By investing in tokenized plants (Treesury Trees or Tokens), you can invest with as little as $110 instantly, without the need for old-fashioned brokers, high associated fees, or expertise in the sector.

Investments in agriculture are commonly reserved for high-net-worth individuals, agriculture industry specialists, private equity firms or institutional investors who can invest by buying shares in privately owned farming businesses through direct negotiations. Such negotiations take 12 to 18 months to complete and require substantial capital.

Investing in Exchange-Traded Funds (ETF) from publicly listed companies offers a quicker, more accessible route to agriculture investment. These funds are however often diversified, meaning that only a proportion of the portfolio comprises agriculture. The rest will often be made up of other vertically integrated industries creating a detachment from the focus on return from agriculture. Distribution of dividends usually favors large shareholders’ interests rather than the interests of all investors. As a result, profits may be retained for years, restricting all shareholders' ability to receive income sooner.

Historically, hazelnut demand has exceeded supply, and with steady, expected, further growth in demand, market price is expected to continue its positive trend. Such growth is caused not only by the global rise in demand for food, but also because of change in consumer behavior - higher demand for alternative sources of proteins and healthier diet. Unlike other produce the price of hazelnuts does not fluctuate throughout the year. 90% of demand for hazelnuts is generated by the confectionery and bakery industries which also happen to be Treesury’s main buyers.

Hazelnut trees are resistant to adverse weather conditions, pests and diseases, and independent of bees as they are wind pollinated. The long planting season allows flexibility for a longer crowdfunding period. Additionally, shelled hazelnuts can be easily stored for up to two years and losses during transportation are minimal, limiting the risk of stock perishability. The high level of mechanization and automation in hazelnut growing reduces required labor inputs which are 10x to 15x lower compared to apple and blueberry growing, respectively. With a labor shortage in the agriculture sector, lower labor requirements constitute a considerable advantage. Finally, hazelnuts require only a fraction of chemical treatments compared to other crops, i.e., apples require 5x and blueberries 2x the number of chemical treatments.

Nuts also have a negative carbon emissions figure in terms of land use because nut trees are currently replacing croplands; carbon is stored in the trees.

Over the past two decades, from 2002 to 2021, the hazelnut market has shown notable price fluctuations but with a clear positive trend. The recorded prices exhibit a range of values, with peaks and declines that reflect the dynamics of supply and demand in the industry. One significant peak occurred in 2014, which can be attributed to an unfavorable climate in Turkey, the largest hazelnut producer. This resulted in an extremely poor yield, causing a scarcity of hazelnuts and driving prices upward.



While a price correction was anticipated following the peak, the hazelnut market experienced a further decline in 2020. This decline can be attributed to the COVID-19 pandemic and subsequent lockdown measures, which heavily impacted the hospitality and wedding industries. These industries are major consumers of hazelnuts, particularly through the bakery sector. Despite the challenges posed by the pandemic, the price decline during this period was relatively small. Furthermore, the price rebounded in subsequent years, indicating resilience and an encouraging trend for the hazelnut market.

The hazelnut market primarily serves industrial sectors, with approximately 55% of the supply directed towards the confectionery industry, 35% towards the bakery industry, and the remaining 10% for direct consumption. This emphasizes the significant role of hazelnuts in the production of various confectionery and bakery products. In addition to the quantitative deficit, the confectionery industry is often affected by the lack of high-quality hazelnuts, as only the best quality hazelnuts are used in confectionery production.



Turkey holds a dominant position in the global hazelnut market, being the largest producer and processor of hazelnuts. Despite this, only a small percentage of hazelnut farms in Turkey (around 2%) utilize intensive cultivation methods with irrigation systems in place. This dependency on natural conditions makes Turkey's hazelnut production highly susceptible to climate variations and increases volatility in the market. Additionally, being susceptible to climate change, Turkey's hazelnut production also varies drastically in quality.

Apart from Turkey, other notable hazelnut producers include Italy, Chile, USA, Azerbaijan, China, France, and Serbia. However, Turkey's market share ranges from 60% to 70% of the worldwide hazelnut production, highlighting its significant influence in the industry. Additionally, it is worth noting that a considerable portion (~25%) of the global hazelnut supply is consumed by Ferrero, a major confectionery company.

In summary, the hazelnut market has experienced price fluctuations influenced by factors such as climate conditions, pandemic-related disruptions, and the demand from key industries. While Turkey dominates hazelnut production, other countries also contribute to the global supply. Understanding the dynamics of the hazelnut market is crucial for industry stakeholders, enabling them to navigate price volatility and capitalize on opportunities in this essential agricultural commodity.

The hazelnut market is projected to expand significantly, with the global hazelnut market size valued at USD 12.62 billion in 2022. It is expected to grow at a CAGR of 9.14% during the forecast period, reaching USD 21.34 billion by 2028 (Source: marketwatch.com).

Treesury’s Agri Specialists have over 20 years of international experience in hazelnut farming, processing and trade.

The team has a track record of developing over 10,000ha of hazelnut farms, using proprietary farming methodology and technology that leverages artificial intelligence and machine learning for ultimate precision. As a result, they are able to achieve farm yields that are 30 to 50% higher than average, while automated hazelnut farming and harvesting reduces the risk of human error and labor costs, and solves the issue of labor shortage presently encountered in the industry.

Additionally, by forging trusted relationships and leveraging their existing industry network, the Treesury team has managed to secure long term sales contracts for the sale of produce.

Our current offering is marketed in the USA but we welcome investors from all geographies. You should, however, make sure that your country of residence does not impose any legal barriers.

As Treesury complies with the USA sanctions, any investors that are on the sanctions list are not eligible to invest.

You can start from as little as one Treesury Tree. Treesury gives everyone an opportunity to tap into large-scale agricultural projects that were once reserved for large investors only.

Treesury does not limit the number of trees you can purchase, however, seasonal limits may be put in place due to land availability and purchasing procedures, planting capacity, and timing of your purchase. We will do our best to communicate any such limits as soon as we become aware of them.

We accept all major credit cards and wire transfers. If your preferred payment method is not listed, please reach out to us and we will do our best to accommodate your request.

One Treesury Token is equal to one Treesury Tree. Tokenization is only a tool that facilitates our business model.

Farms generate revenues by selling agricultural produce and carbon credits (once they are certified as a carbon credits generator or project developer).

You gain profit sharing rights with every purchased Treesury Tree. The share of profits you receive will be a pro-rata amount of your holding vs the total number of trees on the particular farm.

No, the price of Treesury Trees is not influenced by cryptocurrencies in any way. Treesury Trees are security tokens and are not tied to the fluctuations of cryptocurrencies. Their value is determined by factors specific to the Treesury project and its underlying assets, such as the agricultural production and production of carbon credits. This independence from cryptocurrency fluctuations adds stability and predictability to Treesury tokens, making them an attractive investment option independent from the volatile cryptocurrency market.

Each year, Treesury sets the price for initial offering of Treesury Trees based on a comprehensive evaluation. However, once the tokens enter the secondary market, their value is determined by the principles of supply and demand in the free market. The Treesury Tree derives its worth from the cash flow generated through the economic utilization of the tokenized asset, which is the hazelnut tree.

Several factors can influence the token price, with the primary drivers being the revenues generated from the sale of hazelnut produce and carbon credits, as well as costs associated with the Treesury Tree's farm. Let's explore these factors and how they can affect the token's value:

Hazelnut Market Prices: Fluctuations in hazelnut market prices can have a direct impact on the token value. Higher prices can increase revenues and potentially boost the token price, while lower prices can influence a decrease in the token price.

Carbon Credit Market Prices: Following the same logic as hazelnut market prices, changes in environmental regulations and market demand can cause variations in the value of carbon credits. As carbon credits play a significant role in the token's cash flow, fluctuations in their price can impact the token value.

Adoption of Greenhouse Gas/Carbon Offsetting Schemes: The increasing adoption of greenhouse gas and carbon offsetting schemes can drive the demand for carbon credits. This growing demand has the potential to positively affect the token value. Conversely, slower adoption may have an adverse impact on the tokens.

Regulatory Requirements: Changes in regulations related to environmental sustainability, carbon emissions, or agricultural practices can influence the profitability of the hazelnut farm. Compliance with new regulations may lead to additional costs or operational adjustments, which can subsequently influence the token price. On the other hand, such regulations may significantly impact the demand for carbon offsets and consequently positively affect the price of carbon credits.

Weather Conditions: Despite employing precision agriculture methods, hazelnut production is somewhat susceptible to weather patterns, including temperature, rainfall, and climate conditions. Adverse or favorable weather events can impact crop yield, which in turn affects revenues and ultimately influences the token value. To mitigate this risk, we provide insurance coverage for the yield.

Economic Cycles: Economic cycles can influence consumer demand for hazelnuts and carbon credits, among other products. Different economic effects may lead to either favorable or adverse consequences for the token price, depending on their impact on the token's cash flow.

It's important to note that during the early years of token issuance, early investors benefit from discounts offered by Treesury, which contribute to an initial boost in the token price on the secondary market. Additionally, investors enjoy full payback priority of their initial investment until Treesury starts to share in the profits. However, as the token's lifespan is tied to the economic exploitation of the hazelnut tree (40 years), the price may gradually decline over time.

While we believe in the potential for capital gains due to the projected increase in Treesury Tree prices and the long-term opportunity for passive income through the profit-sharing scheme, it's essential to understand that investing in tokens carries inherent risks. The value of tokens can fluctuate, and past performance is not indicative of future results. Therefore, we strongly encourage investors to carefully evaluate the risks involved and conduct thorough research before making any investment decisions.

Investing in Treesury Trees should be considered with the understanding that token prices can be influenced by a multitude of factors, both internal and external. While we have highlighted some of the key factors that can impact token value, it's important to note that there may be additional elements that can come into play.

At Treesury, we are committed to providing transparency and offering an attractive investment opportunity. However, we cannot guarantee specific outcomes or the precise trajectory of token prices. The token market is subject to market forces and can be influenced by various economic, environmental, and regulatory factors that are beyond our control.

By investing in Treesury Trees, investors have the opportunity to contribute to sustainable practices and participate in the growth of the agroforestry industry while potentially benefiting from capital gains and/or long-term passive income. Nevertheless, we strongly advise investors to consult with financial professionals, conduct their own research, and carefully assess their investment goals and risk tolerance.

Please remember that this information is provided for informational purposes only and should not be considered as financial or investment advice. Each individual's financial situation is unique, and it's important to make investment decisions based on personal circumstances and consultation with qualified professionals.

Together, we can create a greener future while recognizing the inherent uncertainties of the market and making informed investment choices.

* This projection is for a Year 1
The projected token value provided is based on current market analysis, trends, assumptions, and other relevant factors, specifically for the Year 1 - Early Bird Offering token. However, please note that projections are subject to inherent uncertainties and market volatility. The actual value of the tokens may vary and could be higher or lower than the projected value. Investments in tokens involve risks, and past performance is not indicative of future results. We advise investors to conduct their own research and exercise caution when making investment decisions.

Investing in Treesury Trees is an opportunity for both capital growth via value of the Treesury Tree, and annual income through profit share rights. As the trees mature, their value appreciates, allowing investors to sell their rights at a higher price than that of the initial investment. The trees also generate annual income through both harvest profits and carbon credits, further expanding the potential for return. By purchasing a tree at its lowest price point, investors are able to maximize the future growth potential of their tree, allowing for the opportunity to reap a significant return over the long run.

Expected average annual yield rate, calculated over the project lifetime of 40 years is 12% to 15%. Therefore, Treesury could be a well-balanced and environmentally friendly solution for a long-term, recurring, passive income depending on your risk and holding appetite.

All investments carry a degree of risk. Treesury Trees are no exception. Hazelnut trees are resistant to bad weather conditions, hazelnuts are a produce in high demand and agricultural investments show positive historical trends, however, the past is not a guarantee of the future. It is your responsibility to assess risks and any potential impact.

Expected payback period is nine to ten years from planting the tree. Once Treesury becomes a certified carbon credits generator, and as obligatory and voluntary schemes for offsetting greenhouse gas emissions become mainstream, this period may shorten.

Trees need several years to grow and develop properly in order to bear fruit. For hazelnuts, the first harvest is usually possible in year 4. The tree reaches maturity in year 9. From year 9, the tree could produce its maximum yield until year 40, significantly accelerating returns. Read more about potential ROI here.

All Treesury investors have access to the Treesury portal, where they can read reports about our operations, farm activities and analyses from Treesury Agri Specialists. In addition, they can access video footage from our farms or visit them in person.

All in-person visits must be scheduled at least two weeks in advance so they can be coordinated around farm activities. Treesury investors can benefit from special rates at partnering hotels including Hyatt, Crown Plaza, Square 9, Falkensteiner, Saint Ten and Metropol, as well as restaurants, bars, travel agencies and car rentals. For more details and to book a farm visit please contact us.

As Treesury Trees are security tokens, they cannot be refunded. You can, however, sell your Token(s) on the secondary market once Treesury Token is listed, or on the Treesury marketplace once available. One of the main advantages of the Treesury business model over a traditional agricultural investment is the access to a secondary market, which ensures investment liquidity. We aim to provide secondary market trading by H1 2024. Trading restrictions may apply, in accordance with the Securities Act of 1933. You can find more details on the timing on our Roadmap.

There are no additional costs apart from the tree purchase price.

Only once you receive full return of your initial investment, Treesury will start to take a profit share of 50%.

Profits are distributed once per year, pro-rata, based on the number of tokens held and the total number of Treesury Trees planted on any given farm. Because profits are pro-rata, should anything happen to your trees, you will still receive your payouts, and your trees will be replanted.

Following the sale of produce, the payout will be distributed to a bank account of your choosing. You can enter your banking information from your Treesury dashboard.

Payouts are made once a year, following the seasonal harvest. Once harvested, produce is sold to large supply chain buyers, with whom long-term term agreements for the supply of produce have been established. Payouts are based on pro-rata Treesury Tree holdings rather than on the particular tree yield, in order to minimize your risk.

Minimum payout threshold is $100. We introduced this threshold because of administrative and transaction costs.

Yes, you can always opt to reinvest your profits. All reinvestment requests are rounded to a single tree. Any excess value can be paid out to your bank account.

Eventually, payouts will be available for carbon credits sold. Certification of Treesury Trees for carbon credits is underway. As soon as Treesury becomes certified, Treesury investors will be eligible for a portion of profits from the credits sold. More details will be released upon certification.

Nuts are one of the few food produce supply chains that, with regards to carbon output, have not only the lowest land use carbon figure, but also a negative carbon rating, due to the fact that the trees store carbon from the atmosphere.

Though carbon sequestration and carbon credits schemes are in their embryonic stage, the value of carbon sequestration could be worth between $47/ton to $120/ton by 2050 (Source: BloombergNEF), with the mean sequestration of a hazelnut orchard being 68t/ha a year. Data also shows an acceleration in the adoption of carbon credit programs with 1 in 4 organizations actively buying carbon removal solutions (Source: Circular Carbon Network – an Xprize initiative)

Nature-derived carbon credit prices have increased by 173% in 2021 in a global voluntary market valued at $1 billion (Source: S&P Global), with forestry credit transactions representing almost 67% of the total market. The total market size in 2022 is over $2 billion (Source: ClimateTrade).

Learn more using our interactive calculator

Produce Profit is worked out pro-rata per subject farm as follows:

 

Produce Profit=

(farm produce revenue – farm costs) x (# Treesury Trees held on farm)

Total number of Treesury Trees on farm

 

Carbon Credit Profit is worked out based on the sale of carbon credits per subject farm as follows:

 

Carbon Credits Profit =

(Carbon credits revenue – Carbon credit costs) x (# Treesury Trees held on the subject farm)

Total number of Treesury Trees on farm

 

Payout = Produce Profit + Carbon Credits Profit

 

Subject farm revenue from produce sales = Total yield of subject farm x Produce sale price.

Main costs include cost of land, infrastructure and equipment, labor, fertilizers, irrigation, insurance, harvest, processing, storage, transportation, and any other costs incurred to produce and sell the hazelnuts. Customer care is also included.

Costs include membership(s) in carbon credit organization(s) and schemes, relevant certifications and accreditations and related fees, and taxes paid to exchanges or government bodies. Cost of sales of carbon credits and customer care costs are also included.

You are buying a Treesury Tree which is a security token with an incorporated smart contract entitling you to profit sharing rights. Your Treesury Tree Token will be stored in your connected digital asset wallet.

Security Token Offerings (STO) are a digital representation of ownership in assets that work through automation and smart contracts. They combine the regulatory requirements of securities markets with the benefits of blockchain technology, promoting greater liquidity and access to capital.

Blockchain technology, which underpins Treesury's operations, is a key component of Web3, a more advanced and decentralized version of the internet compared to the older Web2.

Web2 is the internet as we know it today, where information is largely centralized and controlled by a few big companies like Google, Facebook, Amazon, etc. In Web2, we depend on these centralized platforms to store our data, provide us with services, and facilitate transactions.

Web3, on the other hand, is built on blockchain technology, which is decentralized and operates on a network of computers, making it more secure and resistant to hacking and fraud. With Web3, users can have more control over their data and can transact directly with each other without the need for intermediaries.

In Treesury's case, using Web3 and blockchain technology allows us to operate a secondary market in a more efficient and secure way, compared to if we were operating solely on Web2. By using blockchain, Treesury can ensure that ownership of assets is transparent, tamper-proof, and can be easily verified. This makes it easier for buyers and sellers to transact, increasing the liquidity of Treesury's trees and making it a more attractive asset for investment.

Validity of the token is 40 years.

A digital asset wallet is a software used to communicate with blockchain networks to safely access, send and receive digital assets. Unlike fiat money (e.g. USD and Euro) digital assets are stored on the blockchain instead of the bank. Digital asset wallets store your private keys, keeping your assets safe and easily accessible. They also allow you to send and receive digital assets. These wallets come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps or websites, which makes using a wallet as easy as shopping with a credit card online.

Digital asset wallets range from simple-to-use applications to more complex solutions. The main types of wallets you can choose from include:

Paper wallets: Keys are written on a physical medium like paper and stored in a safe place. This wallet makes using your digital asset wallet harder because like digital money it can only be used on the internet.

Hardware wallets: Keys are stored in a thumb-drive (USB) device that is kept in a safe place and only connected to a computer when you want to use your wallet.

Online wallets: Keys are stored in a mobile application or website – We recommend ones that are protected by two-factor authentication. These wallets make sending, receiving, and using your wallet as easy as using any online bank account.

We let everyone choose their own wallet. For convenience, we provide a list of a few popular wallets on the market: Ledger, Trezor, Republic, Coinbase, Exodus, Metamask, and ZenGo.

Although Treesury is headquartered in the United States, the first farms and regional headquarters are located in Serbia.

Climate conditions in South East Europe are optimal for hazelnut farming. Farmland is relatively competitive, numerous government subsidies are available, and wages are more competitive than in the US. These cost savings are passed on to tree investors when they purchase their Treesury Tree.

Investing in Serbia is generally considered safe due to several key factors that contribute to a stable and promising investment environment.

Economic Stability: Serbia has shown resilience in its economic performance, maintaining stable GDP growth and fiscal discipline. The country's financial sector is well-regulated and has demonstrated resilience even during global economic challenges.

EU Accession Process: Serbia is in the process of joining the European Union, a significant indicator of its commitment to political and economic reforms. This process drives the implementation of international standards and practices, enhancing transparency and reducing investment risks. Furthermore, this journey opens access to substantial EU pre-accession funds that hold the potential to drive progress and development.

Foreign Direct Investment (FDI): Serbia has attracted notable FDI from various countries, showcasing investor confidence. The government actively promotes foreign investment through incentives such as tax breaks, grants, and streamlined administrative processes.

Strategic Location: Serbia's geographical location is advantageous, positioned at the crossroads of major European markets. This strategic position facilitates trade and provides access to a wide consumer base.

Skilled Workforce: The country has a well-educated workforce, particularly in fields like IT, engineering, and manufacturing. This talent pool contributes to a competitive advantage for industries that require skilled labor.

Infrastructure Development: Serbia has invested in improving its infrastructure, including transportation and energy sectors. This enhances connectivity and lowers operational costs for businesses.

Investor Protections: Serbia offers legal protection for investors, including guarantees against nationalization and expropriation. Bilateral investment treaties provide additional safeguards.

Growing Sectors: Serbia's IT, agriculture, manufacturing and renewable energy sectors are witnessing substantial growth, presenting diverse investment opportunities.

Major US Investments: Prominent US companies like Microsoft, NCR, and Ball Packaging have made significant investments, reflecting the confidence in the country's potential.

Government Reforms: The Serbian government has undertaken reforms to improve the business climate, reduce bureaucracy, and enhance transparency.

International Recognition: In the summer of 2023, after four rounds of voting and intense competition, the Member States of the Bureau International des Expositions (BIE) elected Serbia as the host country for Specialized Expo 2027. Serbia emerged victorious among five contenders, which included the USA, Thailand, Spain, and Argentina.

Investing in Serbia presents a compelling opportunity for US investors due to several factors that mitigate risk and foster economic growth. Serbia's political stability, strategic location, and pro-business environment are key factors that attract international investors.

Serbia boasts a stable political landscape, having transitioned into a democratic state. This stability creates a favorable environment for long-term investments, minimizing potential disruptions. Additionally, its strategic location at the crossroads of Europe offers access to diverse markets, making it an attractive hub for trade and investment.

Furthermore, Serbia has taken significant steps to create a pro-business environment. The government has implemented reforms to simplify regulatory processes, reduce bureaucracy, and encourage foreign direct investment (FDI). The recently introduced Investment Promotion Act provides various incentives to investors, including tax breaks, land concessions, and grants.

In terms of risk mitigation, Serbia leads the region in FDI, a testament to its attractiveness as an investment destination. Major US companies have recognized Serbia's potential and made substantial investments. For instance, Microsoft has established a development center, NCR has invested in a software hub, and Ball Packaging has built a production facility. These investments demonstrate the confidence in Serbia's business climate and growth prospects.

Microsoft's Development Center, for example, has contributed to Serbia's emergence as a technology hub. Moreover, NCR's software hub has played a pivotal role in advancing the IT sector. Ball Packaging's investment has bolstered the manufacturing industry, creating job opportunities and economic growth.

Investors in Serbian projects can significantly benefit from the country's alignment with the EU's Instrument for Pre-accession Assistance (IPA). With a substantial budget of €14.162 billion for 2021-2027, IPA III offers opportunities for modernization, heightened competitiveness, and sustainable practices. These funds enable businesses to leverage advanced infrastructure, technology, and innovation, thereby reducing investment and operational costs.

Serbia's ongoing efforts to improve its infrastructure, education system, and innovation ecosystem further enhance its appeal to investors.

In conclusion, investing in Serbia offers a favorable risk-reward profile for US investors. The nation's political stability, strategic location, pro-business policies, and success in attracting major US companies make it an alluring investment destination. While careful assessment and understanding of the local market are essential, Serbia's growing economy and commitment to creating an investor-friendly environment make it a promising destination for those seeking diversification and growth opportunities.

Trees are planted in the first planting cycle following purchase. The planting season starts in October and ends in March. Precise planting timing depends on weather conditions and the total number of Treesury Trees sold for the season.

Economical lifetime of Treesury trees is 40 years after being planted.

All Treesury Trees come with a two-year replanting guarantee. Should a tree wither, it will be replanted at no cost as soon as practically possible. Your payout will not be affected as your tree will still count for profit distribution. After expiration of the guarantee period, any replanting costs will count as direct farm maintenance costs.

Based on our 20+ years long experience, this happens to less than 1% of the trees we plant.

Treesury farms are fully insured. Any possible settlements would be paid out to investors using the same logic applied to profit sharing.

In order to increase productivity and efficiency, and ensure transparency in the production, as well as to keep the token-holders informed, we monitor the production with a wide range of digital technologies including sensors (soil moisture, weather, NDVI…), Sentinel-2 satellite imaging (multispectral imaging and vegetation indices) and drone imagery. Automated soil composition lab testing is also used. All this data is used in real-time or near real-time by our machine learning algorithms and expert agronomists, and serves as a valuable piece of information for optimization of decision-making on the field. This data will also be used in our operational reports to token investors.

Our core activity is planting trees, which then sequester CO2, hence our operations are environmentally friendly in their essence. We also implement sustainability measures like utilizing pruned branches and hazelnut shells for energy production, and regenerative agriculture practices such as planting cover crops between the farm rows, in order to maintain soil quality and reduce excessive heat in the summer, resulting in less water consumption. We use precision agriculture practices based on sensor data, satellite and drone imagery, and laboratory analysis. These methods allow us to limit and optimize the amount of chemicals and water used in our agricultural production. Additionally, we use natural fertilizers whenever possible. All these measures are integrated into our proprietary hazelnut growing methodology. Therefore, sustainability is engraved in Treesury’s DNA