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Blockchain Suitability Framework

We evaluate blockchains using the following framework
CriterionDefinition
Redundancy Qualities
Number of full nodes online10 minimum: How many node instances the network is spread across. This is a measure of data and processing redundancy.
Distinct operating environment locations3 minimum: How many different geographic locations the network is spread across. This is a measure of disaster resilience and redundancy.
Third party code auditWe required a qualified and reputable third party to audit and optimize all smart contract code developed (programmable blockchains only).
Reliability Qualities
Mean Time Between Failures ( M T B F)Over the past 5 quarters (15 months) and as applied to consensus failures, not interface failures for which other highly available instances exist.
Uptime- 2400 hours MTBF - 99.9% uptime
Operational Characteristics
Testnet AvailabilityRequired. A Testnet is a separate instance of the blockchain used for development and testing purposes that contains mocked up test data only and is not referenced as the source of truth for any token.
Node Ops DataAbility to run at least one validator instance containing full history since advent of transfer agent usage.
Consensus MethodNon Proof-of-Work
Multi- Sig CapableRequired. Multi-Sig is the support of multiple private keys being used to sign a valid transaction, allowing secure separation of those keys to take place.
Block Time< 10 seconds. This is a measure of how often new transactional information is recorded onto the blockchain.
Account ( Public Key) ParallelizationRequired. This is the ability for single transaction to be formed that affects many accounts (associated to public keys in various relationships) at once.
Signature AlgoThe cryptographic signing algorithms currently supported by the Gémeo, Benji's wallet infrastructure: - ECDSA secp256k1 - EdDSA ed25519
Fee TokenWhich Cryptocurrency token is used to pay transaction fees (often called gas fees) to record data on the blockchain. All fees associated with the use of public blockchain networks will be the responsibility of the investment manager or its affiliates.
Effective Operating Cost per Transaction*The U.S. Dollar equivalent cost of a business level transaction performed by the transfer agent, e.g., a distribution, a subscription, a redemption, a transfer. This could entail multiple underlying operations on the blockchain in question depending on its design. For retail investors with smaller account sizes this cost is ideally as low as possible, whereas institutional investors are compatible with higher cost networks.
Static costs per Account per year≤ $1 How much it costs to maintain data associated with a public key on the blockchain.
Controls
Permission ControlPublic Key Whitelisting
Clawback/ Administrative Balance ControlRequired

Applying the Framework

CriterionStellarPolygonArbitrum OneAvalancheAptosSolanaBaseEthereum
General
Analyticsstellarbeat.iopolygonscan.comarbiscan.iosubnets.avax.networkexplorer.aptoslabs.comexplorer.solana.combasescan.orgetherscan.io ethernodes.org
RedundancyQualities
Number Of Full Nodes Online3888513172813145791036499
Distinct Operating Environment Locations121091044520683 countries
Third Party Code Auditn/aTrail of Bits, AncillaTrail of Bits, AncillaTrail of Bits, AncillaTrail of BitsNeodymeTrail of Bits, AncillaTrail of Bits, Ancilla
ReliabilityQualities
Mean Time Between Failures5397 hours10794 hours10795 hours
Uptime100%100%100%99.958% • 274 minutes downtime • 2 events 99.953% • 305 minutes downtime • 1 event 99.954% • 298 minutes downtime • 1 event 100%100%
OperationalCharacteristics
Testnet AvailabilityYesYesYesYesYesYesYesYes
Node Ops DataFull historyFull historyFull historyFull historyFull historyFull historyFull historyFull history
Consensus MethodStellar Consensus Protocol (PBFT based)Proof-of-Stake with checkpoints on EthereumProof-of-Stake with Rollup to EthereumAvalanche Consensus ProtocolProof-of-Stake (PBFT based)Proof-of-Stake + Proof-of-HistoryProof-of-Stake with Rollup to EthereumProof-of-Stake
Multi Sig CapableNative methodEIP-191 + EIP-712EIP-191 + EIP-712EIP-191 + EIP-712Native methodNative methodEIP-191 + EIP-712EIP-191 + EIP-712
Block Time5 seconds2.5 seconds, 3 hr finality to Ethereum0.25 seconds, 3 hr finality to Ethereum2 seconds0.2 seconds0.4 seconds2 seconds, 2 min finality to Ethereum12 seconds
Account Public Key ParallelizationYesYesYesYesYesYesYesYes
Signature Algo- EdDSA - ed25519 - ECDSA - secp256k1 - ECDSA - secp256k1 - ECDSA - secp256k1 - EdDSA - ed25519 - EdDSA - ed25519 - ECDSA - secp256k1 - ECDSA - secp256k1
Fee TokenXLMMATICETHAVAXAPTSOLETHETH
Effective Operating Cost Per Transaction$0.000006$0.008$0.016$0.35$0.008$0.000782$0.017$13.72
Static Costs Per Account Per Year$0.50$0$0$0$0.006$0.25$0$0
Minimum Initial A U M$20$1,000$1,000$100,000$100$100$100$5,000,000
Controls
Permission ControlBidirectional TrustlinesWhitelistWhitelistWhitelistWhitelistAccesslist, Excludelist, Rate LimitsWhitelistWhitelist
Clawback Administrative Balance ControlClawback flagSmart contractSmart contractSmart contractSmart contractPermanent delegate authority on Smart contractSmart contractSmart contract

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❶ The 7-day Current Yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns. ❷ With Waiver means the performance quote reflects any applicable expense reductions and fee waivers. Past Performance is not an Indicator of Future Returns. Graphs are illustrative purposes only.

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