# Terms & Conditions

1. **PREAMBLE**
   1. Purpose and Scope:
      1. These Terms and Conditions (“**Terms**”) govern the access to and use of the Felix Protocol (the “**Platform**”) accessible at [**https://usefelix.xyz**](https://usefelix.xyz), including the user interface. The **Platform** is an all-in-one decentralised interface built on a **Third-Party Blockchain Network**. The **Platform** provides users with a comprehensive suite of tools and functionalities to manage their digital assets, interact with decentralised applications, and participate in staking and governance activities. The **Platform** operates independently of any central authority or intermediary, and its functionality is governed by the rules encoded within the **Smart Contracts** deployed on a **Third-Party Blockchain Network.**
      2. These **Terms** constitute a legally binding agreement between any individual or entity accessing or utilising the **Platform** (each a “**User**”) and Felix Labs Inc, a company registered in the State of Delaware, U.S., with a place of business located at 131 Continental Drive, City of Newark, County of New Castle – 19713, or any successor entity that assumes the **Platform Operator’s** obligations under these **Terms** (the “**Platform Operator**”). The **Platform Operator** may update or amend these **Terms** from time to time, as outlined in Section 1.6.
   2. Acceptance of **Terms**:
      1. By accessing or using the **Platform**, including in View-Only Mode, **Users** affirm that they have read, understood, and agreed to be bound by these **Terms**, including any amendments, updates, or modifications thereto, and represent and warrant that they (1) have the full legal capacity to enter into this agreement; (2) and are not prohibited from using the **Platform** under any Applicable Laws; (3) meet the eligibility criteria set forth in these **Terms**, including not being a **Sanctioned Person** or from a **Sanctioned Jurisdiction** or associated with any such parties; and (4) are adequately qualified, knowledgeable and experienced in the use of blockchain technologies, and the functionality of the **Platform**, and understand and accept the risks described in these **Terms**. If a **User** does not agree with these **Terms** or cannot make the foregoing representations, in whole or in part, they must not use the **Platform**.
      2. Acceptance of these **Terms** is deemed to occur when a **User**:
         1. Connects their digital wallet to the **Platform**;
         2. Engages in any interaction with the **Platform**, including viewing or transacting;
         3. Utilises any services provided by the **Platform Operator** or its affiliates through the **Platform**.
   3. Restricted Persons and Jurisdictions:
      1. THE **PLATFORM** WAS NOT DEVELOPED FOR, AND IS NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE OR PRINCIPAL PLACE OF BUSINESS IN THE UNITED STATES OR ANY RESTRICTED JURISDICTION OR COUNTRY SUBJECT TO ANY SANCTIONS OR RESTRICTIONS PURSUANT TO ANY APPLICABLE LAW, INCLUDING THE CRIMEA REGION, CUBA, IRAN, NORTH KOREA, SYRIA, RUSSIA, OR ANY OTHER COUNTRY TO WHICH THE UNITED STATES, THE UNITED KINGDOM, THE EUROPEAN UNION OR ANY OTHER JURISDICTION EMBARGOES GOODS OR IMPOSES SIMILAR SANCTIONS, OR ANY JURISDICTIONS IN WHICH THE USE OF DECENTRALIZED PROTOCOLS OF THIS NATURE IS EXPRESSLY PROHIBITED BY LAW, (COLLECTIVELY, THE “**RESTRICTED JURISDICTIONS**” AND EACH A “**RESTRICTED JURISDICTION**”), OR ANY PERSON OWNED, CONTROLLED, LOCATED IN OR ORGANIZED UNDER THE LAWS OF ANY RESTRICTED JURISDICTION OR AFFILIATED WITH ANY SUCH PERSON, ANY PERSON LISTED ON ANY SANCTIONS LIST MAINTAINED BY THE UNITED STATES, THE UNITED KINGDOM, THE EUROPEAN UNION OR ANY OTHER JURISDICTION, OR A RESIDENT OF OR LOCATED IN ANY COUNTRY OR JURISDICTION THAT RESTRICTS ACCESS TO OR PROHIBITS USE OF DIGITAL ASSETS OR CRYPTO CURRENCIES (COLLECTIVELY, “**RESTRICTED PERSONS**”). THERE ARE NO EXCEPTIONS EXCEPT AS EXPRESSLY PROVIDED UNDER SECTION 6.2.5 (VIEW-ONLY MODE FOR RESTRICTED USERS), RESTRICTED PERSONS AND USERS LOCATED IN A RESTRICTED JURISDICTION ARE STRICTLY PROHIBITED FROM ATTEMPTING TO CIRCUMVENT TECHNICAL CONTROLS IMPLEMENTED BY THE PLATFORM OPERATOR TO PREVENT TRANSACTIONAL ACCESS, INCLUDING BUT NOT LIMITED TO TRADING, MINTING, REDEEMING, BORROWING, LENDING, OR ANY OTHER SMART CONTRACT INTERACTION. USE OF ANY TECHNOLOGY OR MECHANISM, SUCH AS A VIRTUAL PRIVATE NETWORK (“VPN”), TO CIRCUMVENT OR ATTEMPT TO CIRCUMVENT THE RESTRICTIONS SET FORTH HEREIN IS STRICTLY PROHIBITED.
      2. **USERS** ACKNOWLEDGE, UNDERSTAND AND AGREE THAT THEY ARE NOT PERMITTED TO MODIFY, DISASSEMBLE, DECOMPILE, ADAPT, ALTER, TRANSLATE, REVERSE ENGINEER OR CREATE DERIVATIVE WORKS OF THE **PLATFORM** TO MAKE THEM AVAILABLE TO ANY **RESTRICTED PERSON** OR IN ANY **RESTRICTED JURISDICTION**.
      3. NEITHER THE **PLATFORM OPERATOR** NOR ITS SERVICE PROVIDERS ARE RESPONSIBLE FOR ANY ACTIVITIES THAT **USERS** ENGAGE IN WHEN USING ANY ONLINE SERVICES OR BLOCKCHAIN TECHNOLOGIES NOT PROVIDED BY THE **PLATFORM OPERATOR**.
   4. Knowledgeable Use Only\
      The Platform is intended only for Users who possess sufficient knowledge, experience, and understanding of digital assets, blockchain technology, and the risks associated with their use. By accessing or using the Platform, the User represents and warrants that they understand and can evaluate the technical, financial, and legal risks inherent in transacting with or holding digital assets, including, without limitation: the risk of loss of funds or digital assets; the fact that digital assets are not legal tender and are not backed by any government; the absence of investor-compensation or deposit-protection schemes; operational risks associated with blockchain networks or smart contracts, including bugs, forks, vulnerabilities, delays, and outages that may affect the User’s ability to complete transactions; cybersecurity risks such as hacking, malware, denial-of-service attacks, Sybil attacks, or spoofing; and the possibility that information made available through the Platform may be incomplete, inaccurate, outdated, or interrupted.

      By using the Platform, the User confirms that they have the necessary knowledge and understanding to assess these risks and to bear the potential losses arising from their use of digital assets and the Platform. Users who do not have sufficient understanding of these risks must not use the Platform.
   5. Nature of the **Platform**:
      1. The **Platform** operates as an automated, decentralised protocol through autonomous **Smart Contracts** deployed on a **Third-Party Blockchain Network.**
      2. **Users** retain full control and responsibility over their assets and transactions, as set forth in Section 5 (**Platform Operator**). The **Platform** is non-custodial.
   6. Registration and Wallet Connection<br>

      To access the Platform, Users must connect a compatible blockchain wallet through the User Interface. The Platform will indicate what constitutes a compatible wallet for purposes of accessing and using the Platform, and such determination may be updated from time to time without prior notice. Users need to be aware that their compatible blockchain wallet is provided by a third-party entity and is generally governed by separate terms and conditions set by the respective third-party service provider. Users are further advised that attempting to access or use the Platform with an incompatible or unsupported wallet may result in the loss of funds or digital assets.

      By connecting their wallet, Users acknowledge and agree to the following:

      1. Acceptance of **Terms**: The act of connecting a wallet or accessing any part of the Platform, including View-Only Mode, constitutes acceptance of these **Terms** including full awareness and understanding of associated risks. Acceptance of these Terms does not grant the User the right to access Transactional Access features, which may be restricted based on jurisdiction, compliance status, or technical controls.
      2. Understanding of Risk Disclosure: **Users** confirm that they have read and understood the Risk Disclosure outlined in Section 11 (Risk Disclosure).
      3. Self-Custody Responsibility: **Users** are responsible for securing their blockchain wallets, private keys, and recovery phrases. The **Platform Operator** does not control the wallets, manage or recover credentials if **Users** lose them, if someone steals them from them, or if someone obtains access to them somehow (whether in transit to **Users**, or from their systems or networks, or because they otherwise misplaced them or disclosed them). **Users** acknowledge that if someone has their keys or seed phrase, they have the ability to transfer your digital assets outside your control, and that you may be unable to trade or make use of them. It is the **User’s** responsibility to establish a means for recovering their seed phrase and keys.
   7. Amendments and Modifications:
      1. The **Platform Operator** reserves the right to amend, modify, or update these **Terms** and the **Platform** at any time, at its sole discretion, including to reflect changes in legal, regulatory, technical, or business requirements. **Users** will be notified of any material changes to these **Terms** through official communication channels, including but not limited to:
         1. Notices published on the **Platform**;
         2. Email notifications (if applicable); and
         3. Updates within the **Platform**’s user interface.
      2. Ongoing use of or access to the **Platform** following any modifications to the **Terms** or the **Platform** itself, signifies the acceptance of the updated **Terms**. **Users** are advised to regularly review the **Terms** to stay aware of their rights and duties.
   8. Eligibility and Restrictions:
      1. The **Platform** is intended solely for individuals or entities that possess sufficient knowledge and expertise to understand the risks associated with the services offered on the **Platform**.
      2. If you are a Restricted User, your use of the Platform is limited solely to View-Only Mode, and you are strictly prohibited from utilizing Transactional Access. You acknowledge and agree that View-Only Mode is provided for informational purposes only and does not constitute the provision of regulated financial services, brokerage, or investment advice. The ability to view balances or positions does not imply that you are eligible to execute transactions or interact with Smart Contracts.
      3. The **Platform Operator** may implement compliance measures, including geoblocking, for certain products, including the **Perp DEX**, to ensure adherence to Applicable Laws and sanctions regimes. Limited due diligence procedures may be conducted for transactions involving specific fiat-backed or derivative products. **Users** agree not to attempt to bypass such controls through VPNs, proxies, or other obfuscation techniques.
      4. By using the **Platform**, **Users** represent and warrant that:
         1. Individuals are at least 18 years old or the age of majority in their jurisdiction, provided they are acting in a business or professional capacity as required by Section 1.3 (Knowledgeable Use Only);
         2. They have the legal capacity to enter into binding agreements;
         3. They will comply with all Applicable Laws;
         4. They are not located in, under the control of, or a national or resident of any jurisdiction where Transactional Access to the **Platform** is prohibited or would subject the **Platform Operator** to any legal or regulatory liabilities; and
         5. They are not subject to economic sanctions imposed by the United Nations, the European Union, the United States, or any other applicable jurisdiction.
      5. The **Platform Operator** reserves the right to restrict or terminate access to **Users** who do not meet these eligibility criteria.
   9. Compliance and Regulatory Considerations:
      1. No Financial, Legal, or Tax Advice
         1. The **Platform Operator** does not act as **Users’** financial advisor, investment manager, arranger, introducer, or commodity trading advisor, or otherwise interact with, or with respect to any digital assets **Users** use in connection with the **Platform**. All information provided through the **User Interface** is for informational purposes only and should not be construed as advice of any kind. NO FINANCIAL, INVESTMENT, TAX, LEGAL, OR SECURITIES ADVICE IS GIVEN THROUGH OR IN CONNECTION WITH THE **PLATFORM**. No content found on the **Platform**, whether created by the **Platform Operator**, their service providers, their business partners, or another user, is or should be considered investment advice. **Users** agree and understand that the **Platform Operator** does not have any responsibility whatsoever for and shall in no circumstances be liable in connection with, their decisions or their use of the **Platform**.
         2. **Users** are solely responsible for ensuring compliance with all applicable legal, tax, and regulatory obligations in their jurisdiction. The **Platform Operator** makes no representations regarding the legality of the **Platform**’s services in any specific country or region. Regulatory requirements and compliance obligations may vary, and **Users** should seek independent professional advice if needed.
      2. The Platform Operator is not registered as a broker-dealer, securities exchange, alternative trading system, or investment adviser under U.S. or other applicable securities laws. Nothing on the Platform constitutes an offer to sell, solicitation of an offer to buy, or recommendation of any security. Users acknowledge that Spot Equities represent tokenized digital instruments and not direct ownership of underlying equity securities.
   10. Contact and Support:
       1. For inquiries, support, or feedback regarding the **Platform** or these **Terms**, **Users** may contact the **Platform Operator** via official communication channels listed on the **Platform**’s website.<br>

2. **DEFINITIONS**
   1. For the purposes of these **Terms**, the following capitalised terms shall have the meanings set forth below, regardless of whether they appear in singular or plural form:

      1. “Token”: means the protocol-native digital stablecoin issued through the CDP Product Smart Contracts (currently feUSD) or any successor protocol-issued token designated by the Platform Operator and governed by Smart Contracts
      2. “Token Transaction” means any transfer, minting, redemption, trade, borrowing, lending, staking, or other interaction involving Tokens or other supported digital assets executed through Smart Contracts on a Third-Party Blockchain Network.
      3. “User Interface” refers to the front-end web application and is an independent interface that allows **Users** to interact with the **Smart Contracts**. The **User Interface** simplifies interactions by enabling wallet connections, transaction submissions, and position monitoring, but it does not execute or control any **Token Transactions** on the **Third-Party Blockchain Network**.
      4. “Smart Contracts” refer to self-executing programs deployed on the **Third-Party Blockchain Network** that facilitate and govern **Token** **Transactions**.
      5. “Third-Party Blockchain Network”: A decentralized blockchain infrastructure that hosts the **Token** and its associated **Smart Contracts**.
      6. “Gas Fees” refer to transaction fees paid to a **Third-Party Blockchain Network** to validate and execute **Token** **Transactions**. **Users** are solely responsible for paying **Gas Fees**, which fluctuate based on network demand.
      7. “Applicable Laws” means all applicable local, state, federal, and international laws, regulations, sanctions regimes, and regulatory requirements governing the use of the Platform, including but not limited to securities laws, commodities laws, AML/CTF regulations, sanctions laws, tax obligations, and data protection laws.
      8. “Interim Measures” refer to temporary legal remedies or injunctions granted by a court or arbitrator to preserve the status quo or prevent imminent harm pending the outcome of a dispute resolution process.
      9. “Arbitral Award” refers to the final and binding decision issued by an arbitrator in accordance with the LCIA Arbitration Rules, as administered under Section 14. .
      10. “Vault” refers to a type of **Smart Contract** within the **Platform** that stores collateral or assets deposited by a **User,** and which enforces the applicable rules for minting, borrowing, repayment, and liquidation without reliance on intermediaries.
      11. “Redemption” refers to the protocol mechanism by which Token holders may exchange Tokens for eligible Collateral at the protocol-defined rate, less applicable fees, resulting in the corresponding reduction of open debt positions in accordance with Smart Contract parameters.
      12. “Collateral” refers to eligible digital assets supported by the protocol (including the digital assets (ETH, Lido ETH (wstETH), Rocket Pool ETH (rETH)), HYPE, HUSD, USDC, LSTs, and any future assets added pursuant to protocol governance) deposited by **Users** into the **Smart Contracts** to secure their debt positions and mint **Tokens**.
      13. “Stability Pool” refers to Smart‑contract pools into which **Users** may deposit **Tokens** to absorb liquidations of under-collateralised **CDP** **Product**, in exchange for receiving the underlying **collateral** and any associated protocol rewards.
      14. “Vanilla Product/ Markets” are a set of lending and borrowing pools based on the Morpho Blue framework for native tokens (e.g., HYPE, HUSD, USDC), without **Redemption** mechanics and with fully dynamic rates. **Users** may lend or borrow tokens, subject to protocol-defined interest rates.
      15. “CDP Product” refers to a collateralized-debt-position (“**CDP**”) vault mechanism enabling **Users** to deposit eligible collateral assets to mint a stablecoin, subject to liquidation and **Redemption** mechanics governed by **Smart Contracts.**
      16. “Perp DEX” or “Perpetual Markets” refers to the decentralized perpetual trading system operated within the **Platform**, built on HyperLiquid or equivalent infrastructure. The **Perp DEX** enables **Users** to trade perpetual futures on digital, synthetic, or tokenized assets, which may include but are not limited to cryptocurrencies, equities, commodities, indexes, or other eligible assets approved by the **Platform Operator**. It operates through non-custodial **Smart Contracts** governed by the **Platform Operator**, relying on third-party oracle providers such as Redstone for external asset price data, and may require **Collateral** staking to ensure oracle reliability and mitigate penalties arising from malfunction or manipulation.
      17. “Yield Pools” are pools where **Users** may supply eligible tokens to earn yield (including Stability Pools for **Tokens**), with returns derived from borrower interest, protocol fees, incentives, and/or liquidation gains as applicable.
      18. “Market” is a distinct set of **Smart Contracts** and parameters governing a product primitive (e.g., Token CDP Market; Vanilla Markets).
      19. “Liquid Staking Tokens (LSTs)” are tokenized receipts representing staked assets (e.g., staked ETH) that may be supported as eligible **collateral**, subject to protocol parameters and risk assessments.
      20. “Oracles” refers to third‑party price feeds (e.g., RedStone or equivalent) used by the **Smart Contracts** to value **Collateral** and determine position health; **oracle** inputs may be delayed, unavailable, or inaccurate.
      21. “Keepers” refers to independent actors who permissionlessly execute liquidations on undercollateralised positions in the **CDP Product.**
      22. “Utilisation Curve” refers to a dynamic ratio reflecting how much of a market’s supplied liquidity is borrowed, which influences variable interest rates in **Vanilla Markets.**
      23. “USDhl Product” is a fiat-backed stablecoin deployed by the **Platform Operator** on HyperEVM, fully collateralised by U.S. Treasury bills and held in custody by the **M0 Foundation**, with reward distribution managed by the **Platform Operator**.
      24. “M0 Foundation” is the custodian responsible for managing the fiat and treasury **collateral** backing **USDhl.**
      25. “Collateralisation Ratios” means the ratio between the value of a **User’s** deposited **collateral** and the value of the debt or obligations issued against it, as determined by the **Platform’s Smart Contracts.**
      26. “Proxy Contracts” refers to **Smart Contracts** structures that separate contract logic from data storage in order to permit upgrades or modifications to the contract after deployment. For the avoidance of doubt, neither the **Vanilla Markets** nor the associated **Vaults** employ **proxy contracts**, and all such components operate as immutable instances consistent with Morpho’s original security design, with modifications audited by independent third parties such as Three Sigma. The **CDP Product** similarly operates through immutable **Smart Contracts** administered via governance mechanisms controlled by the **Platform Operator**, without reliance on upgradeable proxy structures.
      27. “Spot Equities” refers to the trading feature on the Platform that enables Users to buy and sell tokenized representations of real-world equity securities and exchange-traded funds (“Equity Assets”) using USDC or other supported stablecoins as settlement currency. Spot Equities transactions are executed through Smart Contracts and may leverage off-chain liquidity sources for execution. Spot Equities do not constitute the purchase of actual equity securities, and the Platform Operator does not act as a broker-dealer, exchange, custodian, or investment adviser in connection with Spot Equities.
      28. “Settlement Currency” means the digital asset used to settle trades on the Platform, including but not limited to USDC or other supported stablecoins as published on the User Interface.
      29. “Restricted User(s)”: refers to any individual or entity located in, resident of, or organized under the laws of a Restricted Jurisdiction, including any individual or entity whose wallet address is identified on sanctions or high-risk screening lists or that is acting on behalf of, or for the benefit of, any such person or jurisdiction.
      30. “Restricted Jurisdiction”: refers to (a) the United States of America, including its territories and possessions; (b) any country, territory, or region that is subject to economic or trade sanctions, embargoes, or restrictive measures imposed by the United Nations, the European Union, the United States; (c) any jurisdiction identified as high-risk or non-cooperative by the Financial Action Task Force; or (d) any jurisdiction where access to or use of the User Interface or Platform would be illegal. The Platform Operator may determine Restricted Jurisdictions in its sole discretion and update such determinations from time to time.
      31. “Transactional Access” refers to the access to the unrestricted version of the User Interface that allows Users to submit, sign, authorize, approve, or execute transactions, interact with Smart Contracts, or otherwise engage in protocol functionality beyond passive or informational viewing.
      32. “View-Only Mode” refers to a technically restricted, read-only version of the User Interface that allows a User to connect their compatible blockchain wallet solely for the purpose of accessing, viewing, and monitoring informational content on the Platform, including, but not limited to, balances, positions, historical data, and other non-interactive information. View-Only Mode does not permit Users to submit, sign, authorize, approve, execute, or otherwise facilitate transactions, nor to interact with Smart Contracts, or engage in any protocol functionality beyond passive informational viewing.
      33. “HyperLiquid” means the third-party blockchain-based trading infrastructure used to facilitate perpetual markets on the Platform.
      34. “HyperEVM” means the execution environment on which certain products, including USDhl, are deployed.
      35. “USDC” means the USD Coin stablecoin issued by its respective issuer and used as a supported Settlement Currency on the Platform.
      36. “Product” means any protocol primitive, feature, or service made available on the Platform, including but not limited to the CDP Product, Vanilla Markets, Perp DEX, Spot Equities, USDhl Product, Yield Pools, and Stability Pools.
      37. “Settlement” means the on-chain completion of a trade or transaction through Smart Contracts using the applicable Settlement Currency.

          “Oracle Provider” means any third-party service providing external asset price feeds used by the Platform’s Smart Contracts.<br>

3. **PLATFORM DESCRIPTION**
   1. Decentralised and Autonomous Infrastructure\
      \
      The Platform is a decentralized and autonomous software infrastructure that operates through self-executing Smart Contracts deployed on a Third-Party Blockchain Network. It is designed to function without intermediaries, custodians, or centralized control.<br>

      The Platform Operator provides access to the Platform through a User Interface but does not control, modify, or intervene in the execution of Token Transactions.
   2. Core features The **Platform** may include the features described below, although availability may vary and such features may be modified, suspended, or discontinued from time to time without prior notice in the **Platform Operator**’s discretion:
      1. Collateralization: Digital assets accepted by the **Platform** to secure debt positions and mint **Tokens**. The **Platform** requires over-collateralisation to ensure system solvency and mitigate the risks of market volatility.
      2. Access to Stability Pool: A pool of **Tokens** provided by **Users** to absorb the debt of liquidated positions. **Stability Pool** depositors are entitled to a share of the liquidated **Collateral** and may earn rewards for their contributions.
      3. Vanilla Markets: Variable‑rate lending pools allowing **Users** to lend or borrow asset‑native tokens (e.g., HYPE, HUSD, USDC) directly; pricing follows a utilisation curve; no **Redemption** mechanics.
      4. Access to Yield Pools: Pools where **Users** may supply eligible tokens to earn yield (including **Stability Pools** for **Tokens**), with returns derived from borrower interest, protocol fees, incentives, and/or liquidation gains as applicable.
      5. Strategy Combination: **Users** may combine primitives (e.g., mint **Tokens** via the **CDP Market**, lend it or other tokens in **Vanilla Markets,** or loop exposures), subject to **Smart Contract** rules and risks.
      6. Oracle Dependency: The **Platform** relies on external price **Oracles** for **Collatera**l valuations and risk parameter enforcement. Disruptions, delays, or inaccuracies in price feeds may affect **redemptions**, liquidations, and borrow limits.

4. **DECENTRALISATION AND AUTONOMY**

   The **Platform** is designed to operate without reliance on any centralised party:

   1. Autonomous Smart Contracts: All transactions on the **Platform** are governed by **Smart Contracts** deployed on a **Third-Party Blockchain Network**. These contracts execute automatically based on predefined rules and conditions.
   2. No intermediary role: The **Platform Operator** does not act as an intermediary in **Token Transactions**. **Users** interact directly with the **Smart Contracts**, assuming full responsibility for their transactions.

5. **PLATFORM OPERATOR**

   The **Platform Operator** provides and maintains the **User Interface** that enables **Users** to interact with the **Platform’s Smart Contracts**. The **Platform Operator’s** role is strictly limited to facilitating access to the **Platform**, and it does not control, manage, or intervene in **Token Transactions** conducted on the **Third-Party Blockchain Network**.

   1. Duties of the **Platform Operator**

   The **Platform Operator** shall, to the extent possible, provide and maintain the **User Interface** through which **Users** can access the **Platform**. 2. No Custodial Services

   The **Platform Operator** does not provide custodial services for any **Tokens**. **Users** remain solely responsible for securing their wallets, private keys, and recovery phrases as set forth in Section 9.1 (Security and Wallet Management).<br>

   The **Platform Operator**: \
   &#x20;   1\. Does not store or manage user assets: All **Tokens** are managed directly by the **Smart Contracts** on the **Third-Party Blockchain Network**. \
   &#x20;   2\. Cannot recover lost credentials: The **Platform Operator** does not have access to or store **Users** keys or seed phrases, so it has no ability to recover lost or compromised private keys. \
   &#x20;   3\. Issue Tokens: The **Platform Operator** has no control over the creation or destruction of **Tokens**, which is managed entirely by the **Platform’s Smart Contracts**. \
   &#x20;   4\. Intervene in Transactions: The **Platform Operator** does not initiate, approve, or modify any **Token Transactions** conducted through the **Platform**.<br>

6. **ACCESS AND USE OF THE PLATFORM**

   1. Wallet Connection Requirement **Users** must connect a compatible digital wallet to access and utilise the **Platform**’s services. **Users** are responsible for ensuring that:

      1. Their connected wallet is properly configured to interact with the **Platform**.
      2. They have sufficient funds in their wallet to cover **Token Transactions** and associated **Gas Fees.**
      3. They understand the mechanics and risks of interacting with **Smart Contracts**.

      The **Platform Operator** disclaims all liability for losses resulting from errors, misconfigurations, or unauthorised access to **Users’** wallets.
   2. Conditions of Use By connecting to the **Platform**, **Users** represent and warrant that they:
      1. Are authorized to use the **Platform**: **Users** represent and warrant that they have the legal capacity and authority to enter into a binding agreement under these **Terms**.
      2. Accept risks: **Users** represent and warrant that they have sufficient knowledge, experience, and understanding of the **Platform**, digital assets, blockchain technology, and the risks associated with their use. **Users** who do not have sufficient understanding of these risks must not use the **Platform**.
      3. Are Compliant with Applicable Laws: **Users** represent and warrant that their activities on the **Platform** comply with all **Applicable Laws**. The **Platform** generally operates without performing customer due diligence, except where required by Applicable Law for specific products such as the Perp DEX or fiat-backed tokens. **Users** are solely responsible for ensuring that their use of the **Platform** complies with all applicable anti-money laundering (“**AML**”), counter-terrorist financing (“**CTF**”), and sanctions laws in their jurisdiction. By accessing the **Platform**, **Users** represent and warrant that their participation does not violate any such laws and acknowledge that any failure to comply may expose them to legal or regulatory consequences. The **Platform Operator** disclaims any responsibility or liability for **Users**’ non-compliance with AML/CTF obligations.
      4. Are not subject to sanctions or restrictions: in connection with their use of **Transactional Access, Users** represent and warrant that they are not subject to any sanctions or restrictions imposed under **Applicable Laws**. **Users** further represent and warrant that they are not listed on any sanction lists maintained by competent authorities, do not directly or indirectly own or control any assets associated with sanctioned persons or entities, and have not received any assets from such persons or entities. Additionally, **Users** confirm that they will not engage in any transactions or activities on the **Platform** that involve individuals, entities, or jurisdictions subject to such sanctions or restrictions.
      5. View-Only Mode for Restricted Users: The Platform may restrict access to certain features based on the User’s jurisdiction, compliance status, or other risk-based criteria determined by the Platform Operator in its sole discretion. Users located in Restricted Jurisdictions, or otherwise identified as Restricted Users, may be granted access solely in “View-Only Mode.” Any such functionality shall be technically disabled.
         1. View-Only Mode permits informational access to the User Interface, including the ability to connect a wallet, view balances, positions, historical activity, market data, protocol parameters, and product information. View-Only Mode does not permit Transactional Access of any kind. Users in View-Only Mode may not initiate, authorize, approve, sign, submit, relay, or otherwise execute any transaction through the User Interface.
         2. Without limitation, Users in View-Only Mode are expressly prohibited from engaging in transactions relating to Spot Equities, Perpetual Markets (Perp DEX), minting or redeeming tokens, borrowing or lending activities, vault allocations, Stability Pool participation, or any other feature requiring on-chain execution. All transactional functionality shall be technically disabled for Users in View-Only Mode.
         3. The availability of View-Only Mode is provided solely for informational and monitoring purposes. It does not constitute the offering of a regulated financial service, brokerage activity, exchange operation, solicitation, or investment advice. Acceptance of these Terms does not grant the right to access or use Transactional Access features where such access is restricted.
         4. If, for any reason (including but not limited to the use of a VPN, proxy service, technical misidentification, or system error), the User Interface fails to restrict Transactional Access for a Restricted User, such User remains strictly prohibited from engaging in any Transactional Access. Users agree not to attempt to circumvent jurisdictional controls or technical restrictions implemented by the Platform Operator.
         5. The Platform Operator does not guarantee the accuracy, completeness, or real-time nature of data displayed in View-Only Mode, and Users acknowledge that displayed balances, prices (including Spot Equities prices), and other information may be delayed, estimated, or derived from third-party sources.<br>
   3. Security and User Responsibility **Users** are responsible for securing their blockchain wallets and private keys. The **Platform Operator** does not manage, store, or recover **User** credentials, and **Users** must take all necessary precautions to prevent unauthorized access to their wallets.\
      \
      The **User** must: \
      &#x20;   1\. Secure Their Wallets: Implement appropriate security measures, such as using hardware wallets and securing recovery phrases. \
      &#x20;   2\. Verify Transactions: Carefully verify transaction details before initiating any **Token Transactions** through the **User Interface** or directly on the **Third-Party Blockchain Network.**\
      \
      The Platform Operator disclaims all liability for losses resulting from unauthorised access to User wallets or errors in Token Transactions initiated by Users.
   4. Suspension or Termination of Access The **Platform Operator** may suspend or terminate access to the **User Interface** at its discretion, including in cases of suspected breach of these **Terms** or engages in prohibited activities, as outlined in Section 9.3 (Prohibited Conduct). **Users** acknowledge that such suspension does not prevent continued interaction with the underlying **Smart Contracts,** which remain permissionless and outside the control of the **Platform Operator**. **Users** remain contractually bound by these **Terms** in all interactions with the **Platform,** whether through the **User** Interface or directly via **Smart Contracts**.\
      \
      Suspension or termination of access does not affect the **User’s** ability to interact with the **Smart Contracts** directly on the **Third-Party Blockchain Network**. **Users** remain responsible for managing their positions and complying with the protocol’s rules, even if their access to the **User Interface** is restricted.

7. **PLATFORM FEATURES**

   Overview of Services: The Platform provides a comprehensive range of decentralised services that enable Users to manage their digital assets, interact with decentralised applications, and participate in minting and other activities. \
   \
   The information provided in connection with access and use of the services is for informational purposes only. While the Platform Operator aims to deliver accurate and reliable content, the Platform Operator cannot guarantee its accuracy, completeness, or timeliness. The information may be outdated, contain errors, or have omissions. Users should not make decisions or take actions based solely on the information available on the Platform, including, but not limited to, <https://usefelix.gitbook.io/felix-docs> or any other content provided, such as blog posts, data, articles, third-party links, news feeds, tutorials, tweets, or videos. The Users acknowledge and agree that the Platform Operator shall not be held responsible or liable, either directly or indirectly, for any damage or loss arising from, or allegedly caused by, the use of or reliance on any content, goods, or services accessed through such sites or resources. \
   \
   The key services offered by the Platform may include, but are not limited to:

   1. Minting Tokens: **Users** may generate **Tokens** by depositing eligible digital assets as **collateral** through the **Platform’s Smart Contracts**. The **Platform** will indicate which digital assets are eligible for use as **Collateral**, and eligibility may be updated from time to time in accordance with the **Protocol’s** parameters and without prior notice. Upon deposit, a collateralized debt position is created, and **Tokens** are minted proportionally to the **collateral** value, subject to the applicable collateralization ratio and **Platform** parameters. The minted **Tokens** are credited to the **User’s** connected wallet and may be used within the **Platform Operator’s** ecosystem or across compatible decentralized applications. **Users** may repay their outstanding **Token** debt at any time to reduce or close their collateralized debt position. Upon full repayment of the minted amount (including any applicable fees), the corresponding **collateral** becomes available for withdrawal through the **Smart Contracts**. **Redemption** and repayment are governed by the Protocol’s parameters and may be subject to market conditions, protocol updates, or **collateral** valuation requirements.
   2. Borrowing or lending: **Users** may borrow or lend **Tokens** through the **Platform** at interest rates determined at their sole discretion and subject to the parameters displayed on the **Platform**. To borrow, **Users** must deposit eligible digital assets as **collateral**, with borrowing limits determined by the applicable **collateral** factors of such assets. The total borrowed balance includes both the principal and any accrued interest, which must be repaid in accordance with the Protocol’s terms. **Users** are responsible for reviewing the current borrowing and lending parameters and interest rate mechanisms as published on <https://usefelix.gitbook.io/felix-docs>
   3. Redemption: **Users** may redeem **Tokens** through the **Platform’s** **Redemption** mechanism in exchange for **collateral** at a notional rate of one U.S. dollar per **Token**, less any applicable fees. Upon **Redemption**, the corresponding **collateral** is transferred to the **User**, and the overall debt positions within the Protocol are reduced in accordance with the applicable interest rate hierarchy. **Redemptions** may support the stability of the **Token** peg by adjusting circulating supply and **collateral** balances.
   4. Stability Pool / feUSD System: The **Stability Pool** is an integral component of the **Platform** designed to maintain the solvency and stability of the **Token** over-collateralized stablecoin system. **Users** may deposit **Tokens** into **Stability Pools**, which automatically absorb the debt of liquidated positions, thereby ensuring protocol balance and preserving the **Token** peg to the U.S. dollar. In return, depositors receive a proportional share of the liquidated **collateral**, which may vary in value, along with potential rewards, bonuses, or yield as defined by the Protocol. **Tokens** deposited in the **Stability Pool** may be partially or fully burned during liquidations to offset borrower debt, and all processes operate in a non-custodial, permissionless manner through **Smart Contracts**. The **Platform Operator** oversees the deployment and technical maintenance of the **Stability Pool** contracts, while parameters governing liquidations and reward distributions are defined within the Protocol and publicly available on <https://usefelix.gitbook.io/felix-docs>.
   5. Monitoring Positions: **Users** must actively monitor their **Collateralisation Ratios** to avoid liquidation. The **Platform** provides real-time tools for **Users** to track the value of their **Collateral** and debt positions.
   6. Liquidation Mechanism: The **Platform** includes a liquidation mechanism to maintain stability and solvency, where it automatically closes under-collateralised positions to prevent the **Platform** from accumulating debt.
   7. CDP Product: The **CDP Product** is a fork of the open-source Liquity protocol, licensed to the **Platform Operator**. It operates through immutable **Smart Contracts** governed by a multisig wallet controlled by the **Platform Operator**, with no capacity for the **Platform Operator** to seize, redirect, or otherwise interfere with **User’s** funds. Core risk parameters and **collateral** settings are managed by the **Platform Operator’s** multisig with advisory input from third-party providers designated by the **Platform Operator** from time to time, such as Anthias Labs. The protocol’s liquidations and **redemptions** are permissionless and executed by independent keepers. Twenty-five percent (25%) of all protocol fees are automatically routed to the **Platform Operator** as revenue, while all modified code has been independently audited by Three Sigma, Coinspec, and Dedaub. **Users** are responsible for managing their collateralised debt positions to ensure that their **Collateralisation Ratios** remain above the **Platform’s** liquidation threshold. **Users** must adjust and review self-selected rates; **CDP** borrowers must review and, if needed, adjust their self‑selected rates to maintain healthy positions given **redemption** mechanics. Within the operation of the **CDP Product,** **Users** are strictly prohibited from engaging in abusive practices, including attempts to manipulate price **Oracles** or exploit **Smart Contracts** through techniques such as re-entrancy or flash-loan attacks, for the purpose of gaining an unfair advantage in minting, **redemption**, or liquidation processes.
   8. Vanilla Product (Morpho Blue Fork): The **Platform’s Vanilla Product** is a fork of the open-source Morpho Blue protocol, integrating the Morpho **Markets** and Morpho **Vaults** components under a perpetual license. Morpho **Markets** operate on a single contract instance originally deployed by the Morpho team, which retains control over certain parameters such as fees, while market creation remains permissionless and has been used by the **Platform Operator** to deploy multiple markets. Morpho **Vaults**, deployed and owned by the **Platform Operator**, allow **Users** to allocate capital across markets without manual redistribution and may use adaptors developed by the **Platform Operator** and audited by third-party provider designated by the **Platform Operator** from time to time, such as Three Sigma for asset compatibility. Each **Vault** defines governance roles where the **Platform Operator** acts as *Owner*, and the designated third-party provider, such as Anthias Labs, serves as *Curator*, *Allocator*, and *Guardian*, overseeing strategy approval, liquidity rebalancing, and risk management, including emergency interventions. **Vaults** collect fees from capital deployment and yield generation, of which ten percent (10%) are allocated to the **Platform Operator** as revenue, while Anthias Labs is compensated for its management functions and the remaining proceeds are distributed to lenders. Neither the markets nor the **Vaults** employ **Proxy Contracts**, and all deployed components follow Morpho’s original security design, with all modifications made by the **Platform Operator** and independently audited by a third-party provider, such as Three Sigma. **Users** must monitor additional requirements applicable to **Vanilla Markets** and must monitor floating interest rates, utilisation‑driven APY changes, and **collateral** requirements applicable to Vanilla positions; promptly add **collateral**, reduce debt, or unwind positions to remain within protocol parameters. Within the operation of **Vanilla Markets**, **Users** are strictly prohibited from engaging in manipulative or exploitative behaviour, including attempts to distort U**tilisation Curves**, conduct wash-trades or self-referential borrowing activity, manipulate price **Oracles,** or exploit **Smart Contracts** through techniques such as re-entrancy or flash-loan attacks, for the purpose of gaining an unfair advantage in interest rates, liquidity allocation, or liquidation processes.
   9. Perp DEX (Perpetual Markets on HyperLiquid): The **Platform’s Perp DEX** enables **Users** to trade perpetual futures contracts on digital, synthetic, or tokenized assets deployed on the HyperLiquid network. These may include crypto assets, equities, commodities, or index-based markets, subject to the **Platform’s** technical and compliance parameters. With respect to the use of **Perp DEX**:
      1. The **Perp DEX** leverages the **Platform**’s integration of HyperLiquid’s non-custodial infrastructure and relies on Redstone **Oracles** for external asset price feeds. The **Platform Operator** maintains a staked **Collateral** reserve to guarantee oracle performance and mitigate penalties resulting from oracle malfunction or manipulation.
      2. **Perpetual Markets** generate revenue through deployment fees and a 0.1% transaction fee applied to the order size for trades executed via the **Platform** front-end interface. **Market** creation and parameter adjustments are controlled by the **Platform Operator**, with no DAO governance in place, while the product remains non-custodial; **Users** retain full control over their margin positions. **Users** acknowledge that the **Perp DEX** is under active development and may contain errors, performance limitations, or unforeseen risks. **Users** are encouraged to review the applicable parameters, fee schedule, and market specifications published on <https://usefelix.gitbook.io/felix-docs>.
      3. The **Platform Operator** will, as necessary, enforce compliance measures including geo-blocking of **Users** from sanctioned or high-risk jurisdictions and screening for sanctioned individuals in accordance with applicable international regulations. Limited due diligence may apply to certain transactions to maintain compliance with international standards while preserving a non-custodial user experience. **Users** accessing the **Perp DEX** acknowledge that these controls are technical in nature and agree not to circumvent them through VPNs or other means.
   10. Spot Equities: The Platform enables Users to buy and sell Spot Equities, including tokenized representations of equity securities and exchange-traded funds. Spot Equities trades are settled in Settlement Currency and executed via Smart Contracts integrated with external liquidity sources. The Platform Operator does not act as a custodian of underlying equity instruments, does not provide brokerage or advisory services, and does not facilitate the transfer of legal title to any underlying securities. Spot Equities availability may be subject to jurisdictional or compliance-based restrictions.
   11. USDhl Product (Fiat-Backed Stablecoin using M0 Foundation Infrastructure ): The **USDhl Token** is a fiat-backed stablecoin issued by the **Platform Operator** on HyperEVM as a wrapper of the **M0 Foundation’s** “M token” technology, which represents U.S. Treasury bill holdings on Ethereum. Custody of the underlying **collateral** remains solely with the **M0 Foundation,** while the **Platform Operator** manages the deployment and operation of **USDhl** on HyperEVM, including the distribution of rewards and integration with selected Hyperliquid platforms. Rewards are sourced from M0’s Ethereum treasury holdings and bridged to HyperEVM approximately once per month, after which the **Platform Operator** converts them into HYPE Tokens and distributes them to eligible **USDhl** holders based on participation parameters. The **Platform Operator** does not charge fees on **USDhl** issuance or **Redemption** but retains control over the reward distribution pathway. The product employs no **Proxy Contracts,** has no DAO governance, and relies on the **M0 Foundation’s** custody and compliance infrastructure for **collateral** security. The **Platform Operator** oversees the technical deployment and maintenance of the **Smart Contracts**, while end users hold **USDhl** and receive HYPE-denominated rewards passively through protocol-defined mechanisms.

   Certain features of the Platform may be disabled or unavailable to Restricted Users. In such cases, the Platform will operate in View‐Only Mode.

8. **FEES AND PAYMENTS**
   1. Fee Structure:
      1. The use of services on the **Platform** may be subject to fees, which are determined by the **Platform Operator** and subject to change at any time and without prior notice. The applicable fees may include but are not limited to:
         1. Transaction Fees: Costs associated with executing **Token** **Transactions**, including **Gas Fees**.
         2. Protocol Fees: Charges related to the delegation of the **Token**. All fees and allocations are executed automatically by **Smart Contracts**, with no discretionary intervention by the **Platform Operator** or any third party.
            1. CDP Product: **Users** do not pay minting or **redemption** fees. Protocol-level fees apply to **CDP** operations, of which twenty-five percent (25%) are allocated to the **Platform Operator** as revenue.
            2. Vanilla Markets: **Vaults** accrue fees from lending and borrowing activity. Ten percent (10%) of these fees are allocated to the **Platform Operator** as revenue, with Anthias Labs separately compensated for its risk management functions.
            3. USDhl: No fees are charged on issuance or **redemption.** The **Platform Operator** manages the distribution of rewards but does not retain any portion thereof.
         3. Perp DEX Fees: A transaction fee of 0.1% is charged on the order size for trades executed via the **Perp DEX** front-end. Additional protocol fees may apply to the deployment of new perpetual or spot markets. All **Perp DEX** fees are executed automatically by **Smart Contracts** and are non-refundable once confirmed on-chain.
         4. Spot Equities Fees: A transaction fee is charged on Spot Equities trades executed via the User Interface. The applicable fee rate, including any maker/taker differentiation or execution cost pass-through, will be published on the Platform and may vary by asset. All Spot Equities fees are automatically collected at the time of execution and are non-refundable once confirmed on-chain.
      2. **Users** acknowledge and agree to pay all applicable fees in accordance with the current fees schedule published on the **Platform**.
   2. Payment Methods:
      1. Payments for **Platform** services shall be conducted exclusively through supported digital assets, including but not limited to the **Token**. The **Platform** does not allow payments in traditional fiat currency.
      2. **Users** must ensure that they have sufficient funds in their connected wallet to cover any applicable fees, and failure to do so may result in the inability to access or complete certain transactions.
   3. Fee Adjustments:
      1. The **Platform Operator** reserves the right to adjust, introduce, or remove fees at its sole discretion. Any changes to the fee structure will be communicated to **Users** via:
         1. Notices on the **Platform**;
         2. Email notifications (if applicable); and
         3. Updates within the **Platform**’s **User Interface**.
      2. **Users** are encouraged to review the fee schedule periodically to remain informed of any updates.
   4. Refund Policy:
      1. All protocol-level fees (including but not limited to **Gas Fees**, protocol revenue allocations, or liquidation penalties) are irrevocable once executed on-chain and are not refundable under any circumstances. Any off-chain or **User Interface** service fees, if applicable, are non-refundable except as required by applicable law.
   5. Billing Disputes:
      1. If a **User** believes they have been charged incorrectly, they must contact the **Platform Operator** within thirty (30) days of the transaction. Failure to notify the **Platform Operator** within this period shall result in the waiver of any claim related to the disputed charge.
   6. Taxes:
      1. **Users** are solely responsible for determining and fulfilling any tax obligations that may arise from your use of the **Platform**, including any transactions involving digital assets. The **Platform Operator** does not report any taxes **Users** may owe to any governmental authority. It is **Users’** responsibility to report and remit any taxes, duties, or similar assessments that may be imposed by any governmental authority, and to maintain accurate records as required by applicable law.

9. **USER OBLIGATIONS AND RESPONSIBILITIES**
   1. Security and Wallet Management:
      1. **Users** are responsible for the security of their blockchain wallets and private keys and must take appropriate measures to protect their assets, including but not limited to:
         1. Implement Security Measures: Use hardware wallets, multi-factor authentication, and other security tools to protect their wallets.
         2. Keep Recovery Phrases Secure: Store recovery phrases in a secure, offline location and ensure they are not shared with unauthorised parties.
         3. Verify Transactions: Carefully verify transaction details before initiating any **Token Transaction** through the **User Interface** or directly on the **Third-Party Blockchain Network.**
         4. Phishing and Social Engineering Attacks: **Users** must be vigilant against phishing attacks, fake websites, and social engineering attempts to steal their wallet credentials.
         5. Unauthorised Transactions: **Users** are responsible for ensuring that their wallets are secure and that they do not authorise transactions from compromised devices or networks.
      2. The **Platform Operator** shall not be liable for any losses resulting from a **User**’s failure to secure their wallet credentials or errors in **Token Transactions** initiated by **Users**.
   2. General Obligations:
      1. By accessing and using the **Platform**, **Users** shall:
         1. Provide accurate, current, and complete information when required;
         2. Use the **Platform** only for lawful purposes and in accordance with these **Terms**;
         3. Abstain from any activities that may interfere with the integrity, security, or performance of the **Platform**;
         4. Failure to comply with these obligations may result in the suspension or termination of the **User**’s access to the **Platform**.
   3. Prohibited Conduct:
      1. **Users** shall not engage in any of the following prohibited activities while using the **Platform**:
         1. Fraudulent Activities: Engaging in any fraudulent, deceptive, or manipulative conduct that could harm the **Platform** or other **Users**.
         2. Unauthorised Access: Attempting to gain unauthorised access to the **Platform**, its systems, or any associated networks, including violating or circumventing any legally imposed compliance measures implemented.
         3. Impersonation: Impersonating or attempting to impersonate the **Platform** Operator, the **Platform Operator’s** personnel, other **Users**, or any other person or entity.
         4. Malicious Code: Introducing or attempting to introduce any virus, worm, Trojan horse, logic bomb, or other malicious or technologically harmful material into the **Platform** or any related systems.
         5. Exploitation of Vulnerabilities: Using the **Platform** to exploit bugs, vulnerabilities, or loopholes in **Smart Contracts** or **Platform** features.
         6. Platform Attacks: Engaging in any denial of service attack, distributed denial of service attack, or any conduct intended to disrupt or degrade the **Platform’s** infrastructure.
         7. Interference with Platform Functionality: Disabling, overburdening, damaging, or impairing the Platform or interfering with any other **User’s** access to or use of the **Platform**.
         8. Circumventing Fees: **Users** must not attempt to bypass **Gas Fees**, **Platform** fees, or other costs associated with using the **Platform**.
         9. Disrupting Network Operations: **Users** must not deploy bots, scripts, or other automated systems to disrupt or manipulate the **Platform’s** operations or other **Users’** interactions with the **Platform.**
         10. Unlawful Activities: Conducting or facilitating any activity that violates **Applicable Laws**, regulations, or legal obligations, including but not limited to money laundering, terrorism financing, or tax evasion.
         11. Unauthorized Smart Contract Activity: Introducing, deploying, or interacting with any smart contract or code designed to extract data or assets from the **Platform** or other **Users** without their consent.
         12. False Information: Providing false, inaccurate, or misleading information during registration, verification, or any interaction with the **Platform**.
         13. Compliance Evasion: Circumventing or attempting to circumvent any access controls, geo-blocking, compliance measures, or wallet restrictions implemented by the **Platform Operator**, including through the use of virtual private networks, proxy servers, or false identifying information.
         14. Unauthorized Fundraising or Token Activity: Using the **Platform** for fundraising, staking pools, or token sales unless expressly authorized by the **Platform Operator**.
         15. Mixer or Tumbler Activity: Using the **Platform** as a mixer, tumbler, anonymization tool, or any similar mechanism intended to obscure the source or destination of digital assets.
         16. Data Harvesting: Collecting, harvesting, or attempting to collect wallet addresses, transaction data, or personal information from other **Users**.
         17. Sanctions: Transact on behalf of, or for the benefit of, any **Restricted Person** or any person or entity located in a **Restricted Jurisdiction**.
         18. Intellectual Property Violations: Infringing upon the intellectual property rights of the **Platform Operator** or any third parties.
         19. Market Manipulation: Engage in coordinated, collusive, or deceptive trading activity, including wash trading, spoofing, front-running, or any similar conduct.
         20. Credential Misuse: Use or attempt to use another user’s wallet or credentials without authorization or access the **Platform** through unauthorized integrations or smart-contract calls.
         21. Improper Content Use: Uploading, transmitting, or using any material that violates any content standards or platform guidelines issued by the **Platform Operator.**
         22. Unauthorized Advertising: Transmitting or facilitating the transmission of unsolicited or unauthorized advertising, promotional materials, spam, or similar solicitations without the **Platform Operator’s** prior written consent.
         23. Harm to Minors: Exploiting, harming, or attempting to exploit or harm minors in any way.
         24. Automated Monitoring: Using any robot, spider, crawler, or other automated device, process, or means to access, monitor, or copy any part of the **Platform**, except as expressly permitted by the **Platform Operator**.
         25. Manual Monitoring: Using any manual process to monitor or copy any material available through the Platform without the **Platform Operator’s** prior written consent.
         26. Replication of the Platform: Copying, mirroring, replicating, or attempting to reproduce the **Platform** or any **Platform Operator Materials**.
         27. Data Extraction and AI Training: Using content made available through the **Platform**, or any output generated by the **Platform**, to train or develop any machine learning or artificial intelligence tools, datasets, software, or models.
         28. Other Harmful Conduct: Engaging in any activity that, in the **Platform** **Operator’s** sole judgment, poses a risk of legal liability, regulatory exposure, reputational harm, or disruption to the operation or integrity of the **Platform**.
         29. Circumventing Restrictions: Users must not circumvent or attempt to\
             circumvent any geographical restrictions or technical hard blocks\
             implemented by the Platform. Any such attempt is a material breach of\
             these Terms and may result in the permanent termination of access to the Platform.
   4. Reporting and Cooperation:
      1. **Users** shall promptly report any suspected security breaches, unauthorised access, or other suspicious activities related to the **Platform**. The **Platform Operator** reserves the right to cooperate with regulatory authorities and law enforcement agencies in investigating any such incidents.
   5. Suspension or Termination of Access:
      1. Any violation of the provisions in Section 9.3 (Prohibited Conduct) may result in legal action and the immediate suspension or termination of the **User**’s access to the **Platform,** but the **Platform Operator** does not undertake an obligation to engage in such activities\*\*.\*\* The **Platform Operator** reserves the right to suspend or terminate a **User**’s access to the **Platform** if:
         1. The **User** violates these **Term**s or engages in prohibited conduct;
         2. Required by applicable law or regulatory order;
         3. The **Platform Operator** determines that continued access poses a risk to the **Platform**’s security, stability, or integrity.
      2. **Users** whose access has been suspended or terminated shall not attempt to re-access the **Platform** without prior written approval from the **Platform Operator**.

10. **USER ACKNOWLEDGMENTS**
    1. **Users** interact directly with the **Smart Contracts** through their connected wallets. By initiating **Token Transactions**, **Users** acknowledge and accept the following responsibilities that they must familiarise themselves with the rules and conditions encoded in the **Smart Contracts**, including the risks of liquidation and **redemption** fees. The **Smart Contracts** may contain bugs or vulnerabilities that could result in unexpected losses. Failure to verify transaction details or understand the **Platform’s** rules may result in financial loss, for which the **Platform Operator** disclaims all liability.
    2. **Users** acknowledge and agree that their use of the **Platform** is subject to compliance with these **Terms** and all **Applicable Laws** in its jurisdiction, such as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations, and specially in regards to:
       1. Securities laws and regulations governing digital assets;
       2. Data protection and privacy laws applicable in their jurisdiction.
    3. Irreversibility of Transactions All **Market and Pool Interactions** conducted through the **Smart Contracts** are final and irreversible once confirmed on the **Third-Party Blockchain Network**.\
       \
       **Users** must exercise caution when initiating transactions, as they cannot be modified, reversed, or cancelled once recorded on the **Third-Party Blockchain Network**.
    4. Gas Fees and Transaction Costs **Users** acknowledge that all transactions conducted through the **Platform** require **Gas Fees** paid to the **Third-Party Blockchain Network** to validate and process the transaction.
       1. Responsibility for Gas Fees: **Users** are solely responsible for ensuring that their wallets contain sufficient funds to cover **Gas Fees**.
       2. Fluctuation of Gas Fees: **Gas Fees** are determined by the underlying blockchain network, are subject to significant fluctuations based on demand, and may increase during periods of high congestion. The **Platform Operator** bears no responsibility for failed transactions caused by insufficient **Gas Fees** or network delays.
       3. Failed Transactions: Transactions may fail if insufficient **Gas Fees** are provided. The **Platform Operator** disclaims liability for any failed transactions due to insufficient fees or network conditions.

11. **RISK DISCLOSURE**
    1. General Acknowledgment of Risks:
       1. **Users** acknowledge that the use of the **Platform** involves various risks inherent to blockchain-based services and decentralised finance (DeFi). By accessing and using the **Platform**, **Users** accept the following risks, including but not limited to:
          1. Regulatory Risks: The regulatory environment for blockchain technology and digital assets is evolving, and **Users** must comply with all Applicable Laws.
          2. Market Risks: Digital asset prices are highly volatile and can fluctuate significantly, leading to potential financial losses. The **Platform Operator** makes no guarantees regarding the stability or value of any digital asset.
             1. Volatility of Collateral: The value of **Collateral** deposited in the **Platform** may decrease due to market volatility. A sudden drop in **Collateral** value may trigger liquidation, resulting in the loss of **Collateral.**
             2. Peg Deviations: The market price of **Tokens** may deviate from its intended peg of $1.00. These deviations may result from market conditions or external factors. **Users** bear the risk of holding **Tokens** during such deviations.
          3. Security Risks: **Users** are responsible for securing their accounts, wallets, and private keys against unauthorised access, phishing, and hacking attempts.
          4. Liquidity Risks: There is no guarantee of liquidity for any digital assets, which may affect **Users**’ ability to buy, sell, or exchange their holdings.
          5. Network Congestion and Downtime: The **Third-Party Blockchain Network** may experience congestion, downtime, or technical failures that impact transaction processing. **Users** must be prepared for potential delays or transaction failures.
          6. Blockchain Forks: The underlying blockchain network may undergo forks, updates, or changes that could affect the functionality of the **Smart Contracts** and the availability of the **Platform.**
    2. Smart Contract Risks:
       1. **Users** acknowledge that the **Platform** relies on **Smart Contracts** deployed on the **Third-Party Blockchain Network**, which:
          1. Are immutable once deployed and cannot be modified;
          2. May contain bugs or security vulnerabilities despite auditing efforts. The **Platform Operator** does not audit or guarantee **Smart Contracts**. While the **Smart Contracts** may be audited by third parties, the **Platform Operator** does not guarantee their security or functionality.
          3. Are subject to blockchain network conditions that may impact performance and availability.
          4. Depend on third‑party **Oracles** such as RedStone. Errors, delays, or manipulation may trigger liquidations or **redemptions** at non‑representative prices. The **Platform Operator** disclaims liability for **oracle** provider performance.
       2. **Users** agree that they will conduct their own due diligence before interacting with any **Smart Contracts** on the **Platform**.
    3. Perpetual Market and Oracle Risks:
       1. Perpetual trading involves additional risks related to leveraged exposure and reliance on third-party oracle providers for price data. Oracle errors, delays, or manipulation may result in unexpected liquidations or mark-price discrepancies. The **Platform Operator** disclaims liability for any oracle-related losses. **Users** also acknowledge that the **Perp DEX** remains in testing phase, and its features, collateral models, and pricing mechanisms are subject to change.
       2. Trading synthetic equity or index markets may involve additional regulatory and compliance risks depending on the **User’s** jurisdiction. **Users** are responsible for ensuring that their participation complies with applicable securities and derivatives regulations. [2](about:blank#fn2)
    4. Spot Equities Risk: Trading Spot Equities involves risks including market volatility, liquidity constraints, execution delays, and pricing discrepancies between tokenized representations and reference market prices. Spot Equities may not track the value of underlying securities perfectly. The Platform Operator does not guarantee price accuracy, execution quality, or market liquidity. Users bear full responsibility for any losses arising from Spot Equities trading and for compliance with any securities, tax, or regulatory requirements applicable in their jurisdiction.
    5. Third-Party Risks: **Users** acknowledge that the **Platform** may integrate or rely on third-party services, including decentralised exchanges, **Oracles**, liquidity providers, and wallet services. The **Platform** disclaims any liability for losses or disruptions caused by third-party services.
    6. No Guarantee of Profit **Users** acknowledge that their participation in staking, trading, or other activities on the **Platform** does not guarantee profits. All financial decisions made by **Users** are at their own discretion and risk.
    7. Incident Reporting **Users** are encouraged to report bugs, vulnerabilities, or other issues to the **Platform Operator** through designated communication channels. The **Platform Operator** may, at its discretion, provide incentives and/or rewards in connection with the above.
    8. Reliance on Information Posted\
       \
       The information presented on or through the Platform is made available solely for general information purposes. The Platform Operator does not warrant the accuracy, completeness, or usefulness of this information. Any reliance Users place on such information is strictly at their own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Platform, or by anyone who may be informed of any of its contents.<br>

       The Platform includes content provided by third parties. All statements and/or opinions expressed in these materials, other than the content provided by the Platform Operator, are solely the responsibility of the person or entity providing those materials. These materials do not necessarily reflect the opinion of Platform Operator. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.<br>

       THE PLATFORM OPERATOR DOES NOT ENDORSE AND ARE NOT RESPONSIBLE OR LIABLE FOR ANY THIRD-PARTY MATERIALS, INFORMATION, PROTOCOLS, NETWORKS, INFRASTRUCTURE, RESOURCES, APPLICATIONS, DATA, CONTENT OR SERVICES, EVEN IF AVAILABLE ON, THROUGH OR FROM THE PLATFORM. THE PLATFORM OPERATOR DOES NOT HAVE ANY RESPONSIBILITY FOR, NO CONTROL OVER, AND MAKE NO GUARANTEES WITH RESPECT TO, THE QUALITY, SECURITY, ACCURACY, RELIABILITY, OR UPTIME OF SUCH THIRD-PARTY MATERIALS.<br>

12. **LIMITATION OF LIABILITY Users** acknowledge that they assume full responsibility for their interactions with the **Platform** and agree to the following limitations on the **Platform Operator’s** liability.
    1. Assumption of Risks for **Users** The **Platform Operator** disclaims all liability for any losses or damages arising from **Token Transactions** initiated by **Users** on the **Platform**. Specifically, the **Platform Operator** shall not be liable for these risks, which are not limited to the following list:
       1. Incorrect or unauthorised transactions: as outlined in section 9.1
       2. Unauthorised access to wallets: as outlined in Section 6.3
       3. Transaction failures.
       4. Loss of private keys: **Users** are responsible for securing their private keys, recovery phrases, and other wallet credentials. The **Platform Operator** cannot recover lost credentials.
       5. Bugs, vulnerabilities, or exploits: The **Smart Contracts** may contain bugs, vulnerabilities, or exploits that could result in unexpected behavior or loss of funds.
       6. Protocol changes or forks: The underlying blockchain may undergo changes, including forks or upgrades, that could impact the functionality of the **Smart Contracts**.
       7. Permanent Loss of Funds: Issues with the **Smart Contracts** may result in permanent loss of funds or positions.
       8. Network Failures: Issues with the underlying **Third-Party Blockchain Network,** including node failures, network congestion, or attacks.
       9. Regulatory Actions: Changes in laws or regulations that affect the operation or legality of the **Platform**.
       10. If any jurisdiction limits the extent to which liability may be disclaimed or limited, the **Platform Operator’s** liability shall be limited to the maximum extent permitted by law.
    2. Disclaimer of Warranties:
       1. **Users** understand that the **Platform Operator** cannot and does not guarantee or warrant that the **Platform, Smart Contracts**, **Token**, **Vault**, **CDP Product**, **Market**, **Liquid Staking Tokens**, **USDhl Product**, **Proxy Contracts**, or any other product or services provided by the **Platform Operator** on or through the **Platform**, now or in the future (Collectively, the “**Platform Operator Materials**”) or any decentralized product or services available on or through the Platform, including any blockchain or governance protocols (Collectively, the “**Decentralized Materials**”) will be free of viruses or other destructive code. **Users** are responsible for implementing sufficient procedures and checkpoints to satisfy their own particular requirements for anti-virus protection, accuracy of data input and output. TO THE FULLEST EXTENT PROVIDED BY LAW, THE **PLATFORM OPERATOR** WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY A DENIAL OF SERVICE ATTACK, DISTRIBUTED DENIAL-OF-SERVICE ATTACK, VIRUSES, OR OTHER TECHNOLOGICALLY HARMFUL MATERIAL THAT MAY INFECT **USERS** COMPUTER EQUIPMENT, COMPUTER PROGRAMS, DATA, OR OTHER PROPRIETARY MATERIAL DUE TO THEIR USE OF THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS** OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE **PLATFORM** OR TO YOUR DOWNLOADING OF ANY MATERIAL POSTED ON IT, OR ON ANY WEBSITE LINKED TO IT.
       2. **USERS** USE OF THE **PLATFORM**, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS** IS AT THEIR OWN RISK. THE **PLATFORM OPERATOR MATERIALS** AND THE **DECENTRALIZED MATERIALS** ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS, STATUTORY, IMPLIED OR OTHERWISE. NEITHER THE **PLATFORM** **OPERATOR** NOR ANY PERSON ASSOCIATED WITH THE **PLATFORM** **OPERATOR** MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS**. WITHOUT LIMITING THE FOREGOING, NEITHER THE **PLATFORM OPERATOR** NOR ANYONE ASSOCIATED WITH THE **PLATFORM OPERATOR** REPRESENTS OR WARRANTS THAT THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS** WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS** ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT ANY OF THE FOREGOING WILL OTHERWISE MEET **USERS** NEEDS OR EXPECTATIONS.
       3. TO THE FULLEST EXTENT PROVIDED BY LAW, THE **PLATFORM OPERATOR** HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE.
    3. LIMITATION OF LIABILITY:
       1. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL THE TOTAL LIABILITY OF THE **PLATFORM OPERATOR**, ITS AFFILIATES, AND EACH OF THEIR RESPECTIVE LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, CONTRACTORS, OFFICERS AND DIRECTORS (COLLECTIVELY, THE “**INDEMNIFIED PARTIES**”) ARISING OUT OF OR RELATING TO THESE **TERMS** OR YOUR USE OF THE **PLATFORM** EXCEED ONE HUNDRED CAYMAN ISLANDS DOLLARS (US$100).
       2. THE FOREGOING DOES NOT AFFECT ANY LIABILITY THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
       3. FOR THE AVOIDANCE OF DOUBT, THE LIMITATIONS CONTAINED IN THIS SECTION 12 (LIMITATION OF LIABILITY) DO NOT LIMIT THE USER\`S INDEMNIFICATION OBLIGATIONS UNDER THIS SECTION.

13. **INDEMNIFICATION**
    1. THE PLATFORM OPERATOR AND ITS AFFILIATES, AND EACH SUCH PARTY’S DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, CONTRACTORS AND SERVICE PROVIDERS (COLLECTIVELY, THE “INDEMNIFIED PARTIES”)\*\* SHALL HAVE NO LIABILITY FOR, AND USERS HEREBY HOLD HARMLESS AND INDEMNIFY, AND AGREE TO DEFEND THE INDEMNIFIED PARTIES FROM AND AGAINST ANY AND ALL LOSSES, CLAIMS, DEMANDS, ACTIONS, PROCEEDINGS LIABILITIES, DAMAGES, JUDGMENTS, AWARDS, DEMANDS, SETTLEMENTS FEES, COSTS, AND EXPENSES, INCLUDING REASONABLE ATTORNEYS’ AND LEGAL FEES ARISING OUT OF OR RELATING TO: (A) USERS USE OF, OR INABILITY TO USE, THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS, OR ANY PART THEREOF, INCLUDING ANY INTERFACES PROVIDED BY THE PLATFORM OPERATOR; (B) ANY SMART CONTRACTS, WHETHER DEPLOYED, CALLED, OR OTHERWISE INTERACTED WITH THROUGH THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS\* INCLUDING ANY FAILURE OF SUCH SMART CONTRACTS OR OTHER CODE TO FUNCTION AS EXPECTED, OR ANY IRREVERSIBLE OR UNINTENDED EFFECTS; (C) USERS PURCHASE, COLLECTION, TRADING OR OTHER TRANSACTION RELATED TO ANY TOKENS OR OTHER DIGITAL ASSETS THEY CREATE, PURCHASE, SELL, TRADE, ISSUE, STAKE, MINT, BURN, OR MANAGE THROUGH THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS INCLUDING ALL FEES THEY MAY INCUR IN DOING SO; (D) ANY TRANSACTIONS CONDUCTED THROUGH OR IN CONNECTION WITH THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS, INCLUDING ANY LOSS OF OR INABILITY TO ACCESS DIGITAL ASSETS, OR ANY FAILURE, DELAY, MALFUNCTION, OR INACCURACY OF ANY ASSOCIATED NETWORK, SMART CONTRACT, OR DATA FEED; (E) ANY INACCURACIES, DELAYS, ERRORS, OR OMISSIONS IN DATA DISPLAYED THROUGH THE PLATFORM OPERATOR MATERIALS OR THE*DECENTRALIZED MATERIALS OR TOOLS PROVIDED BY THE PLATFORM OPERATOR; (F) ANY MODIFICATION, SUSPENSION, OR DISCONTINUATION OF THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS OR ANY COMPONENT THEREOF FOR ANY REASON, INCLUDING IF THE PLATFORM OPERATOR*INTENTIONALLY DISABLES A USER ACCOUNT OR DIGITAL WALLET; (G) USERS LOSS OF CONTROL OVER OR COMPROMISE OF THEIR SEED PHRASE, PRIVATE KEYS, OR OTHER ACCESS CREDENTIALS; (H) USERS’ DEVICES, HARDWARE, OR EQUIPMENT; (I) ANY OPEN SOURCE COMPONENTS OR THIRD-PARTY CODE INCLUDED IN OR USED IN CONNECTION WITH THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS; (J) ANY ACTION OR INACTION TAKEN BY ANY OF THE INDEMNIFIED PARTIES, OR BY LAW ENFORCEMENT OR GOVERNMENT AUTHORITIES, DURING OR AS A CONSEQUENCE OF ANY INVESTIGATION OR WHEN SEEKING TO OBTAIN INFORMATION RELATED TO THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS OR OUR USERS; (K) ANY CLAIMS OF COPYRIGHT INFRINGEMENT OR OTHER INTELLECTUAL PROPERTY VIOLATIONS RELATING TO ANY MATERIALS; (L) USERS’ FAILURE TO COMPLY WITH THESE TERMS, OR ANY APPLICABLE LAWS, REGULATIONS, OR THIRD-PARTY TERMS, INCLUDING THOSE RELATING TO SECURITIES, COMMODITIES, MONEY TRANSMISSION, SANCTIONS, CONSUMER PROTECTION, TAX, OR ADVERTISING; (M) ANY FEES, WHETHER CHARGED BY THE PLATFORM OPERATOR OR ANY THIRD PARTY, IN CONNECTION WITH USERS’ USE OF THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS; (N) USERS’ CONNECTION OF A DIGITAL WALLET TO THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS, INCLUDING WHETHER, WHEN, HOW AND WITH WHOM TO TRADE; (O) ANY DECISIONS USERS MAKE OR ACTIONS THEY TAKE BASED ON INFORMATION PROVIDED THROUGH THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS, OR YOUR USE OF, OR RELIANCE ON, ANY CONTENT, MATERIALS OR APPLICATIONS, (P) LOSSES YOU SUFFER AS A RESULT OF YOUR TRADING, STAKING, LENDING, BORROWING, OR OTHERWISE ENGAGING IN TRANSACTIONS WITH DIGITAL ASSETS; (Q) ANY TAXES, DUTIES, OR GOVERNMENTAL CHARGES OF ANY KIND ARISING FROM USERS’ USE OF THE PLATFORM OPERATOR MATERIALS OR THE DECENTRALIZED MATERIALS OR ANY APPLICATION, OR FROM ANY TRANSACTION INVOLVING DIGITAL ASSETS, INCLUDING USERS’ FAILURE TO REPORT OR PAY SUCH TAXES TO THE APPROPRIATE TAXING AUTHORITIES; (R) TRANSMISSION OF USER INFORMATION AND CONTENT OVER UNENCRYPTED COMMUNICATIONS LINES AND POSTING ON-CHAIN; (S) ANY DISPUTES WITH OTHER USERS ARISING EITHER BY A USER’S ACTION OR INACTION OR THEIRS; OR (T) THE RISKS IDENTIFIED IN THESE TERMS PERTAINING TO DIGITAL ASSETS, AND ANY OTHER RISKS ASSOCIATED WITH USE OF THE **PLATFORM OPERATOR MATERIALS,** THE DECENTRALIZED MATERIALS, OR DIGITAL ASSETS.
    2. USERS FURTHER IRREVOCABLY WAVE, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY CLAIM THEY MAY HAVE AGAINST THE INDEMNIFIED PARTIES ARISING FROM THE MATTERS DESCRIBED HEREIN.
    3. ANY CAUSE OF ACTION OR CLAIM **USERS** MAY HAVE ARISING OUT OF OR RELATING TO THESE **TERMS** OR THE **PLATFORM OPERATOR MATERIALS** OR THE **DECENTRALIZED MATERIALS** MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.
    4. Scope of Indemnification
       1. Nothing in this Section shall limit any other remedies available to the **Platform Operator** under these **Terms** or **Applicable Law**.
    5. No Waiver of Immunity Nothing in this section shall be construed as a waiver of any legal immunity or defense available to the **Indemnified** **Parties** under applicable law. The **Platform Operator** reserves the right to assert any and all legal defenses to minimize its liability.

14. **GOVERNING LAW AND DISPUTE RESOLUTION**
    1. Governing Law:
       1. These **Terms** shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to its conflict of law provisions. Any dispute arising from or related to these **Terms**, including questions regarding their existence, validity, or termination, shall be resolved through arbitration in accordance with the provisions of this section. For the avoidance of doubt, matters of procedural law applicable to the arbitration shall be governed by the law of the seat of arbitration (England and Wales).
    2. Amicable Dispute Resolution:
       1. In the event of a dispute arising from or relating to these **Terms**, the parties agree to resolve the dispute through the following process:
          1. Negotiation: The parties shall attempt to resolve the dispute amicably through good-faith negotiations.
          2. Mediation: If the dispute cannot be resolved through negotiation, it shall be referred to mediation administered by a mutually agreed-upon mediator.
          3. Arbitration: The arbitration shall be conducted as follows:
             1. Number of Arbitrators: The arbitration shall be conducted by a single arbitrator appointed in accordance with the LCIA London Court rules of International Arbitration.
             2. Seat of Arbitration: The seat of arbitration shall be London, United Kingdom.
             3. Conduct of Proceedings: The arbitration proceedings shall be conducted entirely online via email communications and web conferences, unless the parties agree otherwise in writing.
             4. Language: The language of the arbitration shall be English.
             5. Confidentiality: The arbitration proceedings, including all submissions, evidence, and decisions, shall be kept strictly confidential by the parties and the arbitrator.
    3. Allocation of Costs The costs of arbitration shall be initially borne equally by the parties, subject to reallocation by the arbitrator in the final award, including but not limited to:
       1. Arbitrator Fees: The fees and expenses of the arbitrator.
       2. Administrative Fees: Fees charged by the Swiss Rules of International Arbitration.
       3. Other Costs: Any other costs incurred during the arbitration process. The arbitrator may, at their discretion, reallocate the costs of arbitration between the parties in the final **Arbitral Award**. However, each party shall be responsible for its own legal fees, consultant fees, expert fees, and other expenses incurred in connection with the arbitration, regardless of the outcome of the proceedings.
    4. Class Action Waiver: **Users** agree that any disputes with the **Platform Operator** shall be resolved on an individual basis and not as part of any class action or representative proceeding.
    5. No Limitation of Provisional Relief Nothing in this section shall be construed as limiting the right of either party to seek provisional relief or **Interim Measures** from a court of competent jurisdiction to preserve the status quo or protect against imminent harm, pending the outcome of the arbitration.
    6. Jurisdiction In the event that any claim is not subject to arbitration under applicable law, such claim shall be submitted to the exclusive jurisdiction of the courts of the Cayman Islands sitting in George Town, Grand Cayman.

15. **AMENDMENTS TO THE TERMS** The **Platform Operator** reserves the right to amend, modify, update, or replace these **Terms** at any time to reflect changes in business practices, legal or regulatory requirements, technological advancements, or other relevant factors. Such amendments shall become effective upon publication of the updated **Terms** through the **User Interface** or another official communication channel designated by the **Platform Operator.**
    1. Notification of Amendments The **Platform Operator** will notify **Users** of any material amendments to these **Terms** by posting a notice on the **User Interface.**
    2. **User** Responsibility to Stay Informed It is the **User’s** responsibility to regularly review the **Terms** to stay informed of any amendments. The most current version of the **Terms** will always be accessible through a link on the **User Interface**. **Users** acknowledge that by continuing to access or use the **Platform** after the publication of amended **Terms**, they agree to be bound by the updated **Terms**. If a **User** does not agree with any amendment, they must:
       1. Immediately discontinue use of the **Platform**; and
       2. Cease all interactions with the **Platform’s Smart Contracts.** Failure to cease use of the **Platform** after the publication of amendments constitutes acceptance of the amended **Terms.**
    3. No Retroactive Amendments Amendments to these **Terms** shall not apply retroactively. Any transactions conducted on the **Platform** prior to the effective date of an amendment will be governed by the version of the **Terms** in effect at the time the transaction was initiated.
    4. Future Products and Markets The **Platform Operator** may introduce additional product primitives or Markets (including but not limited to new lending pools, collateral types, or structured products). Unless expressly stated otherwise, such features shall be governed by these **Terms** upon publication of an updated notice on the **User Interface.** This includes the future expansion of the **Perp DEX** to cover additional asset categories such as cryptocurrencies, commodities, or synthetic indices, each governed by these **Terms** and subject to the applicable parameters published on the **Platform**.
    5. Severability of Amendments If any amendment to these **Terms** is found to be invalid, unlawful, or unenforceable by a court of competent jurisdiction or through arbitration, the remaining provisions of these **Terms** shall remain in full force and effect.

16. **INTELLECTUAL PROPERTY RIGHTS**
    1. Ownership:
       1. The **Platform Operator** retains all intellectual property rights related to the **Platform Operator Materials**, including but not limited to its design, content, software, trademarks, and underlying technology.
       2. **Users** may not copy, modify, distribute, sell, or lease any part of the **Platform**’s intellectual property without the express written permission of the **Platform Operator**.
    2. License to Use:
       1. Subject to compliance with these **Terms**, the **Platform Operator** grants **Users** a limited, non-exclusive, non-transferable, revocable license to access and use the **Platform** in compliance with these **Terms**.
       2. This license does not grant **Users** any rights to:
          1. Use the **Platform** for unauthorised purposes;
          2. Reverse-engineer, decompile, or attempt to extract the source code of the **Platform**;
          3. Use the **Platform** in any manner that infringes on the **Platform Operator**’s intellectual property rights.
    3. User-Generated Content:
       1. **Users** may upload, submit, or share content on the **Platform**, such as reviews or comments. By doing so, **Users** grant the **Platform Operator** a worldwide, non-exclusive, royalty-free license to use, reproduce, and distribute such content for the operation of the **Platform**.
       2. Users may from time to time provide us with feedback about their experience on the Platform, recommendations for modifications, or other ideas pertaining to the Platform Operator Materials (collectively, “**Feedback**”). Users acknowledge and agree that the Platform Operator may use the Feedback in their business without restriction. All such Feedback will be considered non-confidential and non-proprietary. By providing any Feedback, Users grant the Platform Operator and their vendors, and each of their respective licensees, successors, and assigns a perpetual, irrevocable, non-exclusive, worldwide, fully paid up and royalty free right and license to use, reproduce, modify, perform, display, distribute, and otherwise disclose to third parties any such material for any purpose.
       3. **Users** represent and warrant that they have the necessary rights to provide such content and that it does not infringe on any third-party intellectual property rights.
    4. Reporting Infringements:
       1. If a **User** believes that their intellectual property rights have been infringed upon by any content on the **Platform**, they may submit a written notice to the **Platform Operator** at the designated contact address. The notice must include:
          1. A detailed description of the alleged infringement;
          2. Identification of the copyrighted work or trademark claimed to have been infringed;
          3. Contact information of the complaining party.
       2. The **Platform Operator** will review such claims and take action in its discretion, including content removal and/or account suspension.
    5. Consequences of Violation:
       1. Any unauthorised use of the **Platform Operator**’s intellectual property or violation of this chapter will result in the **User** automatically losing the right to use the **Platform**, and may also result in:
          1. Legal action to enforce intellectual property rights;
          2. Compensation claims for damages incurred by the **Platform Operator**.

17. **TERMINATION AND SUSPENSION**
    1. Termination by **User**:
       1. **Users** may terminate their access to the **Platform** at any time by ceasing to use the services and disconnecting their blockchain wallet. Termination does not relieve the **User** of any obligations incurred prior to the termination date.
    2. Termination by **Platform Operator**:
       1. The **Platform Operator** may suspend or terminate a **User**’s access to the **Platform** or any portion thereof without prior notice in its discretion, including if:
          1. The **User** violates these **Terms**;
          2. The **User** engages in fraudulent or illegal activities;
          3. Required by applicable law or regulatory authorities;
          4. The security, integrity, or operation of the **Platform** is threatened.
    3. Effect of Termination:
       1. Upon termination, the **User**’s access to all **Platform** services will be revoked. Termination or suspension of **User Interface** access does not affect on-chain positions, balances, rewards or pending transactions which remains governed exclusively by the Smart Contracts. The **Platform Operator** holds no liability for any losses incurred.
    4. Reinstatement:
       1. **Users** whose accounts have been suspended or terminated may submit a written request for reinstatement. The **Platform Operator** reserves the right to reinstate access at its sole discretion and may impose conditions for reinstatement.

18. **MISCELLANEOUS PROVISIONS**
    1. Entire Agreement:
       1. These **Terms** constitute the entire agreement between the **User** and the **Platform Operator** regarding the use of the **Platform**. They supersede all prior or contemporaneous communications, representations, or agreements, whether oral or written, relating to the subject matter of these **Terms**.
       2. No oral or written statements or representations not expressly included in these **Terms** shall be binding on either party.
    2. Assignment:
       1. The **Platform Operator** may assign or transfer its rights and obligations under these **Terms** without the prior consent of the **User**, including in connection with a merger, acquisition, or sale of assets. **Users** may not assign or transfer their rights or obligations under these **Terms** without the prior written consent of the **Platform Operator**. Any attempted assignment or transfer without such consent shall be void and of no effect.
    3. Notices
       1. All notices or communications required under these **Terms** must be delivered in writing to the **Platform Operator** at the contact information provided on the **User Interface** or through other official communication channels specified by the **Platform Operator.**
       2. Notices to **Users** may be delivered via the **User Interface**, through notifications or updates posted on the **Platform**. **Users** are responsible for regularly checking the **User Interface** for notices from the **Platform Operator**.
    4. Survival:
       1. All provisions that by their nature should survive termination of these **Terms** shall survive, including, but not limited to, intellectual property rights, disclaimers, indemnity, and limitations of liability.
    5. Force Majeure:
       1. The **Platform Operator** shall not be liable for any failure or delay in performing its obligations under these **Terms** due to events beyond its reasonable control, including but not limited to natural disasters, acts of government, war, cyberattacks, and technical failures.
    6. No Partnership or Agency:
       1. Nothing in these **Terms** shall be construed to create a partnership, joint venture, or agency relationship between the **User** and the **Platform Operator**. Each party acts as an independent entity, and neither party has the authority to bind or obligate the other in any manner.
    7. Survival of Provisions: The following provisions shall survive the termination of these **Terms** and the **User’s** access to the **Platform**:

       * Section 9: User Obligations and Responsibilities
       * Section 10: User Acknowledgments
       * Section 11: Risk Disclosure
       * Section 12: Limitation of Liability
       * Section 13: Indemnification
       * Section 14: Governing Law and Dispute Resolution
       * Section 16: Intellectual-Property Rights
       * Section 18: Miscellaneous

       These provisions shall remain effective to the extent necessary to enforce rights and obligations that arose prior to termination or to address ongoing responsibilities.
    8. Interpretation The headings and section titles used in these **Terms** are for convenience only and do not affect the interpretation or meaning of the provisions. Any ambiguities or uncertainties in the language of these **Terms** shall not be construed against the drafter.
    9. Language These **Terms** are drafted in the English language. If these **Terms** are translated into another language, the English version shall prevail in the event of any discrepancies or conflicts.
    10. No Third-Party Beneficiaries These **Terms** are for the sole benefit of the **User** and the **Platform Operator**. No third party shall have any rights to enforce any provision of these **Terms**, except where expressly stated otherwise.

19. **USER PRIVACY AND DATA SECURITY**

    Data Collection and Use:

    1. The **Platform Operator** is committed to protecting the privacy of its **Users**. By using the **Platform**, **Users** acknowledge and consent to the collection and use of certain data, including but not limited to:
       1. Blockchain wallet addresses;
       2. Transaction history and interactions within the **Platform**;
       3. Aggregated usage data to improve **Platform** functionality.
    2. **User** Responsibilities:
       1. **Users** acknowledge and agree that they are responsible for safeguarding their personal data and blockchain credentials. **Users** must:
          1. Use secure methods to store private keys and recovery phrases;
          2. Avoid sharing sensitive information with unauthorised parties;
          3. Regularly review their security settings.
       2. The **Platform Operator** is not responsible for any unauthorised access resulting from the **User**’s failure to secure their personal information.
    3. Third-Party Services:
       1. The **Platform** may integrate with third-party services that have their own privacy policies. **Users** acknowledge and agree that the **Platform Operator** does not control and is not responsible for the privacy practices of such third-party services. **Users** should review third-party policies before engaging with them.
    4. Data Retention:
       1. The **Platform Operator** retains collected data only for as long as necessary to fulfil the purposes outlined in these **Terms** or as required by Applicable Laws. Data may be deleted or anonymised after the retention period expires.
    5. User Rights:
       1. **Users** may have the following rights regarding their data, subject to Applicable Laws and their jurisdiction of residence:
          1. The right to access their personal data collected by the **Platform**;
          2. The right to request correction or deletion of inaccurate or incomplete data;
          3. The right to withdraw consent for data processing, where applicable.
       2. Requests to exercise these rights should be submitted through official support channels provided by the **Platform Operator**.
    6. Data Security Measures:
       1. The **Platform Operator** implements security measures intended to protect user data, including encryption, secure storage solutions, and access controls. However, **Users** acknowledge that no system is entirely immune to security breaches.
    7. Cross-Border Data Transfers:
       1. By using the **Platform**, **Users** consent to their data being transferred and processed in jurisdictions that may have different data protection standards than their home country.