Document

KASHBO Whitepaper — Draft v1.0

DRAFT v1.0 — working version, 16 July 2026. This document is a pre-final draft prepared for legal review. It has not been notified to the German Federal Financial Supervisory Authority (BaFin) or any other competent authority, and it does not constitute a crypto-asset white paper within the meaning of Regulation (EU) 2023/1114 (MiCA) until such notification has taken place. Nothing in this document is an offer, a solicitation, or investment advice. Figures marked [TBD] are indicative and subject to final determination before notification. This document deliberately contains no valuation scenarios and no token-price projections.

Mandatory statements

In accordance with Article 6 and Annex I of Regulation (EU) 2023/1114 (MiCA):

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The offeror of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

The crypto-asset referred to in this white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

The KASHBO token is not covered by the investor compensation schemes under Directive 97/9/EC or by the deposit guarantee schemes under Directive 2014/49/EU.

Retail holders in the European Union benefit from a right of withdrawal of 14 calendar days from their agreement to purchase KASHBO tokens during the offer to the public, without incurring any fees or costs and without giving reasons, in accordance with Article 13 MiCA. Purchase funds are treated as non-final until this period has lapsed.

1 · Abstract

Kashbo is an AI-powered protocol for automated trading on regulated US prediction markets — a sector that recorded more than $44 billion in trading volume in 2025 and continues to accelerate: Kalshi, the venue Kashbo trades on, reached an annualized run-rate above $178 billion by May 2026 and handles more than 90% of all US prediction-market volume.

At the heart of the platform is the Kashbo Engine — an AI-assisted trading bot that analyses, scores and executes trades on Kalshi fully automatically. Users connect their own Kalshi exchange account via a secure API integration, define their interests and risk parameters, and hand analysis and execution over to the engine — 24/7, emotion-free, fully traceable in the bot log.

MVP status: the platform is complete and live in production at app.kashbo.com. The first 50 KASHBO token holders can apply as beta testers and receive direct access to the running system.

The platform is monetised through a SaaS subscription model and complemented by the KASHBO utility token — an SPL token on Solana with a fixed total supply of 100,000,000. Token utility today is access- and discount-based (Section 11); a revenue-linked holder benefit is planned and subject to legal structuring under EU crypto regulation (Section 13). KASHBO confers no dividend, no interest and no repayment claim, and this document makes no statement about a future value or price of the token.

2 · Introduction & problem statement

2.1 The rise of prediction markets

Prediction markets have evolved within a few years from a niche product into one of the fastest-growing market segments worldwide. Industry volume exceeded $44 billion in 2025 — a roughly 130-fold increase versus early 2024 — and accelerated sharply through 2026: combined monthly volume on the two leading venues rose from under $5B in late 2025 to well above $24B, supercharged by the 2026 FIFA World Cup. The centre of gravity has shifted to the regulated US market: Kalshi alone traded $21.1 billion in June 2026, is valued in the tens of billions (last priced at ~$22B, reportedly targeting ~$40B) and handles more than 90% of US prediction-market volume — a clear signal that institutions now treat prediction markets as a formal asset class.

2.2 The problem

Information overload — hundreds of active markets at any time. Without systematic analysis it is nearly impossible to consistently identify mispricings.
Time requirement — successful trading requires continuous monitoring and fast reaction to news, around the clock, seven days a week.
Missing tools — almost no specialised analysis tooling for event contracts exists for retail users.
Emotional decisions — cognitive biases (confirmation bias, overconfidence, loss aversion) systematically degrade discretionary trading results.

2.3 Market opportunity

Venue	Volume	Status
Kalshi (US, CFTC-regulated)	>$178B annualized run-rate (May 2026); $21.1B in June 2026 alone	Live — Kashbo's home venue
Polymarket (offshore, crypto-based)	$21.5B in 2025	Roadmap (multi-platform)
Manifold, others	—	Roadmap

3 · What is Kalshi?

Kashbo trades on Kalshi, so it helps to understand the venue:

Regulated & legal in the US. Kalshi is the first and only CFTC-regulated event-contract exchange — a Designated Contract Market supervised like a real financial market. That is the key difference from offshore prediction markets: fully legal for US residents, with genuine oversight and consumer protection.
Real dollars, no crypto. Users fund a regulated account in plain US dollars. No crypto wallet, no stablecoins, no on-chain transfers are needed for trading — unlike Polymarket and most competitors.
Simple contracts. Yes/No contracts on real-world events — "Will the Fed cut rates in July?", "Will inflation come in above 3%?". Each contract pays $1 if right, $0 if wrong, and trades between 1¢ and 99¢ — the price literally is the market's probability.
The clear market leader. Kalshi handles over 90% of all US prediction-market volume with a central limit order book and deep liquidity — tight spreads and reliable fills, which is what makes systematic, automated trading work. The company was valued at $22 billion in its Series F round (Sequoia, a16z, Paradigm).

Important: Kashbo is an independent software provider. It is not affiliated with, endorsed by, or operated by Kalshi. Kashbo is not an exchange, broker or investment adviser and never takes custody of users' exchange funds.

4 · The solution: the Kashbo protocol

4.1 Vision

Kashbo makes systematic, data-driven trading on regulated prediction markets accessible to everyone — regardless of technical knowledge, time resources or data-analysis skills.

4.2 The Kashbo Engine

The engine continuously analyses active Kalshi markets, computes its own probability estimates using a multi-tier signal model, compares them against market prices, and automatically places positions where a statistically significant edge exists — free of emotional decisions, without sleep breaks, fully traceable in the bot log. The engine automates the user's own Kalshi account; it does not pool funds and it cannot guarantee profits (Section 18).

4.3 MVP features live today

Complete user onboarding with email verification and optional 2FA
Kashbo Engine with automated trading on Kalshi
Live dashboard with portfolio, P&L and bot log
Take-profit, stop-loss and trailing-stop exit logic
Standalone AI reversal signal for exits
AI predictions page with probability, confidence, sentiment and reasoning
Admin panel with user management and server monitoring

5 · Platform & product architecture

5.1 User onboarding

Registration — sign up at app.kashbo.com with email verification.
Kalshi account connection — connect your own Kalshi account via API credentials. Credentials are encrypted with AES-256 and never stored in plaintext.
Configuration — set risk profile (Conservative / Moderate / Aggressive), budget limits, preferred market categories and exit logic.
Activation — the engine immediately begins market analysis and trading within your limits.

5.2 Dashboard modules

Module	Description
Portfolio overview	Active and closed positions, total performance, ROI, win rate, P&L curve
Bot activity log	All trades with signal score, probability vs. market price, position size, confidence
Risk monitor	Real-time budget utilisation, active exposure, drawdown warnings
AI predictions	All current market predictions with estimate, confidence, sentiment and reasoning

6 · Kashbo Engine — how the bot works

The engine runs automatically in short cycles. Each cycle it scans active Kalshi markets, scores them, and places trades on the best opportunities — strictly within the limits configured in the bot settings.

6.1 The 6-step bot cycle

Check open positions — reviews all open trades for exit conditions; qualifying positions are closed before new trades are evaluated.
Load active markets — fetches all non-expired Kalshi markets matching the user's configured categories.
AI prediction enrichment — checks whether a fresh AI prediction exists (cached up to 6 hours); if not, generates one using live news search and LLM analysis.
Signal scoring — scores each market using the AI prediction (Mode ①) or the fallback rule-based model (Mode ②). Only markets above the risk threshold generate a trade signal.
Budget & duplicate checks — verifies daily, weekly and total budget remaining; checks rate limits; confirms no open position exists for the market.
Order execution — places the order on the Kalshi order book. Cost awareness (fees, spread) is part of the entry decision.

6.2 Risk profiles

Profile	Min. score	Trade size
Conservative	≥ 75 / 100	5% of daily budget
Moderate	≥ 60 / 100	10% of daily budget
Aggressive	≥ 45 / 100	20% of daily budget

A configured "max amount per trade" overrides the percentage sizing as a hard cap.

6.3 Trading modes

Regular cycle — the default cadence; skips markets with little time left.
Fast Markets — a higher-frequency mode for short-duration markets (configurable, default <2h remaining).
Crypto up/down mode — a dedicated high-frequency mode for short crypto price markets, enriched with reference price, spot price and window volatility.
World Cup mode — a tournament-focused mode for the 2026 FIFA World Cup market surge (sports being one of Kalshi's highest-volume categories).

7 · Signal scoring — two modes

① AI prediction mode (used when a fresh AI prediction is available, <6h old)

Factor	Weight
AI prediction score	55%
Volume	25%
Liquidity	15%
Time	5%

② Fallback rule-based mode (used when no fresh AI prediction is available)

Factor	Weight
Mispricing	45%
Volume	20%
Liquidity	20%
Time	15%

Trade direction examples (mechanics illustration, not a performance claim)

Market price 55¢, AI estimate 75¢ → edge +20¢ → AI sees YES underpriced → the engine buys YES.
Market price 70¢, AI estimate 40¢ → edge −30¢ → AI sees YES overpriced → the engine buys NO.

Minimum required edge: 5%. Below that, the engine falls back to Mode ②.

8 · Exit logic — when does the bot sell?

At the start of every cycle, all open positions are reviewed. Exit decisions are evaluated in four tiers — the first condition that triggers causes the position to be closed.

Tier 1 — user-configured thresholds

Setting	Trigger
Take profit	Close when gain ≥ X% from entry
Stop loss	Close when loss ≥ X% from entry
Max. duration	Close when position is older than the configured limit

All three are optional and independent.

Tier 2 — trailing stop (with AI override)

Tracks the highest price reached since entry. If the price drops X% from that peak, the engine evaluates an exit: if a fresh AI prediction still strongly supports the position, it may hold (the dip may be temporary); if the AI is neutral or against the position — or no fresh prediction exists — the position is closed. The AI override only applies to predictions less than 6 hours old.

Tier 3 — always-active market logic

Condition	Action	Reason
Price ≤ 5¢	Close immediately	Market almost certainly losing — recover residual value
Expiry <2h + loss >10%	Close before resolution	Avoid waiting for a zero payout
Loss >40% + held >30 min	Dynamic stop-loss	Prevents runaway losses even without a configured stop

Tier 4 — standalone AI reversal signal

If the AI produces a fresh, high-confidence estimate that strongly contradicts an open position, the engine exits — even if none of the above triggered (prediction <2h old, confidence ≥65%, edge against the position >15%).

9 · AI predictions engine

9.1 What the AI produces

Output	Description
Estimated probability	The model's YES probability (0–100%), compared against the market price to find edge
Confidence	How certain the model is (0–100%); low confidence = smaller weight in scoring
Sentiment	Bullish / bearish / neutral based on recent news analysis
Reasoning	Short explanation of the estimate, visible in the bot log and AI predictions page

9.2 Caching & freshness

Predictions are cached for up to 6 hours to avoid excessive API usage.
For exit decisions, only predictions younger than 2 hours are used.
The standalone reversal signal additionally requires confidence ≥65%.

Calibration guardrails constrain the influence of any single model output; the engine treats AI estimates as one signal among several, never as ground truth.

10 · Technical infrastructure

10.1 Tech stack

Layer	Technology
Backend	FastAPI (Python), Uvicorn, SQLAlchemy (async)
Database	PostgreSQL 16, Redis 7 (cache & sessions)
Scheduler	Cyclical engine scheduler (minute-level cadence)
Exchange client	Kalshi REST/WebSocket API integration
AI layer	LLM-based prediction service with live news retrieval
Frontend	Next.js 14, React 18, TypeScript, Tailwind CSS
Cryptography	Fernet AES-256 (API credentials), bcrypt (passwords), JWT HS256
Infrastructure	Docker Compose, reverse proxy with auto-TLS, EU cloud hosting
Blockchain	Solana (SPL token)

10.2 System architecture

Internet
 │
 ▼
Reverse proxy (443, auto-TLS)
 ├── app.kashbo.com    → Trading platform (Next.js / FastAPI)
 ├── token.kashbo.com  → Token portal (this site)
 │
 ├── PostgreSQL 16  (users, trades, markets, orders)
 ├── Redis 7        (cache, rate limiting)
 └── Kalshi API     (market data & order execution)

10.3 Data security

Exchange API credentials stored with AES-256 (Fernet) — decrypted only in memory at signing time; never in plaintext, never in logs.
No employee has access to decrypted credentials.
Sale treasury keys live in an isolated, encrypted key vault with restricted operational access; encrypted off-site backups run daily.
Optional two-factor authentication on all accounts; strict CORS and fail-closed webhook verification across payment integrations.

11 · Tokenomics & the KASHBO token

11.1 Token overview

Parameter	Value
Token name	KASHBO
Standard	SPL token · Solana
Total supply	100,000,000 · fixed [TBD — final confirmation]
Inflation	None
Base price (draft)	$0.10695 [TBD]
Early-contributor price (draft)	$0.09091 (−15%) [TBD]
Token portal	token.kashbo.com

11.2 Token allocation (draft, final before notification)

Allocation	Share	Tokens
Public sale	77%	77,000,000
Staking reserve	12%	12,000,000
Team (vesting)	10%	10,000,000
Liquidity reserve	1%	1,000,000 (deployment subject to legal review — own liquidity provisioning can trigger additional MiCA obligations)

11.3 Token utility

Platform access — stake KASHBO instead of paying a monthly subscription (staking terms published in the app; reserve guardrails apply).
Discounts — tiered discounts on all subscription plans when paying with or holding KASHBO.
Early-adopter benefits — time-limited benefits for early platform users, as published in the token portal.
Planned: revenue-linked utility — a holder benefit linked to platform subscription revenue is planned and subject to legal structuring (Section 13). It is deliberately not part of the token's rights in this draft.
Deflationary mechanics (under legal review) — a burn share on token payments and periodic buybacks are part of the economic design under review; whether and in what form they launch will be determined with counsel. [TBD]

KASHBO does NOT confer: any share in capital, profits or liquidation proceeds of Kashbo LLC; any dividend, interest or repayment claim; any right to a future value; any voting rights in the company.

12 · Token sale & financing

12.1 Sale overview (draft figures)

Parameter	Value
Token portal	token.kashbo.com
Hard cap	$8,000,000 [TBD]
Accepted currencies	EUR · USD · USDC · USDT · SOL
Public sale tokens	77,000,000 KASHBO [TBD]
Base price	$0.10695 [TBD]
Early-contributor price	$0.09091 (−15%) [TBD]
Minimum purchase	$50
KYC / AML	Required for all participants
Excluded jurisdictions	United States (public phase), sanctioned jurisdictions, others per regulatory requirements

12.2 Use of proceeds (draft, at $8M hard cap)

Purpose	Share	Amount
Development	35%	$2.8M
Marketing	20%	$1.6M
Liquidity reserve	15%	$1.2M (deployment subject to legal review)
Legal & compliance	10%	$0.8M
Staking setup	8%	$0.64M
Reserve	12%	$0.96M

12.3 Offer structure — two phases (EU)

Phase 1 — private early-contributor round (current). KASHBO is initially offered under an exemption of Art. 4 MiCA [TBD — final route: fewer than 150 persons per Member State, or total consideration below EUR 1,000,000 over 12 months]. Participation is documented individually (KYC, per-country counting, separate contractual terms). The early-contributor conditions — including the preferential price — are disclosed in this white paper as required. [TBD — lock-ups / transfer restrictions for the private round]

Phase 2 — offer to the public in the EU. An offer to the public in the European Union will commence only after this white paper has been finalised and notified to BaFin at least 20 working days before publication (Art. 8 MiCA), with passporting to the Member States listed in the notification. [TBD — Member State list]

United States. KASHBO is not offered to US persons in the public phase. Any US participation occurs, if at all, exclusively in a separate private tranche under applicable US exemptions (Regulation D) with investor verification; offers outside the US rely on Regulation S. [TBD — US counsel structure, PPM and subscription documents]

12.4 Payment, delivery and withdrawal

Right of withdrawal: retail purchasers in the EU may withdraw within 14 calendar days without giving reasons and at no cost (Art. 13 MiCA); refunds follow within 14 days. Token delivery to retail purchasers is scheduled only after the withdrawal period has lapsed.
Delivery is an on-chain transfer of SPL tokens to the purchaser's own Solana wallet address (Section 15). If a purchase cannot be completed, payments received for it are refunded.

12.5 No admission to trading

The offeror does not, at the date of this document, seek or plan the admission of KASHBO to trading on any trading platform for crypto-assets, and does not itself provide liquidity on decentralised exchanges. A future decision to seek admission would trigger its own MiCA obligations and would be preceded by the required white-paper process.

Note: unlike typical token-sale documents, this white paper deliberately contains no discounted-cash-flow valuation and no implied-token-price scenarios. Under MiCA, statements about a future value of the token can requalify the offering — and no such statement is made here.

13 · Planned: revenue-linked utility

Core principle (planned design): Kashbo does not operate a pooled trading account. The planned holder benefit would be based exclusively on subscription revenue minus operating costs — predictable and independent of speculative trading results:

subscription revenue  ×  net-margin factor  ×  pool share
────────────────────────────────────────────────────────── = per-token amount
                    total supply (100,000,000)

Status: this feature is under legal structuring (EU crypto regulation, MiCA). Whether, in what form, and for which jurisdictions it can launch will be determined with counsel.

What this is	What this is not
A planned feature	A dividend or interest
Under MiCA structuring	A promise of profit or value
No entitlement today	Investment advice
No projections provided	Guaranteed to launch

Until launched and legally cleared, no purchaser has any claim arising from this section, and no revenue, yield or distribution figures are stated or implied anywhere in this document.

14 · Subscription models & platform access

Feature	Starter	Pro	Lifetime
Price	$99 / month	$999 / year	$4,999 one-time
Engine activation	✓	✓	✓
Market categories	3	Unlimited	Unlimited
Risk profiles	Conservative	All	All + Custom
Dashboard	Basic	Extended	Premium
API access	—	—	✓
Support	Email	Priority email	VIP (chat + call)

Subscription pricing is platform pricing (app.kashbo.com) and may evolve independently of the token sale.

15 · Security, custody & audits

Non-custodial token delivery: purchasers provide their own external Solana wallet; the offeror does not safekeep crypto-assets or private keys for purchasers. Portal convenience features are being restructured so that, for EU purchasers, no private key is ever generated, stored or controlled server-side. [TBD — completion is a launch precondition for the EU public phase]
Smart-contract audits: independent audits before token launch; reports publicly accessible; bug-bounty programme planned. [TBD — firms]
API credential protection: AES-256 Fernet encryption; decryption only in memory at signing time.
Auth: JWT HS256, bcrypt password hashing, optional 2FA, strict CORS.
Treasury: isolated encrypted key vault, restricted operational access, daily encrypted off-site backups; multi-signature treasury setup planned before TGE. [TBD]

16 · Roadmap

Phase 1 · Month 1–3 — Foundation & Beta (active) MVP live at app.kashbo.com · private early-contributor phase (reservations) · beta access for the first 50 token holders · Solana smart-contract development & audit · community building · legal & compliance workstream (MiCA / EU white paper)

Phase 2 · Month 3–6 — Sale & growth Public sale phase (after EU white-paper notification) · Kashbo Engine v1.1 (extended signals) · full subscription system · Token Generation Event (TGE) · utility launch: subscription payments with KASHBO

Phase 3 · Month 6–12 — Scaling Kashbo Engine v2.0 · revenue-linked utility (subject to legal review) · advanced risk & analytics tooling · mobile app (beta) · Polymarket integration · 1,000+ active users

Phase 4 · Month 12–24 — Ecosystem Multi-platform support (Polymarket, Manifold) · strategy marketplace · API for third-party integration · governance features (community voting) · institutional partnerships

Forward-looking items are intentions, not commitments; timing and scope may change. This roadmap deliberately contains no statements about exchange listings or token value.

17 · Company & team


Offeror	Kashbo LLC — Limited Liability Company (Wyoming, USA)
Registered address	1309 Coffeen Avenue STE 19221, Sheridan, Wyoming 82801, USA
Management	[TBD — MiCA requires the members of the management body to be named; a responsibility statement per Art. 15 MiCA (personal liability) must be signed before notification]
Contact	contact@kashbo.com

Team roles: founder/CEO (vision, strategy, business development) · engineering (platform architecture, FastAPI, Solana) · AI/ML (probabilistic modelling, NLP) · product (UX/UI, Next.js) · compliance (regulatory, KYC/AML). Advisors from prediction markets, crypto and quantitative finance. [TBD — named profiles to follow in the final version]

Responsibility statement (to be executed upon finalisation): The management body of Kashbo LLC declares that this crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 and that, to the best of its knowledge, the information presented is fair, clear and not misleading and the white paper makes no omission likely to affect its import. [TBD — named signatories]

18 · Risk factors

Purchasing KASHBO involves significant risks — up to and including the total loss of the amount paid. Read this section in full before purchasing.

18.1 Token risks

Total loss. KASHBO may become worthless. There is no repayment claim.
No liquidity. There is no trading venue for KASHBO and none is planned. It may be impossible to sell or transfer KASHBO at any price.
No income. KASHBO generates no interest, dividend or other return.
Utility dependence. The token's usefulness depends entirely on the continued existence, quality and pricing of the Kashbo platform.

18.2 Project risks

Early-stage venture. Development, operation or funding of the platform may fail, be delayed or be discontinued.
Venue dependence. The platform currently depends on the Kalshi API and terms; changes there can materially impair or end core functionality. The multi-platform roadmap reduces this dependency only over time.
Trading-performance risk. The engine can generate losses despite positive signals; past performance is not indicative of future results. Kashbo does not and cannot guarantee trading profits for platform users.
Key-person risk. The project currently depends on a small team.

18.3 Technology risks

Blockchain risk. Solana outages, congestion, consensus failures or protocol changes can delay or prevent token transfers.
Smart-contract/software defects. Errors in token or platform code may lead to loss of tokens or malfunction of utility features.
Cybersecurity. Attacks on the portal, the treasury key vault or purchasers' own wallets can lead to irreversible loss. Purchasers are solely responsible for securing their own wallet and keys.
Irreversibility. On-chain transactions cannot be reversed.

18.4 Legal, regulatory and tax risks

Regulatory change. Future legislation, guidance or enforcement (EU, US or elsewhere) may restrict the platform, the token's utility, or holding and transferring KASHBO.
Classification risk. A competent authority or court could classify KASHBO differently than intended — in particular, any revenue-linked component could lead to classification as a financial instrument or security in certain jurisdictions. Legal review is mandatory and ongoing.
Cross-border restrictions. Purchasers are responsible for compliance with their local law; US persons are excluded from the public offer.
Tax. Acquisition, holding, use and disposal of KASHBO may trigger tax consequences; purchasers should obtain independent advice.

18.5 Offeror and mechanism risks

Insolvency risk. In an insolvency of Kashbo LLC, KASHBO holders have no preferential claim; the token is not a deposit and is not covered by any guarantee scheme.
Staking-reserve risk. If staked amounts exceed reserve assumptions, reward parameters must adjust; a guardrail system enables rate changes.
Conflicts of interest. Team and early contributors hold KASHBO at preferential conditions (Section 12.3).

19 · Sustainability disclosures

Information on principal adverse impacts on the climate of the consensus mechanism, pursuant to Art. 6(1)(j) MiCA and Delegated Regulation (EU) 2025/422:

KASHBO is issued on Solana, which uses Proof of Stake (with Proof of History) — a consensus mechanism that does not rely on energy-intensive mining. Energy consumption per transaction is a small fraction of that of Proof-of-Work networks. The offeror does not operate validators and does not materially influence the network's energy profile. [TBD — quantified indicators via the ESMA template in the machine-readable notification package (DVO (EU) 2024/2984)]

20 · Applicable law, complaints & disclaimer

Offer terms and the purchase contract are governed by [TBD — governing law to be set with counsel]; mandatory consumer-protection rights of EU purchasers remain unaffected.
Complaints can be addressed free of charge to contact@kashbo.com; the complaint-handling procedure is published on the token portal. [TBD — Annex-I procedure description]

Legal disclaimer. This white paper is provided for informational purposes only and does not constitute an offer, solicitation or recommendation to buy or sell tokens or any financial instruments. The KASHBO token is a utility token and confers no ownership rights, no dividends, no interest and no claims on company assets. Forward-looking statements are based on current assumptions; actual results may differ materially. Participation in the token sale and use of the platform is at the user's own risk.

Document history

Version	Date	Change
Draft v0.9	2026-07-16	First Kashbo-specific draft in MiCA Annex-I structure.
Draft v1.0	2026-07-16	Full-substance rewrite at the depth of the PrediBo whitepaper v2.2 (engine, scoring, exit logic, AI, infrastructure, tokenomics, sale, subscriptions, security, roadmap, team, risks) — adapted to Kalshi and kept MiCA-clean (no valuation/price projections, no yield examples). For legal review — not notified, not final.