enterprise-Grade Settlement Layer

Designed as an institutional settlement substrate — deterministic finality, auditability, and compliance-aligned architecture throughout.

Bringing Traditional Capital
Markets On-Chain

Syrax is developing the technical infrastructure to represent and settle traditional financial instruments on-chain — creating a programmable, composable bridge between TradFi and DeFi.

Equity Tokenisation Infrastructure

Compliant on-chain representation of equity instruments — enabling fractional ownership, programmable shareholder rights, and transparent cap table management.

Tokenised Mutual Fund Architecture

Infrastructure for on-chain fund units — automating subscriptions, redemptions, NAV settlement, and investor reporting through smart contract logic.

Fixed Income Instruments On-Chain

Bond issuance, coupon distribution, and maturity settlement executed on-chain — reducing counterparty risk and increasing settlement transparency.

Programmable Financial Products

Structured products and derivatives with embedded compliance logic — enabling institutional-grade instruments to operate natively on regulated blockchain infrastructure.

Compliance-Embedded Issuance

Smart contract templates with KYC/AML gates, transfer restrictions, and regulatory reporting built directly into the token standard — not bolted on as an afterthought.

Secondary Market Facilitation

Integrated with the Syrax hybrid exchange to enable compliant secondary market trading of tokenised instruments within a single regulated infrastructure stack.

Built for the Regulated
Future of Digital Finance.

Syrax is headquartered in Dubai — one of the world's most progressive digital asset regulatory jurisdictions. We are building with the explicit intention of operating within a fully licensed and compliant framework, including VARA authorisations where applicable.

Jurisdiction

Dubai, UAE

Dubai is one of the world's most progressive digital asset regulatory jurisdictions — combining innovation-friendly policy with institutional governance standards, and home to VARA, the dedicated Virtual Assets Regulatory Authority.

◈ Virtual Assets Regulatory Authority
Compliance Infrastructure

Institutional Standards

KYC/AML architecture, transaction monitoring, audit trail generation, and regulatory reporting are embedded at the protocol level — not added as an afterthought. Built to institutional compliance specifications from day one.

Governance

Legal Clarity

Our infrastructure-first approach means every technical decision begins with the question: how do we make this work within a compliant, regulated framework? Regulatory clarity is a foundational design principle — not a constraint to work around.

Strategic Position

Global Connectivity

Dubai's geographic and financial position bridges GCC, Asian, European, and African capital markets. As a forward-thinking jurisdiction with a clear digital asset framework, it provides the ideal base for building globally connected regulated infrastructure.

Initial Capital Pool
& Revenue Mechanics

Confirmed capital from strategic partners and onboarding HNW clients provides a defined launch base. Platform fee revenue scales proportionally with ecosystem transaction volume.

Strategic Partner Investment
$5,000,000
Confirmed at launch
HNW Client Allocations × ~$25,000 avg.
$18,050,000
Estimated HNW allocation
Total Ecosystem Capital at Launch
$23,050,000
Combined capital base

Dynamic Revenue Projection

Adjust turnover frequency to model platform revenue at different utilisation levels. Syrax applies a 1% fee on qualifying platform activity across all ecosystem products.

Platform Fee Rate
1%
What is Turnover Frequency?

Think of turnover frequency as how often the ecosystem's capital is put to work across the platform in a given year. For example, with a total capital pool of $23,050,000 and a frequency of 12× (monthly), the platform processes the equivalent of the full capital pool once per month — generating $276,600,000 in annual transaction volume. Syrax earns a 1% fee on each cycle of activity. A higher frequency reflects a more active, liquid ecosystem and results in greater fee revenue. Use the slider below to explore different utilisation scenarios.

Turnover Frequency (per year) 12×
Annual (1×)Quarterly (4×)Monthly (12×)Bi-Weekly (26×)Weekly (52×)
Annual Transaction Volume
$216,900,000
Platform Fee Revenue
$2,169,000
Per-Cycle Volume
$23,050,000

Illustrative Valuation
Scenario Modelling

Scenarios are presented for modelling purposes only — not forecasts or commitments. Phase 2 allocation: $0.0150 per SRX. Illustrative circulating supply: 1,000,000,000 SRX tokens.

$25M Market Cap
$0.025
1.67× entry
$50M Market Cap
$0.05
3.33× entry
Illustrated
$100M Market Cap
$0.10
6.67× entry
$250M Market Cap
$0.25
16.67× entry
Token Allocation Breakdown

10,000,000,000 SRX total fixed supply

Token Price vs. Market Cap

Illustrative — not a forecast

Revenue-Driven Supply Management

A defined portion of transaction fee revenue is allocated toward open market SRX repurchases, structurally linking ecosystem growth to circulating supply dynamics.

1

Platform Activity Increases

Growing user base across Pay, Trade, and Chain products drives ecosystem transaction volume

2

Transaction Revenue Increases

1% fee on qualifying activity generates proportionally larger revenue as volume scales

3

Buyback Activity Increases

Defined revenue portion deployed via open market SRX repurchase per protocol schedule

4

Circulating Supply Reduces

Repurchased tokens removed from circulating supply, compressing market float over time

Supply / Demand Dynamics Strengthen

Reduced supply against stable or growing demand supports long-term token economics — driven by protocol revenue, not speculation

Illustrative Supply Reduction

Representative illustration — not a forecast or commitment.

Participation Tier Structure

Bonus tokens apply automatically across five investment brackets. Higher participation levels unlock progressively enhanced bonus allocations at point of entry.

$0 — $100,000
Entry Allocation
+10%
$100,000 — $200,000
Standard Allocation
+12.5%
$200,000 — $300,000
Enhanced Allocation
+15%
$300,000 — $400,000
Priority Allocation
+17.5%
$400,000+
Institutional Allocation
+20%

Model Your Investment & Governance Position

Enter a single investment amount to instantly calculate your SRX allocation, bonus tier, illustrative portfolio value across market cap scenarios, and your proportional voting weight in platform governance — all from one input.

$
Tier Active
Quick Select
Token Allocation Breakdown
Base Tokens
Bonus Tokens
Total SRX Received
Effective Entry Price
Illustrative Value Scenarios
Market CapToken PricePortfolio ValueROI Multiple
$25M$0.025
$50M$0.05
$100M$0.10
$250M$0.25

TOKEN PRICE = MARKET CAP ÷ CIRCULATING SUPPLY (1,000,000,000)

Governance Voting Weight
Derived from the same investment amount above · 1 SRX = 1 vote
Full context ↑
Total SRX (inc. bonus)
Investor Pool Share
Total Supply Share
Votes Per Proposal
Voting weight within investor governance pool

Important — Illustrative Scenarios Only: All figures in this calculator and throughout this document are illustrative models demonstrating mathematical relationships between inputs. They do not constitute financial advice, investment recommendations, projections, or forecasts of future token value or returns. Token valuations and market capitalisation scenarios are hypothetical. Past performance of digital assets is not indicative of future results. Participation in a private token allocation carries significant risk including the possibility of total loss of capital. This material is for qualified and sophisticated investors only. Independent legal, tax, and financial advice appropriate to individual circumstances should be obtained prior to any participation decision.

Token Voting Weight & Influence

SRX tokens grant holders a direct voice in platform decisions. Every token represents one vote — meaning your influence in governance is directly proportional to the size of your holding relative to all eligible voting tokens in the ecosystem.

How Governance Voting Works

Think of governance like a shareholder vote — except the "shares" are SRX tokens. When a protocol decision is put to a vote (such as a change to fee structures, the introduction of new products, or treasury deployment), every eligible token holder can cast their vote. The outcome is determined by the proportion of votes cast in favour, not by the number of voters. This means a holder with 10,000,000 SRX carries ten times more weight than a holder with 1,000,000 SRX. The eligible voting pool consists of tokens distributed to Phase 1, Phase 2, and Public Sale participants — totalling 1,900,000,000 SRX (19% of total supply).

Who Controls the Vote?

Distribution across investor tranches — all 1,900,000,000 SRX eligible to vote

Within the Eligible Voting Pool

Distribution across investor tranches (1,900,000,000 SRX)

Phase 1 Strategic (CLOSED) 400M SRX — 21.1%
Phase 2 Strategic (OPEN) 500M SRX — 26.3%
Public Sale 1B SRX — 52.6%

Phase 2 strategic participants collectively control 26.3% of all investor governance votes — a meaningful bloc ahead of public sale distribution.

What Can Token Holders Vote On?

Governance rights give token holders a direct channel to influence how the Syrax protocol evolves. Below are illustrative categories of decisions that may be subject to token holder votes as the platform matures.

Fee Rate Adjustments

Proposals to modify the platform's 1% transaction fee — either up or down — based on ecosystem conditions and competitive positioning.

Treasury Deployment

Decisions on how the Treasury & Stability Fund is deployed — including liquidity provisioning, strategic partnerships, and ecosystem grant allocation.

Protocol Upgrades

Ratification of significant technical upgrades, new product integrations, or changes to the underlying smart contract infrastructure.

Staking Parameters

Adjustments to staking rewards, lock-up periods, and the conditions under which staked SRX earns yield or fee discounts across platform products.

Buyback Schedule

Governance over the pace and parameters of the revenue-driven SRX buyback programme — including what percentage of fee revenue is directed toward repurchases.

Ecosystem Expansion

Votes on whether to expand into new markets, geographies, or asset classes — allowing the community to guide Syrax's strategic direction as the platform grows.

Governance scope is illustrative. Final governance parameters will be defined in the Syrax protocol documentation prior to mainnet launch. Not a commitment or guarantee of voting rights.

Understanding Market Capitalisation

Market cap is the primary metric used to classify and compare digital asset projects. It represents the market's current valuation of the ecosystem — not the total capital invested.

Core Formula
Market Cap
=
=
Token Price
$0.10
×
Circulating Supply
1,000,000,000
=
Result
$100M

Market cap represents market valuation — not total capital deposited. A $100M market cap could reflect far less than $100M of actual investment capital.

Market Cap Stage Classification
$10M – $50M
Micro / Emerging
Experimental stage. High risk, early community formation.
$50M – $100M
Growth Stage
Demonstrated traction. Product live, early ecosystem forming.
$100M – $300M
Established Growth
Active platform, user adoption, growing trading volume.
$300M – $500M
Established Ecosystem
Mature platform, institutional partners, cross-market presence.
$500M – $1B+
Major Infrastructure
Global regulated platform. Deep liquidity, enterprise integrations.

Classification is indicative only. Market cap stages are a general industry reference framework, not investment benchmarks.

How the Syrax Ecosystem
Generates Token Demand

Value accrual in the Syrax ecosystem is driven by real economic activity — not speculation. Each layer of the stack creates compounding demand for SRX utility.

01
User Adoption
Users engage with the Syrax ecosystem — transacting, staking, trading, and participating — generating real-world activity and on-chain volume.
02
Crypto Payment Volume
Each transaction settled through the network contributes to ecosystem payment volume, scaling with user count and basket size.
03
Transaction Fees Generated
The protocol charges a 1% fee on qualifying ecosystem activity across Pay, Trade, and Chain products — building a recurring revenue base.
04
SRX Utility Across Ecosystem
Fees, staking rewards, governance votes, and payment settlement all require or reward SRX token use — anchoring utility in protocol activity.
05
Token Demand Increases
As more participants need SRX to interact with the ecosystem, buy pressure increases against a programmatically constrained supply.
06
Market Value Growth
Increased demand against a finite supply base creates the conditions for token market value appreciation over time.

Ecosystem Growth Drivers

Five interconnected forces compound to drive SRX adoption, utility, and long-term market value. Each driver reinforces the others — creating a self-sustaining economic flywheel.

User Adoption

As more users participate across the Syrax ecosystem, real-world activity and on-chain volume directly drive ecosystem revenue and token demand without speculative dependency.

User Growth

Trading Infrastructure

The hybrid CEX/DEX generates trading volume across spot and derivatives markets, producing fee revenue proportional to market activity and user growth on both centralised and decentralised rails.

Syrax Trade

Blockchain Infrastructure

The Syrax Layer-2 blockchain enables developers to deploy dApps, smart contracts, and DeFi protocols — expanding the utility surface for SRX and deepening the ecosystem's technical moat.

Syrax Chain

Token Utility Expansion

SRX serves as the native utility token for staking rewards, governance participation, transaction fee settlement, and future product modules — creating structural, non-speculative demand for every token holder.

SRX Utility

Strategic Partnerships

Integration with regulated Web3 payment providers, licensed financial institutions, and enterprise-grade infrastructure partners accelerates adoption, adds compliance credibility, and broadens distribution reach.

Partnerships

The SRX Value Flywheel

Each element of the Syrax ecosystem reinforces the next — creating a self-compounding network effect where growth in any dimension amplifies the whole.

SRX FLYWHEEL MORE USERS HIGHER VOLUME MORE FEES GREATER SRX UTILITY HIGHER DEMAND MORE GROWTH
1
More Users Join the Ecosystem

User growth across Pay, Trade, and Chain drives real-world activity through the Syrax ecosystem, anchoring token demand in tangible commerce and engagement.

2
Higher Payment Volume

Scale of user activity compounds into monthly volume figures across pay, trade, and chain — creating proportionally larger fee revenue pools.

3
More Transaction Fees

Fee revenue grows with volume — funding buybacks, treasury operations, development, and protocol security without external capital dependency.

4
Greater SRX Utility

Fee settlement, staking, governance, and dApp interactions create persistent structural demand for SRX across every ecosystem touchpoint.

5
Higher Token Demand

Compounding utility demand against a programmatically managed supply creates the conditions for value appreciation independent of market sentiment.

6
More Ecosystem Growth

Value appreciation and utility expansion attract new users, traders, developers, and investors — restarting and accelerating the flywheel.

Market Cap Milestones &
Long-Term Valuation Potential

$100M is an early milestone — not the ceiling. Full ecosystem adoption, user penetration, and blockchain utility could position Syrax towards $500M–$1B+ over a longer horizon.

$5M – $20M
Launch Phase Genesis stage
Token generation event, private placement close, initial CEX/DEX liquidity deployed. Core team, early adopters, and strategic investors onboard.
$20M – $50M
Early Adoption Foundation phase
First user integrations live. Trading volume building. Layer-2 testnet operational. Community governance proposals begin forming.
$50M – $100M
Growth Milestone Near-term target
Payment gateway achieving user scale. Revenue-driven buybacks commencing. Governance rights active. Institutional interest materialising.
$100M – $300M
Expansion Phase Mid-term target
Multi-region user adoption. Mainnet Layer-2 live with dApp ecosystem. Regulated exchange status pursued. Institutional capital allocation increasing.
$300M – $500M
Established Ecosystem Long-term target
Global payment infrastructure with enterprise-grade partnerships. Deep liquidity. Protocol self-sustaining on revenue. Staking economy mature.
$500M – $1B+
Global Platform Long-term vision
Regulated infrastructure token with VARA licensing. Institutional custody and settlement layer. Multi-chain interoperability. Global regulated financial infrastructure.

Achieving $500M–$1B Requires

Long-term valuation potential is not guaranteed and depends on successful execution across multiple dimensions. The following represent the key drivers that must compound together:

Product Execution

On-time delivery of Pay, Trade, and Chain products to specification. Technical reliability and security infrastructure.

User Adoption

Scale of user integrations driving real payment volume — the primary economic engine of the ecosystem revenue model.

Trading Volume

Sustained user activity on the hybrid exchange generating fee revenue that supports buyback mechanics and treasury growth.

Blockchain Adoption

Developer activity on the Layer-2, dApp deployments, and user growth on-chain deepening SRX utility and creating new demand sinks.

Ecosystem Utility

Expansion of SRX use cases — staking, governance, fee payments, DeFi integrations — creating structural non-speculative demand.

Regulatory Clarity

VARA licensing under Dubai's regulated framework provides institutional credibility, enabling larger capital flows and enterprise-grade partnerships.

Ecosystem Activity Simulator

Adjust the parameters below to model estimated ecosystem revenue and SRX token demand at different user adoption and transaction volume scenarios. All outputs are illustrative models only.

Simulation Inputs
500
102,5005,0007,50010,000
$50,000
$1K$125K$250K$375K$500K
1.00%
0.1%0.75%1.5%2.25%3%
40%
5%26%50%75%100%
Simulation Outputs
Monthly Payment Volume
$25,000,000
users × avg vol
Ecosystem Revenue (Monthly)
$250,000
vol × fee rate
Annual Ecosystem Revenue
$3,000,000
monthly × 12
Estimated SRX Token Demand
$1,200,000
revenue × SRX %
Token Demand vs. Circulating Supply Pressure 0.16%

Illustrates monthly SRX fee demand as a percentage of illustrative 1B circulating supply at $0.015/SRX. Higher demand relative to supply creates structural buy pressure on the token.

Simulator Disclaimer: All values generated by this simulator are illustrative mathematical models. They do not represent forecasts, projections, or commitments. Actual ecosystem activity, revenue, and token demand will depend on real-world adoption, market conditions, and factors beyond this model's scope. Not financial advice.

Supply, Price &
Market Cap Integration

The same market cap can be reached through different combinations of price and circulating supply. Understanding this relationship is fundamental to evaluating token valuation across growth scenarios.

$100M Market Cap — Multiple Supply Scenarios
Circulating Supply Token Price Required Market Cap vs. Phase 2 Price ($0.015)
100,000,000 $1.00 $100,000,000 66.7× entry
500,000,000 $0.20 $100,000,000 13.3× entry
1,000,000,000 ◈ Illustrated $0.10 $100,000,000 6.67× entry
5,000,000,000 $0.02 $100,000,000 1.33× entry

Syrax Phase 2 entry price: $0.015 per SRX. Illustrated circulating supply: 1,000,000,000 SRX (10% of total fixed supply of 10B).

Supply Dynamics

Fixed total supply of 10B SRX. Revenue-driven buybacks compress circulating supply over time — structurally reducing available float.

Adoption Velocity

User onboarding speed, trading volume growth, dApp deployment on Layer-2 — each dimension adds to the demand side of the equation.

Utility Depth

The more functions SRX fulfils — staking, fees, governance, settlement — the deeper and more durable the demand floor beneath any price level.

Network Effects &
Compounding Value

The Syrax ecosystem exhibits multi-sided network effects — where each new participant increases the value of the network for all existing participants, creating compounding growth dynamics.

Network Participants
Users

Each new user increases the utility of holding SRX for consumers and boosts payment volume — making the network more valuable to traders and investors.

+Volume
Traders

Greater trading activity deepens liquidity, tightens spreads, and generates fee revenue — improving conditions for users, stakers, and governance participants.

+Liquidity
Developers

dApp builders on the Layer-2 create new use cases, onboard new users, and expand the SRX utility surface — compounding ecosystem value for every participant.

+Utility
Users

End-user growth drives payment volume, trading activity, staking participation, and governance engagement — the foundational demand layer of the ecosystem.

+Demand
Network Value Growth

Illustrative — Metcalfe's Law: network value scales proportionally to N² where N = number of participants

SRX Becomes More Valuable as the Ecosystem Compounds

Unlike single-product tokens, SRX benefits from multi-dimensional network effects. Growth in any one participant category — users, traders, developers, or consumers — amplifies value for all others. This compounding structure means the ecosystem's value grows faster than its individual components, creating a durable foundation for long-term token appreciation that is structurally tied to real economic activity rather than speculation.

Institutional Positioning

Operating under Dubai's Virtual Assets Regulatory Authority framework positions Syrax as a regulated infrastructure token — unlocking institutional capital flows that remain unavailable to unregulated projects.

Regulatory Framework

Dubai VARA Licensing

The Virtual Assets Regulatory Authority (VARA) is Dubai's dedicated digital asset regulator — one of the most advanced and clearly defined frameworks globally. Operating under VARA provides Syrax with legal clarity that most Web3 projects lack entirely.

Defined legal status for token issuance and exchange operations
AML/KYC compliance infrastructure embedded at protocol level
Audit trail generation meeting institutional reporting standards
Dubai's geographic position bridges GCC, Asian, and European markets
◈ Virtual Assets Regulatory Authority · Dubai
Who Regulated Infrastructure Attracts
Institutional Partners

Banks, family offices, and asset managers require regulated counterparties. VARA compliance opens doors to capital channels unavailable to unregulated tokens.

High-Net-Worth Investors

HNW individuals in regulated jurisdictions prefer exposure through compliant vehicles. Regulatory clarity reduces perceived risk and expands the eligible investor pool.

Payment Integration Partners

Enterprise-grade payment processors and financial infrastructure providers require regulatory compliance as a minimum threshold for integration partnerships.

Important Disclaimers
Please read carefully before making any investment decision
Educational Purposes Only

All content, models, calculators, simulations, and diagrams on this page are provided for educational and illustrative purposes only. No content constitutes or should be construed as investment advice, financial advice, legal advice, or any form of solicitation to buy or sell any financial instrument.

Not Financial Advice

Nothing presented here represents a forecast, projection, guarantee, or commitment regarding future token performance, ecosystem growth, or financial returns. All scenarios and models are mathematical illustrations of hypothetical conditions and not predictions of actual outcomes.

Market Performance Not Guaranteed

Digital asset markets are highly volatile. Past performance, illustrative scenarios, and historical data are not indicative of future results. Token prices may fall to zero. Market cap projections presented in any scenario are not commitments and may never be achieved.

Crypto Investment Risk

Participation in any digital asset private placement involves substantial risk including but not limited to: total loss of capital, regulatory changes, technology risk, liquidity risk, and market risk. This material is intended for qualified and sophisticated investors only. Independent professional advice should be obtained prior to any participation decision.

SYRAX FZCO · DUBAI, UAE · THIS DOCUMENT IS CONFIDENTIAL AND INTENDED SOLELY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED. REDISTRIBUTION OR REPRODUCTION IN WHOLE OR IN PART IS PROHIBITED. REGULATORY STATUS OF THE SYRAX TOKEN IS SUBJECT TO FINAL DETERMINATION BY APPLICABLE AUTHORITIES.