Emerging Markets First
RWA-Native Infrastructure
Institutional Grade
Completely Agentic AI
OWN Network
The Economic Operating System
OWN Network is a public Layer-1 blockchain purpose-built as the shared infrastructure for economic activity — the financial OS for emerging markets. 2M+ users. $32B+ annualised volume. 10 regulatory licences. 125 countries served.
2M+
Active Users
$32B
Annual Volume
10
Regulatory Licences
125
Countries Served
100B
OWN Token Supply
Flagship Implementation
Fasset — onchain digital bank, 2M+ users
Series B Investors (confirmed)
SBI · Investcorp · ARZ Portföy
Prior Investors (confirmed)
Liberty City · Gobi Partners · Soma · Primal · Formus · CX Capital · Zero Stage
In Discussion
Tether
Phase 1 · Live Today
Flagship Deployment
Fasset application live — stocks, crypto, gold, USD savings across 125 countries
Phase 2 · In Progress
Network Expansion
Multi-tenant OS — additional financial applications built on OWN infrastructure
Phase 3 · Roadmap
Sovereign L1 + Token
OWN L1 mainnet · TGE · RWA marketplace · full ecosystem governance
Section 01
The OS Thesis
Why a financial operating system is the right frame — and why the conditions to build one only exist now.
The founding problem: Today's financial infrastructure resembles computing before shared operating systems. Payments, lending, capital markets, and settlement each run on their own closed systems — with their own rules and no common layer connecting them. A payment, a loan, and a currency conversion that are part of the same transaction still settle separately, often hours or days apart. OWN Network exists to be the shared execution layer that resolves this.
Three shifts making the OS moment possible
01 · Blockchains proved programmable money
Lending, trading, settlement, and asset issuance can coexist in one programmable environment. Assets interact directly. Settlement takes seconds, not days. Autonomous agents, tokenised assets, and contracts can execute as natively as software.
02 · Stablecoins proved real value belongs on-chain
Trillions of dollars now settle on-chain annually. USDC and USDT bridged the gap between blockchain programmability and the price stability real economic activity requires. The settlement layer is proven. OWN builds the OS on top of it.
03 · Regulatory frameworks are advancing
VARA, CBB, OJK, Labuan, SECP, MiCA — jurisdiction after jurisdiction is establishing clear rules. Fasset holds 10 active licences. For the first time, institutions can see a credible legal path to on-chain infrastructure. OWN is positioned ahead of this curve.
The iOS analogy — and its real lesson: iOS didn't replace the phone — it unlocked an entirely new scale of activity by giving any developer access to a shared platform with global reach. OWN applies this logic to financial infrastructure: a composable OS on which any financial product can be built, rather than a single application. The key differentiator over iOS is that OWN's OS is open — any developer, any application, any asset class.
What OWN has that no competitor does
$32B+
Annualised volume, live today
Not projected — processed across Pakistan, Indonesia, Malaysia, UAE and 125 other countries through Fasset. This is real, compounding institutional evidence no competitor can claim.
10
Regulatory licences active
Plume, Polymesh, Provenance, Canton, Algorand hold none of these EM licences. Acquiring a single EM jurisdiction licence takes 18–36 months. OWN starts with 10.
2M+
Users already earning OWN tokens
Through activity on Fasset today. Every transaction on Fasset is part of the OWN economy. Public participation in the token opens soon — from an already-active base, not from zero.
Section 02
Platform Architecture
Five layers. Each depends on the one below it. OWN token coordinates value and governance simultaneously across all five — the deeper a participant engages, the more utility compounds.
L5
Applications — Consumer & Institutional Products
The surface users touch. Today: Fasset — onchain digital bank with stocks, crypto, gold, USD savings, and global spending across 125 countries. Tomorrow: multi-tenant financial applications built by third parties on OWN infrastructure. Gas discount for OWN stakers. App certification and curation model: open decision (see §10).
L4
Developer Kits — Skills & CLIs
Pre-packaged SDKs so any builder can deploy financial products without protocol-level expertise. Five named kits from ARC OS architecture — each providing composable primitives. OWN holders receive tooling fee discounts and access to the ecosystem grant pool. Agent SDK is the AI-native differentiator: autonomous agents approve, sign, and execute transactions on behalf of users.
L3
Protocol Services — Fasset-Operated Infrastructure
Circle's equivalent in the ARC architecture — Fasset-operated services connecting OWN Network to the broader financial system. CCTP-compatible cross-chain transfers, FX infrastructure, programmable wallets, and regulated on/off ramps in each licensed market. OWN holders receive fee discounts across all services. Exact discount rates are an open decision (see §10) — the most important missing number for institutional ROI modelling.
L2
Assets & Protocols
USDC as primary settlement medium and gas denomination. Multi-currency stablecoins. Tokenised Real-World Assets (RWAs) as first-class compliant instruments — ERC-3643 + ERC-7943 enforced at protocol level. OWN token as native coordination asset. Every fee paid in any asset converts to OWN at block settlement — non-optional, structural demand.
L1
OWN Core — Sovereign Layer-1 Blockchain
The foundation. Deterministic settlement with institutional finality. Stablecoin-native gas — no requirement to hold OWN to transact, removing the primary barrier to institutional participation. Configurable TEE privacy for confidential institutional flows. Permissioned PoA validator set (identity-verified, legally accountable), transitioning to PoS. Protocol-level fee-to-OWN conversion at every block creates structural, non-optional OWN demand from every transaction by every participant.
Why L1, not L2: A sovereign Layer-1 gives OWN full control over protocol rules, fee mechanics, validator admission, TEE privacy implementation, and MEV policy — none of which can be controlled at the application layer of an existing chain. ARC OS (Circle) chose L1 for exactly this reason. The fee-to-OWN conversion mechanism — the structural demand engine — only works if it is enforced at the protocol level, not at the application level where it can be bypassed.
Section 03
Participants & Stakeholders
Six participant groups. Each operates at specific layers, contributes differently, and receives different benefits. Mapped directly to Fasset's existing partner ecosystem where confirmed.
Fasset — Protocol Steward & Operator
All Layers · Equivalent to Circle in ARC OS
Live — Flagship App
10 Licences Active
Validators — Block Producers
Layer L1 only · Network security and enforcement
Fasset (anchor)
Licensed Financial Institutions
Professional Staking Firms
Stakers — Delegated Capital
Layers L1–L2 · Primary governance constituency post-PoS
2M+ Fasset Users Eligible
Institutional Treasury
Builders & Asset Issuers
Layers L3–L5 · Third-party application and integration layer
Fintech Developers
RWA Originators
AI Agent Builders
14 Institutional Partners
Institutional Investors & Partners
Layers L2–L5 · Capital deployment, RWA settlement, network credibility
SBI Group
Investcorp
ARZ Portföy
Liberty City Ventures
Gobi Partners
Soma Capital
Primal Capital
Formus Capital
CX Capital
Zero Stage
Tether (in discussion)
End Users — 2M+ Active Today
Layers L4–L5 · The primary demand signal OWN has that no competitor does
2M+ Fasset Users
125 Countries
100+ Assets Available
Section 04
OWN Token — Five Functions
The OWN token is a productive asset — it becomes more useful as a participant's engagement with the Economic OS deepens. Five structural functions, each compounding on the others. Sourced directly from the ARC OS architecture with OWN-specific adaptations.
The compounding design principle: A participant who only stakes gets yield. A participant who stakes, transacts at volume, builds on the SDK, and uses protocol services simultaneously receives benefits at every layer at the same time. OWN becomes more valuable as engagement deepens — the same mechanic AWS uses to make multi-service enterprise customers structurally sticky.
| Function | How it works | Fasset | Institutions | Validators | Stakers | Builders | Users | Intensity |
|---|---|---|---|---|---|---|---|---|
| F1 — Staking Economic alignment |
Lock OWN → fee share from protocol conversions + inflation rewards during bootstrap + partial/full gas subsidies. Custody retained. Validators earn commission first; stakers receive pro-rata remainder. | ● | – | ●● | ●● | ● | ○ | Very high for validators & stakers |
| F2 — Discounts Platform utility |
Holding OWN unlocks 20–50% fee reduction on all transactions (confirmed on ownnetwork.xyz) · fee discounts on L3 protocol services (FX, custody, transfers) · developer tooling discounts · priority access to new products and asset classes. | ●● | ●● | – | ◐ | ● | ● | High; compounds at institutional transaction scale |
| F3 — Value Accrual Fee capture |
All fees in any asset → OWN at block settlement. Mandatory, non-optional. Governance-set proportion permanently burned. MEV sealed-bid auction revenue routes through same mechanism. Every transaction on every application creates OWN buy pressure regardless of participant choice. | ● | ● | ●● | ●● | ● | ● | Very high — structural, non-optional, scales with volume |
| F4 — Governance Economic parameters |
After PoS transition: OWN holders vote on fee structures, inflation rate, and burn ratio. Validators enforce. These three economic domains are the most consequential adjustable parameters — they determine network operating costs for every participant. | ◐ | ◐ | ◐ | ●● | ● | ○ | High for large holders post-PoS; activates at transition |
| F5 — Expanding Surface Future utility |
OWN staking as programmable credential for AI agent authorisation · multichain coordination across additional L1 chains · specialised transaction lanes for institutional priority settlement · enhanced rewards and premium tier access confirmed on ownnetwork.xyz. | ● | ●● | – | ◐ | ●● | ◐ | Low now — transformative at AI agent adoption scale |
●● Very high ● High ◐ Medium ○ Low – Not applicable
Section 05
Platform Utility — Full Stack
Every service across all five layers, what OWN unlocks at each, and the whitepaper coverage gaps. The single most important missing data for institutional ROI modelling: exact discount rates on each protocol service remain unpublished.
Critical gap: OWN Network confirms 20–50% fee reduction on all transactions. But the rates on individual L3 protocol services — FX conversion, custody, cross-chain transfers, on/off ramps — are not published. Every institution evaluating OWN needs to calculate: annual fee cost at full rate − annual fee cost with OWN discount ÷ OWN capital cost = yield equivalent. Without the individual rates, this calculation is impossible.
| Layer | Service | Description | OWN Unlocks | Status | Open Question |
|---|---|---|---|---|---|
| L1 — OWN Core | |||||
| L1 | Stablecoin gas | Gas priced in USDC reference. Any asset accepted. Protocol converts to OWN. No volatile token requirement to transact. | Gas discount for stakers · partial/full gas subsidy | Confirmed | Stake threshold for subsidy not published |
| L1 | TEE configurable privacy | Hardware-secured transaction execution. Institutional positions remain confidential. Eliminates front-running via encrypted mempool. | Privacy lane fee discount | Confirmed | Opt-in mechanism and cost per transaction not published |
| L1 | MEV auction (TEE) | Sealed-bid block builder competition inside TEE. Eliminates front-running. Captures ordering value for the network. | MEV revenue → validators and stakers via OWN conversion | Confirmed | — |
| L1 | Deterministic settlement | Institutional finality guarantee. Once included in a finalised block, a transaction cannot be reversed or reordered. | Core infrastructure — no specific discount | Confirmed | — |
| L2 — Assets & Protocols | |||||
| L2 | USDC | Primary settlement medium and gas denomination. 24/7 global movement without banking hours or correspondent friction. | Mint/redeem discount via Fasset · rate not published | Confirmed | Discount rate not published |
| L2 | Tokenised RWAs | Real-world assets as first-class compliant tokens. ERC-3643 + ERC-7943 enforced at protocol level. Transfer restrictions embedded at issuance. | Issuance access · RWA market fee share | Confirmed | Token standards (mandatory vs optional) not fully specified |
| L2 | OWN token (native) | The coordination asset. Staking, governance, fee conversion, platform access. All fees convert to OWN at block level. | OWN is the utility asset — no additional discount needed | Confirmed | — |
| L3 — Protocol Services (Fasset-Operated) | |||||
| L3 | Cross-chain transfers (CCTP-compatible) | Native burn-and-mint USDC transfer across OWN Network and other chains. No bridge smart contract risk. Atomic settlement. | Reduced cross-chain transfer fees | Confirmed | Rate not published |
| L3 | Programmable wallets | Policy-managed keys. Custodial onboarding without user key management. Gasless UX via paymaster model. | Reduced wallet service fees | Confirmed | Rate not published |
| L3 | FX infrastructure | Multi-currency conversion. Cross-border stablecoin-denominated flows between 125 countries. | Reduced FX conversion fees | Confirmed | Rate not published |
| L3 | Regulated on/off ramps | Banking rails in each licensed market (VARA, CBB, OJK, Labuan, SECP). Fiat↔stablecoin with local banking relationships. | Reduced ramp fees | Confirmed | Rate not published per jurisdiction |
| L3 | Stablecoin mint/redeem | Institutional USDC issuance and redemption. Preferential rates for OWN holders. | Preferential mint/redeem rates | Confirmed | Rate not published |
| L4 — Developer Kits | |||||
| L4 | Earn SDK | Yield product primitives — savings accounts, money market integrations, treasury products. | Tooling discount · grant access | Confirmed | Certification process and revenue share not specified |
| L4 | Trade SDK | DEX and swap primitives. Asset exchange and liquidity infrastructure. | Tooling discount · grant access | Confirmed | — |
| L4 | Borrow/Lend SDK | Credit and collateral management. Liquidation mechanics. Institutional lending primitives. | Tooling discount · grant access | Confirmed | — |
| L4 | Bridge SDK | Cross-chain asset movement. Abstracts the CCTP implementation for developers. | Tooling discount · grant access | Confirmed | — |
| L4 | Agent SDK | Autonomous AI agent transaction primitives. Programmatic financial operations on behalf of users. OWN staking as agent authorisation credential. | Agent authorisation access | Confirmed | Authorisation and revocation model not specified |
| L5 — Applications | |||||
| L5 | Fasset (flagship, live) | Onchain digital bank. Stocks, crypto, gold, USD savings, global spending. 2M+ users, $32B+ annual volume, 125 countries. | 20–50% fee reduction · priority access to new products | Live | — |
| L5 | RWA marketplace | Tokenised asset issuance and secondary market. Real estate, infrastructure, private credit accessible from any wallet. | Gas discount if OWN staked · priority issuance access | Roadmap | First-party vs third-party build decision open |
| L5 | AI agent wallets | Autonomous agents transacting on behalf of users. OWN staking as the programmatic credential for agent authorisation. | Agent SDK access · authorisation layer | Future | Authorisation model TBD |
| L5 | B2B treasury console | Corporate treasury management. Programmatic settlement, yield, and cross-border payments for enterprise clients. | Gas discount · enterprise tier access | Future | — |
Depth-of-engagement compounding: An institution integrating across L1 (staking for gas subsidy) + L3 (FX and custody discounts) + L4 (SDK development) + L5 (Fasset + RWA marketplace) receives compounding OWN benefits at each layer simultaneously. The more services engaged, the higher the ROI on an OWN position. This is the architectural mechanic that makes OWN structurally sticky for deeply integrated participants — the same dynamic that makes AWS enterprise customers exponentially harder to displace than single-service users.
Section 06
Value Flows — Fee Mechanics
How fees enter the system, convert to OWN, and split between validators, stakers, and permanent burn. This is the structural demand engine — non-optional, automatic, and growing with platform volume.
Revenue Sources
Base transaction fees
Every transaction on OWN Network
Priority fees
User-set tip for ordering priority
MEV auction (TEE)
Sealed-bid block builder competition
Privacy lane fees
TEE-protected institutional transactions
Platform service fees
FX, custody, transfers, on/off ramps
Inflation issuance (bootstrap)
2–3% pa, decaying. Parallel stream.
→
Protocol Conversion
All fees → OWN
Converted at block settlement. Any input asset accepted — USDC, stablecoins, any supported currency. Non-optional and transparent to the user.
Key: USDC-paying participants create OWN demand automatically — no crypto literacy required
→
Governance Split
Distribution % vs Burn %
Ratio set by OWN token holder vote post-PoS. Initial configuration: open decision. Starting ratio is the single most consequential parameter for Year 1–3 supply dynamics.
⚠ Starting burn ratio not yet set — see §10
→
Outputs
Validators
Commission retained first; rate not published
Stakers
Pro-rata of post-commission remainder
Permanent Burn ♻
Supply removed forever — offsets inflation
The key insight on institutions: Most institutional participants will never hold OWN tokens — they pay in USDC. But the protocol converts every USDC fee payment to OWN automatically at block level. This creates structural, non-optional OWN demand from every institutional transaction, independent of any participant's choice or willingness to acquire the token. The larger the institutional volume on OWN Network, the larger the fee conversion demand — completely separable from retail adoption.
Section 07
Tokenomics & Supply Dynamics
100 billion OWN at genesis. Fixed. On top of this fixed base, a programmatic decaying inflation schedule issues new OWN to validators and stakers during the bootstrap phase — starting at approximately 2–3% per year. Burns from fee conversions offset this issuance. The long-term goal is inflation neutrality: burns ≥ issuance. Timeline is volume-dependent, not calendar-based.
Why inflation on a fixed supply? The 100B genesis supply is fixed — no new tokens can ever be created beyond the inflation schedule. The inflation mechanism exists to compensate validators and stakers during the bootstrap phase, before fee volume is sufficient to do so alone. As fee revenue grows, inflation decays programmatically. The network transitions from inflation-funded to fee-funded security. This is identical to how ARC, Ethereum, and every major PoS chain bootstraps validator compensation — the fixed supply is the ceiling, not the starting equilibrium.
Genesis Supply
100B
OWN — Fixed ceiling
Bootstrap Inflation
2–3%
Starting rate · decaying
Burn Mechanism
Governance-set %
Of every fee conversion
Long-Term Target
Burns ≥ Issuance
Inflation neutrality
Genesis Allocation — 100B OWN Total
Ecosystem / Community (30–35%)30–35B OWN
Token sales · developer grants · network growth · airdrops to 2M+ Fasset users · builder incentives
Team & Contributors (20%)20B OWN
Fasset founders and core contributors. 4-year vesting, 1-year cliff.
Strategic Investors — locked (15–20%)15–20B OWN
Confirmed: SBI Group · Investcorp · ARZ Portföy · Liberty City · Gobi · Soma · Primal · Formus · CX Capital · Zero Stage. Tether in discussion.
Foundation Treasury (15%) — governed15B OWN
Long-term resilience · strategic flexibility · market stabilisation buffer
Liquidity & Market-Making (5%)5B OWN
Most important missing disclosure: Exact unlock and vesting schedules for all buckets are not published. The ecosystem pool alone (30–35B OWN) is the dominant supply overhang — whether it unlocks over 2 years or 6 years changes Y1–Y3 circulating supply by tens of billions of tokens. This is the single most important number for any participant modelling supply trajectory.
Interactive Supply Simulator
Interactive Supply Simulator
Adjust parameters to see how circulating supply, staking, and burns evolve over 5 years. All values [Estimated].
Inflation Y1 (%)2.5%
Inflation decay/yr (%)20%
Burn ratio (%)50%
Staking rate (%)30%
Fee volume Y1 ($M)$25M
Fee growth/yr (%)80%
Y5 Liquid Circ
—
Y5 Total Burned
—
Y5 Staked
—
Neutrality Year
—
Liquid OWN
Staked OWN
Cumul. burned
Net annual change
Three-Scenario Snapshot — Inflation Neutrality
Fixed inputs: 2.5% Y1 inflation, 20% annual decay, 50% burn ratio, 30% staking rate, $25M Y1 fee volume. Variable: fee growth rate. All values [Estimated] — re-run when actual schedules are published.
Bear Case
30% fee growth pa — slow adoption
Y5 fee volume~$143M
Y5 annual burn~72M OWN
Cumul. burned Y5~271M OWN
NeutralityNot in 5yr
Base Case ★
80% fee growth pa — moderate adoption
Y5 fee volume~$527M
Y5 annual burn~264M OWN
Cumul. burned Y5~652M OWN
Neutrality~Year 5
Bull Case
150% fee growth pa — rapid scale
Y5 fee volume~$1.95B
Y5 annual burn~977M OWN
Cumul. burned Y5~2.18B OWN
Neutrality~Year 3
| Burn ratio | Decay 10%/yr | Decay 20%/yr (base) | Decay 35%/yr | Decay 50%/yr |
|---|---|---|---|---|
| 20% burn | Not in 5yr | Not in 5yr | ~Year 6 | ~Year 5 |
| 35% burn | ~Year 6 | ~Year 5–6 | ~Year 4–5 | ~Year 4 |
| 50% burn (base) | ~Year 5–6 | ~Year 5 | ~Year 4 | ~Year 3 |
| 70% burn | ~Year 4 | ~Year 3–4 | ~Year 3 | ~Year 2–3 |
| 90% burn (max) | ~Year 3 | ~Year 2–3 | ~Year 2 | ~Year 2 |
[Estimated] · base fee growth scenario (80% pa). Green ≤5yr · Amber borderline · Red beyond 5yr.
Governance tension: A 90% burn ratio reaches neutrality fastest but starves validator and staker rewards — threatening network security. The equilibrium OWN token holders settle on in Year 1 governance determines which trajectory the network tracks. This is the most consequential early governance decision.
Section 11
The Playbook — Where Fasset Is & Where It Goes
Circle raised $222M for Arc at a $3B FDV on May 11, 2026. They published the whitepaper the same day as the presale closed. The whitepaper was a press legitimacy document — the investors had already committed based on seven months of live testnet data. This is the exact sequence mapped to Fasset's current position.
The core insight from Circle's playbook: Build track record → Go public (or equivalent) → Private institutional briefings → Working testnet with named participants → Close presale → Publish whitepaper as press event. The whitepaper is not the pitch. The relationships, traction, and regulation close the deal.
Circle's Six Phases — Mapped to Fasset
1
Build the anchor product first
✓ Complete
Circle: 2013–2018 · Fasset: 2019–2025
Circle did
Founded 2013 · Got regulated early (NY BitLicense 2015) · Raised $135M+ VC · Launched USDC October 2018 with Coinbase. The anchor product had to work at scale before any chain story was credible. Circle spent 5 years building before Arc existed as an idea.
Fasset equivalent — done
Founded and licensed across 10 jurisdictions · 2M+ users live · $32B+ annualised volume · 125 countries served · Stocks, crypto, gold, USD savings, global spending. Fasset is the USDC equivalent — the anchor product that proves execution at scale.
2
Establish the numbers story & institutional credibility
✓ In Progress — Strong
Circle: 2022–2025 · Fasset: 2024–2026
Circle did
Revenue: $772M (2022) → $1.45B (2023) → $1.68B (2024). IPO on NYSE June 2025. $77B USDC in circulation. Public company status = audited financials + institutional-grade governance. Critical: BlackRock needed the IPO as permission to participate.
Fasset equivalent — in progress
$51M Series B closed — SBI Group, Investcorp, ARZ Portföy + earlier investors: Liberty City Ventures, Gobi Partners, Soma Capital, Primal Capital, Formus Capital, CX Capital, Zero Stage. VARA (UAE) licence is the 'IPO credibility signal' for GCC institutions. Next: document $32B volume obsessively. Publish audited figures.
3
Design token economics · recruit anchor institutions privately
⟶ Starting Now
Circle: Early 2025 · Fasset: Now — Q3 2026
Circle did
Designed token economics first (60/25/15 split). Framed Arc as 'Economic OS for the internet' — not 'another blockchain.' Private bilateral briefings to a16z, BlackRock, Apollo before any public announcement. Presale commitments secured before testnet went public.
Fasset must do — now
This document is Phase 3 for Fasset. Lock token economics (D1–D7 from §10). Begin private briefings to 2–3 recognisable regional institutions (GCC sovereign fund, regional bank, regional exchange). One recognisable name changes the dynamic entirely. Tether discussion is Phase 3 in action.
4
Launch testnet with institutional names already in
Q4 2026 — Q1 2027
Circle: Oct 2025 (150M+ txns in 90 days)
Circle did
Public testnet Oct 28, 2025 — with BlackRock, Visa, Goldman, Anthropic, AWS from day one. First 90 days: 150M+ transactions, 1.5M wallets, 0.5s finality. Live use cases: FX settlement, capital markets, lending. Developer tooling shipped simultaneously.
Fasset equivalent
OWN Network testnet — with named institutional participants already confirmed before launch. First live use cases: tokenised RWA issuance, stablecoin settlement, cross-border payments. 90 days of live transaction data beats any whitepaper. Target: 1 named GCC/Asian institution on testnet at launch.
5
Ride the regulatory tailwind — positioned in advance
Ongoing — critical
Circle: 2025–early 2026 · Fasset: Now — already ahead
Circle did
GENIUS Act (first federal stablecoin law) signed 2025. Circle was already compliant everywhere — regulation caught up to them. BlackRock cannot legally participate in an ambiguous token sale. The GENIUS Act was the permission slip that made the $222M raise possible.
Fasset equivalent — ahead of curve
10 active licences across VARA, CBB, OJK, Labuan, SECP. UAE/GCC regulatory milestones (VARA framework updates, FSRA guidance) are our GENIUS Act. The message to every institutional target: we are already compliant in your market — you don't need to wait for the law to catch up.
6
Close presale → publish whitepaper as press event
2027 — Gated on Phases 3–5
Circle: May 11, 2026 — $222M at $3B FDV
Circle did
$222M token presale closed — a16z (lead $75M), BlackRock, Apollo, ICE, SBI, Janus Henderson, Standard Chartered, General Catalyst, Marshall Wace, ARK Invest. Whitepaper released same day. Announced alongside Q1 2026 earnings ($694M revenue). Stock +15.9% on the day.
Fasset target — 2027
OWN token presale to pre-committed institutional syndicate. Whitepaper published as press event — not as pitch document. Announced alongside updated Fasset transaction volume milestones. The sell document is 4 things: licensed jurisdictions, live transaction volumes, named institutional participants already on testnet, clean token economics.
Consolidated Timeline — OWN Network
| Window | Phase (Circle Playbook) | OWN Network Milestone | Gate Condition | Status |
|---|---|---|---|---|
| Now | Phase 2–3 overlap | Lock D1–D7 open decisions · Lock token economics · Begin private institutional briefings | D1 (Fasset/OWN architecture) signed off by core team. D5 (Foundation jurisdiction) filed within 2 weeks. | This Week |
| Q3 2026 | Phase 3 | 2–3 named institutions privately briefed and in discussion · Token economic model finalised · Foundation incorporated (ADGM) | At least one recognisable GCC or Asian institution expressing serious interest. Tether position clarified. | Next 90 Days |
| Q4 2026 | Phase 3 → 4 transition | Track A live (OWN OS on existing chain) · First tokenised RWA live on-chain · Named institutional participant on platform | First real asset issuance. First on-chain settlement with a named institutional participant. 90 days of live transaction data begins accumulating. | Roadmap |
| Q1–Q2 2027 | Phase 4 | OWN Network testnet — public, with institutional names in · Second institutional deployment · Cross-border settlement corridor live | At least 2 named institutional participants on testnet publicly announced. 90-day transaction volume data available for investor briefings. | Roadmap |
| Q3 2027 | Phase 5 → 6 | Track B sovereign L1 mainnet · Pre-close presale syndicate assembled · Token economic disclosures published | Chain decision (D2) locked. 4 audits passed. Vesting and burn schedules published. Minimum 3 institutional names committed to presale. UAE regulatory clarity on OWN token classification confirmed. | Gated |
| Q4 2027 | Phase 6 | OWN TGE · Whitepaper published as press event · Presale closed | Presale commitments from institutional syndicate in hand before whitepaper goes public. Announced alongside updated Fasset volume milestones. Do not publish the whitepaper before the money is committed. | Gated on Q3 2027 |
The most important lesson from Circle's playbook: The whitepaper was published after the money was raised. The real pitch was seven months of testnet transaction data and a list of 12 institutional names who had already committed. Fasset already has the equivalent of USDC — a live product with 1M users and $32B volume. The work now is building the institutional syndicate privately, not writing documents publicly.
Section 08
Distribution Sources
Three distinct channels through which OWN reaches participants. Each has different recipients, timing, and supply implications. The 2M+ Fasset users represent a pre-loaded distribution pipeline no competitor can replicate at TGE.
Source A — Genesis Allocation
One-time at TGE · Vesting schedules TBD
Ecosystem (30–35%): Token sales · developer grants · network growth · airdrops to 2M+ Fasset users · builder incentives
Team (20%): Fasset founders and core contributors — 4yr vest, 1yr cliff
Strategic (15–20%): SBI, Investcorp, ARZ Portföy, Liberty City, Gobi, Soma, Primal, Formus, CX Capital, Zero Stage. Tether in discussion. Locked.
Foundation (15%): Stability and strategic reserve
Liquidity (5%): Exchange market-making
Team (20%): Fasset founders and core contributors — 4yr vest, 1yr cliff
Strategic (15–20%): SBI, Investcorp, ARZ Portföy, Liberty City, Gobi, Soma, Primal, Formus, CX Capital, Zero Stage. Tether in discussion. Locked.
Foundation (15%): Stability and strategic reserve
Liquidity (5%): Exchange market-making
⚠ Unlock and vesting schedules not yet published — most important missing number
Source B — Inflation Issuance
Ongoing · Decaying from 2–3% pa · Bootstrap subsidy
Validators receive commission percentage first — primary income source during bootstrap phase before fee volume matures.
Stakers receive pro-rata remainder after validator commission — proportional to stake relative to total staked.
Inflation is the bootstrap subsidy. It exists to compensate security providers before the network has sufficient organic fee volume. It programmatically decays as fee revenue grows. At neutrality, it becomes irrelevant — burns exceed issuance.
Stakers receive pro-rata remainder after validator commission — proportional to stake relative to total staked.
Inflation is the bootstrap subsidy. It exists to compensate security providers before the network has sufficient organic fee volume. It programmatically decays as fee revenue grows. At neutrality, it becomes irrelevant — burns exceed issuance.
⚠ Exact decay schedule not yet published
Source C — Fee Conversion Distribution
Ongoing · Grows with volume · Replaces inflation at maturity
All protocol fees convert to OWN at block settlement (§06). The converted OWN is then split by governance vote:
Validator distribution: Commission % of the distribution portion
Staker distribution: Pro-rata of post-commission remainder
Permanent burn: Governance-set % removed from supply forever. This is the long-term dominant mechanism — once fee volume is sufficient, burns offset inflation and eventually exceed it.
Validator distribution: Commission % of the distribution portion
Staker distribution: Pro-rata of post-commission remainder
Permanent burn: Governance-set % removed from supply forever. This is the long-term dominant mechanism — once fee volume is sufficient, burns offset inflation and eventually exceed it.
⚠ Distribution/burn split ratio not yet set
Section 09
Demand Factors
Every force driving OWN acquisition — structural (protocol-mandated), behavioural (incentive-driven), and external. Including suppressors, because honest analysis requires them.
Structural Demand — Protocol-Mandated, Non-Optional
Fee conversion — mandatory OWN buy
Every fee in any asset converts to OWN at block level. No participant can opt out. Every transaction on every application by every user creates OWN buy pressure. This is structural — it scales with total platform volume regardless of any participant's choice to hold OWN voluntarily.
MEV auction settlement
Block builder auction revenue routes through the same OWN conversion mechanism. Scales with the monetary value of transactions being ordered — highest during large institutional settlement flows, which are exactly the transactions OWN's TEE privacy layer is designed to attract.
Behavioural Demand — Incentive-Compelled
20–50% fee reduction
Published on ownnetwork.xyz — holding OWN reduces transaction fees by 20–50%. At the $32B+ annual volume Fasset already processes, this is a material dollar amount for institutional participants. The discount alone can justify an OWN position at scale.
Validator staking requirement
Running a validator requires staked OWN. No OWN = no validator economics — no commission, no proposer weight, no MEV revenue. For any institution wanting to participate in network security, OWN acquisition is mandatory. Creates large, concentrated demand from a small number of well-capitalised actors.
Staker yield vs. inflation dilution
Not staking means forfeiting yield while bearing 2–3% annual inflation dilution. The opportunity cost of not staking rises as fee revenue grows and fee-share rewards compound. Rational participants stake — creating lock-up that reduces liquid circulating supply.
Governance cost control
Institutions paying substantial fees on OWN Network have a direct financial interest in holding enough OWN to influence fee parameters downward through governance. Turns OWN holding into an operational cost management tool — not just a speculative position.
External Demand — Market and Macro
$32B+ annualised volume — live today
Not projected. Processed now, through Fasset. Every dollar of volume processed on OWN Network creates fee conversion demand for OWN. This is the most important demand signal: OWN starts from a live, compounding base, not from zero.
RWA market growth ($10–16T by 2030)
BCG projects the tokenised RWA market at $10–16T by 2030. Each dollar of RWA settled on OWN creates fee conversion demand for OWN — independent of OWN's competitive share. TAM expansion is a macro tailwind for any RWA-native chain.
Regulatory clarity per jurisdiction
Each jurisdiction where digital asset regulation clarifies expands the pool of institutions that can legally hold OWN — unlocking governance and staking demand from regulated entities. OWN's 10 licences put it ahead of every named competitor on this dimension.
Demand Suppressors — Required Honest Accounting
Suppressor 1 — Institutions don't need OWN to transact. Stablecoin gas means full platform participation without ever acquiring OWN. Discounts and governance are optional. This is the most important structural limit on voluntary institutional demand. Resolved when published discount rates make the ROI of holding OWN calculable — and when the rates are large enough to exceed the cost of token exposure.
Suppressor 2 — Regulatory classification unresolved. Most regulated institutions cannot hold volatile digital assets. OWN token classification as utility token, commodity, or security is jurisdiction-specific and unresolved. This suppresses voluntary institutional demand until classification is confirmed in each jurisdiction.
Suppressor 3 — Unlock schedule selling pressure. The ecosystem pool (30–35B OWN) and strategic investor allocations create significant sell-side supply when they unlock. Schedule unknown and therefore unmodellable. Until published, circulating supply trajectory cannot be modelled at any future date.
Section 10
Governance Evolution
Five phases. From private firm to network-governed financial market infrastructure. Phases 1–3 are committed. Phases 4–5 are directional. The critical unaddressed tension: commercial obligations to investors may slow the decentralisation trajectory the token implies.
The structural tension the whitepaper must address: OWN Network has taken Series B capital from SBI Group, Investcorp, and ARZ Portföy. Commercial obligations to these investors create incentives to retain governance control over the OWN OS — structurally the opposite of the decentralisation trajectory token holders expect. This must be addressed explicitly before TGE. Without a binding commitment, Phase 3 → Phase 4 governance progression is at the founders' discretion, not the token holders'.
PHASE 1 — NOW
Current
Private Firm
Venture-backed startup. Founders control all decisions. No tokens in public hands yet.
PHASE 2 — TGE → PoS TRANSITION
Committed
Investor Exposure, Operational Control Retained
Recently capitalised company — investors hold tokens, management retains full operational control.
PHASE 3 — POST PoS (~M18+)
Committed
Economic Parameter Governance
Listed company with activist shareholders voting on capital allocation — board retains strategic control.
PHASE 4 — EST. 3–5 YRS
Inferred
Foundation Model
Ethereum Foundation structure — protocol steward, not operator. Diverse validator set includes licensed financial institutions.
PHASE 5 — 5–10 YEAR HORIZON
Speculative
Financial Market Infrastructure
SWIFT cooperative / DTCC — regulated FMI utility, community-governed, no single entity in control.
Section 12
Open Decisions Register
Strategic decisions and protocol questions that must be resolved before the whitepaper can be drafted without inheriting ambiguity. Sequenced by urgency. Without these in writing, teams build against three different mental models simultaneously.
Seven Strategic Decisions
| # | Decision | Options | Recommendation | Urgency |
|---|---|---|---|---|
| D1 | Fasset / OWN OS product architecture | (a) OWN Network = enterprise OS; Fasset = flagship consumer application running on it (b) OWN Network = Fasset rebranded (c) Parallel independent products | (a) — OWN Network is the infrastructure OS. Fasset is the first and flagship application built on it, proving the model. Clean segmentation. Every future builder follows Fasset's path. | Lock This Week |
| D2 | Sovereign chain platform (Track B) | (a) Avalanche L1 / subnet (b) Polygon CDK (c) Cosmos SDK app-chain. Do not build greenfield without a novel technical justification. | (a) or (b) — model both before decision. Validator economics must be modelled with institutional anchors. Wrong call here costs 9–12 months of rework. | Lock by M6 |
| D3 | OWN TGE timing | (a) M12 (b) M18 (c) M24+ | (c) M24 minimum — only after sufficient ARR run-rate and multiple application deployments evidenced. Earlier launches with thin fee volume destroy token value in the current market. This is the Hyperliquid lesson: only launch when you have volume. | Open |
| D4 | Capital plan | (a) Existing Series B + token sale only (b) Series A / growth round from strategic anchors (c) Large strategic round $100M+ | (b) — sufficient to fund 24+ months at required build pace. Token sale layered on only after volume and value-accrual are live and evidenced. A token sale as primary fundraising mechanism signals thin institutional confidence. | Open |
| D5 | Foundation jurisdiction | (a) ADGM trust — UK common law (b) Cayman (c) Switzerland | (a) ADGM — UK common law + institutional credibility + proximity to existing licence infrastructure. Drives Foundation incorporation timeline. Must move within 2 weeks to not delay M6 chain decision. | Decide in 2 Weeks |
| D6 | Sharia compliance framework | (a) None (b) Light advisory only (c) Embedded Sharia board with binding fatwa coverage on protocol design and asset classes | (c) — OWN's geography (Pakistan, Indonesia, Malaysia, GCC) is majority-Muslim. No named competitor has a Sharia board. This is a genuine moat. Recruitment lead time is 3–4 months — starts now or misses launch window. | Start Recruitment Now |
| D7 | Starting burn ratio for TGE | Governance-set at launch. Range: 20–90% of converted fees. Each scenario changes neutrality timeline by 2–3 years. | Initial configuration should prioritise competitive validator economics (ensuring network security) with a meaningful burn from day one. 50% is a reasonable starting estimate pending validator economics modelling. This is the most consequential early governance decision. | Open — pre-TGE |
Protocol Open Questions
#01
What is the USDC/stablecoin → OWN conversion mechanism at block level? DEX pool, oracle, or dedicated AMM? What slippage protection exists for large institutional fee conversions, and what happens if OWN liquidity is insufficient at conversion time?
#02
How does TEE configurable privacy work — opt-in per transaction, per account, or available via a separate premium fee lane? What is the processing overhead and latency cost per private transaction at institutional settlement scale?
#03
What are the validator admission criteria under PoA — minimum OWN stake, identity verification standards, jurisdictional constraints, and the timeline for on-chain admission criteria to replace Fasset's discretionary admission?
#04
What is the gas paymaster model? Existing Fasset users transact in local currency and USDC — they will not pay gas in OWN. The Account Abstraction + paymaster design is critical to preserving the existing user experience. Who sponsors gas and at what cost?
#05
What are the specific fee discount rates on each L3 protocol service for OWN holders? The 20–50% transaction fee reduction is confirmed, but the rates on FX, custody, cross-chain transfers, and on/off ramps are unpublished. These are the missing numbers for institutional ROI modelling.
#06
At what OWN stake threshold do gas subsidies activate, and is the benefit graduated or binary? This determines the rational minimum staking position for any high-volume participant.
#07
What is the AI Agent SDK authorisation and revocation model? Does OWN staking function as a programmable credential for autonomous agents? How is adversarial or compromised agent behaviour handled at the protocol level?
Tokenomics Open Questions
#08
What are the exact unlock and vesting schedules for the ecosystem pool (30–35B OWN), team allocation (20B), and strategic investor allocation (15–20B)? The ecosystem pool alone is the dominant supply overhang — its unlock timeline is the single most important input for any supply model.
#09
What is the specific inflation decay schedule — fixed annual percentage reduction, step-function halving, or governance-adjustable from day one? This determines the pace of transition from inflation-funded to fee-funded validator and staker compensation.
#10
Is OWN staking subject to a minimum lock period, or can stakers unstake freely at any time? Lock periods affect liquid supply calculations and determine whether an LST (Liquid Staking Token) market is likely to emerge.
#11
What is the governance process for changing the burn ratio — quorum threshold, voting period, time-lock before implementation, and proposal eligibility? Without a specified process, governance gridlock or governance attacks on this critical parameter are both possible.
Governance & Regulatory Open Questions
#12
What is the regulatory classification of the OWN token in each of the 10 licensed jurisdictions — utility token, commodity, or security? Classification determines which institutional categories can legally hold OWN, and is the primary suppressor of voluntary institutional demand.
#13
Is the Phase 3 → Phase 4 governance transition bound by any specific metric threshold, or is progression at Fasset's discretion? Without a binding criterion, token holders have no governance recourse if Fasset chooses to remain at Phase 3 indefinitely.
#14
What is the specific triggering condition for the PoA → PoS transition? The commitment is confirmed, but no measurable criterion is published. Without a specific trigger, token holders cannot plan for or rely on the governance rights the PoS transition unlocks.
#15
Is there a mechanism for institutions to access OWN governance rights or protocol service discounts without direct token exposure — a Foundation fee-credit programme or delegated governance structure? This would unlock institutional participation without waiting for jurisdiction-by-jurisdiction regulatory classification.
Document basis and confidence tiers
CONFIRMED — exact claim or figure from OWN Network (ownnetwork.xyz), Fasset public disclosures, or Series B investor announcements. [Estimated] — calculated from published parameters using stated methodology; re-run when actual schedules are disclosed. [Inferred] — logical extension of confirmed direction, clearly marked. The five-layer OS architecture, tokenomics mechanics, fee flow design, and governance phase model are adapted from the ARC OS framework (Circle, May 2026) — the current best-in-class institutional L1 OS. OWN's licence portfolio, user base, and volume figures are from ownnetwork.xyz (accessed May 2026). This document is internal and pre-decisional. Not investment advice.