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For exchanges, VASPs and Licensed Distributors: how to read a LEXI credential
A LEXI credential is a licensed lawyer's co-signed legal opinion, recorded on Base so the parties it names can check it in one call. This page is the relier's side: what it is and is not, the three-step check, what reading costs, who signs, and where it runs today. V0 runs on Base Sepolia testnet.
LEXI is not a law firm and gives no legal advice. A credential is not a licence, a registration, or an approval by any regulator.
LEXI has not issued a token and is not a listing agent. If you are an exchange, you are a relier: here is how a credential is read.
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The credential
What you are reading, and what you are not.
A LEXI credential is a co-signed legal opinion committed on-chain. It records who signed, for which jurisdiction, as of which date, until when, under which governing law and for whom, and it binds the opinion's scope and text with two hashes. It is not a licence, a registration, or an approval by any regulator.
LEXI never sits in the listing decision; it tells you what the opinion covers, who signed it and whether it is still live. Compliance officers and listing teams read credentials; they never sign them. The opinion belongs to the licensed lawyer who co-signed it, its body stays off-chain and encrypted, and reading the public on-chain metadata is free.
Some listing teams require an opinion in writing; most run an internal legal review and keep a file. A PDF in that file cannot tell you whether the opinion is still current, whether the documents changed after signing, or whether your entity may rely on it. The credential records those three facts as a status, two hash commitments and a named-relier list. What listing pages publish is in the briefing how exchanges verify a token legal opinion.
- Not a licence, a registration, or an approval by any regulator. LEXI is not licensed or endorsed by VARA.
- Not a listing signal. Whether an asset should be listed stays your decision.
- Not a compliance score. Nothing on-chain rates the asset; the record holds the opinion's hashes and its status.
- Not transferable. The token standard is undecided, so none is named here.
Their README says the attestations should not be relied upon for any legal, compliance, or contractual purpose
.
Names the parties that may rely on it, carries a licensed lawyer's signature, and expires.
Fig. 01 Two different jobs on the same chain. The Coinbase sentence is quoted from the coinbase/verifications README.
Your file, on the credential
What your file asks for today, and where it sits.
A compliance file already asks for most of what the credential records. Each item becomes a field you read without calling the firm.
| What your file asks for today | Where it sits on the credential |
|---|---|
| A named signing lawyer and firm | Signatory and firm ID, public on-chain. Check the licence with the issuing bar or register. |
| An issue date | As-of date, on-chain, with an expiry beside it. The opinion speaks as of that date. |
| Signed and dated, on letterhead | The licensed lawyer's co-signature, with the on-chain hash commitments standing behind it. |
| The document version annexed | Scope hash: a commitment to the document set the opinion covers, and an opinion hash for the text. |
| No edits after signing | Nothing is edited after signing. A refreshed opinion is a re-issue with its own credential; the old one expires or is revoked. |
| Authorisation to rely | Reliance mode (Open or Selective) and a reliance record once your entity accepts the terms. |
The three-step check
Read a credential in three steps.
One call against the credential record. Each step reads one on-chain field; the glossary defines the check in full.
Status is Live, not Expired or Revoked.
As-of date, expiry and revocation are on-chain.Does it still speak as of a date I accept?
The scope and opinion hashes match the documents you hold.
Hash the PDF and the scope text and compare them with the on-chain commitments.Is this the document the lawyer signed?
Your entity is a named relier and has accepted the reliance terms.
The credential names who may rely on it; the reliance record shows you accepted the terms.Am I expressly authorised to rely?
Live means unexpired and unrevoked, not that the opinion is a current legal conclusion; the as-of date and the regulator events after it tell you that. The specimen and the verify page, as designed, are on the credential page.
Reliance access is the relier side of LEXI's credential infrastructure. Reading a credential's public on-chain metadata is free. Reliance access, the gated opinion body plus an on-chain reliance record, is a fixed USDC fee. One credential records one cleared jurisdiction, and clearing a jurisdiction means obtaining a co-signed legal opinion covering it. Price points publish at mainnet. V0 runs on Base Sepolia testnet.
- Reading public on-chain metadata
- free
- Reliance access: the gated body plus an on-chain reliance record
- fixed USDC fee
- Credential issuance, paid by the protocol
- USDC, per credential
- One credential
- one cleared jurisdiction
- Holding $LEXI
- never required
Who signs, and where it runs
A licensed lawyer signs. VARA runs on testnet today.
Who signs
One assigned licensed lawyer co-signs each credential: they review the LEXI engine's work product, run their own diligence and sign with a USD-pegged stake of about $5,000 in $LEXI behind the signature. No AI signs anything. Compliance officers at reliers read credentials; they do not sign them. What a co-signer takes on: for legal professionals.
Where it runs today
[On testnet] V0 records credentials for VARA (Dubai) on Base Sepolia, Base's public testnet. Nothing is on mainnet; mainnet is targeted post-audit, Q4 2026, and no testnet credential is one to rely on. The regulator page: VARA compliance (Dubai).
What is next
[In development] V1, next up: the EU (MiCA) and India (FIU-IND), so one opinion can span several jurisdictions. US coverage is on the roadmap. Dated entries sit in the build log; the roadmap describes intent, not a commitment to any feature by any date.
A worked relier
The Licensed Distributor, under VARA's Broker-Dealer Services Rulebook.
A Licensed Distributor is a VASP that VARA has licensed to carry out Broker-Dealer Services. Part IV of the Broker-Dealer Services Rulebook makes it satisfy itself about an asset before distributing it, keep its due diligence current, and redo and resubmit that diligence on a material change, through a fifteen Working Day Submission Period that is never a VARA approval. VARA asks for no legal opinion in that package; it asks for a third-party smart-contract audit.
What VARA does ask for is a file that stays current, and a dated opinion with a status fits that file: the as-of date says when the opinion spoke, the expiry and status say whether it still stands, and a material change means a re-issue, never an edit. A LEXI credential does not satisfy any VARA rule and is not a VARA approval. It is one dated, checkable item in a file that has to stay current.
- Rule IV.B.1
- Satisfy itself "beyond all reasonable doubt" before distributing a virtual asset.
- Rule IV.D.2
- A fifteen Working Day Submission Period for the distributor's submission to VARA.
- Rule IV.D.7
- Nothing in the submission process is a VARA approval of the asset.
- Rule IV.E.1
- Due diligence kept "up-to-date and accurate at all times".
- Rule IV.E.3
- Redo and resubmit the due diligence on a material change.
- Part VIII, Market Conduct
- Every VARA-licensed VASP publishes its own virtual-asset standards, keeps diligence records for eight years, and tells VARA when an asset no longer meets them.
- Source
- VARA Broker-Dealer Services Rulebook, Part IV (opens in a new tab) and the Market Conduct Rulebook, Part VIII (opens in a new tab), both in the versions dated 19 May 2025.
Fig. 02 Rule references are LEXI's summary of the published rulebook text, not legal advice. LEXI is not licensed or endorsed by VARA.
Design-partner reliers
Read test credentials with us, before mainnet.
An expression of interest, open to exchanges, VASPs, launchpads and Licensed Distributors. Nothing is signed and nothing is paid.
The shape
Non-paying, and VARA first. Everything runs on Base Sepolia testnet, for a fixed term. Mainnet is targeted post-audit, Q4 2026.
The people
A named compliance contact and one technical contact on each side, and a fortnightly 30-minute call with the founders.
The work
You read test credentials with the three-step check and tell us where the verify page and the reliance-terms wording fail your file. No reliance on any testnet credential.
Verified channels
Official channels only.
Every exchange we studied keeps an official verification page and ignores unsolicited intermediaries. LEXI's only channels are lexiprotocol.com, x.com/LEXIprotocol, linkedin.com/company/lexi-protocol and info@lexiprotocol.com. Nobody approaches an exchange on LEXI's behalf; the impostor-token notice is on the $LEXI documentation page.
Questions
What listing and compliance teams ask first.
Does reading a LEXI credential cost an exchange anything?
No. Reading the public on-chain metadata is free for anyone. Reliance access, meaning the gated opinion body plus an on-chain reliance record, is a fixed USDC fee paid by the relier. Price points publish at mainnet. Holding $LEXI is never required.
Is LEXI a listing agent, and is there a $LEXI token to list?
No on both counts. LEXI has not issued a token and is not a listing agent. Any token trading under the names LEXI, Lexi, LEXI Protocol or LexiAI, on any chain, is not issued by LEXI Protocol and has no connection to it. If you are an exchange, you are a relier: this page shows how a credential is read.
Can a listing team rely on a credential recorded on Base Sepolia testnet?
No. V0 runs on Base Sepolia testnet and nothing is on mainnet. Testnet credentials exist so that design-partner reliers can test the three-step check and the reliance-terms wording; none of them is a credential to rely on. Mainnet is targeted post-audit, Q4 2026.
Does a LEXI credential mean a regulator has approved the asset?
No. A LEXI credential is a co-signed legal opinion committed on-chain. It is not a licence, a registration, or an approval by any regulator, and LEXI is not licensed or endorsed by VARA. A status of Live means the credential is unexpired and unrevoked; it does not mean the opinion is a current legal conclusion. The as-of date and the regulator events after it tell you that.
The trust layer for institutional Web3.
Tell us which credentials you would read. V0 runs on Base Sepolia testnet; mainnet is targeted post-audit, Q4 2026.