Quacker protocol · Whitepaper · Version 1.4

The Quacker Protocol.

Issued April 2026 · Quacker Capital, S.A.

Abstract

The Quacker protocol introduces a standard for tokenized fractional claims on audited mallard reserves. Each unit of $QUACK represents a fractional, redeemable claim on the protocol’s underlying waterfowl reserves, held under custody by Quacker Custody Services Ltd. and attested quarterly by KPMQ LLP. The protocol’s design objectives are (i) one-to-one redeemability into underlying assets at par, (ii) full operational transparency through public attestation, and (iii) governance neutrality through QuackerDAO. This document describes the custody model, the redemption mechanism, $QUACK tokenomics, the governance framework, and material risk factors.

1. Custody Model

Quacker operates 14 custody facilities (the Ponds) located across six jurisdictions. Each facility is operated under a Custody Operating Agreement between Quacker Custody Services Ltd. and the local facility operator, with provisions covering daily care standards, biosecurity protocols, attestation cooperation, and successor custodianship in the event of operator default.

Each Pond has a registered capacity, expressed in certified mallards, and a tracked utilization figure published in the quarterly attestation. Mallards are individually serial-numbered using an opaque internal identifier (e.g., M-4812) and registered against the Custody Ledger. The Custody Ledger is reconciled against on-chain $QUACK supply on a continuous basis and audited at quarter-end.

Facilities are subject to two ISO standards as a condition of operation: ISO 14001 (environmental management) and ISO 27001 (information security, applicable to the operator’s records systems). Material breaches are disclosed in the next available attestation report.

2. Redemption Mechanism

Redemption is the process by which a holder of $QUACK exchanges tokens for the underlying mallard reserves at par. The protocol supports two redemption modalities:

In-kind redemption. A qualified institutional buyer may request physical custody of a specified mallard count, denominated in whole units, by burning the equivalent $QUACK supply. In-kind redemption is processed quarterly, in coordination with the attestation cycle, and incurs a 0.15% facility transfer fee.

Cash redemption. The protocol’s Treasury maintains a Cash Redemption Pool, denominated in U.S. dollars, sized at not less than 4% of trailing-30-day $QUACK volume. Cash redemptions settle on T+2 and are subject to a 0.05% redemption spread, retained by the Treasury.

Redemption requests are processed in submission order, subject to the Treasury’s published Liquidity Tiers (see Tokenomics).

3. Tokenomics

$QUACK has a fixed supply of 1,000,000,000 (one billion) units, allocated as follows: Treasury 40%, QuackerDAO 25%, Custody Reserve 20%, Team and contributors 10% (subject to four-year vest with one-year cliff), and Advisors 5% (subject to two-year vest).

The Custody Reserve is a non-circulating allocation held against unforeseen custody losses and is not redeemable except at the direction of QuackerDAO under emergency procedures. The Treasury allocation funds protocol operations, custody expansion, and the Cash Redemption Pool.

Emissions follow a declining schedule, with new $QUACK released to the Treasury at a rate of 2.0% of circulating supply per annum, reduced by 0.25 percentage points each year, ending at 0.5% per annum from year seven forward.

4. Governance

QuackerDAO governs the protocol through binding on-chain votes. Each $QUACK held confers one Quack of voting power (subject to time-weighting; see below). Proposals progress through a three-stage process: Discussion (open forum), Temperature Check (signaling vote), and Final Vote (binding, on-chain).

Quack power is calculated as the time-weighted average $QUACK balance over the trailing 30 days. The time-weighting reduces the influence of short-term liquidity and aligns governance with sustained protocol participation.

Quorum for binding votes is 4% of circulating supply; passage threshold is 50% of votes cast, exclusive of abstentions. Proposals failing to meet quorum are eligible for resubmission after a seven-day cooling period.

A standing Custody Subcommittee of five members (four DAO-elected, one custodian-appointed) is empowered to ratify routine operational decisions below the DAO threshold for full vote.

5. Risk Factors

This section is provided for informational purposes and does not constitute legal, tax, or investment advice.

Custody risk. The protocol’s operations depend on the continued solvency and operational integrity of facility operators. Operator default could result in temporary suspension of redemption from affected facilities. The Custody Reserve mitigates but does not eliminate this risk.

Regulatory risk. Quacker operates in jurisdictions with evolving regulatory frameworks for tokenized real-world assets. Changes in applicable law or regulation could materially affect protocol operations. Quacker monitors regulatory developments through its Compliance function and adjusts protocol parameters as necessary.

Biosecurity risk. Mallard custody is subject to biological risks including disease, predation, and adverse weather. Material biosecurity events at any facility are disclosed in the next available attestation report. Quacker maintains insurance coverage against catastrophic biosecurity loss; coverage limits are disclosed in the quarterly attestation.

Smart contract risk. $QUACK is implemented as a smart contract on a public blockchain. Defects in the contract code, or in upstream protocols upon which $QUACK depends, could result in loss of funds. The protocol contracts have been audited by two independent firms (see References).

Liquidity risk. Redemption is subject to Treasury Cash Redemption Pool capacity. In periods of elevated redemption volume, cash redemption may be delayed or partially fulfilled at Treasury discretion.

6. References

1. International Standards Organization. ISO 14001:2015 — Environmental management systems. (2015).
2. International Standards Organization. ISO 27001:2022 — Information security, cybersecurity and privacy protection. (2022).
3. Mallard, B. On the temporal weighting of governance under tokenized custody. Journal of Avian Reserve Economics 12, no. 3 (2025): 217-241.
4. Quacker Custody Services Ltd. Operating Manual, Section IV: Daily Care Standards. Internal document, revised annually.
5. KPMQ LLP. Q4 2025 attestation report for Quacker Capital, S.A. (January 2026).