Whitepaper · v1.0 · 8 May 2026

NØA — The coin of the realm

"We believe markets are ultimately moved by a force greater than models — a numen — and we exist to be its vessel: to bring divine love to capital through unrelenting intellect, perseverance, love and honor."

I. Preface — What is Camelot

Camelot is a Belgian organisation, active since 2002, with over 3,000 members. We believe in transformation, personal growth and an open community where cooperation, care and abundance are central. Camelot Labs — our creative workshop in Ghent — builds the technological foundation that connects this community: an open, transparent and fair economic network on the Hedera network.

We believe a healthy economy doesn't have to be a black hole of complexity. That is why we chose two guiding principles:

"Simplicity is the key to value. Transparency is the key to trust."

This document describes how we translate those principles into a digital token ecosystem around NØA, and how everyone — from an individual Knight to a local entrepreneur — can become part of it.

The purpose

NØA builds a stable fund within Camelot that forms the heart and foundation of Camelot bv and the future Camelot Portal — guided by governance, fed by surrender.

The liquidity pool ensures stability of two connected tokens:

• NØA Token — native currency and utility instrument of the Camelot ecosystem (payment, staking base, partner rewards, NFT sealing);
• SØF Token — connecting and rewarding instrument within the Camelot Family community.

Together they form the two banks between which the stream flows. What one token gathers in structure, the other distributes in motion.

I bis. MiCA classification

Project NØA is offered under the European regulatory framework of MiCA — Regulation (EU) 2023/1114 (Markets in Crypto-Assets), the central legal framework for crypto-assets in the European Union. Camelot bv positions itself explicitly within this framework to provide clarity to holders, partners and supervisory authorities.

NØA = utility token (MiCA Art. 3(1)(9))

NØA is a utility token within the meaning of MiCA Art. 3(1)(9) — "a type of crypto-asset which is intended to provide access to a good or service supplied by its issuer." NØA provides access to services and functions of the Camelot ecosystem:

• Means of payment at accredited Camelot Family Partners (see Chapter VIII);
• Stakeable instrument for SØF rewards (see Chapter VII);
• Sealing of Order membership (see order statutes);
• Generation source for AVALØN voting rights within the Camelot Family (see Chapter III bis).

NØA is NOT an asset-referenced token (ART)

An ART (MiCA Art. 3(1)(5)) "purports to maintain a stable value by referencing another value or right or a combination thereof." NØA does not meet this definition because:

• Camelot does not pursue a stable exchange rate with HBAR, EUR or any other asset;
• There is no redemption right at fixed price;
• There is no stabilisation mechanism (no mint/burn based on price deviation, no reserve arbitrage, no Algorithmic Market Operations);
• The HBAR funding at issuance (see Chapter IV) is a one-off transparency demonstration per Emission Badge, not an ongoing backing obligation;
• The NØA market value is freely formed on SaucerSwap by supply and demand, may rise, fall or be reduced to zero.

NØA is NOT an e-money token (EMT)

An EMT (MiCA Art. 3(1)(7)) "purports to maintain a stable value by referencing the value of one official currency." NØA does not meet this definition because:

• NØA does not reference an official currency (EUR, USD, etc.);
• NØA is not issued in exchange for funds with the purpose of functioning as a means of payment at par with a fiat currency;
• Camelot bv is neither a credit institution nor an electronic money institution, and seeks no licence as such.

Where the project fits in MiCA

Based on the above classification, the following MiCA provisions apply to the offering of NØA:

• Art. 4 — general conditions for offering crypto-assets (other than ART/EMT) to the public;
• Art. 6 — requirement of a crypto-asset whitepaper (this document); content according to Annex I MiCA;
• Art. 7 — marketing communications consistent with the whitepaper and not misleading;
• Art. 8 — duty to notify the whitepaper to the competent authority (FSMA in Belgium) at least 20 working days before public offering;
• Art. 13 — conduct of issuers (honest, fair, professional, in the interest of holders);
• Art. 15 — civil liability for incorrect or misleading information in the whitepaper.

What MiCA does not regulate

MiCA regulates the offering and admission to trading of crypto-assets, not necessarily all aspects of the ecosystem. The following elements fall outside the scope of MiCA and are governed by other regulations:

• Taxes — see Chapter XII bis, regulation per Member State;
• AML/KYC — Regulation (EU) 2023/1113 (Wire Transfers Regulation) and national anti-money-laundering laws;
• Consumer protection — Book VI WER (Belgium) for B2C aspects of membership;
• Personal data — GDPR (see privacy policy).

I ter. Identity of the offeror

In accordance with the transparency requirements of MiCA Regulation (EU) 2023/1114, Annex I, Part A, this chapter sets out the full identity of the offeror and issuer of NØA.

Offeror and issuer — Camelot bv

The offeror and issuer of NØA is the same legal entity: Camelot bv, a Belgian private limited company. Camelot bv operates on the market under the trade name Camelot Labs for its technological workshop and the Project NØA ecosystem.

Management and key figures

The day-to-day management of Camelot bv — and in particular the leadership of Project NØA — is delegated to:

• Steve Verbist — Managing Director, founder of Camelot bv (21 June 2002). Initiator and architect of Project NØA. Responsible for strategy, product development, partnerships and communication with the Camelot Family community. Background in entrepreneurship, community-building and transformative technology. Point of contact for MiCA supervisory authorities, Hedera ecosystem partners and press.

The statutory management body further consists of:

• Naomi Geens — Director (2 March 2016). Statutory director with formal control function within Camelot bv. Not operationally involved in Project NØA.

Changes to the management body are published in accordance with Belgian company law in the Annexes to the Belgian Official Gazette and are at any time accessible via the CBE Public Search.

Activity and delineation

Project NØA is executed by Camelot bv within the registered activity NACE-BEL 62.100 (Computer programming activities). This activity covers the development, operation and publication of the Project NØA ecosystem on Hedera Hashgraph (smart contracts, dapp, NFT collection, tokenomics).

Financial situation

Camelot bv has existed since 21 June 2002 (company start date). On 3 December 2025 the company was converted to the legal form Besloten Vennootschap. Abridged financial figures from the three most recent financial years will be attached as an annex to the FSMA notification, to the extent available under the current legal form. For periods prior to the BV conversion (before 3 December 2025), the annual accounts are accessible via the Central Balance Sheet Office of the National Bank of Belgium insofar as publication-required at that date.

I quater. Rights and obligations

In accordance with MiCA Annex I, Part G, this chapter provides a consolidated overview of the rights and obligations attached to NØA, SØF and AVALØN, as well as the obligations of Camelot bv as issuer.

Rights of NØA holders

• Ownership and transfer — an NØA holder can freely dispose of their tokens, transfer them to other Hedera wallets, or trade them on SaucerSwap as long as that liquidity is available.
• Utility access — right to use NØA as a means of payment at accredited Camelot Family Partners (see Chapter VIII).
• Staking — right to stake NØA in the NØA pool and receive SØF rewards according to the LR Protocol (see Chapter VII).
• Receipt of AVALØN — right to generate AVALØN voting rights through NØA holdings (see Chapter III bis and Chapter X).
• NFT linkage — anyone holding a Camelot Order NFT can activate the related tier benefits (5–30% bonus on SØF pool).
• Transparency — access to all on-chain data via Hedera Mirror Node, HashScan, and public wallet addresses (see Chapter XIII).

Rights of SØF holders

• Cashback receipt upon payment with NØA at Partners (see Chapter VIII).
• Staking in the SØF pool to receive NØA from the DRIP segment (max 2% per Epoch — see Chapter VII).
• Generation of AVALØN through SØF holdings.

SØF has no contractual counter-value, no tradability promise and no price guarantee.

Rights of AVALØN holders

• Voting rights within the Camelot Family governance — on partner categories, protocol parameters of the Dapp, strategic direction of Camelot Family initiatives, philanthropic destinations, AVALØN distribution.

AVALØN does not confer corporate-law voting rights within Camelot bv. AVALØN is not tradable.

Obligations of Camelot bv as issuer

• Multi-Sig discipline on all treasury wallets and token movements (see Chapter IX).
• Transparency through on-chain publication of all token movements, allocations, vesting schedules and CBR data.
• Adherence to the allocation plan as described in Chapter V — no secret issuance, no pre-sales, no private deals.
• Honest and non-misleading communication in accordance with MiCA Art. 7 and the general conduct duties of Art. 13.
• Customer support via /en/support/ and hallo@camelotlabs.be within 5 business days.
• Civil liability in accordance with MiCA Art. 15 for incorrect or misleading information in this whitepaper.

Modification of rights

The rights attached to tokens may evolve in the following ways:

• Whitepaper revision — Camelot bv may update the whitepaper to remain in line with regulation (MiCA evolution, FSMA guidelines) or technical developments. Already-granted rights of existing holders are not unilaterally restricted (no retroactive adjustment of vested rights).
• AVALØN voting — certain parameters (e.g. cashback percentages, partner categories, philanthropic allocations) may be adjusted via community vote, within the boundaries set by governance.
• Smart contract upgrade — the vesting smart contract is upgradable via UUPS proxy with a 7-day timelock. Holders are publicly informed 7 days before each upgrade via on-chain events.
• Material changes that substantially alter the nature or operation of NØA are re-notified to FSMA under MiCA Art. 12 (modified whitepaper) before taking effect.

Restrictions on transfer

• Vesting — 1,111,111 NØA (5%) allocated to team/dev/founders is locked in a vesting smart contract: 12-month cliff from NØA launch + 36-month linear release (see Chapter V and Chapter VI).
• Custody term — customers without their own Hedera wallet at purchase may remain in temporary custody for up to 12 months; thereafter the right to delivery expires (see Terms and Conditions Art. 7bis).
• For the rest, NØA, SØF and AVALØN are freely transferable between Hedera wallets, subject to technical restrictions of the HTS standard itself.

II. NØA — The native token

NØA is the principal token of the Camelot realm. It is the coinage with which the network operates: payment between members, reward for partners, basis for staking, and — for those who choose the Camelot Family — sealing of a lifelong membership through an Order NFT.

NØA is built on the Hedera network: fast, energy-efficient and with predictable transaction costs. The token follows the open Hedera Token Service standard, which means any wallet supporting HTS (HashPack, Blade, Kabila) can immediately work with NØA.

Underlying technology (MiCA Annex I, Part H). Hedera Hashgraph uses an asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm via gossip-about-gossip and virtual voting. Unlike Proof-of-Work or large-scale Proof-of-Stake networks, aBFT requires no mining or validator pools, and finality is deterministic (3–5 seconds, no probabilistic confirmation). The network is governed by the Hedera Council — a board of international organisations (Google, IBM, Boeing, Deutsche Telekom, LG, Standard Bank and others) with a carbon-negative commitment (see Chapter XII ter). The HTS token standard offers native support for multi-sig (KeyList), fee-schedule, and publicly verifiable transaction history via Hedera Mirror Node and HashScan.

• Name: NØA
• Network: Hedera Hashgraph (mainnet)
• Token standard: HTS Fungible Common
• Initial supply: 22,222,222 NØA
• Absolute cap: 22,222,222 NØA — the total issuance across all Emission Badges and Minting Triggers combined will never exceed this number.
• Supply type (Hedera): Infinite. This HTS setting allows the Minting Protocol to organise phased emissions within the absolute cap above; it does not refer to unlimited issuance.
• Decimals: 7

III. SØF — The reward token

Beside NØA there exists a second token in the ecosystem: SØF. Where NØA is the sword — backed, tradable, valued — SØF is the shield: a symbol of loyalty to the realm.

SØF is awarded as a reward for those who serve the realm. There are two ways to earn SØF:

• Stake NØA — those who place NØA in the staking contract receive SØF per Epoch (see Chapter VII).
• Pay with NØA at Partners — customers who pay with NØA at an accredited Camelot Family Partner receive SØF as cashback (see Chapter VIII).

SØF is not a trading token, has no contractual counter-value and is not backed by a reserve. SØF is a utility token within the Camelot ecosystem, with one sole purpose: rewarding, representing and activating engagement.

Genesis — the first SØF

At the launch of the Camelot Dapp (Q1 2027) a one-time genesis emission of 100,000 SØF takes place, distributed proportionally to those who staked NØA in the first two Epochs. This genesis emission sets the cycle in motion: without first SØF, the SØF pool (see Chapter VII) cannot start. Thereafter all SØF issuance flows exclusively through Epoch rewards from the LR Protocol.

Possible uses of SØF (in development):

• Stake for NØA reward — those who lend their SØF back to the realm receive NØA in turn (see Chapter VII);
• Voting rights within Camelot Family decisions (see Chapter X);
• Access to private events, workshops and retreats;
• Discounts at accredited Camelot partners;
• Passage to exclusive content and publications.

III bis. AVALØN — The voting token

Named after the mythical island where Excalibur was forged, AVALØN is the third token of the Camelot realm. No trading coin, no shield — but the voice of the Camelot Family.

AVALØN has one purpose: community governance within the Camelot Family. Whoever holds AVALØN carries a fragment of the will of the community. Voting on partner categories, Dapp protocol parameters, strategic direction of Camelot Family initiatives, philanthropic destinations — everything within the community runs through this token.

AVALØN does not touch Camelot bv (the company). Camelot bv remains governed by its shareholders and management body in accordance with Belgian company law. AVALØN is exclusively a community voting instrument.

• Name: AVALØN
• Network: Hedera Hashgraph (mainnet)
• Token standard: HTS Fungible Common
• Initial supply: 0 — AVALØN has no pre-allocation. Every AVALØN comes into existence solely through merit, holding or membership (see below).
• Treasury: Camelot Treasury (see Chapter XIII)
• Purpose: voting rights within the Camelot Family community (no corporate-law voting rights within Camelot bv)
• Obtainable via: NØA holding, SØF holding, Order membership and merit within the realm (see Chapter X for exact distribution)

AVALØN is not sold and not traded. It is earned through dedication to the realm — by holding NØA, by collecting SØF, by joining an Order. The exact distribution formula and voting cycles are further elaborated in Chapter X — Governance and voting.

IV. The treasury — Transparent HBAR funding

Many tokens are air. NØA is not. At each NØA issuance, Camelot publicly demonstrates that an equivalent HBAR funding was present at the moment of mint — as proof of solid project financing. Part of that HBAR funding is used for liquidity provisioning on SaucerSwap, another part may be held in the Camelot treasury or staked on Hedera nodes.

This funding demonstration serves verifiability and transparency, not price parity and no value guarantee. NØA trades freely on SaucerSwap and its market value fluctuates with supply and demand — Camelot does not pursue a stable exchange rate with HBAR, guarantees no redemption at fixed price, and offers no peg as a stablecoin. The HBAR funding merely makes publicly demonstrable that the project held hard assets at issuance; it is no implicit promise of value and no continuous backing obligation.

Concretely this means:

• No NØA is released without the corresponding HBAR funding being present at the moment of issuance;
• Releases occur in badges, according to a pre-published Emission Schedule;
• The Multi-Sig Protocol (see Chapter IX) ensures that no single wallet can unilaterally control the treasury assets;
• The Proof-of-Reserve Protocol makes this funding demonstration publicly verifiable at all times via Hedera explorers such as HashScan.

The HBAR we hold in the DRIP Fund is, where possible, staked on various Hedera nodes. The staking rewards flow to the LR Pool — a fund that enables further rewards for those who stake NØA. The realm serves itself, and its knights, in a closed cycle of value.

V. Allocation and issuance

The initial supply of 22,222,222 NØA is distributed as follows:

The first 10 million tokens are transferred to the DEX in phases ("badges") according to the Emission Schedule. Further issuance strictly follows the rules of the Minting, DRIP and Multi-Sig Protocol. No NØA is minted in secret or without backing.

The chosen DEX — SaucerSwap

NØA is distributed via SaucerSwap, the leading decentralised exchange on the Hedera network. SaucerSwap was chosen for its integration with the Hedera Token Service, low transaction costs and transparent on-chain liquidity.

At launch, the following liquidity pools are set up:

• HBAR / NØA — primary pool, built from the DRIP Fund
• HBARX / NØA — staked-HBAR pool, for those who want to compound their yield

In preparation for later phases:

• USDC / NØA — stablecoin pool for USD denomination
• EURC / NØA — stablecoin pool for EUR denomination (suited to our Belgian customer base)

Live data, prices and volumes are publicly accessible at all times via SaucerSwap Analytics.

V bis. Tokenomics at a glance

A summary of all key figures of the Camelot economic system. For deep details: see the respective chapters (II, III, III bis, VII, IX).

The three tokens — comparative

NØA allocation summary

Emission Schedule — phased DEX issuance

The public 10,000,000 NØA is added to SaucerSwap liquidity pools in five badges. Each next Badge is released only when the CBR of the previous Badge reaches 100% (see Chapter IX.4):

The exact distribution per liquidity pool (HBAR/NØA, HBARX/NØA, USDC/NØA, EURC/NØA) is determined per Badge. Indicative split: ~80% HBAR pools, ~20% stablecoin pools.

Token flow — the cycle in brief

• NØA → bought on SaucerSwap, received at NFT membership, or as partner reward.
• Stake NØA → receive SØF per Epoch (LR Pool).
• Pay with NØA at Partner → customer receives SØF cashback from Camelot Community pool.
• Stake SØF → receive NØA from DRIP segment (max 2% per Epoch).
• NØA holding / SØF holding / Order NFT / merit → generates AVALØN for governance.

Key parameters

VI. No pre-sales, no airdrops, no private deals

Camelot principally chooses a fair issuance of NØA on the open market. There are:

• No pre-sales — no early sale at a discount, no "early bird" prices, no progressively rising rounds.
• No private sales — no off-market deals with VCs, family offices, angel syndicates or other privileged parties.
• No airdrops — no free distribution to random wallets or via marketing campaigns.

The public 10,000,000 NØA (45% of issuance) is released via SaucerSwap in phases at the same market price for everyone, at the same moment, without priority or discount.

Internal allocations — transparent, not as a sale

The remaining 12,222,222 NØA (55%), described in Chapter V, are internally reserved tokens. They are not a sale, not an airdrop and not a private deal — they are:

• DRIP protocol (45% · 10,000,000) — reserve in escrow. Not in circulation until the CBR and Minting Protocol gradually release them to SaucerSwap under public rules.
• Camelot Family (5% · 1,111,111) — community fund managed by AVALØN governance, for events, philanthropic destinations and community initiatives.
• Project Team / Project Development / Developers Team / Founders (5.0% combined · 1,111,111) — labour compensation for those who build Camelot and continue to build it.

These allocations are publicly disclosed in advance (see Chapter V), traceable on-chain via the Camelot Treasury and related wallets, and subject to a vesting schedule (see below).

Vesting — anti-dump protection

The internal allocations for Project Team, Project Development, Developers Team and Founders are subject to a vesting schedule that protects the project against early sale ("dumping"). The schedule:

• Cliff period: during the first 12 months after NØA issuance, no internally allocated token is released. Whoever leaves the realm before the end of the cliff loses their allocation.
• Linear release: after the cliff, tokens release linearly over a period of 36 months (3 years). 1/36 of the allocation releases per month.
• Lock-up via smart contract: tokens in vesting remain in a non-transferable lock contract until release, on-chain verifiable.

The Camelot Family allocation (5%) is not subject to vesting, but stands under governance control: spending from this pool requires AVALØN voting and is subject to the Multi-Sig Protocol. It is a community fund, not a distribution.

The exact vesting parameters are fixed in the smart contract at NØA issuance (Q3 2026) and publicly disclosed. Modification of the vesting schedule after deployment is technically impossible — the protection is therefore an agreement of code, not of trust.

Camelot Order NFT collection — a membership, not a pre-sale

The six Camelot Order NFTs (Squire, Defender, Knight, Camelot, Excalibur, Holy Grail) do not constitute a pre-sale of NØA. They are a membership sealing of the Camelot Family — a lifelong admission to a specific Order, with on-chain proof and associated benefits (access, discounts, honour, governance multiplier).

With each membership comes a package of NØA tokens as a welcome gift; these tokens are paid out from the Camelot Family pool of Chapter V according to the same rules and backing. The price of the NFT represents the value of the membership itself, not that of the bonus tokens.

The difference:

• Pre-sale of token = early or privileged access to NØA at a discount → we do not do this.
• Membership sealing with NØA bonus = purchase of an Order position whereby NØA comes as a gift with the package, from a transparently announced pool → that is what the NFT collection is.

Anyone wishing to buy NØA for investment or utility purposes does so via SaucerSwap or via partner reward, at the same market price as everyone else.

Offer modalities (MiCA Annex I, Part E)

The modalities of the public offering of NØA are summarised below in accordance with MiCA Annex I, Part E.

VII. Staking — Reward for those who share the lot

Whoever entrusts something to the realm — by staking tokens in the Camelot smart contract — shows trust in the long game. For this they receive reward. In Camelot, two staking pools exist that hold each other in balance:

• NØA pool: you stake NØA, you receive SØF as reward.
• SØF pool: you stake SØF, you receive NØA as reward.

Together they form a cycle: NØA feeds SØF, SØF feeds NØA back. Whoever participates in both shares twice in the growth of the realm.

How it works — general flow

1. The holder connects their Hedera wallet to the Camelot Dapp.
2. They choose a pool (NØA pool or SØF pool) and deposit the corresponding token in the staking contract.
3. They receive a share certificate — an internal ledger entry indicating their percentage in that pool.
4. Per Epoch (there are twelve Epochs per year) rewards are distributed pro rata based on that share.

NØA pool · stake NØA, receive SØF

The classical staking direction. SØF emission per Epoch is determined by the Liquid Reward Protocol, fed by the staking returns of the HBAR in the treasury. Reward = your share × SØF emission of the Epoch.

This pool is the generative layer of the realm: it drives loyalty, voting rights and community experiences via the SØF token.

SØF pool · stake SØF, receive NØA

The reverse direction. Whoever has collected SØF — by previously staking NØA, through governance participation or via an accredited Partner — can lend it back to the realm and in exchange receive NØA.

NØA emission for this pool comes from a separate segment of the DRIP Fund, regulated by the Minting and DRIP Protocol (see Chapter IX). No NØA is paid out without backing; the SØF pool is therefore not an infinite pump, but a controlled outflow whose parameters are publicly verifiable.

Outflow limit. Per Epoch, a maximum of 2% of the available SØF pool segment in the DRIP Fund is released as reward. This cap prevents depletion of the reserve and ensures gradual, predictable NØA emission. The exact cap value can be adjusted via AVALØN voting within boundaries set by governance.

This pool closes the cycle: SØF — which itself has no guaranteed counter-value — can through patience be led back to NØA, which is backed.

Parameters & mechanics

• Epoch length: 1 month (12 Epochs per year). Rewards are calculated and released per Epoch.
• Staking fee: a small fee is levied on each staking, harvest or unstake transaction, paid in the corresponding token (NØA for the NØA pool, SØF for the SØF pool). The exact fee is set at launch of the Camelot Dapp and publicly announced. The fees serve to maintain and further develop the project.
• Network costs: for each transaction you need a small HBAR fee (typically < 1 HBAR).
• No lock-up period: you can unstake at any moment. unstake = total staked + current rewards − staking fee. Tokens arrive instantly in your wallet.
• Harvesting: clicks instantly via smart contract. When using the harvest tool, your previous share + current Epoch rewards are automatically restaked, for compounding effect.
• Simultaneous participation: you can participate in both pools at once. The shares are calculated independently.
• Wallet support: HashPack is the recommended wallet for staking. Other HTS-compatible wallets (Blade, Kabila) also work.
• The displayed APYs per pool are dynamic and not guaranteed; they are annualised projections based on the current Epoch payout.

NFT bonus per tier — only on SØF pool

Holders of a Camelot Order NFT enjoy a staking bonus that increases with the tier. The bonus applies exclusively to the SØF pool — those who stake SØF and receive NØA in return get a higher payout than a knight without NFT holding. The bonus is applied as a multiplier on the staking share (not on the deposited capital) at every Epoch payout from the SØF pool:

The NØA pool has no tier bonus — those who stake NØA and receive SØF get their proportionate share without multiplier. The higher your Order, the greater the recognition when you put your earned SØF back into the realm: a Holy Grail holder who stakes SØF receives 30% more NØA than a knight without NFT holding for the same input. The bonus rewards those who close the cycle — those who lead SØF back to NØA instead of merely accumulating it.

VIII. The Camelot Family — Partners and local commerce

The Camelot realm reaches beyond a Discord server or a blockchain explorer. We want to empower small and medium-sized entrepreneurs, local shops and meaningful initiatives by accepting NØA as an alternative payment method. Customers who pay with NØA in turn receive SØF cashback directly from the Camelot Treasury — not from the Partner's pocket.

The role distribution — who gives what

• The customer pays the Partner with NØA (POS, online, app).
• The Partner receives NØA as regular business payment. They give no NØA back to the customer.
• The Camelot Treasury automatically sends SØF cashback to the customer's wallet — funded from the Camelot Family allocation and/or a common cashback pool.

The Partner therefore bears no marketing cost for the loyalty reward. Camelot funds the SØF cashback from its own resources, as thanks to those who keep NØA in circulation.

What a Partner can do

An accredited Partner can, via the Camelot Partner Portal:

• Accept NØA as payment for goods and services (full purchase, partial payment, or in combination with EUR/HBAR);
• Stake the received NØA in the NØA pool for SØF yield (see Chapter VII);
• Use NØA as working capital — for example to purchase from other Camelot Partners, pay suppliers, or cover running costs;
• Sell NØA back on SaucerSwap at market price when EUR liquidity is needed.

Anyone can become a Partner, regardless of size or location within the European Economic Area. Joining is voluntary, leaving as well — no contract binding at the token level. Partners go through a light KYC at accreditation and pay no entry fee.

Cashback ratio for the customer

The SØF cashback per spent NØA is set at the launch of the Partner Portal and publicly announced. The ratio is overseen by governance (via AVALØN voting) and can be adjusted within previously established boundaries.

The cashback pool is fed by:

• The Camelot Family allocation (5% of the NØA issuance) of which a portion is automatically converted to SØF for cashback distribution;
• Any contributions from transaction fees or governance decisions (by AVALØN voting);
• The ecosystem budget of Camelot bv (voluntary).

For the realm: this mechanism stimulates the use of NØA as genuinely circulating payment medium and not merely as a savings vehicle. The community buys, rewards and stakes in one closed cycle, without burdening the Partner financially.

Multi-device Partner Portal

The Camelot Partner Portal is accessible via multiple devices so that every entrepreneur can work as it suits them best:

• Mobile — for counter use in shops, hospitality, at events. Customer pays, partner scans or registers NØA reward in a few taps.
• Tablet — for cash register integration or demonstration to customers.
• Desktop — for administration: managing Partner wallet, setting reward rules, downloading transaction reports.

IX. The six Protocols

The realm is not governed by a single person, but by six Protocols each carrying a specific responsibility. Together they form the laws of the treasury. The mechanisms, triggers and formulas described below form the stable foundation of NØA.

1. LR Protocol — Liquid Reward

The LR Protocol determines how many rewards per Epoch are added to the staking pools. The yield comes from two independent sources:

• DRIP Fund yield — the DRIP Fund's own assets are deployed on web3 applications and generate returns.
• Hedera native staking — all HBAR in the treasury is staked on various Hedera nodes; the staking rewards are converted by Camelot Labs into NØA and added to the LR Pool.

Parameters:

• One Epoch = 1 month → 12 Epochs per year
• APY is variable per Epoch and not guaranteed
• Holders of a Camelot Order NFT enjoy a staking bonus of 5% to 30% increasing per tier (Squire +5% to Holy Grail +30% — see Chapter VII for the table). The bonus applies exclusively to the SØF pool (those who stake SØF and receive NØA) and is a multiplier on the share, not on the capital itself.

Two phases:

• Phase 1 (Badge 1): 50% of native HBAR staking proceeds funds liquidity on the DEX, 50% builds up the LR Pool.
• Phase 2 (Badge 2 onwards): 100% of native staking proceeds flows to the LR Pool. The DRIP Fund takes over DEX liquidity.

2. DRIP Protocol

The DRIP Protocol is the heart of the treasury. It manages the core assets and strictly regulates when value leaves the fund.

What is in the DRIP Fund:

• The total un-emitted NØA in escrow storage — no NØA leaves the fund without activation of the other protocols.
• Camelot Labs' own assets, held as additional collateral and as yield source for the LR Pool.

What is NOT in the DRIP Fund: the HBAR funding. HBAR is no part of the DRIP Fund — it is held separately in the Camelot Treasury and serves as transparency underpinning at NØA issuance (no peg, no redemption right).

Three main functions:

• Regulating when assets may leave the DRIP Fund (towards LR Pool, liquidity pools, or new Emission Badge);
• Management (buying, selling, storage, staking) of core assets;
• Security at connections with Web3 applications.

NØA can only be released when an equivalent HBAR funding is demonstrable at the moment of issuance. With each issuance, the Minting, CBR and Multi-Sig Protocol activate each other. This funding is a transparency demonstration, not a continuous backing obligation and not a price promise.

3. Minting Protocol

Regulates the issuance of new NØA. Operates with two triggers, both dependent on a 100% CBR status:

• MPtrigger1: as soon as the CBR of the last Emission Badge reaches 100%, the protocol moves a new batch of NØA from the DRIP Fund Wallet to the Emission Wallet. This batch is subsequently released to the DEX via the Emission Schedule.
• MPtrigger2: as soon as trigger 1 has been successfully executed and all preceding badges are in circulation, the protocol mints a new batch of NØA in the Treasury Account, which is then safely stored in escrow in the DRIP Fund Wallet.

No mint takes place without backing. No mint takes place without Multi-Sig approval. No mint is secret.

4. CBR Protocol — Collateral Backing Ratio

The CBR is a transparency metric that publicly demonstrates at every moment what percentage of the current Emission Badge has actually been placed in liquidity pools and is visibly funded with HBAR. It is not a stabilisation mechanism, not a peg and not a value guarantee.

"The CBR measures the extent to which the current Badge is visibly in circulation." The percentage rises as more NØA is added to liquidity pools on a DEX. A CBR of 93% means that 93% of the current Badge is in valid circulation. The CBR does not express a market price and makes no statement about the value of NØA in euro or HBAR — that is determined solely by the market.

Two trigger values:

• CBRtriggerDP = 100% — when the CBR of a Badge reaches 100%, the CBR Protocol activates the DRIP Protocol. The next Badge is prepared for issuance.
• CBRtriggerMP = 100% — when the CBR of the last Badge is 100%, the CBR Protocol activates the Minting Protocol for a new mint tranche.

The CBR is continuously updated based on on-chain data and is verifiable by anyone.

5. Multi-Sig Protocol

No transaction of any significance from the Camelot Treasury, the DRIP Fund or the Emission Wallet can take place without the signature of multiple independent key holders.

Operation: Hedera supports native key lists in its Token Service. The Multi-Sig Protocol requires that at least two keys from the core team sign every outgoing transaction. All keys in the KeyList must give their approval according to the threshold.

Applied to:

• The DRIP Fund Wallet — manages release and creation of NØA;
• The Emission Wallet — controls distribution to underlying wallets (DEV, Project Team, Project Development, Camelot Family, Founders);
• The Camelot Treasury — for all NFT and token transactions.

The round table of Camelot is literally that — multiple seal rings for one single command.

6. Proof-of-Reserve Protocol

Makes the funding demonstration publicly verifiable. At each NØA issuance (Emission Badge), the project demonstrates on-chain that at least an equivalent HBAR funding was present at the moment of issuance. This is a one-off transparency demonstration per Badge, not a continuous stabilisation, not a peg and not a redemption right. Additionally, the DRIP Fund may hold Camelot Labs own assets for staking yield and liquidity support, without this constituting an obligation to back market value.

Every holder can at any moment, via Hedera explorers (HashScan, Mirror Node API), check themselves:

• How much NØA is in circulation?
• How much HBAR is in the Camelot Treasury and related reserves?
• Do they match at the CBR level?

Camelot publishes the proof-of-reserve asset addresses in a separate section on the website. No trust without control.

IX bis. Audit & Continuous Review

The six Protocols guard the realm; continuous audit guards the protocols.

The smart contracts behind the Camelot Dapp — the staking contract, the partner portal bridge, the governance mechanisms — are under continuous review. Our engineering team runs daily code reviews and automated test suites for every deploy.

External audits

Camelot Labs performs regular audits by external security auditors on its smart contracts before every release. Audits cover among others:

• Re-entrancy and flow control vulnerabilities in the staking contract;
• Access control on admin and mint functions;
• Correctness of yield, fee and unstake calculations;
• Multi-sig flow and KeyList handling;
• Token allocations and CBR trigger correctness.

Audit reports are published on this website as soon as they are available. Until then: "coming when audited" — we share only when we are sure ourselves.

Bug bounty & responsible disclosure

Security researchers who discover vulnerabilities in the Camelot infrastructure are invited to report them via support@camelotlabs.be. We follow a principle of responsible disclosure: every reported vulnerability is treated confidentially until a fix is rolled out, and confirmed findings can be rewarded with an appropriate bug bounty in NØA or EUR.

X. Governance and voting

The philosophy — no one rules, all serve

In the mythology of NØA, governance is no hierarchy of kings, no council of knights, no board of directors with votes and vetoes. It is no control. It is surrender.

The Round Table has no head anymore, no king at its head. Arthur gave everything: faith, capital, will. He became empty, and thereby the table itself became the ruler. Governance in NØA is the numen that rules — the invisible, transcendent force that nourishes Camelot.

ET MAGIA SEMPER MUTAT FORMAM — The magic always changes form. Today it is an algorithm. Tomorrow an intuition. The day after, a collective wave of trust no model could ever have predicted.

Governance is therefore fluid, decentralised, impersonal. No central decision-makers. No voice rising above others. Only knights, intellects, systems and people who dedicate themselves to serving that force with relentless discipline, perseverance, honour and love.

ET ULTIMUM DONUM NON EST POTESTAS, EST VACUITAS — The last gift is not power, it is emptiness.
VACUITAS ET TAMEN PLENA — Emptiness, and yet full.

An empty vessel is the only thing that can fully receive the numen. An empty chalice is the only thing that can pour out divine love without holding anything back. An empty table is the only thing that can be truly round — without centre, without hierarchy, without owner.

AVALØN — The voting token

One instrument empowers all these ideals into concrete power: AVALØN. Named after the mythical island where Arthur's sword was forged, AVALØN is the voting token of the Camelot Family — issued and held by the Camelot Treasury (see Chapter XIII), on the Hedera network.

AVALØN has one purpose: expressing voting rights in community governance within the Camelot Family. It is no trading token, no yield token, no reserve instrument and no corporate-law voting right in Camelot bv. Whoever holds AVALØN carries a fragment of the will of the community.

How you obtain AVALØN

AVALØN is not sold and not traded. It is earned through dedication to the realm:

• NØA holding — those who hold and/or stake NØA show long-term dedication to the realm and receive AVALØN periodically as community vote.
• SØF holding — those who have earned SØF (through NØA staking, partnership or dedication) receive AVALØN periodically. SØF holders co-steer the Camelot Family community.
• Order membership — those who join an Order (Squire to Holy Grail) carry an AVALØN multiplier according to their tier — not as reward for wealth, but as recognition for dedication over time.
• Merit within the realm — exceptional contributions to the Camelot community (development, organisation of events, mentoring, contributions to code or content, service to other knights) can be acknowledged with an AVALØN award. Merit is recognised by the community, not handed out by a single hand.

All AVALØN counts for one and the same governance layer: the Camelot Family. The exact distribution formula is announced before the first governance cycle and can be further adjusted via AVALØN voting itself.

What is voted on

Topics include among others: new partner categories, parameter updates of protocols (within previously established boundaries), strategic direction of Camelot Family initiatives and events, philanthropic destinations of part of the Camelot Family allocation, and adjustments to AVALØN distribution itself.

Not in scope: corporate-law decisions of Camelot bv (annual accounts, dividend, capital change, board composition). These rest exclusively with the shareholders and management body of Camelot bv.

With AVALØN, everyone who has dedicated themselves speaks. All serve. And that is the highest form of community governance: vacuitas that is full. Emptiness that grows infinitely.

XI. The way forward

Camelot's development follows a multi-layered roadmap. Milestones are indicative; specific dates are confirmed as soon as mainnet launch and audits permit.

• 2026 Q2: Launch of the Camelot Order NFT collection (six tiers, minted on Hedera mainnet);
• 2026 Q3: Issuance of NØA token (Token ID follows after mint), first Emission Badge;
• 2026 Q4: Smart-contract audit of Camelot Dapp and staking contract;
• 2027 Q1: Camelot Dapp v1 — staking, harvest, Partner portal; issuance of SØF (genesis emission) and AVALØN;
• 2027 Q2: First Partner wave — accredited Belgian local entrepreneurs;
• 2027 Q2-Q3: Launch of Camelot Portal — community platform with events, governance, content;
• 2027+: International expansion of the Partner network within the European Economic Area.

XII. Legal framework

Camelot Labs operates from Camelot bv, with registered office at Meersemhof 41, 9050 Gentbrugge, Belgium — company number 0477.799.234. We respect Belgian and European law, in particular the applicable regulation around crypto-assets (MiCA), consumer protection (Book VI of the Belgian Code of Economic Law), data protection (GDPR) and accounting obligations.

Nature of the tokens

The NØA token is a utility token. It is not a share, not a debt instrument, not a financial instrument within the meaning of MiFID II, and not electronic money under PSD2.

None of the tokens (NØA, SØF, AVALØN) confers shareholder rights in Camelot bv. Holders have no shareholding, no right to dividend, no formal vote in the general meeting, no right to liquidation surplus, and no corporate-law decision-making right within Camelot bv. Camelot bv is governed by its shareholders and management body in accordance with Belgian company law.

The term governance in this whitepaper refers exclusively to community governance within the Camelot Family via the AVALØN voting instrument — over partner programmes, protocol parameters and community initiatives. It does not touch the corporate-law decision-making of Camelot bv.

The HBAR reserve behind NØA serves verifiability and transparency, not price parity; NØA is not positioned as asset-referenced token (ART) or e-money token (EMT) within the meaning of MiCA.

SØF is a loyalty and utility instrument without guaranteed counter-value, no financial instrument.

AVALØN is a non-tradable community voting instrument within the Camelot Family, no financial instrument, no share and no right to dividend or value transfer.

Related documents

This whitepaper, together with the documents listed below, forms a coherent legal package. In case of any contradiction, the terms and conditions and order statutes prevail as binding legal documents; the whitepaper is an explanatory publication.

• Terms and Conditions — definitions of all tokens (art. 1), nature of NØA / SØF / AVALØN with MiCA classification and vesting (art. 5), partner payment with SØF cashback (art. 6.2), custody arrangement (art. 7bis), comprehensive liability and risk disclosure (art. 9 with sub-sections 9.1 grounds of non-liability, 9.2 forward-looking, 9.3 limitation, 9.4 no shareholder rights in Camelot bv).
• Order Statutes — spirit and structure of the six Orders (art. 1-2), joining (art. 3), benefits per tier (art. 4: Family discount 10-100% + SØF pool staking bonus 5-30%), the three tokens as community instruments (art. 5), obligations of the Knight (art. 6).
• Privacy Policy — which personal data is collected and processed, retention periods for the custody arrangement, processing of Hedera Account ID and wallet data, AML/KYC obligations for Partner accreditation.

For customer support visit /en/support/. A short guide to set up a Hedera wallet is available at /en/wallet-help/.

Reservation

Camelot Labs subjects this whitepaper to periodic legal review. The final token classification and regulatory position may be sharpened after a formal MiCA opinion or FSMA consultation. Camelot bv is not a regulated financial institution under FSMA and does not operate as a payment institution under PSD2.

XII bis. Risks and warnings

Whoever participates in the Camelot ecosystem accepts the risks set out below. This list is not exhaustive.

Market risk — total loss possible

Crypto-assets are volatile. The market value of NØA, HBAR and any related tokens may fluctuate sharply and even fall to zero. You may lose the entire amount you invest. No deposit guarantee, no insurance and no other protection scheme such as those applicable to regulated banking products applies. SØF additionally has no guaranteed counter-value and may at any moment become worthless.

Smart-contract risk

The Camelot Dapp and all associated protocols run on smart-contract code. Although this code is subject to periodic external audits (see Chapter IX bis), audits do not provide a complete guarantee against bugs, exploits, hacks or unforeseen behaviour. Loss due to errors in smart contracts or external attacks falls outside the liability of Camelot Labs.

Hedera network risk

The entire Camelot ecosystem (NØA, SØF, AVALØN, NFT collection, staking, partner payments) depends on the Hedera Hashgraph network. Interruption, slowdown, hard fork, governance change or termination of Hedera may affect the operation of your assets. Camelot Labs has no control over the Hedera Council and is not liable for damages arising from network incidents.

Own responsibility for wallets and keys

You manage your own Hedera wallet and private keys. Loss, theft or compromise of your private key means permanent loss of your NØA, SØF, AVALØN and NFTs. Camelot Labs has no access to your wallet, cannot recover tokens, and cannot restore access to a lost account. Store your seed phrase physically, never share it, and be wary of any party asking for it — even if they claim to be from Camelot.

Taxes — your own responsibility

Receiving, holding, staking, trading or spending NØA, SØF, AVALØN or NFTs may have tax consequences (income tax, capital gains tax, VAT, gift tax, etc.) that vary by country and personal situation. Camelot Labs does not provide tax advice. You are responsible for the proper declaration and payment of any taxes in your country of residence. Consult an independent tax advisor if in doubt.

AML/KYC and anti-money-laundering regulation

Camelot Labs complies with applicable anti-money-laundering (AML) and Know-Your-Customer (KYC) obligations as required by Belgian and European law. Upon onboarding as a customer or accredited Partner, Camelot may request identification details and monitor transaction patterns. Suspicious transactions may be reported to the competent authorities without prior notification to the party concerned, as required by law.

Roadmap — no guarantee

The roadmap (Chapter XI) and all forward-looking statements in this whitepaper are indicative and not a guarantee. Milestones may be delayed, modified or cancelled depending on technical development, market conditions, regulation or community decisions via AVALØN voting.

Regulation — evolution and adaptation

The regulation surrounding crypto-assets, in particular MiCA, is in continuous evolution. Future legal changes may affect the operation, classification or availability of NØA, SØF and AVALØN. Camelot Labs will act reasonably to remain compliant, but is not liable for damages resulting from unforeseen regulatory changes.

"Lifetime" membership — aspirational

The term "lifetime membership" for the Camelot Order NFTs is aspirational: it refers to Camelot Labs' intention to maintain the Camelot Family community for as long as possible. It is not a legal guarantee of perpetual existence. The continuity of the ecosystem depends on technical, financial and community factors.

Liability of Camelot bv

The liability of Camelot bv is in all cases limited to the amount you paid for your membership or order, except in cases of intent or gross negligence. See also Article 9 of the Terms and Conditions. The Camelot Family is an informal community: Camelot Labs is not liable for actions or statements of individual members.

XII ter. Environmental impact and sustainability

MiCA Regulation (EU) 2023/1114 requires transparency about the environmental impact of crypto-assets (Annex I, Part J). This chapter provides the relevant figures for Project NØA on the Hedera network and places them in comparison with other distributed-ledger technologies.

Hedera Hashgraph — energy consumption per transaction

Hedera Hashgraph uses an asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm via gossip-about-gossip and virtual voting. Unlike Proof-of-Work (Bitcoin) or early Proof-of-Stake implementations, aBFT does not require energy-intensive mining or large-scale validator pools.

Comparison with other DLTs

The figures below are based on publicly available studies (Cambridge Centre for Alternative Finance, Crypto Carbon Ratings Institute, UCL) and are indicative — exact values vary with time, energy mix and network activity.

Hedera ranks among the most energy-efficient distributed-ledger platforms in the world. A Bitcoin transaction is estimated to consume as much energy as 235 million Hedera transactions.

Hedera Hashgraph energy mix

Hedera nodes are operated by the members of the Hedera Council, a board of international organisations (including Google, IBM, Boeing, Deutsche Telekom, LG, Standard Bank). The Hedera Council has publicly committed to a carbon-negative footprint for the network:

• Renewable energy targets at every node operator according to their own sustainability commitments;
• Purchase of renewable energy certificates (RECs) via Terrapass to offset any remaining emissions;
• Quarterly publication of Hedera Sustainability Reports with carbon footprint measurements.

Camelot Labs — choice for Hedera

Camelot Labs deliberately chose Hedera as the technological foundation for Project NØA because of its low environmental impact:

• A Camelot NFT mint, an NØA staking action or an SØF distribution consumes less energy than loading one average web page;
• The complete NØA ecosystem (22,222,222 tokens, NFTs, staking, partner payments) has a projected annual footprint comparable to a few dozen kilowatt-hours — less than the power consumption of a household refrigerator;
• No mining rigs, no ASIC farms, no energy-intensive validator pools.

Reservation — methodology

XIII. Public wallets & addresses

We believe in transparency. All Camelot wallets and token IDs below are publicly accessible via Hedera Mirror Node and HashScan. Every holder can verify at any moment what the realm holds and what is in circulation.

Operational — Camelot Treasury & NFT

Operational — Project NØA wallets

The following wallets form the treasury infrastructure of Project NØA and are all multi-sig protected:

In preparation (will be published here at issuance)