It is our opinion that UNV tokens, as operated on the Ethereum blockchain, are not securities. This conclusion is based on the premise that funds were raised through the use of a Simple Agreement for Future Tokens (SAFT) and that the ultimate purpose of the UNV token is to serve as a utility token within a decentralized application.

The UNV token is intended to be used as part of a platform that offers various features, including the creation of new vesting locks, liquidity locks, staking pools, farming pools, airdrops, and ERC20 tokens. These features can be accessed by burning UNV tokens in a metered fashion using the platform software on the Ethereum blockchain and potentially other networks.

Based on these intended uses, it is our belief that the UNV token does not meet the criteria for classification as a security. It is not being marketed as an investment opportunity and does not represent an ownership stake in a company or enterprise. Rather, it is intended to be used solely for accessing the functionalities of the platform.

In conclusion, it is our opinion that the UNV token is a utility token and does not qualify as a security under relevant laws and regulations.

Smart Contract LicenseLegal Comparison of Conventional Vesting Contracts and ERC20 Tokens for Locked Positions