Areal Finance

Areal Finance is a full-stack on-chain protocol on Solana for real-world asset tokenization, liquidity, and governance. The protocol provides infrastructure for projects to tokenize recurring cash flows from real-world businesses, maintain liquidity on a native DEX, and distribute yield to token holders on a per-second basis — all governed by the community through futarchy via the MetaDAO engine.

The RWA market is growing fast but remains structurally broken. Liquidity is fragmented across dozens of isolated token pools that cannot scale into a single deep market. Governance is opaque — key decisions on asset selection, risk parameters, and treasury allocation happen off-chain with no accountability to token holders. And small and medium businesses are left behind entirely, while on-chain tokenization today focuses almost exclusively on equities and large financial instruments served to $10M+ issuers.

Our mission is to open on-chain capital formation and community ownership to businesses of every size, and to build transparent infrastructure where every decision is driven by economic outcomes, not opinions.

Artsiom Hnatiuk — Co-Founder & CEO, Areal Foundation Responsible for communications, business development, operations, and product ownership. Background includes participation in SAP hackathon, work with major CIS banking institutions, and research in an asset tokenization lab. Decided to channel this experience into building an independent RWA project from the ground up.

Evgenii Solomein — Co-Founder & CTO, Lead Developer Fullstack developer with deep experience in the Solana ecosystem, smart contract development, and enterprise-level engineering. Previously held Dev Lead roles at major corporations. Currently co-building Areal as a bootstrapped RWA protocol.

(a) IP ownership & control — The project's intellectual property, including codebases/repos and any associated trademarks/brands, is held by a Cayman Islands SPC (Segregated Portfolio Company) formed via MetaLeX. The SPC is governed by the DAO.

(b) Contract/admin powers — Governance is fully onchain and permissionless via the MetaDAO futarchy protocol on Solana. Token holders make decisions by trading conditional outcome tokens on proposal markets. Proposals pass or fail based on market-determined price impact on the project's token. There is no multisig, council, pause/upgrade roles, or centralized admin authority — all decisions are made through futarchy (market-based governance).

(c) Locked-token rights — The price-based performance premine tokens are locked with a minimum 18-month cliff and unlock based on sustained price performance milestones. Locked token holders do not have additional governance or decision-making rights beyond what unlocked token holders have. Locked tokens cannot vote or participate in governance until unlocked.

(d) Value accrual & holder rights — Token holders govern the DAO treasury through futarchy-governed proposals. The DAO treasury funds development directly — there is no separate development company. Revenue distribution and treasury allocation decisions are made via onchain governance proposals.

(e) Dissolution authority — Dissolution of the DAO would require an onchain futarchy governance proposal passed by the market. The Cayman SPC legal wrapper can be wound up per its constitutional documents as directed by DAO governance.

Each project launched through MetaDAO Accelerated has a Cayman Islands SPC (Segregated Portfolio Company) entity formed via MetaLeX. The entity holds the project's intellectual property and is governed by the DAO. There is no separate development company — the DAO treasury funds development directly through futarchy-governed proposals.

(a) Launch supply totals — 25,800,000 total tokens at launch. 10,000,000 tokens issued to ICO participants (unlocked). 2,900,000 tokens issued as protocol-owned liquidity (locked in pools). 12,900,000 tokens allocated as a price-based performance premine (locked with minimum 18-month cliff).

(b) Recipient categories & use of funds — • ICO Participants (10,000,000 tokens): Distributed pro-rata to all participants of the permissionless ICO based on contribution. Tokens are immediately unlocked. • Protocol-Owned Liquidity (2,900,000 tokens): 2,000,000 tokens paired with 20% of funds raised through the ICO in a liquidity pool. 900,000 tokens placed in a single-sided liquidity pool on Meteora. These tokens provide onchain trading liquidity. • Team / Performance Premine (12,900,000 tokens): Allocated to the founding team, subject to price-based vesting. Tokens unlock only if sustained price performance milestones are met.

(c) Initial price per token — Determined at ICO close based on total funds raised divided by 10,000,000 ICO tokens.

(d) Ticker / market symbol — ARL

(e) Total supply & supply regime — 25,800,000 total supply. The supply is fixed — there is no inflation or deflation mechanism.

(f) Initial vesting / release schedules — ICO participant tokens and protocol liquidity tokens are not subject to vesting. The team performance premine has a minimum 18-month cliff. The allocation is divided into 5 tranches of 20% each, unlockable after a 3-month TWAP evaluation period at price multiples of 2×, 4×, 8×, 16×, and 32× relative to launch price. The TWAP oracle can be called at any time but triggers a 3-month evaluation window before tokens are released.

There are no airdrops as part of the MetaDAO Accelerated ICO process. All token distribution occurs through the permissionless ICO mechanism. Any future token distributions would need to be passed via DAO governance proposal following the ICO and are not part of this launch.

There are no market maker agreements. Liquidity is provided through the Accelerated launch mechanism's built-in liquidity pool, which receives 20% of funds raised. There are no token loans, OTC deals, or designated market maker arrangements.

There are no CEX listing agreements. The token trades onchain on Solana DEXs from the moment of launch. No listing fees have been paid, and no exchange has been granted tokens or preferential access.

Series Name: MetaDAO Presale Vehicle: MetaLex powered Cayman Segregated Portfolio Company / Segregated Portfolio Start Date of Sale: [To be determined at launch] Number of Tokens Sold: 10,000,000 ARL tokens distributed to ICO participants pro-rata based on contribution. Vesting Schedules: There are no vesting schedules for ICO participant tokens. All tokens distributed through the presale are immediately unlocked and freely transferable at the conclusion of the ICO.

There are no prior SAFTs, SAFEs, convertible notes, private placements, or other fundraising rounds preceding this launch. No tokens were sold or distributed before this presale.

None. Areal has not yet deployed to mainnet — all smart contracts are currently in development and testing. There have been no security incidents, exploits, or hacks affecting the project to date.

REGULATORY RISKS

Token Classification — Classification of digital tokens varies by jurisdiction and is subject to ongoing regulatory evolution worldwide. Tokens classified as utility instruments in one jurisdiction may be classified differently in another. Regulatory frameworks for digital assets are rapidly evolving and may impose new requirements, restrictions, or obligations at any time.

Multi-Jurisdictional Exposure — Projects operating across multiple jurisdictions may face conflicting or overlapping regulatory obligations. Coordinated regulatory action across jurisdictions could affect the viability of decentralized protocols or token-based systems entirely.

Legal Structure Risk — The legal enforceability of on-chain governance through off-chain legal entities is an evolving area with limited precedent. Changes in legislation may affect the validity or enforceability of existing structures. Courts in some jurisdictions may not recognize the separation of legal entities (veil piercing). Cross-border operations may create unexpected legal liabilities.

Compliance Obligations — Each project within the Areal ecosystem independently bears responsibility for compliance with all applicable laws and regulations in its operating jurisdictions, including tax reporting, KYC/AML procedures, and local securities regulations.

Jurisdictional Restrictions — The Areal protocol is not intended for persons in jurisdictions where such distribution or use would contravene local law. Participants are solely responsible for ensuring compliance with all applicable laws.

TECHNOLOGY RISKS

Smart Contract Vulnerabilities — Code may contain bugs, logic errors, or subtle attack vectors even after auditing. Exploitation could result in loss of funds or protocol disruption. Cross-contract interactions between multiple smart contracts, including third-party integrations, may produce unexpected outcomes.

Pre-Audit Status — As of launch, the Areal protocol contracts have not undergone a formal third-party security audit. Audits are planned but subject to DAO governance and treasury allocation decisions post-launch. Pre-audit code carries elevated risk of undiscovered vulnerabilities.

Blockchain Network Risk — Areal operates on Solana. Validator failures, network congestion, consensus issues, or protocol upgrades may temporarily affect availability and transaction processing.

Oracle and Data Feed Risk — The protocol relies on external data sources for asset pricing, yield calculations, and NAV Book Value updates. Delayed, inaccurate, or manipulated data feeds could affect protocol operations and economic calculations.

Experimental Technology — Smart contracts, decentralized governance, blockchain infrastructure, and the integration of real-world assets with on-chain systems are at an early stage. The integration between on-chain governance and off-chain legal entities is a novel approach with limited precedent. Economic models are theoretical constructs that may not perform as described under all market conditions.

ECONOMIC AND MARKET RISKS

Token Price Volatility — ARL trades on the Native DEX in a standard curve pool — its price is determined by supply and demand and may diverge from Treasury asset value. RWT follows a flatcoin model pegged to NAV Book Value but may temporarily deviate. Ownership Tokens reflect both current asset value and expectations of future yield, which can change unpredictably. Token prices may reach zero.

Liquidity Risk — Periods of low trading activity may result in high slippage. Large orders can significantly impact market prices. Temporary imbalances between pools may occur during market volatility. New Ownership Token pools may initially have shallow liquidity.

Yield Variability — Real-world asset yields are inherently variable. Changes in economic conditions, interest rates, occupancy, or market demand may reduce asset income. Lower yields reduce the growth rate of NAV Book Value and may proportionally reduce Treasury income and Reserve Fund inflows. Individual project performance may differ substantially from projections. Yield may be zero for extended periods or entirely.

TOKENOMICS AND EMISSION RISKS

Dilution Risk — Future token issuances (community grants, partner incentives, protocol expansions) may dilute existing holders. All issuance decisions are subject to futarchy governance post-launch.

Concentrated Ownership — Early holders, team, and treasury may collectively control a significant share of circulating supply. Coordinated action by large holders could influence governance outcomes or market prices.

Vesting and Unlock Risk — Scheduled token unlocks (team, treasury, ecosystem) may create periodic sell pressure. Unlock schedules are fixed at launch but may be adjusted through governance.

Supply Changes — Total supply, issuance rate, and distribution parameters may be modified through futarchy governance, affecting holder economics.

FUTARCHY LAUNCH SPECIFIC RISKS

Launch Market Liquidity — Token prices at the MetaDAO futarchy launch depend on market participation. Low-volume launch may produce prices that do not reflect fundamental value.

Launch Metric Failure — If the pre-declared success metric is not met, proceeds and launch conditions follow the MetaDAO futarchy rules (which may include refund or revision mechanisms). Participants should review MetaDAO launch terms independently.

Price Discovery Uncertainty — As a pre-seed project with a live MVP, the token has no prior market history. Initial trading may be highly volatile with no reliable reference point.

REAL-WORLD ASSET (RWA) SPECIFIC RISKS

Physical Asset Risks — RWA tokens are backed by real-world physical assets that are inherently exposed to risks that do not exist in purely digital systems. These include natural disasters (floods, earthquakes, fires), accidents, theft, vandalism, environmental hazards, and other force majeure events that may damage or destroy the underlying asset partially or entirely.

Geopolitical and Local Risks — Assets are located in specific countries and regions, each with its own political stability, legal system, and economic environment. Changes in local government policy, sanctions, armed conflicts, currency controls, property seizure, or civil unrest may directly impact asset value, revenue generation, or the ability to operate.

Seasonality and Market Conditions — Many RWA asset classes (hospitality, rental, transportation) are subject to seasonal demand fluctuations, local economic cycles, and tourism trends. Revenue projections based on peak periods may not hold during off-season or economic downturns.

Project Founder Integrity Risk — Areal is an open platform where third-party projects launch and manage their own RWA assets. There is an inherent risk that project founders may act in bad faith — misrepresenting asset quality, inflating projections, mismanaging funds, or abandoning the project entirely. Areal provides infrastructure and governance tools but does not vet, endorse, or guarantee the honesty or competence of individual project teams. Areal cannot be held responsible for the actions or omissions of third-party project founders.

Insurance and Recovery Limitations — Not all physical assets may be fully insured. Even where insurance exists, claims processes may be slow, partial, or disputed. In the event of total asset loss, recovery for token holders may be limited or impossible depending on the legal structure and insurance coverage of the specific project.

OPERATIONAL RISKS

Asset Performance — Physical assets may suffer from damage, depreciation, vacancy, or obsolescence. Revenue generation depends on real-world market conditions and management quality. Areal provides infrastructure only — it does not manage, control, or supervise project assets or operations.

Counterparty Risk — Projects rely on tenants, service providers, contractors, and other counterparties. Defaults, breaches, or failures by these parties may affect project performance and yield distribution.

Management Quality — Each project is responsible for its own asset management. Poor decisions, mismanagement, or negligence at the project level can lead to reduced yields or loss of asset value.

Force Majeure — Natural disasters, geopolitical events, pandemics, regulatory actions, or other extraordinary circumstances may disrupt asset operations or entire markets.

GOVERNANCE RISKS

Futarchy Limitations — Prediction markets used for governance may produce suboptimal outcomes, particularly under high uncertainty. Low participation may concentrate decision-making influence among a small number of active participants. Markets may be subject to strategic behavior, short-term manipulation, or coordinated action. Effectiveness depends on sufficient market liquidity and informed participants.

Capital Allocation Risk — Governance decisions affecting Treasury allocation, Reserve Fund parameters, and protocol configuration carry inherent economic risk. Incorrect capital allocation decisions reduce ARL value and may weaken the protocol's economic position.

Treasury Concentration — Protocol-owned liquidity and treasury reserves concentrate risk in a single governance surface. Poor deployment decisions, failed asset integrations, or market shocks affecting treasury-held assets may reduce protocol resources.

Impermanent Loss on Protocol-Owned Liquidity — Protocol-owned liquidity positions are subject to impermanent loss when underlying asset prices diverge, potentially reducing treasury value even in nominally profitable market conditions.

TEAM AND EXECUTION RISKS

Bootstrap Team Risk — The team operates in a bootstrapped, self-funded mode with no external investor runway. Team members may need to reduce Areal commitment or cease work entirely if personal financial constraints arise.

Key Person Risk — A small founding team concentrates knowledge and responsibility. Departure or incapacitation of a key contributor may materially affect the development timeline.

Information Asymmetry — The founding team has more detailed knowledge of protocol internals, pipeline, and operational status than public disclosures may reflect. Risk assessments should account for inherent information imbalance between insiders and external participants.

Conflict of Interest — Team members hold tokens and may have economic incentives that diverge from those of other holders.

USER RISKS

Wallet Security — As a non-custodial system, Areal does not hold user funds. Users are solely responsible for protecting seed phrases, private keys, and devices. Lost access cannot be recovered.

Protocol Complexity — Areal is a complex system with multiple interacting components (RWT, Ownership Tokens, ARL, DEX pools, yield distribution, governance). Misunderstanding mechanics may lead to incorrect expectations or unintended outcomes.

Transaction Finality — On-chain transactions are irreversible. Errors in token transfers, swap parameters, or governance votes cannot be undone after execution.

Regulatory Exposure for Users — Participants may face tax obligations, reporting requirements, or regulatory restrictions in their jurisdictions. Each user is responsible for understanding and complying with applicable law.

No Secondary Market Guarantee — Participants may not be able to sell tokens at any time or at any particular price. Trading depends on DEX liquidity depth, which may fluctuate or become unavailable.

SYSTEMIC RISKS

The following scenarios, while unlikely, could affect the entire ecosystem:

Complete blockchain failure — prolonged Solana network outage or critical vulnerability.

Severe real-sector disruption — industry shutdowns, systemic financial crises, or geopolitical conflicts affecting multiple projects simultaneously.

Cascading failures — unexpected interactions between protocol modules, external integrations, or market conditions producing systemic effects.

Coordinated regulatory action — multi-jurisdictional regulatory action affecting the viability of decentralized or token-based systems.

Hostile fork — open-source code may be copied and deployed by third parties without Areal's involvement or endorsement. Users should verify official contract addresses and domains before interacting.

EXTERNAL DEPENDENCIES

The protocol relies on: Solana blockchain (availability, consensus, transaction processing); project DAO Ownership Companies (independent legal entities managing real assets); third-party data providers and oracles; stablecoin issuers (USDC) — their solvency and operational continuity; legal and compliance service providers engaged by individual projects. Areal does not control, endorse, or guarantee the performance, reliability, solvency, or regulatory compliance of any third party.

DISCLAIMER

Areal Finance is an infrastructure protocol — not a broker, dealer, custodian, investment adviser, fund manager, or fiduciary. Nothing in this document constitutes an offer to sell or solicitation to buy tokens, securities, or investment products. Areal makes no guarantees regarding profitability, yield, token stability, protocol uptime, data accuracy, or regulatory compliance of any structure within the ecosystem. Past performance of pilot assets does not guarantee future results of the protocol or any listed project. Participation in the protocol is at the user's own risk. Interaction with experimental technology carries substantial risk of partial or complete loss of funds. Users should consult qualified professionals before participating.