Token Incentive Offering

Rates

Three-month or six-month provision periods

| | Capital Desired | Estimated Native Vault Return | 3 Month Provision Token Bips/Million | 6 Month Provision Token Bips/Million | Revenue Share of Active Capital* | | --- | --- | --- | --- | --- | --- | | USDC | 4M | 6-9% | 10 | 22 | 50% | | ETH | 4M | 1-5% | 6 | 14 | 50% |

• Revenue of Active capital will include vault fees and fees on protocol loans, including a 5 bips origination fee and 10 percent of all interest accrued. Revenue share applies to all revenue earned from debts against deposited capital.

Flagship Vaults

Assets will be deposited into existing Gauntlet Vaults initially and gradually shift allocation to Ammalgam Hedged Market Making vaults after launch. All assets will be moved over a period of two months after the protocol launches. Each strategy applies assets to a market-making strategy on Ammalgam and hedges the impermanent loss on Derive. All assets will remain in vaults on chain to allow for easy verifiability. All strategies are described below through the links listed.

USDC

• Gauntlet Frontier fund
• Hedged Stable MM Vault

ETH

• Index Coop hyEth
• Hedged ETH MM Vault

Vesting

Referral

5% bonus incentives for any referral earnings