Terms of Use

1.1. License Grant and Scope.

Subject to your continuous compliance with this Agreement, the Company grants you a limited, non-exclusive, non-transferable, and non-sublicensable right, during the Term (as defined below), to access and use the Interface and any related documentation (the "Documentation") solely to view Vault information, connect a Wallet (as defined below), and submit Transactions (as defined below) in accordance with this Agreement (the "Permitted Purpose"), and, where offered, to use the Swap and Bridge functionality to route assets through third-party liquidity providers. For the avoidance of doubt, the Company does not operate as a custodian, broker, exchange, bank, or deposit-taking institution, and never takes custody, possession, or control of your digital assets at any time.

1.2. Wallet and Credentials.

To use the Services, you must connect a compatible self-custodied wallet (a "Wallet"). You are solely responsible for maintaining the confidentiality and security of your Wallet, including any private keys, seed phrases, passwords, or other credentials (the "Credentials"). You accept full responsibility and liability for all activity conducted through your Wallet and must promptly notify the Company in writing of any suspected unauthorized use or security breach. The Company cannot recover, restore, or reverse any transaction submitted through the Network (a "Transaction"), and cannot assist you in recovering access to a Wallet.

1.3. Usage Restrictions and Responsibilities.

You shall not, and shall ensure that no one acting on your behalf does, any of the following:

• (a) use the Services in violation of any applicable law, regulation, or sanctions program;
• (b) interfere with, disrupt, or attempt to gain unauthorized access to the Interface, any Vault, any smart contract, or any related system;
• (c) manipulate, exploit, or abuse any Vault or strategy, including without limitation through front-running, sandwich attacks, or oracle manipulation;
• (d) deploy or transmit any virus, worm, or other malicious code to the Services;
• (e) reverse engineer, decompile, or disassemble the Interface or any related software;
• (f) scrape, mine, or systematically extract data from the Services without the Company's prior written consent;
• (g) use the Services on behalf of any person or entity subject to sanctions administered by the United Nations, the United States, the European Union, or any other applicable authority (a "Sanctioned Person"); or
• (h) impersonate any person or entity or misrepresent your affiliation with any person or entity.

1.4. Vaults and Strategies.

Each Vault may pursue a different strategy, which may include, without limitation, tracking the price of one or more Reference Assets, automated market making, liquidity provision, staking, lending, or other yield-generating operations conducted through smart contracts on the Network. Strategies are selected by the Company's algorithm based on its analysis of historical and real-time market data against internal validation criteria before being made available through a Vault. The Company does not guarantee that any Vault will achieve any particular result, yield, or return, that a validated strategy will continue to perform as expected once deployed, or that a Vault's strategy will remain unchanged over time. The Company may, in its sole discretion, add, modify, suspend, or discontinue any Vault, strategy, or feature, with or without notice, including pausing deposits into or withdrawals from a Vault during periods of market volatility, Reference Asset trading halts, or while audits or upgrades are performed.

1.5. Updates.

The Company may, at its sole discretion, provide updates or modifications to the Interface from time to time, and may modify, suspend, or discontinue any part of the Services at any time without liability.

1.6. Suspension.

The Company may suspend or restrict your access to the Services, in whole or in part, immediately and without prior notice, if it reasonably determines that you (a) have breached any material term of this Agreement, (b) pose a security, operational, or reputational risk to the Company or other Users, or (c) are a Sanctioned Person or are otherwise ineligible to use the Services under Section 5.

1.7. Stock Tokens; Nature of Exposure.

Stock Tokens are third-party instruments issued on the Network by the Stock Token Issuer, not by the Company. A Vault may accept Stock Tokens as a deposit asset, hold them as part of a strategy's collateral or allocation, or otherwise reference their price; the Company does not itself create, mint, or back any synthetic exposure to a Reference Asset. Depositing a Stock Token into, or holding a Vault position referencing a Stock Token, does not, in any respect, confer upon you any of the following:

You acknowledge that your ability to acquire, hold, or redeem a Stock Token is governed by the Stock Token Issuer's own terms and eligibility restrictions, which are separate from, and in addition to, this Agreement. The Company does not control, and is not responsible for, the Stock Token Issuer's terms, its solvency, its redemption process, or its decision to restrict, suspend, or discontinue any Stock Token. The value of your Vault position is determined by the Vault's smart contract logic and the applicable Price Feed, and may deviate from the actual trading price of the Reference Asset, including as described in Section 4.7 (Tracking Error and Market Hours Risk).

• (a) any ownership, equitable, beneficial, or other interest in the Reference Asset or in any share, security, or instrument issued by the company or fund associated with the Reference Asset;
• (b) any right to dividends, distributions, or other economic benefits declared by the issuer of the Reference Asset;
• (c) any voting, information, appraisal, or other shareholder or unitholder right; or
• (d) any claim against the Reference Asset's issuer, any custodian, or any broker-dealer.

2.1. Company Intellectual Property.

The Company (and its licensors, where applicable) is and shall remain the sole and exclusive owner of all rights, title, and interest in and to the Interface, the Documentation, and all Company software, technology, and materials provided in connection with the Services (collectively, "Company IP"). Except for the limited license expressly granted in Section 1.1, no other rights or licenses in or to any Company IP are granted to you, whether by implication, estoppel, or otherwise. Smart contracts deployed by the Company on the Network may be open-source and separately licensed; nothing in this Section restricts rights expressly granted under an applicable open-source license.

2.2. Feedback.

If you provide the Company with any suggestions, ideas, or other feedback regarding the Services (collectively, "Feedback"), you hereby grant the Company a worldwide, royalty-free, perpetual, irrevocable, non-exclusive, sublicensable license to use, reproduce, and otherwise exploit such Feedback for any purpose, without obligation, attribution, or compensation to you.

2.3. No Other Licenses.

Except as expressly set forth in this Agreement, no license or other rights in or to any intellectual property of either party are granted to the other, whether by implication, estoppel, or otherwise. All rights not expressly granted herein are reserved.

3.1. Deposits and Withdrawals.

You may deposit supported digital assets into a Vault, and request withdrawal of assets from a Vault, through the Interface. Deposits and withdrawals are executed as Transactions on the Network, are subject to network confirmation, and may be subject to any applicable lock-ups or restrictions disclosed in connection with the relevant Vault. Transactions are generally irreversible once confirmed, and you are solely responsible for reviewing a Transaction before submitting it.

3.2. Fees.

Fees are charged by the applicable Vault, and are disclosed in connection with that Vault. Management fees, performance fees, and any protocol fees (collectively, the "Fees") are set by the applicable Vault rather than by the Company. You are responsible for all network fees, including gas fees, required to execute Transactions. Fees may be modified from time to time upon reasonable notice; your continued use of a Vault after such modification constitutes acceptance of the modified Fees.

4.1. General Risk.

Digital assets are highly volatile and may lose substantial value, including all of their value. Vault strategies may result in losses, including partial or total loss of your deposited assets, and there is no guarantee of any return. You should only use the Services with assets you can afford to lose in full.

4.2. Smart Contract and Audit Risk.

The Services depend on smart contracts, which are experimental technology and may contain bugs, errors, or vulnerabilities that could result in loss of assets. Any audit or review of a Vault's smart contracts is not a guarantee of security and does not constitute a warranty by the Company or the auditor regarding the absence of vulnerabilities.

4.3. Impermanent Loss and Market Risk.

Vaults that provide liquidity may be exposed to impermanent loss and to risks arising from market conditions, network congestion, validator behavior, or regulatory change affecting the Network or digital asset markets generally.

4.4. No Advice.

Nothing in the Services constitutes financial, investment, legal, or tax advice. The Company is not a registered investment adviser or broker-dealer. Any information displayed through the Services, including Vault descriptions or performance data, is provided for informational purposes only and is not a recommendation or solicitation to engage in any transaction. You are solely responsible for your own due diligence and should consult a qualified professional adviser before making any financial decision.

4.5. No Ownership; Not a Securities Offering.

Nothing in this Agreement, the Interface, or any Vault is intended to constitute, and nothing shall be construed as, an offer, sale, or distribution by the Company of a security, share, or other regulated investment instrument in any jurisdiction. Stock Tokens are issued and, where applicable, offered by the Stock Token Issuer under its own disclosures and eligibility restrictions; the Company's role is limited to operating the Interface and Vaults through which you may hold, deposit, or interact with Stock Tokens you already hold or are otherwise eligible to acquire. Nothing in this Agreement affects, waives, or substitutes for any restriction the Stock Token Issuer places on who may acquire, hold, or redeem a Stock Token.

4.6. Price Feed and Oracle Risk.

Vaults that hold or reference a Stock Token rely on price data reported by Chainlink or such other oracle network as may supply pricing for the applicable Stock Token from time to time (each, a "Price Feed"). The Company does not operate, and does not control, any Price Feed. A Price Feed may be delayed, inaccurate, stale, unavailable, or subject to manipulation, and any such defect may result in a Vault executing Transactions, valuations, or liquidations at a price that does not reflect the actual market price of the Reference Asset, which may result in losses. The Company makes no representation or warranty regarding the accuracy, availability, or reliability of any Price Feed.

4.7. Tracking Error and Market Hours Risk.

A Reference Asset may trade on a national securities exchange that observes limited trading hours, holidays, trading halts, or circuit breakers, whereas the corresponding Vault and Network may remain operational and permit Transactions on a continuous, 24/7 basis. During periods when the primary market for a Reference Asset is closed or halted, the Price Feed may rely on indicative, derived, or extrapolated pricing, which may deviate materially from the price at which the Reference Asset would otherwise trade. Vault performance is not guaranteed to track, and may deviate significantly from, the performance of its Reference Asset, whether due to Price Feed limitations, Fees, rebalancing frequency, smart contract constraints, or other factors ("Tracking Error").

4.8. Corporate Actions Risk.

Reference Assets may be subject to corporate actions, including stock splits, reverse splits, mergers, delistings, ticker changes, or the issuer becoming subject to trading suspensions or regulatory action. The Company may, in its sole discretion, adjust, suspend, or discontinue a Vault in response to any such event, with or without notice, and shall have no liability for any loss arising from such an event or the Company's response to it.

4.9. Acceptance of Risk.

YOU ACKNOWLEDGE AND ACCEPT THAT USE OF THE SERVICES INVOLVES SUBSTANTIAL RISK, INCLUDING THE POSSIBILITY OF TOTAL LOSS OF YOUR DEPOSITED ASSETS, AND THAT YOU ARE SOLELY RESPONSIBLE FOR EVALUATING SUCH RISK.

5.1. General Eligibility.

You must have the legal capacity to enter into a binding agreement. You represent and warrant that you are not located in, and are not a citizen, resident, or national of, any jurisdiction where use of the Services is prohibited by applicable law, and that you are not a Sanctioned Person.

5.2. Restricted Persons.

Vaults that hold or reference Stock Tokens are not offered or made available to any person located in, or who is a citizen, resident, or national of, the United States, Canada, the United Kingdom, Switzerland, the United Arab Emirates, or any other jurisdiction where the Stock Token Issuer restricts the offer, sale, or holding of Stock Tokens, or where the Company determines, in its sole discretion, that offering such Vaults would require a license, registration, or authorization the Company does not hold (together, "Restricted Persons"). You represent and warrant that you are not a Restricted Person and are not accessing the Services on behalf of a Restricted Person. The Company may implement geoblocking, wallet-screening, or other technical measures to enforce this Section 5.2, and reserves the right to restrict or terminate access to any Restricted Person at any time.

9.1. Term.

This Agreement commences on the Effective Date and continues until terminated in accordance with this Section 9 (the "Term").

9.2. Termination by You.

You may terminate this Agreement at any time by ceasing all use of the Services and disconnecting your Wallet from the Interface. Termination does not affect any Transaction already submitted to the Network prior to the effective date of termination.

9.3. Termination or Suspension by the Company.

The Company may suspend or terminate your access to the Interface at any time, with or without cause, as provided under Section 1.6, or upon reasonable notice for convenience. Because the Vaults operate through autonomous smart contracts on the Network, termination of your access to the Interface does not, by itself, affect your ability to interact directly with a Vault's smart contracts through the Network, subject to your continued compliance with this Agreement and applicable law.

9.4. Survival.

Sections 1.7 (Stock Tokens; Nature of Exposure), 2 (Intellectual Property), 4.9 (Acceptance of Risk), 6 (Disclaimer of Warranties), 7 (Limitation of Liability), 8 (Indemnification), this Section 9.4, and Section 10 (Miscellaneous) survive any termination or expiration of this Agreement.

10.1. Relationship of the Parties.

Nothing in this Agreement creates a partnership, joint venture, agency, fiduciary, or employment relationship between you and the Company.

10.2. Third-Party Services.

The Services may integrate with or provide access to third-party services, networks, or content ("Third-Party Services"). Your use of any Third-Party Service is subject to the applicable third-party terms, and the Company disclaims all liability arising therefrom.

10.3. Force Majeure.

The Company shall not be liable for any failure or delay in performing its obligations under this Agreement caused by circumstances beyond its reasonable control, including acts of God, natural disasters, war, civil unrest, pandemics, network failures, or governmental actions.

10.4. Assignment.

You may not assign or transfer this Agreement without the Company's prior written consent. The Company may assign this Agreement in connection with a merger, acquisition, reorganization, or sale of substantially all of its assets.

10.5. Entire Agreement.

This Agreement, together with the Privacy Policy and any document incorporated herein by reference, constitutes the entire agreement between you and the Company with respect to its subject matter, and supersedes all prior understandings, agreements, and representations with respect thereto.

10.6. Amendments.

The Company reserves the right to modify this Agreement from time to time by posting the amended Agreement on the Services. Your continued use of the Services after the effective date of such changes constitutes acceptance of the amended Agreement. If you do not agree to the amendments, you must stop using the Services.

10.7. Enforceability.

If any provision of this Agreement is held invalid or unenforceable, such provision shall be ineffective to that extent, and the remaining provisions shall remain in full force and effect.

10.8. No Waiver.

No delay or omission by the Company in exercising any right or remedy shall operate as a waiver of such right or remedy. A waiver on any one occasion shall not be construed as a waiver on any future occasion.

10.9. Notices.

All notices to the Company under this Agreement may be provided through the contact channels published on the Services.

10.10. Governing Law and Jurisdiction.

This Agreement is governed by and construed in accordance with the laws of Germany, without regard to its conflict-of-laws principles. You and the Company each submit to the exclusive jurisdiction of the courts located in Mainz, Germany to resolve any dispute arising out of or relating to this Agreement, provided that nothing herein prevents either party from seeking injunctive or other equitable relief in any court of competent jurisdiction.