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src/pages/whitepaper.md

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## About the Offeror
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## About the Issuer
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**Layer3 Fintech Ltd.**
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Yellow is an open-source software framework developed through multi-entity collaboration:
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| Entity | Function |
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|---|---|
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| Layer3 Fintech Ltd. (BVI) | Integration, Maintenance, and Supply of Goods and Services (Issuer) |
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| Clearsync Ltd. (UK) | Core Technology Development |
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| Helios Technologies SAS (France) | Core Technology Development |
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| Openware SAS (France) | Core Technology Development |
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The core state channel technology builds on academic research from statechannels.org and the VirtualApp framework, developed in collaboration with Consensys and other open-source contributors. Approximately 60 core developers contribute across the open-source codebase, with over 100 third-party applications launched on the network in 2025.
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The core state channel technology builds on academic research from statechannels.org and the Nitro framework, developed in collaboration with Consensys and other open-source contributors. Approximately 60 core developers contribute across the open-source codebase, with over 100 third-party applications launched on the network in 2025.
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### Token Utility
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**Reached:**
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**2024:**
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- State Channel and Account Abstraction R&D
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- Launch of the Yellow Smart Account
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- Launch of the Yellow Wallet
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- Finalization of the Core Protocol Architecture
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**2025:**
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- Production Release of the Yellow SDK
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- Network Expansion to 6 New EVM Chains
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- Official Launch of the Yellow Builder Program
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**Outlook:**
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**2025-2026:**
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- Public Release of the NeoDAX Brokerage Software
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- Finalization of the Clearing Network Architecture
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- Public Release of the Yellow Clearing Network
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### Protocols and Technical Standards
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**Layer 1 — On-chain standards**
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- ERC-20 token standard on Ethereum
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- Custody smart contracts for on-chain asset custody and withdrawal settlement
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- NodeRegistry and AppRegistry contracts for node/application registration and collateral management
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**Layer 2 — Ledger Layer protocols**
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- Peer-to-peer network protocol with deterministic, decentralised routing
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- Threshold signature protocol (BLS) requiring supermajority for state updates
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- Virtual State Channel protocol for off-chain balance management and cross-chain clearing
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**Layer 3 — Application Layer standards**
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- AppLayer RPC API for application-to-clearnode interaction
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- AppLayerClient library for Virtual State Channel control and cryptographic signing
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- Yellow SDK abstracting channel management, multi-chain settlement, and unified balances (e.g., 50 USDC on Ethereum + 50 USDC on Base = 100 USDC unified balance)
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- [github.com/layer-3/clearnet](https://github.com/layer-3/clearnet) — Yellow network node repository (open-source client software and smart contracts)
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- [github.com/layer-3/docs](https://github.com/layer-3/docs) — Documentation website repository
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*This is a public-facing summary of the Yellow Network Whitepaper v2.0. For the full regulatory whitepaper including MiCA compliance details, sustainability indicators, and complete legal disclosures, please contact [legal@layer3.foundation](mailto:legal@layer3.foundation).*
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## MiCA White Paper Filing History
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The following versions of the YELLOW crypto-asset white paper have been filed under the Markets in Crypto-Assets Regulation (EU) 2023/1114:

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