What is Sapien?

Sapien is a decentralized, non-custodial protocol designed to transform human knowledge into verified training data for artificial intelligence systems. Built on Base, an Ethereum Layer 2 network, it enables a global network of contributors to generate and validate high-quality data used to train AI models. The protocol operates as a decentralized data marketplace, connecting enterprises that require reliable training data with contributors who perform tasks such as labeling, annotating, and validating datasets.

What is SAPIEN?

The native token of the protocol, SAPIEN, operates on the Base network. SAPIEN serves as the governance and utility token of the Sapien ecosystem, enabling holders to participate in governance and contribute to a decentralized network for AI training and data labeling. It supports core functions, including staking through the SapienVault, token locking mechanisms that help ensure data integrity, and use as collateral for project participation, while also underpinning the protocol's reward system for contributors and validators. The token has a total supply of 1 billion units, with approximately 250 million SAPIEN in circulation at the time of this publication.

Risk Statement

Before trading any crypto assets it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

No securities regulatory authority or regulator in Canada has evaluated or endorsed the Crypto Contracts or any of the crypto assets made available through the platform.

Wealthsimple has performed an assessment of whether SAPIEN can be supported by Wealthsimple's platform, including whether SAPIEN is a security and/or a derivative and is being offered in compliance with securities and derivatives laws.

We evaluated SAPIEN based on publicly available information, including (but not limited to):

• The creation, governance, usage and design of SAPIEN, including the source code, security and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that first created SAPIEN;
• The supply, demand, maturity, utility and liquidity of SAPIEN;
• Material technical risks associated with SAPIEN, including any code defects, security breaches and other threats concerning SAPIEN and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them;
• Legal and regulatory risks associated with SAPIEN, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of SAPIEN; and
• Statements made by regulators or securities regulatory authorities in Canada and other jurisdictions regarding whether SAPIEN, or generally about whether the type of crypto asset, is a security and/or a derivative.

Wealthsimple monitors ongoing developments related to crypto assets available on its platform for significant changes that may affect Wealthsimple's original assessment of those assets, including Wealthsimple's assessment of the application of securities and derivatives laws. Any significant changes relating to SAPIEN may result in changes to this Crypto Asset Statement and/or Wealthsimple's ability to support SAPIEN.

Like all other crypto assets, there are some general risks to investing in SAPIEN. These include short history risk, volatility risk, liquidity risk, demand risk, forking risk, cryptography risk, regulatory risk, concentration risk, electronic trading risk and cyber security risk. Please review the Wealthsimple Crypto Product Risk Disclosure for additional discussion of general risks associated with the crypto assets made available through the platform.

We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading SAPIEN. Investors should perform their own assessment to determine the appropriate level of risk for their personal circumstances.

Wealthsimple is offering Crypto Contracts in reliance on a prospectus exemption contained in the exemptive relief decision Re Wealthsimple Investments Inc. dated December 18, 2023 (the Decision).

The statutory rights of action for damages and rescission in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under securities legislation of other jurisdictions of Canada, do not apply in respect of this Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.

Last Updated: May 11, 2026