Gram (GRAM) Crypto Asset Statement

PLEASE READ THIS CAREFULLY. BY PROCEEDING TO TRANSACT IN GRAM, 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 GRAM. We created this summary to help you understand the basics of GRAM as well as some of the risks involved in trading in GRAM. While we tried to describe the key features of GRAM, this summary isn’t meant to tell you everything you’d want to know before investing in GRAM. You should also do your own research on GRAM to make sure you are comfortable investing in it.

Description of GRAM

History of GRAM

Telegram introduced the “Telegram Open Network” in 2018, raising $1.7 billion before halting the project after SEC litigation. In 2020 community developers revived the codebase as The Open Network, launching mainnet and renaming the token GRAM coin. The initial supply was set at 5 billion, with inflation governed through validator voting. On June 15, 2026, The Open Network (GRAM) officially rebranded its native token from TON coin to Gram, changing the ticker from TON to GRAM. This rebrand restores the original naming convention outlined in Telegram’s 2018 whitepaper.

What is GRAM used for

GRAM powers transaction fees, smart-contract execution and on-chain governance. Holders may stake with validators to secure the Proof-of-Stake network and earn block rewards, or participate in ecosystem dApps, GRAM Storage and in-app Telegram payments.

How GRAM works

The GRAM secures its ledger with a high-performance Proof-of-Stake system in which a rotating validator set stakes GRAM coin to produce blocks on a masterchain that anchors the network’s state. Behind the masterchain sit multiple application-specific workchains, each of which can split into up to 260 shardchains, giving GRAM “infinite sharding” architecture that parallelises throughput while letting shards merge or split automatically as load changes. Every block contains “vertical” and “horizontal” messages that let shards talk to one another without congesting the base layer, while the GRAM Virtual Machine executes smart-contract code compiled to TVM byte-code. Jet GRAM—GRAM’s fungible-token standard—runs at the contract level, so assets such as staked-GRAM receipts or stablecoins inherit the network’s sharding and fee model automatically. On-chain services (GRAMDNS for readable addresses, GRAM Storage for decentralized file hosting and GRAM Payments for instant transfers) live in separate workchains but settle finality back to the masterchain, giving the ecosystem a modular design that can scale services independently while keeping security unified under a single validator set.

Certain Staking Services Terms

You can cancel your opt-in to the staking services for any crypto-asset within the first four hours of your initial opt-in.

In addition to the other staking terms that you agree to when you opt-in to our staking services, please consult the table below for additional terms that currently apply to the staking service for particular crypto assets at this time. Note that the annual percentage yield (“APY”) is an estimate, and terms are subject to change. All terms in effect are maintained on our website

Example: if you have 100 coins staked at 3% annual APY, equal to the gross reward will be 3 coins for the year. Ndax will earn a fee of 20%, in this case, 0.6 coins, and 2.4 coins will be credited to your account based on the payout frequency.

For purposes of the above table:

“Ndax Admin Fees” refers to the percentage fee on the total amount of the reward generated through staking.

“Bonding Period” refers to the amount of time it takes before you begin to generate staking rewards for that asset from the time you have started staking.

“Unbounding Period” refers to the amount of time you need to hold your eligible staked crypto assets after opting-in to the staking service before you are able to opt-out.

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 GRAM. 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 associated with GRAM may include the following:

• Ongoing SEC issue – The SEC’s prior case against Telegram could resurface if it believes modern GRAM activity still falls under its jurisdiction.
• Validator Concentration – A relatively small active set raises centralization concerns; collusion could threaten network security or censor transactions.
• Technology – GRAM’s multi-shard architecture is less battle-tested than Bitcoin or Ethereum, increasing the chance of unforeseen consensus bugs.

While we have tried to describe the key risks associated with GRAM 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 GRAM. You should also do your own research on GRAM to make sure you are comfortable investing in such a crypto asset.

Risks specific to staking GRAM

Prior to staking your crypto assets, you acknowledge that:

• given the volatility of crypto assets, the value of your staked GRAM when you sell or withdraw it, and the value of any rewards you earn through staking, may be significantly less than their current value;
• there is no guarantee that you will receive any rewards on staked GRAM;
• past rewards are not indicative of expected future rewards;
• the rewards you are entitled to may be changed at the discretion of Ndax;
• you may lose all or a portion of your staked GRAM if the validator does not perform as required by the network; and
• additional risks can be found in the Risk Statement.

Conflict of Interest Disclosure

Ndax has assessed potential conflicts of interest associated with the offering, and ongoing availability of GRAM through the Platform. As of the date of this statement, Ndax has not identified any actual, material, or reasonably foreseeable conflict of interest that would be expected to impair our ability to act in the best interests of clients or to make fair, objective, and independent decisions regarding GRAM. Ndax maintains policies and procedures designed to identify, manage, and address conflicts of interest on an ongoing basis and will update our disclosures if any material conflict is identified in the future. For additional information about the material conflicts of interest identified by us, please refer to our Conflicts of Interest Statement, the latest version of which can be found on our Website.

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 reliance on a prospectus exemption contained in the exemptive relief decision Re Ndax Canada Inc. dated December 19, 2024 (found {here}) and under the terms and conditions imposed by CIRO on Ndax’s membership with CIRO (found {here}). Any fiat currency held in users’ accounts is protected by CIPF’s Investment Dealer Fund in accordance with its Coverage Policy. However, CIPF coverage does not extend to any virtual assets held in users accounts. These assets are not eligible for deposit insurance or any protection from the Canada Deposit Insurance Corporation (CDIC) or CIPF.

Please be aware that the statutory rights of action for damages and the right of rescission in the securities legislation of each province and territory of Canada do not apply in respect of a misrepresentation in this Crypto Asset Statement.

Prior to offering a Crypto Contract on GRAM, Ndax assesses whether GRAM 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 GRAM (such as how it was created and its governance structure), its characteristics, its market capitalization and any regulatory concern regarding GRAM. Based on its assessment, Ndax concluded that GRAM 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 GRAM from trading on the Platform and stop any future trading of Crypto Contracts based on GRAM, and users holding GRAM may be required to liquidate their positions, potentially at a significant loss. In this event, users holding positions in GRAM 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 GRAM.

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

Last Updated: August 17, 2026