Index

General Information
Part A: Information about the offeror or the person seeking admission to trading
Part B: Information about the issuer, if different from the offeror or person seeking admission to trading
Part C: Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D: Information about the crypto-asset project
Part E: Information about the offer to the public of crypto-assets or their admission to trading
Part F: Information about the crypto-assets
Part G: Information on the rights and obligations attached to the crypto-assets
Part H: Information on the underlying technology Part I: Information on the risks
Part J: Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts

2026-07-14

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

FALSE

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

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 offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other documents pursuant to the applicable national law.
This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

BDX is the native crypto-asset of the Beldex Layer 1 blockchain. BDX-BSC is a BEP-20 representation of BDX on BNB Smart Chain. This BEP-20 representation is intended to support interoperability, trading, and ecosystem engagement on external networks, while the native BDX asset remains anchored to the Beldex blockchain and is used for the protocol-level functions of the Beldex network.

The native BDX asset is primarily intended to be used to access and interact with services built on or associated with the Beldex network, to conduct privacy-preserving transactions between users, and to support the operation and security of the blockchain through staking and Masternode participation. BDX also functions as a reward and incentive mechanism for network participants who contribute to maintaining the network and its associated services.

The Beldex blockchain incorporates privacy-enhancing technologies at the protocol level. The BEP-20 representation of BDX on BNB Smart Chain (BSC) does not itself provide the same native-chain privacy, consensus, staking, or Masternode functionality. Those features are implemented at the level of the native Beldex blockchain and related Beldex network infrastructure.

The Beldex blockchain transitioned from operating under a proof-of-work consensus mechanism to proof-of-stake. The total supply framework of BDX was increased to approximately 9.9 billion BDX, following this transition. This supply framework is designed to support long-term network sustainability, staking incentives, ecosystem development, and the continued operation of Beldex services. Tokens are released into circulation progressively in accordance with predefined allocation and vesting mechanisms. As of the scheduled release dated 31 December 2025, Beldex reported that 78.96% of BDX was in circulation. As of the scheduled release dated 31 March 2026, Beldex reported that 80.28% of BDX was in circulation.

Following an issue identified on 12 June 2026 within the bridge infrastructure supporting BDX on BSC, Beldex migrated BDX-BSC from the previous BNB Smart Chain contract to a new contract. The previous BDX-BSC contract at 0x6ad12E761b438beA3EA09F6C6266556Bb24C2181 has been retired, and the new BDX-BSC contract at 0x9d10a1ec41Fe7878429BB457e31F9b050D38c633 is intended to serve as the official BDX-BSC representation going forward.

The crypto-asset does not represent a claim on any reserves, assets, or revenues, and its value is not tied to any fiat currency or underlying asset. Holding BDX also confers no ownership, governance, voting, dividend, profit-sharing, or other claim against any issuer. BDX is not a financial instrument or security, and its rights are purely functional and limited to the Beldex ecosystem. No contractual obligations are imposed on holders regarding its use or participation in services.

This field is not applicable, as 05 is false.

The various bridged representations of BDX, including its BEP-20 form on BNB Smart Chain, have enabled trading across multiple centralised and decentralised exchanges worldwide. Seeking admission to a regulated EU trading venue would allow existing holders to trade these tokens within the EU, complementing their current listings on platforms such as Kraken. Broader market access would enhance BDX liquidity, price discovery, and decentralised distribution, while preserving the functional role of the native token within the Beldex blockchain ecosystem.

Beldex International Foundation

UNCO

Via España, Delta Bank Building, 6th Floor, Suite 604D, Panama City

Provincia de Panamá

Via España, Delta Bank Building, 6th Floor, Suite 604D, Panama City

Provincia de Panamá

2023-03-14

25052214-3-2023

+971 581545993

cmo@beldex.io

This field does not apply as Beldex International Foundation operates as an independent entity and is not part of any parent company.

The Beldex International Foundation supports the long-term mission of the Beldex project by promoting the development and adoption of privacy-preserving blockchain infrastructure.

In its capacity as a coordinating body, the foundation works in support of Beldex International Inc., which leads the design, implementation, and maintenance of the Beldex blockchain and its ecosystem applications.

Through affiliated entities such as Beldex Research Labs, Beldex International Inc. is responsible for the technical development of core privacy technologies, including the integration of zero-knowledge proofs, Fully Homomorphic Encryption (FHE), cross-chain interoperability protocols, and the upcoming Verifiable Random Function (VRF)-based consensus mechanism. The Inc. also oversees the delivery of end-user applications such as BChat (private or encrypted messaging), BelNet (decentralised VPN), the Beldex Name System, and the Beldex Browser.

In parallel, its subsidiary Beldex Investments supports the incubation of ecosystem projects and strategic partnerships.

This field does not apply as Beldex International Foundation operates as an independent entity and is not part of any parent company.

FALSE

Beldex secured external funding and strategic financing arrangements, including a USD 25 million raise from Web3 investment firm DWF Labs, a USD 3 million funding commitment in connection with a partnership with Block Alpha to support research and development, a USD 3.5 million allocation from Bitgert Ventures to support team expansion and decentralised product development, and a USD 3 million investment from Alpha Token Capital for ecosystem growth and development.

This field does not apply as A.15 is false

TRUE

Beldex

Beldex

BDX

Beldex operates a proof-of-stake (PoS) blockchain protocol designed to provide privacy-preserving transaction capabilities and support a suite of privacy-focused decentralised applications.

The BDX-BSC token is a cross-chain representation of native BDX issued via a bridging mechanism. Cross-chain transfer functionality depends on the availability and operation of the relevant bridge infrastructure. The native BDX token itself functions as the protocol's base asset for transaction fees, network security through master node staking, and ecosystem incentivisation.

The Beldex blockchain employs a masternode network architecture requiring operators to stake BDX to participate in transaction validation, block production, and network service provision. The protocol implements cryptographic privacy features including confidential transaction amounts and obscured transaction graphs. A planned transition to VRF-based consensus mechanisms is documented for 2026.

BDX exists as a native asset on the Beldex Layer 1 blockchain and may also exist as bridged or wrapped representations on selected external networks, including BNB Smart Chain, Base and Arbitrum. Cross-chain functionality may use bridge infrastructure, mint-and-burn mechanics, LayerZero’s Omnichain Fungible Token standard, Stargate, or other interoperability mechanisms, depending on the relevant network and implementation.

The Beldex ecosystem includes BChat, Beldex Browser (privacy-focused web browser), and BelNet. These applications operate as separate components with their own privacy policies and terms of service, utilising the Beldex network infrastructure.

FALSE

Past Milestones

In 2018, Beldex fair launched over 65% distributed through public and private sales.

From August 2018 to August 2021, linear vesting over three years for the remaining BDX, used for airdrops, marketing, exchange liquidity, team hiring, and ecosystem development.

In December 2021, there was an upgrade from proof-of-work to proof-of-stake consensus (BeldexPOS). Additional BDX were minted, increasing total supply to just over 9.9 billion BDX, with most minted BDX locked for scheduled releases.

In 2023, the Ecosystem Development Wallet had scheduled releases of 130.680 million BDX each quarter, starting with Q1 on 31 March, followed by Q2, which included an update on Seed & VC funding from Bitgert Ventures, Q3, accompanied by 120 million BDX released from the Marketing Wallet, and Q4 on 31 December, alongside 33 million BDX released from the Team Wallet, which marked the beginning of the Team Wallet’s 18-month linear vesting, exactly two years after the PoS hardfork took effect.

In 2025, Beldex raised USD 25 million from Web3 investment firm DWF Labs, representing a major external funding event.

The Beldex–Binance Smart Chain bridge went live on 9 November, the initial bridge infrastructure connecting the native blockchain to Binance Smart Chain, enabling wrapped BDX (wBDX) token circulation on the BSC network.

The Obscura hardfork (v7.0.0) was activated at block height 4939540 on 7 December 2025, introducing Bulletproofs++, an advanced zero-knowledge proof system that reduces transaction proof sizes by approximately 38% compared to standard Bulletproofs. This improvement allows more transactions to fit within Beldex’s fixed block size, reduces blockchain storage requirements, and enhances verification performance, all while preserving transaction confidentiality. All masternode operators completed the mandatory upgrades to maintain participation in the network.

The VRF consensus was deployed on testnet in August, and by 30 December, the network had reached 5 million verified blocks.

Split tunneling functionality was implemented in BelNet. The Beldex Browser officially launched on the 10th of December 2024, offering onion routing, .bdx domain support, ad/tracker blocking, BelNet dVPN, and ecosystem app access. The Beldex wallet for mobile and desktops facilitates non-custodial peer-to-peer transfer of the native BDX token.

Finally, cross-chain expansion via LayerZero and Stargate was completed in December 2025, enabling broader interoperability across blockchain ecosystems. BDX deployment is underway across multiple blockchain networks including Ethereum, Arbitrum, Base, BNB Smart Chain, Near, Hyperliquid, and Solana.

Following the June 2026 BDX-BSC bridge security incident, Beldex successfully completed Phase I of its migration to a new BDX-BSC smart contract. As part of the remediation process, the project airdropped replacement BDX-BSC tokens to 765 eligible non-custodial wallet addresses using the new contract. This milestone marked the completion of the first stage of restoring legitimate user balances and maintaining continuity for BDX on Binance Smart Chain.

Future Milestones

Beldex plans to complete the reconciliation and migration of exchange-held BDX-BSC tokens, after which eligible balances held on supported exchanges and custodial platforms such as HPX and CWallet will be credited following audit and verification procedures.

Future milestones also include continued expansion of market access through additional exchange listings, as well as ongoing publication of ecosystem metrics and external recognitions, including updates on masternode participation, BNS domain registrations, cumulative BDX burn figures, and further listings and third-party acknowledgements.

Bug bounty programs and hackathons are being established to incentivise vulnerability discovery and responsible disclosure. BDX listing on the Near Intents exchange platform is in progress.

Multi-language support is being integrated into BelNet, BChat, and the Beldex Browser to expand accessibility across user jurisdictions.

Implementation of VRF based consensus mechanisms through hardfork upgrade is scheduled for Q1 2026 to enhance security properties and consensus efficiency. This transition requires coordination across the master node network and staged protocol upgrade procedures.

BNS marketplace enabling decentralised naming services will launch. MNApp store will release, providing a distribution platform for privacy-focused decentralised applications. Merchant point-of-sale dashboard will enable BDX payment acceptance.

Research and implementation of FHE technology will enable on-chain privacy features across multiple networks. FHE deployment is planned sequentially on Ethereum (Q2), BNB Smart Chain (Q3), and Solana (Q4) networks, enabling confidential smart contract computations while maintaining verifiability.

BChat will integrate status features (Q2) and encrypted voice/video calling capabilities (Q4). BelNet will add NFC data sharing (Q2), proxy settings (Q2), firewall settings (Q3), and VPN hotspot functionality (Q3) to expand privacy-preserving connectivity options.

Research into post-quantum cryptographic primitives begins in 2026 Q2, with lattice-based cryptography proof-of-concept scheduled for Q3 2026. Quantum-safe hardfork implementing post-quantum signature schemes is planned for 2027 Q1 to future-proof the protocol against quantum computing threats.

Development of a Beldex sidechain will commence in 2026 Q4. This sidechain will support decentralised Digital Identity (DID) infrastructure with proof-of-concept in 2027 Q1, devnet release in 2027 Q2, and security auditing on the sidechain development network.

Feasibility study will also assess on-chain settlement mechanisms and their integration with existing Beldex protocol architecture.

Following its fair launch in 2018, Beldex focused primarily on research and development of decentralised applications (dApps) on the Beldex chain. Funding during this period was sourced mainly from public and private sales, which distributed over 65% of BDX and provided initial capital for development.

The remaining tokens were subject to linear vesting from August 2018 to August 2021 and were allocated to airdrops, marketing, exchange liquidity, team hiring, and ecosystem development. These allocations supported the creation of core infrastructure, community engagement, and early ecosystem operations.

Despite these efforts, scalability and funding limitations inherent to proof-of-work networks constrained the project’s ability to pursue long-term objectives and more ambitious ecosystem growth.

To overcome these challenges, Beldex transitioned to a PoS consensus and minted additional BDX at block height 742425, increasing the total supply to just over 9.9 billion tokens. The newly minted supply was carefully allocated to ensure sustainable ecosystem growth, with 40% dedicated to ecosystem development, 30% to circulation, 10% to seed and venture capital, 10% to marketing, 6% to the team, 2% to exchange liquidity, 1% to legal purposes, and 1% to early adopters.

Tokens reserved for ecosystem development and the team are subject to structured release schedules to maintain controlled supply growth. A total of 3.33% of ecosystem development funds is released quarterly until 2025, while team allocations follow a two-year cliff and an 18-month linear vesting period.

These allocations support ongoing projects, including dApps such as BChat, BelNet, the Beldex Browser, Beldex Privacy Protocol, and Beldex Bridge, as well as research initiatives through Beldex Research Labs. Research priorities include cross-chain interoperability, privacy-based smart contracts, DIDs and ZK-Rollups on sidechains, wallet integration, and strategic ecosystem investments.

By admitting BDX-BSC, being the BEP-20 representation of BDX on BNB Smart Chain, or other token standard representations, to trading venues, holders will benefit from transparent price discovery and improved liquidity across regulated markets. As these bridged tokens are the forms of BDX commonly traded on centralised and decentralised exchanges, their admission supports broader access for the project’s community and ecosystem participants, enabling easier entry and exit from positions. This contributes to a more dynamic and efficient market, while preserving the native token’s role within the Beldex blockchain ecosystem.

Kraken (Payward Europe Solutions Limited)

PGSL

Beldex is seeking admission to trading on cryptocurrency trading platforms operating within the EU, including but not limited to Kraken, subject to each platform’s independent listing procedures, compliance assessments, and technical integration requirements. Once admitted and verified, BDX will be available to Kraken users in supported jurisdictions, broadening regulated market access and liquidity for the token. Investors can access trading on trading platforms by registering an account through the website or mobile application, completing identity verification (KYC/AML), and meeting age and jurisdictional eligibility criteria.

Exchanges may apply a service fee calculated as a percentage of each transaction, with the exact amount disclosed to the user prior to execution. Deposits and withdrawals involving fiat currency may also be subject to additional commissions imposed by external payment service providers.

No offer related expenses are involved.

No potential conflicts of interest have been identified at this stage.

Ireland

Ireland

Crypto-assets other than asset-referenced tokens or e-money tokens

BDX, in its BEP-20 form on BNB Smart Chain, is used primarily to support trading, interoperability, and interaction with applications or venues that support BEP-20 assets. It may also be used, where supported by the relevant platforms, for DeFi interactions and liquidity provision within the BNB Smart Chain ecosystem. BDX on BNB Smart Chain, and on other supported external networks, represents a bridged or wrapped form of the native BDX asset of the Beldex blockchain.

The native BDX asset serves as a medium of exchange within the Beldex ecosystem, enables privacy-preserving transactions on the native Beldex blockchain, supports the operation and security of the network through proof-of-stake and Masternode participation, and is used to pay transaction fees.

Native BDX transactions on the Beldex blockchain use privacy-enhancing mechanisms, including ring signatures, stealth addresses and Ring Confidential Transactions. These mechanisms are designed to obscure transaction participants and transaction amounts while supporting transaction validity. The Obscura hardfork introduced protocol-level changes intended to improve the efficiency and scalability of Beldex’s privacy framework. Transaction fees on the native Beldex blockchain are paid in BDX.

BDX is used as collateral for Masternode participation. Masternodes support the validation of transactions, block production, and the provision of network and ecosystem services, subject to the applicable protocol rules and staking requirements.

BDX is also used in connection with Beldex Name Service, or BNS, a naming system built on the Beldex blockchain. BNS allows users to register human-readable names or domains that may be associated with Beldex wallet addresses, BChat IDs, BelNet addresses, MNApps, exit nodes and other supported on-chain resources. BNS registration and renewal require payment of protocol-level fees in BDX. Transfer of BNS names or domains is permitted under the applicable protocol rules and is subject to a protocol-level transfer fee denominated in BDX.

BChat is a privacy-focused messaging application within the Beldex ecosystem. BChat has been developed with BDX wallet integration, allowing users to send and receive BDX through supported application functionality. Basic communication functionality may be available independently of token use, while BDX-related features depend on the availability and configuration of the relevant wallet, identity, and BNS integrations.

BelNet is a decentralised privacy VPN within the Beldex ecosystem. Beldex Browser is a privacy-focused web browser developed as part of the Beldex ecosystem. It is designed to support privacy-preserving browsing, decentralised routing, metadata protection, and integration with BelNet.

Starting in 2026, BDX will be required for the BNS Marketplace and MNApp Store, enabling users to access and interact with decentralised applications and identity services. In parallel, point-of-sale infrastructure for merchant payments is planned for Q1 2026, allowing BDX to be used for transactions in both physical and online retail. By the end of 2026, FHE integration across Ethereum, BNB Smart Chain, and Solana is scheduled, extending BDX’s functionality as a cross-chain asset with privacy-focused features.

BDX in BEP-20 form on BNB Smart Chain represents a bridged or cross-chain representation of native BDX, the fungible protocol crypto-asset of the Beldex ecosystem. Native BDX operates as the base-layer asset of the Beldex Layer 1 blockchain.

BDX has an allocated supply of 9.9 billion, excluding validator rewards minted after the transition to proof-of-stake. Accordingly, this figure should not be described as a fixed maximum supply cap where continuing proof-of-stake block rewards are also disclosed. The circulating supply of BDX varies over time as non-circulating allocations are released and as new BDX is generated through block rewards, subject also to token-burning mechanisms and market-data-provider methodology. As of the scheduled release dated 31 March 2026, Beldex reported that 80.28% of BDX was in circulation.

BDX generation occurs through continuous block-reward emission. The current block rewards are 10 BDX per block, of which 62.5% is allocated to Masternode operators and 37.5% is allocated to governance. Assuming a target block interval of approximately 30 seconds, this corresponds to approximately 2,880 blocks per day, 28,800 BDX per day, and approximately 10.512 million BDX per year, before taking account of any burns, changes in protocol parameters, or deviations from the target block interval.

Masternode participation requires collateral of 10,000 BDX for a self-hosted Masternode or cold Masternode hosting arrangement. Such collateral is locked in accordance with the applicable protocol rules. Locked Masternode collateral reduces the amount of BDX available for active circulation during the relevant lock period, but it should not be described as a burn or permanent reduction in total supply.

BDX uses 9 decimal precision, with 1 BDX equal to 1 × 10⁹ atomic units under the Beldex implementation. This differs from the 18-decimal convention commonly used by many ERC-20 tokens.

Beldex also incorporates token-burning mechanisms. The Bern hardfork introduced Beldex Name Service (BNS) and a BNS fee-burning mechanism under which BNS-related fees are removed from circulation. Beldex’s official explorer displays a running burned-BDX total, which exceeded 11 million BDX when consulted on 23 June 2026. The amount burned varies over time depending on network usage, BNS activity, transaction fees, and other applicable protocol-level burn mechanics.

BDX may exist as cross-chain or omnichain representations on selected external networks. Beldex announced that BDX had adopted LayerZero’s Omnichain Fungible Token standard and Stargate to support cross-chain transfers across Ethereum, BNB Smart Chain, Solana, Base and Arbitrum, using a burn-and-mint model. At that time, Beldex listed the EVM contract address 0x6ad12E761b438beA3EA09F6C6266556Bb24C2181 for Ethereum, BNB Smart Chain, Base and Arbitrum, and the Solana contract address CP4w2B3og2TaFUpye1kr8pdeJwwahtESKppZnffN9n9d.

Following the June 2026 BDX-BSC bridge infrastructure issue, an irregular minting of BDX-BSC tokens was identified within the Beldex bridge infrastructure supporting BDX on BNB Smart Chain. The native Beldex blockchain, native BDX balances and transactions, Masternode operations, network consensus, core protocol security, and Beldex ecosystem applications were not affected. Beldex further announced that the previous BDX-BSC contract at 0x6ad12E761b438beA3EA09F6C6266556Bb24C2181 would be retired and replaced by a new BDX-BSC contract at 0x9d10a1ec41Fe7878429BB457e31F9b050D38c633, which is intended to serve as the canonical BNB Smart Chain representation of BDX going forward.

BDX, whether in native form or as a supported bridged or cross-chain representation, does not confer any tangible or physical manifestation and does not provide any intrinsic value guarantee. BDX does not represent shareholding, ownership rights, governance rights, voting rights, dividend rights, revenue-participation rights, liquidation rights, or any claim on reserves, assets, revenues, profits, or other distributions of any issuer or other person. BDX does not provide a contractual redemption right against any issuer or other person for cash, fiat currency, or equivalent value. BDX is primarily intended for use within or in connection with the Beldex ecosystem and supported technical infrastructure. BDX is not covered by deposit guarantee schemes, investor compensation schemes, or government guarantee arrangements.

This field does not apply as BDX is a protocol-native crypto-asset issued on the decentralised Beldex network and does not have an identifiable issuer.

2026-04-04

2026-07-23

This field does not apply as BDX is a protocol-native crypto-asset issued on the decentralised Beldex network and does not have an identifiable issuer.

English

Z4M8H54NH

9DS7PNB51

FALSE

TRUE

TRUE

This field does not apply as holding BDX does not grant ownership rights, governance or voting rights, dividend entitlements, profit-sharing rights, or any claim against the issuer or related entities. BDX does not constitute a financial instrument or a security. The rights associated with BDX are functional only and relate to its use within the Beldex ecosystem.

Depending on the services used, holders may use BDX to access digital services, participate voluntarily in staking or Masternode operations, and transfer value to other users on the network in accordance with the protocol rules.

There are no contractual obligations imposed on holders to use BDX in a specific manner or to participate in any service. Holders are responsible for complying with applicable laws and regulations when acquiring, holding, transferring, or using the crypto-asset. Participation in staking, Masternode operations, or ecosystem services is optional and subject to technical conditions defined by the protocol.

This field does not apply as the token confers no ownership or financial claims and does not impose any legal obligations.

This field does not apply as the token confers no ownership or financial claims and does not impose any legal obligations.

This field does not apply as there is no offer to the public.

FALSE

TRUE

FALSE

This field does not apply as BDX incorporates time-based supply management mechanisms and does not rely on demand-based mechanisms to manage token issuance and support ecosystem stability. Ecosystem development funds are released progressively at 3.33% per quarter over a three-year period, while team allocations are subject to a two-year cliff, followed by linear vesting over 18 months.

FALSE

This field does not apply as G.14 is false

FALSE

This field does not apply as G.16 is false

There is no written legal agreement between the issuer and the crypto-asset-holder that sets out the laws that govern the legal relationship between those two parties. In the absence of such an agreement, the laws that govern that relationship will depend on the location of the issuer and the given crypto asset-holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto-asset-holder.

There is no written legal agreement between the issuer and the crypto-asset-holder that sets out which jurisdiction's courts will have authority to deal with a dispute between the crypto asset-holder and the issuer. In the absence of such an agreement, the laws of the competent court will depend on the location of the issuer and the given crypto-asset-holder and characteristic performance of the legal relationship, and any agreed intention of the issuer and crypto-asset-holder.

This field does not apply as DTI is provided in F.13

This white paper seeks admission to trading of BDX as a BEP20 asset. BDX on the BNB Smart Chain is implemented as a BEP-20 token and has adopted LayerZero's Omnichain Fungible Token (OFT) standard, integrated with Stargate Finance for cross-chain transfers. By design, BDX on BNB Smart Chain maintains a fungible cross-chain extension to BDX on the Beldex Layer-1 chain through burn-and-mint mechanics, with BDX burned on the source chain minted on the destination chain and vice versa. This mechanism is temporarily disabled while the bridge connecting the native chain and BNB Smart Chain is rebuilt following the Beldex bridge infrastructure incident; cross-chain transfers are expected to resume once the rebuilt bridge is deployed. The token fully complies with the BEP-20 standard, supports 9 decimals to match the native chain, and enables seamless interoperability for BSC-based DeFi, exchanges, and trading while preserving alignment with the Beldex protocol's privacy features.

Networking layer

The Beldex blockchain is operated as a peer-to-peer network of masternodes that exchange transactions and blocks. In the Proof-of-Stake phase, a designated block producer gathers valid transactions from the mempool and aggregates them into a nominee block, which is then submitted to a validating quorum of other nodes. This behaviour implies a gossip-style propagation of mempool transactions and blocks across the node set, coordinated by the Beldex daemon processes that implement the core networking stack. A secondary peer-to-peer network is planned and built to support storage and messaging services, extending the networking functionality beyond basic block and transaction propagation.

Networking and serialisation

Masternode operators are required to run a fully synchronised Beldex daemon configured in master node mode, typically managed as a long-running system service on a Linux host. This daemon participates in the peer-to-peer network, maintains a local copy of the blockchain and exchanges messages with other nodes to maintain consensus and availability. Example service configurations are provided that run the daemon in non-interactive master node mode under a dedicated system user, illustrating the expectation of persistent connectivity and continuous participation in the network.

Cryptography and key formats

Transaction privacy is enforced through a combination of stealth addresses and Ring Confidential Transactions. Stealth addresses are used as intermediary, one-time expendable addresses that hide the ultimate receiver of a payment on the blockchain, even where the receiver publishes a static address in advance. For each payment, a fresh stealth address is derived so that observers cannot link outputs back to the receiver’s public identifier. Ring Confidential Transactions are also employed to conceal transaction amounts. Ring Confidential Transactions use range proofs based on Pedersen commitments, allowing nodes to verify that no value is created or destroyed without learning the underlying amounts. Ring Confidential Transactions are mandatory for all new transactions, so value transfers in Beldex - BDX are always shielded in this way.

Beldex is built on a codebase that originates from Monero and the broader Cryptonote family and those origins are acknowledged explicitly in licence notices. Wallet tooling is designed so that users hold and manage their own private keys locally, using Beldex wallets to secure BDX, stake the asset and trade peer-to-peer, rather than relying on centralised custodians for key management.

Application layer

The application layer is structured around Beldex - BDX primarily through wallets, staking flows and privacy-enhancing services. Beldex wallets hold users’ private keys, protect BDX holdings, enable staking participation, and facilitate peer-to-peer BDX exchange. A cross-platform desktop wallet is provided, implemented with an Electron-based graphical interface, allowing users to perform these operations without directly interacting with the low-level node software. This wallet communicates with the underlying blockchain through the Beldex daemon and a dedicated wallet remote procedure call process, separating consensus and networking logic from user-facing features while still relying on the same core protocol implementation.

Beldex is positioned as both a confidential currency and a platform for privacy-preserving data transmission. In addition to the incentivised full-node layer, an extended architecture is designed that includes a secondary peer-to-peer network and a private messenger, with masternodes expected to host additional services such as storage servers and communication endpoints. These higher-level components build on the base chain’s confidentiality guarantees to support use cases that require private messaging or data handling alongside financial transactions.

Interfaces and APIs

Operational interfaces are exposed through the Beldex daemon for masternode registration, staking and lifecycle management. Operators run a fully synchronised daemon in master node mode and invoke interactive flows to prepare registrations, define contributors and finalise masternode registration transactions. These flows compute the current staking requirement, validate contributor amounts and construct on-chain transactions that lock collateral and register the node in the masternode set. This interface standardises how operators join the network, manage collateral and maintain their masternode status.

A separate wallet remote procedure call component is also provided, serving as the interface between the core node and user-facing applications such as the Electron graphical wallet. The wallet application requires access to the Beldex daemon and the wallet RPC binary and uses them to create and sign transactions, manage addresses and monitor balances on behalf of the user. This architecture ensures that application developers interact with the network through a clearly separated RPC layer rather than embedding consensus or networking logic directly into front-end software.

The BDX BEP20 token contract is implemented in Solidity and operates within the EVM-compatible runtime of BSC, inheriting the chain's high-throughput block production, low-cost gas fees, and compatibility with standard EVM tooling and wallets. The open-source contract code allows independent verification and audit of the mint-and-burn mechanics that maintain a synchronised value with native BDX on the Beldex Layer-1 chain once the bridge connecting BSC to the native chain is active. Following the 12 June 2026 incident, this mechanism is temporarily disabled while the bridge is being rebuilt.

The native Beldex Layer-1 serves as the security and privacy foundation, with its open-source node implementation (maintained under the Beldex-Coin organisation on GitHub) providing the canonical ledger and privacy features. Pre-built binaries and source distribution support operators on standard Linux environments, while the BEP-20 version requires no native node operation; users interact via BSC-compatible wallets such as MetaMask, Trust Wallet, or other EVM clients. These wallets manage private keys locally and connect to BSC nodes or RPC endpoints to handle transfers, balances, approvals, and DeFi interactions.

No masternode staking or collateral locking is required or possible for the BEP-20 token; economic participation is limited to BSC-native activities (e.g., swaps on decentralised applications). The Electron-based graphical wallet for native BDX can be used alongside BSC wallets for cross-chain management, but BSC users primarily rely on standard EVM wallet interfaces. This architecture decouples the bridged token from native consensus while preserving protocol compatibility and enabling broad access to BSC-based trading and DeFi venues.

BDX BEP-20 OFT tokens on BNB Smart Chain does not participate in any consensus mechanism of its own, nor does it grant holders any role in the BNB Smart Chain’s consensus. BNB Smart Chain uses proof-of-staked Authority (PoSA), a hybrid consensus where only holders of the native gas token BNB can stake to become validators and help secure the network. BDX is simply a standard BEP-20 token contract running on top of that chain. Therefore, holders of BEP-20 BDX have zero ability to run nodes, validate blocks, earn consensus rewards, or participate in on-chain governance through their BDX holdings. They can only use the token for transfers, trading, liquidity provision, or DeFi activities on BSC. To participate in consensus or governance, a user must bridge their BDX back to the native Beldex Layer-1 chain and stake it there as a masternode under the Bucephalus PoS system.

The Beldex blockchain itself is secured with the Bucephalus PoS consensus mechanism. On 10 December 2021, the transition from Proof-of-Work (PoW) to this PoS design occurred via a hardfork event. PoS in Beldex is presented as an economical and energy-efficient alternative to PoW, leveraging staked BDX rather than continuous energy expenditure to select block producers and validators. After this transition, the average block time was reduced by a factor of four, resulting in an approximate block interval of 30 seconds.

A minimum collateral stake of 10,000 BDX is required to operate a PoS node in the consensus set. Each masternode must prove ownership of 10,000 BDX as collateral, which is initially locked for 86,400 blocks. During this lock period, the operator cannot spend the staked collateral, ensuring that consensus participants maintain a fixed economic stake in the network for a significant duration. Any participant is allowed to contribute to the Beldex network as long as the required collateral is locked in a node, reflecting an open validator set model constrained only by the staking requirement.

Bucephalus is implemented using quorums of staked nodes that share responsibility for block production and validation. A PoS quorum contains 12 nodes. For each block interval, one node in the quorum acts as the producer, assembling a nominee block from valid transactions drawn from the mempool, while the remaining eleven act as validators that examine the nominee block for correctness. Alongside these PoS quorums, additional quorums are operated, such as Flash quorums, masternode quorums and checkpoint quorums that carry out complementary functions in transaction confirmation and history protection. The checkpoint mechanism takes snapshots of the blockchain every four blocks, thereby limiting the number of blocks that an attacker can alter even if that attacker temporarily gains influence over consensus.

The security properties of the consensus mechanism are defined in terms of the proportion of staked BDX controlled by an adversary and the penalties applied to misbehaving nodes. An attacker would need to control more than 50% of the total staked BDX in order to take over the network under the PoS model. Penalties for malicious behaviour are enforced by locking the node's collateral for approximately 86,400 blocks (or 30 days), after which the locked BDX is released. This creates a temporary economic deterrent without any permanent loss of funds. The checkpointing mechanism reinforces security by making it infeasible for an attacker to rewrite more than a limited number of recent blocks.

The BEP-20 representation of BDX on the BNB Smart Chain carries no protocol-level incentives, staking rewards, governance participation, or token-specific economic mechanisms. All validator incentives, block reward distribution, staking rewards, Flash fee burning, and governance funding remain exclusive to the native Beldex Layer-1 blockchain. Cross-chain transfers to or from BSC via the Beldex Bridge, LayerZero's OFT standard and Stargate Finance incur only standard BSC network gas fees paid in BNB for transaction processing, messaging, and liquidity routing. No additional BDX-based fees, burns, staking yields, or rewards are applied or generated at the bridged level.

Network-level fees

Beldex network-level transaction fees are denominated in BDX and users who wish to transfer BDX are required to pay these fees to the nodes that process and confirm their transactions. Transaction fees compensate validators and masternodes for bandwidth, storage and computation and align the economic incentives of network participants with the continued operation of the chain. Certain classes of transaction fees are linked directly to supply dynamics. In particular, the fee component associated with Flash instant transactions is burned rather than distributed, which acts as a counterbalance to inflation.

Protocol-level fees

Flash instant transactions are provided as an instant-payment mechanism built on top of the Beldex blockchain. Flash allows participants to obtain confirmation of transactions before those transactions are included in an on-chain block. A dedicated network fee is associated with Flash transactions, and this fee is routed into the coin burning mechanism. Under this design, Flash fees do not accrue to node operators or governance pools but are removed from circulation, contributing to long-term supply management for Beldex - BDX.

Validator incentives

Consensus participants are rewarded through block rewards and fee flows. After the transition to PoS via the Bucephalus hardfork, the per-block reward was increased from 2 BDX to 10 BDX, raising the rate at which new BDX enters circulation. 62.5% of this new block reward is allocated to masternode block producers and 37.5% to governance, ensuring that both consensus participants and governance mechanisms receive a share of newly minted tokens. In addition, a reward queue is employed for masternodes: masternodes are ordered in a queue, and when a masternode receives a reward it moves to the end of the queue, while nodes that have been waiting for longer move towards the front. This queue design aims to distribute rewards more evenly across the active masternode set over time. These rewards are reinforced with a collateralisation structure that requires masternodes to lock 10,000 BDX, initially for 86,400 blocks, and exposes them to locking of both collateral and rewards if they act maliciously. Pooled staking is also allowed, where a masternode operator may contribute part of the required stake and one to three other contributors provide the remainder. In this pooled model, the participants share rewards in proportion to their stake, subject to minimum contribution thresholds and an operator contribution of at least a quarter of the total requirement. This setup enables smaller BDX holders to participate in validator economics through shared masternodes while preserving the economic alignment of operators who maintain the infrastructure.

Governance of parameters

A defined share of new issuance is allocated to governance. Specifically, 37.5% of new block rewards is directed to governance-related purposes, while the remaining 62.5% goes to masternode block producers. This mechanism creates an on-chain funding stream that can support governance decisions, development and other activities that sustain the ecosystem. Governance is also embedded into the monetary structure of Beldex - BDX by linking funding capacity directly to block production and inflation.

FALSE

TRUE

CertiK, 2022 Beldex Chain Code Audit

• Object: Beldex engaged CertiK in 2022 to perform a dedicated code audit of the Beldex chain, focusing on the Layer-1 implementation that secures Beldex - BDX, with particular emphasis on masternode logic, quorum handling, consensus behaviour and related core components of the node software. The engagement is recorded as a Beldex Chain code audit with a manual review methodology applied to a defined set of source files.
• Results: The audit identified 24 findings, of which 3 were classified as medium severity, 9 as minor, and 12 as informational, with no critical or high-severity issues reported. The resolution matrix associated with the audit records seventeen findings as resolved and seven as acknowledged, and the centralisation overview lists “None” for distribution, upgrade, privilege and other categories, indicating no centralisation risks were flagged under those headings.
• Actions: The final status recorded for this engagement shows that the majority of identified issues had been remediated to the auditors’ satisfaction by the time of the last revision on 27 May 2022, with the remaining lower-risk items acknowledged but not marked as resolved.

QuillAudits, 2025 Beldex BNB Smart Chain Smart Contract Audit

• Object: In December 2025, Beldex engaged QuillAudits to review its smart contract on the BNB Smart Chain, which implements an OFT based on LayerZero’s OFT standard for bridging BDX from the Beldex Layer-1 privacy chain to EVM networks. The review focused on the Solidity implementation of the token contract at the BSC address, examining mint-and-burn mechanics, supply management, access control, pausability, and ownership settings through manual analysis, functional testing, and automated testing.
• Results: The audit identified three issues: one low-severity and two informational, with no critical, high, or medium-severity findings. The low-severity issue noted inconsistent decimal usage between a nine-decimal contract and an eighteen-decimal commented-out line, which could inflate balances in test deployments only. On mainnet, decimals are consistently set to 9, with no impact on live balances or supply. One informational issue raised concerns about the potential disruption to the omnichain supply invariant caused by a combined owner-only mint and public burn function. The other highlighted centralisation risks from privileged functions like pause, unpause, and mint. All issues were labelled as “acknowledged,” confirming that only minor inconsistencies and best-practice improvements were found.
• Actions: The audit recommends aligning test assumptions with the nine-decimal configuration, documenting the burn function’s behaviour with owner mint capabilities, and assigning owner roles to a multisignature or timelocked governance to reduce centralisation risk. Findings are recorded as acknowledged, and no major issues were found in automated testing beyond those already noted.

QuillAudits, June 2026 Beldex Token (MyOFT) Smart Contract Audit

• Object: Following the 11 June 2026 bridge exploit and deployment of the new BDX-BSC contract, Beldex engaged QuillAudits to audit the new token contract. The audit covered the BELDEX token contract deployed on BNB Smart Chain. The publicly accessible token contract address is 0x9d10a1ec41Fe7878429BB457e31F9b050D38c633 (an ERC-1967 upgradeable proxy). The audit was conducted on the underlying implementation contract at 0xb5AF6888AF2415329BdB90924639b833d75EC927, which is linked to and governs the logic of the proxy. Both addresses are verifiable on BscScan, where the proxy's "Implementation" field confirms the relationship between the two contracts. The audit covered structural analysis, static analysis, manual code review, gas consumption, and automated testing (Remix IDE, Foundry, Solhint, Mythril, Slither). Review 1 was completed 19 June 2026.
• Results: No critical, high, or medium-severity issues were identified. One low-severity issue was found: the contract inherits OpenZeppelin's single-step Ownable rather than Ownable2Step, allowing instant, single-transaction reassignment of privileged ownership (including the owner-gated mint function) without the recipient's acceptance if the owner key is compromised. One informational issue noted leftover test-phase comments requiring removal before further deployment.
• Actions: Both issues were acknowledged by Beldex; neither is recorded as resolved as at the report date. QuillAudits recommends adopting Ownable2Step.

Irreversibility of transactions

BDX transactions on the native Beldex Layer-1 chain achieve cryptographic finality after 10 confirmations. For BDX tokens on the native Beldex protocol and on BNB Smart Chain, transactions are irreversible once confirmed. Holders face the risk of permanent loss from erroneous transfers, phishing attacks, compromised private keys, or incorrect addresses, with no protocol-level reversal mechanism available on either chain. Recovery depends entirely on the recipient voluntarily returning funds or control of the recipient’s private keys, which is rarely feasible in adversarial or loss scenarios.

Market volatility and price risk

BDX market prices, whether quoted as native BDX on the Beldex chain or as the BEP-20 representation on BSC, are subject to rapid and substantial fluctuations driven by broader cryptocurrency market cycles, regulatory developments, liquidity changes, protocol upgrades (including hardforks on the native chain), project announcements, or shifts in BSC ecosystem activity. Holders may experience significant mark-to-market losses, particularly during periods of forced liquidation, low liquidity, or when trading venues impose restrictions or downtime.

Custody and key management risk

Loss, theft, or compromise of private keys (spend key and view key on the native chain, or BSC-compatible wallet keys for the BEP-20 token) results in permanent loss of holdings with no recovery mechanism provided by the protocol or chain operators. Self-custody exposes users to risks from device failure, malware, phishing, social engineering, or physical theft.

Absence of statutory compensation

No deposit insurance, government guarantee, or statutory compensation scheme protects BDX holdings. Holders may be exposed to a risk of technical failures, operational incidents, smart contract vulnerabilities, bridge-related risks or counterparty issues.

Exchange access and listing risk

Access to secondary markets depends on the policies and operational frameworks of centralised exchanges (CEXs) and over-the-counter (OTC) venues. Listing decisions, trading pairs, and geographic availability may change over time, which could influence liquidity, price discovery, and user access. Platform requirements related to onboarding, custody, and compliance procedures may also affect participation.

Impact of large transactions

Large transfers, disposals, or accumulations of BDX, whether on the native chain or via the BEP-20 representation on BSC, may materially impact market pricing and stability. Concentrated holdings by major stakeholders, early participants, or liquidity providers could lead to price volatility, particularly during low-liquidity periods or coordinated movements across chains.

This field does not apply. BDX is not issued by a centralised authority as defined under MiCA; it is issued in a decentralised manner through the automated block reward mechanism of the permissionless Beldex Layer-1 blockchain protocol.

Vesting and Scheduled Release Risk

BDX is released quarterly from designated wallets (Ecosystem, Seed & VC, Team, Marketing). These predictable release events can create selling pressure, market volatility, or adverse price reactions, particularly if releases coincide with weak market conditions or insufficient ecosystem growth.

Multiple private keys management

To bridge BDX between different networks and the native Beldex blockchain, users must interact with the same cross-chain infrastructure used for outbound transfers, which requires using a compatible Beldex wallet (such as CLI, GUI, or mobile). This process demands proper handling of private keys and credentials on both sides of the bridge. Losing access to a wallet, failure of misconfigured bridge settings, or misuse of incompatible tools, can result in permanent loss of tokens.

Supply invariant violation risk

The native emission follows a structured block reward model with burning mechanisms for fees. In the EVM POC, value transfer occurs via proof-of-burn rather than arbitrary minting, though transitions present ongoing research challenges that could affect supply accounting if implemented.

Protocol upgrade and modification risk

Protocol upgrades, such as the Bucephalus hardfork (PoS transition), Bern hardfork (BNS and fee burning), Obscura hardfork (Bulletproofs++ scalability), and the planned 2026 VRF-based consensus shift, require node operator and masternode coordination to update software and validate changes. Insufficient or mistimed adoption may result in chain splits, temporary network partitions, or delayed feature activation.

Concentration of Token Holdings

A portion of the BDX supply is allocated to designated wallets associated with ecosystem development, seed and venture funding, team incentives, and marketing activities. While these allocations are subject to defined vesting and release schedules, decisions regarding the timing and use of these tokens are coordinated by a limited number of project-related entities, which may influence governance and operational dynamics within the ecosystem.

Cross-Chain Bridge Exploit Risk

Cross-chain bridges are structurally complex and historically have been a frequent target of exploits across the crypto ecosystem. In June 2026, the Beldex Bridge's mint-and-burn mechanism was exploited, resulting in unauthorised minting of BDX-BSC tokens without corresponding native-chain collateral. Beldex disabled the affected functionality and is rebuilding the bridge, with the stated intention of evaluating a trustless bridge architecture to reduce recurrence risk. The bridge URL (bridge.beldex.io) will remain unchanged. A future exploit of the rebuilt bridge, or of other interoperability layers such as LayerZero or Stargate integrations, cannot be ruled out, notwithstanding remediation measures taken.

Hardfork coordination and adoption risk

Hardforks depend on masternode operators applying updates and maintaining participation during activation. Gaps in awareness, technical capability, or participation could lead to reduced liveness, conflicting chains, or prolonged transition periods until quorum consensus stabilises.

Node software dependency and version fragmentation risk

Beldex relies on specific daemon and wallet software versions for node and masternode operation. During upgrades or hardforks, operators running outdated or incompatible versions may cause rejected blocks, stalled consensus, or network partitions until alignment occurs.

Masternode registration and collateral lock-up risk

Masternode participation requires locking 10,000 BDX collateral and correct on-chain registration. Implementation errors, failed uptime proofs, or collateral mismanagement can trigger warnings, demerits, locking, or deregistration, potentially reducing network capacity during critical phases such as upgrades.

Residual smart contract vulnerability exposure

Native privacy features (ring size 11, RingCT, stealth addresses) reduce traceability but do not eliminate all attack vectors. In the EVM POC, public bytecode visibility and per-contract owner controls introduce potential privacy leaks. Bridged BDX relies on smart contracts deployed on external networks such as Binance Smart Chain, Ethereum and Solana to lock, mint, burn, or transfer value across chains. Any coding errors, vulnerabilities, or logic flaws in bridge or token contracts could result in loss of funds, incorrect minting, or permanent locking of bridged tokens. While audits are referenced, audits do not eliminate the risk of undiscovered vulnerabilities.

Residual Administrative and Privilege Risks

The BEP-20 BDX contract on BNB Smart Chain has no centralised or renounceable ownership. Core functions (pause, upgrade, mint) are limited to LayerZero OFT mechanics and do not allow arbitrary control over funds or supply. Supporting contracts in Stargate pools or LayerZero endpoints may retain limited privileged functions (e.g., pause or configuration updates) that could disrupt availability or transfers if misused. Native Layer-1 masternode influence via staked collateral does not apply to the BEP-20 token.

Message delivery and finality coordination failures

Native transactions rely on master node quorums and 10 confirmations for finality. Delays or quorum failures may temporarily halt block production.

Legacy contract residual trading risk

The retired BDX-BSC contract (0x6ad12E761b438beA3EA09F6C6266556Bb24C2181) remains technically capable of processing transfers on BNB Smart Chain notwithstanding its retirement, because retirement reflects an operational and disclosure decision by Beldex rather than a change enforced at the contract level. The retired contract is not visually or technically distinguishable on-chain from the new canonical contract (0x9d10a1ec41Fe7878429BB457e31F9b050D38c633) to a holder who has not verified the correct address. A holder who continues to acquire or hold tokens under the retired contract address, including via a stale exchange listing, wallet bookmark, or third-party integration that has not yet updated to the new address, is exposed to a risk of total loss of value, as the retired contract is not supported by the migration, snapshot, and will not be recognised for any future bridge functionality.

Offer-related risks

• Irreversibility of transactions: The BEP-20 representation on BNB Smart Chain follows BSC’s finality rules (typically 6–20 confirmations).The Beldex protocol uses unique key images within MLSAG signatures to detect and reject double-spending attempts automatically upon confirmation. Documentation and wallet tools emphasise address verification and private key security, while 10-confirmation finality and checkpoints (every 4 blocks) provide strong irreversibility guarantees that reduce reversal-related uncertainties.
• Market volatility and price risk: Holders are directed to official disclaimers stating that the whitepaper provides no investment guarantees or warranties.
• Custody and key management risk: Wallets support 25-word seed phrases, spend/view key pairs, and optional multisignature configurations (e.g., M-of-N) to enhance protection against loss or compromise. Beldex documentation encourages user responsibility for backups and secure storage.
• Absence of statutory compensation: Clear disclaimers in the whitepaper state that the document offers no warranties, guarantees, or investment solicitations, explicitly setting holder expectations regarding the absence of external protections.

Crypto-asset-related risks

• Vesting and Scheduled Release Risk: Release dates and quantities for the Ecosystem, Seed & VC, Team, and Marketing wallets follow a fixed, publicly disclosed quarterly schedule , giving holders and the market advance visibility of upcoming supply events. Team allocations are additionally subject to a two-year cliff and an 18-month linear vesting period, smoothing the rate at which team-held BDX can reach the market.
• Multiple private keys management: Official Beldex wallet tooling (CLI, GUI, and mobile) provides guided flows for cross-chain transfers, and documentation emphasises matching wallet configuration to the correct network before initiating a transfer. Following the June 2026 incident, Beldex published step-by-step migration instructions and a defined cutoff date for moving balances to the new BDX-BSC contract, reducing the risk of users applying outdated bridge settings or interacting with incompatible legacy tooling.
• Supply invariant violation risk: Proof-of-burn mechanics in the EVM POC and native fee-burning for Flash transactions help maintain supply integrity,constant block rewards and whitepaper disclosures support monitoring. The June 2026 QuillAudits review of the new BDX-BSC contract (see H.9) confirms the contract's mint function remains owner-gated rather than open to arbitrary callers, and Beldex has disclosed the new contract address so the market can verify supply on-chain.
• Pausability as operational denial vector: Quorum-based consensus (requiring 7/11 validator attestations) and Byzantine fault tolerance (tolerating up to 6 faulty nodes) provide resilience against temporary halts, with documented uptime proofs and penalties.

Project implementation-related risks

• Protocol upgrade and modification risk: Hardfork communications (e.g., Bucephalus, Bern) provide advanced guidance for node operators, supported by quorum validation and checkpoints to limit regression impacts. Additionally, BSC’s stable PoSA consensus and LayerZero’s upgradeable OFT design allow iterative improvements with minimal disruption to bridged functionality.
• Concentration of Token Holdings: Open-source code and community participation are positioned as ongoing review mechanisms, supplemented by protocol-level protections such as ring signatures and economic penalties. Wallet-level allocations to ecosystem, seed/VC, marketing, and team entities are publicly disclosed by wallet and percentage (see D.9), and release schedules are fixed and quarterly rather than discretionary, limiting any single entity's ability to time disposals opportunistically.
• Cross-Chain Bridge Exploit Risk: Following the June 2026 exploit , Beldex disabled the affected mint-and-burn functionality, deployed a new, independently audited BDX-BSC contract, and is migrating legitimate non-custodial holder balances to that contract on a strict multi-chain supply equilibrium following a published snapshot and cutoff date. Beldex is rebuilding the bridge and evaluating a trustless bridge architecture intended to remove the single point of failure exploited in the incident.
• Hardfork coordination and adoption risk: Masternode operators completed mandatory upgrades for prior hardforks (Bucephalus, Bern, Obscura) ahead of activation, evidencing an established operator-coordination process. The checkpoint mechanism, which snapshots the blockchain every four blocks, limits the depth of disruption arising from delayed or partial adoption during a transition window.
• Node software dependency and version fragmentation risk: Daemon and wallet software is distributed as open-source pre-built binaries and source code under the Beldex-Coin GitHub organisation, allowing operators to verify and update to the correct version ahead of scheduled upgrades. Quorum-based block validation means a limited number of nodes running outdated software does not by itself prevent the network from reaching consensus, containing the impact of partial version fragmentation.
• Masternode registration and collateral lock-up risk: Registration is performed through guided, interactive flows in the Beldex daemon that compute the current staking requirement and validate contributor amounts before submission, reducing the risk of malformed registrations. Pooled staking allows smaller holders to contribute below the full 10,000 BDX requirement through a registered operator, reducing the practical impact of the collateral threshold on individual participation.

Technology-related risks

• Residual smart contract vulnerability exposure: The BEP-20 BDX contract on BNB Smart Chain has no centralised or renounceable ownership, and its core functions are limited to LayerZero OFT mechanics rather than arbitrary control over funds or supply. Where supporting Stargate pool or LayerZero endpoint contracts retain limited privileged functions (e.g., pause or configuration updates), the June 2026 QuillAudits review of the new BDX-BSC contract (see H.9) recommends migrating the owner role to a multisignature or timelocked governance structure to reduce single-key compromise risk; Beldex has acknowledged this recommendation. Native Layer-1 masternode collateral locking and demerit penalties separately create ongoing accountability for node operators in respect of their consensus-level role, which is distinct from the BEP-20 contract's administrative functions.
• Permanent administrative privilege retention: Locking and demerit systems tied to collateral create ongoing accountability for operators without requiring renunciation of influence.
• Message delivery and finality coordination failures: 10-confirmation finality combined with Flash quorums for near-instant transactions and checkpoint snapshots every 4 blocks enhance reliability and limit reorg risks.
• Legacy contract residual trading risk: Beldex has publicly disclosed both the retired contract address (0x6ad12E761b438beA3EA09F6C6266556Bb24C2181) and the new canonical contract address (0x9d10a1ec41Fe7878429BB457e31F9b050D38c633) so that holders, exchanges, and third-party integrators can independently verify which address they are interacting with. Beldex is actively coordinating with centralised exchange partners to migrate listings to the new contract; migrations are in progress across existing venues, with BingX and Kraken integration of the new contract address pending completion. On decentralised venues, Beldex is conducting direct outreach to protocol teams, liquidity communities, and end users to communicate the token migration, with the objective of eliminating residual liquidity on the retired contract address. Holders are directed to verify the contract address against official Beldex channels before any transfer, deposit, or withdrawal involving BDX-BSC, and to treat any balance or quotation referencing the retired contract address as unsupported.

Beldex International Foundation

25052214-3-2023

BDX

BDX BEP-20 OFT tokens on BNB Smart Chain does not participate in any consensus mechanism of its own, nor does it grant holders any role in the BNB Smart Chain’s consensus. BNB Smart Chain uses proof-of-staked Authority (PoSA), a hybrid consensus where only holders of the native gas token BNB can stake to become validators and help secure the network. BDX is simply a standard BEP-20 token contract running on top of that chain. Therefore, holders of BEP-20 BDX have zero ability to run nodes, validate blocks, earn consensus rewards, or participate in on-chain governance through their BDX holdings. They can only use the token for transfers, trading, liquidity provision, or DeFi activities on BSC. To participate in consensus or governance, a user must bridge their BDX back to the native Beldex Layer-1 chain and stake it there as a masternode under the Bucephalus PoS system.

The Beldex blockchain itself is secured with the Bucephalus PoS consensus mechanism. On 10 December 2021, the transition from Proof-of-Work (PoW) to this PoS design occurred via a hardfork event. PoS in Beldex is presented as an economical and energy-efficient alternative to PoW, leveraging staked BDX rather than continuous energy expenditure to select block producers and validators. After this transition, the average block time was reduced by a factor of four, resulting in an approximate block interval of 30 seconds.

A minimum collateral stake of 10,000 BDX is required to operate a PoS node in the consensus set. Each masternode must prove ownership of 10,000 BDX as collateral, which is initially locked for 86,400 blocks. During this lock period, the operator cannot spend the staked collateral, ensuring that consensus participants maintain a fixed economic stake in the network for a significant duration. Any participant is allowed to contribute to the Beldex network as long as the required collateral is locked in a node, reflecting an open validator set model constrained only by the staking requirement.

Bucephalus is implemented using quorums of staked nodes that share responsibility for block production and validation. A PoS quorum contains 12 nodes. For each block interval, one node in the quorum acts as the producer, assembling a nominee block from valid transactions drawn from the mempool, while the remaining eleven act as validators that examine the nominee block for correctness. Alongside these PoS quorums, additional quorums are operated, such as Flash quorums, masternode quorums and checkpoint quorums that carry out complementary functions in transaction confirmation and history protection. The checkpoint mechanism takes snapshots of the blockchain every four blocks, thereby limiting the number of blocks that an attacker can alter even if that attacker temporarily gains influence over consensus.

The security properties of the consensus mechanism are defined in terms of the proportion of staked BDX controlled by an adversary and the penalties applied to misbehaving nodes. An attacker would need to control more than 50% of the total staked BDX in order to take over the network under the PoS model. Penalties for malicious behaviour are enforced by locking the node's collateral for approximately 86,400 blocks (or 30 days), after which the locked BDX is released. This creates a temporary economic deterrent without any permanent loss of funds. The checkpointing mechanism reinforces security by making it infeasible for an attacker to rewrite more than a limited number of recent blocks.

See H.5

2026-01-01

2026-02-11

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). The calculated values refer exclusively to the BEP-20 asset being admitted to trading, and not the origin native chain. Full methodology available at : www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). The calculated values refer exclusively to the BEP-20 asset being admitted to trading, and not the origin native chain. Full methodology available at: www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). The calculated values refer exclusively to the BEP-20 asset being admitted to trading, and not the origin native chain. Full methodology available at: www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).
Full methodology available at: www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5).
Full methodology available at: www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). As the asset runs on a decentralised network, estimates on individual node weight, hazardous components and depreciation rate are used. The calculated values refer exclusively to the BEP-20 asset being admitted to trading, and not the origin native chain. Full methodology available at: www.micacryptoalliance.com/methodologies

Data provided by the MiCA Crypto Alliance as a third party, with no deviations from the calculation guidance of Commission Delegated Regulation (EU) 2025/422, Article 6(5). Usage of natural resources is approximated through land use metrics. Land use, water use and water recycling are calculated based on energy mix-specific estimates of purchased electricity land intensity, purchased electricity water intensity, and water recycling rates. Full methodology available at: www.micacryptoalliance.com/methodologies