Howey: Profits Derived from Others

4. Profits Derived from the Efforts of Others

• Immutable Smart Contracts: Once issued, the smart contract governing the loan is immutable with predefined parameters that cannot be altered by any external party, including AionicDAO.

• User Autonomy: Users retain full control over their positions, making independent decisions without reliance on external parties.

• Market-Driven Outcomes: Profits or losses result solely from the user's actions and market movements, not from the efforts of AionicDAO or other participants.

By ensuring that any potential gains are derived from the user's own efforts and decisions, and not from the managerial or entrepreneurial efforts of others, AionicDAO addresses the final criterion of the Howey Test.