텔레그램 10분 핵심 원문 · 2026.10.08 23:50

[원문 유형] Tele-news 주요채널 텔레그램 원문 묶음 [범위] Tele-news 주요채널 [묶음 주기] 10분 [통합 구간] 2026-10-08T14:40:00+00:00 ~ 2026-10-08T14:50:00+00:00 [작성 기준] 아래 글은 서로 다른 채널·작성자의 독립 원문을 수송 편의상 하나의 시간 구간으로 묶은 것이다. 서로 다른 출처의 사실·판단·전망을 하나의 합의나 결론으로 합치지 말고 채널별 귀속을 보존한다. 같은 사건을 다루더라도 공통 이슈 키만 재사용하고, 출처별 사실·해석·반응·전망은 각각 남긴다. 외부 링크와 첨부는 실제 원문으로 사용하고, 텔레그램 문구는 발견 경로·보조 설명으로 구분한다. 시간흐름순 정리는 원문 게시 순서와 각 출처의 판단 강도·조건을 보존한다. ===== 통합 원문 1 / 5 ===== [채널] 에테르의 일본&미국 리서치 [게시일시] 2026.10.08 23:40:42 [텔레그램 게시물] https://t.me/aetherjapanresearch/25712 [원문 수집 기준] 외부 링크가 있으면 링크를 따라 확보한 실제 본문·첨부 파일이 주 분석 원문이다. 텔레그램 게시물은 발견 경로와 보조 설명으로 보존하며 외부 원문과 구분해 반영한다. [현재 텔레그램 게시물 본문] Citi) 북미 커넥터·전자부품·하드웨어·스토리지 3Q26 실적 프리뷰 – 견고한 AI 수요, 커넥티비티에 가장 강세 (2026년 10월 8일, Asiya Merchant 외) Citi 커버리지 종목은 연초 대비 평균 +125% 상승해 S&P500(+14%)을 크게 상회했으며, 스토리지, AI 배치 및 엔터프라이즈 서버 교체 사이클에 노출된 하드웨어 OEM, 커넥티비티 부품 순으로 아웃퍼폼을 주도했습니다.

Citi는 AI 수요와 설비투자가 커버리지 전반의 견조한 수요와 상당한 수주잔고를 이끄는 핵심 동인이며, 장기 계약, 수주잔고 증가, 일부 고객 선수금 등을 통해 가시성이 확대되고 있다고 평가했습니다. Citi는 글로벌 AI 수요 관련 설비투자가 지난해 두 배 증가에 이어 2026년 +106%, 2027년 약 +56% 증가할 것으로 모델링하고 있습니다. Citi는 커넥티비티 부품에 가장 강세 시각을 유지했습니다. 성장 스토리가 IT 데이터컴을 넘어 확산되고 있으며, 출하량보다는 탑재 콘텐츠 중심의 성장으로 바뀌고 있다는 판단입니다. AI·클라우드는 데이터 전송 속도, 전력 요구량, 시스템 복잡도 상승으로 시스템당 구리·광·전력 콘텐츠를 늘리는 가장 강력한 다년간 동인이며, 방산이 다분기에 걸친 구조적 성장 동인으로 부상하고 있고, 데이터센터 전력·전기화·전력망 현대화가 에너지 부문을 뒷받침하고 있다고 설명했습니다. 선호 종목은 Amphenol(APH)과 Corning(GLW)이며, Amphenol에 대한 90일 상승 촉매 관찰(Catalyst Watch)을 유지했습니다. 부품 종목 순위는 Amphenol(1위, 직전 5위), Corning(2위, 직전 4위), Seagate(3위, 직전 2위), Western Digital(4위, 직전 3위), Sandisk(5위, 직전 1위), Bel Fuse(6위), TE Connectivity(7위) 순입니다. Amphenol은 IT 데이터컴 매출이 전년 대비 89%(유기적 63%) 증가하고 수주가 전년 대비 94% 늘어난 107억 달러를 기록했으며, 모든 최종 시장에서 수주/출하 비율이 1을 상회하고 있습니다.

CommScope CCS 인수 사업은 발표 당시 약 35억 달러였던 연간 매출이 45억 달러 이상으로 가고 있어 당초 기대를 크게 웃돌고 있습니다. Citi는 목표주가를 105달러에서 112달러(24개월 선행 PER 28배)로 상향하고 매수 의견을 유지했습니다. Corning은 AI 워크로드에 따른 광통신 수요가 실적을 이끌고 있으며, 2027~2032년 8,000만 파이버마일 이상 규모의 Verizon 다년 계약과 AT&T 다년 계약으로 10억 달러 데이터센터 인터커넥트 목표를 조기 달성할 수 있는 위치에 있다고 평가했습니다. 경영진은 연환산 매출 200억 달러 런레이트를 당초보다 한 분기 이른 3분기에 달성하고 2027년까지 10%대 후반 성장을 이어갈 것으로 예상하며, 목표주가는 220달러로 유지했습니다. TE Connectivity는 DDN 수주가 약 70% 증가했고 AI 목표를 조기 달성했으며, AI 커넥티비티 콘텐츠의 약 3분의 1이 전력 관련이어서 400V/800V 전환 시 추가 성장이 가능하다고 봤습니다. 자동차 부문은 상대적으로 약하지만 생산량 대비 4~6%p 초과 성장 중이며, 목표주가는 230달러로 유지했습니다. Bel Fuse는 6개 분기 연속 수주가 매출을 상회하고 방산이 주요 성장 엔진이며, 3분기 매출 가이던스는 2억 500만~2억 2,500만 달러입니다. 스토리지에서는 NAND보다 HDD를 선호한다고 밝혔습니다. 경쟁 강도가 낮고 설비투자 규율이 유지되며 마진 확대 여지가 크다는 이유입니다. Citi는 HDD와 NAND 모두 AI 인프라 소화 국면의 징후가 없다고 강조했습니다.

Western Digital은 엑사바이트(EB) 수요 증가율이 연평균 25%를 상회하고 있으며 수요가 아닌 공급 제약 상태에 있고, 고객 장기공급계약(LTA)이 2030~2031년까지 확대되고 있다고 언급했습니다. Seagate 역시 수급 격차가 확대되고 있으며 연간 최소 25%의 EB 성장을 예상했습니다. HDD 가격은 TB당 전년 대비 약 18~19% 상승했으며, TrendFocus는 HDD 업계가 구조적 공급 부족 상태로 2030년까지 가격 상승이 이어지고, 클라우드 가격 인상 폭이 단기적으로 10%대에 달하며 2028년에 더 큰 변곡점이 올 것으로 전망했습니다. OEM 계약 갱신 시에는 20~40% 이상 가격 인상이 가능하다고 봤습니다. NAND의 경우 Citi는 2027년 수요가 약 29% 증가할 것으로 예상하며, Micron 실적을 통해 2028년까지 NAND 수급이 타이트할 것임이 확인되었다고 평가했습니다. 다만 QLC 채택은 예상보다 더디며 NAND 가격 상승으로 일부 고객은 TLC를 선호하는 것으로 나타났습니다. 최근 HDD 종목 주가 조정의 원인이 된 토시바 증설 이슈와 관련해, Citi는 HDD EB 점유율 약 10%의 토시바가 2027회계연도에 생산능력을 두 배로 늘리려 한다는 TrendForce 보도(10월 2일)를 언급했습니다. 그러나 토시바는 Seagate나 WD와 달리 미디어와 헤드를 자체 조달하지 않아 외부 부품 공급업체의 대규모 증설이 필요하고, 최대 용량 드라이브에서도 뒤처져 있다(30~34TB 샘플 출하, 40TB는 2027년 출시)는 점에서 실제 공급 영향은 제한적일 것으로 판단했습니다.

업계 전문가 점검에 따르면 향후 수년간 약 400EB의 공급 부족이 예상되어, 토시바가 증설에 성공하더라도 업계는 공급 부족 상태를 유지할 것이라고 밝혔습니다. 이에 Citi는 이번 조정이 Seagate와 Western Digital의 매력적인 진입 시점이라고 평가했습니다. 양사에 대해 가격 개선을 반영해 추정치를 소폭 상향했지만 적용 PER을 약 23배에서 약 20배(FY28 기준)로 낮춰 목표주가는 Seagate 1,300달러, Western Digital 740달러로 유지했습니다. Sandisk 역시 추정치를 상향하되 PER을 9배에서 8배(CY27 기준)로 낮춰 목표주가 2,100달러를 유지했습니다. 엔터프라이즈 OEM은 인프라 현대화와 함께 토큰 비용 증가, 데이터 보안 우려, 데이터 중력에 따른 엔터프라이즈 AI 도입 확대의 수혜를 받고 있으며, 높은 수주잔고가 다년간의 슈퍼사이클을 뒷받침하는 가운데 매출은 공급 제약에 의해 제한되고 있다고 진단했습니다. 공급 확보 및 관리 능력이 핵심 경쟁 우위가 되고 있어 규모를 갖춘 기업이 점유율을 확대할 것으로 보며, Dell, HPE, Apple을 선호 OEM으로 유지했습니다. Super Micro는 4분기 수주가 600억 달러를 넘어서는 등 수요가 매우 강하지만, 재고 129억 달러, 영업현금흐름 -68억 달러, 56억 달러 규모 자본 조달 등 운전자본 부담과 낮은 마진을 이유로 중립(고위험) 의견을 유지하고 목표주가만 39달러에서 45달러로 상향했습니다. Logitech은 공급업체 차질 영향이 9월 분기 2,000만 달러 이하, 12월 분기 최악의 경우 2억 달러로 제한적이며 11월 GTA6 출시가 게이밍 수요에 긍정적이라는 점에서 가이던스 상단 달성을 예상했습니다.

CDW는 중립 의견과 목표주가 150달러를 유지했습니다. Xerox는 Lexmark 통합 시너지 목표를 3억 5,000만 달러 이상으로 높였지만, 금융채권 유동화 효과가 줄어들면서 핵심 잉여현금흐름이 약화될 위험이 있고 EV/FCF가 약 17배로 HP Inc(약 10.6배) 대비 비싸다는 이유로 매도로 하향하고 목표주가를 3.45달러에서 2.50달러로 낮췄습니다. 최종 수요 측면에서 Citi는 2분기를 끝으로 부품 가격 인상을 앞둔 선수요로 이어진 PC의 9개 분기 연속 전년 대비 성장이 끝났다고 판단했습니다. 메모리 부족이 2028년 초까지 이어질 것으로 예상되어 2027년 상반기 PC 출하량은 전년 대비 14% 감소하고 2027년 연간으로는 기존 보합 전망에서 4% 감소로 하향했으나, 가격 인상이 출하량 감소를 대부분 상쇄해 업계 매출은 비교적 안정적일 것으로 봤습니다. 2026년 글로벌 스마트폰 출하량은 약 14% 감소한 10억 9,000만 대로 예상했습니다. 반면 산업 부문은 미국-이란 분쟁에도 글로벌 제조업 PMI가 52.3으로 AI 인프라 구축에 힘입어 견조하며, 자동차 수요는 보합 수준에서 소폭 개선되고 있다고 평가했습니다. ===== 통합 원문 2 / 5 ===== [채널] Korean Alpha [게시일시] 2026.10.08 23:42:57 [텔레그램 게시물] https://t.me/korean_alpha/883665 [원문 수집 기준] 외부 링크가 있으면 링크를 따라 확보한 실제 본문·첨부 파일이 주 분석 원문이다.

텔레그램 게시물은 발견 경로와 보조 설명으로 보존하며 외부 원문과 구분해 반영한다. [현재 텔레그램 게시물 본문] ⚪️ TOKEN2049에서 공개된 Gate Money 정리 1. Gate 앱 업데이트하면 바로 사용 가능 2. 코인, 법정화폐, 주식 등 한번에 관리하고 온체인 입출금도 가능 3. 자격이 되는 사람에 한해 은행 계좌도 시용 가능 4. Gate Card 지원함. 애플페이, 구글페이 가능 일부지역 ATM, QR 결제 가능 5. 조건에 맞는 스테이블 잔고에 최대 3.6% 이율 제공 [변창호 코인사관학교 BCH] https://t.me/BChoSN/31772 ===== 통합 원문 5 / 5 ===== [채널] Korean Alpha [게시일시] 2026.10.08 23:48:16 [텔레그램 게시물] https://t.me/korean_alpha/883667 [원문 수집 기준] 외부 링크가 있으면 링크를 따라 확보한 실제 본문·첨부 파일이 주 분석 원문이다. 텔레그램 게시물은 발견 경로와 보조 설명으로 보존하며 외부 원문과 구분해 반영한다. [현재 텔레그램 게시물 본문] Ethos 세일 진행했던 WHUF 토큰은 ⏰ 10월 9일 00시 자동 언락 진행될 예정 Coinbase Spot 예정되어 있음 CA : 0xeeee77bC7e82c0d4166d52F58239D4c5Bf41eeee 퍼블릭 토큰 세일가 : $4.2 (FDV 42M) 초기 유통량 : 약 23.5% 체인 : BASE 😄 https://x.com/ethos_network

[외부 원문 1] [URL] https://x.com/ethos_network [제목] Ethos (@ethos_network) on X [첨부 보고서 원문] [상세 페이지] https://x.com/ethos_network [PDF 원문] https://ethos-foundation.org/disclosures.pdf [파일명] disclosures.pdf [페이지 수] 5 [PDF 1페이지] Ethos Network — $WHUF Standardized Disclosures — September 2026 — page 1 Standardized Disclosures Ethos Network — $WHUF Token September 2026 The following disclosure is intended to provide an overview of the Ethos protocol, the $WHUF token, and the terms on which $WHUF was sold. It does not purport to be complete or to contain all the information a person may consider relevant in deciding whether to acquire, hold, or use $WHUF. Nothing in this disclosure should be read as a statement about the future of the Ethos protocol or the price

or performance of the $WHUF token. Please read Section 9 (Risks) carefully. Table of contents 1. Project information 2. Token information 3. Token distribution 4. Airdrop 5. Token sale information 6. Conflicts of interest 7. Market makers and liquidity 8. Security 9. Risks 1 The content in this disclosure has been provided by Ethos Token Ltd., a British Virgin Islands company and wholly owned subsidiary of the Ethos Foundation (Cayman Islands), which conducted the $WHUF token sale, and is for general informational purposes only. Ethos Token Ltd. is not affiliated with Coinbase, Inc. or any of its affiliates, and Coinbase is not responsible for the content of this disclosure. Coinbase does not make any representations or warranties, express or implied, regarding the accuracy, completeness, or timeliness of the information

provided, including any external links to third-party content, and Coinbase is not liable for any errors in the content or for any actions taken in reliance on this content. 1. Project information Ethos Network is an onchain reputation protocol on Base (Ethereum L2). It lets people build verifiable reputations the same way they would offline — through the vouches of others — but with economic weight behind every signal. Users stake tokens to vouch for people they trust, write public reviews of any wallet address, and link their social identities to their onchain accounts. If someone vouches for a bad actor, their staked tokens can be slashed, so trust signals are expensive to fake. The result is a public credibility graph that anyone — traders, communities, applications

— can use to judge whether a counterparty is trustworthy before transacting with them. The protocol has been live since January 2025. Traction: 500,000 unique monthly website visitors; 10,000 monthly active users of the Ethos Chrome extension (showing Ethos scores directly in X, Farcaster, and other apps); 8,000 monthly active contributors (~3,000 daily); 55,000 total vouches (min 0.01 ETH); 40,000+ accounts and 700,000+ onchain reviews. Executive officers, directors, and material contributors • Trevor Thompson — Co-Founder and CEO, Ethos Network Inc. (“Ethos Labs”, the development company) • Benjamin Walther — Co-Founder and CTO, Ethos Network Inc. • Dzidzai Shaun Musuka — Director, Ethos Foundation (Cayman Islands, IC-434955) and Ethos Token Ltd.

(BVI, no. 2209979) • Miro Kirov — Designer, Ethos Labs • Sean Waters — Development, Ethos Labs • Seth Gholson — Development, Ethos Labs • Vitalii Saienko — Development, Ethos Labs Entities The Ethos Foundation, a memberless Cayman Islands foundation company with a sole independent director, owns the protocol IP and stewards the network. Ethos Token Ltd., a BVI company wholly owned by the Foundation, conducted the token sale and is the counterparty to sale participants under the Token Sale Terms & Conditions. Ethos Network Inc. (Delaware) is the development company, engaged by the Foundation under a Master Services Agreement (Section 6). Ethos Network Inc. holds no equity in the Foundation and no board seat. Third parties and affiliates contributing materially to

the protocol and/or token None. The protocol and the $WHUF token contract were designed and developed in-house by Ethos Network Inc. under its services agreement with the Ethos Foundation; no third-party development shop or contractor designed the token. Security audits were performed by Guardian and Sherlock (Section 8). 2. Token information Purpose and utility. $WHUF is the native asset of the Ethos reputation protocol: it is staked to vouch for other participants (with slashing risk); reputation markets are denominated in $WHUF, which is required to trade on a participant’s reputation; protocol fees (attestations, vouch initiation, comments, upvotes/downvotes, and other interactions) are paid in $WHUF; human verification requires $WHUF to process; and active

vouchers earn $WHUF from the contributor rewards pool. All of these utilities are live. $WHUF-based vouching is live (replacing the ETH-based vouching in operation since January 2025). $WHUF-denominated reputation market trading pairs go live on October 8, 2026, when tokens become transferable. No other token changes are planned. Rights; distinction from equity. The token confers no ownership, voting, dividend, profit-sharing, or governance rights in any entity, and no entitlement to protocol revenue — protocol fees, including fees on reputation markets, are burned, not distributed. Equity holders of Ethos Network Inc. hold conventional shareholder rights in the development company and receive nothing by virtue of the token; token holders receive protocol utility only.

The only economic mechanics are the deflationary fee burn and the utility demand created by vouching, fees, and rewards. Token dynamics [PDF 2페이지] Ethos Network — $WHUF Standardized Disclosures — September 2026 — page 2 • Circulating supply at launch: all sale and bonus tokens were distributed at TGE (September 8, 2026) but locked while the 30-day price guarantee window runs; they become transferable when it closes on October 8, 2026 — effectively “day 0” of the token’s tradeable life, at which point the float is approximately 23.5% of supply (sale 20% + bonus 1.39% + Treasury liquidity 2%, after the TGE burn). The lock on sale and bonus tokens is enforced by the token contract: following a contract upgrade executed on September 28, 2026 (Section 8), the addresses of all

sale and bonus recipients are recorded in a publicly verifiable, append-only on-chain lock list (WhuffieLockList, 0x740466F2d7cAc4661f00aaB4Cb05a12ae198651b; addresses can be added only by the EthosOwner 3-of-5 multi-sig and there is no function to remove one) and cannot transfer until October 8, 2026 at 15:00 UTC, when the lock releases automatically by hard-coded timestamp. Foundation-controlled allocations are not subject to this lock; the Treasury liquidity allocation (2%) is delivered to the market makers ahead of the trading start under the loan agreements in Section 7, so that liquidity is in place from the first trade. Those tokens are counted in the day-0 float above. • Total supply: 10,000,000 $WHUF minted at genesis; 60,530.73

unawarded referral-bonus tokens were burned in the genesis transaction, leaving 9,939,469.27 $WHUF. Supply is fixed; no minting function exists. • Deflationary mechanics: protocol fees are burned (standard ERC-20 burn, contract-enforced, automated). No inflationary mechanics. • Issuance over time: fixed at deployment; contributor rewards use a continuous exponential decay model (emission rate proportional to remaining pool balance), enforced at the smart-contract level via the EthosRewards contract. The Foundation can adjust the emission-rate parameter but cannot exceed 100% of the remaining pool per year. • Future issuances: none anticipated. No new token launches are planned. 3. Token distribution Category % of genesis supply Tokens

Unlock schedule Token Sale 20.00% 2,000,000 Contract-locked for 30 days from TGE; transferable October 8, 2026 (15:00 UTC) XP, Validator & Referral Bonus (awarded) 1.39% 139,469 Contract-locked with sale tokens; transferable October 8, 2026 (15:00 UTC) Team 28.94% 2,894,000 12-month cliff (25% unlocks at cliff), then monthly unlocks over 36 months (48 months total) Early Supporters 11.06% 1,106,000 6-month cliff (25% unlocks at cliff), then monthly unlocks over 18 months Treasury 10.00% 1,000,000 8% (800,000): 12-month cliff, then monthly over 24 months; 2% (200,000) liquidity portion, loaned to market makers and delivered ahead of the October 8, 2026 trading start (Section 7) Category % of genesis supply Tokens Unlock schedule Ecosystem

Development 5.00% 500,000 Foundation discretion; no more than 10% of the pool in the first 12 months, remainder approximately linear thereafter Bounties 5.00% 500,000 Foundation discretion; released as bounty programs are awarded; no more than 10% of the pool in the first 12 months Contributor Rewards 18.00% 1,800,000 Continuous exponential decay emission (rate proportional to remaining pool), enforced by the EthosRewards contract Burned at TGE (unawarded referral bonus) 0.61% 60,531 Permanently removed from supply, September 8, 2026 Total (genesis) 100.00% 10,000,000 Supply after burn: 9,939,469 Estimated token release schedule The chart below shows the estimated cumulative released supply by category over the 48 months following TGE, based on the

unlock schedules above and the contract-enforced contributor rewards emission curve. Bounties and Ecosystem Development are shown at their scheduled or assumed pace and are released only as programs are awarded. Actual released supply will be lower to the extent protocol fees are burned. • Unlocked at day 0 (October 8, 2026): approximately 2,339,469 $WHUF (23.5%) — sale, awarded bonus, and Treasury liquidity. All other allocations are locked for at least six months (Early Supporters) or twelve months (Team, Treasury core), with all scheduled unlocks complete by September 2030. • Staking of locked tokens: locked and unvested tokens are not eligible for staking (vouching). Only unlocked tokens can be vouched and earn contributor rewards.

• Vesting enforcement: locked and vesting allocations are custodied in dedicated 3-of-5 Safe multi-sigs per category under the Ethos Foundation’s Treasury, Custody and Key Management Policy. Vesting is administered by the Foundation, which releases unlocked tokens from the relevant multi-sig on a monthly basis in accordance with the published schedule; no tokens can be released ahead of schedule without a Foundation [PDF 3페이지] Ethos Network — $WHUF Standardized Disclosures — September 2026 — page 3 board resolution. Exception: Contributor Rewards tokens are held and emitted directly by the EthosRewards smart contract — no separate Safe or multisig. • Insider benefit from Foundation allocations: Ecosystem Development and Bounties allocations are at Foundation

discretion for ecosystem grants and contributor bounties. The Foundation does not intend to distribute more than 10% of either the Ecosystem Development pool or the Bounties pool (50,000 $WHUF each) in the first 12 months following TGE. These allocations do not fund salaries or ongoing development that benefits the team. Team members and employees are not eligible for Ecosystem Development or Bounties distributions. • Treasury (8% locked portion) funds long-term protocol stewardship by the Foundation; the 2% liquidity portion is loaned to the market makers disclosed in Section 7 and delivered to them ahead of the October 8, 2026 trading start, as required by the loan agreements. Prior funding rounds • Pre-seed (equity, Ethos Network Inc.) — April 2024 —

~US$2.3M • Seed (equity, Ethos Network Inc.) — May 2025 — ~US$2M • Both equity rounds were wholly private placements; all investors were accredited. Pre-seed and seed investors received token grants from the Early Supporters allocation (11.06% of supply), subject to a 6-month cliff (25% unlocks at the cliff) and monthly unlocks over the following 18 months. Sale participation by any such investor was on the same public terms as all other bidders. • Public token sale — September 1–4, 2026 — US$8.4M: 2,000,000 $WHUF (20% of supply) sold via English auction on Sonar at a uniform clearing price of US$4.20/token (US$42M FDV) to 1,404 KYC-verified wallets globally (Section 5). Payments or grants in tokens to any entity associated with a centralized exchange: none.

4. Airdrop There is no airdrop. The project distributed bonus tokens exclusively to sale participants through two mechanisms, both of which required capital commitment in the auction and are not free distributions: • XP Bonus Pool (1% of supply, 100,000 tokens): sale participants who accumulated meaningful XP through genuine protocol contribution received a pro-rata bonus determined by the formula: bonus = (purchase × XP^0.1) / total_weights × pool_value. Capital commitment is the dominant factor; XP provides a meaningful but modest edge. A minimum XP threshold ensured only users with genuine contribution history were eligible. Additionally, wallets holding Ethos Validator NFTs that participated in the sale received a base bonus allocation from the same pool.

Sale participation (and therefore Sonar KYC/sanctions screening) was required. • Referral Bonus Pool (1% of supply, 100,000 tokens): sale participants who referred new bidders received a bonus equal to a percentage of the referred person’s settled purchase amount, paid in $WHUF at clearing price. Bonuses were paid only where both the referrer’s and the referred person’s bids cleared; refunded bids generated no referral bonus in either direction. The percentage was determined by the referred person’s Ethos score at auction close (scores below 1,300 earned no bonus; rates scaled continuously from 3% at 1,300 to 10% for scores of 2,000 and above). A participant had to place a bid (minimum $100 USDC) before receiving a referral link. Single-layer only

— no multi-level chains. Both pools were subsets of the 2% Bonus Pool allocation (200,000 tokens) at genesis, split evenly between XP/Validator and Referral. Distribution occurred at TGE; tokens become transferable with the sale tokens when the 30-day price guarantee window closes. There is no separate claim process. Neither mechanism constitutes an airdrop: both required capital commitment in the auction, and all recipients passed Sonar’s KYC and sanctions screening. Outcome at TGE. The XP and Validator bonuses used the full 100,000 tokens. Referral bonuses awarded totalled 39,469.27 tokens; the unawarded balance of the referral pool, 60,530.73 tokens (0.61% of genesis supply), was minted to the Foundation and burned in the same genesis transaction on September 8, 2026,

consistent with the protocol’s policy of removing unallocated and fee tokens from supply rather than retaining them. Total supply after the burn is 9,939,469.27 $WHUF; no further minting is possible. 5. Token sale information A public token sale was conducted September 1–4, 2026 as an English auction via Sonar and settled at a uniform clearing price of US$4.20/token (US$42M FDV): 2,000,000 tokens (20% of supply) sold for US$8.4M to 1,404 wallets; TGE September 8, 2026; tokens unlock October 8, 2026. • Sale opening and close: September 1, 2026 13:00 UTC to September 4, 2026 17:00 UTC. • Size and price: 2,000,000 tokens (20% of supply); uniform clearing price determined by competitive bidding; price floor US$0.10/token (US$1M FDV);

maximum price cap US$9.90/token (US$99M FDV). Minimum bid US$100 USDC. Clearing price US$4.20/token. • Determination of price: every successful bidder paid the same clearing price regardless of their maximum bid. The clearing price is the highest price at which cumulative demand filled the 2,000,000 tokens offered. • Jurisdictions: open to KYC-verified participants globally, excluding OFAC-sanctioned jurisdictions and China. US persons were not excluded; the token was offered strictly as a non-security in the sale on Sonar. • Oversubscription: bids at or above the clearing price were filled in full except at the marginal price tier, where allocation was first-come, first-served by bid time; bids below the clearing price were refunded in full.

The auction did not clear at the cap. • Restrictions on tokens sold: tokens were distributed at TGE but locked; they become transferable when the 30-day price guarantee window closes. Purchasers who vouch their tokens within that window are eligible for a price guarantee: 85% of purchase price (US$3.57/token at the US$4.20 clearing price; the 90% tier applied only if the auction had cleared at or above US$75M FDV and was not triggered). Redeemable October 8, 2026 – October 8, 2027 (USDC settlement via Ethos Token [PDF 4페이지] Ethos Network — $WHUF Standardized Disclosures — September 2026 — page 4 Ltd., the sale entity and a subsidiary of the Ethos Foundation, off-market); participants may unstake at any time, which forfeits the guarantee on the unstaked tokens.

6. Conflicts of interest The Ethos Foundation has entered into a Master Services Agreement and Statement of Work No. 1 (both dated July 27, 2026) with Ethos Network Inc. (the development company) for protocol development, operation and maintenance, on a cost-plus basis (documented cost base plus a 10% service margin; third-party costs reimbursed at cost). No compensation under this agreement is paid in tokens; all compensation is in fiat/USDC. Trevor Thompson is CEO of Ethos Network Inc. and a co-founder; the agreement was approved by the Foundation’s independent board. There are no other related-party transactions involving the token or equity between entities in the corporate structure (Ethos Foundation, Ethos Token Ltd., or Ethos Network Inc.).

Corporate services agreements exist with registered-office providers (ICS Ltd. in Cayman; Harkom Corporate Services Limited in BVI) in the ordinary course. 7. Market makers and liquidity The Ethos Foundation has entered into token loan agreements with the following market makers, with the following loan sizes and durations. Contracted market maker Loan size (WHUF) % of supply Duration of loan Structure GSR 100,000 1.0% 18 months Token loan Tophash Digital 100,000 1.0% 12 months Token loan Both loans are drawn from the Treasury liquidity allocation (2% of supply) disclosed in Section 3 and are delivered to the market makers before trading begins on October 8, 2026 (made possible by the transfer-lock upgrade described in Sections 3 and 8).

Tokens are returned at the end of each loan term. GSR provides liquidity on centralized exchange trading pairs; Tophash Digital provides liquidity on centralized exchange trading pairs and on Base decentralized exchange pools. No other market-making arrangements exist, no cash retainers are paid, and no tokens have been sold to market makers at a discount. The previously contemplated Arrakis DEX vault arrangement was not entered into. 8. Security • Previous incidents: none. The protocol has operated on Base since January 2025 with no hacks or security incidents involving the protocol or its contracts. • Audits: the upgraded Ethos protocol contracts, including the $WHUF token contract (EthosWhuffie.sol), have been audited

by Guardian (audit window June 9–25, 2026; final report July 9, 2026). Results: 0 Critical, 0 High, 5 Medium (3 resolved, 2 acknowledged), 17 Low, 34 Informational across 28 contracts and 2,227 SLOC. Confidence ranking: 4/5 (High Confidence). The full audit report is published at https://ethos-foundation.org/audit/2026-07-09.pdf. Earlier protocol versions passed three Sherlock audit competitions (November–December 2024) and an ongoing bug bounty program is in place. • Transfer-lock upgrade (September 2026): the token contract’s original all-or-nothing transfer lock was replaced with a per-account lock bound to a non-upgradeable, append-only lock list (WhuffieLockList, 0x740466F2d7cAc4661f00aaB4Cb05a12ae198651b, owned by

the EthosOwner multi-sig) so that market-maker inventory can be delivered before trading starts while sale and bonus tokens remain locked until October 8, 2026 at 15:00 UTC; the unlock is automatic at that timestamp and the owner multi-sig can only unlock earlier, never later. The change (EthosWhuffie.sol, WhuffieLockList.sol and related interface/error files, 70 SLOC, commit 92f8e0424235) was reviewed by Guardian on September 25, 2026: 0 Critical, 0 High, 0 Medium, 0 Low, 5 Informational (all acknowledged); confidence ranking 5/5 (Very High). Report: https://github.com/GuardianAudits/Audits/blob/ main/Ethos%20Network/2026-09-25_Ethos_Network_WHUF_ Transfer_Lock.pdf. The upgrade was executed by the EthosOwner 3-of-5 multi-sig on September 28, 2026 (tx 0xe9e4

81580315d64f87f7f5669bc3015a64475023a0171b1a16404a244 6b9949a); the new implementation is 0xc18b56EBEecE70628945C6bB02313f81a62695E6. • Token contract: 0xeeee77bC7e82c0d4166d52F58239D4c5Bf41eeee (Base). Standard ERC-20, 10,000,000 minted at genesis (9,939,469.27 after the TGE burn), fixed supply, no minting function, standard burn function. No transfer tax or rebasing at the token level. Transfers from sale and bonus recipient addresses are contract-locked until October 8, 2026 at 15:00 UTC (see Transfer-lock upgrade above); vouching, unvouching and protocol fee payments remain available to locked holders. • Protocol permissions: contract roles are held by dedicated Safe multi-sigs on Base. EthosOwner (3-of-5) holds the contract

owner role — contract upgrades, critical parameter changes, and ownership transfers require three of five signatures. EthosAdmin (3-of-5) is limited to operational actions: pause/unpause, invite management, and non-critical parameters. Allocation wallets are 3-of-5 Safe multi-sigs with a documented signer registry and hardware-wallet security policies (except Contributor Rewards, which are held and emitted by the EthosRewards contract directly). • No single key can mint tokens, redirect fees, or seize user balances: minting does not exist in the token contract, fees are burned by contract, and no administrative role can transfer tokens held by users. 9. Risks Key risks relating to the token sale, the Ethos Foundation and its

affiliates (including Ethos Token Ltd. and Ethos Network Inc.), the $WHUF token, and the underlying technology include the following. This list is not exhaustive. Sale- and market-related risks • Market volatility: $WHUF may experience significant price volatility, particularly after the October 8, 2026 unlock. The 30-day lock and low initial float (~23.5%) may amplify early price movements. No assurance is given as to any future price, liquidity, or market for the token. • Liquidity risk: the ability to buy or sell $WHUF depends on trading activity on centralized and decentralized exchanges. [PDF 5페이지] Ethos Network — $WHUF Standardized Disclosures — September 2026 — page 5 Limited liquidity may make it difficult to execute trades without

significant price impact. The market-making arrangements in Section 7 are not guarantees of liquidity and may be terminated. • Listing and delisting risk: any exchange listing of $WHUF is at the exchange's discretion, and there is no guarantee that a listing, once obtained, will be maintained. Delisting could materially reduce the ability to trade the token. • Trading platform and exchange insolvency risk: neither the Foundation nor Ethos Token Ltd. operates, controls, or is a party to transactions on any exchange. Exchanges may suspend trading, become insolvent, or cease operations, potentially resulting in loss of access to tokens. • Price guarantee program risk: the price guarantee (85% of purchase price, US$3.57/token) is a contractual repurchase right

against Ethos Token Ltd., a subsidiary of the Ethos Foundation, and depends on that entity maintaining sufficient USDC reserves. It is conditional on continuous vouching (forfeited by unvouching, reduced by slashing), is time-limited to October 8, 2027, and settlement may take up to 30 days. It is not a market guarantee, is not insurance, and carries counterparty risk. Entity-related risks • Early-stage entities: the Ethos Foundation and Ethos Token Ltd. were established in 2026. There is no assurance that either will continue operating successfully or deliver its planned contributions to the protocol. • Regulatory and legal risk: the legal characterization of $WHUF and of the price guarantee under securities, commodities, or

consumer-protection laws is uncertain and may differ across jurisdictions. Adverse regulatory action, enforcement, licensing requirements, or changes in law affecting the Ethos Foundation (Cayman), Ethos Token Ltd. (BVI), or Ethos Network Inc. (US) could require changes to structure or operations, affect the token’s distribution or exchange availability, or restrict its use in particular jurisdictions. A MiCA-format whitepaper has been notified in connection with EU availability; the token may be treated differently by other regulators. • Operational and financial risk: failures in the entities’ internal processes, personnel, key management, or reserves could disrupt token operations, the price guarantee, or the release of

locked allocations. • Key-person and dependency risk: the protocol operates autonomously onchain, but front-end development, ecosystem support, and Foundation administration currently rely on a small team at Ethos Labs and a sole Foundation director. • Reputational risk: negative publicity, alleged misconduct, or security incidents could damage confidence in the protocol and reduce adoption. Token- and technology-related risks • No rights against any entity: $WHUF does not represent ownership of, or an interest in, the Ethos Foundation, Ethos Token Ltd., Ethos Network Inc., or any other entity, and (other than the contractual price guarantee held by eligible sale participants) creates no contractual relationship between any

holder and any entity. • Smart contract risk: bugs or vulnerabilities in the token or protocol contracts (vouching, slashing, rewards emission, reputation markets, verification bonds) could result in loss of staked tokens or manipulation of reputation data, notwithstanding audits. Audits are point-in-time reviews and may not detect novel attack vectors, economic exploits, or issues introduced by future upgrades. Contracts are upgradeable via a 3-of-5 multi-sig; compromise or loss of signer keys is a risk mitigated but not eliminated by thresholds and key-management policy. • Slashing risk: vouched tokens are intentionally at risk — users who vouch for bad actors can lose part of their stake.

This is a design feature with real financial consequences for holders who vouch. • Adoption and network-effect risk: the credibility graph’s usefulness depends on continued participation. If adoption stalls, demand for the token’s utility (vouching, fees, markets, verification) may be limited, burns will be minimal, and contributor rewards per participant will compress as total vouched supply grows. • Dependency on Base: the token and protocol operate on Base, an optimistic rollup with a sequencer operated by Coinbase; sequencer outages, rollup-level failures, or changes to Base could affect protocol availability and the ability to transfer, vouch, or trade tokens. • Private key, wallet, and fraud risk: holders are solely responsible

for safeguarding their private keys; loss of credentials results in permanent loss of tokens. Holders are exposed to phishing, impersonation of the Ethos team or Foundation, counterfeit tokens, and fraudulent claim sites. Ethos will never ask for seed phrases and does not conduct airdrops. • Unlock and concentration risk: the team allocation is 28.94% of supply, mitigated by a 12-month cliff (25% unlocks at the cliff) followed by monthly unlocks over the following 36 months — 48 months in total; total VC exposure is approximately 1.12% of supply. As locked team, investor, and treasury tokens are released into circulation they may introduce additional selling pressure.

• Monetary policy risk: no new tokens can be minted and fees cannot be redirected (both contract-enforced). The only adjustable monetary parameter is the contributor rewards emission rate, which the Foundation may change within a hard contract ceiling; such changes could affect reward expectations. • Tax risk: the tax treatment of purchases, bonus tokens, contributor rewards, burns, slashing, and price guarantee redemptions is uncertain and varies by jurisdiction. Holders are solely responsible for understanding and complying with their own tax obligations. • Unanticipated risks: additional risks, or unexpected combinations of the risks above, may arise.