PepeCoin (PEPECOIN)

PepeCoin (PEPECOIN) is a fungible ERC-20 token on Ethereum, deployed at contract address 0xA9E8aCf069C58aEc8825542845Fd754e41a9489A (18 decimals). It is a crypto-asset other than an asset-referenced token (ART) or electronic money token (EMT).

Holders receive a transferable token with no claim, redemption, dividend, or governance rights. The token contract has been renounced — no mint or freeze functions exist, and no party can increase the supply. The only supply-altering function is burn, which permanently removes tokens from circulation. There are no on-chain taxes or fees.

A fixed maximum of 133,769,420 tokens were minted at deployment. As at the date of this white paper, approximately 26.1 million tokens have been burned (sent to the dead address) through bridge migration burns and ecosystem utility burns. The current supply is approximately 107.6 million tokens, of which approximately 2.5 million are permanently locked in a legacy staking contract.

PepeCoin is accepted by independent applications within the PepeCoin ecosystem at their discretion, including Kekspace (a free-to-play, web-based social MMO with web3 integration) and Pepe Paint (a pixel art drawing tool with NFT minting on Ethereum). These applications can be accessed through PepeOS (https://www.pepecoin.io) or through their own respective platforms (https://kek.space and https://paint.pepecoin.io).

The PepeCoin blockchain (a.k.a. “Memetic” on some platforms) was launched in March 2016 as a mineable UTXO-based Layer 1 blockchain. The project migrated to Ethereum as an ERC-20 token in April 2023.

PepeCoin functions as a utility token accepted within the PepeCoin ecosystem:

Kekspace (https://kek.space): A free-to-play, web-based social MMO with web3 integration. PEPECOIN will be used for the purchase of rooms, items, cosmetics, and seasonal expansions; participation in events; unlocking features; and trading within the in-game marketplace. Some items are gated to holders of specific NFT collections (Coal Pepe / Christmas Crackers). Kekspace is live and accessible.

Pepe Paint (https://paint.pepecoin.io): A pixel-style art tool inspired by classic MS Paint. Users spend PEPECOIN or ETH to mint their artwork as NFTs directly to the blockchain. Pepe Paint is live and accessible.

The quantity and quality of goods or services available through these applications are determined by the respective application operators and may change over time. Acceptance of PEPECOIN by these or any other applications is at their discretion and does not constitute a binding obligation.

There are no transfer restrictions at the protocol level. The token is freely transferable on Ethereum. Crypto-asset service providers and trading platforms may impose their own restrictions in accordance with applicable laws and internal policies.

PepeCoin Co. is seeking admission to trading of PEPECOIN on any crypto-asset service provider platform in the European Union in accordance with Article 5 of Regulation (EU) 2023/1114. This white paper does not concern an offer to the public. No public offer of PEPECOIN is being made or has been made in the European Economic Area.

In accordance with Article 5(4), this crypto-asset white paper may be used by entities admitting the token to trading after PepeCoin Co. as the person responsible for drawing up such white paper has given its consent to its use in writing to the respective crypto-asset service provider.

PepeCoin is a community-driven crypto-asset project. The PepeCoin blockchain (a.k.a. “Memetic” on some platforms) was launched in March 2016 as a mineable UTXO-based Layer 1 blockchain, initially using Proof of Work and later transitioning to Proof of Stake with Masternode support. In April 2023, the project migrated to Ethereum with the deployment of the PEPECOIN ERC-20 token, providing holders of the legacy chain with an opportunity to bridge their tokens to Ethereum. The bridge closed in November 2023, and unclaimed bridge reserve tokens (approximately 11.5 million) were permanently burned in November 2024.

The project’s current focus is on consumer applications for memes, gaming, and on-chain art. The two primary live applications are Kekspace, a free-to-play social MMO accessible at https://kek.space, and Pepe Paint, a pixel-style art tool with NFT minting accessible at https://paint.pepecoin.io. Both applications are also accessible through PepeOS at https://www.pepecoin.io.

Kekspace (https://kek.space): A free-to-play, web-based social MMO with web3 integration. PEPECOIN will power the in-game economy through the purchase of rooms, items, cosmetics, and seasonal expansions; participation in events; unlocking features; and trading within the in-game marketplace.

Pepe Paint (https://paint.pepecoin.io): A pixel-style art tool inspired by classic MS Paint. Users spend PEPECOIN or ETH to mint their artwork as NFTs directly to the Ethereum blockchain.

Both applications are live and accessible at the time of writing.

• March 2016: Launch of the PepeCoin blockchain (a.k.a. “Memetic” on some platforms) as a mineable UTXO-based Layer 1 (initially Proof of Work, later transitioning to Proof of Stake with Masternode support).
• April 2023: Deployment of the PEPECOIN ERC-20 token on Ethereum and opening of the bridge for legacy chain migration.
• November 2023: Closure of the bridge between the legacy chain and Ethereum.
• November 2024: Permanent burn of approximately 11.5 million unclaimed bridge reserve tokens.
• Ongoing: Kekspace content updates, seasonal expansions, and Pepe Paint gallery operations.

• Admission to trading on MiCAR-compliant trading platforms in the European Union.
• Continued content drops and seasonal updates for Kekspace.
• Ongoing development and growth of the Kekspace platform.
• Continued Pepe Paint gallery operations.
• Security reviews as appropriate.

The member and operator of PepeCoin Co. and members of the PepeCoin team may hold PEPECOIN tokens. Admission to trading on regulated platforms may positively affect liquidity and market access, which could benefit existing holders including the PSAT and the team. The following potential conflicts of interest have been identified pursuant to Article 14(1), point (c), of MiCAR: (i) token holdings of the PSAT and team members; (ii) the PSAT’s role in drawing up the white paper; (iii) team involvement in ecosystem applications that accept PEPECOIN; (iv) multi-signature treasury access; and (v) relationships with trading platforms.

PepeCoin Co. commits to not trading PEPECOIN on the basis of inside information regarding the timing or outcome of the admission process, and to not engaging in market manipulation or any practice prohibited under Title VI of MiCAR.

MiCAR-compliant crypto-asset service providers are required to have their own policies and procedures in place to manage conflicts of interest. Prospective holders should consult the conflicts of interest policy of their respective crypto-asset service provider.

The crypto-asset described in this white paper is classified as a crypto-asset within the meaning of Article 3(1), point (5), of Regulation (EU) 2023/1114 (MiCAR). It does not qualify as an electronic money token (EMT) within the meaning of Article 3(1), point (7), or an asset-referenced token (ART) within the meaning of Article 3(1), point (6).

PEPECOIN is a fungible ERC-20 token on Ethereum. It is a digital representation of value that can be stored and transferred using distributed ledger technology. It does not aim to maintain a stable value by referencing an official currency, a basket of assets, or any other underlying rights. Its valuation is entirely market-driven, based on supply and demand dynamics.

The crypto-asset is not categorized as a financial instrument, deposit, funds, securitisation position, insurance product, pension product, or any other regulated financial product under EU law. It does not grant financial rights, voting rights, or any contractual claims to its holders beyond the ability to hold, transfer, and spend within applications that accept it.

PEPECOIN is an ERC-20 token with the following functionality:

• Transfer: Holders can transfer PEPECOIN to any Ethereum address.
• Burn: Holders can permanently remove tokens from circulation via the burn function.
• Approve/TransferFrom/IncreaseAllowance/DecreaseAllowance: Standard ERC-20 delegation mechanism for smart contract interactions.

The token contract does not include a mint function, freeze function, tax mechanism, or fee-on-transfer mechanism. Contract ownership has been renounced, meaning no party has administrative control over the token contract.

The contract also contains setTokenPrice, withdraw, renounceOwnership, and transferOwnership functions. All four are restricted to the contract owner. Since ownership has been renounced (transferred to the zero address), these functions are inoperative and cannot be called by any party.

PEPECOIN is accepted as a utility token within the PepeCoin ecosystem. In Kekspace, PEPECOIN will be used for the purchase of rooms, items, cosmetics, seasonal expansions, event participation, feature unlocks, and marketplace trading. In Pepe Paint, it is used for NFT minting fees. Acceptance by these applications is at their discretion and does not constitute a binding obligation.

PEPECOIN is a non-inflationary, fungible ERC-20 token on the Ethereum blockchain (contract address: 0xA9E8aCf069C58aEc8825542845Fd754e41a9489A, 18 decimals). A fixed maximum of 133,769,420 tokens were minted at deployment. As at the date of this white paper, approximately 26.1 million tokens have been burned (sent to the dead address) through bridge migration burns and ecosystem utility burns. The current supply is approximately 107.6 million tokens, of which approximately 2.5 million are permanently locked in a legacy staking contract.

The token’s distribution originated from fair mining and staking rewards on its original UTXO-based Layer 1 blockchain, which launched in March 2016. During the migration to Ethereum in April 2023, the supply was set to accommodate the transition. The token distribution includes:

• Bridge migration lock: 45,000,000 tokens were locked to allow legacy holders to migrate. Of these: approximately 31.0 million tokens were migrated to Ethereum and entered circulation; approximately 11.5 million unclaimed tokens were permanently burned in November 2024 (after the bridge closed in November 2023); and approximately 2.5 million tokens were permanently locked in a staking contract due to a bug affecting late withdrawals. A recovery contract was deployed to allow impacted users to claim compensation.
• Utility burns: Approximately 14.7 million tokens have been burned through ecosystem utility.
• Development reserve: 13,370,000 tokens were reserved for development and long-term ecosystem growth.
• Liquidity lock: At Ethereum launch, 76,608,009 PEPECOIN and 4.2 ETH were paired in a Uniswap V2 pool. Approximately 17,580 UNI-V2 LP tokens are currently locked until 2092 via UNCX (https://app.uncx.network/lockers/univ2/chain/1/address/0xddd23787a6b80a794d952f5fb036d0b31a8e6aff). Pool reserves fluctuate with trading activity; as at the date of this white paper, the pool holds approximately 388 ETH and approximately 5.8 million PEPECOIN.

The token contract has been renounced. No mint function exists. Supply can only decrease through burns.

There are no conditions under which the rights and obligations attached to the token may be modified at the protocol level. The token contract ownership has been renounced, and no functions exist to introduce new rights, obligations, taxes, fees, or restrictions.

Application-level utilities (e.g., items available for purchase in Kekspace, minting fees in Pepe Paint) may change at the respective application operators’ discretion. Such changes do not create or modify any enforceable holder claims.

Kekspace: Upcoming purchase of rooms, items, cosmetics, seasonal expansions; participation in events; unlocking features; trading within the in-game marketplace. Kekspace is a free-to-play, web-based social MMO with web3 integration.

Pepe Paint: NFT minting fees for pixel art. Pepe Paint is a browser-based art tool with NFT minting on Ethereum.

Both applications are live at the time of writing. The quantity and quality of goods and services available may change at the application operators’ discretion.

The PEPECOIN token is implemented using the ERC-20 standard (EIP-20), which defines a common interface for fungible tokens on the Ethereum Virtual Machine (EVM). The token contract was built using OpenZeppelin standard libraries, which are widely audited and adopted across the Ethereum ecosystem.

Key technical standards:

• ERC-20 (EIP-20): Standard interface for fungible tokens, including transfer, approve, transferFrom, balanceOf, totalSupply, and allowance functions.
• EVM (Ethereum Virtual Machine): The runtime environment for smart contract execution on Ethereum.
• JSON-RPC: The standard interface for interacting with Ethereum nodes.
• Solidity: The programming language in which the token contract is written.

Token contract: The PEPECOIN ERC-20 token contract is deployed at address 0xA9E8aCf069C58aEc8825542845Fd754e41a9489A on Ethereum mainnet. The source code is verified on Etherscan and built on OpenZeppelin standard libraries.

Custody: Holders may store PEPECOIN in any Ethereum-compatible wallet, including externally owned accounts (EOAs), hardware wallets (e.g., Ledger, Trezor), software wallets (e.g., MetaMask), and smart contract wallets. Custodial holding through crypto-asset service providers is also supported via sub-accounts on their platforms.

Decentralized trading: PEPECOIN is traded on decentralized exchanges including Uniswap V2, V3, and subsequent versions. The primary locked liquidity pool is on Uniswap V2, secured until 2092 via UNCX.

Decentralized ledger: The Ethereum blockchain acts as a decentralized ledger for all PEPECOIN transactions, providing a transparent and immutable record of token transfers and ownership.

Ethereum uses a Proof of Stake (PoS) consensus mechanism, which was fully adopted following “The Merge” in September 2022, replacing the previous Proof of Work mechanism.

Validator participation: Validators must stake a minimum of 32 ETH to participate in the consensus process. Validators are responsible for proposing and attesting to blocks. The more validators that participate, the more decentralized and secure the network becomes.

Block production: Ethereum’s PoS mechanism divides time into 12-second slots and 32-slot epochs. In each slot, one validator is pseudo-randomly selected to propose a block. Other validators (committees) attest to the validity of the proposed block.

Finality: Ethereum achieves finality through the Casper FFG (Friendly Finality Gadget) mechanism. Once two-thirds of staked ETH has attested to a block, it is considered finalized. This typically occurs within approximately 12 minutes (two epochs).

Security: Validators who behave maliciously or fail to fulfill their duties are subject to penalties, including slashing (loss of a portion of their staked ETH). This economic incentive structure discourages dishonest behavior and secures the network.

Validator incentives: Validators earn rewards for proposing and attesting to blocks. Rewards are distributed in ETH and are proportional to the validator’s participation and performance. Validators also earn a share of transaction priority fees (tips) and may earn additional revenue through Maximal Extractable Value (MEV).

Transaction fees: Users pay gas fees in ETH for every transaction on the Ethereum network, including PEPECOIN transfers. Gas fees are determined by network demand and transaction complexity. A base fee is burned (EIP-1559), and a priority fee (tip) is paid to the validator. The PSAT and the issuer do not operate the Ethereum network and have no influence over fee levels.

PEPECOIN-specific fees: The PEPECOIN token contract does not impose any taxes, fees, or surcharges on transfers. The only cost to transfer PEPECOIN is the Ethereum network gas fee paid in ETH.

Volatility: PEPECOIN is likely to be subject to high volatility and market speculation. Price fluctuations may be significant, and holders should be prepared for the possibility of substantial losses within short periods. As with all crypto-assets, particularly those in the memecoin category, price movements may be driven by sentiment, social media activity, and speculative trading rather than fundamental factors.

Liquidity: Liquidity is contingent upon trading activity levels on both decentralized exchanges (such as Uniswap) and any centralized trading platforms that admit PEPECOIN to trading. Low trading volumes may restrict the ability to buy or sell tokens at desired prices and may result in significant slippage. While a Uniswap V2 liquidity pool is locked until 2092 via UNCX, this does not guarantee sufficient liquidity for all market conditions.

Pair restrictions: Crypto-asset service providers may limit the trading pairs available for PEPECOIN, restricting the currencies or crypto-assets against which it can be traded.

Delisting risk: Crypto-asset service providers may delist PEPECOIN at any time in accordance with their internal policies, regulatory requirements, or market conditions. Delisting could significantly reduce liquidity and market access.

Admission uncertainty: This white paper seeks admission to trading on MiCAR-compliant platforms. There is no guarantee that any specific platform will admit PEPECOIN to trading, or that admission, once granted, will be maintained.

No identifiable issuer: The PEPECOIN token was deployed without a formal issuer. PepeCoin Co. is the person seeking admission to trading but is not the issuer of the token. Holders have no party against whom to enforce issuer-related claims, seek redress, or obtain information beyond what is publicly available.

Small-team concentration: Development and maintenance of the ecosystem applications (Kekspace, Pepe Paint) depend on a small group of pseudonymous contributors. Loss of key contributors due to incapacitation, loss of interest, or other circumstances could result in the discontinuation or degradation of ecosystem services.

Brand confusion: The name “PepeCoin” and the ticker “PEPECOIN” should not be confused with unrelated tokens such as “PEPE” (a separate and unaffiliated memecoin on Ethereum) or other tokens using the “Pepe” name. Brand confusion may cause reputational harm or lead to misdirected transactions.

Third-party infrastructure reliance: The project relies on third-party infrastructure, including Ethereum RPC providers, hosting services for Kekspace and Pepe Paint, and decentralized exchange protocols. Disruption to any of these services could affect ecosystem functionality.

Regulatory risk: Crypto-assets and blockchain-based technologies are subject to evolving regulatory landscapes worldwide. Changes in regulations across jurisdictions may affect the legal status, tradability, or functionality of PEPECOIN. The PSAT is a United States entity, and US regulatory developments may particularly impact the project.

Financial condition of the PSAT: PepeCoin Co. was incorporated in January 2025 and has limited financial history and resources. The PSAT does not control the project’s multisig treasuries. The financial sustainability of the PSAT depends on its own limited resources and any future arrangements it may make.

Valuation risk: PEPECOIN has no intrinsic value backed by physical assets, revenue streams, or contractual claims. Its market value is determined entirely by supply and demand. Historically, many crypto-assets — particularly those in the memecoin category — have experienced dramatic value declines. Holders should be prepared for the possibility of total loss.

Smart contract risk: Although the PEPECOIN contract was built using OpenZeppelin standard libraries, no formal audit has been conducted. Undiscovered vulnerabilities or bugs in the contract or in the underlying Solidity compiler could potentially be exploited, resulting in asset loss or unintended behavior.

Key management risk: Holders who use self-custody wallets are solely responsible for the security of their private keys and recovery phrases. Loss of private keys results in permanent and irreversible loss of access to tokens. No party can recover lost tokens.

Phishing and social engineering: The crypto-asset ecosystem is subject to phishing attacks, fake token scams, social engineering, and other malicious activities. Holders should verify contract addresses, URLs, and communications carefully.

Maximal Extractable Value (MEV): Transactions on the Ethereum network may be subject to MEV extraction, including front-running and sandwich attacks, which can result in holders receiving less favorable prices or paying higher costs than expected.

Market manipulation: Tokens with low market capitalization and limited trading venues may be subject to market manipulation, including pump-and-dump schemes, spoofing, and coordinated trading activity. Holders should be aware that such activities could result in total loss of invested funds.

Irrevocability of transactions: Blockchain transactions are generally irreversible. Sending PEPECOIN to an incorrect address, an incompatible network, or a malicious party will most likely result in permanent loss of the tokens.

Taxation: The taxation regime applicable to the purchase, sale, or holding of PEPECOIN will depend on the holder’s jurisdiction. It is the holder’s sole responsibility to comply with all applicable tax laws, including reporting and payment obligations.

Anti-money laundering / counter-terrorism financing: It cannot be ruled out that wallet addresses interacting with PEPECOIN have been, or will be, used for money laundering or terrorist financing purposes, or are associated with persons who have committed such offenses.

Roadmap slippage: Development plans for Kekspace, Pepe Paint, and other ecosystem initiatives may be delayed due to technical, operational, or resource challenges. There is no guarantee that planned features or milestones will be delivered on schedule or at all.

External integrations: The ecosystem relies on external integrations (Ethereum network, NFT marketplaces, wallet providers) that may change, deprecate, or discontinue their services. Such changes could affect ecosystem functionality.

Crypto-asset service provider implementation: As this white paper concerns the admission to trading, implementation-related risks also include risks on the crypto-asset service provider side, including typical project management risks such as key personnel risks, timeline risks, and technical implementation risks.

Ethereum network dependency: PEPECOIN exists exclusively on the Ethereum blockchain. Any issues affecting Ethereum — including network downtime, congestion, high gas fees, security vulnerabilities, or consensus failures — could disrupt the transfer, trading, or functionality of PEPECOIN.

RPC provider outages: Interaction with the Ethereum blockchain requires RPC (Remote Procedure Call) providers. Outages or performance degradation of RPC providers could temporarily prevent holders from transacting.

Chain reorganizations: Although rare on Ethereum’s Proof of Stake network, chain reorganizations (reorgs) could theoretically reverse transactions that were believed to be confirmed.

Library and dependency risks: The token contract and ecosystem applications depend on third-party software libraries. Vulnerabilities discovered in these dependencies (including OpenZeppelin libraries, Solidity compiler, EVM implementations) could affect the token or ecosystem.

Technological obsolescence: The fast pace of innovation in blockchain technology may render Ethereum or the ERC-20 standard less competitive over time. New technologies, including quantum computing, could potentially threaten the cryptographic foundations of the Ethereum network.

The following measures help mitigate the risks described above, though they do not eliminate them:

• Standard, verified contract: The PEPECOIN contract uses OpenZeppelin standard libraries and is verified on Etherscan. The code is publicly auditable by any party.
• No administrative control: Contract ownership has been renounced. No party can mint new tokens, freeze balances, impose taxes or fees, or modify the contract’s behavior.
• Supply cap: The total supply is permanently fixed at 133,769,420 tokens. No inflation is possible.
• Burn-only supply changes: The only mechanism to alter supply is the burn function, which permanently removes tokens and can only be executed by a holder on their own balance.
• Long-term liquidity lock: The primary Uniswap V2 liquidity pool is locked until 2092 via UNCX, providing a baseline of on-chain liquidity.
• Venue diversification: PEPECOIN is traded on multiple decentralized exchanges (Uniswap V2, V3, and subsequent versions) and is seeking admission to regulated centralized platforms, reducing single-venue dependency.
• Multisig treasury management: Developer treasuries are secured by multisig wallets, requiring multiple independent signers for any transaction.

PEPECOIN is an ERC-20 token on Ethereum. The Ethereum network uses a Proof of Stake (PoS) consensus mechanism, fully adopted following “The Merge” in September 2022.

Validators stake a minimum of 32 ETH to participate. Time is divided into 12-second slots and 32-slot epochs. One validator is pseudo-randomly selected per slot to propose a block, while committees of validators attest to its validity. Finality is achieved via Casper FFG when two-thirds of staked ETH has attested to a block, typically within approximately 12 minutes.

Validators who behave maliciously or fail to perform are subject to slashing — the loss of a portion of their staked ETH. This economic incentive structure secures the network.

The PSAT (PepeCoin Co.) and the issuer do not operate any Ethereum validators and have no direct role in the consensus process.

Validators earn rewards in ETH for proposing and attesting to blocks, proportional to their participation and performance. They also receive transaction priority fees (tips) from users. Users pay gas fees in ETH for every transaction, including PEPECOIN transfers. A base fee is burned under EIP-1559, and a priority fee is paid to validators.

The PEPECOIN token contract does not impose any additional fees or surcharges on transfers. The PSAT and the issuer do not operate Ethereum validators and have no influence over fee levels or reward distributions.

The energy consumption of PEPECOIN is derived from the Ethereum network’s total energy consumption, as PEPECOIN is an ERC-20 token that does not operate its own consensus mechanism or network infrastructure.

Methodology: Per-transaction attribution, adopted from the Pendle (PENDLE) crypto-asset white paper.

1. The per-transaction energy intensity (S.11) and per-transaction GHG intensity (S.14) are adopted from the Pendle (PENDLE) crypto-asset white paper (prepared by Crypto Risk Metrics GmbH, notified to BaFin, 2026), which reports these figures for the Ethereum Proof of Stake network. Article 8 of Commission Delegated Regulation (EU) 2025/422 (regulatory technical standards on sustainability indicators for crypto-assets) permits the reuse of sustainability indicator data from crypto-asset white papers relating to crypto-assets that use the same consensus mechanism. PEPECOIN and PENDLE are both ERC-20 tokens on the Ethereum network and share the same Proof of Stake consensus mechanism.
2. PEPECOIN’s annual energy consumption (S.8) is calculated by multiplying the per-transaction energy intensity (S.11) by the number of PEPECOIN ERC-20 Transfer events during the reporting period: 116,623 × 0.00006 kWh = 6.997 kWh/year.
3. PEPECOIN Transfer event count is verified via the Etherscan API (https://etherscan.io/token/0xA9E8aCf069C58aEc8825542845Fd754e41a9489A), querying token transfer events for the PEPECOIN contract from block 21,783,740 (6 February 2025 00:00:11 UTC) through block 24,401,222 (6 February 2026 23:59:59 UTC). The count was verified with duplicate detection (unique transaction hash, sender, recipient, and value tuples), zero-day gap analysis (all 364 day-periods contained transfers), and cross-referenced against the Blockscout block explorer.
4. For context, published estimates of total Ethereum PoS network energy consumption range from approximately 2,601 MWh/year (CCRI, 2024) to 4,871 MWh/year (Cambridge Blockchain Network Sustainability Index, bottom-up approach). Methodological differences between these estimates reflect varying assumptions about validator hardware, utilization rates, and network scope.

The annual energy consumption of PEPECOIN (6.997 kWh/year) is well below the 500,000 kWh threshold established under Article 66(6) of MiCAR, above which the supplementary sustainability indicators (S.10–S.14) become mandatory. The supplementary indicators disclosed below are provided on a voluntary basis.

Sources:

• Ethereum Foundation: https://ethereum.org/en/energy-consumption/
• CCRI (Crypto Carbon Ratings Institute): https://carbon-ratings.com/
• Cambridge Blockchain Network Sustainability Index (CBNSI): https://ccaf.io/cbnsi/ethereum
• Etherscan token analytics: https://etherscan.io/token/0xA9E8aCf069C58aEc8825542845Fd754e41a9489A

To determine the proportion of renewable energy usage, the geographic distribution of Ethereum validators is assessed using publicly available data and research (including crawler-based node geolocation). This geographic information is combined with electricity generation mix data by country from Our World in Data (sourced from Ember and the Energy Institute Statistical Review of World Energy).

The renewable energy share (S.10) reflects the proportion of electricity from renewable sources (wind, solar, hydro, geothermal, biomass) in the countries where Ethereum validators operate, weighted by the estimated number of validators in each jurisdiction. Nuclear energy is excluded from the renewable share, consistent with the Crypto Risk Metrics GmbH methodology as used in the Pendle crypto-asset white paper.

Sources:

• Ember (2025); Energy Institute — Statistical Review of World Energy (2024) — with processing by Our World in Data. “Share of electricity generated by renewables.” Retrieved from https://ourworldindata.org/grapher/share-electricity-renewables.
• CCRI (Crypto Carbon Ratings Institute): https://carbon-ratings.com/
• Cambridge Blockchain Network Sustainability Index (CBNSI): https://ccaf.io/cbnsi/ethereum

To determine greenhouse gas emissions, the geographic distribution of Ethereum validators is assessed as described in S.15. This geographic information is combined with carbon intensity of electricity generation data by country from Our World in Data.

Scope 2 emissions (S.13) are calculated by multiplying the energy consumption attributed to PEPECOIN (S.8) by the weighted average carbon intensity of electricity in the jurisdictions where Ethereum validators operate. The per-transaction GHG intensity (S.14) is derived independently as a network-level constant by dividing total Ethereum Scope 2 emissions by total Ethereum transactions.

Scope 1 emissions (S.12) are zero because the Ethereum PoS consensus mechanism does not involve combustion or other direct emission processes.

Sources:

• Ember (2025); Energy Institute — Statistical Review of World Energy (2024) — with processing by Our World in Data. “Carbon intensity of electricity generation.” Retrieved from https://ourworldindata.org/grapher/carbon-intensity-electricity. Licensed under CC BY 4.0.
• CCRI (Crypto Carbon Ratings Institute): https://carbon-ratings.com/
• Cambridge Blockchain Network Sustainability Index (CBNSI): https://ccaf.io/cbnsi/ethereum