Tokens¶

Energy Substantiation tokens are backed by physical energy commodities. Each token type has its own reference pricing approach and custody specifications.

Available Tokens¶

Additional token types will be added as the platform expands to other energy commodities.

How Token Pricing Works¶

Token prices are different for each token. Please see the specific token page for details. In general, the process works as follows:

Reference Prices are calculated daily using token-specific formulas that do not directly depend on exchange close/settlement price data. They are designed to remain close to the reference-market close on most days while smoothing price transitions around derivative rollover dates.

Why Reference Pricing Matters¶

Unlike futures-based ETFs that incur roll costs, Energy Substantiation tokens:

• Track commodity benchmarks over time — Short-term differences from reference-market-derived spot prices can occur
• Avoid roll costs — No futures positions to maintain
• Use robust methodology — Designed to provide consistent pricing through changing market conditions
• Provide transparency — Reference prices published daily

Token-Specific Details¶

Each token page includes:

• Reference pricing — The market inputs used to determine the daily price
• Energy conversion — MMBTU equivalents for the underlying commodity
• Settlement specifications — Settlement terms and options
• Fee structure — Any applicable fees for minting, burning, or holding tokens

Common Token Properties¶

All Energy Substantiation tokens share these characteristics: