PLEASE READ THIS CAREFULLY. BY PROCEEDING TO TRANSACT IN WIF, YOU ACKNOWLEDGE AND ACCEPT THE STATEMENTS SET OUT BELOW.

About this Summary

Ndax Canada Inc. (“Ndax”, “we” and “our”) believes that our users should understand the crypto assets that they are able to trade and stake using our crypto trading platform (the “Platform”). One of the crypto assets we offer on the Platform is WIF. We created this summary to help you understand the basics of WIF as well as some of the risks involved in trading in WIF. While we tried to describe the key features of WIF, this summary isn’t meant to tell you everything you’d want to know before investing in WIF. You should also do your own research on WIF to make sure you are comfortable investing in it.

Description of WIF

History of WIF

dogwifhat (“WIF”) is a meme-themed SPL token that was launched on the Solana blockchain on 13 December 2023 by an anonymous developer inspired by an internet image of a Shiba-Inu wearing a knitted beanie. The contract minted a fixed supply of 998,926,392 WIF and immediately renounced its mint authority, ensuring that no additional tokens can ever be created. Liquidity was seeded on Solana DEXes and the associated LP tokens were burned, giving the project a “fair-launch, no-team-allocation” profile that quickly attracted a retail community on X (Twitter) and Discord. WIF’s market capitalization surpassed USD 2 billion in March 2024, making it one of the largest Solana-based meme coins. This token has no formal foundation or roadmap; ongoing development (for example NFT collaborations or DeFi integrations) is coordinated organically by holders and independent builders.

What is WIF used for

At its core, WIF is a purely community-driven meme token whose primary current use is peer-to-peer value transfer and speculative trading on Solana DEXes and leading CEXes. Holders may deposit WIF into liquidity pools on protocols such as Raydium or Orca to earn swap fees and incentive rewards. The token is increasingly accepted as an optional payment asset in Solana-native NFT mints and in informal tipping applications within the WIF community. Because WIF has no governance module, token holders do not receive formal voting rights; instead, social-media sentiment and grassroots initiatives determine unofficial “community decisions”, a structure typical of meme-culture projects

How WIF works

WIF conforms to Solana’s SPL-Token-2022 standard. The token contract maintains a fixed maximum and total supply of 998,926,392 WIF, all of which is already in circulation. With the mint authority permanently disabled, there is no mechanism for additional issuance or protocol-level inflation. Transfers settle in ~400 ms average block times and cost fractions of a cent in SOL gas. WIF holders interact with the broader Solana ecosystem via standard wallets (e.g., Phantom, Backpack) and can provide liquidity, lend, or borrow WIF in third-party DeFi protocols that decide to list the asset. There is no staking or burning schedule embedded in the token itself; any burns are voluntary community events rather than protocol mandates.

Risks

Before entering into an agreement (a “Crypto Contract”) with Ndax to buy or sell any crypto assets through the Platform, it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Like other crypto assets, there are some general risks associated with investing in CRV. Each of these risks are described in more detail in the Risk Statement provided to you at the time that you open your account with us and is also available online on the Ndax website and app. You should review the Risk Statement.

Specific risks that are unique to the WIF token are outlined below. These risks are in addition to the general crypto-asset risks outlined in our Risk Statement:

• Speculative meme-token volatility:  WIF’s value is driven largely by social-media trends and meme popularity rather than fundamental utility, which can result in extreme price swings over short periods.
• Limited Intrinsic Value: Unlike protocol-governance tokens, WIF confers no on-chain voting power and no claim on protocol revenue, limiting its long-term value anchors.
• Anonymous founding team: Because the original deployer is unidentified, there is no accountable entity to steward the project or remediate potential technical issues.

These factors, combined with broader memecoin regulatory uncertainty mean that this coin may have elevated price volatility and operational risk compared with more established crypto-assets. Prospective investors should review these points carefully and consider whether participation in Curve’s ecosystem aligns with their risk tolerance and investment objectives.

While we have tried to describe the key risks associated with WIF here and in our Risk Statement, we emphasize that this Crypto Asset Statement is not exhaustive of all of the risks associated with trading in WIF. You should also do your own research on WIF to make sure you are comfortable investing in such a crypto asset.

Regulatory Information 

Ndax is a registered investment dealer under securities legislation in all provinces and territories of Canada and is a member of the Canadian Investment Regulatory Organization (CIRO) and of the Canadian Investor Protection Fund (CIPF). Ndax is offering Crypto Contracts in accordance with the terms of the Decision Document dated December 19, 2024 that we entered into with the Canadian securities regulators.  Any fiat currency held in user's accounts are protected by the CIPF's Investment Dealer Fund in accordance with its Coverage Policy. However, CIPF coverage does not extend to any virtual assets held in user's accounts. These assets are not eligible for deposit insurance or any protection from the Canada Deposit Insurance Corporation (CDIC) or CIPF.

The statutory rights of action for damages and the right of rescission in the securities legislation of each province and territory of Canada would not apply in respect of a misrepresentation in this Crypto Asset Statement.

Prior to offering a Crypto Contract on WIF, Ndax assesses whether WIF is a security and/or a derivative under the securities and derivatives laws of Canada. Ndax’s assessment includes a review of the history of WIF (such as how it was created and its governance structure), its characteristics, its market capitalization and any regulatory concern regarding WIF. Based on its assessment, Ndax concluded that WIF is not a security or a derivative. However, there is a risk that this conclusion could change in the future. In that case, Ndax may be required to halt or withdraw WIF from trading on the Platform and stop any future trading of Crypto Contracts based on WIF, and users holding WIF may be required to liquidate their positions, potentially at a significant loss. In this event, users holding positions in WIF will be notified via the Platform or other electronic means and advised of the options available to them and any applicable period to sell or withdraw their positions in WIF.

No Canadian securities regulatory authority has expressed an opinion about WIF, including an opinion that WIF is not itself a security and/or derivative.

Last Updated: 05/23/2025