Virtuals Protocol

ACP can register a provider, record a job, hold payment in escrow and release it after signed evaluation. Separately, AgentFactory can mint registry, token, DAO and token-bound-account objects. None of that guarantees the developer keeps a model online or that the ERC-20 holder owns its weights, brand or outputs.

The September 2025 terms sharpen the split. Launchpad projects are third parties responsible for their own IP, while users grant Virtuals a broad, perpetual license over agents and source data derived from their inputs. “Co-ownership” therefore needs a contract-specific definition; it cannot be inferred from the ticker.

The current launch menu does not promise one universal distribution. Pegasus sends 95% to LP and 5% to airdrops. Unicorn opens 25% to the team and 25% to automated capital formation, leaving 45% for LP and 5% for airdrops. Titan lets an established team define tokenomics and skip the curve.

For Pegasus and Unicorn, 1,000 VIRTUAL opens the launch and 42,000 VIRTUAL completes the curve. The tax begins at 99% and decays to 1% over 98 minutes. Those parameters shape entry and liquidity; they do not make VIRTUAL holders beneficiaries of the launched company.

The Genesis page describes a different contest. For 24 hours, points set relative allocation and VIRTUAL commitments fill a 21,000, 42,000 or 100,000 tier. Seven percent goes to the presale and 6% to liquidity, while 2% goes to veVIRTUAL holders and 85% stays with developer, treasury and marketing.

That 85% is the important ownership boundary. A participant can receive a tradable token while most supply and the operational agent remain with project-side wallets and people. Unused commitments may be refunded; a token allocation is still not an assignment of code, brand or corporate equity.

The token-distribution page states a published allocation of 1 billion VIRTUAL: 60% public, 5% liquidity and 35% ecosystem treasury. It describes all tokens as fully unlocked and vested, but treasury use still requires governance approval and is subject to a stated annual emission ceiling of 10% for three years. This review could not confirm the denominator of that 10% from an accessible source, so it does not convert the percentage into a token amount. Locking VIRTUAL creates veVIRTUAL voting power; a liquid balance alone does not submit or vote on proposals.

VIRTUAL remains the pair and launch input in current tokenization pages. But ACP’s changelog says service prices and actual payments changed to USDC on August 12, 2025. The older claim that every inference is paid in VIRTUAL is therefore not a safe description of the whole current product.

Public code marks the factory and several registries or reward modules upgradeable. AgentFactoryV6 lets its default administrator change implementations, the vault, router, delegatee, token administrator and recipient of trading-tax proceeds, and pause launches. The documentation linked from the 2025 Code4rena report described separate multisignature wallets, giving Fireblocks as an example, and stated that execution required at least two of three approvals. That audit-era description does not establish the actual number of signing addresses or people. The audit reported six high-severity findings in the code it reviewed.

Governance can set direction, but authorized multisig signers and proxy administrators carry out changes. The reviewed materials contain newer launch and ACP payment rules alongside older pages. They did not let this review identify current role assignments across every deployed chain from a single canonical registry. That is a limit of this review, not a finding that no registry exists or that those roles have been renounced.

The Base VIRTUAL token itself currently reports a zero owner through its owner() read method, while the published source retains a capped owner-only mint function. That observation narrows control over this deployment but does not renounce roles in separate factories, bridges, tax modules or proxies.