$TOGGLD Crypto-Asset White Paper

Summary

TOGGLD is a game built on the Solana blockchain around a single on-chain "toggle" with exactly one holder at a time. Anyone can open a 30-second bidding window to challenge the current holder. The winner either becomes the new holder or, if already the holder, keeps the position. Every winning payment is split automatically by the on-chain program: 15% to a fixed treasury address, and 85% burned. Money only ever moves from a user to the treasury or to the burn address; it never moves from one user to another.

$TOGGLD is a separate SPL token, issued through Meteora's Dynamic Bonding Curve protocol ("DBC"), that TOGGLD's on-chain program uses as the vehicle for the burn leg described above: a portion of settlement proceeds is used to buy $TOGGLD on the open market and burn it, permanently reducing circulating supply. $TOGGLD carries no equity, revenue share, redemption right, or promise of any kind from the offeror. Holding it is not required to play the game, and playing the game does not require holding it.

Mandatory risk statement. The crypto-asset may lose its value in part or in full. The crypto-asset may not always be transferable. The crypto-asset may not be liquid. The crypto-asset is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council. The crypto-asset is not covered by the deposit guarantee schemes under Directive 2014/49/EU.

Part A: Information about the offeror

• Name: Pietro Lungarini.
• Legal form: natural person. The same identity used as the "Owner" on TOGGLD's Terms and Conditions and Privacy Policy.
• Contact email: pietro@lungarini.it
• Role: sole developer, sole operator, and sole offeror of $TOGGLD. There is no team beyond Pietro Lungarini.
• On-chain authority: a single wallet, controlled by the offeror, holds the TOGGLD program's treasury, admin, and BPF upgrade authority simultaneously. This is a deliberate, disclosed choice for this stage of the project (see Part I). The program is being relaunched; the specific wallet address will be published here once the new deployment is live.

Part B: Information about the issuer

Pietro Lungarini is both the offeror and the issuer of $TOGGLD, in the sense that he directs the transaction that causes Meteora's Dynamic Bonding Curve program to mint the token. There is no separate legal person acting as issuer. $TOGGLD is not minted by TOGGLD's own on-chain program. The DBC program, a third-party, independently operated Solana program run by Meteora, performs the mint as part of creating the bonding curve (Parts E and F).

Part C: Information about the trading venue

$TOGGLD is not admitted to trading on a centralized exchange or listing venue by the offeror. It trades, from the moment of its creation, on a permissionless Meteora Dynamic Bonding Curve pool and, after migration, a Meteora DAMM v2 pool, automated market maker mechanisms governed entirely by on-chain code, with no order book and no admission decision made by anyone. Meteora is a third party, independent of the offeror.

Part D: The crypto-asset project

D.1 What TOGGLD is

1. Anyone may open a challenge by bidding at least the required minimum over the current price, opening a 30-second bidding window.
2. During that window, anyone may outbid the current top bidder by at least 5% (the contract-enforced minimum raise). Every bid resets the timer to a fresh 30 seconds, so the window only closes once 30 seconds pass with no new bid.
3. When the window closes, the top bidder wins. If not already the holder, they become the new holder; if already the holder, they defend the position.
4. The winning payment splits automatically: 15% to the treasury, 85% burned. Outbid bidders reclaim their funds via their own claim_refund() transaction, a pull refund rather than a push.
5. The next challenge's starting price is the previous settlement's price. Price only moves up, only on settlement.

D.2 Non-negotiable invariants

• Money only ever moves user → treasury or user → burn. Never user → user.
• The 15%/85% split, the treasury address, the burn address, and the challenge/defend mechanic are immutable from deployment.
• withdraw_treasury() emits a public, on-chain event every time it is called.

D.3 Fixed parameters

These are set once at deployment and never adjustable afterward by anyone, including the offeror. There is no admin-adjustment window and no separate one-way lock instruction: the contract has no code path that could ever change them post-deployment.

D.4 Regulatory classification

$TOGGLD is a crypto-asset within the meaning of Regulation (EU) 2023/1114 (MiCA), specifically MiCA's residual "other crypto-asset" category. It is not an asset-referenced token and not an e-money token.

D.5 Project status and history

• An earlier version of the TOGGLD program was live on Solana mainnet-beta from 2026-08-30 and was closed on 2026-09-17 as part of a planned reset. A full challenge → settle → claim-refund cycle was executed on that deployment with real funds, verified to the exact lamport, before closure.
• A new deployment of the program is in progress. The new program address, genesis transaction, and $TOGGLD mint details will be published here once it is live.

Part E: The offer to the public

E.1 Mechanism

$TOGGLD is created and distributed entirely through a single Meteora Dynamic Bonding Curve pool. There is no presale, no private allocation round, no whitelist, and no separate sale conducted directly by the offeror outside of this on-chain curve. Once created, anyone can buy or sell against the curve permissionlessly, with no admission decision, KYC check, or custody of buyer funds by the offeror.

E.2 Tokenomics

E.3 Migration to DAMM v2

The curve migrates automatically once its SOL reserves reach 85 SOL, to a Meteora DAMM v2 pool. 100% of accumulated liquidity moves in, permanently locked. A 10% migration fee is charged on the migrating liquidity; 50% of that fee (5% of the total migrating amount) is paid to the offeror's wallet, with the remainder retained per Meteora's own protocol-level arrangement. The migrated pool carries a 120 bps fee and Meteora's own dynamic fee mechanism. This migration fee (5% of migrating quote reserves) is the only mechanism by which the offeror receives proceeds from the public offer of $TOGGLD itself, distinct from the game's unrelated 15%/85% treasury/burn split.

E.4 The buy-and-burn mechanism

TOGGLD's own on-chain program uses a portion of settlement proceeds to buy $TOGGLD against its pool and burns the tokens received, permanently reducing circulating supply. This is a supply-reduction mechanism only, not a payment, dividend, or buy-back guarantee, and it carries no promise about its effect on price or value.

Part F: Information about the crypto-asset

• Name: TOGGLD. Symbol: $TOGGLD.
• Standard: SPL Token, minted via Meteora DBC, 9 decimals.
• Total supply: 1,000,000,000, fixed and immutable from creation.
• Mint address: assigned at pool creation (Part E); this page will be updated once that transaction executes. No address should be trusted as real until confirmed against TOGGLD's own official channels.
• Classification: MiCA "other crypto-asset"; not a utility token, it grants no access to any good or service.
• No stabilization mechanism: price is set entirely by curve/AMM mathematics; nothing pegs it to any other asset.

Part G: Rights and obligations attached to the crypto-asset

$TOGGLD carries no contractual right, claim, or entitlement against the offeror. Holding it does not entitle its holder to any share of game revenue or the treasury, any equity or ownership interest, any voting right over the program's parameters, redemption or buy-back, or any good or service in exchange for the token. The only mechanism connecting $TOGGLD to the game is the one-directional buy-and-burn process (Part E.4). Holding $TOGGLD is not required to play, and playing does not require holding $TOGGLD.

Part H: Underlying technology

• Network: Solana mainnet-beta. Framework: Anchor.
• State model: a single GlobalState PDA holds all game state.
• Core instructions: challenge(), settle(), claim_refund(), withdraw_treasury().
• Non-custodial: the offeror never takes custody of funds or private keys; every transaction is user-signed.
• Refunds are pull-based: outbid funds sit in a program-owned account until claimed; unclaimed refunds remain claimable indefinitely.
• Self-interaction guards: a holder cannot cold-open a challenge on themselves, and a bidder cannot raise their own already-top bid, both enforced on-chain, not just in the UI.
• Upgrade authority: the program remains upgradeable; this authority has not been renounced as of this page's date.
• $TOGGLD's technology: issued and traded through Meteora's DBC program, a third-party Solana program the offeror does not build, control, or maintain. The TOGGLD program's dbc_cpi.rs module performs a cross-program invocation into it to execute the buy-and-burn swap, reading the venue pool's own sqrt_price account data on-chain to compute a slippage floor, rather than trusting an off-chain price feed.
• Testing: 69 on-chain LiteSVM tests, 70 keeper tests, 12 events-package tests, and 523 frontend tests currently pass. A full challenge → settle → buy-and-burn cycle has been proven end-to-end on a local validator against real Meteora DBC bytecode, with the resulting mint's supply demonstrably decreasing.
• Security review: an internal review was carried out by the offeror in September 2026, covering the areas a professional audit typically examines; every finding was triaged, and critical/high-severity ones were fixed. No external, independent security audit has been performed.

Part I: Risk factors

This section supplements the risk disclosures published at Risk Disclosure.

• Offeror risk. A single natural person, no corporate structure, no continuity plan. One wallet holds treasury, admin, and upgrade authority simultaneously.
• Technology risk. Unaudited (externally) software; upgradeable program; irreversible on-chain transactions.
• Token risk. $TOGGLD may be extremely volatile, illiquid, or lose all value; issued via a third-party protocol outside the offeror's control; no buy-back or redemption promise. The offeror receives 5% of migrating liquidity as a direct financial benefit from the public offer (Part E.3).
• MiCA offer-classification risk. The curve is a public, uncapped offer within the meaning of MiCA; the applicable notification process is handled separately from this document.
• Securities/investment-contract risk (non-EU, notably US). Challenge/bid participants face low exposure under the Howey framework; $TOGGLD holders face a closer question, since price appreciation could be argued to depend in part on continued game activity and the offeror's buy-and-burn mechanism, even though no return is promised or paid to holders.
• Gambling/game-of-chance risk. The timed bidding window shares surface features with prize/chance/consideration frameworks and Italy's broader skill/prediction-contest monopoly statute; no geographic or age verification is currently performed.
• Operational risk. No geographic/age/identity verification; uptime depends on Solana's own network; wallet/device security is the user's own responsibility. The offeror will never ask for a seed phrase.
• Tax risk. Capital gains are the user's own responsibility; in Italy, the offeror's own gains are taxed under the 26%/33% substitute regime for individuals unless the activity is characterized as an organized business activity.

Part J: Climate and environmental impact

TOGGLD and $TOGGLD run entirely on the existing Solana network; neither operates any separate consensus mechanism or validator set of its own. Solana uses Proof-of-Stake, not Proof-of-Work. Per the Solana Foundation's Energy Impact Report (September 2024), average energy use per transaction was approximately 0.00412 watt-hours, and the network's total projected 2024 energy consumption was approximately 8,755 megawatt-hours, comparable to roughly 833 American homes over a year. These are the Solana Foundation's own network-wide measurements.

Part K: Mandatory statements

Responsibility statement. Pietro Lungarini, as offeror, declares that, to the best of his knowledge, the information contained in this white paper is in accordance with the facts and that it makes no omission likely to affect its import.

The crypto-asset may lose its value in part or in full. The crypto-asset may not always be transferable. The crypto-asset may not be liquid. The crypto-asset is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council. The crypto-asset is not covered by the deposit guarantee schemes under Directive 2014/49/EU.

Nothing in this white paper constitutes investment, financial, legal, or tax advice, or a recommendation to acquire, hold, or dispose of $TOGGLD or any other asset.

Appendix: Verifiable references

• TOGGLD program: a new deployment is in progress; the address will be published here once it is live (see Part D.5).
• Regulation (EU) 2023/1114 (MiCA), Articles 4, 6, 8, and Annex I, EUR-Lex, CELEX 02023R1114
• Solana Foundation, "Energy Impact Report," September 2024