ÖZEL
Company's Purpose
Democratize access to
commodities markets worldwide,
starting with oil.
ÖZEL
Index
04The Problem›
05The Solution›
06Why Now›
07Market Opportunity›
08Competitive Landscape›
09–10The Product
Endgame
MVP
11Competitive Advantage›
12–17Business Model
Spread Capture
Sequence
Projections
Unit Economics
Diversification
Other Sources
18Legal & Regulatory›
19Team›
20Vision›
21Roadmap›
22Pre-Seed Round›
23Final Words›
ÖZEL
04
The Problem
Exposure to oil is hard
- Burdensome account verifications
- Steep learning curve
- Poor UX & 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
— in both traditional finance and onchain
ÖZEL
05
The Solution
An Oil Stablecoin.
ozWTI tracks the official CL (Light Sweet Crude Oil) continuous contract — the benchmark WTI futures contract listed on NYMEX (CME Group).
Traded for USDC
and vice versa
and vice versa
Collateral for
borrowing USDC
borrowing USDC
Lent out for
USDC yield
USDC yield
Held for
storing wealth
storing wealth
ÖZEL
06
Why Now
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, expensive. Crypto + AI will disrupt these legacy systems.
These four forces converge into one HUGE market opportunity.
ÖZEL
07
Market Opportunity
TradFi Futures
$70–150T
Notional open interest in commodity futures worldwide — Özel's vision
WTI Oil Futures
$19.8T
Oil-specific open interest — Özel's 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. A MASSIVE upside optionality.
ÖZEL
08
Competitive Landscape
No direct competition exists in the tokenized oil sector — no project is doing this effectively.
TradFi Solutions
Commodity ETFs (Futures-Backed)
USO (Oil Fund) — $1B market cap
Key Weaknesses:
- Negative roll yield in contango markets
- Unnatural peg to underlying contracts
- Limited scalability
Futures Brokers
Interactive Brokers — $9.6B customer funds
Key Weaknesses:
- Cumbersome account setup
- Poor UX & complex processes
- Contract expiration & rolling friction
Crypto Solutions
Physical-Backed Tokens
Tether XAUT — $2.1B, Paxos PAXG — $1.3B
Key Weaknesses:
- Cannot scale with physical commodity
- Custody & settlement overhead
- Limited market exposure
Tokenized ETFs
Mirror mUSO, xStock GLDx, Ondo SLVON
Key Weaknesses:
- Track inefficient underlyings
- IOU model lacks efficiency
- Negligible market adoption
Excluding perpetuals, which are not tokenized assets.
ÖZEL
09
The Product: Endgame
Inspired by Ethereum, Özel will follow a multi-layered architecture — for added resilience and fully mitigating downtime.
✶ Powered entirely by autonomous AI agents
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
ÖZEL
Infrastructure
Single-provider
GCP · us-central1
Single-broker
TradeStation
Security
Live Proof-of-Reserves
based on ZK proofs
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
BRO
Infrastructure
Cursor
Auto
Auto
Incident Management
Legal Structure
Estonian LLC · "Software Development" business activity
ÖZEL
11
Competitive Advantage
AI-Powered Efficiency
Autonomous AI agents manage the entire operation with minimal human oversight, eliminating the inefficiency of human-dependent systems.
Vs. Competitors
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.
Vs. Competitors
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.
Vs. Competitors
Full DeFi composability
Uniswap v4 integration
Lending pool compatibility
Superior capital efficiency
TradFi solutions are ancient, buggy, and complex.
Crypto solutions are limited or inefficient.
Özel delivers a next-gen platform that's efficient, scalable, and composable.
ÖZEL
12
Business Model: Spread Capture
This process forms one 'order' →
1 Özel captures price discrepancies between the offchain futures market and the onchain market — pocketing the difference automatically.
a · State
Equilibrium
$90
Broker
(Offchain)
(Offchain)
$90
Ethereum
(Onchain)
(Onchain)
Both offchain and onchain prices are undisturbed and in sync.
No arbitrage opportunities have been generated.
No users have interacted with the onchain market.
2
b · State
Price Disruption
$90
Broker
(Offchain)
(Offchain)
GAP = $3
$93 ↑
Ethereum
(Onchain)
(Onchain)
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).
3
c · State
Özel Arbitrage
$90
Buy offchain
Broker
Broker
$93 → $90
Sell onchain
Ethereum
Ethereum
Özel's backend buys 1 token at the offchain price of $90.
Then sells it at $93 in the onchain market.
+$3
profit per token
Price goes back to $90 due to this operation.
The cycle starts again with a new order and a new user.
4
Offchain Price (Broker)
←→
Onchain Price (Uniswap)
=
Arbitrage Revenue for Özel
ÖZEL
13
Business Model: Sequence
"Orders are gathered in batches (or epochs)"
$94
$103
$75
+$3,591.78
"Each epoch lasts ~50s"
$201
$119
$49
+$2,514.60
"Each order has its profits. Thus, each epoch has its own accumulated profits"
$235
$89
$176
+$1,973.22
batch profits
Revenue is driven by volume.
The more volume, the more revenue.
Notes
There are other secondary revenue streams coming out of trading operations (not covered here):
Arbitrage from price action derived from market trend.
Rolling yield.
Execution shortfall.
ÖZEL
14
Business Model: Projections
Total Oil
Notional Volume
Notional Volume
"At just 1% market capture, Özel generates over half a billion dollars annually."
Scenario Notes
Front-month contract volume
Optimistic scenario
Arbitrage is exclusive to Özel — blocked to all other participants
Full simulation model available per request, under NDA
2024 Total Market
$3.39T
CL oil notional
trading volume
trading volume
1% Captured by Özel
$33.85B
Volume passed
through our system
through our system
Net Revenue Generated
$614.3M
Arbitrage profit
extracted
extracted
1%
Market capture
assumption
assumption
1.81%
Net margin on
captured volume
captured volume
$614.3M
Projected annual
net revenue
net revenue
Özel
15
Business Model: Unit Economics
Batching Engine Simulation Economics · 361,418 Total Epochs
Liquidity
Triggered Epochs
Batch Rate
Avg Orders
Profit / Batch
Profit / Order
Ann. 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
High-End
Ann. Net Profit
$9.5M
$614M
Profit / Batch
How much net value was monetized per-batch after costs
$3,591
$3,194
Batch Rate
How often epoch flow crosses arbitrage threshold and becomes monetizable
0.70%
51.13%
Profit / Order
Average net value per triggered arbitrage order
$3,033
$802
Cost Take Rate
How much of gross profit is consumed by gas and broker costs
1.02%
3.39%
Simulation Notes
Simplistic simulation abstracting most complexity:
True AMM curve-integrated execution P&L
Realistic buy/sell netted flow
Slippage, concentrated liquidity & LP-side IL
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.
Cost Take Rate
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 → Approx. 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
Batching Engine economics change as AMM liquidity depth changes
Liquidity
Batch Rate
Ann. 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 — lowest annualized net profit, with rare but larger triggered orders.
ÖZEL
16
Business Model: Diversification
The Vision
If it has a Futures market, Özel can tokenize it.
The goal is to tokenize ALL commodities.
Over $1.9B in revenue from these 6 commodities only.
Infra is ready for multi-commodity deployments.
Total Oil
Notional Volume
Notional Volume
B/LCO Oil — $620m rev
Brent Oil · ICE Futures Europe
Total Oil
Notional Volume
Notional Volume
CL Oil — $614.3m rev
Light Sweet Crude · NYMEX Continuous Contract
Total Natural Gas
Notional Volume
Notional Volume
NG Natural Gas — $107m rev
Henry Hub benchmark · CME/NYMEX
Total Gold
Notional Volume
Notional Volume
GC Gold — $496m rev
Gold Futures · COMEX (CME Group, NY)
Total Silver
Notional Volume
Notional Volume
SI Silver — $93m rev
Silver Futures · COMEX (CME Group, NY)
Total Copper
Notional Volume
Notional Volume
HG Copper — $47m rev
Copper Futures · COMEX (CME Group, NY)
ÖZEL
17
Business Model: Other Sources
Beyond arbitrage revenue, Özel might incur into other additional income streams — each battle-tested by established players in traditional and decentralised finance.
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 earns a risk-free return.
Precedent: Tether
Market Making
Spread capture on ozWTI & others
Providing liquidity for ozWTI and other commodity tokens generates bid-ask spread revenue while deepening market depth for protocol users.
Precedent: Wintermute
Management Fees
AUM-based annual fee
A small annual management fee levied on assets under management — mirroring the expense-ratio model employed by commodity ETFs in traditional finance.
Precedent: USO ETF
ETH Staking
Reserves deployed onchain
Protocol reserves converted to ETH and staked — transforming idle treasury capital into compounding onchain yield via consensus-layer rewards.
Precedent: Bitmine
DeFi LPing
Liquidity provision for yield
Supplying USDC and/or ozWTI to DeFi lending and borrowing protocols — generating yield on otherwise idle reserves deployed as liquidity.
Precedent: Morpho · Aave
Özel
18
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.
Özel
19
Team 
FOUNDER & CEO
Carlos Machado
Github ↗
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 2nd 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 ↗
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
ÖZEL
20
Vision
I
De Facto Platform
Become the primary platform for onchain exposure to commodities — oil, natural gas, gasoline, agriculture, precious metals.
II
Multi-Primitive Ecosystem
Deploy multiple multi-billion-dollar markets across different DeFi primitives including AMMs and lending pools.
III
Minimal Human Overhead
Operate with the least amount of people. If possible, only one full-time human employee supervising the entire platform operation.
IV
TradFi Integration
Position Özel tokens as the most composable way for traditional finance to access commodities.
ÖZEL
21
Roadmap
Phase I
— Upon Investment
Immediate Priorities
All points addressed 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 environments on AWS, GCP & Azure
AI Agents
Accelerated Development
BRO
Polish for autonomous infra monitoring
Incident Mgmt
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 & uptime secured — scale begins
Seek partnerships with major crypto players for distribution
Kraken, Coinbase, Robinhood, Binance, Aave, Morpho
A compelling proposition:
– No tokenized commodities market exists.
– Access to the allowlist to arbitrage the market.
Seek 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
Özel
22
Pre-Seed Round
Tier 1
$2M · $10M Valuation
1-year runway
No Cost · $900k
$500k Uniswap liquidity
$200k Morpho liquidity
$200k internal pools
One-Time · $390k
$150k smart contract audits
$100k cloud-sec audit
$40k Kazakhstan license
$100k Bermuda license
Recurring · $688k
$140k engineer
$120k CEO salary
$144k prod clusters (GCP/AWS/Azure)
$9k dev cluster (GCP)
$175k compliance
$100k misc expenses
Total Tier
$1.978M
Note
A simulation of 0.075% captured volume produced an annualized net profit of $2,869,237.29.
Tier 2
$3.6M · $15M Valuation
2-year runway
No Cost · $1.8M
$1M Uniswap liquidity
$400k Morpho liquidity
$400k internal pools
One-Time · $490k
$150k smart contract audits
$100k cloud-sec audit
$40k Kazakhstan license
$100k Bermuda license
$100k MiFID II (Europe)
Recurring · $1.376M
$280k two engineers (2 yrs)
$240k CEO salary (2 yrs)
$288k prod clusters (2 yrs)
$18k dev cluster (2 yrs)
$350k compliance (2 yrs)
$200k misc (2 yrs)
Total Tier
$3.666M
Note
A simulation of 0.09% captured volume produced an annualized net profit of $4,601,500.88.
Özel tokens are an infinitely better technological, financial and economic product in all TradFi and DeFi. So the question is:
Can a BETTER product capture less than 0.1% of the oil volume of just one market?
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."
Genius hits a target no one else can see."
Arthur Schopenhauer
German Philosopher
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.
combining the efficiency of AI, the composability of DeFi, and the massive opportunity of tokenized commodities.
Join Us in Transforming Financial Markets