Howey: Common Enterprise

2. Common Enterprise

• Independent Smart Contracts: Each synthetic asset issuance is independent and governed by a distinct smart contract owned and controlled by the individual user.

• No Interdependence: There is no pooling of funds or interdependence among users. The outcome of one user's position does not affect another's.

• Decentralization: The decentralized and individualized nature of the contracts prevents the formation of a common enterprise.

By ensuring that users operate independently without shared profits or losses, AionicDAO's system does not constitute a "common enterprise," thereby not meeting this criterion of the Howey Test.