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 determined daily using pricing for Relevant Near Term Derivatives associated with the underlying commodity.

Why Reference Pricing Matters¶

Unlike futures-based ETFs that suffer from roll costs and tracking error, Energy Substantiation tokens:

• Track spot prices directly — No futures positions to roll
• 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: