# rwaUSD - Where TradFi Meets DeFi
Multipli lets you borrow against real-world assets such as tokenized gold, stocks, the S\&P 500 and other tokenized assets, to unlock on-chain liquidity and yield without selling what you own.
rwaUSD is a credit-backed stablecoin you can mint against eligible tokenized real-world assets, the liquidity you borrow while keeping exposure to the underlying asset. Eligible collateral includes tokenized gold, stocks, the S\&P 500 and other index/ETF exposure, treasuries and stablecoins.
Today, each tokenized asset whether it’s a Treasury-backed stablecoin or tokenized gold comes with its own issuer, legal structure, redemption mechanics, liquidity profile, and risk model. For DeFi protocols, this creates an impossible burden: every new asset requires separate evaluation, pricing, risk parameters, and liquidation logic. Multipli abstracts this complexity.
Rather than forcing every protocol to integrate with hundreds of fragmented tokenized assets, Multipli aggregates them behind a single, standardized collateral primitive. On one side sits the diversity of tokenized RWAs; on the other sits **rwaUSD**, a unified, composable on-chain dollar.
Simply put, **rwaUSD consolidates 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single token** that can move freely across DeFi without bespoke integrations.
#### What rwaUSD is designed to do
rwaUSD is designed to:
* **Normalize fragmented tokenized assets** into a single, consistent collateral interface
* **Enable true composability**, allowing RWAs to function seamlessly across DeFi protocols
* **Unlock yield pathways**, so value held in tokenized assets can become productive without waiting for issuers to integrate with every protocol individually
In addition, **rwaUSD is designed with peg protection in mind**. The stability of rwaUSD is supported by insurance from Realm that cover de-pegging risk arising from the underlying collateral, adding an extra layer of protection beyond over-collateralization and risk controls.
# The Dollar’s Next Expansion
The U.S. dollar has always played a dual role in the global economy. Inside the United States, it functions primarily as a **currency,** a medium of exchange. Outside the United States, particularly in emerging markets, it functions as an **asset,** a store of value, a hedge against inflation, and a unit of account more trusted than local money. Tokenization is amplifying this asymmetry.
#### 1. Stablecoins as a new vector for dollarization
For decades, access to dollars outside the U.S. was constrained by banking rails, correspondent relationships, capital controls, and physical cash logistics. Stablecoins remove many of these frictions. With stablecoins:
* Dollars can be acquired instantly
* Held digitally without a U.S. bank account
* Moved globally at near-zero marginal cost
* Integrated directly into local financial and commercial activity
This has profound implications. In many emerging economies, the dollar is not used for day-to-day spending because it is *convenient*, but because it is *trusted*. Stablecoins make that trust programmable and accessible at scale. As a result, they accelerate **de facto dollarization** without requiring formal policy alignment or physical infrastructure.
From a U.S. perspective, this strengthens the dollar’s global role at a time when the U.S. faces **structural fiscal pressure**, including a national debt now exceeding **$36 trillion**. While tokenization does not “solve” debt directly, it reinforces sustained global demand for dollar-denominated instruments, liquidity, and settlement - all of which support the dollar’s position as the world’s reserve currency.
#### 2. Why this matters more outside the U.S.
This dynamic is often misunderstood because the dollar’s role differs by geography.
* In the U.S., dollars are abundant and low-yielding
* In many parts of Africa, Latin America, and Southeast Asia, dollars are scarce, valuable, and defensive assets
For individuals and businesses in these regions, holding dollars is less about payments and more about **preserving purchasing power**. Stablecoins reduce the friction of acquiring and holding dollars, effectively embedding U.S. monetary assets into foreign economies through software rather than policy. This is not coercive dollarization - it is **market-driven adoption**, enabled by technology.
#### 3. Implications for the eurodollar market
Stablecoins also intersect with the long-standing **eurodollar system -** the offshore market for U.S. dollar liabilities held outside the United States. Historically, the eurodollar market relied on:
* Offshore banks
* Correspondent banking networks
* Interbank credit creation
Stablecoins introduce a parallel mechanism:
* Dollar-denominated liabilities issued on-chain
* Settlement without traditional intermediaries
* Near-instant global transferability
In effect, stablecoins represent a **digitized extension of the eurodollar system**, but with radically lower friction and greater transparency. As this on-chain dollar layer grows, it reshapes how offshore dollar liquidity is created, distributed, and accessed, especially in regions underserved by traditional banking.
#### 4. Why corporates care: the Walmart example
Beyond sovereign and macro considerations, tokenized dollars are also compelling for large global enterprises. Consider a company like **Walmart**, which generates **hundreds of billions of dollars in annual revenue** and operates across dozens of countries. Traditional payment rails impose significant costs on businesses of this scale, including interchange fees, settlement delays, and trapped working capital. A tokenized dollar changes the equation:
* Payments settle instantly
* Treasury balances can earn yield
* Cross-border flows become software-native
* Transaction costs compress dramatically at scale
For a company with Walmart’s volume, even small percentage improvements in settlement efficiency or fee reduction translate into **billions of dollars in annual impact**. Tokenized dollars are not just a financial innovation - they are a treasury and payments infrastructure upgrade.
#### 5. Tokenization is not just about assets - it’s about plumbing
The common thread across sovereign finance, emerging markets, eurodollars, and global corporations is infrastructure.
Tokenization:
* Extends the reach of the dollar without new physical systems
* Makes dollar access programmable and composable
* Aligns with market incentives rather than policy mandates
The result is a financial system where dollar-denominated value moves more freely, settles faster, and integrates more deeply into global economic activity. This is the macro backdrop against which rwaUSD exists. The question is no longer whether dollars will be tokenized. The question is **how that value becomes usable, composable, and productive on-chain -** without fragmenting liquidity or excluding entire classes of participants. That is the problem rwaUSD is designed to solve.
# Tokenizing Other Asset Classes
The same forces driving dollar tokenization apply across **all major asset classes**. Gold, energy, equities, and other real-world assets represent enormous pools of value, yet much of that value remains **economically static**. These assets are held, stored, and traded, but they are rarely used as flexible, on-demand financial capital without first being sold. Across asset classes, the constraint is the same: **accessing liquidity typically requires exiting the position**.
Tokenization removes physical and operational frictions, but tokenization alone does not unlock efficiency. The real step-change occurs when tokenized assets can be collateralized in **financial markets**, where capital can be shared, reused, and priced collectively.
DeFi enables this by allowing:
* Assets from different issuers to be pooled together
* Standardized collateral frameworks instead of bespoke agreements
* Continuous, market-driven borrowing and lending
* Shared liquidity that lowers the cost of capital
The result is **higher capital utilization without sacrificing ownership**.
**Gold: Liquidity Without Liquidation**
Gold is one of the most trusted stores of value in the world, yet historically one of the most difficult to mobilize. Tokenized gold introduces fractional ownership and transparent custody, but its true utility emerges when it can be **borrowed against in Defi markets**. Instead of selling gold to access liquidity, holders can:
* Retain long-term exposure
* Access working capital
* Participate in on-chain liquidity pools
This transforms gold from a passive hedge into an **active balance-sheet asset**.
**Energy and Commodities: Unlocking Balance-Sheet Flexibility**
Commodities such as petroleum and industrial materials underpin global trade, yet their financing structures remain capital-intensive and fragmented. When commodity exposure is tokenized and pooled:
* Liquidity becomes more accessible
* Financing costs compress through shared markets
* Capital locked in inventory or exposure can be reused
DeFi enables commodity-backed capital to move with the same efficiency as financial assets, **without disrupting physical supply chains**.
**Equities and Funds: Beyond Trading, Toward Utility**
Equities and funds are traditionally optimized for trading, not for capital reuse. Tokenization allows equity exposure to:
* Settle continuously
* Be used as collateral
* Support borrowing and structured strategies
In pooled DeFi markets, equity-backed capital can be mobilized **without forced sales**, improving liquidity management for both institutions and long-term holders.
**Why Pooling Matters**
The efficiency of DeFi does not come from any single asset. It comes from **aggregation**. When capital is pooled:
* Borrowing becomes cheaper and more predictable
* Liquidity deepens as participation grows
* Risk is distributed across the system
* Asset-specific complexity is abstracted away
This is where value is created, not by issuing more tokens, but by enabling **shared financial infrastructure**. As more assets move on-chain, the challenge is no longer whether they can be tokenized. It is whether they can be collateralized and put to real use.In practice, getting individual tokenized assets approved as collateral in DeFi often takes **months or years**, creating friction that prevents capital from being used productively. Multipli is designed to remove that friction, allowing tokenized assets, across currencies and asset classes, to be used, pooled, and mobilized **without fragmenting liquidity**.
# Why Tokenization Alone Is "Not a Win"
#### **The paradox: assets are coming on-chain, but not into DeFi**
Tokenization is accelerating across global markets. Treasuries, gold, commodities, private credit, and structured products are increasingly being represented on-chain by large financial institutions. On the surface, this looks like progress toward an open, interoperable financial system.
In practice, something very different is happening. Most tokenized assets today are issued into **closed or semi-closed environments**, optimized for issuer control, regulatory clarity, and internal settlement efficiency. While these systems succeed at representing assets on-chain, they rarely provide a native path into **composable DeFi markets**. Each asset exists within its own constrained ecosystem, governed by issuer-specific rules, legal structures, and access controls. The result is fragmentation, not integration. Assets move on-chain, but capital does not flow.
***
#### **Tokenization solves representation, not usability**
For traditional institutions, tokenization is primarily an operational upgrade. It improves settlement speed, reporting, custody transparency, and ownership tracking. These benefits are real, but they stop at the point of issuance. What tokenization does not solve on its own is how assets:
* Interact with other assets
* Enter pooled liquidity markets
* Support borrowing and leverage
* Move freely across protocols and chains
As a result, many tokenized assets remain **economically inert**. They exist on-chain, but cannot be easily borrowed against, pooled, or integrated into broader financial markets without bespoke work.
### **Why this happens**
#### **1. Every issuer creates a new asset, even if it’s “ERC-20”**
On paper, many tokenized assets look compatible. In reality, they are not. Even when two assets share the same token standard, each issuer introduces its own stack of assumptions:
* A unique legal and regulatory wrapper
* A unique redemption and settlement process
* Distinct liquidity characteristics
* Different custodians, administrators, and counterparties
* Asset-specific oracle requirements
* Distinct operational and failure modes
From a DeFi protocol’s perspective, these are not “one more ERC-20.” They are **entirely new risk objects**. Compatibility at the smart-contract level does not translate to compatibility at the financial or risk level.
***
#### **2. DeFi protocols cannot underwrite thousands of bespoke assets**
DeFi money markets are designed around **standardization**, not endless customization. Protocols in the lineage of **Aave**, **Compound, etc** are not built to continuously absorb thousands of new collateral types, especially when each one demands:
* Custom risk parameters
* Bespoke liquidation logic
* Independent oracle validation
* Ongoing monitoring and governance overhead
Scaling this process to thousands of issuer-specific assets is not feasible. As more tokenized assets appear, liquidity does not deepen, it splinters. The long tail of tokenized assets remains unlisted, unused, and disconnected from DeFi. The bottleneck is not demand. It is integration friction.
***
#### **3. TradFi will not make “DeFi integration” a core roadmap item**
This is not a failure of ambition, it is a rational design choice. Traditional institutions do not want to:
* Negotiate DeFi governance listings
* Maintain integrations across multiple chains
* Operate DeFi-specific incident response workflows
* Design and manage liquidation mechanics
* Take downstream responsibility for permissionless usage
Nor should they. Their mandate is to **issue assets safely and compliantly**, not to become DeFi infrastructure operators. As a result, most tokenized assets are deliberately:
* Transfer-restricted
* Limited to specific venues
* Deployed in controlled environments
As a result, they are tokenized, but are deliberately constrained, even when demand for broader usage exists.
#### **Where Multipli fits**
The missing layer is abstraction. For tokenized assets to become usable at scale, issuer-specific complexity must be absorbed, risk must be standardized, and liquidity must be pooled into shared financial primitives. DeFi protocols should not need to integrate with hundreds of bespoke assets to access onchain capital.
Multipli is designed to sit at this intersection, bridging tokenized assets and composable DeFi markets by normalizing complexity and enabling shared liquidity without forcing issuers to change how they operate.
# What rwaUSD Is and What It Is Not
**rwaUSD is designed specifically for highly liquid, institutional-grade assets**, such as:
* Short-duration Treasury-backed instruments (T-Bills)
* Highly liquid tokenized gold
* Other deep, continuously priced public-market RWAs
These assets share critical properties that make them compatible with DeFi liquidation engines: predictable pricing, strong secondary liquidity, and fast redemption paths. To further strengthen trust and robustness, **rwaUSD** is designed to incorporate an insurance framework underwritten by Realm, intended to provide coverage against certain adverse events affecting the underlying collateral and designed to cover risks related to:
* De-pegging of the underlying collateral
* Certain regulatory disruption scenarios
* Fraud or failure at the collateral or custody layer
This combination of a **highly liquid collateral plus insurance protection** is what allows rwaUSD to function as a broadly composable DeFi collateral primitive. At the same time, **not all tokenized assets are suitable for rwaUSD**. Assets such as private equity, private credit, structured funds, or vehicles with delayed redemption windows behave very differently under stress. Multipli supports these assets through **separate, segmented liquidity classes**, rather than forcing them into a single system and weakening overall solvency.
# One Collateral Interface for Thousands of Tokenized Assets
As tokenization accelerates, the number of tokenized real-world assets on-chain is growing rapidly. Today, there are already **hundreds of tokenized Treasury-backed stablecoins, money-market instruments, and tokenized gold products**, each issued by different institutions, custodians, and structures. This number will only increase as more asset managers, banks, and issuers move RWAs on-chain. Individually, these assets are valuable. Collectively, they present a problem. Each tokenized asset comes with its own:
* Issuer and legal structure
* Custody and settlement mechanics
* Redemption terms
* Liquidity characteristics
* Risk and operational assumptions
For DeFi protocols, integrating even a small subset of these assets requires bespoke risk analysis, custom parameters, and ongoing maintenance. Scaling this across hundreds or eventually thousands, of tokenized RWAs is not feasible. **rwaUSD exists to solve this exact problem.**
***
### What rwaUSD Can Be Minted Against
rwaUSD is designed to be minted against **existing, widely issued tokenized RWAs**, rather than requiring new assets to be created from scratch. In its primary liquidity class, rwaUSD can be minted against:
* Tokenized U.S. Treasury-backed stablecoins and money-market instruments
* Short-duration, highly liquid tokenized government securities
* Tokenized gold products with deep liquidity and transparent custody
These assets already exist on-chain today in numbers of several hundred billion dollars. However, they are fragmented across issuers, chains, and standards. rwaUSD aggregates this fragmented supply into **a single, standardized collateral primitive**. Other asset classes such as private credit, private equity, structured funds, or real estate vehicles are supported through **separate, segmented liquidity classes**, where slower redemption and structural illiquidity can be properly managed without weakening the core system.
***
### Instead of Scaling Integrations, Scale Abstraction
The key design choice behind rwaUSD is this:
> Instead of asking DeFi to understand every issuer’s token,\
> **DeFi integrates rwaUSD once.**
Multipli absorbs the complexity that would otherwise sit inside every DeFi protocol. Behind the scenes, Multipli is responsible for:
* Asset onboarding and eligibility assessment
* Liquidity analysis and redemption behavior modeling
* Issuer, custodian, and operational evaluation
* Risk parameters, haircuts, and solvency buffers
* Mapping real-world asset behavior into DeFi-safe collateral logic
* Insuring and having risks underwritten by a large bank
From the perspective of a DeFi protocol, none of this complexity needs to be re-implemented. Protocols interact with a **single collateral asset**, rather than hundreds of bespoke ones.
***
### Why This Matters
Without abstraction, tokenization creates fragmentation. Every additional issuer increases integration overhead. Liquidity splinters across incompatible assets. Valuable capital sits idle simply because it cannot be used safely at scale. rwaUSD flips this dynamic. It allows:
* Issuers to tokenize assets without redesigning them for DeFi
* DeFi protocols to access institutional-grade collateral without bespoke work
* Liquidity to aggregate instead of fragment
Tokenized assets become usable in DeFi **without requiring issuers to change how they operate**, and without requiring protocols to underwrite each asset independently.
***
### A Simple Mental Model
Think of rwaUSD as a **universal collateral adapter**.
```
Tokenized Treasuries / Tokenized Gold / Other RWAs
↓
Multipli Collateral + Risk Framework
↓
rwaUSD
↓
DeFi money markets, vaults, LPs, strategies
```
All issuer-specific complexity stays on one side of the interface. All DeFi composability lives on the other. This architecture creates a clean separation of responsibilities:
* **Issuers** focus on issuing and managing assets compliantly
* **Multipli** focuses on aggregation, risk normalization, and solvency
* **DeFi protocols** focus on capital efficiency, liquidity, and strategy
***
### The End State
As hundreds of tokenized Treasury instruments, gold tokens, and other RWAs continue to come on-chain, rwaUSD serves as the **common financial language** that allows this capital to be pooled, borrowed against, and deployed efficiently. This is how tokenization moves beyond representation. Not by asking every protocol to integrate everything, but by creating a single, composable layer that makes **many assets behave like one**. That is the core idea behind rwaUSD.
# Liquidity Classes: Why Segmentation by Design
A core design principle of Multipli is acknowledging a simple but often overlooked reality: **not all real-world assets behave the same under redemption pressure**.
Tokenization makes assets easier to represent and transfer, but it does not change their underlying liquidity characteristics. Some assets can be converted to cash almost immediately under stress. Others cannot, regardless of how they are wrapped or tokenized. Designing a single collateral system that treats all RWAs as if they share the same liquidity profile would be incorrect and, under adverse conditions, dangerous.
***
### Liquidity Is a Property of the Asset, Not the Token
On-chain, many RWAs may look similar: fungible tokens, standard interfaces, visible balances. Off-chain, they behave very differently.
**Effectively near-cash assets** include:
* Short-duration Treasury instruments
* Highly liquid public-market securities
* Assets with deep, continuous secondary markets
These assets typically exhibit:
* Tight bid–ask spreads
* Predictable pricing
* Rapid settlement under normal and stressed conditions
**Structurally illiquid assets** include:
* Private equity and private credit
* Market-neutral or structured strategies
* Funds with weekly or monthly redemption windows
* Real estate and similar vehicles
These assets often involve:
* Gated or scheduled redemptions
* Discrete pricing events rather than continuous markets
* Operational and legal constraints on transfer and liquidation
Tokenization does not eliminate these differences. It simply makes them visible on-chain which allows it be used as collateral.
***
### Why Liquidity Segmentation Matters in DeFi
DeFi liquidation engines are built on a set of implicit assumptions:
* Collateral can be sold quickly when thresholds are breached
* Pricing is continuous and observable
* Redemptions do not take days or weeks to complete
These assumptions hold for crypto-native assets and some highly liquid RWAs. They **do not hold** for a large portion of tokenized real-world assets. If assets with slow or uncertain liquidity are treated as if they were near-cash, stress propagates through the entire system. Liquidity mismatches become solvency risks, and isolated problems can contaminate otherwise healthy collateral pools.
The correct design is not to pretend all RWAs are liquid. The correct design is to **separate assets into liquidity classes that reflect reality**, while preserving a simple and predictable user experience.
***
### The Practical Outcome: Segmented Liquidity Classes
Multipli implements liquidity segmentation as a first-class design feature.
#### rwaUSD (Primary Liquidity Class)
The rwaUSD class is designed to be backed **only by highly liquid, institutional-grade tokenized RWAs**. These assets are selected and risk-managed to align with DeFi liquidation mechanics.
This class is optimized for:
* Strong composability across DeFi protocols
* Compatibility with automated liquidation systems
* Broad integrations across money markets, vaults, and strategies
* Conservative risk parameters and solvency buffers
rwaUSD is intended to behave like a DeFi-native collateral asset, despite being backed by real-world instruments.
***
#### Segmented / Isolated RWA Variants - rwaUSDi
Assets with delayed redemption, structural illiquidity, or complex settlement behavior are supported through **separate, isolated liquidity classes (rwaUSDi)**
These variants are designed so that:
* Risk is ring-fenced at the class level
* Redemption timelines are explicitly respected
* Illiquidity in one asset class does not weaken the entire system
* DeFi protocols can opt into exposure that matches their risk tolerance
This allows Multipli to support a wide range of tokenized assets such as private credit, structured funds, or real estate, without forcing them into a framework that assumes instant liquidity.
***
### Liquidity Should Be Segmented, Not Averaged
Averaging liquidity across heterogeneous assets creates hidden fragility. Segmentation makes risk explicit and manageable. The exact naming, parameters, and availability of liquidity classes may evolve over time, but the principle remains constant: **liquidity should be segmented, not averaged.** By aligning on-chain behavior with real-world liquidity constraints, Multipli enables tokenized assets to participate in DeFi safely, without compromising composability, solvency, or user trust. This approach allows tokenization to scale from representation to **reliable financial infrastructure**, where capital can move, be borrowed against, and be deployed with confidence.
# rwaUSDi: The Institutional Credit Layer for Tokenized Private Markets
While rwaUSD is designed to bring **highly liquid, near-cash RWAs** into composable DeFi markets, a large portion of the real-world economy does not behave this way.
Private credit, structured finance, asset-backed lending, project finance, and real-asset financing represent **trillions of dollars of economic activity**, yet these markets remain fragmented, opaque, and capital-inefficient. The challenge is not demand for yield, it is **liquidity structure and risk isolation**. rwaUSDi exists to address this gap.
***
### The Core Problem: Liquidity Mismatch in Private Credit
Most real-world economic activity is financed privately.
Examples include:
* Private credit facilities
* Asset-backed loans
* Project finance (mines, energy assets, infrastructure)
* Refinancing of existing debt
* Structured or market-neutral strategies with defined horizons
These assets share a common characteristic: **they are valuable, but not liquid**.
Cash flows are predictable over time, but:
* Redemptions are scheduled, not instant
* Pricing is periodic, not continuous
* Liquidation is often impractical or value-destructive
This creates a fundamental mismatch with public DeFi markets, which assume instant liquidity and continuous pricing.
***
### Why These Assets Cannot Live in Public DeFi Pools
Public DeFi markets are optimized for assets that can be:
* Sold immediately
* Priced continuously
* Liquidated algorithmically
Most private credit assets violate these assumptions. Forcing them into public, permissionless liquidity pools introduces systemic risk:
* Liquidity stress propagates across unrelated assets
* Borrowers inherit volatility unrelated to fundamentals
* Conservative risk parameters destroy capital efficiency
As a result, **the majority of real-world credit cannot and should not be placed into public DeFi liquidity**. This is not a failure of DeFi. It is a mismatch of market design.
***
### Enter rwaUSDi: Purpose-Built for Private Credit
rwaUSDi is designed as an **institutional, permissioned credit layer**, optimized for assets with:
* Scheduled cash flows
* Delayed redemption windows
* Structured or bespoke risk profiles
* Regulatory or counterparty constraints
Rather than maximizing composability, rwaUSDi prioritizes:
* Capital efficiency
* Risk isolation
* Predictable borrowing conditions
* Institutional controls
This allows tokenized private markets to flourish **without inheriting the fragility of public liquidity pools**.
***
### Private Pools: Why They Matter
At the heart of rwaUSDi is the concept of **private credit pools**.
In traditional finance, nearly all meaningful credit markets operate this way:
* Lending syndicates
* Bilateral or club deals
* Structured vehicles
* Funds with defined mandates
Private pools allow:
* Tailored risk parameters
* Long-duration capital
* Stable funding costs
* Aligned borrower-lender incentives
rwaUSDi brings this structure on-chain.
***
### Borrowing Efficiency Through Isolation
Private pools dramatically improve borrowing efficiency because:
* Liquidity is not exposed to public runs
* Redemptions align with asset cash flows
* Pricing reflects fundamentals, not short-term volatility
* Capital is committed for defined horizons
For borrowers, this means:
* Higher loan-to-value ratios
* Longer tenors
* Lower refinancing risk
* Financing aligned with asset economics
For lenders, this means:
* Predictable yield
* Controlled counterparty exposure
* Transparent on-chain reporting
***
### A Concrete Example: Financing a Gold Mine
Consider a gold mine. The underlying asset may be extremely valuable, but its value is realized **over time**, not instantly. Cash flows depend on:
* Production schedules
* Commodity prices
* Operational investment
Traditional financing for such assets is complex and often inefficient. The mine may be under-levered not because it lacks value, but because **capital access is constrained**. Tokenization changes this. By tokenizing the economic exposure of the mine and routing it through a private rwaUSDi pool:
* Capital can be raised from a broader set of private creditors
* Financing can be structured around production and cash flows
* The asset can be leveraged responsibly without forced sales
The result is **better capital utilization**, not speculation.
***
### Beyond New Financing: Refinancing and Secondary Markets
The same logic applies to refinancing and secondary credit markets. Many real-world assets suffer from:
* Poor refinancing options
* Concentrated lender risk
* Limited secondary liquidity
rwaUSDi enables:
* On-chain refinancing of existing obligations
* Structured rollovers rather than forced exits
* Secondary participation by new private creditors
This unlocks capital that would otherwise remain trapped.
***
### How rwaUSDi Works (High-Level)
rwaUSDi follows the same architectural philosophy as rwaUSD, aggregation, abstraction, and risk normalization but within a **permissioned and segmented environment**.
Key characteristics include:
* KYB-gated participation
* Private or semi-private pools
* Asset-specific risk frameworks
* Defined redemption schedules
* Explicit counterparty relationships
This allows Multipli to support a much broader set of RWAs **without diluting system integrity**.
***
### Why Tokenization Matters Here
Tokenization is particularly powerful in private markets because it:
* Lowers minimum investment sizes
* Expands the creditor base
* Improves transparency and reporting
* Reduces settlement and administrative friction
For assets like mines, infrastructure, or private credit strategies, tokenization is not about liquidity, it is about **access and efficiency**. rwaUSDi provides the financial layer that allows this access to scale.
***
### Design Summary
rwaUSDi enables:
* Tokenized private credit markets
* Efficient borrowing through private pools
* Financing of assets that cannot live in public DeFi
* Growth of on-chain private capital markets
Where rwaUSD standardizes **liquid collateral for public DeFi**, rwaUSDi unlocks **illiquid but economically vital assets through institutional, private markets**. Together, they form a complete on-chain capital stack, one focuses on liquidity, and one for long-term value creation.
# How rwaUSD Works
This section explains how rwaUSD functions at an high level: who participates in the system, how collateral is evaluated and converted into rwaUSD, how risk is managed at scale, and why the design choices matter for both DeFi protocols and institutional users.
The objective of rwaUSD is not to tokenize new assets, but to **make existing tokenized real-world assets usable, composable, and capital-efficient inside DeFi,** without fragmenting liquidity or weakening solvency.
***
### System Context and Significance
Today, there are already **hundreds of tokenized Treasury-backed stablecoins, money-market instruments, and tokenized gold products** live across public blockchains. Collectively, these instruments represent **tens of billions of dollars in on-chain value**, backed by underlying markets that are measured in the **trillions** (U.S. Treasuries alone exceed $25T outstanding; above $6T sits in short-duration T-Bills at any given time).
Despite this scale, only a small fraction of this value is actually usable inside DeFi. The limiting factor is not demand, it is **integration and risk normalization**. rwaUSD is designed to solve this by acting as a **single, standardized collateral interface** between tokenized RWAs and DeFi markets.
***
### Key Actors in the rwaUSD System
#### 1. Depositors (Users / Institutions)
Depositors are entities that already hold tokenized RWAs, such as:
* Tokenized Treasury-backed stablecoins or money-market instruments
* Short-duration, highly liquid tokenized government securities
* Tokenized gold with transparent custody and deep secondary liquidity
These assets are already on-chain today, but are fragmented across issuers and structures. Depositors use them as collateral to mint rwaUSD.
***
#### 2. Issuers and Custodians (Upstream)
Issuers and custodians are the regulated entities that originate and safeguard the underlying assets. These may include:
* Asset managers
* Banks
* Regulated custodians and trust structures
Multipli does not require issuers to redesign assets for DeFi. Assets are evaluated **as-is**, based on liquidity, redemption mechanics, and operational robustness.
***
#### 3. Multipli (Aggregation and Risk Layer)
Multipli is responsible for translating real-world asset behavior into **DeFi-safe collateral logic**. This includes:
* Asset onboarding and eligibility determination
* Liquidity and redemption stress analysis
* Risk parameterization (haircuts, mint limits, buffers)
* Liquidity class assignment
* System-level reporting and transparency
This is where issuer-specific complexity is absorbed so that downstream protocols do not inherit it.
***
#### 4. DeFi Protocols (Downstream)
DeFi protocols integrate rwaUSD as a **single collateral asset**, rather than hundreds of bespoke RWAs. These may include:
* Lending and borrowing markets
* Vaults and structured yield strategies
* Liquidity pools and margin systems
For these protocols, rwaUSD behaves as a standardized, predictable collateral primitive.
***
### **An Example to Illustrate the Process**
***
### Core System Components
#### Collateral Vaults
Collateral vaults hold supported tokenized RWA collateral under defined custody and accounting rules. Vault behavior is governed by the asset’s assigned liquidity class and risk parameters.
***
#### Risk Engine
The risk engine determines:
* Which assets qualify as eligible collateral
* Applicable haircuts and solvency buffers
* Mint-to-Value (MTV) limits
* Liquidity class assignment
For example, highly liquid Treasury-backed instruments may support **conservative MTV ranges (e.g., 70 - 85%)**, while assets with even minor liquidity constraints are assigned lower limits or separate classes. These figures are illustrative and subject to change as market conditions evolve.
***
#### Mint / Burn Module
The mint/burn module:
* Mints rwaUSD against approved collateral
* Burns rwaUSD during redemption
* Enforces system-level constraints such as mint caps and liquidation thresholds
This ensures that rwaUSD supply always remains tied to eligible, risk-managed collateral.
***
#### Pricing and Transparency Layer
This layer publishes system health indicators, including:
* Aggregate collateral composition
* Liquidity class breakdowns
* Risk buffers and exposure metrics
Transparency is critical when bridging RWAs into DeFi, where trust must be programmatic rather than reputational.
***
### The Role of Insurance
rwaUSD is designed to incorporate an insurance framework underwritten by Realm's insurance covering defined de-peg risks on underlying collateral, subject to policy terms, limits, exclusions and eligibility.
Importantly, coverage scope, triggers, and eligibility are governed by policy terms, and **not all current or future collateral types may qualify for identical insurance coverage**. The rwaUSD architecture is intentionally designed so that insurance strengthens the system **without becoming a single point of dependency**, allowing Multipli to support additional asset classes and liquidity profiles over time.
***
### Lifecycle: Minting and Redemption
#### Step 0: Eligibility and Onboarding
Before minting, assets undergo eligibility checks that may include:
* Supported token validation
* Issuer and custodian due diligence
* Liquidity and redemption analysis
* Compliance or eligibility gates where applicable
This is where Multipli performs the work that would otherwise take DeFi protocols months or years to replicate.
***
#### Step 1: Deposit Collateral
A depositor supplies supported tokenized assets into the Multipli collateral framework or an approved routing path.
***
#### Step 2: Mint rwaUSD
rwaUSD is minted subject to conservative risk parameters.
Key concepts:
**Mint-to-Value (MTV)**\
Defines the maximum rwaUSD that can be minted per unit of collateral. Lower MTV values imply stronger solvency buffers.
**Liquidation Point**\
A predefined threshold where protective actions may be taken if collateral value declines or risk conditions worsen.
These parameters are central to ensuring rwaUSD remains solvent even under stressed market conditions.
***
#### Step 3: Deploy rwaUSD
Once minted, rwaUSD becomes fully composable and can be deployed across DeFi:
* Lending markets
* Liquidity pools
* Structured yield strategies
* Institutional allocation rails (where available)
This is where tokenized RWAs transition from static representations into **productive capital**.
***
#### Step 4: Redemption and Exit
To exit, users burn rwaUSD and receive the underlying asset or an equivalent redemption flow. Redemption timing depends on the liquidity class of the backing collateral.
***
### Redemption Design Principles
* **Highly liquid backing assets**\
Enable faster, more DeFi-compatible redemptions.
* **Assets with redemption windows or structural illiquidity**\
Require redemptions that respect those windows or are isolated so that slower assets do not contaminate system-wide liquidity.
***
### Why This Architecture Matters
If even **5 - 10%** of the tokenized Treasury and gold supply already on-chain becomes DeFi-usable through a standardized layer like rwaUSD, it would represent **tens of billions of dollars of new, high-quality collateral** entering DeFi, without creating hundreds of new integrations or risk silos. This is not a marginal improvement. It is a structural shift in how real-world capital interfaces with onchain markets.
# Chainlink Data Feed
#### rwaUSD
**NAV Feeds**
* **Base:** [rwaUSD NAV](https://data.chain.link/feeds/base/base/rwausd-nav)
* **Ethereum:** [rwaUSD NAV](https://data.chain.link/feeds/ethereum/mainnet/rwausd-nav)
* **Ink:** [rwaUSD NAV](https://data.chain.link/feeds/ink/ink/rwausd-nav)
**Proof of Reserves**
* **Ink:** [rwaUSD Proof of Reserves](https://data.chain.link/feeds/ink/ink/rwausd-por)
#### rwaUSDi
**NAV Feeds**
* **Monad:** [rwaUSDi NAV](https://data.chain.link/feeds/monad/monad/rwausdi-nav)
**Proof of Reserves**
* **Monad:** [rwaUSDi Proof of Reserves](https://data.chain.link/feeds/monad/monad/rwausdi-por)
# rwaUSD - System Model
rwaUSD only accepts **deeply liquid, institutional-grade collateral** assets whose risks can be clearly assessed and insured by Realm. Approved collateral may include:
* **Tokenized U.S. Treasury bills** or short-duration Treasury products (NAV- or price-based)
* **Tokenized stablecoins** (e.g., USDC-like assets and do not accept algorithmically backed assets)
* **Tokenized gold**, spot-priced and verified for real-time liquidity
The focus is on transparency, resilience, and reliable liquidity under all market conditions.
***
### 1. System model
rwaUSD is generated against locked collateral inside **Collateral Accounts**. Each account has:
* one or more collateral balances (by collateral profile)
* a minted rwaUSD liability
* accumulated carry charges (fees) applied over time
Solvency is enforced by:
1. **Conservative valuation**: risk-adjusted pricing and haircuts
2. **Safety thresholds**: minimum collateral coverage per profile
3. **Automated unwinds**: unsafe accounts are closed via collateral sales
4. **System backstop**: explicit deficit accounting + reserve buffer + last-resort recap
A simplified view:
```
Collateral tokens → protocol custody → rwaUSD minted → used externally
↑ ↓
redeemed on exit repaid + fees to unlock
```
***
### 2. Terminology
This specification avoids inherited naming from other systems. Terms are precise and used consistently:
* **Collateral Account**: user-owned position container holding collateral and a rwaUSD liability.
* **Collateral Profile**: per-asset configuration (token address + oracle + risk parameters).
* **Minted Principal**: the account’s base liability (the amount generated before time-based fees).
* **Fee Index**: a per-profile accumulator that grows over time and converts principal into the current liability.
* **Current Liability**: what must be repaid now = principal scaled by the fee index (+ any direct charges).
* **Safety Factor**: minimum required collateral coverage multiplier for a profile.
* **Haircut**: additional discount applied to oracle prices for solvency checks.
* **Unwind**: liquidation process for an unsafe account.
* **Auction House**: collateral sale mechanism used to settle liabilities.
* **Peg Rail**: fixed-spread conversion module between rwaUSD and a reference stablecoin.
***
### 3. Design constraints and invariants
#### 3.1 Core constraints
* **Overcollateralized at all times under normal conditions**\
Issuance is only permitted when the account remains above the safety threshold using risk-adjusted prices.
* **Liquid collateral assumptions must be true**\
Collateral profiles in this pool must be liquid enough to unwind on-chain at scale without relying on multi-week redemption.
* **Minimal trusted compute**\
The accounting core should not depend on off-chain computation for state transitions. Oracles provide prices; the core remains deterministic.
* **Composable token, conservative core**\
rwaUSD is a standard ERC‑20 with a narrow, auditable mint/burn surface area.
#### 3.2 Protocol invariants (must always hold)
1. **No untracked issuance**\
Total rwaUSD supply must equal aggregate liabilities recorded by the accounting core (minus any explicitly recorded deficits).
2. **Risk checks gate issuance and withdrawals**\
Any operation that increases risk (mint more, withdraw collateral) must pass the safety check.
3. **Unsafe accounts are unwindable without special permissions**\
Any actor can trigger unwinds. The system must not rely on a privileged operator to remain solvent.
4. **Shortfalls are explicit**\
If collateral sales cannot cover liability, the deficit is recorded and resolved via reserves/recap. No silent socialization.
***
### 4. Internal accounting model
The protocol uses a two-layer liability model to avoid per-account “continuous interest updates”:
* Store **principal** per account
* Maintain a per-profile **fee index** that grows over time
* Compute current liability lazily on interaction
#### 4.1 Fixed-point conventions
Use distinct precisions to avoid rounding drift:
* **AMT (1e18)**: token-style amounts and rwaUSD quantities
* **RATE (1e27)**: high-precision indices and rates
* **ACC (1e45)**: internal products of AMT × RATE when needed
> Names are implementation details; the point is deterministic fixed-point math with enough precision for long-lived positions.
#### 4.2 Liability formulas
For an account `a` and profile `p`:
* `principal[a,p]` in AMT
* `index[p]` in RATE
* `liability[a,p] = principal[a,p] * index[p] / RATE`
Total account liability is the sum across profiles if multi-profile borrowing is allowed. Two options exist:
* **Option A (simpler, recommended):** one borrowing profile per account
* **Option B (flexible):** shared liability bucket with weighted indices
v1 should pick **Option A** unless there is a strong reason to support mixing collateral profiles in one account.
#### 4.3 Solvency check
For each collateral profile `p` in an account:
* `locked[a,p]`: collateral amount
* `refPrice[p]`: oracle USD price
* `haircut[p]`: discount factor
* `adjPrice[p] = refPrice[p] * (1 - haircut[p])`
Collateral value:
* `collateralValue[a] = Σ locked[a,p] * adjPrice[p]`
Required coverage:
* `required[a] = liability[a] * safetyFactor[p]`
Safe if:
* `collateralValue[a] ≥ required[a]`
This check gates:
* increasing principal (minting)
* withdrawing collateral
* certain collateral swaps inside the account
# Contract Suite
The rwaUSD system is modular. Each contract has a narrow responsibility and an explicit permission boundary.
#### 1. Overview diagram
```mermaid
flowchart TB
subgraph User
U[EOA / Safe]
end
subgraph Core
L[Ledger Core]
R[Account Manager]
X[Risk Registry]
F[Fee Accumulator]
end
subgraph Collateral
A1[Asset Adapter: TBill]
A2[Asset Adapter: Stable]
A3[Asset Adapter: Gold]
end
subgraph Pricing
P[Price Router]
G[Price Guards]
S[Signed Feed Verifier]
end
subgraph Liquidation
W[Unwind Engine]
H[Auction House]
end
subgraph Peg
PR[Peg Rail]
end
subgraph Backstop
B[Reserve Buffer]
D[Deficit Recorder]
C[Recap Mechanism]
end
U --> R
R --> A1
R --> A2
R --> A3
A1 --> L
A2 --> L
A3 --> L
P --> L
X --> L
F --> L
W --> L
W --> H
H --> L
PR --> L
L --> B
D --> L
B --> C
```
***
#### 2. rwaUSD Token (`RwaUsdToken`)
**Type:** ERC‑20 (+ EIP‑2612 permit recommended)
**Responsibilities**
* Maintain rwaUSD balances
* Mint/burn only by authorized core module(s)
**Key rules**
* `mint(to, amount)` only callable by `Ledger Core`
* `burn(from, amount)` only callable by `Ledger Core` (or via allowance-based `burnFrom` gated to core)
**Interfaces (Solidity-style)**
```solidity
function mint(address to, uint256 amt) external;
function burn(address from, uint256 amt) external;
function permit(...) external; // optional
```
***
#### 3. Ledger Core (`Ledger`)
This is the accounting kernel. Keep it small, boring, and difficult to upgrade.
**Responsibilities**
* Store collateral balances per account/profile
* Store principal per account/profile
* Enforce all solvency checks using prices and parameters
* Mint/burn rwaUSD
* Record protocol revenue and deficits
**Key storage**
* `locked[accountId][profileId] -> uint256`
* `principal[accountId][profileId] -> uint256`
* `index[profileId] -> uint256` (fee index)
* `totalPrincipal[profileId] -> uint256`
* `pausedFlags -> bitmask`
* `badDebt -> uint256` (explicit deficit tally)
**External entrypoints (only from authorized modules)**
* `lock(profile, account, amount)`
* `unlock(profile, account, amount)`
* `increasePrincipal(profile, account, delta)`
* `decreasePrincipal(profile, account, delta)`
* `applyIndex(profile)` (or invoked by Fee Accumulator)
* `startUnwind(account)` (called by Unwind Engine)
* `settleUnwind(account, clearedPrincipal, clearedFees, collateralOut)` (called by Auction House)
**Important:** the Ledger never calls untrusted external contracts. Anything that touches tokens goes through adapters. Anything that moves collateral in liquidation goes through the Auction House.
***
#### 4. Account Manager (`AccountManager`)
User-facing orchestration: creates accounts, manages permissions, bundles operations.
**Responsibilities**
* Create Collateral Accounts (`accountId`)
* Operator permissions per account
* Convenience methods: deposit+mint, repay+withdraw, multi-call sequences
**Permissions model**
* account owner can grant operators
* operators can be scoped:
* collateral management
* issuance/repayment
* withdrawals
* full control
**Recommended interfaces**
```solidity
function openAccount(address owner) external returns (uint256 accountId);
function setOperator(uint256 accountId, address operator, uint256 permissions) external;
function deposit(uint256 accountId, bytes32 profileId, uint256 amount) external;
function withdraw(uint256 accountId, bytes32 profileId, uint256 amount, address to) external;
function mint(uint256 accountId, bytes32 profileId, uint256 amount, address to) external;
function repay(uint256 accountId, bytes32 profileId, uint256 amount, address from) external;
// Convenience
function depositAndMint(...) external;
function repayAndWithdraw(...) external;
```
***
#### 5. Asset Adapters (`AssetAdapter` per profile)
Each collateral token requires an adapter to normalize token behavior and enforce custody constraints.
**Responsibilities**
* Pull collateral tokens from user and hold in adapter custody
* Push collateral tokens to user (withdrawals) or Auction House (unwinds)
* Normalize decimals and non-standard ERC‑20 behavior
* Enforce allowlist constraints if token requires eligible holders
**Non-negotiables**
* No collateral leaves an adapter without a corresponding Ledger state update
* Adapter must be approved holder if upstream token has restrictions
* Adapter must handle tokens with:
* 6 decimals
* missing return values
* fee-on-transfer (ideally disallowed for v1)
**Interfaces**
```solidity
function deposit(uint256 accountId, uint256 amount) external;
function withdraw(uint256 accountId, uint256 amount, address to) external;
function seizeToAuction(uint256 accountId, uint256 amount, address auctionHouse) external;
```
***
#### 6. Risk Registry (`RiskRegistry`)
On-chain parameter store for collateral profiles and global settings.
**Per-profile parameters**
* `safetyFactor` (min coverage multiplier)
* `haircut` (price discount used for solvency checks)
* `mintCap` (max principal allowed for profile)
* `minPosition` (dust threshold)
* `penaltyFactor` (extra charge when unwound)
* `auctionConfig` (see Auction House section)
* `oracleConfig` (feed set + guardrails)
* `borrowEnabled` / `collateralEnabled` flags
**Global parameters**
* global issuance cap (optional)
* peg rail limits
* pause flags
**Update rules**
* all changes via governance timelock
* emergency roles may only tighten risk or pause modules
***
#### 7. Fee Accumulator (`FeeAccumulator`)
Maintains fee indices for profiles.
**Model**
* Each profile has a per-second growth factor `ratePerSecond` in RATE precision
* `index[p]` increases over time
**Mechanics**
* Lazy update: `accrue(profile)` updates index based on `block.timestamp - lastAccrual[p]`
* Mint/repay operations call `accrue(profile)` before computing new liability
**Interfaces**
```solidity
function accrue(bytes32 profileId) external;
function setRate(bytes32 profileId, uint256 ratePerSecond) external; // timelock
```
# Collateral and Oracle Profile
A **Collateral Profile** is the unit of risk configuration. It ties together:
* token address + adapter
* oracle method
* liquidity assumptions
* parameter set in RiskRegistry
#### Profile IDs
Use `bytes32 profileId = keccak256(abi.encode(symbol, token, version))` or explicit constants.
#### Liquid collateral eligibility (hard gate)
A token may enter the liquid pool only if all are true:
1. **Priceability**
* at least two independent pricing sources or a primary + robust sanity check
* staleness behavior defined
2. **Liquidation feasibility**
* auction can clear meaningful size without relying on multi-day off-chain processes
* DEX depth, market-maker commitments, or reliable redemption within short settlement
3. **Transferability**
* adapter and auction house can legally/technically hold and transfer the token
4. **Operational transparency**
* supply, NAV (if applicable), and key events observable
* clear issuer/custodian posture
***
### Oracle and valuation architecture
Pricing is the sharp edge of an RWA-collateral protocol. The design must be conservative by default and fail closed.
#### 1. Components
* **Price Router (`PriceRouter`)**
* single read interface for the Ledger: `getPrice(profileId) -> (price, status)`
* returns USD price and a status code
* **Feed Verifier (`SignedFeedVerifier`)**
* accepts signed price messages from authorized signers
* verifies quorum and freshness
* stores latest accepted value
* **Guard Layer (`PriceGuards`)**
* sanity checks: max delta, staleness, cross-source divergence, market premium/discount bounds
* can place a profile into **restricted mode**
#### 2. Price statuses
The Ledger must act differently depending on price status:
* `OK`: price fresh and within guardrails
* `STALE`: too old; issuance disabled; repayments allowed
* `DISPUTED`: sources disagree; issuance disabled; may tighten safety checks
* `HALTED`: manual stop; only risk-reducing operations allowed
#### 3. Pricing methods per asset category
**A) Tokenized T‑bills (NAV-based)**
**Target behavior:** price increases gradually with accrued yield.
**Primary source**
* signed NAV/share price from an authorized signer set (issuer admin, fund admin, or designated oracle operators)
**Sanity sources**
* on-chain market price TWAP (if token trades)
* bounded daily drift: NAV should not jump beyond plausible yield + market move bounds
**Guardrails**
* staleness threshold (tight): if NAV not updated within SLA, set `STALE`
* max-change: if NAV changes beyond X bps/day, require multi-signer consensus or halt
**B) Tokenized stablecoins**
**Target behavior:** price near $1 with depeg detection.
**Sources**
* external oracle feed (primary)
* on-chain DEX TWAP (sanity)
* optional: CEX index via signed feed (sanity)
**Guardrails**
* if price < `0.995` (configurable), issuance disabled automatically
* if price < `0.985`, peg rail outflow disabled and safety factor tightened (optional)
* staleness triggers restricted mode
**C) Tokenized gold**
**Target behavior:** price tracks spot gold with token-specific conversion.
**Sources**
* XAU/USD spot feed (primary)
* token market TWAP (sanity)
* token-specific ratio (e.g., token represents 1 gram or 1 ounce)
**Guardrails**
* divergence clamp between spot-implied and market price
* staleness and max delta checks
#### 4. Oracle message format (signed feed)
Use EIP‑712 structured data:
* `profileId`
* `price` (USD per token unit, AMT precision)
* `validAfter`, `validUntil`
* `nonce` (optional)
* `sourceId`
Quorum rules:
* N-of-M signers, configurable per profile
* reject if less than quorum, stale, or outside bounds
# User Lifecycle
#### 1. Open account
* `AccountManager.openAccount(owner) -> accountId`
* initialize owner permissions
#### 2. Deposit collateral
Flow:
1. user approves adapter
2. `AccountManager.deposit(accountId, profileId, amount)`
3. adapter pulls token into custody
4. adapter notifies Ledger: `lock(profileId, accountId, amount)`
Requirements:
* deposits allowed even if oracle is stale (depositing reduces risk)
* collateral enabled flag must be true
#### 3. Mint rwaUSD
Flow:
1. `AccountManager.mint(accountId, profileId, amtRwaUsd, to)`
2. `FeeAccumulator.accrue(profileId)` updates index
3. Ledger computes new principal delta corresponding to desired minted amount (or mints in principal units directly; pick one and keep consistent)
4. Ledger checks:
* oracle status `OK`
* cap not exceeded
* post-mint safety check passes
* min position threshold satisfied
5. Ledger:
* increases principal
* mints rwaUSD to `to`
**Note on units:**\
The cleanest approach is to mint in **current-liability units** (what user sees), then convert to principal internally using the current index. That prevents user confusion and keeps UI consistent.
#### 4. Repay (burn rwaUSD)
Flow:
1. user approves rwaUSD spending
2. `AccountManager.repay(accountId, profileId, amtRwaUsd, from)`
3. accrue index
4. Ledger reduces liability by burning rwaUSD
5. principal decreases accordingly
6. if principal hits zero, account is debt-free for that profile
Repayments must always be allowed, even in restricted mode.
#### 5. Withdraw collateral
Flow:
1. `AccountManager.withdraw(accountId, profileId, amount, to)`
2. accrue index
3. Ledger checks post-withdraw safety
4. Ledger decreases locked collateral
5. adapter transfers tokens to `to`
Withdrawals are risk-increasing and must be blocked when:
* oracle status not `OK` (policy choice: either block or require higher margin)
* system is paused
* account is under unwind
# Unwind and Peg Module
Unwinds close unsafe accounts by selling collateral and burning rwaUSD to extinguish liability.
#### Unsafe condition
An account is unsafe if:
* `collateralValue < currentLiability * safetyFactor`
Using **risk-adjusted prices** (haircut included) and **freshness policy**.
#### Who can trigger
Anyone can trigger an unwind. This is deliberate. The system does not depend on a privileged actor for solvency.
#### Unwind Engine (`UnwindEngine`)
**Responsibilities**
* verify unsafe condition via Ledger + PriceRouter
* freeze account operations
* determine amount of collateral to seize (enough to target full settlement + penalty, using conservative price)
* initiate auction(s)
**Interfaces**
```solidity
function trigger(uint256 accountId, bytes32 profileId) external returns (uint256 auctionId);
function getStatus(uint256 accountId) external view returns (...);
```
#### Incentives for callers (keepers)
To avoid relying on altruism, add a keeper reward:
* fixed “call fee” paid from reserve buffer (bounded), and/or
* percentage of recovered value (capped)
Reward must be parameterized per profile and capped to prevent griefing.
***
### Auction system
#### **Auction House (`AuctionHouse`)**
Sells seized collateral for rwaUSD (or for a reference stablecoin that is immediately converted and burned, implementation choice). **Preferred mechanism here is** descending-price sale with partial fills.Why:
* fast convergence
* simple keeper strategy
* handles volatile conditions better than thin order books
#### **1. Auction parameters (per profile)**
Stored in RiskRegistry:
* `startPremium`: multiplier on reference price at start (e.g., 1.05×)
* `decayCurve`: price decay function over time
* `duration`: max auction time
* `lotSize`: collateral per lot (or debt target per lot)
* `minFill`: minimum purchase size
* `restartThreshold`: if auction runs too long or price too low, allow restart
#### **2. Auction lifecycle**
1. **Kick**
* Unwind Engine calls `AuctionHouse.kick(...)`
* collateral is transferred from adapter to auction custody
* auction state created:
* `collateralRemaining`
* `debtTarget` (liability + penalty)
* `startTime`
* `startPrice`
2. **Take (purchase)**
* bidder calls `take(auctionId, collateralAmtWanted, maxPrice)`
* contract computes current price
* bidder pays `cost = collateralAmtWanted * price`
* rwaUSD is transferred from bidder and burned via Ledger
* collateral transferred to bidder
* debt target reduced accordingly
3. **Settle**
* if debt target is fully covered:
* remaining collateral returned to original account owner (or kept to cover fees; policy)
* Ledger marks the account cleared for that profile
* if auction expires with remaining debt:
* record deficit
* resolve via buffer/recap
#### **3. Restricted collateral holders (allowlists)**
If a tokenized RWA requires allowlisted holders:
* Auction House must be an eligible holder
* Bidders must be eligible holders **or**
* Auction transfers a receipt/wrapper token representing claim on the collateral, redeemable through an eligible channel
v1 avoids “receipt complexity” unless unavoidable; it introduces a second custody layer.
***
### Peg anchoring rails
A peg rail provides a deterministic conversion between rwaUSD and a reference stablecoin to tighten market price.
#### 1. Peg Rail (`PegRail`)
**Concept**
* swap reference stablecoin ↔ rwaUSD near 1:1 with a fee spread
**Functions**
```solidity
function swapIn(uint256 stableIn, address to) external returns (uint256 rwaUsdOut);
function swapOut(uint256 rwaUsdIn, address to) external returns (uint256 stableOut);
```
**Rules**
* `swapIn` mints rwaUSD and holds stable in reserves (or routes to buffer)
* `swapOut` burns rwaUSD and releases stable from reserves
**Safeguards**
* per-day outflow limits
* depeg breakers: if reference stable price < threshold, disable `swapOut`
* governance-controlled fee bands within caps
The peg rail is not a substitute for solvency. It is a market tool.
# Protocol Capitalization
#### Reserve Buffer (`ReserveBuffer`)
Receives:
* carry charges (via Fee Accumulator + Ledger)
* liquidation penalties
* peg rail fees
Holds:
* rwaUSD
* reference stablecoins (and possibly other high-quality reserves)
#### Deficit recording (`DeficitRecorder`)
If an unwind auction fails to raise enough to cover liability:
* Ledger records explicit deficit:
* `badDebt += deficitAmount`
Deficits are not silently socialized. They are first covered by reserves.
#### Recapitalization (`RecapMechanism`)
If reserves are insufficient:
* protocol triggers a recap procedure that sells a recap asset for rwaUSD/stables
* proceeds are used to eliminate recorded deficits
The recap asset design (governance token, bond token, or similar) is a separate specification, but the architecture requires:
* permissioned minting only under deficit conditions
* transparent auction/sale mechanism
* timelocked governance control
# Governance and Emergency Controls
#### Roles
* **Timelock Governor**
* can change parameters in RiskRegistry, FeeAccumulator, PegRail configs
* can onboard new collateral profiles (adapter + oracle + params)
* **Guardian**
* can pause risk-increasing actions
* cannot loosen parameters
* **Oracle Admin**
* manages signer sets and feed configs (via timelock ideally)
#### Timelock requirements
* minimum delay on parameter changes (24 hours)
* emergency pause is immediate
* any “risk loosening” must go through timelock
#### Parameter change policy (operational)
* caps increase gradually with observed liquidity
* safety factors change rarely; require risk review
* oracle signer changes require explicit rotation procedure and monitoring
### Emergency controls
The emergency layer exists to contain damage, not to “manage the system day-to-day.”
#### Pause granularity
Separate pause flags for:
* new minting
* collateral withdrawals
* peg rail outflows
* starting new auctions (rare; careful)
* onboarding new profiles
Deposits and repayments should remain possible whenever feasible.
#### Wind-down mode
If a severe failure occurs (oracle compromise, critical exploit, irrecoverable bug), the protocol can enter wind-down:
* freeze issuance
* freeze non-essential transfers from custody
* optionally freeze prices at last known good values
* provide controlled settlement path
Exact settlement design is sensitive and is specified and audited separately by an independent auditor; the key architecture is that the core can be placed into a mode where it stops taking new risk.
# For Integrators
Protocols integrating rwaUSD need deterministic, on-chain answers for:
* total supply and issuance
* profile-level caps and utilization
* oracle freshness and restrictions
* pause state
* reserve health signals (optional)
#### 15.1 Recommended view functions
Ledger / RiskRegistry / PriceRouter expose:
```solidity
function totalIssued() external view returns (uint256);
function profileParams(bytes32 profileId) external view returns (
address token,
address adapter,
uint256 safetyFactor,
uint256 haircut,
uint256 mintCap,
uint256 totalPrincipal,
bool borrowEnabled,
bool collateralEnabled
);
function price(bytes32 profileId) external view returns (
uint256 priceUsd,
uint8 status,
uint256 updatedAt
);
function systemFlags() external view returns (uint256 flags);
```
#### 15.2 Recommended invariants for integrators
* rwaUSD mint/burn authority is limited to Ledger
* Ledger does not perform external token calls
* price status is explicit and machine-readable
# Functions and Events
### Function index
**AccountManager**
* `openAccount(owner)`
* `setOperator(accountId, operator, permissions)`
* `deposit(accountId, profileId, amount)`
* `withdraw(accountId, profileId, amount, to)`
* `mint(accountId, profileId, amount, to)`
* `repay(accountId, profileId, amount, from)`
* `depositAndMint(...)`
* `repayAndWithdraw(...)`
**Ledger**
* `lock(profileId, accountId, amount)` (adapter only)
* `unlock(profileId, accountId, amount)` (adapter only)
* `increasePrincipal(profileId, accountId, principalDelta)` (AccountManager only)
* `decreasePrincipal(profileId, accountId, principalDelta)` (AccountManager only)
* `burnRwaUsd(from, amt)` / `mintRwaUsd(to, amt)`
* `markUnwinding(accountId)` (UnwindEngine only)
* `clearAfterAuction(...)` (AuctionHouse only)
**PriceRouter**
* `getPrice(profileId) -> (price, status, updatedAt)`
**UnwindEngine**
* `trigger(accountId, profileId) -> auctionId`
**AuctionHouse**
* `kick(profileId, accountId, collateralAmt, debtTarget) -> auctionId`
* `take(auctionId, collateralAmt, maxPrice)`
* `settle(auctionId)`
**PegRail**
* `swapIn(stableIn, to)`
* `swapOut(rwaUsdIn, to)`
***
### Events
A non-exhaustive set; emit these consistently:
* `AccountOpened(accountId, owner)`
* `OperatorSet(accountId, operator, permissions)`
* `CollateralDeposited(accountId, profileId, amount)`
* `CollateralWithdrawn(accountId, profileId, amount, to)`
* `RwaUsdMinted(accountId, profileId, amount, to)`
* `RwaUsdRepaid(accountId, profileId, amount, from)`
* `IndexAccrued(profileId, newIndex)`
* `PriceUpdated(profileId, price, status, updatedAt)`
* `UnwindTriggered(accountId, profileId, auctionId)`
* `AuctionKicked(auctionId, profileId, collateral, debtTarget)`
* `AuctionTaken(auctionId, buyer, collateralOut, rwaUsdIn, price)`
* `AuctionSettled(auctionId, clearedDebt, collateralReturned)`
* `DeficitRecorded(amount)`
* `Paused(flags)` / `Unpaused(flags)`
# rwaUSD Contract Addresses
## rwaUSD Token
*ERC-20 stablecoin token*
* **Ethereum:** [0x8Fcd23142047A3073ed332a0Ed07d1e8D2BD5177](https://etherscan.io/address/0x8Fcd23142047A3073ed332a0Ed07d1e8D2BD5177)
* **INK:** [0x2A66Bb2dA3AD1c854E79307F64b862DECD860D4c](https://explorer.inkonchain.com/address/0x2A66Bb2dA3AD1c854E79307F64b862DECD860D4c)
* **Base**: [0x272Ec977f4575df41cD47b1b254954E1C7972789](https://basescan.org/address/0x272Ec977f4575df41cD47b1b254954E1C7972789)
* **Monad**: [0x9aBb5aaAA4c63ABee1b6617843fd818c99C52c69](https://monadvision.com/token/0x9aBb5aaAA4c63ABee1b6617843fd818c99C52c69)
***
## rwaUSD Protocol Contracts
#### Vat
The core accounting engine of the protocol. Maintains all internal balances — tracks how much collateral each CDP holds and how much debt has been issued against it. Every other contract routes through the Vat to move collateral and stablecoin balances. No tokens move without the Vat's authorization.
* **Ethereum:** [0xbC22e8C15bC476EF4FD0124c5A03b23607e30D2C](https://etherscan.io/address/0xbC22e8C15bC476EF4FD0124c5A03b23607e30D2C)
#### RWAUSD Operator wallet
Safe wallet used for the governance and operation of rwaUSD. Will become obsolete once governance module goes live.
* **Ethereum:** [0x194Ebc1B9B382ef0E6998cAAcE59aF843cf53b99](https://etherscan.io/address/0x194Ebc1B9B382ef0E6998cAAcE59aF843cf53b99)
#### Spotter
Reads the current collateral price from oracle contracts and pushes it into the Vat. The Vat uses this price to determine whether CDPs are sufficiently collateralized and whether liquidations should be triggered.
* **Ethereum:** [0xf3aee748355bb07CBe702B4ff8dBE6118b34e2A2](https://etherscan.io/address/0xf3aee748355bb07CBe702B4ff8dBE6118b34e2A2)
#### rwaUSDJoin
Adapter that bridges rwaUSD between the external ERC-20 token and the Vat's internal balance system. Users call join() to deposit rwaUSD into the Vat to repay debt, and exit() to withdraw rwaUSD as transferable ERC-20 tokens.
* **Ethereum:** [0xA596E0888b3e1d12F3Ee174128c0D9990027BA08](https://etherscan.io/address/0xA596E0888b3e1d12F3Ee174128c0D9990027BA08)
#### Jug
Accumulates stability fees on all open CDP positions over time by updating a global rate multiplier. When drip() is called, outstanding debt balances increase proportionally and the accrued fees are forwarded to the Vow as protocol revenue.
* **Ethereum:** [0x66654ccF7C4492FD3CFa01A7Ec5B5AC28f0D886E](https://etherscan.io/address/0x66654ccF7C4492FD3CFa01A7Ec5B5AC28f0D886E)
#### Vow
The protocol's balance sheet. Receives stability fees and liquidation income as surplus, and tracks bad debt from failed liquidations. When surplus exceeds a threshold it can be distributed; when bad debt accumulates it triggers debt auctions to recapitalize the system.
* **Ethereum:** [0x7815e8e9BCEF8708A799eE3802586298e5AFA611](https://etherscan.io/address/0x7815e8e9BCEF8708A799eE3802586298e5AFA611)
#### Dog
Monitors CDP collateralization ratios and initiates liquidation when a position falls below the minimum. Calls the relevant Clipper to start a Dutch auction on the collateral and marks the debt as being liquidated in the Vat.
* **Ethereum:** [0x15a36d5cAf263160c2a49DDE6429C045Fb711dDD](https://etherscan.io/address/0x15a36d5cAf263160c2a49DDE6429C045Fb711dDD)
#### Cure
Aggregates all outstanding unbacked debt across the system into a single total. Used during global settlement to ensure the correct pro-rata collateral redemption amounts are calculated for rwaUSD holders.
* **Ethereum:** [0x9eA54efa0D82B2afdf2c9F3A407622Dc83b2c914](https://etherscan.io/address/0x9eA54efa0D82B2afdf2c9F3A407622Dc83b2c914)
#### End
Global settlement contract that allows the protocol to be gracefully shut down. Freezes collateral prices, allows users to free collateral from CDPs, and enables rwaUSD holders to redeem their tokens for a proportional share of the underlying collateral at the final settlement price.
* **Ethereum:** [0x026782F431bfC233c67128af42a4e9De7f834BF5](https://etherscan.io/address/0x026782F431bfC233c67128af42a4e9De7f834BF5)
***
## PAXG Collateral Contracts
#### PriceFeedAdapter
Wraps the raw Chainlink PAXG/USD price aggregator and converts its output into the format expected by the OSM. Acts as the interface between the external price feed and the protocol's oracle pipeline.
* **Ethereum:** [0x82F5790Bd1c96790E4c3a3ebC8142bD4D6F8b1CD](https://etherscan.io/address/0x82F5790Bd1c96790E4c3a3ebC8142bD4D6F8b1CD)
#### OSM
Oracle Security Module. Holds two price slots — current and next — and only advances to the next price once per hour. This delay gives the protocol a one-hour window to detect and respond to oracle manipulation or price feed errors before they affect CDP collateralization checks.
* **Ethereum:** [0x89fbAe0302b8790D55fa36E6Ab09ac93F865993a](https://etherscan.io/address/0x89fbAe0302b8790D55fa36E6Ab09ac93F865993a)
#### GemJoin
Collateral adapter for PAXG. Users approve and call join() to lock PAXG into the Vat as collateral for minting rwaUSD, or call exit() to withdraw their PAXG once debt is repaid. This contract holds the actual PAXG tokens on behalf of the protocol.
* **Ethereum:** [0x3c9567C3b9c20E72858cD5714209EA7D7a8011fD](https://etherscan.io/address/0x3c9567C3b9c20E72858cD5714209EA7D7a8011fD)
#### Calc
Defines the price decay function used in Dutch auction liquidations. Implements a curve (linear or exponential) that determines how quickly the collateral sale price drops over time to attract keepers to participate in liquidations.
* **Ethereum:** [0xfEb42fB58E790DD5f38d936df45b4Bdd29260DE5](https://etherscan.io/address/0xfEb42fB58E790DD5f38d936df45b4Bdd29260DE5)
#### Clipper
Runs Dutch auctions to liquidate undercollateralized PAXG CDPs. Starts the collateral at a high price that decreases over time. Keepers purchase collateral at any point in the auction. Proceeds cover the CDP's outstanding debt, with any surplus returned to the original CDP owner.
* **Ethereum:** [0x62B7a353928142A18C07026A33F8089d1c7378F4](https://etherscan.io/address/0x62B7a353928142A18C07026A33F8089d1c7378F4)
***
## rwaUSD Proxy Contracts
#### DssCdpManager
Convenience layer over the Vat that assigns human-readable numeric IDs to CDP positions and tracks ownership. Users can transfer CDPs, grant permissions to other addresses, and manage multiple positions through a unified interface without dealing with raw Vat internals.
* **Ethereum:** [0x97a762d03A511754151dD046EE83599162572e47](https://etherscan.io/address/0x97a762d03A511754151dD046EE83599162572e47)
#### DssProxyActions
Library contract containing all standard CDP operations — open, deposit collateral, withdraw collateral, draw rwaUSD, repay debt, close — as atomic functions. User proxy contracts delegate-call into this library to execute complex multi-step operations in a single transaction.
* **Ethereum:** [0x92a4bb65fbE7A4B516F52a0E7550982f650cE7C8](https://etherscan.io/address/0x92a4bb65fbE7A4B516F52a0E7550982f650cE7C8)
#### DssProxyActionsEnd
Extension of proxy actions for global settlement scenarios. Provides functions to free collateral from CDPs after End is triggered and to redeem rwaUSD for underlying collateral at the final settlement price.
* **Ethereum:** [0x41c09d97E10dDB1adBC202d6fC3aA18547C36969](https://etherscan.io/address/0x41c09d97E10dDB1adBC202d6fC3aA18547C36969)
#### DSProxyFactory
Factory that deploys a personal DSProxy contract for each user. The DSProxy acts on behalf of the user and is the recommended entry point for all protocol interactions, enabling atomic batched transactions and access to the proxy action libraries.
* **Ethereum:** [0xe23C0d47cDCB3DF144c529648651D5c8F3cbE312](https://etherscan.io/address/0xe23C0d47cDCB3DF144c529648651D5c8F3cbE312)
#### ProxyRegistry
Maintains a registry mapping user wallet addresses to their deployed DSProxy addresses. Used to look up an existing proxy or deploy a new one, ensuring each user has exactly one canonical proxy in the system.
* **Ethereum:** [0xAFD44C3e4bb4757527d1d58706023Daf2f1F30d3](https://etherscan.io/address/0xAFD44C3e4bb4757527d1d58706023Daf2f1F30d3)
#### GetCdps
Read-only view contract that returns all CDP IDs and their associated collateral and debt data for a given owner address. Used by frontends and indexers to display a user's full position set without iterating the Vat directly.
* **Ethereum:** [0x2fCC0D9972F489ec42804A00ba2029e7f6C9b412](https://etherscan.io/address/0x2fCC0D9972F489ec42804A00ba2029e7f6C9b412)
***
## CCIP Contracts
#### BurnMintPool
Implements the Chainlink CCIP token pool interface for rwaUSD cross-chain transfers. When a user bridges rwaUSD, CCIP calls this contract to burn tokens on the source chain and mint an equivalent amount on the destination chain, keeping total supply consistent across all deployed networks.
* **Ethereum:** [0x7F49A388c6884C0d1706f7774e9A5575d100aa63](https://etherscan.io/address/0x7F49A388c6884C0d1706f7774e9A5575d100aa63)
* **INK:** [0xd74FB32112b1eF5b4C428Fead8dA8d85A0019009](https://explorer.inkonchain.com/address/0xd74FB32112b1eF5b4C428Fead8dA8d85A0019009)
* Base: [0x7Dc0496016d88c3EbA6d54D1514F24B3C9872894](https://basescan.org/address/0x7Dc0496016d88c3EbA6d54D1514F24B3C9872894)
#### Enabled CCIP Lanes for Cross-Chain Transfers (CCT)
The following Chainlink CCIP lanes are currently enabled:
* **Ethereum ↔ Ink**
* **Ethereum ↔ Base**
# Yield Mechanics for rwaUSD
**rwaUSD** is designed as a **yield-enabling financial primitive**, rather than a yield-bearing asset by default. Its primary role is to standardize and mobilize tokenized real-world assets so they can participate efficiently in on-chain and hybrid yield markets. Holding rwaUSD alone does not imply a guaranteed return. Instead, rwaUSD provides the infrastructure through which yield can be accessed, deployed, and managed in a controlled and transparent manner.
This separation is deliberate. By decoupling the collateral layer from yield generation, rwaUSD remains neutral, composable, and compatible with a wide range of protocols and strategies. Users retain full discretion over how capital is deployed and which risk profile they choose to assume.
***
### Yield Through DeFi Deployment
Once minted, rwaUSD functions as a DeFi-native dollar and can be deployed across decentralized financial markets in the same manner as other high-quality stable assets. Because rwaUSD aggregates highly liquid tokenized real-world assets into a single collateral interface, it avoids the liquidity fragmentation that often limits utilization and suppresses rates in DeFi markets.
In practice, rwaUSD may be supplied to lending markets, used as collateral in borrowing strategies, or deployed into structured DeFi vaults. Yield in these cases is market-driven, reflecting supply and demand for capital rather than being imposed at the protocol level. As liquidity concentrates around a standardized asset, markets deepen and pricing becomes more efficient.
For example, an institution minting $10 million of rwaUSD may deploy that capital into a lending venue yielding between 2% and 4% annualized, resulting in gross returns of $200,000 to $400,000 per year, subject to market conditions and utilization. More structured DeFi strategies may offer higher potential returns, with corresponding changes in risk exposure.
***
### Delegated Yield Allocation via Multipli
Not all rwaUSD holders wish to actively manage DeFi positions or interact directly with multiple protocols. This is particularly true for institutions, treasuries, and large capital allocators that prioritize operational simplicity, risk oversight, and predictable execution.
To address this, **Multipli** provides curated allocation pathways that allow rwaUSD to be deployed into a range of top institutional asset managers. These asset managers may combine on-chain money markets, liquidity venues, and, where appropriate, off-chain money-market or institutional liquidity rails.
The user’s interaction remains straightforward: rwaUSD is allocated to a selected asset manager as per the user's choice, and yield accrues according to their performance. The complexity of protocol selection, capital routing, and operational execution is abstracted away.
***
### Practical Yield Allocation Example
Consider a treasury that allocates $25 million of rwaUSD into a Multipli-managed liquid strategy. If the strategy targets an average annualized return of approximately 5%, the gross yield would be on the order of $1.25 million per year, before fees and costs. Importantly, the capital remains liquid and can be reallocated or withdrawn in line with the strategy’s liquidity parameters.
This approach allows capital to remain productive without requiring the treasury to maintain in-house DeFi expertise or actively monitor multiple venues.
***
### Why Yield Is Not Embedded in rwaUSD
Embedding yield directly into rwaUSD would impose a single return profile on all users, restrict composability, and introduce additional regulatory and accounting complexity. Instead, rwaUSD is designed to behave more like high-quality collateral in traditional finance: neutral at rest, productive when deployed.
This design allows rwaUSD to serve multiple use cases simultaneously. DeFi protocols can integrate it as standardized collateral. Active users can deploy it directly into markets. Institutions can allocate it through curated strategies without operational overhead. Each participant chooses how much risk and complexity to assume.
***
### Significance at Scale
As tokenized Treasuries, gold, and other highly liquid real-world assets continue to move on-chain, the amount of capital that can be mobilized through rwaUSD is measured in tens of billions of dollars. Even modest deployment into DeFi markets and curated strategies represents a meaningful expansion of high-quality collateral within the on-chain economy. The constraint has never been yield availability. It has been access, standardization, and execution. rwaUSD is designed to remove those constraints.
***
### Summary
rwaUSD does not promise yield. It enables it.
By standardizing tokenized real-world assets into a composable on-chain dollar, rwaUSD allows capital to be deployed efficiently across DeFi markets or through professionally managed strategies via Multipli. Users retain control over risk and allocation, while benefiting from infrastructure designed for scale, liquidity, and institutional participation.
This is how real-world capital moves from idle balance sheets into productive on-chain markets.
# Yield Mechanics for xTokens
**xTokens** are designed to be **explicitly yield-bearing**. They represent managed deployment of capital into defined strategies, with clearly articulated sources of return and risk.
In simple terms, rwaUSD answers the question *“how does capital become usable?”,* xTokens answer the question *“how does capital get put to work?”.* This separation is intentional and mirrors how traditional finance distinguishes between collateral infrastructure and asset management.
***
### What an xToken Represents
Each xToken represents a **specific yield strategy**, rather than a general claim on collateral. Holding an xToken means opting into a particular deployment of capital, with known mechanics, expected return drivers, and risk boundaries.
An xToken may deploy capital into:
* DeFi money markets and liquidity venues
* Structured lending and borrowing strategies
* Market-neutral or basis strategies
* Institutional credit or liquidity strategies accessed through Multipli
Unlike rwaUSD, which is passive at rest, xTokens are **active by design**. Yield accrues as a function of strategy execution, not merely from holding the token. These strategies may include:
#### **Leveraging Liquidity for Arbitrage**
**Arbitrage Strategies** Our institutional trading desk employs a combination of contango arbitrage strategies and spot perpetual arbitrage to generate synthetic yield on crypto tokens. By leveraging spot perpetual arbitrage, we capitalise on funding rates, ensuring consistent returns through market-neutral positions. Concurrently, our contango arbitrage strategy takes advantage of price differentials between spot and futures markets in contango conditions, securing risk-free profits. This dual approach enables us to maximise yield, minimise risk, and offer you reliable, high-performance yield generating opportunities in the dynamic cryptocurrency landscape. **1. Contango Arbitrage**
Contango arbitrage is a trading strategy employed in the futures and spot markets to exploit the price difference between the current spot price of an asset and its futures price. This difference is captured by building a short position in futures and a long position in spot simultaneously.
**Example:**
1. Identify the Arbitrage Opportunity: Notice that Bitcoin is in contango with the futures price being $5,000 higher than the spot price.
2. Buy Bitcoin on the Spot Market: The trader buys 1 Bitcoin at the current spot price of $30,000.
3. Sell a Futures Contract: Simultaneously, the trader sells a futures contract for 1 Bitcoin at the futures price of $35,000.
4. Wait for Contract Expiry: Hold both positions (the spot Bitcoin and the short futures contract) until the futures contract is close to its expiration.
5. Settle the Contracts: As the futures contract approaches expiry, the futures price converges with the spot price. Assume the spot price of Bitcoin at expiration is $30,000.
In this example, our arbitrage trade generates \~0.14 BTC in contango, providing significant returns on deployed BTC. This yield will be paid out in the native token i.e. BTC.
2\. **Spot-Perpetual Funding Rate Arbitrage** Spot-perpetual funding rate arbitrage involves capitalising on the funding rate exchanged between traders holding long and short positions in perpetual futures contracts while maintaining delta-neutrality through the spot position.
**Example:**
1. **Spot Market Purchase:**
* Purchase 1 BTC at $30,000 in the spot market.
2. **Perpetual Futures Market:**
* Open a short position of 1 BTC in perpetual futures.
3. **Funding Rates:**
* Assume the funding rate is 0.01% per 8 hours.
* As a short position holder, we receive the funding rate payment.
4. **Daily Yield Calculation:**
* Funding payment per 8 hours = 0.01% of 1 BTC = 0.0001 BTC
* Daily funding payments (3 times per day) = 0.0001 BTC x 3 = 0.0003 BTC
5. **Monthly Yield:**
* Monthly funding payments = 0.0003 BTC x 30 = 0.009 BTC
In this example, our market-neutral strategy generates \~0.009 BTC in funding rate payments over a month, providing significant returns on deployed BTC. This yield will be paid out in the native token i.e. BTC.
# What is Contango?
Understanding Contango in Futures Contracts
**Contango** is a term used to describe a market condition in which the futures price of a cryptocurrency is higher than its current spot price. This situation typically occurs in futures markets when the price of a longer-term futures contract is greater than the price of a shorter-term futures contract or the current spot price. Essentially, contango reflects market participants' expectations of higher prices in the future.
#### Characteristics of Contango
1. **Upward Sloping Forward Curve:**
* In a contango market, the forward curve of futures prices is upward sloping. This means that futures contracts with later expiration dates are priced higher than those with earlier expiration dates.
* Example: If Bitcoin (BTC) is trading at $40,000 in the spot market, a one-month futures contract might be priced at $41,000, and a three-month futures contract might be priced at $42,000.
2. **Positive Basis:**
* The basis, which is the difference between the futures price and the spot price, is positive in a contango market. This indicates that futures prices are above the current spot price.
#### Why Does Contango Exist?
1. **Cost of Carry:**
* The primary reason for contango is the **cost of carry**, which includes the costs associated with holding the underlying asset until the futures contract's expiration. These costs can include storage fees, insurance, and financing costs.
* In the context of cryptocurrencies, while there may not be physical storage costs, there can be other costs such as borrowing fees if leverage is used, or opportunity costs of holding capital in the futures position.
2. **Expectations of Future Price Increases:**
* Contango can also arise from market participants' expectations that the price of the cryptocurrency will increase over time. These expectations can be driven by various factors, such as anticipated technological developments, regulatory changes, or broader economic trends.
* If traders believe that the price of Bitcoin will rise due to upcoming network upgrades or increased adoption, they may be willing to pay a premium for futures contracts, driving up prices in the longer term.
3. **Inflation and Risk Premium:**
* In traditional markets, inflation expectations can lead to contango, as higher future prices may be anticipated to compensate for the loss of purchasing power. In the crypto market, a similar effect can occur if traders expect the value of fiat currencies to decline relative to cryptocurrencies.
* Additionally, a risk premium can contribute to contango. Traders may demand a premium for locking in prices over a longer period due to uncertainties and risks inherent in the market.
4. **Arbitrage Opportunities and Market Inefficiencies:**
* Arbitrageurs play a crucial role in maintaining the balance between spot and futures markets. In an efficient market, arbitrageurs would buy the spot asset and sell the futures contract when contango occurs, thus narrowing the price gap.
* However, in the crypto market, inefficiencies and barriers such as lack of liquidity, high transaction costs, or regulatory restrictions can limit the extent of arbitrage, allowing contango to persist.
# What is Funding Rate?
Understanding Funding Rate Fees in Perpetual Futures Contracts
**Funding rate fees** are periodic payments exchanged between traders holding long and short positions in perpetual futures contracts. Unlike traditional futures contracts, perpetual futures have no expiration date. To ensure that the price of perpetual futures remains close to the spot price of the underlying asset, funding rates are used as a mechanism to incentivise or discourage buying and selling, thereby balancing supply and demand.
#### How Funding Rates Work
1. **Calculation:**
* Funding rates are usually calculated every 8 hours and are based on two primary components: the interest rate and the premium/discount of the perpetual contract price relative to the spot price.
* **Interest Rate:** Reflects the cost of holding positions, often derived from the difference in borrowing rates between the base and quote currencies.
* **Premium/Discount:** The difference between the perpetual contract price and the spot price. If the perpetual price is above the spot price (positive premium), the funding rate is positive, and long positions pay short positions. Conversely, if the perpetual price is below the spot price (negative premium), the funding rate is negative, and short positions pay long positions.
2. **Payment Mechanism:**
* Funding rate payments are exchanged directly between traders. The exchange facilitates this transfer but does not typically collect these fees.
* If the funding rate is positive, long position holders pay the fee to short position holders. If negative, short position holders pay the fee to long position holders.
#### Why Does Funding Rate Fees Exist?
1. **Price Convergence:**
* **Primary Purpose:** The main reason funding rate fees exist is to ensure that the price of perpetual futures contracts converges with the spot price of the underlying asset. Without an expiration date to force this convergence, funding rates provide a financial incentive for traders to arbitrage any discrepancies.
* **Maintaining Equilibrium:** When the perpetual futures price deviates significantly from the spot price, funding rates encourage traders to take positions that will bring the two prices back in line. For instance, if the perpetual price is too high, a positive funding rate incentivises selling, thereby pushing the price down towards the spot price.
2. **Market Balance:**
* **Supply and Demand:** Funding rates help balance supply and demand in the perpetual futures market. If there are more long positions than short positions, the funding rate will be positive, encouraging traders to open short positions and balance the market.
* **Risk Management:** By aligning the futures price with the spot price, funding rates help manage the risk of holding positions in perpetual futures. This reduces the likelihood of extreme price discrepancies, contributing to market stability.
3. **Trader Behaviour:**
* **Incentivising Participation:** Funding rates can attract liquidity providers and arbitrageurs to the market. These participants help keep the market efficient by ensuring that prices remain aligned with underlying values.
* **Discouraging Extreme Positions:** High funding rates can discourage excessive leverage and speculative positions by making it costly to maintain large positions over time. This helps prevent market manipulation and extreme volatility.
# Contango vs Funding Rate
Comparison of making yield via Contango and funding rate arbitrage
1. **Market Mechanism:**
* **Spread Arbitrage Contango in Futures:** Involves taking advantage of price differences between futures contracts with different expiration dates. It relies on the natural convergence of futures prices to the spot price as the contracts approach their expiry.
* **Funding Rates in Perpetuals:** Involves earning interest through periodic funding payments between long and short positions in perpetual futures contracts, which have no expiration date. Funding rates are determined by market supply and demand.
2. **Profit Generation:**
* **Spread Arbitrage Contango:** Profits are generated from the spread between the prices of near-term and long-term futures contracts. As the near-term contract converges with the spot price, the spread narrows, creating profit opportunities.
* **Funding Rates:** Profits are generated from funding payments. Depending on the funding rate, long or short position holders receive periodic payments.
#### **Spread Arbitrage Contango in Futures**
**Advantages:**
1. **Predictability:** The convergence of futures prices to the spot price is a predictable event tied to contract expiry, providing clearer profit realisation timelines.
2. **Potential for Higher Returns:** The spreads between contracts can be significant, especially in volatile markets, leading to higher and guaranteed profit margins.
3. **Market Neutrality:** The strategy is typically delta-neutral, meaning the trader is not exposed to the direction of the market, only to the price convergence.
**Disadvantages:**
1. **Complexity:** Requires a deep understanding of futures markets, expiration dates, and the factors influencing futures pricing.
2. **Execution Risk:** Slippage and changes in the spread due to market volatility can reduce profitability.
#### **Funding Rates in Perpetuals**
**Advantages:**
1. **Simplicity:** Easier to implement compared to spread arbitrage. Traders only need to monitor and respond to funding rate changes.
2. **Continuous Income:** Funding payments are made periodically (typically every 8 hours), providing a steady stream of potential income.
3. **Lower Capital Requirement:** Generally requires less capital to maintain positions in perpetual contracts compared to futures contracts. Positions can be adjusted quickly to respond to funding rate changes.
**Disadvantages:**
1. **Market Volatility Risk:** Unlike spread arbitrage where the return is confirmed, the funding rate can change rapidly due to market conditions, making it less predictable. A sudden shift in funding rates can turn a profitable position into a losing one.
2. **Lower Returns:** The income from funding rates is typically smaller compared to the potential profits from spread arbitrage, especially in low volatility periods.
### Practical Considerations
1. **Risk Management:**
* **Spread Arbitrage Contango:** Simple risk management, enter at a suitable basis spread and hold the position to expiry to realise profit.
* **Funding Rates and Simple Risk Management** : focusing on maintaining positions that benefit from positive funding rates. Traders need to be vigilant about rate changes and adjust positions accordingly.
2. **Market Conditions:**
* **Spread Arbitrage Contango:** More effective in markets with significant differences between futures contract prices and high volatility. Stable markets with clear futures curves present the best opportunities.
* **Funding Rates:** Best in markets with consistent and predictable funding rates. Periods of high funding rate volatility can be challenging and may require rapid position adjustments.
3. **Strategic Flexibility:**
* **Spread Arbitrage Contango:** Allows for strategic flexibility across multiple futures contracts and expiration dates, providing varied arbitrage opportunities.
* **Funding Rates:** Focuses on optimising positions based on funding payments, with less flexibility in strategy but more straightforward execution.
# Multipli Vault Deployed Addresses
## Ethereum
#### xUSDC
* **Underlying Asset:** [0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48](https://etherscan.io/address/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48)
* **Proxy:** [0x133229E0AdFf22c6F1AD287D199ea09d35E4427B](https://etherscan.io/address/0x133229E0AdFf22c6F1AD287D199ea09d35E4427B)
* **Implementation:** [0x9921f41DF5A816Ff1940DbA35b8c394E4917667d](https://etherscan.io/address/0x9921f41DF5A816Ff1940DbA35b8c394E4917667d)
* **Authority:** [0x3B274e3fE48e34F032920F766f750bDeAFD80068](https://etherscan.io/address/0x3B274e3fE48e34F032920F766f750bDeAFD80068)
* **Fund Manager:** [0x643a2be1D639b3098eB8710318011ACD6AA36Ba2](https://etherscan.io/address/0x643a2be1D639b3098eB8710318011ACD6AA36Ba2)
* **VariableVaultFee:** [0x9eB058189D7352E3E0986E3e21f6c998fBc41a22](https://etherscan.io/address/0x9eB058189D7352E3E0986E3e21f6c998fBc41a22)
#### xUSDT
* **Underlying Asset:** [0xdAC17F958D2ee523a2206206994597C13D831ec7](https://etherscan.io/address/0xdAC17F958D2ee523a2206206994597C13D831ec7)
* **Proxy:** [0x3f453133ea14550B883805672B2871B0Ac295462](https://etherscan.io/address/0x3f453133ea14550B883805672B2871B0Ac295462)
* **Implementation:** [0xa811A8b5Cac515476d1dc6165f8f9d6c04064F5D](https://etherscan.io/address/0xa811A8b5Cac515476d1dc6165f8f9d6c04064F5D)
* **Authority:** [0x11f9D6Ea91E85AD049AEba98cFB387ED9FEfe535](https://etherscan.io/address/0x11f9D6Ea91E85AD049AEba98cFB387ED9FEfe535)
* **Fund Manager:** [0x28fE9069E1aA0bC5777081bC50FebD4586Bc2f52](https://etherscan.io/address/0x28fE9069E1aA0bC5777081bC50FebD4586Bc2f52)
* **VariableVaultFee:** [0x9eB058189D7352E3E0986E3e21f6c998fBc41a22](https://etherscan.io/address/0x9eB058189D7352E3E0986E3e21f6c998fBc41a22)
#### xWBTC
* **Underlying Asset:** [0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599](https://etherscan.io/address/0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599)
* **Proxy:** [0xeA1EF816ddfA86a8E9690423C88C1512c01d1799](https://etherscan.io/address/0xeA1EF816ddfA86a8E9690423C88C1512c01d1799)
* **Implementation:** [0x610b4AD715631EA75ba626bd8f33b5772d6e277F](https://etherscan.io/address/0x610b4AD715631EA75ba626bd8f33b5772d6e277F)
* **Authority:** [0x1E637e6732D2c32647bdeBa275d0C3472EdB142B](https://etherscan.io/address/0x1E637e6732D2c32647bdeBa275d0C3472EdB142B)
* **Fund Manager:** [0xe7D206Da285b28956a2D7307481F437BF66c3786](https://etherscan.io/address/0xe7D206Da285b28956a2D7307481F437BF66c3786)
* **VariableVaultFee:** [0x9eB058189D7352E3E0986E3e21f6c998fBc41a22](https://etherscan.io/address/0x9eB058189D7352E3E0986E3e21f6c998fBc41a22)
***
## BSC
#### xUSDC
* **Underlying Asset:** [0x8AC76a51cc950d9822D68b83fE1Ad97B32Cd580d](https://bscscan.com/address/0x8AC76a51cc950d9822D68b83fE1Ad97B32Cd580d)
* **Proxy:** [0x468e0dAbd55772775A9cD4c39fB0d4586B8aEdAe](https://bscscan.com/address/0x468e0dAbd55772775A9cD4c39fB0d4586B8aEdAe)
* **Implementation:** [0xb443fF319c768F76efebb501BC4E14ED47fCd3BD](https://bscscan.com/address/0xb443fF319c768F76efebb501BC4E14ED47fCd3BD)
* **Authority:** [0x17D7d1695C30A66eD48806136DC0BfaB2E2A4838](https://bscscan.com/address/0x17D7d1695C30A66eD48806136DC0BfaB2E2A4838)
* **Fund Manager:** [0x39f4a8eBDB1C225e253a0AcFe83a9d34910edCED](https://bscscan.com/address/0x39f4a8eBDB1C225e253a0AcFe83a9d34910edCED)
* **VariableVaultFee:** [0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69](https://bscscan.com/address/0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69)
#### xUSDT
* **Underlying Asset:** [0x55d398326f99059fF775485246999027B3197955](https://bscscan.com/address/0x55d398326f99059fF775485246999027B3197955)
* **Proxy:** [0xdA0dF997CE0253e979a1E892a0468DBf45A3Dcb8](https://bscscan.com/address/0xdA0dF997CE0253e979a1E892a0468DBf45A3Dcb8)
* **Implementation:** [0xC3cB13A77C38c3541c2A667E5840aD953f340726](https://bscscan.com/address/0xC3cB13A77C38c3541c2A667E5840aD953f340726)
* **Authority:** [0x7F1F5006DfF6786954c44DAbC8ae3d66A4D9815E](https://bscscan.com/address/0x7F1F5006DfF6786954c44DAbC8ae3d66A4D9815E)
* **Fund Manager:** [0x156ab8812f4B88f02b0F8Bd3e691295575bd56D6](https://bscscan.com/address/0x156ab8812f4B88f02b0F8Bd3e691295575bd56D6)
* **VariableVaultFee:** [0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69](https://bscscan.com/address/0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69)
#### xWBTC
* **Underlying Asset:** [0x0555E30da8f98308EdB960aa94C0Db47230d2B9c](https://bscscan.com/address/0x0555E30da8f98308EdB960aa94C0Db47230d2B9c)
* **Proxy:** [0x41DbD2BaC7F0dd7A3F0De5329eCb57c9afE14C5C](https://bscscan.com/address/0x41DbD2BaC7F0dd7A3F0De5329eCb57c9afE14C5C)
* **Implementation:** [0x4646d7C73BF02D6E5F4B0D492c9d95fA3Cf657FE](https://bscscan.com/address/0x4646d7C73BF02D6E5F4B0D492c9d95fA3Cf657FE)
* **Authority:** [0x67e593c3b52D759A3012C8EFB47BC64744F1CFcb](https://bscscan.com/address/0x67e593c3b52D759A3012C8EFB47BC64744F1CFcb)
* **Fund Manager:** [0xCF32824Bad63e6cd185358992a9F9910e30b0252](https://bscscan.com/address/0xCF32824Bad63e6cd185358992a9F9910e30b0252)
* **VariableVaultFee:** [0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69](https://bscscan.com/address/0x4A26b7fB8ccAd07ACe1761646f611c7499bA4D69)
***
## Avalanche
#### xUSDC
* **Underlying Asset:** [0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E](https://snowtrace.io/address/0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E)
* **Proxy:** [0xCF0Eb4ac018C06a16ED5c63484823C7805e7599D](https://snowtrace.io/address/0xCF0Eb4ac018C06a16ED5c63484823C7805e7599D)
* **Implementation:** [0xb63601A11c5bDC79D511B8F73871d7C0d8B57AE9](https://snowtrace.io/address/0xb63601A11c5bDC79D511B8F73871d7C0d8B57AE9)
* **Authority:** [0xf580B985e2Fd8A8b0e4a56C2a7E24bC28e872609](https://snowtrace.io/address/0xf580B985e2Fd8A8b0e4a56C2a7E24bC28e872609)
* **Fund Manager:** [0x01e676EAA0C9780A88395c651349Cf08Fe52368e](https://snowtrace.io/address/0x01e676EAA0C9780A88395c651349Cf08Fe52368e)
* **VariableVaultFee:** [0x4E5FEa916ef8458b8D877BD760B6930Fb4f28B72](https://snowtrace.io/address/0x4E5FEa916ef8458b8D877BD760B6930Fb4f28B72)
#### xBTC.b
* **Underlying Asset:** [0x152b9d0FdC40C096757F570A51E494bd4b943E50](https://snowtrace.io/address/0x152b9d0FdC40C096757F570A51E494bd4b943E50)
* **Proxy:** [0x468BbabAEf852C134b584382C0fef83F2954Cd5c](https://snowtrace.io/address/0x468BbabAEf852C134b584382C0fef83F2954Cd5c)
* **Implementation:** [0xC17649Fc83564FD380BE8625f9902626D263357d](https://snowtrace.io/address/0xC17649Fc83564FD380BE8625f9902626D263357d)
* **Authority:** [0x2393D41EBc41270431Bdbdd3B3Ed03879636Ee42](https://snowtrace.io/address/0x2393D41EBc41270431Bdbdd3B3Ed03879636Ee42)
* **Fund Manager:** [0x62c2181618833b202e68b5addc4279542978Ef47](https://snowtrace.io/address/0x62c2181618833b202e68b5addc4279542978Ef47)
* **VariableVaultFee:** [0x4E5FEa916ef8458b8D877BD760B6930Fb4f28B72](https://snowtrace.io/address/0x4E5FEa916ef8458b8D877BD760B6930Fb4f28B72)
***
## Monad
#### xUSDC
* **Underlying Asset:** [0x754704Bc059F8C67012fEd69BC8A327a5aafb603](https://monadscan.com/address/0x754704Bc059F8C67012fEd69BC8A327a5aafb603)
* **Proxy:** [0xd74FB32112b1eF5b4C428Fead8dA8d85A0019009](https://monadscan.com/address/0xd74FB32112b1eF5b4C428Fead8dA8d85A0019009)
* **Implementation:** [0x5F0D2AE761A5Eed6D7106771db846aa67BE153F6](https://monadscan.com/address/0x5F0D2AE761A5Eed6D7106771db846aa67BE153F6)
* **Authority:** [0x2A66Bb2dA3AD1c854E79307F64b862DECD860D4c](https://monadscan.com/address/0x2A66Bb2dA3AD1c854E79307F64b862DECD860D4c)
* **Fund Manager:** [0xE1824bF952bB2E8414d12de8A9fc2cBc666D6758](https://monadscan.com/address/0xE1824bF952bB2E8414d12de8A9fc2cBc666D6758)
* **VariableVaultFee:** [0xA39986F96B80d04e8d7AeAaF47175F47C23FD0f4](https://monadscan.com/address/0xA39986F96B80d04e8d7AeAaF47175F47C23FD0f4)
# Peg Stability & Solvency Risk
The primary risk for any dollar-denominated on-chain asset is deviation from its intended value. Peg instability can arise not only from outright insolvency, but from **market perception of redemption risk**, delayed settlement, or uncertainty around the collateral backing. Even when collateral is fundamentally sound, short-term dislocations can occur if markets doubt whether redemption will be orderly under stress.
#### Why this risk exists in RWAs
Unlike crypto-native collateral, real-world assets introduce:
* Settlement timelines
* Issuer-level redemption mechanics
* Legal and operational dependencies
These factors can create *temporary uncertainty*, even if the underlying assets are high quality.
#### How rwaUSD mitigates this
**First, through collateral selection.**\
rwaUSD is intentionally restricted to **highly liquid, near-cash RWAs**, such as short-duration U.S. Treasury instruments and highly liquid tokenized gold. These are assets with deep global markets measured in **trillions of dollars** and observable pricing under stress.
**Second, through conservative solvency parameters.**\
Mint-to-value ratios are set meaningfully below 100% (illustratively in the \~70–85% range for liquid assets), ensuring over-collateralization even during adverse price moves. These buffers are calibrated for stress, not normal conditions.
**Third, through insurance as a backstop, not a crutch.**\
rwaUSD is designed to incorporate an insurance framework underwritten by **Realm**, intended to cover defined adverse scenarios affecting eligible collateral, including certain de-pegging, operational, or fraud-related events, subject to policy terms. Critically, insurance is treated as **supplemental protection**, not a single point of dependency. rwaUSD remains solvent without insurance; insurance exists to absorb tail risk and reinforce confidence during stress.
# Liquidity & Redemption Risk
Liquidity risk is not a question of whether an asset has value. It is a question of whether that value can be realized **on the timescale users expect**, particularly under stress. Even high-quality real-world assets can experience short-term liquidity constraints, wider bid–ask spreads, or issuer-level redemption queues when markets are volatile. These dynamics are not theoretical; they are observable features of every financial market, including the most liquid ones. The difference lies in degree.
Short-duration U.S. Treasury instruments and gold sit at the very top of the global liquidity hierarchy. The U.S. Treasury market exceeds **$25 trillion in outstanding securities**, with **$6–7 trillion** in Treasury bills alone, and regularly clears **hundreds of billions of dollars in daily trading volume**. Even during periods of acute stress, Treasuries remain continuously priced and executable at scale. Gold exhibits similar characteristics at a global level, with estimated above-ground supply valued in the **trillions of dollars** and daily spot and derivatives turnover often exceeding **$150–200 billion** across venues. These are assets with deep, global secondary markets that persist through cycles.
However, even assets of this caliber are not immune to temporary dislocations. Bid–ask spreads can widen, settlement can slow, and redemptions can queue at the margin. The critical design error in many on-chain systems is not acknowledging this reality and instead assuming all assets behave identically under pressure.
If assets with fundamentally different liquidity profiles are mixed indiscriminately, redemption stress does not remain localized. It propagates. Slow assets impose their timelines on fast ones, market confidence deteriorates, and systems that appear solvent on paper can experience instability simply due to mismatched expectations.
This is why **liquidity segmentation is non-negotiable in the design of rwaUSD**. rwaUSD is explicitly designed as the **primary liquidity class**, backed only by assets that can realistically support DeFi-style redemption assumptions. Eligibility is intentionally limited to instruments such as short-duration Treasuries and highly liquid tokenized gold, assets with continuous pricing, deep global markets, and the ability to absorb large flows without structural breakdown.
Assets that require scheduled redemptions, periodic NAV calculations, or bespoke settlement processes are deliberately excluded from rwaUSD. Those assets are routed into separate, isolated liquidity classes, such as rwaUSDi, where redemption timelines and risk can be managed without imposing constraints on the broader system.
This separation ensures that fast assets remain fast, slow assets remain contained, and DeFi protocols integrating rwaUSD can rely on predictable behavior even during periods of stress. Liquidity is preserved where it exists, rather than averaged down across heterogeneous assets. In practice, this mirrors how traditional finance has always managed liquidity. Money-market funds are not blended with private credit vehicles. Overnight funding markets are not pooled with long-duration project finance. Each exists in a structure aligned with its underlying liquidity reality. rwaUSD applies the same principle on-chain. Liquidity is not assumed; it is engineered, segmented, and protected.
# Issuer, Custody & Operational Risk
Issuer, custody, and operational risk are inherent whenever tokenized real-world assets depend on off-chain entities and processes. Tokenization does not eliminate reliance on issuers, custodians, administrators, or settlement infrastructure; it simply makes those dependencies more transparent. Even in regulated environments, risks can arise from operational failure, asset mis-segregation, governance breakdowns, fraud, or temporary service disruptions. These risks are not theoretical. They are well understood, documented, and actively managed across traditional financial markets.
The critical question, therefore, is not whether such risks exist, but **how they are controlled and absorbed**. rwaUSD addresses issuer and custody risk first through **strict eligibility and counterparty standards**. Only assets issued and custodied by institutional-grade counterparties are eligible for inclusion in the rwaUSD primary liquidity class. Issuer quality, custody arrangements, legal enforceability, and operational resilience are treated as first-class risk inputs, rather than secondary considerations. This approach reflects the reality that global asset managers and custodians, such as **BlackRock** and its peers, operate at a scale where operational failure or asset mis-segregation would have systemic consequences far beyond any single tokenized product. The controls, audits, and governance frameworks applied at this level are the same ones relied upon by sovereigns, pensions, and central banks.
That said, rwaUSD does not rely on reputation alone. Counterparty exposure is actively managed through **diversification and explicit concentration limits**. Where possible, collateral exposure is spread across issuers, custodians, and structures rather than concentrated in a single dependency. In cases where diversification is still developing, parameters are set conservatively to reflect that concentration risk explicitly, rather than assuming it away.
Importantly, rwaUSD is designed with **layered protection**, not single-point reliance. Custody diligence, legal structuring, operational monitoring, solvency buffers, and transparency reporting are all applied simultaneously. In addition, rwaUSD is designed to incorporate an insurance framework underwritten by **Realm**, intended to provide coverage against defined adverse scenarios affecting eligible collateral, subject to policy terms and exclusions. The role of insurance here is not to replace operational controls or due diligence, but to act as an additional backstop against low-probability, high-impact events.
This layered approach reflects how risk is managed in institutional finance. Large asset managers do not assume that any single safeguard will hold under all conditions. They assume that failures can occur, and design systems where multiple, overlapping controls absorb shocks before they reach end holders. rwaUSD applies the same principle on-chain. By combining institutional-grade counterparties, conservative exposure management, and insurance as supplemental protection, issuer and custody risk is reduced to a level consistent with how real-world collateral is already trusted and deployed at scale.
# Regulatory & Structural Risk
Real-world assets necessarily operate within evolving regulatory environments. Changes in law, supervisory guidance, or regulatory interpretation can affect how assets are issued, transferred, custodied, or redeemed. Even well-structured and well-capitalized assets can face temporary disruption if regulatory expectations shift, if enforcement actions are taken, or if counterparties respond conservatively to new rules. These dynamics are inherent to any system that bridges regulated financial infrastructure with on-chain markets.
The risk, therefore, is not limited to asset quality or creditworthiness. It also includes the possibility that regulatory developments alter transferability, redemption mechanics, issuer obligations, or counterparty behavior in ways that temporarily impair liquidity or operational flow, even when the underlying economic value of the asset remains intact.
rwaUSD is designed to mitigate regulatory and structural risk through **flexibility and deliberate non-dependence**. The system does not rely on any single issuer, jurisdiction, asset type, or legal structure as an existential component. Collateral eligibility criteria, liquidity classifications, and system parameters are designed to be adjustable as regulatory conditions evolve, allowing the system to respond to changes without forcing disorderly outcomes or compromising overall integrity.
Where applicable, insurance frameworks may be structured to cover certain defined regulatory disruption scenarios for eligible collateral, subject to policy terms and limitations. However, rwaUSD does not assume universal, permanent, or unconditional insurance coverage across all assets. Insurance is treated as an additional layer of resilience rather than a foundational dependency.
This approach reflects how institutional financial systems are built in practice. Regulation changes, often unevenly across jurisdictions. Systems that remain robust over time are those that can adapt, reclassify risk, and adjust parameters without breaking. rwaUSD is designed with this reality in mind, ensuring that regulatory evolution can be absorbed through design rather than reacted to under stress.
# Smart Contract & Integration Risk
Smart contract and integration risk is an unavoidable consideration for any system operating within a composable on-chain environment. Even well-designed contracts can fail, and composability introduces dependencies on downstream protocols whose governance, upgrade paths, or risk parameters may evolve independently. Bugs, exploits, or misconfigurations in integrated protocols can affect users even when the core rwaUSD contracts behave exactly as intended. This risk is inherent to DeFi and cannot be eliminated through design alone.
rwaUSD addresses this reality first through **architectural conservatism**. The custody, accounting, and mint–burn components of the rwaUSD system are deliberately derived from patterns that have been battle-tested in production for years, most notably the Maker-style DAI architecture. These designs have survived multiple market cycles, extreme volatility events, and adversarial conditions while securing tens of billions of dollars in value. By building on these proven primitives rather than inventing novel mechanisms, rwaUSD inherits a level of fault tolerance that is rare in newer systems.
Equally important is the **engineering pedigree** behind the implementation. The core contracts are built and reviewed by engineers who were early contributors to the creation of the Solidity language and who have participated in the design, review, or auditing of some of the largest protocols in DeFi, particularly within the money-market and collateralized lending segment. This experience materially changes how risk is approached: edge cases are assumed, failure modes are expected, and safety is prioritized over feature velocity.
From an execution standpoint, rwaUSD employs a **modular contract design**, where core components such as collateral custody, risk logic, and issuance are separated rather than tightly coupled. This reduces blast radius in the event of an issue and allows individual components to be paused, upgraded, or isolated without destabilizing the entire system. Upgrade paths are intentionally conservative, access controls are tightly scoped, and emergency pause mechanisms exist to allow protective action if abnormal behavior is detected.
Independent review is treated as a requirement rather than a formality. rwaUSD contracts undergo not only external security audits but also economic audits by established firms such as **Chainrisk**, whose experience includes assessing complex money-market, oracle, and collateral systems. Audits are complemented by internal testing, adversarial review, and staged deployment processes designed to surface issues before capital is placed at risk.
At the same time, rwaUSD does not attempt to obscure or minimize **downstream protocol risk**. Once rwaUSD is deployed into external DeFi venues, it becomes subject to the rules, liquidation logic, and governance decisions of those protocols. rwaUSD is designed to be a robust collateral primitive, but how it is ultimately deployed, particularly in leveraged or liquidation-sensitive environments - remains a decision made by users and integrators.
This framing is intentional and institutionally honest. In real financial systems, infrastructure providers do not guarantee outcomes across all downstream usage. They provide resilient primitives, clear interfaces, and transparent risk boundaries. rwaUSD follows the same model. By combining battle-tested architectural patterns, experienced engineering, conservative controls, and explicit acknowledgement of integration risk, smart-contract risk is reduced to a level consistent with how large-scale DeFi money markets already operate today.
# Audit Reports
## rwaUSD Protocol Audit and rwaUSD Token Audit by SLOWMIST
{% file src="/files/YJBweRTad0url8XJqSpm" %}
## Audit by ChainRisk
Economic Risk Audit by Chainrisk
{% file src="/files/rbJeRkKD2OzdmIcPH3F3" %}
## Audit by Shieldify Security
Multipli Security Review Audit by Shieldify
{% file src="/files/jTXNUtW3TjsT2pqyFpx1" %}
Multipli Vault Security Audit by Shieldify
{% file src="/files/25GebGcx7eFyl9RlJINv" %}
## Contract Audits
Multipli leverages Starkex to ensure the highest standards of security.
{% file src="/files/x4JCHaUtqZ8YiQAoTkOB" %}
{% file src="/files/5GYELJdCPdKNkR6SBDZz" %}
{% file src="/files/1bNCmfOjhh9FBAF36UHN" %}
{% file src="/files/IRJtNpOtz0lg0vbmYJYq" %}
{% file src="/files/sQIG060H6OnesqvRPaLV" %}
{% file src="/files/QiKQ5n2nNDTwraWJPIy2" %}
# ORBs: The Native Reward Structure of Multipli
The perfect incentive to participate in Multipli.
Our vision at Multipli is simple: to democratise access to sustainable crypto yield. We believe wealth-generating strategies should not be reserved for institutions or sophisticated traders alone; they should be available to anyone who wants to grow their assets responsibly.
Our most important users are those who learn to use Multipli optimally, and ORBs are our way of recognising those who actively participate in the ecosystem. They are loyalty rewards designed to grow alongside your yield and represent your long-term engagement with Multipli.
### What are ORBs?
ORBs are a system that recognises and rewards loyal users of Multipli. You can’t buy, sell, or withdraw your ORBs — the only way you can stack ORBs is by using Multipli.
You earn ORBs when you:
* Hold xTokens: You earn 6 ORBs for every $100 worth of xTokens you hold per day.
* Hold rwaUSD / rwaUSDi: You earn 6 ORBs for every $100 worth of rwaUSD/rwaUSDi you hold per day.
* Refer users to Multipli: You hold 10% of the ORBs your referral earns on Multipli on a daily basis.
### How can I use ORBs?
ORBs are meant to be long-term rewards for using Multipli, and users will stack more ORBs as they continue to generate yield on Multipli. When Multipli’s TGE arrives, your ORBs will be converted into Multipli’s native token at a certain ratio.
### Will ORBs generate yield?
ORBs will not generate yield for you, but will accumulate as you hold xTokens, rwaUSD, rwaUSDi, etc.
### Which xTokens reward ORBs?
Currently, **xUSDC**, **xUSDT,** **xWBTC , rwaUSD and rwaUSDi** reward ORBs.
### Can I buy or sell ORBs?
The only way to earn ORBs is by using Multipli, this is why it is the native reward system that recognises loyal users of Multipli.
### What is the conversion ratio of ORBs at TGE?
The conversion ratio of ORBs at TGE is yet to be announced, keep a close eye on our socials for more updates.
### Where can I check my ORBs?
You can check it in the ORBs page of the Multipli app, here are links for you to quickly access your ORBs data based on the Multipli version you use:
Multipli v1:
Multipli v2:
When you use Multipli, you’re building long-term positioning inside an ecosystem that rewards disciplined participation, and ORBs recognise that behaviour and help you compound it!
Have you stacked enough ORBs yet? Would you like more? Access Multipli [now](https://app.multipli.fi/).
# Crystal: The creator currency of Multipli, powered by Kaito
The most liquid way to monetize your yaps for Multipli.
Since day one, the Multipli community has been fueled by creators who never stopped yapping, sharing, and spreading the word. From memes to deep insights, every contribution has helped shape the conversation and push Multipli forward.
Back in March, we launched the **$10,000 USDC campaign**, rewarding the top 50 yappers each month through June. To ensure rewards are distributed **fairly and inclusively** across all Multipli yappers, Multipli’s new campaign — **Crystal —** will **backdate distributions starting from July 1, 2025**.
Multipli has officially allocated a total of 24.7 bps to Kaito yappers and ecosystem with Crystal, making this campaign one of the most liquid campagins ever.
Multipli yappers can now claim their Crystals at [app.multipli.fi/crystals](http://app.multipli.fi/crystals)
### What is a Crystal?
We call **Crystal** the creator currency of Multipli, and it’s the **sole deciding factor** in a creator’s final allocation at TGE.
Every week, Crystals are credited to a the top 200 Multipli yappers based on:
* Their mindshare in the Multipli x Kaito Leaderboard
* The number of smart followers they a have
* The number of sKaito they hold
The catch? Crystals can either be **held until TGE** to maximize allocation or **sold** along the way. The choice is yours.
### How does it work?
To make sure all our **yappers** are rewarded fairly, we’ve **backdated Crystal emissions to July 1, 2025**.
If you’ve been yapping about Multipli since then, you already have a **head start**.
**How to claim your Crystals:**
1. Visit [app.multipli.fi/crystals](http://app.multipli.fi/crystals)
2. Connect your Twitter account to see your Crystal balance
3. Balances are updated **weekly**
4. Creators can place a **sell request anytime**. Final pricing is set at the **end of each month**, and rewards are credited directly to your Multipli balance
5. No lockups, submit a sell request whenever you like
Our goal with Kaito has always been bigger than just rewarding activity—we wanted to **empower creators with real choice**. By allowing them to pick between a **fixed reward** or an **allocation**, we’ve built a system that adapts to different ambitions and risk appetites.
Introducing **Crystals** takes this vision further. They’re not just a reward—they represent a **shared stake in the Multipli ecosystem**, fostering a deeper sense of ownership and belonging. This way, the impact extends far beyond the Multipli Collective, bringing the **entire community** into the journey of building the future of tokenized finance together.
# Multipli Roadmap
Building the Yield Layer for Tokenized Assets
Over the last year, Multipli has grown with one belief at the center of everything we build: assets should be productive onchain.
That belief has shaped our product, our community, our institutional relationships, and the infrastructure we have brought together around rwaUSD and rwaUSDi. From the beginning, Multipli was built for users who wanted more from the assets they already held. Stablecoins, BTC, tokenized treasuries, tokenized equities, gold, and real-world credit should not remain passive. They should be able to move through DeFi, earn yield, serve as collateral, and become part of a larger financial network.
The past year has been about bringing that vision to life layer by layer. We started by proving demand for better onchain yield. We then built a participation system around that demand through ORBs, referrals, and later Crystal. As the protocol grew, we expanded our institutional network, strengthened our infrastructure, and brought rwaUSD into a wider set of DeFi and RWA ecosystems.
This roadmap is a look back at how those pieces came together.
### The first signal of demand
Multipli’s first major public milestone came in December 2024, when the protocol crossed $50M in total TVL, reached more than 500K users, recorded 160K daily active users, distributed 130M tORBs, and won the 4th edition of Binance BIA.
For us, this was not just an early traction number. It was the first clear signal that users wanted a better way to put capital to work onchain. Multipli had started with a simple user problem: many assets sit idle even though they can be made productive through better financial infrastructure. The early growth showed that this problem was real, and that users were willing to move capital when the product gave them a clear reason to do so.
The tORB system also shaped how we thought about community from day one. Users who tested Multipli, deposited, referred others, and participated early were not just passing through the product. They were helping build the protocol’s foundation. That idea later carried into ORBs and became a more structured part of the roadmap.
### From early users to an aligned community
As Multipli entered 2025, our focus was not only to grow TVL, but to build a long-term participation economy around the protocol.
Season 1 became the first major phase of that journey. By May 2025, Season 1 had closed, 359.2M ORBs had been distributed, and 50% of the total ORBs allocation had been completed. Season 2 then began with a larger target, a wider user base, and a more active community behind it.
This was an important moment for Multipli because ORBs turned usage into alignment. Users were no longer just interacting with a yield product. They were earning recognition for contributing to the growth of the ecosystem. Deposits, referrals, and continued product usage all became part of a larger incentive structure.
May 2025 also brought several other important product and community updates. Season 1 closed with more than 360M ORBs distributed, Multipli crossed $94M+ in TVL, WBTC yield opportunities expanded, DeBank tracking went live, and the Multipli Creative X community gained early momentum. These were not isolated milestones. Together, they showed that Multipli was becoming more than a destination for yield. It was becoming a network of users and contributors who understood the larger mission.
### Expanding the community through creators
Community has always been one of Multipli’s strongest growth engines, and over the year we began building a more intentional creator layer around the protocol.
In March 2025, we launched the Kaito x Multipli Pre-TGE leaderboard, including a $10,000 USDC monthly prize pool for the top 50 yappers. The purpose was simple: bring creators directly into the Multipli ecosystem and give them a clear role in helping educate the market, grow awareness, and build mindshare around productive onchain assets.
Later, we introduced Crystal, Multipli’s creator currency. Crystal was designed to recognize the creators who helped shape Multipli’s presence before TGE. Distributions were backdated from July 1, 2025, with 24.7 bps allocated to Kaito yappers and ecosystem initiatives.
ORBs and Crystal now represent two sides of the same community strategy. ORBs reward protocol usage. Crystal rewards creator contribution. One strengthens the user and capital side of the network, while the other strengthens awareness, education, and distribution. Together, they help make Multipli a community-led ecosystem rather than just a product people use once and leave.
### Building institutional reach
While the user and creator communities were growing, Multipli was also building deeper institutional relationships.
The Pantera x Multipli Liquid VIP Dinner series became an important part of that effort. Over the year, we hosted and participated in events across New York, Dubai, Singapore, and Hong Kong, bringing Multipli into conversations with funds, allocators, builders, LPs, and ecosystem partners who are actively thinking about the future of DeFi, RWAs, and onchain yield.
These events helped create a more serious institutional context around Multipli’s work. Onchain yield and tokenized assets are no longer only retail narratives. Institutions are increasingly looking at how real-world value can move onchain, how collateral can become more usable, and how DeFi can create new forms of liquidity around assets that were previously difficult to access.
In September 2025, Multipli announced a major funding milestone, bringing the total funding narrative to $21.5M. This strengthened the institutional side of our roadmap and gave the protocol more credibility as we continued to build around rwaUSD, rwaUSDi, and RWA infrastructure.
September was also a broader ecosystem month for Multipli. We refreshed our website and mission, expanded visibility during Korea Blockchain Week, upgraded Crystal features, grew the Multipli Collective to 1.5K members, and reached 5K Discord members. By that point, the protocol had built three important layers at once: user traction, community distribution, and institutional credibility.
### Making tokenized assets useful
By November 2025, the role of rwaUSD became central to the Multipli roadmap.
The idea behind rwaUSD is straightforward. Tokenized assets should not only exist onchain. They should be usable.
The RWA market has grown quickly, but much of it is still fragmented. Different assets come with different issuers, wrappers, liquidity profiles, redemption processes, risk assumptions, and integrations. For users and protocols, that creates friction. It is difficult for every DeFi protocol to integrate and manage every tokenized treasury, gold asset, equity wrapper, or credit product individually.
Multipli is building toward a cleaner experience. With rwaUSD and rwaUSDi, the goal is to create a more usable layer for tokenized assets, one that can connect real-world value with DeFi liquidity, yield, collateral, and distribution.
This was not a new direction for Multipli. It was the natural extension of what we had been building from the beginning. First, we helped users earn on idle assets. Then, we built incentives and community around that activity. As the protocol grew, we expanded into the infrastructure required to make tokenized assets productive at scale.
### Strengthening the infrastructure around rwaUSD and rwaUSDi
As rwaUSD and rwaUSDi became more important to the roadmap, we focused on the infrastructure needed to support them.
In December 2025, RedStone began powering price feeds for rwaUSD and rwaUSDi. Reliable pricing is essential for RWA credit products, especially when those assets are expected to move across DeFi markets and interact with collateral, lending, and liquidity systems.
We also expanded the institutional yield layer by onboarding Fasanara as a yield curator for rwaUSD and rwaUSDi. This added another layer of asset management and credit expertise to the Multipli stack.
Around the same period, we expanded the real-world collateral narrative through the RSP Mines partnership. This connected rwaUSDi to structured onchain credit backed by verified mineral reserves and cash balances, broadening the scope of what RWA-backed credit can look like onchain.
Security also became a more visible part of the roadmap. In early 2026, Multipli launched bug bounty programs through HackenProof, covering smart contracts and web infrastructure, with critical smart contract rewards listed up to $10,000.
These milestones matter because RWA infrastructure requires more than growth. It requires trust. It needs reliable pricing, risk controls, security review, credible collateral, and institutional-grade yield curation. As Multipli scaled, we continued adding the pieces needed to support that trust.
### Base as a major growth engine
The beginning of 2026 marked a major step forward for Multipli on Base.
On January 28, 2026, Multipli crossed $200M minted on Base. This became one of the clearest signals that rwaUSD was scaling inside a major DeFi ecosystem. Base gave Multipli a strong environment to prove that RWA-backed yield products could reach meaningful scale, attract users, and integrate into a broader onchain economy.
By May 2026, Multipli became the #1 yield protocol on Base. That milestone was important because it showed that Multipli was not only growing as an RWA protocol. It was also becoming a category leader in onchain yield.
Base became more than a chain milestone. It became a proof point for the larger Multipli thesis: when tokenized assets are made usable and productive, they can become a meaningful part of DeFi activity.
### Expanding across DeFi and RWA ecosystems
After building strong traction on Base, the next step was broader distribution.
In early 2026, rwaUSD expanded into TownSquare’s money market, powered by Monad. This brought rwaUSD into new DeFi environments and created more ways for users to access RWA-linked yield opportunities.
On March 30, 2026, Centrifuge launched deSPXA, with Multipli’s rwaUSD included as part of the integration. This was an important composability milestone. Centrifuge is one of the most established names in RWAs, and the integration helped place Multipli inside a larger RWA-native DeFi environment.
In April 2026, Multipli adopted Chainlink to help scale rwaUSD distribution. Chainlink strengthened the oracle, pricing, proof, and cross-chain infrastructure around rwaUSD. That same week, the xStocks x Multipli x Chainlink milestone expanded the tokenized asset narrative even further. Through xStocks, Multipli’s RWA story extended into tokenized equities, including assets such as TSLAx and NVDAx.
On April 13, 2026, Multipli reached $25M TVL on Arbitrum, showing that the protocol’s growth was extending beyond Base and into another major DeFi ecosystem.
These integrations helped expand what rwaUSD could become. Base gave Multipli scale. Arbitrum added cross-chain reach. Centrifuge deepened RWA composability. Chainlink strengthened the infrastructure layer. xStocks expanded the tokenized asset universe. TownSquare and Monad opened new distribution paths.
This is how the roadmap has continued to develop: not as a single launch, but as a series of connected layers that make tokenized assets more useful across DeFi.
### Crossing $400M on Multipli
On May 21, 2026, Multipli crossed $400M on the protocol.
This milestone was important because it brought together everything that had been built over the previous year. The early demand was there. The ORBs economy was active. The creator layer had formed around Crystal. The institutional network had expanded through Pantera events and funding. The trust stack had strengthened through RedStone, Fasanara, RSP Mines, and HackenProof. The distribution layer had expanded across Base, Arbitrum, Centrifuge, Chainlink, xStocks, TownSquare, and Monad.
From December 2024 to May 2026, Multipli grew from $50M in TVL to $400M on the protocol. During the same period, Multipli crossed $200M minted on Base, reached $25M TVL on Arbitrum, and became the #1 yield protocol on Base.
The numbers matter, but the larger story is what they represent. Multipli has been building the infrastructure for assets to become productive onchain.
### The roadmap in four tracks
Looking back, the last year of Multipli can be understood through four tracks that have grown together.
The first track is yield demand. Multipli initially proved that users wanted better onchain yield. The early $50M TVL milestone, 500K+ users, 160K daily active users, Binance BIA win, and tORB distribution gave the protocol its first major proof of demand.
The second track is community and incentives. ORBs turned product usage into long-term participation. Referrals helped grow the network. Kaito campaigns brought creators into the ecosystem. Crystal gave creators their own reward layer heading into TGE.
The third track is trust and infrastructure. RedStone, Fasanara, RSP Mines, and HackenProof helped strengthen the infrastructure around rwaUSD and rwaUSDi. These partnerships added pricing, yield curation, collateral depth, and security to the Multipli stack.
The fourth track is distribution and composability. Base, Arbitrum, Centrifuge, Chainlink, xStocks, TownSquare, and Monad expanded where Multipli’s products could be used. This helped turn rwaUSD and rwaUSDi into more composable assets across the RWA and DeFi landscape.
These tracks are connected. Demand created the need for better incentives. Incentives grew the community. Community and institutional traction made the infrastructure layer more important. Infrastructure made distribution possible. Distribution made rwaUSD and rwaUSDi more useful.
That is the roadmap Multipli has been building.
### What comes next
The next phase for Multipli is about turning productive tokenized assets into a real credit market.
Over the last year, we built the foundation: users, incentives, creators, institutional relationships, pricing infrastructure, collateral relationships, security, and distribution across DeFi. The next phase is about scaling those layers into a larger financial network where tokenized assets can support borrowing, lending, collateral, and yield at institutional scale.
This is where the market opportunity becomes much larger.
Across traditional markets, credit is still highly inefficient for many asset-backed borrowers. Gold is one of the clearest examples. In the Middle East, many borrowers who want liquidity against gold still face financing costs in the range of 9% to 15% annually, depending on the lender, structure, collateral quality, and borrower profile. In parallel, many brokers charge around 10% to 12% annualized overnight financing on leveraged positions. These rates exist not because the collateral is weak, but because the market structure around that collateral is still fragmented, relationship-driven, and expensive.
Gold is one of the most liquid and widely held assets in the world, yet borrowing against it is still far less efficient than it should be. The global investible gold market is roughly $15T, but the credit rails around that gold are still largely traditional. A borrower may have high-quality collateral, but still pay double-digit rates because access to liquidity is limited, underwriting is manual, and distribution is controlled by a small number of banks, brokers, and private lenders.
Multipli can make this market more efficient.
With rwaUSD and rwaUSDi, our goal is to bring high-quality real-world collateral into an onchain credit framework where pricing, collateral visibility, liquidity, and distribution can be improved. Instead of gold, tokenized equities, treasuries, or other real-world assets sitting inside isolated structures, Multipli can help make those assets usable across DeFi credit markets.
The opportunity is not just to create yield. The opportunity is to reduce the cost of capital.
If a borrower today pays 10% to 12% to borrow against gold or other liquid collateral, and Multipli can reduce that cost by 70%, the effective financing cost can fall closer to 3% to 4%. On a $100M borrowing base, that is $7M to $8M in annual savings. On $1B, it becomes $70M to $80M in annual savings. If even 1% of the global investible gold market became addressable through more efficient collateralized credit rails, that would represent around $150B of collateral. A 70% reduction in financing cost on that base could translate into more than $10B in annualized savings for borrowers.
That is the size of the problem Multipli is going after.
The same logic applies beyond gold. Many holding companies, family offices, asset managers, and large regional businesses in the Middle East hold significant real-world assets, but those assets are not always capital efficient. They may own gold, treasuries, tokenized funds, equities, receivables, or other balance sheet assets, but unlocking liquidity against those assets often requires slow bilateral credit processes, high spreads, limited transparency, and relationship-based access.
Multipli can help turn those assets into productive collateral.
This is especially relevant in the Middle East. The region has deep pools of capital, large holding companies, strong real-asset balance sheets, and growing interest in digital asset infrastructure. Many institutions are not looking for speculative crypto exposure. They are looking for better ways to use the assets they already hold. For them, Multipli is not simply a yield protocol. It is a way to improve balance sheet efficiency.
We are already working with large banks, holding companies, and institutional counterparties across the region to explore how rwaUSD and rwaUSDi can support more efficient credit markets. The goal is to create a cleaner bridge between real-world collateral and onchain liquidity, where borrowers can access capital more efficiently and lenders can access better collateral transparency and yield opportunities.
Regulatory clarity will also accelerate this market. In the U.S., progress around digital asset market structure, including the CLARITY Act, is part of a broader shift from experimentation to defined frameworks. As regulation becomes clearer, more institutions will be able to engage with tokenized assets, stablecoins, and onchain credit in a serious way. That matters because the next wave of adoption will not only come from crypto-native users. It will come from banks, asset managers, holding companies, family offices, and real-world businesses that need compliant and efficient access to liquidity.
Stablecoins are another major part of this shift. As stablecoin supply grows and more treasury-backed liquidity moves onchain, the cost of capital for high-quality collateral can compress further. Today, reducing a 10% to 12% financing cost by 70% is already meaningful. Over time, as stablecoin liquidity deepens and tokenized treasury markets grow into the trillions, we believe the cost of borrowing against high-quality assets can fall even further. In some cases, rates that are currently 10% to 12% could move toward levels that are nearly 10x lower than today.
That is the long-term direction: cheaper credit, better collateral utilization, and deeper onchain liquidity.
For Q3, our focus is to expand the institutional credit foundation around Multipli. This means bringing more high-quality collateral into the system, deepening rwaUSD and rwaUSDi distribution, working with larger banks and holding companies, and expanding borrow use cases across DeFi. We also expect the credit side of the protocol to become more visible in Q3 as more assets begin to move from passive TVL into productive borrowing markets.
For Q4, the target is clear: reach $1B in TVL and at least $500M in active borrows across the Multipli ecosystem.
This is the next step in the roadmap. At $400M, Multipli proved that users and institutions want productive tokenized assets. At $1B in TVL, the focus becomes building a deeper credit network around those assets. At $500M in active borrows, rwaUSD and rwaUSDi begin to show their full potential, not only as assets users hold, but as infrastructure that can power lending, borrowing, collateral, and liquidity markets.
The market opportunity is large because the inefficiency is large.
Gold-backed lending is still expensive. Broker financing is still expensive. Private credit is still opaque. Real-world collateral is still underutilized. Stablecoin liquidity is still early. Tokenized treasuries are still growing. And most institutions still do not have a simple way to connect high-quality collateral with global onchain liquidity.
Multipli is building that connection.
The last year was about proving the foundation. The next phase is about scale: $1B in TVL, $500M in borrows, deeper institutional collateral, lower borrowing costs, stronger DeFi distribution, and a more efficient credit market for tokenized assets.
**The north star goal remains simple: Offer the lowest rates to borrow against Real World Assets**
# Tokenomics
Design, distribution, and release schedule.
The Multipli protocol token, MULT, is launching. A total of 10,000,000,000 MULT to be minted. Supply is fixed, no further tokens can ever be created, and the entire supply becomes accessible over 48 months on the schedule set out in this document. The token contract address will be published on official Multipli channels ahead of the token generation event.\
Launching alongside MULT:
* Multipli governance, giving MULT holders a direct role in the decisions that shape the protocol
* The SONAR Pre-Sale, a public sale open to anyone eligible, with everything bought in it unlocked in full on day one
* ORB conversion, turning loyalty points earned through real protocol usage into MULT
* The Crystals distribution for creators who built Multipli's presence across Kaito and Tonso
* The complete release schedule, modeled month by month to full dilution
*MULT is not available in the United States or other restricted jurisdictions. If you are located in, incorporated or otherwise established in, or a resident of a restricted jurisdiction, you are not permitted to receive a distribution of, or transact in, MULT.*
{% file src="/files/jAV7FbdmkpctPavPuU4E" %}
For a comprehensive overview of Multipli, please refer to the following:
* **MiCA White Paper:** [*Multipli — MiCA Crypto-Asset White Paper*](https://multipli.fi/legal/micapaper)
* **Protocol White Paper:** [*Multipli: A Multi-Collateral Credit Protocol for Tokenized Real-World Assets*](https://multipli-assets-fe.s3.ap-southeast-1.amazonaws.com/multipli-whitepaper.pdf)
# Brand
Our logo and other brand assets.
## Against Dark BG 🌙
{% file src="/files/zhJUmWrhhz1MaMkjHjVH" %}
{% file src="/files/FqeifiPtPVsXlDT3LnLq" %}
{% file src="/files/DpOJIzIAt03fuEwxa2VR" %}
{% file src="/files/oTBP2m12KiTIg9OfbwVo" %}
## Against Light BG ☀️
{% file src="/files/pO0CF0kTwhmVDodZs1yK" %}
{% file src="/files/YgUxYZpXbWfoZxfPaNaM" %}
{% file src="/files/lrwB0G9RiEFDdP31bnKD" %}
{% file src="/files/sYbzOOL55KzaeSujdetM" %}
{% file src="/files/1nK1I2lCQrcte44bkaGg" %}
*Click any asset to download it to your device.*
# FAQs
Below, we've answered some questions you might have about Multipli
## General
What is Multipli?
Multipli is a yield protocol with an infrastructure designed to generate yield on real-world assets like Gold, Stocks and Stablecoins.
Does Multipli have two versions?
There are two versions of Multipli, Multipli v1 and Multipli v2.
What is the difference between Multipli v1 and v2?
Multipli v1 allows you to buy and hold xTokens to generate yield inside Multipli, Multipli v2 allows you to withdraw and use your xTokens anywhere across DeFi while also generating yield. This is because Multipli v2 adopts the 4626 infrastructure.
Can I transfer my funds between one version to another?
No, you can only migrate from Multipli v1 to v2.
Is my data safe with Multipli?
Data privacy is one of Multipli’s top priorities, and comprehensive measures are in place to protect users’ personal information.
What is MirrorX and how does it work?
MirrorX allows institutions to securely and efficiently delegate their assets from one platform to another. The assets remain in the custody of the original platform while earning rewards on the delegated platform. This simplifies the yield generation process for institutions and reduces the risk associated with transferring assets between different platforms.
Has Multipli been audited?
Multipli and its architecture is thoroughly audited by security firms. Multipli is subjected to rigorous audits every update to ensure no vulnerabilities go unnoticed, and the audit reports can be viewed [here](https://docs.multipli.fi/risks/audit-reports).
What happens in case that there is a hack or breach?
If an exchange fails, user funds will remain safe because they are locked up on-chain. Multipli will transfer collateral to another exchange and hedge the outstanding delta.
How can I contact Multipli support?
You can reach our customer care team at .
Does Multipli fi have a mobile app?
No, Multipli fi does not have a dedicated mobile app at the moment.
***
***
# Yield Cycle Update
What is the latest yield cycle update?
We've made a simple change to how your yield is reflected in your account. Previously, your yield was updated on a daily basis. Now it will be updated on a weekly basis.
Does this mean my funds will stop generating yield on a daily basis?
No, your funds will still generate yield on a daily basis. The only change is that this yield will be reflected in your account weekly.
When will my yield be updated?
Your yield will be updated every Friday.
Does this affect how I deposit or withdraw from Multipli?
This does not affect your deposits and withdrawals. You can withdraw and deposit at any time.
How long will it take for my funds to start generating yield after I deposit?
Your funds will begin generating yield within 48 hours post deposit. The date at which the said yield will reflect on your account will be mentioned in the holdings page.
Let’s consider two scenarios:
**Scenario A**: You deposit your funds by Wednesday 11:59 PM UTC.
Your yield will reflect on the Friday of the same week.
**Scenario B**: You deposit your funds after Wednesday 11:59 PM UTC.
Your yield will reflect on the Friday of the next week.
# Multipli v1
## General
What is Multipli v1?
Multipli v1 allows you to buy and hold xTokens to generate yield on your assets. Multipli v1 uses delta-neutral arbitrage strategies such as Contango and Spot-Perpetual Arbitrage to deliver high yield.
What are xTokens?
xTokens are Multipli’s yield-bearing tokens. When you buy xTokens in Multipli v1, delta-neutral trading strategies are applied to it and yield is generated. For more information of xTokens, visit the xTokens FAQs section below.
Which tokens and networks are currently supported by Multipli v1?
Currently, Multipli supports **wBTC, USDC** and **USDT** on the **Ethereum** and **BSC** networks.
What are ORBs?
ORBs are rewards given to users for holding xTokens on Multipli. For more information of ORBs, visit the ORBs FAQs section below.
What are Crystals?
Crystals are Multipli’s creator currency, a unique reward system for yappers that will determine a creator’s final allocation at TGE. For more information of Crystals, visit the Crystals FAQs section below.
## Buy
How can I buy xTokens?
You can buy xTokens on Multipli in 4 simple steps:
* Connect your wallet to the [Multipli](https://app.multipli.fi/) platform.
* Go to the Buy tab on the landing page.
* Select the network and xToken of your choice and enter the amount you want to buy.
* Confirm the transaction and wait for it to be processed.
Why should I hold xTokens?
xTokens are Multipli’s yield-bearing tokens. When you hold xTokens, they generate yield for you.
Which xTokens can I currently buy on Multipli?
Currently, you can buy **xwBTC, xUSDT** and **xUSDC** on the **Ethereum** and **BSC** network.
How long does it take to buy xTokens?
The transaction takes less than 5 minutes.
Is there any fee for deposits?
No, there is no fee for depositing in Multipli.
How can I cancel a transaction?
Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application.
## Sell
How do I sell xTokens on Multipli?
You can sell xTokens on Multipli in 4 simple steps:
* Access the [Sell](https://app.multipli.fi/?stake-tab=unstake) tab on Multipli.
* Select the network and the xToken you wish to sell.
* Click Stop Yield & Withdraw.
* Confirm the transaction and wait for it to be processed.
How do I withdraw my tokens from Multipli?
You can sell your xTokens to withdraw your tokens from Multipli.
How long does it take for the sell transaction to complete?
It will take from 7 to 14 days to sell your xTokens, depending on when you initiate the withdrawal. This is what our withdrawal cycle looks like:
* Withdrawals initiated by **Thursday 11:59 PM UTC** will be processed on the **Thursday of the next week**.
* Withdrawals initiated **after Thursday 11:59 PM UTC** will be processed on the **Thursday after two weeks**.
Where can I sell xTokens in Multipli?
You can sell your xTokens in Multipli through:
* The Sell tab on the [Buy](https://app.multipli.fi/?stake-tab=unstake) page.
* Withdrawing from the Multipli Holdings tab on the [Holdings](https://app.multipli.fi/holdings?stake-tab=yield) page.
How can I cancel Stop Yield & Withdraw?
Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application.
Is there any fee for sell or withdrawing my funds?
You are charged a transaction fee based on the estimated gas fee required to withdraw your funds.
Can I sell or withdraw my funds partially from Multipli?
The partial withdrawal/sell feature is live on Multipli. However, it is currently restricted to users who have a Multipli balance of above $10K. It will be rolled out to more users soon.
## Yield
How do I claim my yield?
You can claim yield on Multipli in 4 simple steps:
* Access the [Yield](https://app.multipli.fi/?operation-tab=yield) tab on the Buy page.
* Select the network and the xToken you wish to claim yield from.
* Click Claim Yield.
* Confirm the transaction and wait for it to be processed.
How does Multipli generate yield?
Multipli employs delta-neutral strategies like Contango Arbitrage and Spot-Perpetual Arbitrage on our yield-bearing xTokens to generate yield. You can learn more about how Multipli generates yield [here](https://docs.multipli.fi/).
When will my yield be updated?
Your yield will be updated every Friday.
How much yield (APY) does Multipli generate?
Multipli’s APY figures may vary over time. Stay updated on APY figures by checking the [Stats](https://app.multipli.fi/dashboard?stake-tab=unstake) page regularly.
How long does it take for my yield to be processed?
It will take from 7 to 14 days for your yield to be processed.
The yield claim cycle looks like this:
* Claims initiated **by Thursday 11:59 PM UTC** will be processed on the **Thursday of the next week**.
* Claims initiated **after Thursday 11:59 PM UTC** will be processed on the **Thursday after two weeks**.
Where can I check how much yield has been generated? Where can I check yield activity?
The APY figures are updated on a weekly basis on the [Buy](https://app.multipli.fi/?stake-tab=stake) page. You can head to the [Stats](https://app.multipli.fi/dashboard?stake-tab=unstake) page for a detailed report.
You can check how much yield your xTokens have generated on the [Holdings](https://app.multipli.fi/holdings) page.
Will claiming yield sell all of my xTokens?
No, when you claim yield, only the yield is exchanged to the respective tokens and transferred to your wallet.
How can I cancel a yield claim?
Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application.
## xTokens
Which xTokens does Multipli currently support?
Currently, Multipli supports **xwBTC, xUSDT** and **xUSDC** on the Ethereum and BSC networks.
Can I withdraw xTokens from my Multipli account?
No, you can’t withdraw xTokens. You can only sell them to get your original tokens back to your wallet.
Can I use Multipli’s xTokens outside of Multipli?
No, they can only be used to generate yield in Multipli.
How does xTokens generate yield?
Delta-neutral strategies are applied to your xTokens to generate yield. You can learn more about how xTokens generate yield [here](https://docs.multipli.fi/).
## ORBs
Are tORBs the same as ORBs?
t**ORB**s and **ORB**s are a bit different from each other. t**ORB**s (testnet ORBs) are distributed for holding testnet xTokens and ORBs are distributed for holding mainnet xTokens.
How do I earn ORBs?
You can earn ORBs by buying and holding xTokens. The number of ORBs you earn changes with every season. Learn more about it on our [roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap).
Will ORBs generate yield for me?
ORBs will not generate yield for you.
Which xTokens currently reward ORBs?
Currently, xWBTC, xUSDC and xUSDT generate ORBs for you
How many ORBs can I earn in a month?
The amount of ORBs you can earn over time depends on how many xTokens you hold. In each season, the number of ORBs you earn per xToken varies. Learn more about it on our [roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap).
Can I withdraw ORBs from my Multipli account?
ORBs cannot be withdrawn from your account.
## Wallet
How do I connect my wallet to Multipli?
You can connect your wallet to Multipli by:
* Clicking on Connect Wallet on the [Multipli](https://app.multipli.fi/) app.
* Select your preferred wallet and complete the required signatures.
Which wallets are currently supported by Multipli?
Currently, Multipli supports over 440 wallets, including Metamask, Braavo, Trust Wallet and WalletConnect.
What does ‘Enable L2 Access’ mean?
Enabling L2 access allows us to generate your Stark key.
How do I connect my wallet to Multipli?
You can connect your wallet to Multipli by:
* Clicking on Connect Wallet on the [Multipli](https://app.multipli.fi/) app.
* Select your preferred wallet and complete the required signatures.
How many signatures does it require to connect your wallet to Multipli?
You need to sign 3 times to connect your wallet to Multipli.
## Referrals
Where can I find my referral codes?
You can access your referral codes in the Orbs tab on the [Orbs](https://app.multipli.fi/orbs?operation-tab=yield) page.
How many people can I refer using my referral codes?
Currently, there is no referral limit.
What are the benefits of referral codes?
By referring Multipli to users, you will earn 10% of the Orbs they generate daily. You can access your referral codes in ORBs tab on the [ORBs](https://app.multipli.fi/orbs?operation-tab=yield) page.
## Crystals
What are Crystals?
Crystals are Multipli’s creator currency, a unique reward system for yappers that will determine a creator’s final allocation at TGE.
How can I earn Crystals?
You can earn up to 100 Crystals by following the Multipli handle on X.
Crystals are also credited to the top 200 Multipli yappers on a weekly basis.
It is based on:
* The yapper’s mindshare in the Multipli x Kaito Leaderboard
How can I view my Crystals?
To claim your Crystals, visit [app.multipli.fi/crystals](http://app.multipli.fi/crystals) and connect your Twitter account to view your Crystal balance.
How often are Crystals distributed to yappers?
Crystals are distributed to yappers on a weekly basis.
What is the value of Crystals?
The value of Crystals changes every month. A maximum price for Crystals is set at the beginning of each month, but it is subject to change as more Crystals are sold throughout the month.
Price of Crystal for a month = Maximum price per Crystal for that month/Total Crystals sold that month.
When is the final price per Crystal determined?
The final price per Crystal is determined on the 28th of every month.
How long does it take to process my Crystal sell request?
You can sell your Crystals at any time during a month. It is queued and sold on the 28th each month after the final price has been determined. The funds will then reach your account within 7 days.
How will I receive my funds?
The funds will be credited to your Multipli balance.
Is it better to hold my Crystals of sell them?
The freedom of choice to either hold or sell your Crystals is what gives Crystals its legitimacy. You can avail its benefits at TGE or sell them whenever you want to.
How many Crystals are emitted every month?
416,666 Crystals are emitted every month.
How can I earn more Crystals?
* Follow Multipli on X.
* Climb the Multipli x Kaito leaderboard.
Are Crystals and Orbs co-related?
No, Orbs and Crystals are independent of each other. Although both will play important roles in determining your allocation during TGE, Crystals are the reward for yappers and Orbs are rewards for referrals and holding xTokens.
# Multipli v2
## General
What is Multipli v2?
Multipli v2 is the latest version of our protocol, built on the innovative 4626 vault. It offers more liquid yield, giving you easier access to your assets.
What are xTokens?
xTokens are Multipli’s yield-bearing tokens. When you buy xTokens in v2, you will be able to access them in your wallet.
What is the advantage of Multipli v2 over v1?
Multipli v2 adopts the 4626 architecture. This enables you to withdraw your xTokens to your wallet and use it anywhere across crypto, like yield strategies for example.
What does 4626 architecture refer to?
ERC-4626 is an Ethereum Improvement Proposal (EIP) that provides a **standard API for tokenized yield-bearing vaults**. This standard simplifies the process of integrating different DeFi protocols by offering a consistent interface for managing deposits, withdrawals, and yield generation for a single underlying ERC-20 token.
Which tokens and networks does Multipli v2 currently support?
Currently, Multipli v2 supports the **USDC** and **BTC.B** token on the **Avalanche** network. We're actively working to add more networks soon.
Which wallets are currently supported by Multipli?
Currently, Multipli supports over 440 wallets, including Metamask, Braavo, Trust Wallet and WalletConnect.
What are Crystals?
Crystals are Multipli’s creator currency, a unique reward system for yappers that will determine a creator’s final allocation at TGE. Currently, Crystals are not live on Multipli v2. We are working to bring it live as soon as possible.
What are ORBs?
ORBs are rewards given to users for holding xTokens on Multipli. Currently, ORBs are not live on Multipli v2. We are working to bring it live as soon as possible.
## **Buy**
How can I buy xTokens?
You can buy xTokens on Multipli in 4 simple steps:
* Connect your wallet to the [Multipli v2](https://v2.multipli.fi/) platform.
* Go to the Buy tab on the landing page.
* Select the token and enter the amount you want to buy.
* Confirm the transaction and wait for it to be processed.
How long does it take to buy xTokens?
The transaction may take up to 5 minutes, based on network traffic.
Which xTokens does Multipli currently support?
Currently, Multipli v2 supports **xUSDC** and **xBTC.B** on the **Avalanche** network.
Where can I check the status of my transactions in Multipli?
You can check your transactions on the [Holdings](https://v2.multipli.fi/holdings) page.
Is there any fee for deposits?
No, there is **no platform fee** for depositing in Multipli.
How can I cancel a transaction?
Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application.
## Sell
How do I withdraw my tokens from Multipli?
You can sell your xTokens on Multipli to withdraw your tokens.
How do I sell xTokens on Multipli?
You can sell xTokens on Multipli in 4 simple steps:
* Access the Sell tab on the [Multipli v2](https://v2.multipli.fi/holdings) page.
* Select the xToken you wish to sell.
* Click Stop Yield & Withdraw.
* Confirm the transaction and wait for it to be processed.
How long does it take for the sell transaction to complete?
It will take 7 to 14 days to sell your xTokens, depending on when you initiate the withdrawal. This is what our sell cycle looks like:
* Sales initiated by **Thursday 11:59 PM UTC** will be processed on the **Thursday of the next week**.
* Sales initiated **after Thursday 11:59 PM UTC** will be processed on the **Thursday after two weeks**.
Where can I sell xTokens in Multipli?
You can sell your xTokens in Multipli through:
* The Sell tab on the [Multipli v2](https://v2.multipli.fi/?dashboard-tab=Allocation\&operation-tab=sell) page.
* Withdrawing from the Multipli Holdings tab on the Holdings page.
How can I cancel Stop Yield & Withdraw?
Unfortunately, you cannot cancel a transaction initiated due to the decentralised nature of our application.
Is there any fee for sell or withdrawing my funds?
You are charged a transaction fee based on the estimated gas fee required to withdraw your funds.
Can I sell my funds partially from Multipli?
You can partially sell your funds in Multipli.
## xTokens
What are xTokens?
xTokens are Multipli’s yield-bearing tokens. When you buy xTokens, delta-neutral trading strategies are applied to it and yield is generated.
Which xTokens does Multipli currently support?
Currently, Multipli v2 supports **xUSDC** and **xBTC.B** on the **Avalanche** network.
Can I use Multipli’s xTokens outside of Multipli?
Yes, when you buy xTokens in v2, they can be used anywhere across crypto.
How does xTokens generate yield?
Delta-neutral strategies are applied to your xTokens to generate yield. You can learn more about how xTokens generate yield [here](https://docs.multipli.fi/).
## Yield
How do I claim my yield?
You can claim your yield with selling your xTokens in Multipli.
* Access the Sell tab on the [Multipli v2](https://v2.multipli.fi/?dashboard-tab=Allocation\&operation-tab=sell) page.
* Select the xToken you wish to sell.
* Click Stop Yield & Withdraw.
* Confirm the transaction and wait for it to be processed.
How does Multipli generate yield?
Multipli employs delta-neutral strategies like Contango Arbitrage and Spot-Perpetual Arbitrage on our yield-bearing xTokens to generate yield. You can learn more about how Multipli generates yield [here](https://docs.multipli.fi/).
How will I earn yield on my xTokens?
When you buy and hold xTokens, it will accrue yield over time, increasing its value. While the number of xTokens you hold won’t increase (like it does in Multipli v1), the value of each xToken you hold will. That’s how you will earn yield.
When will my yield be updated?
Your yield will be updated every Friday.
How much yield (APY) does Multipli generate?
Multipli’s APY figures may vary over time. Stay updated on APY figures by checking the [Stats](https://v2.multipli.fi/dashboard?operation-tab=sell) page regularly.
How long does it take for my yield to be processed?
Your yield will be processed when you sell your xTokens. Depending on when you initiate transaction, it will take 7 to 14 days to be processed.
This is what our sell cycle looks like:
* Sales initiated by **Thursday 11:59 PM UTC** will be processed on the **Thursday of the next week**.
* Sales initiated **after Thursday 11:59 PM UTC** will be processed on the **Thursday after two weeks**.
Where can I check how much yield has been generated? Where can I check yield activity?
The APY figures are updated on a weekly basis on the [Buy](https://v2.multipli.fi/?dashboard-tab=Allocation) page. You can head to the [Stats](https://v2.multipli.fi/dashboard?dashboard-tab=Allocation) page for a detailed report.
You can check how much yield your xTokens have generated on the [Holdings](https://v2.multipli.fi/holdings) page.
How can I cancel a yield claim?
Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application.
# Testnet Guides
# Claim your free 100 USDC on Multipli testnet
1. **Connect your wallet** on [Multipli Testnet](https://testnet.multipli.fi/) on Sepolia network.
2. **Sign the message** from your wallet.
3. **Verify the message** through your wallet. In this case we have used a Metamask wallet.
4. If you’re signing up for the first time a pop-up to claim your 100 USDC will show up. Click on **Claim Free 100 USDC**.
5. Great! Now you need to S**take** the 100 USDC you just received by clicking on **Confirm**.
6. Staking has been initiated. Your testnet USDC will be staked on Multipli during the next staking cycle which happens weekly. **For every 100 USDC staked you will earn 10 tORBs / day.** Moreover, for each succesful referral you earn 10% of your referee’s tORBs.
We hope this guide was helpful to you. Looking forward to see you on our testnet!
# Mainnet Guides
# Make yield on Multipli
Let us guide you through the process of generating yield on Multipli using a detailed tutorial.
1. **Connect Wallet:** Sign up with your wallet on Multipli mainnet to get started.
2. **Transfer assets:** After connecting your wallet, navigate to the “Buy” tab and choose the network and asset, enter an amount of your choice and click “Generate Yield”.
Note: Currently, we support Ethereum and Binance Smart Chain networks and USDC, USDT and WBTC tokens.
1. **Approve requests:** You will be prompted (twice) to approve the deposit through the connected wallet. Click “Confirm” to proceed.
*Note: Make sure you do not close or refresh the tab while the transaction is being processed*
4. **Check status:** After the deposit is successfully processed, you can view the status of your transaction(s) in the “Holdings” tab under ‘Activity’.
Once the transaction has been confirmed by the system, its status will change from “Pending” to “Success”.
5. **View Yield:** Your xTokens will appear in your account on the same page under ‘Multipli Holdings’.
That’s it!
You will receive 6 Orb per day for every $100 worth of xTokens you hold, and 10% of the Orbs for each successful referral.
If you face any issues, please share them with us at or [raise a ticket on Discord](https://discord.com/channels/1253624737154990082/1253624738820128871).
Looking forward to seeing your yields flourish!
Have fun using Multipli! 🚀
# rwaUSD’s Proxy Layer
When you create a position on Multipli’s rwaUSD page for the first time with a new wallet, you must have noticed that you are asked to sign a transaction to create a proxy contract.
What is a proxy contract and why is this step required?
The proxy contract is the middle layer between you and the smart contract, and it helps simplify the complex and interminable user experience of Multipli’s core. Let’s learn more about it.
**Topics Covered:**
* Key Terms
* Why do I need a proxy contract in Multipli?
* Why is my permission required to create a proxy contract?
### Key Terms
**CDP:** A Collateralized Debt Position is a mechanism that lets you lock up your crypto assets as collateral to borrow against.
**Proxy contract:** A proxy contract is a smart contract that acts as the middle layer between the users and the code/logic of the application. In Multipli, the core smart contract is a powerful and complex tool. If users were to interact with it directly, it would be lengthy and awkward to use. This proxy contract bridges that gap, with the help of the CDP Manager and the proxy registry.
**Proxy registry**: A registry used to store and match a proxy contract with its assigned wallet.
**Proxy actions:** Proxy actions are pre-built smart contract functions that let users interact with Multipli in a simpler manner through their proxy contract.
**CDP Manager:** It manages all interactions between the user’s proxy contract and the CDPs it owns.
### Why do I need a proxy contract in Multipli?
To explain this, we will have to dive a little into Multipli’s core system.
Every time you interact with rwaUSD, you’re probably executing multiple transactions in a single click. For example, when you execute a transaction depositing your collateral into Multipli and converting it to rwaUSD, you are doing it in a single click. However, in the smart contract under the hood, these are multiple transactions. This is where the proxy contract comes in: a smart contract with access to multiple CDP Managers and proxy actions to help execute multiple transactions in a single step.
### Why is my signature required to create a proxy contract?
When you create a position on Multipli’s rwaUSD page for the first time with a new wallet, we require your signature to set up a proxy contract. This contract is assigned to the wallet you signed up with, which is stored in the proxy registry. This ensures we only need your signature once. The next time you sign in using the same wallet, we use the proxy registry to pull the contract assigned to that wallet.
# Standard Website Terms of Use
V2 Updated and Effective from: June 19, 2026 V1 as of September 15, 2024
MULTIPLI IS NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA OR CANADA (COLLECTIVELY, “BLOCKED PERSONS”). MOREOVER, NO SERVICES (AS DEFINED BELOW) ARE OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN ANY RESTRICTED TERRITORY (COLLECTIVELY “RESTRICTED PERSONS”). WE DO NOT MAKE EXCEPTIONS - IF YOU ARE A BLOCKED PERSON, DO NOT ATTEMPT TO USE THE MULTIPLI WEBSITE, AND IF YOU ARE A RESTRICTED PERSON, DO NOT ATTEMPT TO USE ANY OF THE SERVICES. THIS INCLUDES USAGE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT THE ABOVE RESTRICTIONS.
YOU ACKNOWLEDGE, UNDERSTAND AND AGREE THAT (I) YOU MUST NOT MODIFY, DISASSEMBLE, DECOMPILE, ADAPT, ALTER, TRANSLATE, REVERSE ENGINEER OR CREATE DERIVATIVE WORKS OF THE MULTIPLI WEBSITE TO MAKE THE WEBSITE AVAILABLE TO ANY BLOCKED PERSONS OR RESTRICTED PERSONS; AND (II) MULTIPLI DOES NOT AND WILL NOT HAVE CONTROL OVER THE DEVELOPMENT, GROWTH, MAINTENANCE OR OPERATIONS OF ANY PROTOCOL USING THE MULTIPLI WEBSITE.
These terms of use, together with any documents and additional terms they expressly incorporate by reference, which includes any other terms and conditions or other agreement that Multipli.fi, BRS Tech Services, its parent or holding company(ies) and its subsidiaries, and affiliates (“Multipli”, “Multipli.fi”, “we”, “us” and “our”) posts publicly or makes available to you or the company or other legal entity you represent (“you” or “your”) (collectively, these “Terms”), are entered into between Multipli and you concerning your use of, and access to: (i) Multipli’s websites, including [www.multipli.fi](http://www.multipli.fi) (and respective subdomains); web applications; mobile applications; and all associated sites linked thereto by Multipli, including our partners eg. [www.tanx.fi](http://www.tanx.fi) (and respective subdomains) are collectively with any materials and services available therein, and successor website(s) or application(s) thereto, the “Website”; (ii) All products and features available via the Website, matching engine, smart contracts, decentralised applications, APIs and all other software that Multipli or a third party has developed for trading cryptocurrencies and other blockchain-based assets (collectively, “Digital Assets”), including entering into contracts related to Digital Assets, exchanging one Digital Asset for another Digital Asset, your use of the computation and storage scalability service known as “StarkEx” (the “StarkEx Service”) (collectively the “Interface”); (iii) Any rewards, coins, non-fungible tokens available in connection with the Interface, or and your registration for or attendance at events sponsored or hosted by Multipli (with the Website and the Interface, collectively, the “Services”).
Please read these Terms carefully, as these Terms govern your use of the Services. These Terms expressly cover your rights and obligations, and our disclaimers and limitations of legal liability, relating to your use of, and access to, the Services. By clicking “I agree” (or a similar language) to these Terms, acknowledging these Terms by other means, or otherwise accessing or using the Services, you accept and agree to be bound by and to comply with these Terms, including the mandatory arbitration provision in Section 15. If you do not agree to these Terms, then you must not access or use the Services.
Please carefully review the disclosures and disclaimers set forth in Section 12 in their entirety before using any software developed by Multipli. The information in Section 12 provides important details about the legal obligations associated with your use of the Services. By accessing or using the Services, you agree that Multipli does not provide execution, settlement, or clearing services of any kind and is not responsible for the execution, settlement, or clearing of transactions automated through the Services.
1\. MODIFICATIONS TO THESE TERMS
We reserve the right, in our sole discretion, to modify these Terms from time to time. If we make changes, we will provide you with notice of such changes, such as by providing notice through the Services or updating the “Last Updated” date at the top of these Terms. Unless we state otherwise in our notice, all such modifications are effective immediately, and your continued use of the Services after we provide that notice will confirm your acceptance of the changes. If you do not agree to the amended Terms, then you must stop using the Services.
2\. USE OF SERVICES
2.1 As a condition to accessing or using the Services or the Website, you represent and warrant to Multipli the following:
1. if you are entering into these Terms as an individual, then you are of legal age in the jurisdiction in which you reside and you have the legal capacity to enter into these Terms and be bound by them;
2. if you are entering into these Terms as an entity, then you must have the legal authority to accept these Terms on that entity’s behalf, in which case “you” (except as used in this paragraph) will mean that entity;
3. if you are entering into these Terms to access the Interface or will in the future access the Interface, then you are not a Blocked Person, and are not accessing the Interface from within the United States or Canada (collectively, "Blocked Countries");
4. you must not be a resident, citizen or agent of, or incorporated in, and do not have a registered office in Iran, Cuba, North Korea, Syria, Myanmar (Burma), the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of comprehensive country-wide or region-wide economic sanctions by the United States (as updated from time to time) (collectively, “Restricted Territories”);
5. you are not the subject of economic or trade sanctions administered or enforced by any governmental authority or otherwise designated on any list of prohibited or restricted parties (including the list maintained by the UK Sanctions List, Office of Foreign Assets Control of the U.S. Department of the Treasury) (as updated from time to time) (collectively, “Sanctioned Person(s)”);
6. you do not intend to transact with any Restricted Person or Sanctioned Person;
7. you do not, and will not, use a VPN or any other privacy or anonymisation tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply to the Services; and
8. your access to the Services (a) is not prohibited by and does not otherwise violate or assist you to violate any domestic or foreign law, rule, statute, regulation, by-law, order, protocol, code, decree, or another directive, requirement, or guideline, published or in force that applies to or is otherwise intended to govern or regulate any person, property, transaction, activity, event or other matter, including any rule, order, judgement, directive or other requirement or guideline issued by any domestic or foreign federal, provincial or state, municipal, local or other governmental, regulatory, judicial or administrative authority having jurisdiction over Multipli , you, the Services, or as otherwise duly enacted, enforceable by law, the common law or equity (collectively, “Applicable Laws”); and (b) does not contribute to or facilitate any illegal activity.
2.2 As a condition to accessing or using the Services or the Website, you acknowledge, understand, and agree to the following:
1. from time to time, the Services may be inaccessible or inoperable for any reason, including: (a) equipment or technology or other infrastructure delay, inaccessibility, or malfunctions; (b) periodic maintenance procedures or repairs that Multipli or any of our suppliers consultants or contractors may undertake from time to time; (c) causes beyond Multipli ’s control or that Multipli could not reasonably foresee; (d) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (e) unavailability of third-party service providers or external partners for any reason. Without limitation of any other provision of these Terms, and as set forth below, Multipli has no responsibility or liability for any losses or other injuries resulting from any such events;
2. we reserve the right to disable or modify access to the Services (such as restricting features of the Services) at any time in the event of any breach of these Terms, including, if we reasonably believe any of your representations and warranties may be untrue, misleading or inaccurate, and we will not be liable to you for any losses or damages you may suffer as a result of or in connection with the Services being inaccessible to you at any time or for any reason;
3. the Services may evolve, which means Multipli may apply changes, replace, or discontinue (temporarily or permanently) the Services at any time in our sole discretion;
4. the pricing information and other data provided on the Website does not represent (a) an offer, a solicitation of an offer, or recommendation to enter into, a transaction with Multipli (other than the payment of fees to Multipli ) or (b) any advice regarding a transaction entered into using the Services;
5. Multipli does not act as an agent for you or any other user of the Services;
6. you are solely responsible for your use of the Services, including all of your transfers of Digital Assets;
7. to the fullest extent not prohibited by Applicable Law, we owe no fiduciary duties or liabilities to you or any other party, and that to the extent any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate those duties and liabilities;
8. you are solely responsible for reporting and paying any taxes applicable to your use of the Services;
9. we have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets that you may transfer to or from a third party, and we are not responsible for ensuring that an entity with whom you transact completes the transaction or is authorised to do so, and if you experience a problem with any transactions in Digital Assets using the Services, then you bear the entire risk;
10. we may, from time to time, operate contests, promotions, sweepstakes or other activities or offer referral programmes (“Promotions and Referrals”), which may be governed by separate terms and conditions and rules that may contain certain eligibility requirements; and you are responsible for reading all terms and conditions and rules relating to the Promotions and Referrals to determine whether you are eligible to participate; if you enter or participate in any Promotions and Referrals, then you agree to abide by and to comply with all terms and conditions and rules of such Promotions and Referrals; all Promotions and Referrals will be optional so you should not enter or participate in such Promotions and Referrals if you do not agree to abide by and comply with all such terms and conditions and rules; and
11. if you receive discounts on fees from any Promotions and Referrals that are not subject to separate terms and conditions and rules, then Multipli reserves the right to add to, modify or eliminate the discounts and any other aspect of such Promotions and Referrals.
2.3 As a condition to accessing or using the Services or the Website, you covenant to Multipli the following:
1. in connection with using the Services, you only will transfer legally-obtained Digital Assets that belong to you;
2. you will obey all Applicable Laws in connection with using the Services, and you will not use the Services if the laws of your country, or any other Applicable Law, prohibit you from doing so;
3. any Digital Assets you use in connection with the Services are either owned by you or you are validly authorised to carry out actions using such Digital Assets; and
4. in addition to complying with all restrictions, prohibitions, and other provisions of these Terms, you will (a) ensure that, at all times, all information that you provide on the Website and during your use of the Services is current, complete, and accurate; and (b) maintain the security and confidentiality of your private keys associated with your public Ethereum or other non EVM chain addresses, passwords, API keys, private keys associated with your account and other related credentials.
2.4 Disclaimer of control and ownership
Multipli does not own, operate, or control the underlying blockchain network or any smart contracts deployed thereon. Multipli merely provides a Website for users to interact with the blockchain and execute transactions. Users acknowledge and agree that Multipli has no control over the security, functionality, or performance of the blockchain or any smart contracts.
3\. FEES AND PRICE ESTIMATES
In connection with your use of the Services, unless expressly stated otherwise pursuant to a promotion operated by Multipli , you are required to pay all fees necessary for interacting with the Ethereum blockchain (or others), including “gas” costs, as well as all other fees reflected on the Website at the time of your use of the Services. Although we attempt to provide accurate fee information, this information reflects our estimates of fees, which may vary from the actual fees paid to use the Services and interact with the Ethereum or other blockchain.
4\. NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES
All information provided in connection with your access and use of the Services is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained on the Website or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, or other decisions involving the Services, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate. The Terms are not intended to, and do not, create or impose any fiduciary duties on us. You further agree that the only duties and obligations that we owe you are those set out expressly in these Terms.
5\. PROHIBITED ACTIVITY
You may not use the Services to engage in the categories of activity set forth below (“Prohibited Uses”). The specific activities set forth below are representative, but not exhaustive, of Prohibited Uses. If you are uncertain as to whether your use of the Services involves a Prohibited Use or have other questions about how these requirements apply to you, then please contact us at . By using the Services, you confirm that you will not engage in any of the following Prohibited Uses:
1. violate any Applicable Laws including any relevant and applicable anti-money laundering and anti-terrorist financing laws and sanctions programmes, such as the Bank Secrecy Act and the U.S. Department of Treasury’s Office of Foreign Asset Controls;
2. engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy, or any other proprietary right under Applicable Law, including sales, distribution or access to counterfeit music, movies, software or other licensed materials without the appropriate authorisation from the rights holder; use of Multipli ’s or our licensors’ intellectual property, name or logo, including use of Multipli ’s trade, service or licensed marks, without express consent from Multipli or in a manner that otherwise harms Multipli ; any action that implies an untrue endorsement by or affiliation with Multipli ;
3. engage in improper or abusive trading practices, including but not limited to (a) any fraudulent act or scheme to defraud, deceive, trick or mislead; (b) trading ahead of another user of the Services or front-running; (c) fraudulent trading; (d) accommodation trading; (e)fictitious transactions; (f) pre-arranged or non-competitive transactions; (g) cornering, or attempted cornering, of any contracts; (h) violations of bids or offers; (i) manipulation (i.e., trading for the purposes of affecting the market price of a Digital Asset and creating an artificial price); (j) any other trading activity that, in the reasonable judgement of Multipli , is abusive, improper or disruptive to the operation of the Interface.
4. use the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Services, or that could damage, disable, overburden, or impair the functioning of the Services in any manner;
5. circumvent any content-filtering techniques, security measures or access controls that Multipli employs on the Website, including through the use of a VPN;
6. use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access the Services, to extract data, or to introduce any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism or other harmful material into the Services;
7. provide false, inaccurate, or misleading information while using the Services or engage in activity that operates to defraud Multipli, other users of the Services or any other person;
8. use or access the Services to transmit or exchange Digital Assets that are the direct or indirect proceeds of any criminal or fraudulent activity, including terrorism or tax evasion;
9. use the Website in any way that is, in our sole discretion, libellous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, stalking, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable, or likely or intended to incite, threaten, facilitate, promote, or encourage hate, racial intolerance or violent acts against others;
10. use the Services from a jurisdiction (including an IP address in a jurisdiction) that we have, in our sole discretion, determined is a jurisdiction where the use of the Services is prohibited, including any Blocked Countries or any Restricted Territory;
11. harass, abuse or harm another person, including Multipli’s employees and service providers;
12. impersonate another user of the Services or otherwise misrepresent yourself; or
13. engage or attempt to engage, or encourage, induce or assist any third party to engage or attempt to engage in any of the activities prohibited under this Section 5 or any other provision of these Terms.
6\. CONTENT
You hereby grant to us a royalty-free, fully paid-up, sublicensable (through multiple tiers), transferable, perpetual, irrevocable, non-exclusive, worldwide licence to use, copy, modify, create derivative works of, display, perform, publish and distribute, in any form, medium or manner, any content that is available to other users as a result of your use of the Services (collectively, “Your Content”), including for promoting Multipli, the Services or the Website. You represent and warrant that (a) you own Your Content or have the right to grant the rights and licences in these Terms; and (b) Your Content and our use of Your Content, as licensed herein, does not and will not violate, misappropriate or infringe on any third party’s rights.
7\. PROPRIETARY RIGHTS
7.1 You acknowledge that certain aspects of the Services may use, incorporate or link to certain open-source components and that your use of the Website or Services is subject to, and you will comply with, any applicable open-source licences that govern any such open-source components (collectively, the “Open-Source Licences”). Without limiting the generality of the foregoing, you may not (a) resell, lease, lend, share, distribute, or otherwise permit any third party to use the Services; (b) use the Services for time-sharing or service bureau purposes; or (c) otherwise use the Services in a manner that violates the Open-Source Licences.
7.2 Excluding third-party software that the Services incorporates, as between you and Multipli, Multipli owns the Services, including all technology, content and other materials used, displayed or provided on the Website or in connection with the Services (including all intellectual property rights subsisting therein, whether or not subject to the Open-Source Licences), and hereby grants you a limited, non-exclusive, revocable, non-transferable, non-sublicensable licence to access and use those portions of the Services that are proprietary to Multipli and not available pursuant to the Open-Source Licences.
7.3 Any of Multipli ’s product or service names, logos, and other marks used on the Website or as a part of the Services, including Multipli 's name and logo, are trademarks owned by Multipli or our licensors. You may not copy, imitate, or use them without the prior written consent of Multipli or the applicable licensors, and these Terms do not grant you any rights in those trademarks. You may not remove, obscure, or alter any legal notices displayed in or along with the Services.
7.4 The Services are non-custodial. When you deposit Digital Assets into any Multipli-developed smart contract, available on the Interface, you are not transferring Digital Assets to Multipli, and you retain control over those Digital Assets at all times. The private key associated with the Ethereum or other chain address from which you transfer Digital Assets or the private key associated with the service account or the API Key is the only private key that can control the Digital Assets you transfer into the smart contracts.
8\. OTHER WEBSITE LINKS
The Services provide, or third parties may provide, links to other World Wide Web or accessible sites, applications, or resources. You acknowledge and agree that Multipli is not responsible for the availability of such external sites, applications or resources, and does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further acknowledge and agree that Company will not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods, or services available on or through any such site or resource.
9\. MODIFICATION, SUSPENSION, AND TERMINATION
We may, at our sole discretion, from time to time and with or without prior notice to you, modify, suspend or disable (temporarily or permanently) the Services, in whole or in part, for any reason whatsoever. Upon termination of your access, your right to use the Services will immediately cease. We will not be liable for any losses suffered by you resulting from any modification to any Services or from any modification, suspension or termination, for any reason, of your access to all or any portion of the Services. The following sections of these Terms will survive any termination of your access to the Services, regardless of the reasons for its expiration or termination, in addition to any other provision which by law or by its nature should survive: Section 7 and Sections 9 through Section 17.
10\. LEGAL AND OTHER RISKS
10.1 You acknowledge that the use of cryptocurrencies and decentralised exchanges involves significant risks, including but not limited to the risk of loss of funds due to hacking, theft, market volatility, and technical failures. You assume full responsibility for assessing and understanding these risks and for managing your own risk tolerance.
10.2 By accessing or using the Services or interacting with the Website in anyway, you understand and agree to the inherent risks associated with cryptographic systems and blockchain-based networks; Digital Assets, including the usage and intricacies of native Digital Assets, like ether (ETH); smart contract-based tokens, including rewards, coins, fungible tokens and NFTs; and systems that interact with blockchain-based networks. Multipli does not own or control any of the underlying software through which blockchain networks are formed. In general, the software underlying blockchain networks, including the Ethereum blockchain, is open source, such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree (a) that Multipli is not responsible for the operation of the blockchain-based software and networks underlying the Services, (b) that there exists no guarantee of the functionality, security, or availability of that software and networks, and (c) that the underlying blockchain-based networks are subject to sudden changes in operating rules, such as those commonly referred to as “forks,” which may materially affect the Services. Blockchain networks use public and private key cryptography. You alone are responsible for securing your private key(s). We do not have access to your private key(s). Losing control of your private key(s) will permanently and irreversibly deny you access to Digital Assets on the Ethereum blockchain or other blockchain-based network(s). Neither Multipli nor any other person or entity will be able to retrieve or protect your Digital Assets. If your private key(s) are lost, then you will not be able to transfer your Digital Assets to any other blockchain address or wallet. If this occurs, then you will not be able to realise any value or utility from the Digital Assets that you may hold.
10.3 You acknowledge and understand that the Services and your Digital Assets could be impacted by business and commercial risks, which could impede or limit the ability of Multipli to continue to make available our proprietary software and could impede or limit your ability to access or use the Services, including but not limited to,
1. Rebalancing Risk
Users acknowledge and agree that their positions may be rebalanced if the value of their collateral falls below the required maintenance margin. The Website reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the Website. ADL may occur without prior notice and may result in the rebalancing of users' positions, even if they are profitable.
2. Capital Risks
Multipli involves capital risk, including the potential for loss of principal. Past performance is not indicative of future results, and there is no guarantee that yield objectives will be met. Multipli may employ trading techniques that can increase risk, and regulatory changes could impact the Services and your Digital Assets. Any forecasts or projections are for illustrative purposes only and do not guarantee future returns.
3. Liquidity Risk
The Website cannot guarantee that users will be able to rebalance their positions at their desired price or time, particularly during periods of high market volatility, low liquidity, or system outages. Users acknowledge and agree that there is a risk of slippage or execution delays when attempting to exit their positions.
4. Counterparty Risk
The Website is not responsible for the financial solvency of its custodians or other counterparties. Users acknowledge and agree that there is a risk of loss if a counterparty becomes insolvent, which may result in delays, difficulties in withdrawing funds, or even the loss of assets.
5. Trade Execution Risk
The Website cannot guarantee the accuracy or efficiency of its trade execution system. Users acknowledge and agree that there is a risk of errors, delays, or incorrect executions in their trades. The Website will use reasonable efforts to prevent such errors, but cannot guarantee that they will not occur.
6. Callback Risk
The Website reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the Website during periods of extreme market volatility. ADL may result in the rebalancing of users' positions, even if they are profitable. Users acknowledge and agree that ADL may occur without prior notice and may be triggered by factors beyond the Website's control.
7. Profitability/Funding Risk
Changes in interest rates, funding fees, or market conditions can impact users' profitability. The Website cannot guarantee that users will earn a profit or avoid losses. Users acknowledge and agree that their returns may be negative, and there is no guarantee of consistent performance.
8. Depegging Risk
The Website cannot guarantee that the peg between our tokens and ETH will be maintained. If the peg is broken, users' holdings may lose value. Users acknowledge and agree that depegging events may occur due to factors beyond the Website's control, such as market manipulation, technical issues, or changes in the underlying protocol.
9. Smart Wallet Risk
Users acknowledge and agree that using a smart wallet involves risks, including the possibility of hacking, unauthorised access, or software vulnerabilities. The Website cannot guarantee the security of users' smart wallets, and users are solely responsible for safeguarding their private keys and passwords.
10. Compatibility Issues with Third-Party Software or Apps
Using Multipli with other crypto-related software, apps or wallets, may affect your ability to use Multipli’s features or functionality, particularly those related to cryptocurrency transactions or storage, delays in transaction processing or limited access to certain features. We are not responsible for any compatibility issues, performance degradation, data loss, or security breaches that may occur as a result of using Multipli with such crypto software, apps or wallets.
10.4 You acknowledge and understand that the Services and your Digital Assets could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Multipli to continue to make available our proprietary software and could impede or limit your ability to access or use the Services.
10.5 You acknowledge and understand that cryptography is a progressing field with advances in code cracking or other technical advancements, such as the development of quantum computers, which may present risks to Digital Assets and the Services, and could result in the theft or loss of your Digital Assets. To the extent possible, we intend to update Multipli -developed smart contracts related to the Services to account for any advances in cryptography and to incorporate additional security measures necessary to address risks presented from technological advancements, but that intention does not guarantee or otherwise ensure full security of the Services.
10.6 You understand that the Ethereum or other relevant blockchains remains under development, which creates technological and security risks when using the Services in addition to uncertainty relating to Digital Assets and transactions therein. You acknowledge that the cost of transacting on the Ethereum or other blockchain is variable and may increase at any time causing impact to any activities taking place on the Ethereum or other blockchain, which may result in price fluctuations or increased costs when using the Services.
10.7 You acknowledge that the Services are subject to flaws and that you are solely responsible for evaluating any code provided by the Services or Website. This warning and other warnings that Multipli provides in these Terms are in no way evidence or represent an on-going duty to alert you to all of the potential risks of utilising the Services or accessing the Website.
10.8 Although we intend to provide accurate and timely information and data on the Website and during your use of the Services, the Website and other information available when using the Services may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. To continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including information regarding our policies. Accordingly, you acknowledge and understand that the you should verify all information before relying on it, and all decisions based on information contained on the Website or as part of the Services are your sole responsibility. No representation is made as to the accuracy, completeness, or appropriateness for any particular purpose of any pricing information distributed via the Website or otherwise when using the Services. Prices and pricing information maybe higher or lower than prices available on Websites providing similar services.
10.9 Any use or interaction with the Services requires a comprehensive understanding of applied cryptography and computer science to appreciate the inherent risks, including those listed above. You represent and warrant that you possess relevant understanding, knowledge and skills. Any reference to a type of Digital Asset on the Website or otherwise during the use of the Services does not indicate our approval or disapproval of the technology on which the Digital Asset relies, and should not be used as a substitute for your understanding of the risks specific to each type of Digital Asset.
10.10 Use of the Services, in particular for trading Digital Assets may carry financial risk. Digital Assets are by their nature, highly experimental, risky, and volatile. Transactions entered into in connection with the Services are irreversible, final and there are no refunds. You acknowledge and agree that you will access and use the Services at your own risk. The risk of loss in trading Digital Assets can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. By using the Services, you represent and warrant that you have been, are, and will be solely responsible for making your independent appraisal and investigations into the risks of a given transaction and the underlying Digital Assets. You represent that you have sufficient knowledge, market sophistication, professional advice, and experience to make your evaluation of the merits and risks of any transaction conducted in connection with the Services or any Digital Asset. You accept all consequences of using the Services, including the risk that you may lose access to your Digital Assets indefinitely. All transaction decisions are made solely by you. Notwithstanding anything in these Terms, we accept no responsibility whatsoever for, and will in no circumstances be liable to you for any loss or injury sustained by you or any third parties in connection with, your use of the Services for performing Digital Asset transactions.
10.11 We must comply with Applicable Law, which may require us to, upon request by government agencies, take certain actions or provide information, which may not be in your best interests. You acknowledge and understand that Multipli may in its sole discretion take any action it deems appropriate to cooperate with government agencies or comply with Applicable Law.
10.12 You understand that the StarkEx Service remains under development, which creates technological, trading, and other risks when using the Services. These risks include, among others, delays in trades, withdrawals, and deposits resulting from the servers of Multipli or the operator of the StarkEx Services being offline; an incorrect display of information on the Website in the case of server errors; or transactions using the Services being rolled back in the case of server errors. You acknowledge that these risks may have a material impact on your transactions using the Services, which may result in, among other things, failing to fulfil transactions at your desired price or at all.
10.13 You understand that you are responsible for all trades you place, including any erroneous orders that may be filled. We do not take any action to resolve erroneous trades that result from your errors.
10.14 You acknowledge and agree that Multipli operates on a decentralised blockchain network and that Multipli has no control over the security or functionality of the blockchain or any smart contracts deployed thereon. You assume all risks associated with using Multipli , including but not limited to the risk of loss of funds due to hacking, theft, or other unauthorised access. Multipli shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from the use of Multipli .
10.15 You hereby assume the risks set forth in this Section 10 and Section 2, and acknowledge and agree that Multipli will have no responsibility or liability for the risks set forth in this Section 10. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against Multipli and our shareholders, members, directors, officers, employees, agents, and representatives, suppliers, consultants and contractors (collectively, “Representatives”) related to any of the risks set forth in this Section 10.
11\. INDEMNIFICATION
You will defend, indemnify, and hold harmless Multipli and our Representatives (collectively, “Indemnified Parties”) from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense, including reasonable attorneys’ fees, arising out of or relating to (a) your use of, or conduct in connection with, the Services (including the StarkEx Service); (b) Digital Assets associated with your Ethereum or other blockchain address; (c) any feedback, bugs or user content you provide to Multipli , if any, concerning the Services; (d) your violation of these Terms; or (e) your infringement or misappropriation of the rights of any other person or entity. If you are obligated to indemnify any Indemnified Party, Multipli (or, at our sole discretion, the applicable Indemnified Party) will have the right, in our or its sole discretion, to control any action or proceeding and to determine whether Multipli wishes to settle, and if so, on what terms, and you agree to cooperate with Multipli in the defence.
12\. DISCLOSURES; DISCLAIMERS
12.1 Multipli is a developer of software. Multipli does not operate a Digital Asset or offer trade execution or clearing services and has no oversight, involvement, or control concerning your transactions using the Services. All transactions between users of the Interface are executed peer-to-peer directly between the users’ Ethereum or other block chain addresses through a smart contract.
12.2 You acknowledge and agree that Multipli is not responsible to provide insurance or other coverage for the loss, theft, or damage of digital assets stored or transferred through the Website. You are solely responsible for securing your digital assets and you may wish to consider obtaining insurance or other forms of protection from third-party providers.
12.3 You are responsible for complying with all Applicable Laws that govern your use of the Website and Services.
12.4 You understand that Multipli is not registered or licensed by any regulatory agency or authority. No such agency or authority has reviewed or approved the use of the Services.
12.5 To the maximum extent permitted under Applicable Law, the Services (and any of their content or functionality) provided by or on behalf of us are provided on an “AS IS” and “AS AVAILABLE” basis, and we expressly disclaim, and you hereby waive, any representations, conditions or warranties of any kind, whether express or implied, legal, statutory or otherwise, or arising from statute, otherwise in law, course of dealing, or usage of trade, including the implied or legal warranties and conditions of merchantability, merchantable quality, quality or fitness for a particular purpose, title, security, availability, reliability, accuracy, quiet enjoyment and non-infringement of third party rights. Without limiting the foregoing, we do not represent or warrant that the Services (including any data relating thereto) will be uninterrupted, available at any particular time, or error-free. Further, we do not warrant that errors in the Website or the Service are correctable or will be correctable.
12.6 You acknowledge that data you provide while accessing or using on the Website may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, and agree that, to the maximum extent permitted under Applicable Law, we will not be liable for any loss or damage caused by denial-of-service attacks, software failures, viruses or other technologically harmful materials (including those which may infect your computer equipment), protocol changes by third-party providers, Internet outages, force majeure events or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside of our control.
12.7 References to future returns are not promises or even estimates of actual returns that an investor may achieve. Any forecasts and other material contained in this website are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Multipli gives no representations, warranties or undertakings that any indicative performance or return will be achieved in the future or that the investment objectives and policies from time to time of our funds will be met. Past performance is no guarantee and is not indicative of future results. While our funds are subject to market risks common to other types of investments, including market volatility, we may employ certain trading techniques, such as the use of leverage and other speculative investment practices that may increase the risk of investment loss.
13\. LIMITATION OF DAMAGES; EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES
13.1 Without limitation of any other provision of these Terms, you hereby agree that neither Multipli nor any of its Representatives will have any responsibility or liability whatsoever for any loss or injury sustained by you or any third parties as a result of (i) your use of Multipli or violation of these Terms of Service; (ii) any equipment or technology or other infrastructure delay, inaccessibility, or malfunctions; (iii) periodic maintenance procedures or repairs that Multipli or any of our suppliers or contractors may undertake from time to time; (iv) causes beyond Multipli ’s control or that Multipli could not reasonably foresee; (v) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (vi) unavailability of third-party service providers or external partners for any reason. Under no circumstances will Multipli or its Representatives have any liability for any such loss or injury caused by any of the foregoing events, including but not limited to any obligation to cover or reimburse any damages or losses caused by such events. You expressly acknowledge that any risk of loss resulting from such events shall be borne by you, and you expressly assume any and all such risks.
13.2 In no event will Multipli , our suppliers and contractors, and Multipli ’s or our suppliers’ and contractors’ respective stockholders, members, directors, officers, managers, employees, attorneys, agents, representatives, suppliers and contractors (collectively, the “Risk Limited Parties”) be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including damages for loss of fiat, assets, data, information, revenue, opportunities, use, goodwill, profits or other business or financial benefit) arising out of or in connection with the Services (and any of their content and functionality, including the StarkEx Service), any execution or settlement of a transaction, any performance or non-performance of the Services, your Digital Assets, or any other product, service or other item provided by or on behalf of Multipli , whether under contract, tort (including negligence), civil liability, statute, strict liability, breach of warranties, or under any other theory of liability, and whether or not we have been advised of, knew of or should have known of the possibility of such damages and, notwithstanding any failure of the essential purpose of these Terms or any limited remedy hereunder, nor is Multipli in any way responsible for the execution or settlement of transactions between users of the Services.
14\. LIMITATION OF LIABILITY
Without limitation of any provision of these Terms, in the event that Multipli or any related party is found liable under these Terms, the aggregate liability of Multipli (together with our shareholders, members, directors, managers, officers, employees, attorneys, agents, representatives, suppliers, consultants or contractors) arising out of or in connection with you use of the Services (and any of their content and functionality), any performance or non-performance of the Services, your Digital Assets, or any other product, service or other item provided by or on behalf of Multipli , whether under contract, tort (including negligence), civil liability, statute, strict liability or other theory of liability SHALL BE LIMITED TO THE TOTAL FEES PAID BY YOU TO US DURING THE TWO (2) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR USD $1,000, WHICHEVER IS LOWER. IN ANY CASE AND UNDER ALL CIRCUMSTANCES, THE PROTOCOL'S MAXIMUM AGGREGATE LIABILITY SHALL BE STRICTLY CAPPED AT AN ABSOLUTE CEILING OF USD $1,000. For any claims arising out of or relating to smart contract interactions, real-world asset tokenisation, or protocol accounting, the specific liability limitations set forth in the Protocol Terms of Use shall strictly supersede these Terms and control.”
15\. DISPUTE RESOLUTION & GOVERNING LAW
15.1 Informal Resolution
If a dispute arises between you and us regarding these Standard Terms of Use, your access to the website, or the interface, you must first submit a written notice to describing the dispute in detail. The parties shall attempt to resolve the dispute amicably through written correspondence within thirty (30) days. The submission of this notice is a mandatory condition precedent to initiating any arbitration or legal proceeding. Any claim arising out of or relating to this website or these Terms must be commenced within one (1) year after the event giving rise to the claim. Any claim commenced thereafter shall be permanently barred.
15.2 Binding Arbitration
If the dispute remains unresolved after the thirty (30) day informal resolution period, the dispute shall be referred to and finally resolved by confidential, binding arbitration administered by the Dubai International Arbitration Centre (DIAC) under its Rules of Arbitration. The seat of the arbitration shall be the Dubai International Financial Centre (DIFC), Dubai, UAE, which shall serve as the procedural framework for the arbitration. The arbitration shall be conducted in the English language before a single arbitrator appointed by mutual consent of the parties or, failing agreement, appointed by DIAC.
15.3 Limited Court Access and Injunctive Relief
Notwithstanding the arbitration framework above, we reserve the right to seek injunctive relief or other equitable remedies in the DIFC Courts or any court of competent jurisdiction to protect our intellectual property, proprietary software code, trademarks, or to prevent immediate harm or security breaches to the website and interface.
15.4 Governing Law
These Standard Terms of Use, their formation, performance, interpretation, and any non-contractual obligations arising out of or in connection with them (including your use of the website frontend interface) shall be governed by, and construed in accordance with, the laws of England and Wales. To the maximum extent permitted by applicable law, you waive any right to claim that the laws of your own jurisdiction apply.
15.5 Protocol Terms Priority
These Standard Terms of Use govern your general access to the website interface. If you interact with the decentralized smart contract architectures, deposit assets, or participate in the protocol ecosystem, such actions are strictly governed by the companion Protocol Terms of Use (insert hyperlink). In the event of any direct conflict or inconsistency between these Standard Terms of Use and the Protocol Terms of Use regarding a Shortfall Event, Autonomous Rebalancing Actions, Contributed Assets, or fee deductions, the Protocol Terms of Use shall strictly control and prevail.
15.6 Costs and Class Action Waivers
Subject to the Indemnification provisions, each party shall bear its own legal costs and expenses in connection with any arbitration proceedings unless the arbitrator, in a final award, determines that a party has acted in bad faith or awards costs to the prevailing party.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDINGS WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION. YOU IRREVOCABLY WAIVE ANY RIGHT TO BRING OR PARTICIPATE IN ANY CLAIM IN YOUR CAPACITY AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, REPRESENTATIVE, OR COLLECTIVE PROCEEDING.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY WAIVES ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY DISPUTE ARISING OUT OF OR RELATING TO THESE TERMS, THE WEBSITE, OR THE INTERFACE.
16\. GENERAL INFORMATION
16.1 Privacy Policy Please refer to our Privacy Policy, which is incorporated herein by reference and available at \[], for detailed information about how we collect, use, share, and otherwise process information about you.
16.2 Electronic Communications and Notices You consent to receive all communications, agreements, documents, receipts, notices, and disclosures electronically (collectively, our “Communications”) that we provide in connection with these Standard Terms of Use, the website, or the interface. You agree that we may provide Communications to you by posting them on the website or user dashboard, by emailing them to you at the email address associated with your account, or via designated messaging applications using the credentials provided during your interaction with the interface. All Communications shall be deemed received and effective immediately upon transmission or posting. You are solely responsible for maintaining accurate contact records and copies of these Communications. You may contact us with questions, complaints, or legal claims at .
16.3 Remedies and No Waiver Any right or remedy of Multipli.fi set forth in these Standard Terms of Use is in addition to, and not in lieu of, any other right or remedy whether described in these terms, under applicable law, at law, or in equity. The failure or delay of Multipli.fi in exercising any right, power, or privilege under these terms will not operate as a waiver thereof.
16.4 Severability If any provision of these Standard Terms of Use is determined by a court or arbitrator of competent jurisdiction to be invalid, unenforceable, or illegal, such provision shall be severed, and the remaining provisions shall remain in full force and effect to the maximum extent permitted by law.
16.5 Force Majeure and Excused Performance We will have no responsibility or liability for any delay, interruption, suspension, inaccuracy, failure, degradation of functionality, or delay in performance of the Website, the Interface, or the Services, or any loss or damage that you may incur, due to any circumstance or event beyond our reasonable control. This includes, without limitation, any disruption arising directly or indirectly from: (a) acts of God, natural disasters, epidemics, pandemics, extreme weather events, earthquakes, floods, fires, or other natural events; (b) war, armed conflict, terrorism, civil unrest, riots, insurrection, sanctions, embargoes, governmental actions, regulatory actions, court orders, or changes in applicable law; (c) labour disputes, strikes, lockouts, shortages of materials, utilities, telecommunications services, or transportation services; (d) internet outages, telecommunications failures, cloud service failures, hosting failures, power interruptions, hardware failures, software failures, cyberattacks, malware, denial-of-service attacks, security incidents, or unauthorized access events; (e) blockchain congestion, forks, validator failures, network outages, consensus failures, smart contract vulnerabilities or defects, software defects, oracle failures, Proof of Reserve failures, bridge failures, interoperability failures, third-party custody failures, tokenisation provider failures, exchange failures, stablecoin de-pegging events, or other failures affecting digital asset or distributed ledger technology (DLT) infrastructure; (f) the acts, omissions, insolvency, suspension, failure, or misconduct of any third-party service provider, issuer, custodian, SPV, oracle provider, validator, blockchain participant, liquidity provider, exchange, market maker, or other external party; or (g) any other circumstance beyond the reasonable control of Multipli.fi.
Any such event may result in the temporary suspension, restriction, modification, or discontinuance of all or part of the Website, Interface, or Services. Multipli.fi and its Representatives shall have no liability for any losses, damages, missed opportunities, market movements, inability to access or interact with Digital Assets via the Interface, or other consequences arising from such events.
16.6 Assignment and Transfer You may not assign or transfer any right to use the website interface, or any of your rights or obligations under these Standard Terms of Use, without our express prior written consent, including by operation of law or in connection with any change of control. We may assign, delegate, or transfer any or all of our rights or obligations under these terms, in whole or in part, with or without notice and without obtaining your prior consent or approval.
16.7 Rules of Construction Except to the extent otherwise provided, for the purposes of these Standard Terms of Use: (a) headings of sections are for convenience only and will not be used to limit or construe such sections; (b) whenever the words “include,” “includes” or “including” are used, they are deemed to be followed by the words “without limitation”; and (c) the use of “or” is not intended to be exclusive.
16.8 Entire Agreement These Standard Terms of Use, alongside the incorporated companion policy frameworks, constitute the full, complete, and exclusive agreement between you and Multipli.fi regarding your general access to and use of the website and frontend interface, entirely superseding all prior and contemporaneous understandings between the parties.
16.9 Order of Precedence (Protocol Terms Priority) These Standard Terms of Use govern your general access to the website interface. If you interact with the decentralized smart contract architectures, deposit assets, or participate in the protocol ecosystem, such actions are strictly governed by the companion Protocol Terms of Use (insert hyperlink). In the event of any direct operational, legal, or technical conflict between the provisions of these Standard Terms of Use and the Protocol Terms of Use, the provisions of the Protocol Terms of Use shall strictly control and prevail solely in respect of your interaction with the Protocol or the interface, including the smart contract architectures, Contributed Assets, Auto Settle, and Autonomous Rebalancing Actions.
16.10 Third-Party Beneficiaries You agree that, except as otherwise expressly provided in this agreement, there are no third-party beneficiaries to these Standard Terms of Use other than the Indemnified Parties.
# Protocol Terms of Use
V2 Updated and Effective from: June 19, 2026 V1 Date: November 21, 2025
These Multipli.fi Protocol Terms of Use (“Protocol Terms of Use”) form a legally binding agreement between you ("User" or "you") and Multipli.fi (the “Protocol”), BRS Tech Services, its holding company(ies) and its subsidiaries and affiliates ("we", "us", or "our").
1\. Eligibility, Representations, and Disclaimers
1.1 Your Representations and Warranties
You represent and warrant that you:
1. are of legal age and legally capable of entering into binding agreements;
2. are not a resident, citizen, incorporated entity, or person located in any jurisdiction designated by Protocol as restricted, including the United States, Canada, sanctioned territories, or any jurisdiction where use of the Protocol is prohibited;
3. are not a sanctioned person, are not on, or owned by persons on the OFAC Specially Designated Nationals List or the UK Sanctions List nor acting on behalf of any sanctioned entity;
4. will not use VPNs, proxies, anonymization tools, or similar technologies to circumvent any restrictions applicable to the Protocol.
5. comply fully with all applicable securities, financial services, AML/CFT, tax, and digital asset laws applicable to your jurisdiction.
1.2 Disclaimers
We are a technical software protocol and do not operate as a bank, broker, dealer, investment advisor, financial service, investment platform, asset manager, depository, fiduciary, custody provider or financial institution. The Protocol does not provide execution, settlement, clearing, brokerage, dealing, exchange, matching, or investment management services. The Protocol is not responsible for the execution, settlement, or completion of transactions automated through smart contracts or third-party infrastructure. The relationship between the User and Protocol is strictly contractual and 'at arm's length.' Nothing in these Protocol Terms of Use shall be construed as creating a partnership, trust, or any duty of care or loyalty beyond the express written terms herein between you and the Protocol. Interaction with the Protocol occurs through autonomous smart contracts and is undertaken solely at your own discretion and risk. Any technical issues, performance outcomes, or operational failures associated with independent third-party modules or external platforms are attributable solely to those systems and remain independent of the Protocol. The Protocol may take actions that are in the best interest of the protocol’s stability, even if such actions are detrimental to the individual User. Protocol provides software infrastructure only, including smart contract deployment and monitoring systems. You acknowledge that risk parameters are determined by independent third-party risk curators. You agree that the Protocol is not liable for any losses resulting from the configuration of these risk parameters by third-party curators. No information or services on the Protocol constitute legal, tax, investment, or financial advice. You should seek independent professional advice before using the Protocol. All participation is governed by these Protocol Terms of Use, which contain important information regarding use of the Protocol. You should review these terms in full prior to initiating any interaction.
1.3 Contributed Assets Ownership and Authority
You confirm that you are the sole legal and beneficial owner of any eligible tokenized real-world assets deposited ("Contributed Assets"), free of liens, charges, encumbrances, or third-party rights except those disclosed to and approved in writing by Protocol. You have full authority and unrestricted right to use the Contributed Assets for tokenisation purposes under these Terms. You represent and warrant that the Contributed Assets have not been derived from, or related to, any activities that would contravene applicable anti-money laundering (AML), counter-terrorism financing (CTF), or anti-bribery laws in any jurisdiction. You acknowledge that Protocol may, at its sole discretion, freeze assets or report transactions if the source of funds cannot be verified to its satisfaction.
4. No Issuance, Offer or Admission to Trading
The Protocol provides access to software infrastructure enabling Users to interact with autonomous smart contract systems. Any digital tokens accessible via the Protocol, are generated, transferred, and extinguished exclusively through predefined smart contract logic initiated by Users, and not through any act of issuance or intermediation by Protocol.
The Protocol does not:
1. issue, offer, or distribute crypto-assets;
2. act as an intermediary, broker, or agent in respect of any transaction executed through the Protocol; or
3. operate or control the execution of transactions beyond deploying and maintaining software interfaces.
Protocol does not act as an issuer, offeror, distributor, or intermediary in respect of such tokens. Participation in the protocol does not constitute an investment service, custody arrangement, or deposit-taking activity. Users interact directly with autonomous smart contracts and assume full responsibility for their actions and associated risks.
2\. User Compliance Obligations
2.1 Compliance and Verification
You acknowledge and agree that: (a) Protocol makes no representation that the Protocol or its services are appropriate, licensed, or legal for use in your specific jurisdiction. (b) The burden of determining whether your use of the Protocol complies with all local laws, regulations, and tax obligations rests solely and exclusively with you. (c) You represent and warrant that you have conducted your own due diligence regarding the legal status of RWA tokenisation and rwaUSD Units in your home country and that your use of the Protocol complies with all local laws, including the FATF standards in your country. (d) Protocol shall not be liable for any regulatory action, penalties, or losses incurred by you as a result of your failure to comply with laws applicable to your residence or citizenship. Protocol reserves the right to: (a) restrict or terminate access for Users in "High-Risk Jurisdictions" or those subject to regulatory warnings, without any notice to you; and (b) report any suspicious activity to relevant authorities in applicable jurisdictions without prior notice to you. You agree to complete all KYC/KYB, AML/CFT, source-of-funds verifications, sanctions screening, and ongoing compliance procedures as requested by Protocol or regulatory authorities. Non-compliance may result in suspension, termination, or freezing of your Contributed Assets and rwaUSD Units without liability to Protocol.
2.2 Accuracy of Information
You warrant that all information provided to Protocol is accurate, truthful, complete, and non-misleading. Any fraudulent misrepresentation, material omission, or negligent conduct will result in immediate termination of your access and use of the Protocol without further notice or liability to Protocol.
2.3 Technology Provider Status
You acknowledge that Protocol acts solely as a developer of decentralized software technology, infrastructure and blockchain-based protocols. The availability of the Protocol in any specific jurisdiction does not constitute an offer, solicitation, or a representation that Protocol is licensed, authorized, or regulated by any specific financial authority in that jurisdiction. Protocol does not manage your portfolio or exercise discretion over your RWA Contributed Assets. All actions on the protocol are initiated by the User or triggered by automated smart contract parameters. You are solely responsible for ensuring your use of the Protocol complies with the laws of your jurisdiction, and you waive any claim that the Protocol misled you regarding its regulatory status in any specific territory.
2.4 Prohibited Activities
The User shall not:
(a) violate any Applicable Laws, including sanctions, AML, CTF, anti-bribery, securities, commodities, tax, or financial services laws;
(b) engage in market manipulation, wash trading, front-running, accommodation trading, fictitious transactions, spoofing, or any conduct intended to create an artificial market;
(c) provide false, misleading, incomplete, or fraudulent information;
(d) use the Protocol to facilitate unlawful activities or transactions involving proceeds of crime;
(e) interfere with, disrupt, damage, disable, overburden, or impair the Protocol;
(f) use bots, scrapers, crawlers, malware, viruses, or automated means not approved by Protocol;
(g) impersonate another person or entity;
(h) attempt to circumvent any sanctions, geographic restrictions, access controls, or compliance requirements;
(i) encourage, assist, or facilitate any third party to engage in any prohibited activity.
2.5 Tax Obligations and Withholding
User is solely responsible for determining, reporting, withholding, filing, and paying any taxes, duties, levies, or governmental charges arising from the use of the Protocol, Contributed Assets, rwaUSD Units, or any related transactions. Notwithstanding the foregoing, if any local, national, or international tax authority, court, or regulatory body mandates that the Protocol, its underlying smart contract arrays, or any affiliated special purpose vehicle (SPV) or corporate node withhold taxes, levies, or duties on the yields, rewards, or underlying appreciation generated by the Contributed Assets: (a) You hereby explicitly and irrevocably authorize the Protocol to programmatically and automatically pass that tax deduction directly down to your individual position; (b) Such pass-through deductions may be executed via smart contract logic by reducing your outstanding rwaUSD Unit balance, reducing your redemption value, or deducting the equivalent value directly from your Contributed Assets pool; and (c) Any such automated withholding or deduction shall be deemed a fully authorized adjustment and shall not constitute a default, breach, or conversion of assets by the Protocol, and you remain solely liable for any tax shortfalls or subsequent filing obligations in your home jurisdiction.
3\. Contributed Assets Provision and Authority
3.1 Legal Title and Beneficial Ownership
You at all times retain full legal and beneficial ownership of the RWA Contributed Assets. Protocol does not take legal title, custody, or possession of your assets. Contributed Assets remains either in your self-custodied wallet or with a third-party RWA tokenization Protocol/custodian of your choice.
3.2 No Possession of Private Keys
Protocol does not hold, manage, or have access to the private keys associated with your Contributed Assets. You are solely responsible for the security of your credentials and accounts.
3.3 Programmatic Asset Locking
You acknowledge that once rwaUSD Units is generated, the underlying assets are programmatically restricted by smart contract logic. Such assets cannot be withdrawn until the corresponding rwaUSD Units are repaid or removed from the protocol. This restriction is enforced automatically by the Protocol; Multipli.fi does not have the unilateral power to move, release, or seize your assets.
3.4 Nature of Asset Provision
Assets made available by Users are programmatically associated with protocol positions through smart contract logic. Such assets are not transferred to Protocol and are not treated as deposits, custody assets, or balance sheet assets of Protocol. The Protocol establishes a technical linkage between user-provided assets and rwaUSD Units generated through the system. This linkage operates solely through deterministic smart contract rules.
3.5 Asset Provision and Protocol Interactions
By interacting with the Protocol, you authorize Multipli.fi and its designated third-party partners to facilitate the following actions as necessitated by automated smart contract logic:
1. To programmatically restrict or delegate the custody of your assets to maintain protocol-defined participation ratios;
2. To facilitate the registration of such assets and the subsequent generation or transfer of rwaUSD Units to your designated wallet;
3. To record, adjust, or modify unit balances as required by the Protocol’s prevailing risk parameters or to correct technical ledger discrepancies;
4. To facilitate Autonomous Rebalancing Actions upon the occurrence of a defined Protocol Breach or a deviation from the required asset participation ratios, as determined by the Protocol’s independent Oracles and third-party Risk Curators.
You acknowledge that Protocol does not exercise independent, human-led discretion over the movement of your assets. All actions are performed either by code or by third-party partners who maintain their own legal and custodial relationship with the underlying assets.
3.6 Nature of Protocol Units
The generation of rwaUSD Units is a technological process for internal accounting and does not constitute a regulated securitisation or financial instrument registration. rwaUSD Units (or “rwaUSD Units” or “Units”) represent a digital claim against underlying assets held within the scope of the applicable protocol arrangement. No pledge in the legal sense is created; rather, assets are held to support protocol-defined strategies.
The rwaUSD Units function exclusively as the Protocol’s native unit for internal accounting and operational use. These rwaUSD Units do not represent a claim on any specific reserve pool and are not designed to maintain a stable value.
3.7 Performance Disclaimers
The Protocol does not guarantee the value, market capacity, conversion accessibility, stability, demand, regulatory treatment, or market acceptance of any asset or rwaUSD Units. The value of rwaUSD Units is determined by decentralized market forces and the performance of underlying assets.
3.8 Emergency Controls
Protocol reserves the right to implement an 'Emergency Pause' on the protocol at any time to protect User Contributed Assets or protocol solvency. During such a pause, generation, asset release, and auto settlement of rwaUSD Units may be suspended. In the event of a protocol-wide Emergency Unwind, Protocol reserves the right to prioritize the return of principal Contributed Assets to Users over any accrued yield or rewards. Protocol shall have no liability for any market fluctuations or missed opportunities occurring during a system-wide pause.
4\. Asset Participation and Classification
4.1 Variable Asset-to-Unit Ratios
The ratio of rwaUSD Units generated to the Contributed Assets (“Assets-to-Unit Ratio”) will vary depending on the quality, risk profile, and classification of the assets you provide to the Protocol. Higher-quality, lower-risk assets (such as treasury instruments or highly-rated assets with low volatility profiles) will support higher participation ratios. Lower-quality or higher-risk assets will support lower participation ratios. The Protocol may adjust these ratios at any time based on real-time market data, asset performance, or independent risk assessments.
4.2 Asset Quality Classification
The Protocol maintains the technical capacity to classify, reclassify, or adjust the risk profile of any asset type and to modify the applicable Assets-to-Unit Ratio accordingly. While the Protocol provides notice of material changes to requirements, such adjustments may be implemented autonomously to ensure system integrity. You acknowledge that such reclassification may result in an immediate change to the required Assets-to-Unit Ratio, potentially triggering an Autonomous Rebalancing Action under Section 9.
5\. Asset Maintenance and User Responsibility
5.1 Ongoing Asset Monitoring
The User acknowledges and agrees that the Protocol operates on an autonomous basis. If a User’s Assets-to-Unit Ratio deviates from the parameters established by Risk Curators, the Protocol will trigger an Autonomous Rebalancing Action to maintain reserve integrity. The User accepts full responsibility for the outcomes of any such Autonomous Rebalancing Action.
It is your sole and exclusive responsibility to monitor the health of your participation and the current Assets-to-Unit Ratio to ensure alignment with the Protocol’s dynamic requirements. The Protocol is not an advisory service and is not responsible for notifying you of ratio adjustments or potential rebalancing actions.
5.2 Ratio Maintenance Obligations
You acknowledge that failing to maintain the required Asset-to-Unit Ratio constitutes a Protocol discrepancy. To restore compliance, you must proactively interact with the Protocol to either provide additional assets or reduce your outstanding Unit balance. Failure to restore the required Assets-to-Unit Ratio may result in the Protocol autonomously executing an adjustment to your position to maintain the integrity of the reserve balance, without further notice or opportunity to remedy.
6\. Legal and Regulatory Risks
6.1 Classification and Regulatory Risk
You acknowledge that the legal and regulatory classification of digital assets, tokenised assets, and rwaUSD Units is uncertain, evolving, and varies significantly across jurisdictions. You are solely responsible for ensuring that your acquisition, holding, trading, transfer, or disposal of rwaUSD Units complies with all applicable laws, including securities, commodities, AML/CFT, tax, and banking regulations in your jurisdiction of residence and use.
6.2 AML/KYC Compliance Requirement
You agree to maintain full compliance with all KYC/AML/CFT procedures imposed by Protocol or regulatory authorities. Non-compliance may result in immediate suspension, termination, or freezing of your Contributed Assets, rwaUSD Units, and account without further notice.
6.3 Blockchain, Smart Contract, and Currency Risk
You acknowledge and accept the inherent risks of blockchain technology, distributed ledgers, and smart contracts, including:
(a) Smart Contract Vulnerability: bugs, flaws, exploits, code failures, or unintended execution affecting generation, reduction, auto settlement or asset release of rwaUSD Units;
(b) Network Failure: disruption, congestion, forks, downtimes, transaction delays, or operational failures of the underlying blockchain or DLT;
(c) Private Key Security: loss, theft, or compromise of private keys may result in permanent, irreversible loss of rwaUSD Units and all associated rights and claims;
(d) Oracle Risk: dependency on external price feeds, data providers, or oracles, including during network congestion or technical failure may result in “stale” or inaccurate collateral valuations, erroneous valuations or Auto Settle decisions.
(e) Proof of Reserve (PoR): verification of underlying RWAs depends on third-party Proof of Reserve data. You accept the risk that inaccuracies in this data or failure of the underlying asset issuer are beyond Protocol’s control.
6.4 Allocation of Risk
All risks associated with blockchain technology, tokenisation, DLT, currency, smart contracts, and digital asset transfers lie solely with you. Protocol shall not be liable for any losses arising from such risks.
6.5 System Emergencies and Oracle Failures
In the event of a critical failure of primary or backup price oracles, or during periods of extreme market volatility causing divergent data feeds, Protocol reserves the right to: (a) pause all generation, asset contribution, auto settlement, and/or asset releases; (b) freeze Contributed Assets balances; or (c) manually adjust valuation parameters to protect protocol solvency. Protocol shall not be liable for any missed opportunities or losses resulting from such emergency actions or oracle inaccuracies or other risks mentioned in these Terms.
6.6 Bridge and Interoperability Risk
Protocol does not own or control third-party bridges or interoperability layers used to transfer assets between blockchain networks. You acknowledge that any loss of assets, stuck transactions, or exploit occurring on a third-party bridge is a technical risk borne solely by you, and Protocol shall have no liability for such occurrences.
6.7 Currency and Exchange Rate Risks
You acknowledge that the Protocol operates using digital assets that are subject to extreme price volatility. Whether your transaction is crypto-to-crypto or involves a nexus to fiat currency (whether USD or non-USD backed assets), you accept all risks arising from fluctuating exchange rates, stablecoin de-pegging, or loss of parity. Protocol is not liable for any reduction in purchasing power or Auto Settles caused by market movements or currency controls. All such risks are borne solely by you without recourse to Protocol.
6.8 Third-Party Issuer Risk
Protocol is not liable for the default, insolvency, regulatory seizure, or technical failure of any third-party issuer of the underlying real-world assets used as Contributed Assets (e.g., issuers of tokenized treasuries or gold-backed tokens). Any loss of value or loss of liquidity in these underlying assets is a market risk borne solely by the User and may trigger an immediate Liquidity Event or ratio shortfall.
6.9 Governance Risk
You acknowledge that the Protocol may involve decentralized governance mechanisms. Protocol is not liable for any changes to protocol parameters (including interest rates, collateral factors, or supported assets) that are potentially enacted via any such governance votes. You accept the risk that governance decisions may be dominated by large holders and may result in financial loss or unintended protocol behavior.
6.10 Underlying Real-World Asset (RWA) Restrictions and Freeze Events
You explicitly acknowledge and agree that Contributed Assets consist of tokenized representations of real-world assets issued, managed, or wrapped by independent third-party protocols, special purpose vehicles (SPVs), or regulated entities ("Asset Issuers"). The smart contract logic, regulatory compliance protocols, and whitelist/blacklist parameters of these underlying assets are entirely outside the possession, control, or influence of the Protocol. In the event that an Asset Issuer, law enforcement agency, or regulatory authority implements a compliance check, sanction-matching protocol, or asset-freezing action that results in your Contributed Assets becoming frozen, blacklisted, non-transferable, or otherwise inaccessible on-chain (a "Sanctioned Asset Freeze"): (a) The Protocol shall have no liability or responsibility whatsoever for your inability to interact with the interface, withdraw assets, or close positions; (b) Such Sanctioned Asset Freeze may be treated programmatically by the Protocol as an immediate Asset Participation Ratio Shortfall or emergency technical failure, potentially triggering automated Autonomous Rebalancing of your remaining compliant positions to preserve protocol balance sheet stability; and (c) You expressly waive any and all claims, recourse, or legal remedies against the Protocol for any market fluctuations, lost yield, or permanent asset loss resulting from third-party Asset Issuer compliance actions.
6.11 Protocol Migration and Version Upgrades
The Protocol reserves the right, at its sole discretion, to modify, upgrade, migrate, or transition the core software infrastructure, smart contract arrays, user interfaces, or network deployments to an updated, optimized, or alternative version or platform (each, a "Platform Migration") at any time. Where practically feasible, the Protocol will provide prior notice of such transition via its official electronic communication channels. In the event of a Platform Migration, you explicitly acknowledge and agree to the following terms: (a) The Protocol provides all version upgrades, migration bridges, and updated smart contracts on an "as-is" and "as-available" basis. The Protocol, its developers, and affiliates expressly disclaim all liability for any technical disruptions, stuck transactions, interface display latency, smart contract friction, or tracking errors that may occur during or immediately following a Platform Migration. (b) You bear the sole responsibility to actively monitor the Protocol’s official communications, adapt your connected web3 infrastructure, and execute any manual user-side transactions required to securely complete your migration to the updated framework or platform. (c) If you experience any technical difficulties, operational performance degradation, or if you object to the architecture, risk parameters, or legal terms of the updated version or platform, your sole and exclusive remedy is to immediately cease all use of the Protocol, unwind your positions, and withdraw your Contributed Assets, subject to prevailing programmatic smart contract locks. (d) Any continued interaction with the Protocol interface, execution of transactions, or failure to completely withdraw your Contributed Assets following the effective date of an announced Platform Migration shall be deemed an irrevocable, final acceptance of the new platform/version and a complete waiver of any liability claims related to the migration process.
7\. rwaUSD Units – Nature and Disclaimer
7.1 Definition and Claim
The rwaUSD Units represent a digital representation of a claim against underlying Contributed Assets held by Protocol or its designated SPV or custodian, solely within the scope of the applicable tokenisation arrangement. rwaUSD Units is not an equity, ownership, or profit-sharing interest in Protocol or any affiliate. The rwaUSD Units functions as an internal accounting unit, not designed to maintain a stable value and does not inherently generate yield, interest, or passive income. Any yield you may earn is derived strictly from your independent, third-party activities (e.g., lending or liquidity provision on external DEXs). Protocol is not a counterparty to these yield-generating activities and does not provide, guarantee, or manage any returns on rwaUSD Units.
7.2 What rwaUSD Units Is NOT
The rwaUSD Units is expressly NOT:
(a) an equity or ownership stake in Protocol or any affiliate;
(b) a guarantee of profit, yield, return, or income;
(c) a direct ownership interest in any physical or real-world asset except where separately and explicitly documented in a written instrument executed by Protocol;
(d) a security, bond, note, or regulated financial instrument;
(e) a deposit, savings account, or insured financial product.
7.3 Secondary Market Transactions
Users who acquire rwaUSD Units on the secondary market acknowledge that their rights are governed by the Protocol’s prevailing smart contract logic. Unless otherwise specified by the Protocol rules, secondary market holders do not hold a direct claim on any specific individual collateral position and must exit their positions via secondary market trading. The Protocol’s overall collateralization framework supports the value of rwaUSD Units, but the specific mechanics of generation, auto settlement, asset release and asset contribution are subject to change based on updated Protocol parameters.
7.4 No Value or Redemption Guarantees
Any yield, rewards, or productivity associated with rwaUSD Units or underlying Contributed Assets is variable and contingent upon protocol performance and third-party asset performance. Protocol does not guarantee any specific rate of return, and any such features should not be construed as a promise of profit or a managed investment product. Protocol does not guarantee the stability, Auto Settle, Asset Release value, regulatory classification, price, liquidity, market demand, or continued existence of rwaUSD Units. You accept the risk that regulatory changes, technical exploits, or extreme market volatility could impact the price, liquidity, or regulatory treatment of rwaUSD Units. You acknowledge that the value may fluctuate, have significant loss of value, or be subject to regulatory restrictions or prohibitions.
7.5 Insurance Coverage and Limitations
While Protocol may maintain insurance policies to support the stability of rwaUSD Units, the User acknowledges that: (a) such insurance is for the benefit of the protocol’s overall solvency and does not constitute an individual insurance policy for the User; (b) any payout is subject to the specific terms, conditions, exclusions, and limits of the underlying policy; and (c) Protocol shall not be liable to the User in the event an insurer denies a claim, or if the insurance proceeds are insufficient to cover the User’s specific losses.
7.6 Proof of Reserve and Third-Party Data
Protocol may utilize "Proof of Reserve" (PoR) services or other third-party attestation mechanisms to provide transparency regarding the underlying Contributed Assets. You acknowledge and agree that: (a) Protocol relies on the accuracy and availability of data provided by such third-party services; (b) Protocol does not independently audit every PoR data point in real-time; and (c) Protocol shall not be liable for any losses, inaccuracies, or reliance interests arising from fraudulent reporting, technical failure, or delays by third-party PoR providers or the underlying asset issuers.
7.7 Audits and Transparency
Protocol may publish third-party audit summaries from time to time on the Protocol, presently at \[]. These are provided "as-is" for informational purposes only. You acknowledge that audits are "point-in-time" assessments. An audit does not guarantee the absence of bugs, and Protocol is not liable for vulnerabilities, hacks, or exploits that emerge, are discovered, or are introduced through protocol updates after the audit date. You expressly disclaim any reliance on audit reports. They do not create a fiduciary duty or guarantee of safety. You remain solely responsible for your own due diligence and use the Protocol at your own risk.
8\. Protocol Fees & External Charges
8.1 You acknowledge and agree to pay all fees and charges associated with your use of the Protocol and the integration of your Contributed Assets, which may include, without limitation:
(a) Third-Party Tokenisation & Asset Costs: Any fees, commissions, or expenses charged by external RWA tokenisation Protocols, custodians, or issuers to create, maintain, or verify the digital representation of the assets you bring onto the Protocol;
(b) Issuance and Redemption Charges: Fees associated with the generation, creation, or reduction of rwaUSD Units within the Protocol;
(c) Stability and Utilization Fees: Borrowing interest or stability fees payable at the then-prevailing rates as determined by the Protocol’s automated risk parameters;
(d) Auto Settle and Rebalancing Costs: Auto Settle penalties and any third-party execution costs incurred during an Auto Settle Event;
(e) Infrastructure and Data Fees: Blockchain transaction fees (gas), third-party Oracle data fees, and pass-through charges from third-party vendors required to support your specific Contributed Assets type;
(f) Compliance and Administrative Costs: Fees related to mandatory AML/KYC screening, asset audits, or specific jurisdictional regulatory requirements.
8.2 Automated Settlement.
You irrevocably authorize the protocol mechanics to execute automated deductions or withdrawals ("Auto Settle") of all applicable fees (including those owed to third-party asset providers where integrated via the Protocol) directly from your Contributed Assets or rwaUSD Units holdings. This includes the programmatic, automated withdrawal or deduction of applicable protocol fees, stability fees, cross-platform utilization charges, or administrative expenses directly from a User’s Contributed Assets, unit balances, or transaction streams, executed via deterministic smart contract logic, without further notice.
8.3 Modification and Pass-Through. Protocol reserves the right to modify Protocol fees or pass through increases in third-party costs at any time. As Protocol does not perform tokenisation services, you acknowledge that any changes in costs from your third-party asset provider are outside of Protocol's control and you agree to remain liable for such costs to maintain your collateralization ratio.
9\. Autonomous Rebalancing and Protocol Shortfalls
9.1 Authorization of Autonomous Rebalancing Action
By interacting with the Protocol, you acknowledge that the Protocol operates as an autonomous software framework. If at any time a Shortfall Event occurs, you irrevocably authorize the Protocol to autonomously execute an Autonomous Rebalancing Action on all or part of your position. This process ("Autonomous Rebalancing") is the non-discretionary, automated execution of smart contract logic that alters, reduces, or converts a User’s position or Contributed Asset balances to restore protocol-defined asset ratios due to a valuation shortfall, without human intervention, prior notice, or a grace period.
9.2 Role of Risk Curators
Risk Curators are independent, third-party technical entities responsible for defining the participation parameters that govern the Protocol. They determine the dynamic Asset-to-Unit participation ratios based on market volatility, asset quality, and market capacity assessments. You acknowledge that these parameters are subject to autonomous update by the Risk Curators to ensure the technical integrity of the Protocol’s reserves.
9.3 Shortfall Events
A "Shortfall Event" is a programmatically defined state that triggers an Autonomous Rebalancing Action. These include:
1. Threshold failure: The real-time valuation of your Contributed Assets (as reported by independent Oracles) or your Asset-to-Unit Ratio declines below the minimum threshold defined by Risk Curators.
2. Maintenance Failure: A failure to provide sufficient Contributed Assets to support your Asset-to-Unit Ratio.
3. Stability Risk and Market Parity Divergence: Significant market volatility, technical failure of an asset’s pricing mechanism, or a persistent divergence in the value of rwaUSD Units relative to the underlying assets.
4. Oracle Deviation: A technical discrepancy where the price feed from independent Oracles is deemed inconsistent or indicative of potential market manipulation.
5. Regulatory or Third-Party Asset Disruption: Any legal, regulatory, or administrative action that restricts, freezes, or disrupts the underlying assets or the venues where they are held, or any breach of third-party custody protocols.
6. Breach of User Warranties: Discovery that the User has provided inaccurate information, failed to maintain eligibility, or breached any representation or warranty made within these Protocol Terms of Use.
9.4 Implementation of Autonomous Rebalancing Actions
Upon the occurrence of a Shortfall Event, the Protocol will autonomously execute one or more of the following:
1. Asset Rebalancing and Sale: The autonomous sale, conversion, or reallocation of a portion of your Contributed Assets to restore the required Asset-to-Unit ratio to a compliant state.
2. Unit Reduction: The autonomous reduction of your rwaUSD Units balance, such that your unit exposure is brought back into alignment with the value of your remaining Contributed Assets.
3. Participation Restriction: The temporary or permanent locking of your ability to generate further rwaUSD Units or access the Protocol interface until compliance is restored.
9.5 Retroactive Asset Invalidation and Value Fluctuations
1. Retroactive Invalidation: If any Contributed Assets are retroactively determined to be ineligible, invalid, or subject to undisclosed encumbrances (even after they have been accepted by the Protocol) the Protocol may retroactively adjust your participation parameters. This may trigger an immediate Autonomous Rebalancing Action if your updated position is found to be non-compliant.
2. Asset Value Increases: If the valuation of your Contributed Assets increases, the Protocol may automatically adjust your available Unit generation capacity upward. Such increases do not grant you any right to withdraw assets if doing so would cause a shortfall in your existing Unit backing requirements.
9.6 No Liability
The Protocol, its contributors, and developers expressly disclaim any liability for losses, market slippage, or opportunity costs resulting from an Autonomous Rebalancing Action. Because these actions are determined by immutable, decentralized code based on the parameters set by independent Risk Curators, you assume full responsibility for maintaining your position and acknowledge that the Protocol operates without human intervention or discretionary control.
10\. Limitation of Liability
10.1 Liability Cap
EXCEPT TO THE EXTENT PROHIBITED BY APPLICABLE LAW (INCLUDING LIABILITY FOR FRAUD OR FRAUDULENT MISREPRESENTATION WHICH CANNOT BE EXCLUDED OR LIMITED), THE AGGREGATE LIABILITY OF THE PROTOCOL, THE AGGREGATE LIABILITY OF THE PROTOCOL (INCLUDING US, OUR DIRECTORS, EMPLOYEES, AND AFFILIATES) FOR ANY CLAIM ARISING OUT OF OR RELATING TO THE PROTOCOL (INCLUDING YOUR INTERACTION WITH THE PROTOCOL, PROVISION OF CONTRIBUTED ASSETS, GENERATION OR HOLDING OF RWAUSD UNITS, AUTONOMOUS REBALANCING ACTIONS, OR ANY OTHER MATTER UNDER THESE TERMS, WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF WARRANTY, OR OTHERWISE) SHALL BE LIMITED TO THE TOTAL FEES PAID BY YOU TO US DURING THE TWO (2) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR USD $1,000, WHICHEVER IS LOWER. IN ANY CASE AND UNDER ALL CIRCUMSTANCES, THE PROTOCOL'S MAXIMUM AGGREGATE LIABILITY SHALL BE STRICTLY CAPPED AT AN ABSOLUTE CEILING OF USD $1,000.
10.2 Excluded Damages
To the maximum extent permitted by applicable law, we and our affiliates, directors, and service providers shall not be liable for any indirect, incidental, consequential, punitive, exemplary, or special damages. This exclusion applies regardless of the legal theory (contract, tort, or otherwise) and includes, without limitation, loss of profits, loss of data, loss of business opportunity, or any other intangible losses arising from or related to:
1. Technical Failures: Any smart contract malfunction, exploit, "zero-day" vulnerability, blockchain network disruption, or failure of the underlying distributed ledger technology (DLT);
2. Market and Conversion Risks: Any loss of value, market volatility, or price divergence of rwaUSD Units, or your inability to swap or trade rwaUSD Units on secondary markets or external exchanges;
3. Third-Party Actions: Any acts, omissions, delays, or failures by independent Risk Curators, Oracles, or third-party RWA providers and custodians;
4. Regulatory Shifts: Any change in the legal or regulatory classification of rwaUSD Units or digital assets in your jurisdiction (including your country of residence) that results in the freezing, seizure, or loss of access to Contributed Assets or Units;
5. Autonomous Rebalancing: Any losses resulting from Autonomous Rebalancing Actions, slippage during the sale or rebalancing of Contributed Assets, or any other process conducted in accordance with the Protocol’s programmatic logic;
6. Operational Good Faith: Any actions taken by us in good faith to protect the Protocol’s integrity, including the pausing of Protocol functions, the implementation of emergency "circuit breakers," or compliance with government mandates;
7. Asset Lifecycle: Any issues arising from the registration, management, or de-registration of Contributed Assets performed by third-party partners.
10.3 Survival
These liability limitations shall survive any termination or expiration of these Protocol Terms of Use and shall apply to all claims whether or not previously known or foreseeable.
11\. Indemnity
11.1 Your Indemnification Obligation
You agree to indemnify, defend with counsel of Protocol's selection, and hold harmless Protocol, its parent companies, subsidiaries, affiliates, and their respective officers, employees, agents, service providers, custodians, and third-party vendors (the "Indemnified Parties") from and against all losses, damages, claims, costs, liabilities, expenses (including reasonable legal and attorneys' fees), regulatory penalties, and fines arising out of or related to:
1. your use of the Protocol or rwaUSD Units, or the interaction with external DeFi protocols;
2. Any issues related to your Contributed Assets, its underlying value, or the tokenisation process facilitated by the Protocol or third-party partners;
3. your breach of any representation, warranty, or covenant in these Protocol Terms of Use or applicable laws, including the Source of Funds and Sanctions warranties;
4. your fraud, misrepresentation, negligence, willful misconduct, or violation of law;
5. any third-party claim, action, or allegation arising from your activities, Contributed Assets, or use of rwaUSD Units;
6. Any regulatory or compliance inquiries, freezes, or penalties triggered by your specific account activity or the nature of your Contributed Assets.
11.2 Indemnity Survival
This indemnity shall survive termination or expiration of these Protocol Terms of Use indefinitely and shall apply to all claims, whether asserted during or after such termination.
12\. Dispute Resolution
12.1 Informal Resolution
If a dispute arises between you and Protocol, you must first submit a written notice to describing the dispute in detail. The parties shall attempt to resolve the dispute amicably through written correspondence within thirty (30) days. The submission of this notice is a mandatory condition precedent to initiating any arbitration or legal proceeding.
Any claim arising out of or relating to the Protocol or these Terms must be commenced within one (1) year after the event giving rise to the claim. Any claim commenced thereafter shall be permanently barred.
12.2 Binding Arbitration
If the dispute remains unresolved after thirty (30) days, the dispute shall be referred to confidential, binding arbitration administered by the Dubai International Arbitration Centre (DIAC) under its Rules of Arbitration. The seat of the arbitration shall be the Dubai International Financial Centre (DIFC), Dubai, UAE, which shall serve as the procedural framework for the arbitration. The arbitration shall be conducted in the English language before a single arbitrator appointed by mutual consent of the parties or, failing agreement, appointed by DIAC.
12.3 Limited Court Access and Injunctive Relief
Notwithstanding the above, the Protocol reserves the right to seek injunctive relief or other equitable remedies in the DIFC Courts or any court of competent jurisdiction to protect its intellectual property or prevent immediate harm to the Protocol.
12.4 Governing Law
These Protocol Terms of Use, their formation, performance, interpretation, and any non-contractual obligations arising out of or in connection with them shall be governed by, and construed in accordance with, the laws of England and Wales. To the maximum extent permitted by applicable law, the User waives any right to claim that the laws of their own jurisdiction apply.
12.5 Costs and Waivers
Subject to the Indemnification provisions in Section 11, each party shall bear its own legal costs and expenses in connection with any arbitration proceedings unless the arbitrator, in a final award, determines that a party has acted in bad faith or awards costs to the prevailing party.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDINGS WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION. YOU IRREVOCABLY WAIVE ANY RIGHT TO BRING OR PARTICIPATE IN ANY CLAIM IN YOUR CAPACITY AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, REPRESENTATIVE, OR COLLECTIVE PROCEEDING.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH PARTY WAIVES ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY DISPUTE ARISING OUT OF OR RELATING TO THESE TERMS OR THE PROTOCOL.
13\. Amendments, Suspension & Termination
13.1 Right to Amend
Protocol may amend these Protocol Terms of Use at any time, effective immediately upon posting to the Protocol or upon notice to you. Continued access to or use of the Protocol following any amendment constitutes your acceptance of the revised Terms.
13.2 Suspension and Termination
Protocol may suspend, restrict, or terminate your access to the Protocol, freeze your Contributed Assets, or programmatically adjust your rwaUSD Units at any time, with or without cause and with or without prior notice, for legal, regulatory, compliance, risk management, security, fraud prevention, or operational reasons.
13.3 Post-Termination Obligations
Upon termination, your rights to access the Protocol cease immediately. All accrued fees, penalties, and obligations remain due and payable. Surviving provisions, including but not limited to indemnity, limitation of liability, and dispute resolution, shall remain in full force and effect.
14\. Proprietary Rights and Open-Source Software
14.1 Open-Source Components
Certain components of the Protocol, interfaces, smart contracts, software libraries, or supporting infrastructure may be made available under open-source, source-available, or similar licensing arrangements (collectively, "Open-Source Components"). Your use of any Open-Source Components is subject to the applicable licence terms governing such components. To the extent of any inconsistency between these Terms and an applicable Open-Source Component licence, the applicable licence shall govern solely in respect of that Open-Source Component. You shall not use the Protocol or any Open-Source Component in a manner that violates any applicable licence, law, regulation, or third-party right.
14.2 Ownership of the Protocol
Except for Open-Source Components and third-party materials, the Protocol, including its interfaces, software, source code, documentation, content, designs, trademarks, logos, databases, technical infrastructure, risk management systems, and all related intellectual property rights, are owned by or licensed to Multipli.fi, its affiliates, licensors, or contributors. Subject to your compliance with these Terms, Multipli.fi grants you a limited, revocable, non-exclusive, non-transferable, non-sublicensable right to access and use the Protocol solely for its intended purpose. No rights are granted except as expressly stated in these Terms.
14.3 Restrictions
Except as expressly permitted by applicable law or an applicable Open-Source Component licence, you shall not:
(a) copy, reproduce, modify, adapt, translate, or create derivative works of any proprietary component of the Protocol;
(b) reverse engineer, decompile, disassemble, or otherwise attempt to derive source code from any proprietary component of the Protocol;
(c) resell, lease, lend, sublicense, distribute, commercialise, or otherwise make available the Protocol to any third party;
(d) use the Protocol as a service bureau, hosted service, white-label solution, or similar commercial offering;
(e) remove, alter, obscure, or interfere with any copyright, trademark, proprietary notice, disclaimer, or technical protection mechanism incorporated within the Protocol; or
(f) use the Protocol in any manner that infringes the intellectual property rights of Multipli.fi, its licensors, contributors, or any third party.
14.4 Trademarks
"Multipli.fi", "rwaUSD", the Multipli.fi logos, names, branding, marks, and all related identifiers are trademarks or proprietary marks of Multipli.fi or its licensors. Nothing in these Protocol Terms of Use grants any right, title, or interest in or to such trademarks, branding, or marks. Any use of such marks without prior written consent is strictly prohibited.
14.5 Feedback
If you provide any suggestions, comments, proposals, bug reports, enhancement requests, governance recommendations, or other feedback relating to the Protocol ("Feedback"), you hereby grant Multipli.fi a perpetual, irrevocable, worldwide, royalty-free, transferable, sublicensable right to use, modify, reproduce, commercialise, publish, and incorporate such Feedback into the Protocol or any related products or services without compensation, attribution, or further consent.
14.6 Non-Custodial Nature of the Protocol
The Protocol is non-custodial in nature. Except where assets are held by an independent third-party issuer, custodian, SPV, tokenisation provider, or other service provider selected or utilised in connection with the applicable asset structure, Multipli.fi does not hold, control, possess, or have access to the private keys associated with User wallets or User-controlled assets. Where Contributed Assets are subject to custody, restrictions, lock-up arrangements, tokenisation structures, or other asset management mechanisms, such arrangements are governed by the applicable smart contract logic and/or the contractual arrangements of the relevant third-party issuer, custodian, SPV, tokenisation provider, or service provider. Multipli.fi does not assume legal custody of such assets and does not guarantee the performance, solvency, actions, or omissions of any such third party.
15\. Electronic Communications and Notices
You consent to receive all agreements, disclosures, notices, amendments, communications, records, statements, confirmations, requests, demands, and other information relating to the Protocol, your use of the Protocol, Contributed Assets, rwaUSD Units, compliance matters, or these Terms (collectively, "Communications") in electronic form.
You agree that Protocol may provide Communications by any of the following means:
(a) posting on the Protocol website, interface, dashboard, documentation portal, or user account;
(b) email to any email address associated with your account;
(c) notifications delivered through the Protocol interface or connected wallet;
(d) messaging applications, or other communication channels provided by you to Protocol; or
(e) any other electronic means reasonably used by Protocol from time to time.
All Communications shall be deemed received and effective upon transmission, posting, or publication, regardless of whether you actually access, review, read, or retain such Communication.
You are solely responsible for maintaining accurate and current contact information and for regularly reviewing the Protocol interface, website, and associated communication channels for updates and notices.
You should retain copies of all Communications by printing or electronically storing them. Failure to receive or review any Communication due to outdated contact information, technical issues, spam filters, wallet accessibility issues, or your failure to monitor designated communication channels shall not affect the validity or enforceability of such Communication.
Questions, complaints, legal notices, or claims relating to the Protocol may be submitted to or such other contact details as may be published by Protocol from time to time.
16\. Force Majeure and Excused Performance
This includes, without limitation, the following events, which shall constitute force majeure and excuse our performance. Protocol shall not be liable for any delay, interruption, suspension, inaccuracy, failure, inability to perform, degradation of functionality, loss of data, loss of access, or other disruption arising directly or indirectly from:
(a) acts of God, natural disasters, epidemics, pandemics, extreme weather events, earthquakes, floods, fires, or other natural events;
(b) war, armed conflict, terrorism, civil unrest, riots, insurrection, sanctions, embargoes, governmental actions, regulatory actions, court orders, or changes in applicable law;
(c) labour disputes, strikes, lockouts, shortages of materials, utilities, telecommunications services, or transportation services;
(d) internet outages, telecommunications failures, cloud service failures, hosting failures, power interruptions, hardware failures, software failures, cyberattacks, malware, denial-of-service attacks, security incidents, or unauthorized access events;
(e) blockchain congestion, forks, validator failures, network outages, consensus failures, smart contract vulnerabilities, software defects, oracle failures, Proof of Reserve failures, bridge failures, interoperability failures, third-party custody failures, tokenisation provider failures, exchange failures, stablecoin de-pegging events, or other failures affecting digital asset infrastructure;
(f) the acts, omissions, insolvency, suspension, failure, or misconduct of any third-party service provider, issuer, custodian, SPV, oracle provider, validator, blockchain participant, liquidity provider, exchange, market maker, or other external party; or
(g) any other circumstance beyond the reasonable control of Protocol.
Any such event may result in the temporary suspension, restriction, modification, or discontinuance of all or part of the Protocol. Protocol shall have no liability for any losses, damages, missed opportunities, market movements, inability to access assets, inability to generate or redeem rwaUSD Units, or other consequences arising from such events.
17\. Entire Agreement and Incorporation by Reference
These Protocol Terms of Use constitute the full, complete, and exclusive agreement between you and Protocol regarding your use of the Protocol, provision of Contributed Assets, and tokenisation into rwaUSD Units. You acknowledge and agree that Protocol may update or amend these Protocol Terms of Use at any time at its sole discretion by publishing the revised version on the Protocol website, documentation portal, or interface. Upon such publication, the Protocol Terms of Use shall be deemed automatically updated and immediately effective, entirely superseding all prior versions, negotiations, representations, warranties, and agreements, whether written or oral, relating to the subject matter hereof.
Your continued access to or use of the Protocol following the publication of any revised terms—regardless of whether an active "I Agree" confirmation modal is presented or clicked—is deemed to be an automatic fresh acceptance of the updated terms in their entirety and a legal novation, establishing a new binding contract that replaces all previous versions. If you do not agree to the updated or deemed updated Terms, your sole and exclusive remedy is to immediately cease using the Protocol and withdraw your Contributed Assets, subject to existing programmatic protocol constraints.
You explicitly acknowledge and agree that the Multipli.fi Standard Terms of Use, presently located at \[], are hereby fully incorporated into these Protocol Terms of Use by reference.
These documents shall be read as a unified contractual framework. In the event of any direct operational, legal, or technical conflict between the provisions of these Protocol Terms of Use and the Standard Terms of Use, the provisions of these Protocol Terms of Use shall strictly control and prevail solely in respect of your interaction with the Protocol or the interface, including the smart contract architectures, Contributed Assets, Auto Settle, and Autonomous Rebalancing Actions.
18\. Severability
If any provision of these Protocol Terms of Use is determined by a court or arbitrator to be invalid, unenforceable, or illegal, such provision shall be severed, and the remaining provisions shall remain in full force and effect to the maximum extent permitted by law.
19\. Privacy Policy
Please refer to our Privacy Policy, which is incorporated herein by reference and available at \[], for detailed information about how we collect, use, share, and otherwise process information about you.
20\. Acknowledgment and Confirmation
By clicking "I Agree" and checking the associated affirmation boxes you expressly confirm, represent, consent to and acknowledge that:
(a) you have read, understood, and fully comprehend these Protocol Terms of Use;
(b) you have had an opportunity to seek independent legal, tax, and financial advice before proceeding to use this Protocol;
(c) you voluntarily and intentionally accept and agree to be bound by all terms, conditions, and disclaimers herein;
(d) you understand that Multipli.fi operates strictly as a decentralized technical software provider and not as a custodian of your assets, and you fully accept the risks associated with collateral tokenisation, including but not limited to: (i) reliance on third-party Oracle feeds for valuation, as well as the inherent risks of oracle delays, stale data, and valuation slippage; (ii) dependency on Proof of Reserve (PoR) data; (iii) the potential for protocol-wide "Emergency Pauses," asset freezes, or programmatic locks executed by smart contract logic or by independent third-party RWA issuers; and (iv) the general inherent technical and operational risks of blockchain technology;
(e) You grant the Protocol an irrevocable right to automatically execute Autonomous Rebalancing Actions and adjust or programmatically convert your Contributed Assets without prior notice or a "grace period" if your Asset-to-Unit Ratio falls below the Protocol's designated threshold;
(f) you accept the liability limitations and indemnity obligations, including the strict cap on damages to the total fees paid by you to us during the preceding two (2) months, or USD $1,000, whichever is lower, subject to an absolute maximum liability ceiling of USD $1,000.
(g) You confirm you are not a restricted person, are complying with all local regulations where applicable, and hereby waive any claims against the Protocol arising from market volatility, currency parity fluctuations, or your home jurisdiction's legal classification of rwaUSD Units;
(h) you are not relying on any representations, warranties, or statements other than those expressly set forth in these Terms;
(i) you acknowledge that continued use of the Protocol after an update to these Protocol Terms of Use is deemed to be an automatic fresh acceptance of the revised terms in their entirety;
(j) You acknowledge that no employee, contractor, moderator, ambassador, influencer, community member, governance participant, or third party is authorised to make representations on behalf of Protocol unless expressly stated in writing by Protocol;
(k) You represent that you possess sufficient knowledge, sophistication, and experience regarding blockchain technology, digital assets, tokenized real-world assets, smart contracts, and associated risks to independently evaluate and participate in the Protocol without reliance upon Protocol.
By proceeding, you are legally bound by the aforesaid Terms & Conditions.
# Privacy Policy
Updated as of September 15, 2024
This Privacy Policy (“**Policy**”) describes how Multipli.fi , its parent or holding company(ies) and its subsidiaries and affiliates (“**Multipli**”, “**we**”, “**us**” and “**our**”) may collect, use and disclose information, and your choices regarding this information.
Please read this Policy carefully and contact us with questions at .
1. **Applicability of This Policy**
This Policy applies to the Sites and the Services (in each case, as defined in the [Terms of Use](https://www.notion.so/brine-fi/multipli%20terms%20of%20use)). If you do not agree with the terms of this Policy, do not access or use the Services, the Sites, or any other aspect of our business.
1. **What We Collect**
When you interact with our Services, we may collect:
*2.1 Contact Information*, such as your name, email address, physical location address and country information.
*2.2 Financial Information*, such as your Ethereum network address, cryptocurrency wallet information, transaction history, trading data and associated fees paid.
*2.3 Transaction Information*, such as information about the transactions you make on our Services, such as the type of transaction, transaction amount, and timestamp.
*2.4 Correspondence*, such as your feedback, questionnaire and other survey responses, and information you provide to our support teams, including via our help chat or social media messaging channels.
*2.5 Online Identifiers*, such as username, geo-location or tracking details, browser fingerprint, operating system, browser name and version, and IP addresses.
*2.6 Usage and Diagnostics Data*, such as conversion events, user preferences, crash logs, device information and other data collected via cookies and similar technologies.
*2.7 Information We Get from Others:* We may get information about you from other sources as required or permitted by applicable law, including public databases. We may combine the information collected from these sources with the information we get from this Site in order to comply with our legal obligations and limit the use of our Services in connection with fraudulent or other illicit activities.
*2.8 Information from cookies and other tracking technologies:* We, and third parties we authorise, may use cookies, web beacons, and similar technologies to record your preferences, track the use of our Sites, including our mobile applications, and collect information about the use of the Services, as well as about our interactions with you. This information may include internet protocol (IP) addresses, browser type, internet service provider (ISP), referring/exit pages, operating system, device information, date or time stamp, and clickstream data, and information about your interactions with the communications we send to you. We may combine this automatically collected log information with other information we collect about you. You may choose to set your web browser to refuse cookies or to alert you when cookies are being sent. If you do so, please note that some parts of our Services may not function properly.
***
1. **How We Use Information**
We use your information in accordance with your instructions, including any applicable terms in the Terms of Use, and as required by applicable law. We may also use the information we collect for:
3.1 *Providing Services and Features:* We may use the information we collect to provide, personalise, maintain, and improve our products and Services, including as we described in the Terms of Use. This includes using information to:
1. operate, maintain, customise, measure, and improve our Services, and manage our business;
2. create and update user accounts;
3. process transactions;
4. send information, including confirmations, notices, updates, security alerts, and support and administrative messages; and
5. create de-identified or aggregated data.
3.2 *Safety and Security:* We may use your information to help maintain the safety, security, and integrity of you and our Services, including to:
1. protect, investigate, and deter against fraudulent, unauthorised, or illegal activity;
2. monitor and verify identity or service access, combat spam, malware or security risks;
3. perform internal operations necessary to provide our Services, including to troubleshoot software bugs and operational problems;
4. enforce our agreements with third parties, and address violations of our Terms of Use or agreements for other products or services; and
5. comply with applicable security laws and regulations.
3.3 *Customer Support:* \*\*\*\*We may use the information we collect to provide customer support, including to:
1. direct questions to the appropriate customer support person;
2. investigate and address user concerns; and
3. monitor and improve our customer support responses and processes.
3.4 *Research and Development:* \*\*\*\*We may use the information we collect for testing, research, analysis, and product development to improve your experience. This helps us to improve and enhance the safety and security of our Services, improve our ability to prevent the use of our Services for illegal or improper purposes and develop new features and products relating to our Services.
3.5 *Legal and Regulatory Compliance:* \*\*\*\*We may verify your identity by comparing the personal information you provide against third-party databases and public records. We may use the information we collect to investigate or address claims or disputes relating to the use of our Services, or as otherwise allowed by applicable law, or as requested by regulators, government entities, and official inquiries.
3.6 *Direct Marketing:* We may use the information we collect to market our Services to you. This may include sending you communications about our Services, features, promotions, surveys, news, updates, and events, and managing your participation in these promotions and events. If you do not want us to send you marketing communications, please opt out by selecting “unsubscribe” to any marketing email sent by us or by contacting us at .
1. **How We Share and Disclose Information**
We may share your information in the following circumstances:
4.1 *With Your Consent:* For example, you may let us share personal information with others for their own marketing uses. Those uses will be subject to their privacy policies.
4.2 *To Comply with Our Legal Obligations:* We may share your information: (a) to cooperate with government investigations; (b) when we are compelled to do so by a subpoena, court order, or similar legal procedure; (c) when we believe in good faith that the disclosure of personal information is necessary to prevent harm to another person; (d) to report suspected illegal activity; or (e) to investigate violations of our Terms of Use, agreements for other products or services, or any other applicable policies.
4.3*With Service Providers or Other Third Parties:* We may share your information with service providers or other third parties who help facilitate business and compliance operations, such as marketing and technology services.
4.4 *During a Change to Our Business:* If we engage in a merger, acquisition, bankruptcy, dissolution, reorganisation, sale of some or all of our assets or stock, financing, public offering of securities, acquisition of all or a portion of our business, a similar transaction or proceeding, or steps in contemplation of such activities, some or all of your information may be shared or transferred, subject to standard confidentiality arrangements.
4.5 *Aggregated or De-identified Data:* We may share aggregated or anonymised data with other persons for their own uses.
1. **Data Retention**
To view or update your information, contact us at . We store your information throughout the life of your use of the Services and thereafter.
1. **Security**
We maintain administrative, technical and physical safeguards designed to protect the personal information we maintain against unauthorised access or disclosure and require our third-party service providers to have appropriate safeguards. No system can be completely secure. Therefore, although we take steps to secure your information, we cannot guarantee that your information, searches, or other communication will always remain secure. You are responsible for all activity on the Multipli protocol relating to any of your Ethereum or other network addresses or cryptocurrency wallets.
1. **Age Limitations**
To the extent prohibited by applicable law, we do not allow use of our Services or Sites by anyone younger than 18 years old. If you learn that anyone younger than 18 years old has unlawfully provided us with personal data, please contact us at and we will take steps to delete such information, close any such accounts, and, to the extent possible, prevent the user from continuing to use our Services.
1. **Changes to This Policy**
If we make any changes, we will change the Last Updated date above. We encourage you to review this Policy to stay informed. If we make material changes, we will provide additional notice, such as via the email specified in your account or through the Services or Sites.
1. **Online Tracking Opt-Out Guide**
Like many companies online, we use services provided by Google and other companies that use tracking technology. These services rely on tracking technologies—such as cookies and web beacons—to collect directly from your device information about your browsing activities, your interactions with websites, and the device you are using to connect to the Internet. There are a number of ways to opt out of having your online activity and device data collected through these services, which we have summarised below:
*9.1 Blocking cookies in your browser:* Most browsers let you remove or reject cookies, including cookies used for interest-based advertising. To do this, follow the instructions in your browser settings. Many browsers accept cookies by default until you change your settings. For more information about cookies, including how to see what cookies have been set on your device and how to manage and delete them, visit [www.allaboutcookies.org](http://www.allaboutcookies.org).
*9.2 Blocking advertising ID use in your mobile settings:* Your mobile device settings may provide functionality to limit use of the advertising ID associated with your mobile device for interest-based advertising purposes.
*9.3 Using privacy plug-ins or browsers:* You can block our websites from setting cookies used for interest-based ads by using a browser with privacy features, like Brave, or installing browser plugins like Privacy Badger, Ghostery or uBlock Origin, and configuring them to block third-party cookies or trackers.
*9.4 Platform opt-outs:* The following advertising partner offers opt-out features that let you opt-out of use of your information for interest-based advertising:
* *Google:* .
*9.5 Advertising industry opt-out tools:* You can also use the opt-out options set forth below to limit use of your information for interest-based advertising by participating companies. Note that because these opt-out mechanisms are specific to the device or browser on which they are exercised, you will need to opt out on every browser and device that you use.
* *Digital Advertising Alliance:*
* *Network Advertising Initiative*:
1. **Notice to European Union Residents ("GDPR Notice")**
In accordance with the General Data Protection Regulation (the “GDPR”), we are providing this GDPR Notice to European Union (“EU”) residents to explain how we collect, use and share their personal data (as defined in the GDPR), and the rights and choices we offer EU residents regarding our handling of their personal information.
We process personal data for the purposes described in the [How We Use Information](https://dydx.exchange/privacy?#how-we-use-information) section of this Policy. As an EU resident, you have various rights in connection with the processing of your personal data as follows:
You have the right to information about your personal data processed by us and to the following information: (a) the processing purposes; (b) the categories of personal data being processed; (c) the recipients or categories of recipients to whom the personal data have been or are being disclosed, in particular recipients in third countries or international organisations; (d) if possible, the planned duration for which the personal data will be stored or, if this is not possible, the criteria for determining this duration; (e) the existence of a right to rectification or deletion of your personal data, to restricting the processing of your personal data or to objecting to such processing; (f) the existence of a right of appeal to a supervisory authority; (g) if the personal data is not collected from you, all available information about the origin of the data; (h) the existence of automated decision-making and, at least in these cases, meaningful information on the logic involved and the scope and intended impact of such processing on the data subject; and (i) in the case of the transfer of personal data to a third country or an international organisation, on the appropriate safeguards in relation to the transfer.
You have the right to immediately request the rectification of inaccurate personal data concerning you and, taking into account the purposes of the processing, the completion of incomplete personal data, by means of providing a supplementary statement.
You have the right to request the immediate erasure of personal data concerning you and we are obliged to delete this data immediately if one of the following reasons applies: (i) the personal data are no longer necessary for the purposes for which they were collected or otherwise processed; (ii) you revoke your consent on which the processing was based under Article 6(1)(a) or Article 9(2)(a) of the GDPR and there is no other legal basis for the processing; (iii) you object to the processing pursuant to Article 21(1) of the GDPR and there are no overriding legitimate grounds for processing or you object to the processing pursuant to Article 21(2) of the GDPR; (iv) your personal data has been processed unlawfully; (v) the deletion of your personal data is necessary to fulfil a legal obligation under EU law or the law of the member states to which we are subject; (vi) the personal data have been collected in relation to information society services provided in accordance with Article 8(1) of the GDPR. If we have made personal data public and are obliged to erase personal data in accordance with Article 17(1) of the GDPR, we will take appropriate measures, including technical measures, taking into account the available technology and the implementation costs, to inform controllers who process the personal data you have requested the erasure by such controllers of any links to or copies or replications of, such personal data.
The rights in the foregoing paragraph do not apply to the extent that processing is necessary (A) to exercise the right of freedom of expression and information; (B) to fulfil a legal obligation required for processing under EU law or the law of the member states to which we are subject; or (C) to assert, exercise or defend legal claims.
You have the right to request us to restrict processing if one of the following conditions is met: (1) the accuracy of the personal data is contested by you, for a period of time that enables us to verify the accuracy of the personal data; (2) the processing is unlawful and you oppose to delete the personal data and instead requests the restriction of the use of your personal data; (3) we no longer need your personal data for the purposes of processing, but you do need it to assert, exercise or defend legal claims; or (4) you have objected to the processing pursuant to Article 21(1) of the GDPR pending the verification whether the legitimate interests of our company override your legitimate interests.
You have the right to receive the personal data concerning you that you have provided to us in a structured, commonly used and machine-readable format and you have the right to transmit this data to another controller without hindrance, provided that the processing is based on a consent pursuant to Article 6(1)(a) or Article 9(2)(a) of the GDPR or on a contract pursuant to Article 6(1)(b) of the GDPR and the processing is carried out by automated means. When exercising your right to data portability, you have the right to have your personal data transferred directly by us to another controller, to the extent that such transfer is technically feasible.
You have the right to object at any time, for reasons arising from your particular situation, to the processing of personal data concerning you which is based on Article 6(1)(e) or (f) of the GDPR, including profiling based on these provisions. We will no longer process your personal data unless we can demonstrate compelling legitimate reasons for the processing that override your interests, rights and freedoms or the processing serves to assert, exercise or defend legal claims.
You have the right to revoke your consent to the processing of your personal data at any time. The revocation of consent does not affect the legality of the processing carried out on the basis of the consent until revocation.
If you wish to assert your rights to information, correction, deletion or restriction of processing, object to data processing or revoke your consent to data processing, please send an email to . If you consider that the processing of personal data concerning you infringes the GDPR, then you can lodge a complaint with a supervisory authority, in particular in the member state of your habitual residence, your place of work or the place of the alleged infringement.
1. **Additional Disclosure for Our Consumers and Customers ("Additional Disclosure")**
This Additional Disclosure governs our collection, use and sharing of personal information that users provide to us to initiate or complete the process of trading on Multipli. To the extent there are conflicting provisions between this Additional Disclosure and other sections of this Policy, this Additional Disclosure will govern.
The types of personal information we collect and share can include:
* Contact details
* IP addresses
* Cryptocurrency balances and wallets
* Conversion events
Notwithstanding anything to the contrary in this Policy, when you are no longer our customer, we continue to share your information as described in this Additional Disclosure.
11.1 *Reasons We Can Share Your Personal Information*
We need to share users’ personal information to operate certain aspects of Multipli and our business. Whether we share your personal information, the reasons for which we share your personal information and whether you can limit this sharing include the following:
1. We share users’ personal information for our everyday business purposes, such as to process and match your orders and respond to court orders and legal investigations. You cannot limit our sharing of this information.
2. We share users’ personal information for our marketing purposes, such as to offer our products and services to you. You cannot limit our sharing of this information.
3. We do not share users’ personal information for joint marketing with financial companies.
4. We do not share users’ personal information for our affiliates’ everyday business purposes.
5. We do not share users’ personal information for our affiliates to market to you.
6. We share users’ personal information for nonaffiliates to market to you.
11.2 *How Does Multipli Protect My Personal Information?*
To protect your personal information from unauthorised access and use, we use security measures that comply with law. These measures include computer safeguards and secured files and buildings.
11.3 *How Does Multipli Collect My Personal Information?*
We collect your personal information, for example, when you deposit cryptoassets in Multipli, make trades using Multipli, transfer funds to another user of Multipli, or withdraw cryptoassets from Multipli. We may also collect your personal information from other companies.
11.4 *Can I Limit All Sharing?*
Applicable laws give you the right to limit only (a) sharing for affiliates’ everyday business purposes, (b) affiliates from using your information to market to you, and (c) sharing for nonaffiliates to market to you. State laws, regional laws and individual companies may give you additional rights to limit sharing.
As used in this Additional Disclosure section, “affiliates” refer to companies related by common ownership or control; “nonaffiliates” refer to companies not related by common ownership or control; and “joint marketing” refers to a formal agreement between non-affiliated financial companies that together market financial products or services to you.
7. **Contact Us**
Please contact us if you have any questions about this Policy or if you are seeking to exercise any of your statutory rights. We will respond within a reasonable timeframe. You may contact us at .
