---
title: "Özel — Investor Presentation"
subtitle: "Tokenized Oil / an Oil Stablecoin, powered by AI"
company: "Özel"
website: "https://ozel.fi"
deck_url: "https://deck.ozel.fi/"
version: "2026 Pre-Seed"
audience: "Investors"
description: >
  Özel is building tokenized commodities, starting with ozWTI — an oil
  stablecoin tracking the official CL (Light Sweet Crude Oil) continuous
  contract on NYMEX (CME Group). Operations are managed by autonomous AI
  agents. Revenue is generated by capturing the spread between the offchain
  futures market and the onchain AMM market.
keywords:
  - tokenized oil
  - oil stablecoin
  - ozWTI
  - tokenized commodities
  - DeFi
  - autonomous AI agents
  - WTI futures
  - Uniswap
  - Morpho
  - arbitrage
  - proof of reserves
  - zero knowledge
---

# Özel — Investor Presentation (LLM-Optimized)

> This document is the machine-readable companion to the visual deck at
> [https://deck.ozel.fi/](https://deck.ozel.fi/). It contains the same
> content in clean, structured Markdown for reliable LLM ingestion.

## Table of Contents

1. [Company Purpose](#1-company-purpose)
2. [The Problem](#2-the-problem)
3. [The Solution](#3-the-solution)
4. [Why Now](#4-why-now)
5. [Market Opportunity](#5-market-opportunity)
6. [Competitive Landscape](#6-competitive-landscape)
7. [The Product — Endgame](#7-the-product--endgame)
8. [The Product — MVP](#8-the-product--mvp)
9. [Competitive Advantage](#9-competitive-advantage)
10. [Business Model — Spread Capture](#10-business-model--spread-capture)
11. [Business Model — Sequence](#11-business-model--sequence)
12. [Business Model — Projections](#12-business-model--projections)
13. [Business Model — Unit Economics](#13-business-model--unit-economics)
14. [Business Model — Diversification](#14-business-model--diversification)
15. [Business Model — Other Revenue Sources](#15-business-model--other-revenue-sources)
16. [Legal & Regulatory](#16-legal--regulatory)
17. [Team](#17-team)
18. [Vision](#18-vision)
19. [Roadmap](#19-roadmap)
20. [Pre-Seed Round](#20-pre-seed-round)
21. [Final Words](#21-final-words)

---

## 1. Company Purpose

Democratize access to commodities markets worldwide, starting with oil.

---

## 2. The Problem

### Exposure to oil is hard

- Burdensome account verifications.
- Steep learning curve.
- Poor UX and products.

### Other financial use-cases with oil are non-existent

- No borrowing against oil.
- No lending or yield generation.
- No reliable store-of-value mechanism.

These gaps exist in **both traditional finance and onchain**.

---

## 3. The Solution

**An Oil Stablecoin: ozWTI.**

ozWTI tracks the official CL (Light Sweet Crude Oil) continuous contract — the
benchmark WTI futures contract listed on NYMEX (CME Group).

Use cases:

- **Trade**: Swapped for USDC, and vice versa.
- **Borrow**: Used as collateral for borrowing USDC.
- **Lend**: Lent out for USDC yield.
- **Hold**: Held as a store of wealth.

---

## 4. Why Now

Four converging forces create a unique market window:

1. **Regulatory Shift** — Crypto regulation is finally shifting in its favor,
   opening the door for blockchain-based financial products.
2. **AI Autonomy** — AI can now operate nearly autonomously, enabling efficient
   management of financial systems.
3. **Commodities Gap** — Equities are being tokenized; commodities are
   forgotten. First-mover advantage in an overlooked market.
4. **TradFi Disruption** — TradFi is slow, inefficient, and expensive. Crypto +
   AI will disrupt these legacy systems.

These four forces converge into one large market opportunity.

---

## 5. Market Opportunity

| Segment             | Size       | Notes                                                          |
| ------------------- | ---------- | -------------------------------------------------------------- |
| TradFi Futures      | $70–150T   | Notional open interest in commodity futures worldwide (vision) |
| WTI Oil Futures     | $19.8T     | Oil-specific open interest (immediate target market)           |
| Crypto Commodities  | $2–5B      | Current onchain commodity exposure                             |
| Tokenized Oil       | $0         | Current onchain oil exposure — the white space Özel captures   |

A **4,000–10,000× gap** between current crypto commodity exposure and the
TradFi futures opportunity. Massive upside optionality.

---

## 6. Competitive Landscape

No direct competition exists in the tokenized oil sector — no project is doing
this effectively. (Excluding perpetuals, which are not tokenized assets.)

### TradFi Solutions

#### Commodity ETFs (Futures-Backed)

- Example: USO (Oil Fund) — ~$1B market cap.
- Weaknesses:
  - Negative roll yield in contango markets.
  - Unnatural peg to underlying contracts.
  - Limited scalability.

#### Futures Brokers

- Example: Interactive Brokers — ~$9.6B customer funds.
- Weaknesses:
  - Cumbersome account setup.
  - Poor UX and complex processes.
  - Contract expiration and rolling friction.

### Crypto Solutions

#### Physical-Backed Tokens

- Examples: Tether XAUT (~$2.1B), Paxos PAXG (~$1.3B).
- Weaknesses:
  - Cannot scale with physical commodity supply.
  - Custody and settlement overhead.
  - Limited market exposure.

#### Tokenized ETFs

- Examples: Mirror mUSO, xStock GLDx, Ondo SLVON.
- Weaknesses:
  - Track inefficient underlyings.
  - IOU model lacks efficiency.
  - Negligible market adoption.

---

## 7. The Product — Endgame

Inspired by Ethereum, Özel will follow a multi-layered architecture for added
resilience and to fully mitigate downtime. **Powered entirely by autonomous AI
agents.**

### Architecture Layers

- **Executive Layer** — Human (Director) and Carlos Machado.
- **Operational Layer (6 autonomous AI agents)**:
  - **CHIEF** — Manager.
  - **CAP** — Compliance.
  - **ROCK** — Trading Ops.
  - **BRO** — Infrastructure.
  - **DREW** — Cybersecurity.
  - **MILO** — Customer Success.
- **Infrastructure Layer** — Independent clusters with full mesh redundancy
  across AWS (US), GCP (EU), Azure (AP).

### Infrastructure Redundancy

- **Multi-provider**: AWS, GCP, Azure.
- **Multi-zone**: US, EU, AP.
- **Multi-broker**: TradeStation, IBKR, NinjaTrader, AMP.

### Trading & Smart Contract Architecture

- **LLOR** — Low-Latency Order Router.
- **Proxy Contracts** — Upgradeables, integrated with Uniswap and Morpho.

### Security & Verification

- Live and on-demand Proof-of-Reserves based on ZK proofs.

---

## 8. The Product — MVP

The MVP is **live**. Demos:

- [How to Swap](https://youtu.be/cOHHciWcG5k)
- [How to Borrow](https://www.youtube.com/watch?v=Uj0q-bTGIXI)
- [How to Verify with ZK](https://www.youtube.com/watch?v=PU_iG79hlS8)

### Infrastructure

- **Single-provider**: GCP · `us-central1`.
- **Single-broker**: TradeStation.

### Security

- Live Proof-of-Reserves based on ZK proofs.

### Trading & Smart Contract Architecture

- **LLOR** — Low-Latency Order Router. Routes trades from the ozWTI pool to
  the broker layer.
- **Uniswap** — AMM Pool: ozWTI ⟷ USDC.
- **Morpho** — Borrow Market.

### AI Agents (current)

- **BRO** — Infrastructure.
- **Cursor Auto** — Incident Management.

### Legal Structure

- Estonian LLC, registered as "Software Development" business activity.

---

## 9. Competitive Advantage

### AI-Powered Efficiency

Autonomous AI agents manage the entire operation with minimal human oversight,
eliminating the inefficiency of human-dependent systems.

- No human overhead costs.
- 24/7 autonomous operation.
- Faster decision-making.
- Eliminates human error.

### Scalable Architecture

Futures-backed model scales infinitely without physical commodity constraints,
unlike ETFs that require custody and settlement.

- No physical storage costs.
- Unlimited market depth.
- No premium/discount to NAV.
- Efficient peg maintenance.

### Crypto-Native Design

Built from the ground up for DeFi composability, capital efficiency, and
seamless blockchain integration.

- Full DeFi composability.
- Uniswap v4 integration.
- Lending pool compatibility.
- Superior capital efficiency.

**Summary**: TradFi solutions are ancient, buggy, and complex. Crypto
solutions are limited or inefficient. Özel delivers a next-generation platform
that is efficient, scalable, and composable.

---

## 10. Business Model — Spread Capture

Özel captures price discrepancies between the offchain futures market and the
onchain market — pocketing the difference automatically. Each cycle below
forms one **order**.

### State A — Equilibrium

- Broker (Offchain) price: **$90**
- Ethereum (Onchain) price: **$90**
- Both prices are undisturbed and in sync.
- No arbitrage opportunities have been generated.
- No users have interacted with the onchain market.

### State B — Price Disruption

- Broker (Offchain) price: **$90**
- Ethereum (Onchain) price: **$93** (↑)
- Gap: **$3**
- A user buys 1 oil token in the onchain market at $90.
- Due to this purchase, the onchain price increases from $90 to $93.
- An arbitrage opportunity is created due to the gap between offchain ($90)
  and onchain ($93).

### State C — Özel Arbitrage

- Buy offchain at the broker: **$90**.
- Sell onchain on Ethereum: **$93 → $90**.
- **Profit per token: +$3.**
- Onchain price returns to $90 due to this operation.
- The cycle starts again with a new order and a new user.

**Formula**: Offchain Price (Broker) ↔ Onchain Price (Uniswap) = Arbitrage
Revenue for Özel.

---

## 11. Business Model — Sequence

Orders are gathered in batches (also called **epochs**). Each epoch lasts
approximately **50 seconds**. Each order has its own profits, so each epoch
has its own accumulated profits.

### Example batches

| Batch | Order 1 | Order 2 | Order 3 | Batch Profits |
| ----- | ------- | ------- | ------- | ------------- |
| 1     | $94     | $103    | $75     | +$3,591.78    |
| 2     | $201    | $119    | $49     | +$2,514.60    |
| 3     | $235    | $89     | $176    | +$1,973.22    |

**Revenue is driven by volume.** The more volume, the more revenue.

### Secondary trading-ops revenue streams (not modeled here)

- Arbitrage from price action derived from market trend.
- Rolling yield.
- Execution shortfall.

---

## 12. Business Model — Projections

> "At just 1% market capture, Özel generates over half a billion dollars
> annually."

### Scenario notes

- Based on **front-month contract volume**.
- Optimistic scenario.
- Assumes arbitrage is exclusive to Özel — blocked to all other participants.
- Full simulation model available on request, under NDA.

### Headline numbers

| Metric                       | Value    | Notes                              |
| ---------------------------- | -------- | ---------------------------------- |
| 2024 Total Market            | $3.39T   | CL oil notional trading volume     |
| Volume captured by Özel (1%) | $33.85B  | Volume passed through the system   |
| Net revenue generated        | $614.3M  | Arbitrage profit extracted         |
| Market capture assumption    | 1%       |                                    |
| Net margin on captured volume| 1.81%    |                                    |
| Projected annual net revenue | $614.3M  |                                    |

---

## 13. Business Model — Unit Economics

Batching engine simulation across **361,418 total epochs**.

### Per-liquidity scenario

| Liquidity | Triggered Epochs | Batch Rate | Avg Orders | Profit / Batch | Profit / Order | Annual Net Profit |
| --------- | ---------------- | ---------- | ---------- | -------------- | -------------- | ----------------- |
| Low       | 184,795          | 51.13%     | 14.84      | $3,194.84      | $802.83        | $614.4M           |
| Medium    | 110,659          | 30.62%     | 14.84      | $2,337.77      | $916.17        | $269.2M           |
| Med-High  | 11,061           | 3.06%      | 14.84      | $2,495.91      | $1,898.71      | $28.7M            |
| High      | 2,547            | 0.70%      | 14.84      | $3,591.78      | $3,033.24      | $9.5M             |

### Key KPIs (Conservative vs. High-End)

| KPI                | Conservative | High-End | Description                                                              |
| ------------------ | ------------ | -------- | ------------------------------------------------------------------------ |
| Annual Net Profit  | $9.5M        | $614M    |                                                                          |
| Profit / Batch     | $3,591       | $3,194   | Net value monetized per batch after costs                                |
| Batch Rate         | 0.70%        | 51.13%   | How often epoch flow crosses arbitrage threshold and becomes monetizable |
| Profit / Order     | $3,033       | $802     | Average net value per triggered arbitrage order                          |
| Cost Take Rate     | 1.02%        | 3.39%    | Share of gross profit consumed by gas and broker costs                   |

### Cost take rate by liquidity scenario

| Liquidity | Gross Profit | Gas Cost | Broker Cost | Total Cost | Take Rate | Net Profit |
| --------- | ------------ | -------- | ----------- | ---------- | --------- | ---------- |
| Low       | $611.1M      | $924K    | $19.8M      | $20.7M     | 3.39%     | $590.4M    |
| Medium    | $266.8M      | $553K    | $7.6M       | $8.1M      | 3.05%     | $258.7M    |
| Med-High  | $28.1M       | $55K     | $391K       | $446K      | 1.59%     | $27.6M     |
| High      | $9.2M        | $13K     | $81K        | $94K       | 1.02%     | $9.1M      |

### Liquidity to approximate TVL

| Scenario | Raw Liquidity | Approx TVL |
| -------- | ------------- | ---------- |
| Low      | 5×10¹⁷        | $8.06M     |
| Medium   | 1×10¹⁸        | $16.13M    |
| Med-High | 5×10¹⁸        | $80.65M    |
| High     | 9.3×10¹⁸      | $150M      |

### Liquidity-to-profit curve (interpretation)

| Liquidity | Batch Rate | Annual Net Profit | Interpretation                                                                                    |
| --------- | ---------- | ----------------- | ------------------------------------------------------------------------------------------------- |
| Low       | 51.13%     | $614.4M           | Lowest liquidity produced the highest profits — more epochs crossed the arbitrage threshold.      |
| Medium    | 30.62%     | $269.2M           | Medium liquidity still produced frequent monetizable batches.                                     |
| Med-High  | 3.06%      | $28.7M            | Trigger frequency dropped sharply while preserving positive per-trigger economics.                |
| High      | 0.70%      | $9.5M             | Highest liquidity yielded the lowest annualized net profit, with rare but larger triggered orders.|

### Simulation caveats

- Simplistic simulation abstracting most complexity.
- Does not yet model:
  - True AMM curve-integrated execution P&L.
  - Realistic buy/sell netted flow.
  - Slippage, concentrated liquidity, and LP-side impermanent loss.
  - Higher-fidelity contract microstructure.
- Real numbers could be lower — but also higher.
- Fine-tuning any parameter (liquidity, volume) could lead to higher or lower
  profits.

---

## 14. Business Model — Diversification

**Vision**: If it has a Futures market, Özel can tokenize it. The goal is to
tokenize **all commodities**.

Across just six commodities, the modeled revenue exceeds **$1.9B**.
Infrastructure is ready for multi-commodity deployments.

| Commodity   | Symbol | Venue                                  | Modeled Revenue |
| ----------- | ------ | -------------------------------------- | --------------- |
| Brent Oil   | B/LCO  | ICE Futures Europe                     | $620M           |
| Crude Oil   | CL     | Light Sweet Crude · NYMEX continuous   | $614.3M         |
| Natural Gas | NG     | Henry Hub benchmark · CME/NYMEX        | $107M           |
| Gold        | GC     | COMEX (CME Group, NY)                  | $496M           |
| Silver      | SI     | COMEX (CME Group, NY)                  | $93M            |
| Copper      | HG     | COMEX (CME Group, NY)                  | $47M            |

---

## 15. Business Model — Other Revenue Sources

Beyond arbitrage revenue, Özel may incur additional income streams — each
battle-tested by established players in traditional and decentralized finance.

| Stream          | Mechanism                                | Description                                                                                                                | Precedent      |
| --------------- | ---------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------- |
| US Treasuries   | Interest on T-bill collateral            | Short-term T-bills held as broker collateral generate passive interest yield — capital that would otherwise sit idle.      | Tether         |
| Market Making   | Spread capture on ozWTI and others       | Providing liquidity for ozWTI and other commodity tokens generates bid-ask spread revenue while deepening market depth.    | Wintermute     |
| Management Fees | AUM-based annual fee                     | A small annual management fee on assets under management — mirroring the expense-ratio model used by commodity ETFs.       | USO ETF        |
| ETH Staking     | Reserves deployed onchain                | Protocol reserves converted to ETH and staked — turning idle treasury capital into compounding onchain yield.              | Bitmine        |
| DeFi LPing      | Liquidity provision for yield            | Supplying USDC and/or ozWTI to DeFi lending and borrowing protocols to generate yield on otherwise idle reserves.          | Morpho · Aave  |

---

## 16. Legal & Regulatory

### Current status

- **Özel OÜ · 17329974**: Registered as a *Software Development* entity in
  Estonia, with no management of user funds — allowing for rapid MVP
  development without immediate regulatory burden.

### Portfolio Management Licence

- **Bendio AG · UID CHE-197.608.358**: Bendio AG holds a FINMA-issued
  Portfolio Management licence from the Swiss Financial Market Supervisory
  Authority. Özel operates under Bendio's umbrella, gaining access to this
  licence for the purpose of holding contracts at the broker.

### Regulatory roadmap

Several paths are available to achieve full regulatory status:

- **Path I — MiFID II & EMIR**: Pursuing a Markets in Financial Instruments
  Directive (MiFID II) licence with EMIR compliance, establishing Özel as a
  fully regulated financial instrument provider within Europe.
- **Path II — AIFC / AFSA · Kazakhstan**: Achieving *Commodity Derivative
  Token* status under the AIFC/AFSA framework, beginning with a FinTech Lab
  sandbox licence for controlled experimentation, advancing toward a
  full-fledged licence.
- **Path III — Bermuda / BMA**: Exploring Bermuda's Digital Asset Business
  framework under the Bermuda Monetary Authority (BMA), potentially beginning
  with a limited-scope licence for controlled experimentation, and, if
  appropriate, advancing toward full regulatory authorisation.

---

## 17. Team

### Founder & CEO — Carlos Machado

- [GitHub](https://github.com/trojanMcAfee)
- **Education**:
  - Bachelor's Degree in Business from Nueva Esparta University, Caracas,
    Venezuela.
  - Dual Certification in ITIL principles and processes.
- **Professional Experience**:
  - Ex-Product Manager at Kraken — leading crypto exchange.
  - Bootcamp training in Computer Programming.
  - Advanced Smart Contract Security certification.
- **Why me?** I sit at the intersection between TradFi, DeFi, and Oil.
  - Oil is part of Venezuelan culture.
  - Traded Forex and WTI since teenage years.
  - Crypto became second nature for Venezuelans due to our failed economy.
  - Autodidact on smart contract development, the EVM, and DeFi for 5 years
    pre-AI era.
  - Etherean OG (saw ETH at $15).
  - I never give up. Never.

### Advisor — Andres Trujillo

- [LinkedIn](https://www.linkedin.com/in/andr%C3%A9s-trujillo-renzi-09554348/)
- **Education**:
  - Economist from Metropolitan University, Caracas, Venezuela.
  - Master's Degree in Finance.
  - Certificate in Financial Engineering.
- **Professional Credentials**:
  - CMT Charter — Chartered Market Technician.
  - CAIA Charter — Chartered Alternative Investment Analyst.
- **Professional Experience**:
  - Senior Portfolio Manager at Bendio, Swiss fund.
  - Head of Asset Allocation at Bendio.
  - Expertise in commodities, derivatives, and portfolio construction.

### Advisor — Max Kaplan

- [LinkedIn](https://www.linkedin.com/in/kaplanmax/) ·
  [GitHub](https://github.com/kaplanmaxe)
- **Education**:
  - B.S. in Information Technology from Syracuse University.
  - Master's Degree in Computer Science.
- **Professional Experience**:
  - Senior Director of Engineering at Kraken.
  - Senior Vice President of Engineering at Edgevana.
  - Founder & CEO of OrangeFin Ventures (acquired by SOL Strategies).
  - Ex-CTO at SOL Strategies.

---

## 18. Vision

1. **De Facto Platform** — Become the primary platform for onchain exposure to
   commodities: oil, natural gas, gasoline, agriculture, precious metals.
2. **Multi-Primitive Ecosystem** — Deploy multiple multi-billion-dollar markets
   across different DeFi primitives, including AMMs and lending pools.
3. **Minimal Human Overhead** — Operate with the least amount of people. If
   possible, only one full-time human employee supervising the entire platform
   operation.
4. **TradFi Integration** — Position Özel tokens as the most composable way
   for traditional finance to access commodities.

---

## 19. Roadmap

### Phase I — Upon Investment (immediate priorities, all in parallel)

- **Security — Smart Contracts**: Two independent audits on all public
  contracts.
- **Team — Engineering Hires**: 1–2 full-time engineers to accelerate platform
  development.
- **Infrastructure — Cloud Clusters**: Production environment on GCP.
- **AI Agents — Accelerated Development**:
  - **BRO**: Polish for autonomous infrastructure monitoring.
  - **Incident Management**: In-house mini-agent; retire Cursor Automation.
  - **ROCK**: Begin development for trading-ops monitoring.
- **Security — Cloud Infra**: Audit on production cloud infrastructure.
- **Markets — Seed Onchain Pools**: Substantial liquidity injected so order
  size can be increased.

### Phase II — Growth & Distribution

Stability and uptime secured — scale begins.

- **Distribution partnerships** with major crypto players: Kraken, Coinbase,
  Robinhood, Binance, Aave, Morpho.
  - Compelling proposition:
    - No tokenized commodities market exists.
    - Access to the allowlist to arbitrage the market.
- **Direct partnerships with TradFi brokers**: TradeStation, NinjaTrader, AMP,
  Charles Schwab.
- **Launch additional commodity tokens**: Brent Oil, Natural Gas, Gold,
  Silver.
- **Seed each new pool with liquidity at launch.**

---

## 20. Pre-Seed Round

**$1.8M raise · $10M valuation · 1-year runway.**

### Use of funds

#### No Cost — $900k

- $500k Uniswap liquidity.
- $200k Morpho liquidity.
- $200k internal pools.

#### One-Time — $390k

- $150k smart contract audits.
- $100k cloud-security audit.
- $40k Kazakhstan licence.
- $100k Bermuda licence.

#### Recurring — $592k

- $140k engineer.
- $120k CEO salary.
- $48k production cluster (GCP).
- $9k development cluster (GCP).
- $175k compliance.
- $100k miscellaneous expenses.

#### Total

- **$1.882M**

### Note

A simulation of **0.075% captured volume** produced an annualized net profit of
**$2,869,237.29**.

---

## 21. Final Words

> Özel tokens are an infinitely better technological, financial, and economic
> product across all of TradFi and DeFi. So the question is: **can a better
> product capture less than 0.1% of the oil volume of just one market?**

> "Talent hits a target no one else can hit. Genius hits a target no one else
> can see." — *Arthur Schopenhauer, German philosopher.*

### Why Özel

- **Massive TAM** — $70–150T in TradFi futures markets waiting to be
  tokenized.
- **AI-Powered** — Autonomous agents eliminate human inefficiency and cost.
- **First Mover** — Tokenized commodities overlooked while everyone focuses on
  equities.

Özel is positioned to become the de facto platform for onchain commodity
exposure, combining the efficiency of AI, the composability of DeFi, and the
massive opportunity of tokenized commodities.

**Join us in transforming financial markets.**