Independent pre-tokenization decision support

Turn tokenization ideas into a structured verdict.

Before you tokenize, assess whether you should — and how. TVAC is an independent, formula-first value-add assessment engine that evaluates whether a specific tokenization design creates net added value compared with conventional alternatives before you commit to legal structuring, platform selection, vendor engagement or implementation spend. It is designed for both capital-raising and non-capital-raising cases — including funds, financial-institution use cases, asset-owner projects, operational tokenization, custody, settlement and lifecycle structures.

TVAC is an independent, formula-first assessment that helps you decide whether tokenization actually creates added value — in minutes, not months. You get a structured report that makes costs, risks, and value transparent before you spend time and money.

  • Weeks → minutes — a structured assessment instead of months of workshops.
  • Avoid costly dead ends — spot weak cases before legal, technical, and advisory spend.
  • Structured output — a shareable report with explicit rationale and assumptions.
Independent by design Formula-first methodology Yield-neutral by design Capital-raise + non-capital-raise cases Before platform selection Case-specific output Reports in 6 languages
Sample evaluation snapshot
Overall value-add score
3.5
Tokenization Value Verdict: Conditional Go
Input completeness: 95%
Factor breakdown
New Opportunities
6.5
Cost Savings
4.0
Risk Reduction
4.5
Tokenization Costs
6.0
New Risks
5.5
Built on the formula: (New Opportunities + Cost Savings + Risk Reduction) − (Tokenization Costs + New Risks).
The output is structured for internal sharing: factor logic, explicit assumptions, and concrete levers to improve the score.

Analytical discipline

Three questions. One clear focus.

Tokenization projects are often promoted through attractive asset stories, projected returns, or market narratives. TVAC keeps the analysis disciplined by separating the appeal of the underlying asset from the specific value created by tokenization.

Is the asset attractive?

TVAC does not decide this. A compelling asset story can make a project interesting, but it does not prove that tokenization adds value.

Are projected returns and risks credible?

TVAC does not validate yield, coupon payments, valuations, credit quality, cash-flow projections, legal enforceability, tax treatment, or investor suitability.

Does tokenization add genuine value?

This is what TVAC evaluates: new opportunities, cost savings, risk reduction, tokenization costs, and new risks compared with conventional alternatives.

Verdict interpretation

A TVAC Viable verdict means that tokenization appears to create net added value under the stated assumptions. It does not mean that the investment is sound, the yield is realistic, the issuer is creditworthy, or the instrument is suitable for investors.

Guided tour

A product tour of a real 9,000+‑word TVAC report

Instead of a fragile “mini-evaluation” widget, this is a visual, step-by-step tour through a concrete tokenization case report — showing the structure, the five-factor logic, the assumptions, and how the analysis becomes case-specific (not a generic LLM prompt response).

Who it’s for

Built for professional tokenization stakeholders

For teams that must be credible, conservative, and execution-oriented — and need a repeatable way to qualify real projects.

Issuers & Asset Owners

Determine whether a specific tokenization project creates net added value — and what must be in place before proceeding.

  • Early Go/No‑Go clarity
  • Clear “conditions to proceed”
  • Design levers that improve viability

Advisors & Service Providers

Qualify inbound requests, clarify scope, and accelerate onboarding across legal, technical, and operational workstreams.

  • Standardized case qualification
  • Faster discovery of constraints
  • Sharper scope for experts

Asset Managers, Banks & Financial Institutions

Use a consistent decision basis and comparable outputs across a tokenization pipeline — internally or when servicing clients.

  • Consistency across deal flow
  • Governance‑friendly documentation
  • Comparable scoring across cases

Why TVAC is different

Independent, formula-first tokenization assessment

TVAC is not built as a platform funnel, a readiness score, or a way to push projects toward tokenization by default. It is an independent decision-support tool designed to assess whether tokenization genuinely improves a specific case compared with conventional alternatives.

Independent by design

TVAC is not an issuance platform and does not depend on selling implementation services. It can recommend moving forward, changing the structure — or not tokenizing at all.

Formula-first methodology

Asset tokenization is still a young, fragmented and often overhyped market. TVAC therefore does not rely solely on available market data, vendor experience or generic industry assumptions. It starts with a clear added-value formula and evaluates whether tokenization creates genuine net benefit in the specific case.

Beyond capital raises

TVAC is not limited to STO-style capital-raising projects. It can assess tokenization cases involving financial institutions, funds, asset owners, private markets, custody, settlement, lifecycle design and operational use cases — including cases where no capital raise is involved.

The model

TVAC is built on a fixed added value formula

TVAC is built from the formula outward. Because asset tokenization is still a young, fragmented and often overhyped market, TVAC does not treat available market data, vendor experience or anecdotal industry patterns as sufficient proof of viability. Instead, every assessment starts with a fixed added-value formula and asks whether tokenization creates genuine net benefit compared with conventional alternatives. The assessment is anchored in structured input parameters such as jurisdictions, investor scope, disclosure, custody, settlement, venue and transfer restrictions — so results do not depend on ad hoc judgment, but on a consistent method where you can see exactly which design choices drive the outcome.

What the five factors capture

  • New Opportunities: distribution, liquidity pathways, new investor access, programmability.
  • Cost Savings: operational efficiency, automation, simpler processes over time.
  • Risk Reduction: improved controls, transparency, settlement/counterparty improvements (when real).
  • Tokenization Costs: build/integration, legal/compliance work, vendor/platform dependencies.
  • New Risks: regulatory friction, governance complexity, tech/custody risks, operational attack surface.
Core formula
Added Value = (New Opportunities + Cost Savings + Risk Reduction) – (Tokenization Costs + New Risks)

Under uncertainty, TVAC scores conservatively and makes assumptions explicit — so genuinely different assumptions can be compared in a controlled way when Scenario Lab is relevant.

How it works

A conservative workflow in four steps

Designed to be useful early — before heavy legal/vendor work begins — and structured so stakeholders can trust the logic.

Step 1

Describe the case

Asset, jurisdictions, investor scope, liquidity plan, custody model, constraints, and objectives.

Step 2

TVAC evaluates added value

Scores the case on five factors and applies the formula: (NO + CS + RR) − (TC + NR).

Step 3

You get a verdict + a deep report

A structured, case-specific report (30+ pages, ~9,000 words) with rationale, assumptions, blockers and levers.

Step 4

Optional: compare controlled alternatives

When a case has genuinely different structures or assumptions, Scenario Lab can compare the completed report as Scenario A — the baseline — with up to two controlled alternatives.

Optional scenario comparison

Scenario Lab compares controlled alternatives — without turning the report into live optimization.

For many cases, one Deep Assessment is enough. Scenario Lab is an optional add-on for cases where the team needs to compare genuinely different tokenization assumptions under the same TVAC methodology.

Baseline anchored

The completed TVAC report becomes Scenario A — the baseline, so the comparison starts from the exact assessment already produced.

Controlled alternatives

Scenario B and Scenario C can test carefully defined alternative assumption sets, such as instrument structure, custody, venue, settlement, investor scope, or jurisdictions.

Comparison output

The result is a Scenario Lab workspace and comparison report showing how verdicts, factor scores, risks, and validation gates move relative to the baseline.

Boundary

Scenario Lab is a controlled comparison view. It is not live optimization, legal structuring, regulatory approval, investment analysis, technical design, implementation advice, or a recommendation to proceed. It is most relevant when there are genuinely different structures or assumptions to compare.

Behind the scenes

How TVAC turns your inputs into a structured report

TVAC is not a “single prompt.” It is a structured workflow that validates inputs, applies a fixed methodology, and assembles a consistent, board-ready report layout.

Process overview (high level)

  • You describe the case in free text and answer structured questions.
  • The app validates inputs and packages them into a single case payload.
  • On “Generate report,” the payload is sent securely to the TVAC backend (API).
  • The backend applies TVAC’s fixed methodology: Added Value formula, criteria, and report structure.
  • A tightly structured request (with strict format and evaluation rules) is sent via API to an AI model.
  • The model returns a structured analysis: verdict, rationale, factor breakdown, risks, recommendations.
  • TVAC parses, consolidates, and sanity-checks the output against required sections and consistency rules.
  • Results are normalized into a report-ready structure (chapters, tables, visuals).
  • The API returns the full report content/data to your browser.
  • The UI renders the final report and supports print-to-PDF.
  • You describe the case in free text and answer structured questions.
  • The app validates inputs and packages them into a single case payload.
  • The payload is processed by the TVAC backend using a fixed methodology and strict evaluation rules (including an AI model step).
  • TVAC consolidates and sanity-checks the results, then returns a board-ready report you can print to PDF.

Important: TVAC does not publish raw model output. The model is constrained by TVAC’s methodology and required structure, and the results are checked and normalized before rendering.

Why this matters

  • Method-governed: outputs follow a fixed framework, criteria, and required sections—not ad hoc generation.
  • Consistency: comparable outputs across cases (same structure, same factor logic).
  • Explainability: reasoning is tied to your inputs, explicit assumptions, and the Added Value formula.
  • Conservative checks: missing or contradictory inputs are handled cautiously.

Note: Please avoid submitting sensitive personal data or highly confidential details.

Product proof

Not just a verdict — a concrete, case-specific report

TVAC produces structured output you can share internally: factor logic, explicit assumptions, risk focus, and clear next steps. Tap the screenshot to view the full report structure (Table of Contents).

Structured clarity for risk-averse stakeholders

TVAC is designed for fintech/legal/institutional environments where trust comes from structure and transparency.

  • Fixed five-factor scoring manual + clear verdict logic
  • Explicit assumptions and missing inputs
  • Concrete recommendations to improve added value
  • Shareable output for stakeholder alignment

Want the technical note?

Download the Methodology & Calibration PDF (v1.2).

If the download link fails due to filename differences, ensure the PDF exists as /tvac-methodology-v1.2.pdf in repo root.

Launch pricing

Start with one report, add Scenario Lab when relevant, or go Pro

Choose the format that fits your workflow: one-off assessment, optional report-based scenario comparison, or subscription access for repeated professional use.

Launch pricing. Early access pricing currently applies while TVAC is being rolled out commercially. Pricing may be adjusted as the platform evolves and additional capabilities are introduced.

One-off deep assessment report

€495
per report (launch price, ex. VAT)

A full, structured report: verdict, factor scores, rationale, blockers, levers, and practical next steps — typically 30+ pages (~9,000 words) depending on case complexity.

Reports are currently available in English, Spanish, French, German, Simplified Chinese and Danish.

After a completed report, Scenario Lab can be added when you need a controlled comparison of alternative assumptions.

  • Structured verdict and reasoning
  • Case-specific recommendations to improve added value
  • Risk register + mitigation focus (where relevant)
  • Stakeholder alignment (“who pays vs who benefits”)
  • What-if options (how to improve the score)

Scenario Lab add-on

€495
per baseline report add-on (launch price, ex. VAT)

Compare a completed TVAC report with up to two controlled alternative assumption sets.

Scenario Lab is available after a Deep Assessment has been completed. The completed report becomes Scenario A — the baseline; Scenario B and Scenario C can then test genuinely different assumptions under the same TVAC methodology.

  • Uses the completed report as Scenario A — the baseline
  • Up to two controlled alternative scenarios
  • One controlled replacement per alternative scenario
  • Comparison workspace + Scenario Lab comparison report
  • Not live optimization, not structuring advice, and not a recommendation to proceed

For a single project, total launch pricing is currently €990 ex. VAT if you buy both the Deep Assessment and the Scenario Lab add-on. TVAC Pro subscribers get Scenario Lab access during the active subscription period.

TVAC Pro (subscription)

For platforms, advisors and teams evaluating multiple cases monthly.

  • Recurring access during subscription period (fair-use)
  • Scenario Lab access during active subscription period
  • Consistent evaluation framework across cases
  • Best for pipelines, screening and structured advisory

12-month Pro: €325/month equivalent. 6-month Pro: €400/month equivalent.

Partner, advisor or institutional use? Use TVAC with clients ¡ Discuss partner access ¡ Discuss institutional pilot

Trust & confidentiality

TVAC is designed for early-stage decision support. Users should avoid unnecessary sensitive personal data and avoid submitting confidential commercial details unless they are comfortable doing so under the applicable terms. Customer case data should not be shared with partners, investors or external parties without explicit permission. Any future benchmarking or aggregated market insights should be based only on properly disclosed and legally permitted use of data.

Where TVAC fits

A smarter first step before heavy advisory spend

Before committing to legal structuring, vendor selection, technical scoping, or external advisory work, many teams first need a structured view of whether the tokenization case actually appears worth pursuing.

TVAC is designed exactly for that stage. In minutes, TVAC produces a structured, case-specific feasibility report with explicit assumptions, factor-by-factor logic, and a clear verdict.

This allows teams to identify weak cases early, refine stronger ones, and enter any later legal, technical, or consulting process better prepared.

TVAC is not a replacement for specialist advisors. It is a faster and more efficient first filter — ensuring deeper advisory work begins only when the case already appears structurally credible.

For platforms and service providers, TVAC does not replace your own qualification process, onboarding, legal review or platform-specific assessment. It helps potential clients clarify their assumptions, identify weak cases early and enter your commercial pipeline better prepared.

FAQ

Frequently asked questions

Clear, neutral answers—so you can decide if TVAC fits your use case.

What is TVAC?

TVAC (Tokenization Value‑Add Calculator) is an informational decision‑support tool. It helps you evaluate whether a specific tokenization design is likely to create net added value versus a conventional structure—and it produces a structured, shareable report.

What does TVAC help you do?

TVAC helps you make trade‑offs explicit early—before you spend significant time and money on structuring, legal work, vendor selection, or procurement.

You get a clear verdict, a factor‑by‑factor rationale, explicit assumptions, and concrete design levers you can use to improve feasibility and added value.

Who is TVAC for?

TVAC is useful if you are evaluating, designing, or reviewing a tokenization initiative—as an asset owner/issuer, project team, investment team, legal/compliance function, or service provider.

It is especially helpful when multiple stakeholders need a shared, structured basis for discussion.

How does TVAC evaluate “added value”?

TVAC uses a consistent five‑factor model:

Added Value = (New Opportunities + Cost Savings + Risk Reduction) – (Tokenization Costs + New Risks)

Each factor is scored on a 0–10 scale using predefined criteria. TVAC also applies a stakeholder lens (at minimum: Asset Owner, Investor, Service Providers) to highlight who captures upside and who bears costs/risks.

How does TVAC derive the verdict?

The verdict is derived from the Added Value profile and the internal consistency of the design (jurisdictions, investor scope, custody, venue, settlement, disclosure, and operating model).

Typical outcomes are Viable, Conditional Go, or Non-viable — but they are Tokenization Value Verdicts, not investment recommendations, credit assessments, yield validations, or regulatory approvals.

What inputs do you need?

Typically: asset type, jurisdictions, investor scope, legal wrapper, custody and venue assumptions, settlement/cash‑leg approach, distribution thesis, and key constraints.

TVAC also reports an input completeness score and lists missing fields and explicit assumptions—so thin or contradictory inputs are treated more cautiously.

What do you receive in a Deep Assessment?

A Deep Assessment is a board‑ready report (typically 30+ pages) that includes:

  • Executive summary (verdict, key drivers, “conditions to proceed”)
  • Asset‑class & market context
  • Analysis result (assumptions, value pathways, investor segmentation, operational costs, regulatory path, custody/venue fit, risk register)
  • How the assessment was produced + how Added Value is computed
  • Stakeholder added value (who benefits, who pays, who bears risk)
  • Factor breakdown, risk heatmap, and mitigation focus
  • Recommendations, what‑if scenarios, and an indicative implementation roadmap
What is Scenario Lab?

Scenario Lab is an optional add-on to a completed Deep Assessment. It uses the completed report as Scenario A — the baseline and lets you compare up to two controlled alternative assumption sets under the same TVAC methodology.

It is intended for cases where there are genuinely different structures or assumptions to compare — for example investor scope, custody, venue, settlement model, jurisdiction, or instrument structure. It is not live optimization, legal or regulatory advice, technical design, investment analysis, or a recommendation to proceed.

Which languages are TVAC reports available in?

TVAC reports are currently available in English, Spanish, French, German, Simplified Chinese and Danish.

The assessment methodology, scoring logic and verdict structure remain the same across language versions, so localized reports reflect the same underlying TVAC analysis.

How can TVAC evaluate a project without knowing the exact cost of every element?

TVAC does not claim to know every final cost item with absolute precision. That level of detail usually only emerges later, after legal structuring, vendor selection, technical scoping, and implementation planning.

What TVAC does provide is a structured, methodology-based evaluation of whether a project appears likely to generate net added value given the information available. It assesses the case based on its core characteristics, likely opportunity profile, probable cost and risk drivers, and the overall logic of the proposed tokenization model.

In short, TVAC is a decision-support tool for evaluating feasibility and value creation under real-world uncertainty — not a substitute for final budgeting, legal advice, or underwriting.

Is TVAC based on detailed costings from many completed tokenization projects?

No—not in the sense of claiming a giant benchmark database built from the full budgets, invoices, and time sheets of a large number of completed projects.

TVAC is based on a fixed methodology, explicit scoring criteria, and accumulated domain understanding of how tokenization cases typically create opportunities, generate costs, and introduce new risks across different structures and asset types.

The goal is not to pretend that every future project can be priced with accounting-level precision in advance. The goal is to provide a disciplined, transparent, and case-specific feasibility assessment that helps users judge whether a project looks commercially and structurally credible before moving into deeper budgeting and implementation work.

Can you trust the output?

TVAC is designed for consistency and defensibility: fixed factor definitions, calibrated scoring criteria, and transparent reasoning tied to your inputs.

It is also intentionally conservative: when a case sits between verdict bands, the more cautious interpretation is usually chosen.

Does TVAC assess whether an investment is attractive or a yield is realistic?

No. TVAC deliberately separates three different questions: whether the underlying asset is attractive, whether projected returns and risks are credible, and whether tokenization itself adds genuine value compared with conventional alternatives.

TVAC is designed to answer the third question. A high coupon, expected yield, or strong asset narrative is not treated as tokenization value in itself.

Is TVAC legal, tax, investment, or regulatory advice?

No. TVAC provides informational decision‑support only. It does not provide legal, regulatory, financial, investment, tax, credit, yield, valuation, underwriting, or suitability advice. Jurisdiction‑specific matters must always be validated with qualified professionals.

How should you handle confidentiality?

You should avoid entering sensitive personal data or unnecessary confidential commercial details. Use anonymised placeholders where possible, and share only what is necessary to evaluate structure and feasibility.

Customer case data should not be shared with partners, investors or external parties without explicit permission. Any future benchmarking or aggregated market insights should be based only on properly disclosed and legally permitted use of data.

If you have strict procurement or data-handling requirements, treat TVAC as part of a governed workflow and apply your internal controls.

Can lawyers, advisors or platforms use TVAC with clients?

Yes. TVAC can be used as a structured pre-assessment tool for clients considering tokenization. It helps qualify projects earlier, creates a more professional advisory process, and can either be used directly or bundled with specialist advisory services.

TVAC does not replace legal work, platform-specific qualification, onboarding or implementation review. It helps prepare better cases before those processes begin.

Can TVAC help improve a design (not just grade it)?

Yes. The report surfaces the few levers most likely to move the outcome: how to reduce costs/risks, tighten the operating model, and make distribution/liquidity assumptions more credible.

It also includes structured next steps and an indicative roadmap you can use for planning and stakeholder alignment.

About

Built for credibility and commercial use

TVAC is built by Michael Juul Rugaard — author of the book Asset Tokenization (2025) — as a practical evaluation engine for real tokenization decisions. Contact: michael@tvacai.com

Methodology & Calibration

Non-marketing technical note describing the five-factor model, verdict logic, calibration approach, and limitations.