Terms & Conditions

1.1 Acceptance

By accessing or using the Interface in any manner you agree to be bound by these Terms, by the Privacy Policy, which is incorporated into these Terms by reference, and by any additional terms the Interface presents for a specific feature.

When you connect a Wallet through the wallet picker on the Site, the Interface asks you to confirm that you have read and accept these Terms before the Wallet can connect. Ticking that box is your express acceptance of the Terms Version then in force. Each of the following also confirms your acceptance: connecting a Wallet, signing any Transaction Message the Interface prepared, signing in to the Curator App, sending a message to the Bot, and calling a Programmatic Interface. Your browser keeps a record of the Terms Version you accepted. When the Terms change in substance the wallet picker asks you to accept the new Terms Version the next time you connect a Wallet through it; a Wallet your browser reconnects automatically is bound by the Terms then in force, as your continued use is (clause 10.5).

If you use the Interface on behalf of a company, partnership, trust or other entity, “you” includes that entity, and you represent and warrant that you are authorized to bind it and that it agrees to these Terms.

1.2 Defined Terms

In these Terms the following capitalized terms have the meanings given to them below. Where a defined term appears in the body of the Terms it is shown in bold and links back to this clause.

“Admin”

the Vault Role that configures a Vault before it is activated, queues and executes delayed changes to it, starts its settlement, resumes it after an incident and may propose Creator Commission rates, within the powers the Vault Program grants that role.

“Akashi”

the persons who operate the Interface, referred to in these Terms as "Akashi", "we", "us" and "our". Akashi is not a bank, broker, exchange, investment adviser, fund manager, custodian or other regulated intermediary.

“Assistant”

the read-only AI assistant offered inside the Site, which answers questions about Akashi and the yield it shows using a third-party language model and the Akashi documentation.

“Bot”

the Akashi Telegram bot, which answers questions, delivers alerts and digests, and prepares Transaction Messages from the instructions a Telegram user gives it.

“Commission”

an amount the Vault Program accrues to Akashi or to a Vaults creator out of a Vault's results under the commission terms fixed when the Vault was created, as described in clause 5.10.

“Content”

every rate, grade, estimate, chart, history, label, text, image and other material displayed by the Interface, whether produced by Akashi or obtained from a Protocol, a Curator or a Third-Party Service.

“Curator”

any person who creates or operates a Vault through the Curator App or otherwise, in any Vault Role, including Akashi where it holds a Vault Role.

“Curator App”

the part of the Interface served at curator.akashi.finance, or under the /curator path, through which Curators create, configure and operate Vaults and publish disclosures about them.

“Digital Asset”

any token, coin, stablecoin, share token or other asset recorded on a public blockchain, including USDC, SOL, a Protocol's receipt tokens and a Vault's Share Tokens.

“Executor”

the Vault Role that moves a Vault's assets between its venues, trades token venues, starts and settles exits from venues that pay out later, and collects accrued Commissions, within the limits the Vault Program enforces.

“Executor Service”

the signing service that Akashi or a Curator runs to act as Executor. It holds its own key, which is never the backend's and never a User's.

“Guardian”

the Vault Role that may act instantly to reduce a Vault's risk: pause a scope, lower limits, close a venue to new money, mark a venue impaired, suspend a venue or remove an Executor, but may not raise limits or move assets.

“Interface”

collectively the Site, the Curator App, the Bot, the Assistant, the Programmatic Interfaces, the transaction-building services behind them, and every related service Akashi provides, as updated from time to time.

“Junior Tranche”

the seat of a Vault whose holders absorb the Vault's losses first and receive a premium out of the Senior Tranche's result for doing so; "Junior" has the same meaning.

“Permitted Uses”

the uses of the Interface described in clause 3.1.

“Programmatic Interface”

any machine-facing interface Akashi exposes, including the MCP server, the agent API and Solana Actions and Blinks, through which software, including an AI agent, uses the Interface on a User's behalf.

“Prohibited Jurisdiction”

each jurisdiction listed in clause 2.2 and any other jurisdiction in which use of the Interface, or dealing in the Digital Assets it concerns, is unlawful for the User.

“Prohibited Uses”

the uses of the Interface described in clause 3.2.

“Protocol”

a third-party decentralized protocol, lending market, issuer or trading venue on Solana whose smart contracts a User interacts with through the Interface, or which a Vault holds a position in, including those named in Part 6.

“Protocol Content”

Content that originates from a Protocol, a Curator or a Third-Party Service rather than from Akashi, including rates, balances, token metadata, prices and audit claims.

“Relay”

the forwarding by the Interface of a transaction that a User has already signed to a Solana node for inclusion in the blockchain; relaying adds nothing to the transaction and cannot alter it.

“Restricted Person”

a person described in clause 2.3.

“Sanctions”

every economic, financial or trade sanction, embargo, export control or similar restrictive measure administered or enforced by a Sanctions Authority.

“Sanctions Authority”

the United Nations Security Council, the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State), the European Union and its member states, the United Kingdom (including His Majesty's Treasury and the Office of Financial Sanctions Implementation), and any other authority that administers sanctions applicable to Akashi or to a User.

“Senior Tranche”

the seat of a Vault whose holders are paid first out of the Vault's result and absorb losses only after the Junior Tranche has been exhausted; "Senior" has the same meaning.

“Share Token”

the SPL token a Vault mints to a depositor for the tranche the depositor chose. It is the depositor's only claim on the Vault, it is transferable, and the Vault Program treats whoever holds it as the owner of that claim.

“Site”

the website and web application at akashi.finance and its subdomains, including the Discover board, the Manage transaction builders, the Portfolio pages, the Vault pages and the notification settings.

“Terms Version”

the "Last updated" date shown at the top of these Terms, which identifies the version of the Terms a User accepted.

“Test Network”

Solana devnet or any other network that is not Solana mainnet, on which Digital Assets have no value and the programs may be stand-ins.

“Third-Party Service”

any service that the Interface relies on or links to and that Akashi does not operate, including RPC providers, oracles, data providers, hosting providers, language-model providers, wallets, block explorers and Telegram.

“Transaction Message”

an unsigned Solana transaction, or set of instructions, that the Interface builds for a User to review and sign in the User's own Wallet. A Transaction Message moves nothing until the User signs it.

“User”

any person who accesses or uses the Interface, including through a Programmatic Interface or an AI agent, and including a Curator; referred to as "you" and "your".

“Vault”

a pool of USDC held by an instance of the Vault Program, with a Senior Tranche and a Junior Tranche, allocated to venues by its Curator and governed by the rules fixed at its creation and described in Part 5.

“Vault Program”

the Akashi on-chain vault program (akashi_vault) deployed on Solana, together with the adapter programs it uses to hold positions in Protocols, in the version that governs the Vault concerned.

“Vault Role”

each of the Admin, the Guardian and the Executor of a Vault, as held by the wallet the Vault names for that role.

“Wallet”

the self-custodial Solana wallet software or device a User connects to the Interface, which alone holds the User's private keys and signs the User's transactions.

1.3 About the Interface

The Interface is non-custodial software for discovering, entering, monitoring and leaving stablecoin yield on the Solana blockchain. It consists of:

1. the Discover board, which lists yield opportunities offered by third-party Protocols together with Akashi's own risk grades, rates and analytics;
2. the Manage builders, which assemble Transaction Messages for deposits, withdrawals, swaps and leveraged positions against those Protocols;
3. the Portfolio pages and the notification settings, which track the positions of a Wallet you connect or paste and can send alerts through the Bot;
4. the Vault pages, through which you deposit into and withdraw from Vaults run by the Vault Program, as described in Part 5;
5. the Curator App, through which Curators create and operate Vaults;
6. the Bot and the Assistant, which answer questions and, in the Bot, prepare Transaction Messages; and
7. the Programmatic Interfaces.

Every part of the Interface builds Transaction Messages only. The Interface never holds your private keys, never takes custody of your Digital Assets and never signs a transaction for your Wallet. The Interface may Relay a transaction you have signed to the network; relaying cannot change it.

1.4 About Akashi

Akashi operates the Interface. Akashi also publishes the Vault Program, governs the registry of adapter programs that the Vault Program may use and the list of wallets allowed to create Vaults, runs an Executor Service, and holds one or more Vault Roles on the Vaults shown as “Curated by Akashi”. Where Akashi holds a Vault Role it does so on the terms set out in clause 5.12.

Akashi is not registered with, licensed by or supervised by any financial regulator in any jurisdiction, and the Interface has not been reviewed or approved by any regulator. See clause 4.9.

1.5 Relationship to the Vault Program and the Protocols

The Vault Program and every Protocol are programs deployed on the Solana blockchain. They execute according to their code, which anyone can read and call, whether or not the Interface exists. When you deposit into a Vault or interact with a Protocol you transact with that program directly, from your own Wallet, and the program's rules govern what happens to your Digital Assets. The Interface describes those rules; it does not create them and cannot override them.

Akashi does not own, operate, control or audit any Protocol and does not control the Solana network. Akashi controls the Vault Program's upgrade authority, adapter registry and creator list as described in clause 5.16.

1.6 Relationship between Akashi and the User

Akashi provides software. Nothing in these Terms or in the Interface creates an agency, partnership, joint venture, employment, trust, custodial, fiduciary, advisory or brokerage relationship between you and Akashi. Akashi does not act for you, does not hold anything for you and does not owe you any duty beyond those expressly stated in these Terms. Where Akashi holds a Vault Role, the Vault Program defines what that role can do, and Akashi exercises it under clause 5.12.

1.7 Order of Precedence

Part 5 summarizes how the Vault Program works. The on-chain state of a Vault, the figures its Vault page reads from the chain and the version of the Vault Program that governs it prevail over any summary in these Terms. The Akashi documentation at docs.akashi.finance explains the Interface and the Vault Program in more detail; it is explanatory and does not form part of these Terms. If a feature's own additional terms conflict with these Terms, the additional terms govern that feature.

2.1 Capacity

You may use the Interface only if you are at least eighteen years old, or the age of majority in your jurisdiction if higher, and have the full legal capacity to enter into and perform these Terms. The Interface is not directed at minors, and Akashi does not knowingly deal with them.

2.2 Prohibited Jurisdictions

You may not use the Interface if you are located in, ordinarily resident in, organized under the laws of, or a citizen of any of the following (each a Prohibited Jurisdiction):

1. Cuba, Iran, the Democratic People's Republic of Korea, Syria and the Russian Federation;
2. the Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhia regions of Ukraine;
3. any other country, territory or region that is the subject of comprehensive country-wide or territory-wide Sanctions at the time of use; and
4. any jurisdiction in which use of the Interface, or dealing in the Digital Assets it concerns, is unlawful for you.

Akashi may add to this list at any time to reflect Sanctions or legal developments. The Interface may refuse service to any jurisdiction without being obliged to name it here.

2.3 Restricted Persons

You may not use the Interface if you are a Restricted Person, that is, a person who:

1. is listed on, or is owned fifty percent or more or controlled by one or more persons listed on, any Sanctions list maintained by a Sanctions Authority, including the Specially Designated Nationals and Blocked Persons List of the United States, the consolidated lists of the European Union and the United Kingdom, and the lists of the United Nations Security Council;
2. is acting on behalf of, or for the benefit of, a person described in paragraph (a) or a government of a Prohibited Jurisdiction;
3. is otherwise the subject of Sanctions or is prohibited by law from dealing in Digital Assets; or
4. has previously been denied access to the Interface by Akashi for a breach of these Terms.

2.4 No Circumvention

You may not use a virtual private network, proxy, relay, mixing service, nominee, agent or any other technique or arrangement to disguise your location or identity, to appear to be outside a Prohibited Jurisdiction, or otherwise to circumvent the restrictions in this Part. Any attempt to do so is a breach of these Terms, and Akashi may treat every transaction made while circumventing them as unauthorized.

2.5 Entities

An entity is eligible only if it, every person who owns or controls it, and every person who uses the Interface for it satisfy this Part. The person acting for the entity confirms, each time the Interface is used, that this is so.

2.6 Continuing Requirement

The requirements of this Part apply at every moment you use the Interface, not only when you first accept these Terms. If you cease to satisfy any of them you must stop using the Interface immediately. Akashi may verify eligibility at any time by the means described in clause 4.7, and may suspend or terminate access while it does so.

3.1 Permitted Uses

Subject to these Terms, you may use the Interface for the following purposes and no other (the Permitted Uses):

1. viewing Content about yield opportunities, Protocols, Vaults and your own positions;
2. having the Interface build Transaction Messages that you then review, sign in your own Wallet and submit, or have the Interface Relay, in order to deposit into, withdraw from, swap between or otherwise interact with Protocols and Vaults;
3. monitoring positions and receiving alerts about them;
4. asking the Assistant or the Bot questions about Akashi and the yield it shows;
5. if you are a Curator, creating, configuring and operating Vaults through the Curator App in accordance with Part 5; and
6. using a Programmatic Interface for any of the above, within its rate limits and documentation.

3.2 Prohibited Uses

You must not, and must not assist or permit any other person to, use the Interface in any of the following ways (the Prohibited Uses):

1. for any purpose that is unlawful under the laws that apply to you, or in breach of any contract or court order that binds you;
2. in breach of any Sanctions, or for the benefit of a Restricted Person or a person in a Prohibited Jurisdiction;
3. to launder the proceeds of crime, to finance terrorism, to evade tax, or to conceal the source, ownership or destination of any Digital Asset;
4. to defraud, deceive or mislead any person, including by impersonating Akashi, a Curator, a Protocol or another User, or by publishing a false or misleading disclosure as a Curator;
5. to manipulate any market or price, including by wash trading, spoofing, layering, front-running other Users' transactions, trading to create a false appearance of activity, or manipulating any oracle, price feed or valuation that a Protocol or the Vault Program relies on;
6. to exploit, probe, scan or test any vulnerability, bug, misconfiguration or economic weakness of the Interface, the Vault Program, an adapter program or any Protocol, or to take advantage of a known one, except under a bug-bounty or responsible-disclosure arrangement Akashi has agreed in writing;
7. to attack, overload, disrupt or interfere with the Interface, its infrastructure, any Protocol or the Solana network, including by denial-of-service, excessive automated requests or circumventing a rate limit;
8. to scrape, harvest, mirror or republish Content at scale, or to use Content to train a model, without Akashi's written consent;
9. to reverse engineer, decompile or disassemble any part of the Interface that is not published under an open-source license, or to remove any proprietary notice;
10. to circumvent, disable or interfere with any security, screening, eligibility or acceptance mechanism of the Interface, including the acceptance of these Terms;
11. to use any credential, API key, session token or Wallet that is not yours, or to share yours with a person who is not entitled to use the Interface;
12. to transact in any Digital Asset, or to enter into any leveraged, margined or derivative position, where doing so is a regulated activity you are not authorized to carry on, or is unlawful for you;
13. to rely on the Interface, the Assistant or the Bot as a source of investment, legal, tax or other professional advice, or to represent to others that it is;
14. to operate a Vault, or to hold a Vault Role, in a manner that breaches clause 5.14;
15. to introduce any virus, malware or harmful code, or to upload any content that infringes a third party's rights or is unlawful;
16. to interfere with another User's use of the Interface or with another User's transactions, requests or positions;
17. to make any representation about Akashi, the Interface or a Vault that Akashi has not authorized; or
18. to use the Interface at any time while any representation you make in Part 8 is untrue.

3.3 Programmatic Use

A Programmatic Interface may be used only in accordance with its published documentation, rate limits and any key or token Akashi issues for it. Software, including an AI agent, that uses the Interface on your behalf acts for you: every request it makes, every Transaction Message it obtains and every transaction it signs or submits is yours, and these Terms, including the eligibility rules in Part 2 and the Prohibited Uses, apply to that use exactly as they apply to use through the Site. Akashi may suspend, throttle or withdraw a Programmatic Interface, or any key, at any time and without notice.

4.1 Content and Data Sources

The Interface displays Content that Akashi computes and Protocol Content that it obtains from Protocols, Curators and Third-Party Services such as protocol programs and APIs, oracles, DefiLlama and RPC providers. Akashi does not verify Protocol Content and cannot guarantee that any Content is accurate, complete, current or free of error. In particular:

1. a risk grade (A to E) and any best-practice check shown for a Vault is Akashi's own opinion, formed from public data under the method published on the Site. It is not a credit rating, not a rating from a licensed agency, not a prediction and not advice;
2. a rate is an expectation computed from current Protocol data. It changes continuously and is not a promise of any return;
3. a figure labelled realised is measured either on Akashi's own small test positions in a Protocol or on a Vault's recorded results over a stated window. It need not match what your position earns;
4. the earn estimator splits an amount across opportunities to illustrate a blended rate. It is an illustration, not a recommendation to invest in those opportunities; and
5. balances, positions, histories and valuations are read from the chain and from Third-Party Services and may lag, be stale or be wrong.

You are responsible for verifying any Content before relying on it, including by reading the relevant Protocol's own documentation and the on-chain state of your positions.

4.2 Transaction Messages and Relay

A Transaction Message is built by Akashi's servers from the request you make and the state of the chain at that moment. Before you sign, the Interface may simulate the transaction and checks that every program it calls is on an allowlist of known programs. These safeguards reduce the chance of a failed or harmful transaction; they do not remove it. You acknowledge that:

1. a Transaction Message is unsigned and moves nothing until you sign it in your Wallet; your Wallet shows you what you are signing, and you alone decide whether to sign;
2. a Transaction Message is built against the chain state at the time it is built; the state may change between building, signing and confirmation, so the result may differ from the estimate shown, the transaction may fail, or a Protocol may reject it;
3. a simulation can pass and the transaction still fail or produce a different result, and a simulation that is downgraded to an advisory does not block you from signing;
4. price impact and slippage warnings are advisory and the slippage tolerance you set is applied by the Protocol, not by Akashi;
5. when the Interface Relays a transaction you have signed, it forwards exactly those bytes to a Solana node; relaying cannot alter, delay or guarantee the inclusion of the transaction, and Akashi may retry or stop relaying at any time; and
6. a transaction you sign through any other interface or tool is not a Transaction Message and is entirely your own.

4.3 Token Identification

The Interface identifies Digital Assets by their mint address and displays names, symbols and logos obtained from token lists and Protocols. Those names and symbols are not unique and can be copied by anyone. Akashi does not verify that a token is what its name suggests, that two tokens with similar names are related, or that a token on a Test Network corresponds to any mainnet asset. You are responsible for checking the mint address of every token you transact in, including a Vault's Share Tokens, which exist in a separate mint for each Vault and each tranche.

4.4 Wallets and Security

You are solely responsible for your Wallet, its seed phrase and private keys, every device and account you use to access the Interface, and every transaction signed with your keys, whether or not you authorized it. Akashi cannot recover, reset, freeze or reverse access to your Wallet or to the Digital Assets in it, cannot reverse a transaction once it is confirmed, and cannot retrieve assets sent to a wrong address or a wrong network.

Akashi will never ask you for your seed phrase or private key. A request to sign a message in order to sign in to the Curator App or to configure notifications is not a transaction and moves no assets; you should still read every message before signing it. A connected Wallet can read your public address and balances; it cannot spend anything without your signature.

4.5 Interface Fees and Third-Party Fees

Akashi does not charge a fee for using the Site, the Discover board, the Manage builders, the Portfolio pages, the Bot or the Assistant, and does not take a spread out of any rate shown. The following costs do apply:

1. Solana network fees, priority fees and the rent for any account a transaction creates, which your Wallet shows before you sign;
2. fees, spreads, price impact and redemption charges applied by a Protocol, a swap route or an issuer inside the transaction;
3. the Commissions a Vault accrues under the terms fixed when it was created, as described in clause 5.10; and
4. any charge of a Third-Party Service you choose to use, including a language-model provider whose key you give the Bot.

Akashi may introduce a fee for a part of the Interface in future. Any such fee will be shown before it applies and will not apply to a transaction built before it was shown.

4.6 Modification, Suspension, Denial and Limitation of Access

Akashi may, at any time and without notice or liability, modify, suspend or discontinue any part of the Interface; change the Protocols, Vaults, tokens or features it supports; impose limits on the size, frequency or type of transactions it will build; deny or limit access to any User, Wallet, address, region or network; and refuse to build or Relay any transaction. The Interface may hide or disable a flow when configuration it depends on is missing. Nothing in this clause affects your on-chain positions: a Vault's Share Tokens and a Protocol position remain yours and can be operated through the program directly, subject to that program's rules.

4.7 Sanctions Compliance and Risk Monitoring

Akashi may screen IP addresses, Wallet addresses, transactions and Sanctions lists, and may use Third-Party Services that score the risk of an address, in order to enforce Part 2 and the Prohibited Uses. Akashi may block, disconnect, suspend or refuse any Wallet, address or User that it believes, in its sole judgment, to be a Restricted Person, to be located in a Prohibited Jurisdiction, to be engaged in a Prohibited Use, or to present an unacceptable risk, and may do so without notice, without explanation and without liability. Akashi may keep records of these measures for as long as the law or its own compliance needs require.

4.8 Cooperation with Investigations and Disclosure

Akashi may cooperate with any law-enforcement, regulatory, judicial or governmental authority, and with any Protocol, Third-Party Service or Curator, in the investigation of suspected unlawful activity, a security incident, a Sanctions matter or a breach of these Terms. Akashi may disclose information about you, your Wallet addresses, your transactions and your use of the Interface to such persons where it believes in good faith that the law requires or permits it, that disclosure is necessary to protect Akashi, its Users or the public, or that you have consented. The Privacy Policy describes the information Akashi holds.

4.9 No Regulatory Supervision

Akashi and the Interface are not registered or qualified with, licensed by, reporting to or under the active supervision of any government agency or financial regulatory authority anywhere. No regulator has reviewed, approved or endorsed the Interface, these Terms, the Vault Program, any Vault, any Protocol, any Content or any rate shown. Akashi is not a bank, broker, dealer, exchange, investment adviser, fund manager, transfer agent, payment service or other regulated intermediary, and the Interface is not a securities, commodities or derivatives market. You do not benefit from any deposit guarantee, investor compensation or similar protection scheme in respect of any Digital Asset you place through the Interface, and you have no recourse to any such scheme.

4.10 The Bot and the Assistant

The Bot and the Assistant are built on third-party language models, which by default are models provided by Anthropic. You acknowledge that:

1. their answers are generated statistically from your question, the Akashi documentation and the page or conversation context; they can be wrong, incomplete, inconsistent or out of date, and nothing they say is a statement of fact by Akashi or advice;
2. the Bot can misread what you asked for; every Transaction Message it prepares must be reviewed in your Wallet before you sign it, and you alone are responsible for signing;
3. the Bot stores your conversation, preferences and the Wallet you link so that it can continue a task, as described in the Privacy Policy;
4. if you give the Bot your own key for a language-model provider, your requests are sent to that provider under its own terms, its charges are yours, and you must keep the key secret; Akashi stores it encrypted but cannot protect a key that is shared elsewhere;
5. usage is limited by daily budgets and rate limits, and either service may be paused, changed or withdrawn at any time; and
6. Akashi may review conversations, where logging is enabled, to improve the service and to investigate abuse.

4.11 Alerts and Notifications

Alerts and digests are opt-in and are delivered on a best-effort basis through the Bot. They depend on Akashi's detection logic, on Protocol Content and on Telegram, any of which can fail. An alert can be late, missing, duplicated or wrong, and the absence of an alert means nothing. Alerts are not a monitoring service you can rely on, and Akashi has no duty to detect, assess or notify you of any event affecting your positions, a Protocol or a Vault.

4.12 Test Networks

Parts of the Interface can be pointed at a Test Network. On a Test Network the tokens have no value, the Protocols may be stand-ins that Akashi or a third party deployed for testing, and the Vault Program may be a different build from the one on mainnet. Nothing shown on a Test Network is an offer, a product or a representation about mainnet. You must check the network your Wallet and the Interface show before every transaction. See also networks and availability.

5.1 The Vault Program

A Vault is an instance of the Vault Program: a program on Solana that pools USDC, mints a Share Token for each of two seats, the Senior Tranche and the Junior Tranche, and allocates the pooled USDC to venues in Protocols through adapter programs chosen by the Vault's Curator. Depositing into a Vault means transacting with that program from your own Wallet. This Part summarizes the program's rules so that you know what you are entering; the rules themselves are the program's code, the parameters fixed for the Vault at its creation and the on-chain state shown on the Vault page, which prevail over this summary (clause 1.7). The full description is at docs.akashi.finance/invest.

A Vault's notice periods, coverage floor, caps, premium, governance delays and commission terms are parameters of that Vault. They differ between Vaults and are shown on each Vault's page. Examples in these Terms are illustrative.

5.2 Share Tokens

A deposit mints Share Tokens of the tranche you chose to your Wallet. You acknowledge that:

1. the Share Token is your only claim on the Vault; Akashi keeps no separate register of ownership that could override it;
2. Share Tokens are ordinary transferable SPL tokens; whoever holds them can request a withdrawal against them, and if you transfer, lose or send them to a wrong address your claim goes with them and cannot be restored by Akashi or by the program;
3. each Vault and each tranche has its own mint; tokens with similar names are not interchangeable, and you must check the mint before transferring or accepting any;
4. a Share Token represents a share of its tranche's value, which rises and falls with the Vault's results; it is not a promise to repay a number of USDC; and
5. Share Tokens held in escrow for a withdrawal request are not freely transferable until the request is funded or cancelled.

5.3 Tranches and Loss Order

The two tranches share one pool and one strategy. They differ in the order in which they take gains and losses:

1. the Junior Tranche absorbs the Vault's losses first, and in return receives a premium out of the Senior Tranche's share of the result;
2. the Senior Tranche is paid first out of the result and absorbs losses only once the Junior Tranche has been exhausted;
3. the Junior Tranche is a limited cushion inside the same strategy. It is not insurance, not a guarantee and not capital held outside the Vault; its size changes with deposits, withdrawals and results and can fall to zero;
4. a loss larger than the Junior Tranche reaches the Senior Tranche, and the Senior Tranche can lose part or all of its value; and
5. a loss that the Junior Tranche has absorbed during an incident is restored only from value recovered from that incident while the Vault is in recovery; when the Vault resumes, any part of it not yet recovered becomes final.

5.4 Pricing and Valuation Bands

The Vault Program values each venue within a band when the venue's value is uncertain, and prices every deposit and every withdrawal on the side of that band that protects the holders who stay:

1. a deposit is priced at the upper bound, so a new depositor cannot buy in below the value the existing holders may yet realise;
2. a withdrawal is priced at the lower bound, so a leaver cannot take out value that the Vault may not be able to realise; for a venue that has been marked impaired the lower bound is zero, and for a token venue under market stress it is the market price;
3. entry and exit prices can therefore differ, and you can receive less on an immediate exit than you deposited even if no loss has been booked; and
4. the price shown on the Vault page is an estimate at the time it is read; the price that applies to your transaction is the one the program computes when it executes.

5.5 Deposits

A deposit is accepted only while the Vault is active, deposits are not paused, the Vault is not in recovery or settlement, no venue is in doubt, every venue's valuation is fresh, USDC is not depegged, and the deposit fits under the Vault's cap, the tranche's own limits and the coverage rules that keep the Junior Tranche in front of the Senior Tranche. The Interface tells you before you sign when a deposit would be refused; the program decides when the transaction executes. A deposit cannot be reversed; leaving the Vault is a withdrawal under the next clause.

5.6 Withdrawals

A withdrawal has three steps, and only the first needs your signature:

1. Request. You sign a request for a number of Share Tokens. The program moves them into escrow and sets the time at which the request becomes eligible: after the Senior delay or the Junior notice period fixed for the Vault, each within a cap the program enforces and shown on the Vault page. The escrowed Share Tokens keep earning and keep absorbing losses until they are funded. You may set a minimum price below which the request must not be funded.
2. Funding. Once eligible, the request is funded from the Vault's idle USDC at the lower-bound price computed at the time of funding, not at the time of the request. Funding may be sent by the Executor, by the Interface, by you or by anyone else; the USDC can only go to the request owner's own USDC account. The escrowed Share Tokens that are funded are burned.
3. Claim. You collect the funded USDC. Claiming stays open in every state of the Vault, including when the Vault is paused or in settlement.

You acknowledge that:

1. the end of a notice period means only that the request is eligible; it does not guarantee that funding conditions are met;
2. a request can be funded in part, and the unfunded part stays in escrow, eligible and exposed to results, until it is funded or you cancel it; a request does not expire on its own;
3. funding is limited by the idle USDC available, by the time the Executor or anyone else needs to unwind venues to raise it, by the liquidity of those venues, by the minimum Junior coverage the Vault must keep in front of the Senior Tranche, by the rule that a Junior request is funded only after every eligible Senior request is covered, by the Senior outflow limit the Vault may set per twenty-four hours, and by any venue whose value is in doubt;
4. a Junior request can wait indefinitely while the Vault sits at its coverage floor, until Junior deposits or Senior withdrawals make room; this is inherent to first-loss capital;
5. cancelling a request returns the unfunded Share Tokens to you at their current value and does not reverse an amount already funded or restore an earlier price; and
6. a withdrawal request is not a sale to Akashi, and Akashi has no obligation to fund it, buy your Share Tokens or provide liquidity.

5.7 Vault States

A Vault moves between states that change what it accepts:

1. Active: deposits, withdrawals and allocation operate normally within the Vault's limits.
2. Paused: the Guardian or the Admin has paused one or more scopes (deposits, funding of withdrawals, allocation). A pause can be lifted only by the Admin. Claims of already funded USDC stay open.
3. Recovery: entered when a venue is marked impaired or when a loss exceeds the Vault's incident threshold. Deposits are closed so that any recovery belongs to the holders who bore the loss; Senior withdrawals stay open at the lower-bound price with impaired venues counted at zero; Junior withdrawals are generally held; every positive result repays the Senior Tranche's loss first, then the Junior Tranche's, before anything is profit.
4. Frozen: a sub-state of recovery entered when the loss has reached the Senior Tranche. All withdrawals are paused, so that early leavers cannot take a price that bakes in a loss which may yet be partly recovered, at the expense of those who stay.
5. Settlement: started by the Admin, and the expected path after a loss has reached the Senior Tranche. Minting stops for good, each tranche's entitlement is fixed at its value before the loss, every venue is closed to new money, and the venues are turned into USDC over time. Cash is distributed cumulatively: to the Senior Tranche until its entitlement is met, then to the Junior Tranche, then any surplus by the Vault's premium rule. Share Tokens remain the claim; a holder converts them into a settlement claim and collects distributions as they are made, which may take a long time and may never reach the full entitlement.

From recovery the Vault leaves either by the Admin resuming it, once the Senior Tranche is whole and no venue remains impaired, or by settlement. Unpausing a Vault does not lift the restrictions of recovery or of the frozen state.

5.8 Impairment, Suspension, Venues in Doubt and Market Stress

The Guardian and the program protect the Vault against a venue that may have lost value or cannot be valued:

1. the Guardian may at any time mark a venue impaired at a mark of its choosing, by default zero. The venue is then valued at no more than the mark, is counted at zero for anyone withdrawing, can only be unwound, and any USDC it returns above the mark is booked as recovery. Raising a mark is a delayed change;
2. the Guardian or the Admin may suspend a venue that cannot be valued, for example during an outage of its Protocol. A suspended venue keeps its last value band, takes no new money and is exempt from freshness checks, so that the rest of the Vault keeps operating;
3. while any venue is in doubt, deposits are refused and withdrawals are priced as if the doubt resolved against the Vault; and
4. a venue that holds a token priced from a market is subject to market stress and thin market rules: when the market price falls outside the venue's band, leavers are paid at the market price, the Junior Tranche absorbing the difference first, and the venue is neither bought nor sold until the price returns.

These measures are taken on the basis of information available at the time and may prove, in hindsight, to have been too cautious or not cautious enough. Akashi, a Curator or a Guardian acting in good faith is not liable for the consequences of taking or not taking them (clause 9.2).

5.9 Token Venues and Trading

A Vault may hold a venue that is a token rather than a position in a lending market, such as a yield-bearing stablecoin or a receipt token. The Executor buys and sells such a token through an allowlisted swap inside a single transaction that the program brackets: it values the venue before and after the trade, enforces the slippage and size limits set for the venue and a budget for trading costs, and locks every other instruction on the Vault while the trade is open. Trading costs, spreads and price impact reduce the Vault's result, and a token may be impossible to sell at any acceptable price when its market is thin. The Executor's choice of when and how much to trade is an allocation decision within the meaning of clause 5.12.

5.10 Commissions

A Vault may accrue Commissions to Akashi and to the Vault's creator. The commission terms are fixed when the Vault is created, are enforced by the Vault Program, and are shown on the Vault's page before you deposit. You acknowledge that:

1. Akashi may receive a share of the premium that the Senior Tranche pays the Junior Tranche. Its rate is fixed when the commission-enabled build of the Vault Program is initialized and cannot be changed for a Vault using that build; the address that receives it may change after a delay;
2. the Vault's creator may receive a share of each tranche's positive result, up to thirty percent, and an annual fee on each tranche's assets, up to three percent a year, within caps the program refuses to exceed. The Admin may propose changed creator rates within those caps, which take effect only after the Vault's governance delay and apply to future results only;
3. a Commission is accounted for when it is earned, and reduces the value of your Share Tokens at that moment, even if the Vault does not yet hold enough idle USDC to pay it; paying it later does not reduce your value a second time;
4. an accrued but unpaid Commission is paid only when the Vault has cash to spare after open withdrawal requests and its minimum idle balance; it can be reduced by a later loss before investor capital is touched; and during settlement investors' fixed entitlements are paid before unpaid Commissions;
5. neither Akashi nor a creator charges an entry or exit fee on a deposit or a withdrawal; and
6. Vaults created on an earlier build of the Vault Program have no Commissions, and a saved draft or a later product change cannot add Commissions to an existing Vault.

The current rates, and the accrued, paid, outstanding and written-down amounts, are shown on the Vault page. See fees and execution costs.

5.11 Vault Roles and Delayed Changes

Every Vault names a wallet for each of three Vault Roles. The program limits what each may do; none of them can send a Vault's assets to an outside address, set a price or valuation, or bypass a delay.

1. The Admin configures the Vault before it is activated; queues changes that take effect after the Vault's governance delay, including caps, cash targets, venue limits, roles, new venues and creator Commission rates; cancels queued changes; unpauses; resumes after recovery; and starts settlement. The tranche economics, the withdrawal timings and the governance delays themselves cannot be changed: changing them means a new Vault.
2. The Guardian acts instantly, and only to reduce risk: pause any scope, lower a venue's limits or the Vault's cap, close a venue to new money, mark a venue impaired or lower its mark, suspend a venue, remove an Executor. The Guardian cannot raise a limit, unpause, or move assets.
3. The Executor moves assets between the Vault's venues within the targets and limits set, trades token venues, starts and settles exits from venues that pay out later, unwinds venues to fund withdrawals, and collects accrued Commissions. The Executor is a service with its own key (Executor Service), never the Interface's backend and never your Wallet.

Every delayed change is published on chain with its full content and shown on the Vault page before it can take effect. The Vault's governance delay is at least as long as the slowest ordinary exit from the Junior Tranche, so that a holder who objects to a queued change can request a withdrawal first; the delay does not guarantee that the withdrawal will be funded in time if liquidity, coverage or an incident stands in the way. Certain maintenance instructions, such as refreshing a valuation, funding an eligible withdrawal from idle USDC or executing a matured change, can be sent by anyone; they still enforce every condition.

5.12 Akashi as a Vault Role

Where Akashi holds a Vault Role, including on every Vault shown as “Curated by Akashi”, and where Akashi's Executor Service acts for a Vault, Akashi acts solely under these Terms and the Vault Program. You acknowledge and agree that:

1. Akashi will exercise the role in good faith and with reasonable care, but makes no promise about the result of any allocation, trade, exit, pause, mark, suspension, resumption or settlement;
2. Akashi owes you no fiduciary duty, no duty of best execution and no duty to act in your individual interest rather than in the interest of the Vault as a whole;
3. Akashi may decline to act, may act later than you would wish, and may take a protective measure that in hindsight was unnecessary or insufficient;
4. Akashi's Executor Service may be unavailable, and the Vault Program lets others fund eligible withdrawals in its place after a grace period;
5. Akashi may receive Commissions from a Vault it curates, and may run several Vaults whose interests differ; and
6. Akashi may hand a role to another wallet through the program's delayed process, and may cease to hold any role; the Vault page always shows who holds each role.

Nothing in this clause limits the exclusions and limitations in Part 9, which apply to Akashi in every capacity.

5.13 No Vetting or Endorsement of Curators

Any wallet on the creator list may create a Vault, and anyone a Curator names may hold a Vault Role. Akashi does not vet, select, supervise, approve or endorse any Curator, any Vault, any strategy or any Vault Role holder other than itself. A Curator's presence on the Interface, a Vault's listing, a risk grade, a best-practice check, a notice a Curator acknowledged, or the display of a Curator's disclosures is not a representation by Akashi about the Curator, the Vault or the truth of any disclosure. Akashi does not verify a Curator's identity, entity, team, conflicts of interest or audit claims. A Curator is not Akashi's agent, partner or employee, and Akashi is not responsible for a Curator's acts or omissions.

5.14 Curator Obligations

If you create or operate a Vault, hold a Vault Role, or sign in to the Curator App, you are a Curator and you agree, in addition to every other provision of these Terms, that:

1. every disclosure you make about yourself, your team, your entity, your website, your conflicts of interest, any audit, your intended strategy and your intended fees is accurate and complete when made and will be kept current; Akashi publishes it to depositors as your statement;
2. you are solely responsible for determining whether operating a pooled vault for others, receiving Commissions, marketing a Vault or holding a Vault Role is a regulated activity in any jurisdiction relevant to you or to your depositors, for obtaining any licence or registration that is required, and for complying with every law that applies to you, including tax law;
3. Akashi's best-practice checks, limit book, notices and the acknowledgement you tick are Akashi's opinion about a strategy. They are not approval, not a review of you or your Vault and not a rule of the program; acknowledging a notice records that you read it and transfers no responsibility to Akashi;
4. every action taken with a wallet that holds a Vault Role on your Vault is your action, whether or not you authorized it, and you will keep those keys secure;
5. you will not use a Vault, a Vault Role or the Curator App for any Prohibited Uses, will not impersonate another Curator or claim an affiliation with Akashi that does not exist, and will not describe a Vault as insured, guaranteed, risk-free or approved by Akashi or by any regulator;
6. Akashi may annotate, delist, hide or stop displaying any Vault or record, may remove any wallet from the creator list, and may refuse you access to the Curator App, at any time, with or without notice, and without liability; the on-chain Vault and its depositors' rights are unaffected;
7. you grant Akashi the licence in clause 7.6; and
8. you will indemnify Akashi under clause 9.12 for any claim arising from your disclosures, your Vault or your conduct as a Curator.

5.15 Your Due Diligence

Before depositing into a Vault you are responsible for reading its page and its on-chain state: which wallets hold its roles, which venues it holds and in which Protocols, its caps, coverage floor, notice periods, governance delays and Commission terms, its current state and any queued change, the Curator's disclosures, and the risks described in Part 9. The Akashi documentation provides a due-diligence guide. Different Protocol names do not prove diversification; two venues may depend on the same issuer, borrower or asset. Audits and tests are evidence about particular versions and scopes, not proof that losses cannot occur.

5.16 Changes to Vaults and the Vault Program

You acknowledge that:

1. the Vault Program has an upgrade authority. An upgrade can change the rules described in this Part for every Vault that uses the upgraded program, and could in principle bypass any check the program makes. Akashi intends upgrades to be rare, verifiable and time-locked, and intends in time to freeze the program so that new versions ship as separate programs that holders migrate to;
2. Akashi governs the registry of adapter programs a Vault may use, and the list of wallets allowed to create Vaults, subject to delays the program enforces;
3. a Vault created on an earlier build of the Vault Program keeps that build's rules, including any absence of Commissions, until it is migrated, and Akashi does not migrate holders without their own transaction;
4. a Curator may add a venue to a Vault after a delay, which changes what the Vault holds; and
5. a Protocol a Vault holds may change its own terms, fees, redemption rules or risk without notice to Akashi or to you.

5.17 Disputes with Curators and Third Parties

Any dispute you have with a Curator, a Vault Role holder other than Akashi, a Protocol, an issuer or any other third party is between you and that party. Akashi is not a party to it, has no obligation to mediate, investigate or resolve it, and has no obligation to pursue a Curator or a Protocol on your behalf. You release Akashi from every claim, demand and damage arising out of or connected with such a dispute.

6.1 Protocols

The Interface aggregates, describes and builds transactions for independent third-party Protocols, and a Vault holds positions in them. At the date of these Terms they include Jupiter, Kamino, Maple, Hastra, Huma, Solstice, Loopscale, Exponent, Save, Perena, Project 0 and Neutral Trade; the list changes without notice and the Interface shows which Protocol a position or a venue belongs to. You acknowledge that:

1. Akashi does not own, operate, control, audit, insure or endorse any Protocol, has no special access to it and no ability to intervene in it;
2. when you interact with a Protocol you transact with its smart contracts directly and are bound by its own terms, which may restrict who may use it and may differ from these Terms;
3. a Protocol may be paused, upgraded, exploited, abandoned, insolvent or unlawful in your jurisdiction, may change its fees or rules, and may freeze or seize assets where its design allows;
4. a Protocol's rates, balances and token metadata are Protocol Content that Akashi displays as received; and
5. Akashi has no liability for the performance, solvency, security, availability, legality or conduct of any Protocol.

6.2 Real-World-Asset and Issuer-Backed Tokens

Some Protocols and tokens the Interface shows, and some venues a Vault holds, represent claims on assets held off the blockchain, such as treasury bills, private credit, insurance premiums or a centralized trading strategy, or are issued by a company that promises to redeem them. The value of such a token depends on the issuer honouring redemptions, on the quality and custody of the underlying assets, on the issuer's solvency and on the law that governs the issuer and its investors. An issuer may restrict who may hold or redeem its token, may impose notice periods, fees or gates on redemption, may freeze or blacklist addresses, and may fail. A token can trade below its stated value for a long time or stop being redeemable altogether. Akashi has no visibility into, and no control over, any issuer, and holding such a token through a Vault does not make you a client of the issuer.

6.3 The Swap Page

The Swap page embeds Jupiter's own interface. Quotes, routing and execution are provided by Jupiter and the venues it routes through, under Jupiter's terms of use. Akashi does not set prices, does not route trades and receives no part of any swap. A swap settles directly to your Wallet.

6.4 Infrastructure and Third-Party Services

The Interface depends on Third-Party Services that Akashi does not control, including RPC providers, oracles and price feeds, data providers such as DefiLlama, hosting and database providers, language-model providers, Telegram, block explorers and your Wallet. Any of them may be slow, unavailable, inaccurate, compromised or discontinued, and the Interface may fail or show wrong information as a result. The Privacy Policy names the providers that process your information.

6.5 No Endorsement; Disputes with Third Parties

A link to, a listing of, a grade for, or a description of any Protocol, token, issuer, Third-Party Service or Curator is provided for information and is not an endorsement, recommendation or guarantee. Any dispute you have with a third party is governed by clause 5.17.

7.1 Licence to Use the Interface

Subject to these Terms, Akashi grants you a personal, limited, non-exclusive, non-transferable, non-sublicensable and revocable licence to access and use the Interface for the Permitted Uses. The Interface, its design, its software, its databases and all Content that Akashi produces are owned by Akashi or its licensors and are protected by copyright, database and other intellectual-property laws. All rights not expressly granted are reserved. You may not copy, modify, distribute, sell, rent, lease or create derivative works from the Interface or Akashi's Content except as these Terms or an applicable open-source licence expressly permit.

7.2 Open-Source Components

Parts of the Interface and of the Vault Program incorporate or are published under open-source licences. Those components are governed by their own licences, which prevail over this Part to the extent of any conflict. The Vault Program's deployed builds are intended to be verifiable against their published source. Publication of source code does not grant any right to use Akashi's name or marks.

7.3 Marks and Branding

“Akashi”, the Akashi logo and the names of Akashi's products are marks of Akashi. You may not use them, or any confusingly similar mark, in any manner that suggests sponsorship, affiliation or endorsement by Akashi without Akashi's prior written consent. The names and logos of Protocols and Third-Party Services belong to their owners and are shown only to identify them.

7.4 Privacy Policy

The Privacy Policy describes the information Akashi collects, how it uses and shares it, the providers that process it and your rights in it. It forms part of these Terms. By using the Interface you consent to the processing it describes.

7.5 Feedback

If you send Akashi a suggestion, a bug report, a feature request or other feedback, you grant Akashi a perpetual, irrevocable, worldwide, royalty-free licence to use, modify and exploit it for any purpose without any obligation to you, and you confirm that it does not contain anything you are not entitled to share.

7.6 Curator Content

A Curator grants Akashi a non-exclusive, worldwide, royalty-free licence to store, reproduce, display and distribute the disclosures, names, images and other content the Curator submits through the Curator App, in the Interface and in Akashi's documentation and communications, for the purpose of describing the Curator's Vault to depositors and the public, for as long as the Vault or its record exists and thereafter as needed for records. The Curator confirms that it holds every right needed to grant this licence.

8.1 Capacity

You have the age, legal capacity and mental capacity to enter into these Terms and to perform your obligations under them, and you satisfy every requirement of Part 2.

8.2 Power and Authority

If you act for an entity, the entity is duly organized and in good standing, you are authorized to bind it, and these Terms are a valid and binding obligation of the entity enforceable against it in accordance with their terms.

8.3 No Conflict and Compliance with Law

Your use of the Interface, your transactions with any Protocol or Vault and your performance of these Terms do not and will not violate any law, regulation, judgment or order that applies to you, any licence or registration requirement, or any agreement to which you are a party. You have obtained every consent, licence and registration you need, and you will pay every tax that arises.

8.4 Absence of Sanctions

You are not a Restricted Person, you are not located in, resident in, organized under the laws of or a citizen of a Prohibited Jurisdiction, you are not acting for a person who is, and no Digital Asset you transact in through the Interface is the property of, or is destined for, such a person. You are not circumventing the restrictions in Part 2 by any means.

8.5 Non-Reliance

You are entering into every transaction on the basis of your own independent judgment and investigation. You have not relied, and will not rely, on any Content, on any statement by Akashi, a Curator, the Assistant or the Bot, on any risk grade, rate, estimate or best-practice check, or on anything in the Akashi documentation, as advice or as a representation about the future. You understand that Akashi does not and cannot know your financial situation, objectives, tax position or risk tolerance.

8.6 Acknowledgement of Risk Disclosures and Protocol Information

You have read and understood:

1. the risks described in Part 9;
2. for every Vault you deposit into, the summary in Part 5, the Vault's page and its on-chain parameters and state; and
3. for every Protocol you interact with, that Protocol's own documentation and terms,

and you have the knowledge and experience in blockchain technology, Digital Assets, decentralized finance and the use of self-custodial Wallets needed to evaluate the risks of each transaction you make, and you are able to bear the loss of everything you place through the Interface.

8.7 Source of Funds

Every Digital Asset you transact in through the Interface is yours or is held by you with full authority to deal in it, was lawfully obtained, and is not the proceeds of crime or subject to any lien, freeze or claim that would make your dealing in it unlawful.

8.8 Tax

You are solely responsible for determining what taxes apply to your transactions, deposits, withdrawals, rewards and Commissions, and for reporting and paying them. Akashi does not withhold, calculate, report or advise on tax, and nothing in the Interface is a tax statement.

8.9 Additional Representations of Curators

If you are a Curator, you additionally represent and warrant, each time you use the Curator App or a Vault Role, that every disclosure you have made is accurate and current, that you hold every licence and registration required to operate your Vault in every jurisdiction relevant to you and your depositors, that no depositor has been induced to deposit by any statement of yours that is false or misleading, and that you comply with clause 5.14.

9.1 Certain Uses and Risks of Blockchain Technology

By using the Interface you acknowledge, understand and accept each of the following risks, and you agree that Akashi has no liability for any loss that results from any of them.

Blockchain technology

The Interface, the Vault Program and every Protocol depend on the Solana network, a public peer-to-peer network that Akashi does not control. The network may be congested, halted, forked, reorganized or attacked; transactions may be delayed, dropped, reordered or confirmed at a price different from the one quoted; and fees may rise without warning. A transaction once confirmed cannot be reversed by anyone.

Smart contracts

Smart contracts execute exactly as written, including their bugs. The Vault Program, its adapter programs and every Protocol may contain errors, vulnerabilities or design flaws that cause partial or total loss of the assets deposited in them, that prevent withdrawals, or that let a third party drain them. Audits, tests and formal verification reduce but do not eliminate these risks, and are evidence only about the version and scope they covered. An upgrade of any program may introduce new risks or change its behaviour.

The Vault Program

In addition to the risks of any smart contract, a Vault exposes you to the rules summarized in Part 5: losses that the Junior Tranche absorbs and that reach the Senior Tranche once the Junior Tranche is exhausted; withdrawals that are priced at the time of funding, funded in part, or held by coverage, liquidity, an outflow limit, a pause, recovery, a freeze or settlement; impairment marks and suspensions decided by a Guardian; venues in doubt and market stress; trading costs on token venues; Commissions that reduce share value when they accrue; the acts and omissions of every Vault Role holder; and changes to the program itself. A settlement may take a long time and may never return the full entitlement.

Digital Asset prices and stablecoins

The value of every Digital Asset is volatile and may fall to zero. A stablecoin may lose its peg to the currency it tracks, permanently or for a period, because of the failure, fraud or insolvency of its issuer, the loss or freezing of its reserves, a regulatory action, a market panic or a flaw in its design. USDC itself may depeg, in which case every Vault and most Protocols the Interface shows are affected at once.

Real-world assets and issuers

A token that represents an off-chain asset or an issuer's promise carries the credit, custody, legal and operational risks of that issuer and of the assets (clause 6.2). Redemption may be delayed, gated, fee-laden, restricted to approved persons or stopped. The law that governs the issuer may give you no enforceable claim.

Regulatory uncertainty and change of law

The legal and regulatory treatment of Digital Assets, decentralized finance, stablecoins, tokenized assets and services like the Interface is uncertain, differs between jurisdictions and changes rapidly. A new law, regulation, guidance, enforcement action or court decision may restrict or prohibit the Interface, a Vault, a Protocol or a token, may impose licensing, reporting or tax obligations on you or on Akashi, or may make your positions illiquid or worthless. Akashi may suspend or withdraw any part of the Interface in response and has no liability for doing so.

Cryptography

Advances in cryptanalysis, computing or quantum technology may break the cryptographic assumptions on which Solana, your Wallet and every Protocol rely, and may allow assets to be stolen or forged.

Forks and network upgrades

Solana, the Vault Program and any token may be subject to a fork, a contentious upgrade or a chain split. The Interface may support only one branch, or none, and your assets or positions on the other branch may be inaccessible through it.

Third-party dependencies and oracles

The Interface and the Vault Program rely on Third-Party Services and on oracles and price feeds that may be stale, wrong, manipulated or unavailable. A wrong price may cause a Vault to value a venue incorrectly, a Protocol to liquidate a position, or the Interface to show a balance that does not exist. Akashi does not provide Wallet software or Solana nodes; their security is the responsibility of their providers and of you.

Transaction ordering and extractable value

Validators and other participants may observe, reorder, front-run or sandwich your transactions, and may extract value from them. A swap or a withdrawal may execute at a worse price than quoted, within the slippage you allowed or, where a Protocol permits it, beyond.

Leverage and liquidation

A leveraged, borrowed or looped position in a Protocol may be liquidated by the Protocol or by third parties when its collateral value falls, its interest accrues or its parameters change, with the loss of part or all of the collateral and the payment of a liquidation penalty. Liquidation can happen quickly, during periods when the Interface or your Wallet is unavailable, and cannot be reversed.

Language-model outputs

The Assistant and the Bot generate text and, in the Bot, Transaction Messages from a statistical model. Their output may be fabricated, mistaken, outdated, incomplete or inconsistent, may misread your intent, and must not be relied on without independent verification.

Automation and programmatic use

Software you run against a Programmatic Interface, including an AI agent, may request, sign or submit transactions you did not intend, may loop or malfunction, and may expose any key you gave it. You bear every consequence of its acts.

Interface risk

The Interface may be unavailable, may display wrong information, may be impersonated by a fraudulent copy at a similar domain, and may be compromised. A transaction you sign in reliance on a compromised or fraudulent interface is your own. Always verify the domain, the network and the contents of every transaction in your Wallet.

Loss of access

If the Interface disappears, your on-chain positions and Share Tokens remain on chain, but you will need another means to submit valid instructions, and another interface cannot bypass a Vault's or a Protocol's rules. Holding Share Tokens does not give you direct ownership of the Vault's positions in any Protocol.

1. The risks above are not exhaustive. Other risks that Akashi has not foreseen may arise and may cause you loss.
2. Past results of any Vault, Protocol, strategy or rate are not an indication of future results.

9.2 Liability for Liquidation and Vault-State Events

Akashi has no liability for any liquidation of a position in a Protocol, for any pause, impairment mark, suspension, recovery, freeze, resumption or settlement of a Vault, for any withdrawal that is delayed, funded in part, held, cancelled or priced at a value lower than you expected, for any deposit that is refused, or for any change to a Vault or to the Vault Program, whether caused by the program's rules, by a Vault Role holder, including Akashi acting in good faith under clause 5.12, by a Curator, by a Protocol, by market conditions, by wrong or stale data, or by any other cause.

9.3 Limitation of Liability for Transaction Messages and Relay

Akashi does not represent or warrant that any Transaction Message is correct, complete, secure, executable, compatible with your Wallet, free of error, or that it will be confirmed by the network or will achieve any particular result. Akashi has no liability for a Transaction Message that fails, that executes with a different result from the estimate shown, that is rejected by a Protocol, that is delayed or dropped, or that you sign without reviewing; for any transaction you sign through another interface; or for any transaction that Akashi Relays or declines to Relay. Every transaction you sign is your own decision.

9.4 No Consequential, Incidental or Punitive Damages

To the fullest extent permitted by law, neither Akashi nor any person described in clause 9.11 is liable to you for any indirect, incidental, special, consequential, exemplary or punitive damages, or for any loss of profits, revenue, business, opportunity, goodwill, data or Digital Assets, or for the cost of substitute services, arising out of or in connection with these Terms, the Interface, any Vault, any Protocol, any Content or any transaction, however caused and under any theory of liability, even if Akashi was advised of the possibility of such damages.

9.5 Disclaimer of Representations

The Interface, the Vault Program, every Protocol the Interface describes and all Content are provided “as is” and “as available”, without representation, warranty or condition of any kind, whether express, implied, statutory or otherwise. To the fullest extent permitted by law Akashi disclaims every implied warranty, including warranties of merchantability, fitness for a particular purpose, title, non-infringement, accuracy, quiet enjoyment and system integration, and every warranty arising from course of dealing, usage or trade. Without limiting the foregoing, Akashi does not warrant that:

1. the Interface will be available, uninterrupted, timely, secure or error-free;
2. any Content, rate, grade, estimate, balance, history or valuation is accurate, complete or current;
3. any defect will be corrected, or that the Interface is free of viruses or harmful code;
4. any Protocol, Vault, token or Curator is safe, solvent, lawful or as described; or
5. the Interface meets your requirements or that your use of it will achieve any result.

Some jurisdictions do not allow the exclusion of certain warranties, so some of the above exclusions may not apply to you, in which case they apply to the maximum extent permitted.

9.6 No Responsibility for Tokens

Akashi does not issue, control, back, custody or guarantee any Digital Asset the Interface shows, including USDC and the receipt tokens of any Protocol, and makes no representation about any token's value, legitimacy, liquidity, uniqueness, name, logo or associated intellectual property. A Vault's Share Tokens are minted by the Vault Program under the rules of Part 5; they are not a security, deposit or debt of Akashi, and Akashi makes no promise about their value.

9.7 No Professional Advice or Liability

Nothing in the Interface, in any Content, in the Akashi documentation, in any communication from Akashi, or in any answer of the Assistant or the Bot is investment, financial, trading, legal, tax, accounting or other professional advice, a recommendation, an offer, a solicitation or an inducement to enter into any transaction. Akashi is not your adviser or fiduciary and does not know your circumstances. You should obtain independent professional advice before making any decision. Akashi has no liability for any decision you make in reliance on the Interface.

9.8 Limited Survival Period for Claims

To the extent permitted by law, any claim or cause of action you may have arising out of or relating to these Terms, the Interface, any Vault or any transaction must be brought within one year after the claim or cause of action arose, after which it is permanently barred.

9.9 Third-Party Offerings and Content

Akashi has no liability for any Protocol, Third-Party Service, Curator, token, issuer, website, offering or Protocol Content, for any loss caused by any of them, or for any dealing between you and any of them, as further described in Part 6 and in clause 5.17.

9.10 Tax Issues

The tax treatment of Digital Assets, of deposits into and withdrawals from a Vault, of Commissions and of the rewards, points and interest a Protocol pays is uncertain and differs between jurisdictions. You are solely responsible for determining, reporting and paying every tax that applies to you, and Akashi has no liability for any tax, penalty or interest you incur. Akashi does not provide tax statements, does not withhold tax and does not report your transactions to any tax authority except where the law requires.

9.11 Contributors, Officers and Affiliates

You agree that no founder, contributor, developer, officer, director, employee, contractor, agent, licensor, service provider, affiliate or successor of Akashi, and no person who maintains the Vault Program or an adapter program, has any personal liability to you in connection with these Terms, the Interface, any Vault or any transaction. Every exclusion, limitation and defence available to Akashi under these Terms is available to each of them.

9.12 Indemnification

You agree to indemnify, defend and hold harmless Akashi and the persons described in the preceding clause from and against every claim, demand, action, loss, liability, damage, cost and expense, including reasonable legal fees, arising out of or relating to:

1. your access to or use of the Interface, any Vault or any Protocol;
2. any transaction you sign, submit or have Relayed, and any instruction you give to the Bot, to an AI agent or through a Programmatic Interface;
3. your breach of these Terms, of any law or of any right of a third party, or the untruth of any representation in Part 8;
4. if you are a Curator, your disclosures, your Vault, the acts of every wallet holding a Vault Role on it, and any claim by a depositor or a regulator relating to it; and
5. any dispute between you and a Curator, a Protocol, an issuer or another User.

Akashi may assume the defence of any matter subject to indemnification, in which case you will cooperate with it. You will not settle any such matter without Akashi's written consent.

9.13 Liability Owed to You

To the fullest extent permitted by law, the total aggregate liability of Akashi and of every person described in clause 9.11 to you for all claims arising out of or relating to these Terms, the Interface, any Vault, any Protocol, any Content or any transaction, under any theory of liability, shall not exceed the greater of (a) the Commissions that Akashi actually received from a Vault in respect of your Share Tokens during the twelve months before the event giving rise to the claim and (b) one hundred United States dollars. The exclusions and limitations in this Part are fundamental elements of the bargain between you and Akashi, without which Akashi would not make the Interface available, and they apply even if a remedy fails of its essential purpose. Nothing in these Terms excludes or limits liability that cannot be excluded or limited under the law that applies to you.

10.1 Headings

Headings and the plain-language summary at the top of these Terms are for convenience only. They do not form part of the Terms and do not affect their interpretation.

10.2 Successors and Assignment

These Terms bind and benefit you and Akashi and your and its respective successors and permitted assigns. You may not assign or transfer these Terms or any right or obligation under them without Akashi's prior written consent, and any attempt to do so is void. Akashi may assign or transfer these Terms, in whole or in part, to any affiliate or to any successor to the operation of the Interface without your consent and without notice.

10.3 Severability

If any provision of these Terms is held to be invalid, illegal or unenforceable in any respect, that provision shall be enforced to the maximum extent permitted and the remaining provisions shall continue in full force and effect. The parties intend that an invalid provision be replaced by a valid one that comes closest to its purpose.

10.4 Force Majeure

Akashi is not liable for any failure or delay in performing any obligation under these Terms that results from a cause beyond its reasonable control, including an act of God, war, terrorism, civil unrest, pandemic, governmental or regulatory action, a change of law, a failure of the Solana network or of any Third-Party Service, a failure of power, telecommunications or the internet, a cyber-attack, an exploit of a smart contract, a labour dispute, or any other event of a similar nature.

10.5 Amendments, Versioning and Re-acceptance

Akashi may amend these Terms at any time. The following rules apply:

1. an amendment takes effect when the amended Terms are posted on the Site with a new Terms Version;
2. the Terms Version shown as “Last updated” identifies the version you accepted; your browser records it when you accept;
3. when the Terms change in substance, the wallet picker on the Site asks you to accept the new Terms Version the next time you connect a Wallet through it, and the Curator App, the Bot and the Programmatic Interfaces may do the same;
4. your continued use of any part of the Interface after an amendment takes effect, including through a Wallet your browser reconnects automatically, is acceptance of the amended Terms; and
5. an amendment does not change the rules of a deployed Vault, which can change only through the Vault Program's own delayed process described in clause 5.11.

If you do not agree to an amendment, your only remedy is to stop using the Interface.

10.6 No Implied Waivers

No failure or delay by Akashi in exercising any right, power or remedy under these Terms operates as a waiver of it, and no single or partial exercise precludes any further exercise. A waiver is effective only if it is in writing and signed by Akashi, and applies only to the instance for which it is given.

10.7 Entire Agreement

These Terms, the Privacy Policy and any additional terms the Interface presents for a specific feature constitute the entire agreement between you and Akashi concerning the Interface and supersede every prior or contemporaneous agreement, representation, statement or understanding, written or oral, concerning it. You confirm that you have not relied on any statement that is not set out in these Terms.

10.8 Rules of Interpretation

In these Terms, unless the context requires otherwise:

1. “including”, “includes” and “such as” are illustrative and do not limit the words that precede them;
2. the singular includes the plural and the plural includes the singular;
3. a reference to a Part or a clause is to a Part or clause of these Terms, numbered as they appear on the Site;
4. a reference to a law includes that law as amended, replaced or re-enacted;
5. a reference to a person includes an individual, a company, a partnership, a trust, an unincorporated association, a decentralized autonomous organization and a governmental body;
6. “written” includes email and any message through a channel Akashi designates for notices; and
7. no rule of construction applies to the disadvantage of a party on the basis that the party drafted these Terms.

10.9 Language

These Terms are written in English. Any translation is provided for convenience only; the English text prevails in the event of any inconsistency.

10.10 Suspension and Termination

Akashi may suspend, restrict or terminate your access to the Interface, or to any part of it, at any time and for any reason, including a suspected breach of these Terms or of the law, with or without notice and without liability. You may stop using the Interface at any time. Termination does not affect your on-chain positions or Share Tokens, which remain yours and can be operated through the relevant program directly, subject to its rules, and does not affect any right or obligation that accrued before termination.

10.11 Survival

Every provision of these Terms that by its nature should survive termination survives it, including Part 2, Part 3, Part 7, Part 8, Part 9 and this Part.

10.12 Notices and Contact

Akashi may give you notice by posting on the Site, by a message in the Interface, or through any channel you have linked. Notices to Akashi, and questions about these Terms, may be sent to contact@akashi.finance. Akashi's public announcements are made on X at @akashi_finance.