Terms of Service

Last Updated: January 2025

1. Acceptance of Terms

By accessing or using the v1ta protocol ("Protocol"), including the website, smart contracts, and related services, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, do not use the Protocol.

2. Protocol Description

v1ta is a decentralized protocol built on the Solana blockchain that allows users to:

• Mint VUSD stablecoin against SOL collateral
• Manage Collateralized Debt Positions (CDPs)
• Participate in the Stability Pool
• Liquidate undercollateralized positions
• Redeem VUSD for SOL

The Protocol operates through immutable smart contracts deployed on Solana.

3. Eligibility

To use the Protocol, you must:

• Be at least 18 years old
• Have the legal capacity to enter into binding contracts
• Not be a resident of a jurisdiction where use of the Protocol is prohibited
• Comply with all applicable laws and regulations in your jurisdiction

Restricted Jurisdictions

The Protocol may not be available in certain jurisdictions, including but not limited to:

• United States and its territories
• Countries subject to comprehensive sanctions (e.g., Iran, North Korea, Syria)
• Any jurisdiction where use would violate local laws

You are solely responsible for ensuring your use complies with local laws.

4. Risks and Disclaimers

Smart Contract Risk

• The Protocol operates through smart contracts that are immutable once deployed
• Smart contracts may contain bugs, vulnerabilities, or unexpected behavior
• No party can reverse transactions or recover funds lost due to smart contract issues

Market Risk

• Cryptocurrency prices are highly volatile
• Your position may be liquidated if SOL price drops
• VUSD may lose its peg to the US Dollar
• You may lose some or all of your deposited collateral

Liquidation Risk

• Positions below 110% collateral ratio can be liquidated by anyone
• A 5% liquidation penalty applies
• Price movements can be rapid and unpredictable

Oracle Risk

• The Protocol relies on Pyth Network price feeds
• Oracle failures or manipulation could lead to incorrect liquidations
• Stale or inaccurate price data may affect your position

Operational Risk

• The Protocol is in early development (devnet phase)
• Known bugs exist in the current implementation
• Features may change without notice
• No guarantees of uptime or availability

Third-Party Integration Risk

• Integrations with marginfi, Drift, and other protocols carry additional risks
• Third-party protocol failures may affect your positions
• You are exposed to the risks of all protocols you interact with

5. No Guarantees

The Protocol is provided "AS IS" and "AS AVAILABLE" without warranties of any kind, including:

• No warranty of merchantability or fitness for purpose
• No guarantee of VUSD peg stability
• No guarantee of system availability
• No guarantee of profitability
• No insurance or protection of funds

6. User Responsibilities

As a user of the Protocol, you are responsible for:

Security

• Protecting your private keys and wallet credentials
• Using secure devices and networks
• Implementing proper operational security (OpSec)
• Not sharing your private keys with anyone

Compliance

• Complying with all applicable laws, including tax obligations
• Reporting taxable events as required by your jurisdiction
• Ensuring your use is legal in your location
• Conducting your own legal and financial due diligence

Risk Management

• Understanding the risks before using the Protocol
• Only depositing funds you can afford to lose
• Monitoring your positions actively
• Maintaining adequate collateral ratios

7. Prohibited Activities

You may not:

• Use the Protocol for illegal activities, including money laundering or terrorist financing
• Attempt to exploit, hack, or manipulate the Protocol or its smart contracts
• Interfere with other users' access to the Protocol
• Use automated systems to manipulate prices or liquidations unfairly
• Violate any applicable laws or regulations
• Misrepresent your identity or affiliation
• Use the Protocol if you are a resident of a restricted jurisdiction

8. Intellectual Property

The Protocol's code is open-source and available under the license specified in the repository. However:

• The v1ta name, logo, and branding are proprietary
• Documentation and educational materials are copyrighted
• You may not misrepresent your affiliation with v1ta
• You may fork the code under the terms of the open-source license

9. Fees

The Protocol charges the following fees:

• Borrow Fee: 0.5% on VUSD minted
• Liquidation Penalty: 5% of collateral value
• Redemption Fee: 0.5% on VUSD redeemed

Fees are subject to change based on protocol governance or upgrades. Network transaction fees (gas) are paid separately to Solana validators.

10. Privacy

Your use of the Protocol occurs on a public blockchain. This means:

• All transactions are publicly visible
• Wallet addresses and balances are public
• Transaction history is permanently recorded
• You have no expectation of privacy for on-chain activity

See our Privacy Policy for more details.

11. No Fiduciary Duty

The Protocol developers, contributors, and related parties:

• Are not your brokers, financial advisors, or fiduciaries
• Owe you no fiduciary duties
• Do not provide investment advice
• Are not responsible for your financial decisions

12. Limitation of Liability

To the maximum extent permitted by law:

• The Protocol developers and contributors are not liable for any losses
• You waive any claims against the Protocol or its creators
• Total liability, if any, is limited to fees you paid to the Protocol
• No liability exists for indirect, consequential, or punitive damages

This includes, but is not limited to, losses from:

• Smart contract bugs or failures
• Price volatility or liquidations
• Oracle failures
• Third-party protocol failures
• Network congestion or downtime
• User error or negligence

13. Indemnification

You agree to indemnify and hold harmless the Protocol, its developers, contributors, and affiliates from any claims, damages, or expenses arising from:

• Your use of the Protocol
• Your violation of these Terms
• Your violation of any laws or regulations
• Your violation of any third-party rights

14. Dispute Resolution

Governing Law

These Terms are governed by the laws of [Jurisdiction], without regard to conflict of law principles.

Arbitration

Any disputes will be resolved through binding arbitration rather than in court, except where prohibited by law. You waive your right to a jury trial.

Class Action Waiver

You agree to resolve disputes individually and waive any right to participate in class action lawsuits.

15. Changes to Terms

We reserve the right to modify these Terms at any time. Changes will be effective upon posting. Your continued use of the Protocol after changes constitutes acceptance of the new Terms.

Material changes will be announced through:

• Website notifications
• Social media announcements
• Community channels

16. Termination

We reserve the right to:

• Restrict access to the website or user interfaces
• Discontinue development or maintenance
• Block access from certain IP addresses or jurisdictions

However, the smart contracts are immutable and will continue to function on-chain regardless of any termination or discontinuation of services.

17. Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect.

18. Entire Agreement

These Terms, together with the Privacy Policy, constitute the entire agreement between you and the Protocol regarding your use of the services.

19. Force Majeure

The Protocol is not liable for any failure to perform due to circumstances beyond reasonable control, including:

• Blockchain network failures
• Natural disasters
• Regulatory changes
• Cyberattacks or hacks
• Infrastructure failures

20. No Assignment

You may not assign or transfer your rights or obligations under these Terms. The Protocol may assign these Terms without restriction.

21. Devnet Disclaimer

• Do not use real funds or production assets
• The protocol may be reset, updated, or discontinued at any time
• Known bugs exist and will be addressed before mainnet
• No security audits have been completed
• This is experimental software for testing only

When deployed to mainnet, additional disclosures and updated Terms will be provided.

22. Contact Information

For questions about these Terms:

• GitHub: v1ta-labs/v1ta-core
• Email: legal@v1ta.xyz (if available)
• Community: [Discord/Telegram] (if available)

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By using the v1ta Protocol, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.