Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 132

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 132
---
) as a DLT provider for execution and custody services                      | New York, NY      | Gibraltar Financial Services Commission |
| Kraken              | Kraken is the product name of the Payward Inc, a United States–based cryptocurrency exchange, founded in 2011                                                                                                                                 | San Francisco, CA | FinCen MSB                              |

To be considered eligible for designation
as a “Core Exchange” and be considered an eligible pricing data source, according to the criteria set forth in the
Benchmark methodology, an exchange should, at minimum:

| ● | Include strong forking controls. |

| ● | Have effective AML controls. |

| ● | Have a reliable and transparent API that provides real-time and historical trading data. |

| ● | Charge fees for trading and structure trading incentives that do not interfere with the forces of supply and demand. |

| ● | Be licensed by a public independent governing body. |

| ● | Include surveillance for manipulative trading practices and erroneous transactions. |

| ● | Provide evidence of a robust IT infrastructure. |

| ● | Demonstrate active capacity management. |

| ● | Evidence cooperation with regulators / law enforcement. |

| ● | Have a minimum market representation for trading volume. The market size of an exchange is computed by summing the USD volume 
 of all eligible “digital asset”-“USD” pairs for the month of August each year. Exchanges with less than                       
 0.05% of the total volume in eligible exchanges are eliminated.                                                               |

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If an exchange meets these standards, the
CIOC will conduct further diligence to assess an exchange’s eligibility for designation as a Core Exchange. In the process
of conducting diligence of the exchanges, the CIOC will consider additional criteria, including, but not limited to, the exchange’s
rules for admitting digital assets, its organizational and ownership structure, security history, and reputation. Nasdaq will review
new Core Exchange candidates throughout the year and announce any new additions when approved. The list of existing Core Exchanges
will be recertified by the CIOC at minimum on an annual basis. Changes to the list of Core Exchanges may be made by approval of
the CIOC and announced accordingly in the case of exceptional events or in order to maintain the integrity of the Index. The CIOC
shall apply contingency measures in the event of the absence of or insufficient inputs for designation of Core Exchanges.

The table below lists the Core Exchanges
that contribute transaction data to the Benchmark