Transparency

Published November 2025

At Four Pillars, transparency is foundational to the way we conduct research, participate in networks, and deploy capital. The following policy outlines our internal standards for disclosure, independence, and integrity across all areas of operation. All research content published by Four Pillars is governed by this policy.

Members of our research team may, on occasion, personally hold digital assets or engage with protocols referenced in our reports. To manage potential conflicts of interest, we operate an internal control processes that record, review, and disclose such activities when relevant to a specific publication.

Analysts and contributors are strictly prohibited from trading, for profit, any token covered in a report from the start of the research process until 72 hours after publication. This restriction excludes BTC, ETH, ETH-based Liquid Staking Tokens, and stablecoins.

In addition, regardless of whether an asset is mentioned in a report, all Four Pillars personnel are forbidden from trading any digital asset while in possession of material non-public information related to that assets.

At times, Four Pillars is engaged by external organizations to produce commissioned research. When such arrangements occur, they are clearly disclosed within the report's disclaimer section. While commissioning organizations may contribute input on scope or factual accuracy, the findings and perspectives expressed remain solely those of the authors and are not influenced by external interests.

FP Validated is a dedicated division within Four Pillars responsible for validator operations and network participation. Through FP Validated, we contribute to the infrastructure of decentralized networks by operating nodes and supporting ecosystem. Further details regarding our validator activities and associated disclosures are available on the FP Validated page.

As part of our broader mission to support open and decentralized ecosystem, Four Pillars may, when strategically appropriate, participate in early-stage investments in projects aligned with our research focus.

In certain instances, such investments may coincide with commissioned research engagements; however, all such relationships are explicitly disclosed to ensure transparency and prevent conflicts of interest. As of November 7, 2025, Four Pillars has deployed corporate treasury capital into the following projects: Talus, Story, Stable, and Rialo. All corporate investments are strictly segregated from the personal holdings of research staff, and these investments have no influence on the scope, methodology, analysis, or conclusions of any research activities.

Four Pillars is committed to maintain strict objectivity and independence across all research activities and does not receive any compensation contingent upon the sentiments or opinions expressed in its reports.