# rwaUSD - Where TradFi Meets DeFi
**rwaUSD** is a credit-backed stablecoin designed to represent value backed by highly liquid tokenized real-world assets (RWAs) and make that value usable across DeFi.
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 Lloyd's 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 **Lloyd’s of London**, 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 **Lloyd’s of London**, intended to provide coverage against defined adverse scenarios affecting eligible collateral.
This insurance framework is significant for three reasons:
1. **Scale and credibility**\
Lloyd’s underwrites risk across global insurance markets totaling **hundreds of billions of dollars in annual premium volume**, making it one of the most established risk markets globally.
2. **Risk specificity**\
The framework is structured to address defined risks such as de-pegging events, certain regulatory disruptions, or fraud at the collateral or custody layer—subject to final policy terms.
3. **Layered protection**\
Insurance is designed as a **supplemental layer**, not a replacement for over-collateralization, conservative MTV limits, liquidity segmentation, or system controls.
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.
# rwaUSD - System Model
rwaUSD only accepts **deeply liquid, institutional-grade collateral** assets whose risks can be clearly assessed and insured by Lloyd’s of London. 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)
***
## 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)
# 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**
**Liquidity Provision:** Once your token is securely stored in Ceffu, Copper on-chain wallet, Ceffu provides our institutional trading desk with the necessary liquidity on major centralised exchanges, such as Binance and OKX. This liquidity is crucial for executing our high-yield generating strategies. **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.
# 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 **Lloyd’s of London**, 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 **Lloyd’s of London**, 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
## 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" %}
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# 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
Hold your yield close, and your ORBs even closer.
Today, December 5th, 2024, is an unforgettable day. Bitcoin has hit $100,000 for the first time, and we’re also celebrating the first month since our launch. We couldn’t be more excited to reflect on the amazing milestones we’ve reached so far:
* 500,000+ Users Onboarded: Multipli has rapidly grown its community, welcoming half a million users with an impressive 160,000 daily active users engaging with our platform.
* Average APY of 31.28%: Users have enjoyed exceptional average annual percentage yields on our private mainnet, showcasing the effectiveness of our yield strategies.
* $50 Million Total Value Locked (TVL): Achieving this significant TVL reflects the strong trust and confidence our users have placed in Multipli.
* 130 Million tORBs Distributed: We have generously rewarded our early adopters and contributors with 130 million tORBs, underscoring our commitment to our community.
* Winner of Binance BIA 4th Edition: Multipli was honored to win the 4th edition of the Binance BIA.
Our roadmap is divided into distinct phases and seasons, each with specific goals and incentives.
## 1. Multipli Testnet Phases
Before we dive into the mainnet seasons, let's revisit the foundation we've built during our testnet phases.
### **Genesis Testnet Phase (Before Mainnet Launch)**
* Purpose: To test and refine our platform with the community's help.
* Weightage: 70% of total tORBs allocation.
* Duration: 2 months or 1M users, whichever comes first
* Highlights:
* Users engaged with the platform, providing invaluable feedback.
* Early adopters earned tORBs, our testnet tokens representing contributions.
### **Arc Testnet Phase (After Mainnet Launch)**
* Purpose: To continue refining features and ensuring robustness post-launch.
* Weightage: 30% of total tORBs allocation.
* Duration: TGE
* Highlights:
* Additional testing with real-world variables.
* Further tORBs distribution to active participants.
Note: All tORBs accumulated during these phases will be converted to ORBs at a specific ratio during the Token Generation Event (TGE). Testnet rewards will be significantly lower than those on mainnet. This ensures fairness for users deploying real capital on mainnet. Testnet remains a staging environment meant primarily for testing and iteration before production launch.
## 2. Multipli Mainnet Seasons
Post testnet, we transition into the mainnet, where the real action begins! Our mainnet journey is segmented into three exciting seasons, each with its own objectives and rewards.
### **Season 1: Genesis**
* Objective: Achieve the first $100 million in Total Value Locked (TVL).
* Weightage: 50% of ORBs allocation.
* Duration: 3 months or until the $100M TVL milestone is reached, whichever comes first.
* User Benefits:
* Yield Earnings: Earn baseline yield between 15-25% on stablecoins and 8-12% on native tokens like BTC and ETH.
* Boosted Yield: Earn boosted yield from our partners.
* xToken Distribution: Receive xTokens in a 1:1 ratio for every token staked (e.g., stake 100 USDC, receive 100 xUSDC).
* ORBs Accumulation: Earn 10 ORBs for every day you hold $100 worth of xTokens.
#### Why Participate in Season 1?
Season 1 is all about early adoption and maximizing rewards. By participating early, you stand to gain the highest yield percentages and ORBs allocation.
### **Season 2: Growth**
* Objective: Reach the next milestone of $300 million in TVL.
* Weightage: 30% of ORBs allocation.
* User Benefits:
* Continued yield earnings, though rates may adjust slightly as the platform scales.
* Ongoing xToken rewards and ORBs accumulation.
* Opportunity to leverage network effects through referrals.
#### The Growth Momentum
Season 2 focuses on scaling and expanding our user base. It's an excellent opportunity for users who missed the initial phase to join and still reap substantial benefits.
### **Season 3: Moon**
* Objective: Achieve the next $200 million in TVL, culminating in a total of $500 million.
* Weightage: 20% of ORBs allocation.
* User Benefits:
* Stable yield generation with a matured protocol.
* Final chances to accumulate ORBs before TGE.
* Solidify your position in the Multipli ecosystem.
#### Reaching for the Moon
Season 3 is about solidifying our achievements and preparing for the next big leap—, the Token Generation Event. It's the last stretch to maximize your ORBs before they become fully functional tokens.
***
## 3. Post-TGE Seasons
After the TGE, the adventure doesn't stop! We will have four seasons every year, during which ORBs will be emitted at a rate proportional to the protocol's revenue.
* Sustainable Growth: As the protocol generates revenue, a portion will be redistributed to ORB holders.
* Continuous Engagement: Regular seasons ensure ongoing opportunities for users to engage and earn.
* Community-Centric Development: Future developments and improvements will be guided by ORB holders through governance.
***
### Note to readers
We designed this campaign with long-term participants in mind those who see the value in sustained engagement and yield generation.
We discourage short-term participation solely for quick airdrops. Our yields are structured to benefit those who are genuinely interested in leveraging the Multipli protocol for their financial growth.
# Brand
Our logo and other brand assets.
## Against Dark BG 🌙
{% file src="/files/zhJUmWrhhz1MaMkjHjVH" %}
{% file src="/files/FqeifiPtPVsXlDT3LnLq" %}
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## Against Light BG ☀️
{% file src="/files/pO0CF0kTwhmVDodZs1yK" %}
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{% 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 Zk based 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.
Are my funds safe with Multipli?
Your funds are safe with Multipli as it is backed by MirrorX technology and CeDeFi agents like CEFFU, Copper, Binance, etc.
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.
# Terms of Use
Updated 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 PLATFORM, 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 PLATFORM TO MAKE THE PLATFORM 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 PLATFORM.
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, its parent or holding company(ies) and its subsidiaries and affiliates (“Multipli”, “[Multipli.fi](http://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,
* 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 “Platform”.
* All products and features available via the Platform, 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”);
* Any non-fungible tokens (“NFTs”) available in connection with the Interface, or and your registration for or attendance at events sponsored or hosted by Multipli.(with the Platform 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 Platform, you represent and warrant to Multipli the following:
i. 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;
ii. 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;
iii. 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");
iv. 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”);
v. 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 Office of Foreign Assets Control of the U.S. Department of the Treasury) (as updated from time to time) (collectively, “Sanctioned Person”);
vi. you do not intend to transact with any Restricted Person or Sanctioned Person;
vii. 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
viii. 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 Platform, you acknowledge, understand, and agree to the following:
i. 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;
ii. 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;
iii. 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;
iv. the pricing information and other data provided on the Platform 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;
v. Multipli does not act as an agent for you or any other user of the Services;
vi. you are solely responsible for your use of the Services, including all of your transfers of Digital Assets;
vii. 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;
viii. you are solely responsible for reporting and paying any taxes applicable to your use of the Services;
ix. 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;
x. 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
xi. 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 Platform, you covenant to Multipli the following:
i. in connection with using the Services, you only will transfer legally-obtained Digital Assets that belong to you;
ii. 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;
iii. 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
iv. 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 Platform 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 platform 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 Platform 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 Platform 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:
i. 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;
ii. 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 ;
iii. 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.
iv. 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;
v. circumvent any content-filtering techniques, security measures or access controls that Multipli employs on the Platform, including through the use of a VPN;
vi. 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;
vii. 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;
viii. 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;
ix. use the Platform 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;
x. 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;
xi. harass, abuse or harm another person, including Multipli’s employees and service providers;
xii. impersonate another user of the Services or otherwise misrepresent yourself; or
xiii. 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 Platform. 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 Platform 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 Platform 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 Platform 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. 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. 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 Platform 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 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,
Liquidation Risk
Users acknowledge and agree that their positions may be liquidated if the value of their collateral falls below the required maintenance margin. The Platform reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the platform. ADL may occur without prior notice and may result in the liquidation of users' positions, even if they are profitable.
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.
Liquidity Risk
The Platform cannot guarantee that users will be able to liquidate 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.
Counterparty Risk
The Platform 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.
Trade Execution Risk
The Platform 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 Platform will use reasonable efforts to prevent such errors, but cannot guarantee that they will not occur.
Callback Risk
The Platform reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the platform during periods of extreme market volatility. ADL may result in the liquidation 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 Platform's control.
Profitability/Funding Risk
Changes in interest rates, funding fees, or market conditions can impact users' profitability. The Platform 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.
Depegging Risk
The Platform 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 Platform's control, such as market manipulation, technical issues, or changes in the underlying protocol.
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 Platform cannot guarantee the security of users' smart wallets, and users are solely responsible for safeguarding their private keys and passwords.
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 Platform. 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 Platform.
10.8 Although we intend to provide accurate and timely information and data on the Platform and during your use of the Services, the Platform 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 Platform 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 Platform or otherwise when using the Services. Prices and pricing information maybe higher or lower than prices available on platforms 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 Platform 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 Platform 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 platform. 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 Platform 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 Platform or the Service are correctable or will be correctable.
12.6 You acknowledge that data you provide while accessing or using on the Platform 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 not exceed the amount of fees paid by you to Multipli under these Terms, if any, in the two (2) month period immediately preceding the event giving rise to the claim for liability.
15. DISPUTE RESOLUTION AND ARBITRATION
**PLEASE READ THE FOLLOWING SECTION CAREFULLY BECAUSE IT MAY SIGNIFICANTLY IMPACT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO BRING A LAWSUIT AGAINST MULTIPLI IN ANY COURT OR GOVERNING AUTHORITY. EXCEPT AS EXPRESSLY PROVIDED BELOW, THIS SECTION REQUIRES YOU TO SUBMIT ANY DISPUTE, CLAIM, OR DISAGREEMENT (EACH A “DISPUTE”) ARISING OUT OF THESE TERMS OR THE SERVICES, INCLUDING ANY DISPUTE THAT AROSE BEFORE THE EFFECTIVE DATES OF THESE TERMS, TO BINDING INDIVIDUAL ARBITRATION. THIS SECTION EXTENDS TO DISPUTES THAT AROSE OR INVOLVE FACTS OCCURING BEFORE THEEXISTENCE OF THIS OR ANY PRIOR VERSIONS OF THE TERMS AS WELL AS DISPUTES THAT MAY ARISE AFTER THE TERMINATION OF THE TERMS.**
You and Multipli agree that any dispute arising out of or related to these Terms or the Services is personal to you and Multipli and that any Dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding.
You and Multipli waive your rights to a jury trial and to have any Dispute arising out of or related to these Terms or the Services resolved in court. Instead, for any Dispute or claim that you have against Multipli or relating in any way to the Services, you agree to first contact Multipli and attempt to resolve the claim informally by sending a written notice of your claim (“Notice”) to Multipli by email at . The Notice must (a) include your name, residence address, email address, and telephone number; (b) describe the nature and basis of the claim; and (c) set forth the specific relief sought. Our notice to you will be similar in form to that described above. If you and Multipli cannot reach an agreement to resolve the claim within thirty (30) days after such Notice is received, then either party may submit the Dispute to binding arbitration administered by the Dubai International Arbitration Centre (“DIAC”) or, under the limited circumstances set forth above, in Dubai International Financial Centre, United Arab Emirates (“DIFC”) court. All Disputes submitted to DIAC will be resolved in English language through confidential, binding arbitration before one arbitrator appointed by mutual consent. Arbitration proceedings will be held in DIFC as seat of arbitration, under the DIAC Arbitration Rules 2022, as amended from time to time (“DIAC Rules”). The most recent version of the DIAC Rules are available on the DIAC website () and are hereby incorporated by reference. You either acknowledge and agree that you have read and understand the DIAC Rules or waive your opportunity to read the DIAC Rules and waive any claim that the DIAC Rules are unfair or should not apply for any reason.
As limited by these Terms and the DIAC Rules, the arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any Dispute and to grant any remedy that would otherwise be available in court, including the power to determine the question of arbitrability. The arbitrator may conduct only an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual.
The arbitrator, Multipli and you will maintain the confidentiality of any arbitration proceedings, judgements and awards, including all information gathered, prepared, and presented for purposes of the arbitration or related to the Dispute(s) therein. The arbitrator will have the authority to make appropriate rulings to safeguard confidentiality unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy or in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision.
You and Multipli agree that for any arbitration you initiate, you will pay the filing fee and all other DIAC fees and costs. For any arbitration initiated by Multipli , Multipli will pay all DIAC fees and costs. You and Multipli agree that DIFC has exclusive jurisdiction over the enforcement of an arbitration award.
Any claim arising out of or related to these Terms or the Services must be filed within one (1) year after such claim arose; otherwise, the claim is permanently barred, which means that you and Multipli will not have the right to assert the claim. If any portion of this Section 15 is found to be unenforceable or unlawful for any reason, (a) the unenforceable or unlawful provision will be severed from these Terms; (b) severance of the unenforceable or unlawful provision will have no impact whatsoever on the remainder of this Section 15 or the parties’ ability to compel arbitration of any remaining claims on an individual basis under this Section 15; and (c) to the extent that any claims must therefore proceed on a class, collective, consolidated, or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims will be stayed pending the outcome of any individual claims in arbitration. Further, if any part of this Section 15 is found to prohibit an individual claim seeking public injunctive relief, then that provision will have no effect to the extent such relief is allowed to be sought out of arbitration, and the remainder of this Section 15 will be enforceable.
16. GOVERNING LAW
The interpretation and enforcement of these Terms, and any Dispute related to these Terms, the Services, will be governed by and construed and enforced under the laws of England & Wales, as applicable, without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction. You agree that we may initiate a proceeding related to the enforcement or validity of our intellectual property rights in any court having jurisdiction. For any other proceeding that is not subject to arbitration under these Terms, the state and federal courts located in DIFC will have exclusive jurisdiction. You waive any objection to venue in any such courts.
17. GENERAL INFORMATION
17.1 Please refer to our privacy policy, which is incorporated herein by reference and available at [www.multipli.fi/privacy](http://www.multipli.fi/privacy), for information about how we collect, use, share and otherwise process information about you.
17.2 You consent to receive all communications, agreements, documents, receipts, notices, and disclosures electronically (collectively, our “Communications”) that we provide in connection with these Terms, the Platform or any Services. You agree that we may provide our Communications to you by posting them on the Platform, by emailing them to you at the email address you provide in connection with using the Services, if any, or by Telegram at the username you provided to us during the course of your use of the Services. You should maintain copies of our Communications by printing a paper copy or saving an electronic copy. You may also contact us with questions, complaints, or claims concerning the Services at .
17.3 Any right or remedy of Multipli set forth in these Terms 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 in exercising any right, power, or privilege under these Terms will not operate as a waiver thereof.
17.4 The invalidity or unenforceability of any of these Terms will not affect the validity or enforceability of any other of these Terms, all of which will remain in full force and effect.
17.5 We will have no responsibility or liability for any failure or delay in performance of the Platform or any of the Services, or any loss or damage that you may incur, due to any circumstance or event beyond our control, including any flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, or equipment or software malfunction.
17.6 You may not assign or transfer any right to use the Services, or any of your rights or obligations under these Terms, without our express prior written consent, including by operation of law or in connection with any change of control. We may assign or transfer any or all of our rights or obligations under these Terms, in whole or in part, with or without notice or obtaining your consent or approval.
17.7 Except to the extent otherwise provided or unless the context otherwise requires, for the purposes of these Terms: (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 in these Terms, they are deemed to be followed by the words “without limitation”; and (c) the use of “or” is not intended to be exclusive.
17.8 These Terms contain the entire agreement between you and Multipli , and supersede all prior and contemporaneous understandings between the parties with respect to the Services.
17.9 In the event of any conflict between these Terms and any other agreement you may have with us, these Terms will control unless such other agreement specifically identifies these Terms and declares that such other agreement supersedes these Terms.
17.10 You agree that, except as otherwise expressly provided in this Agreement, there is no third-party beneficiaries to the Agreement other than the Indemnified Parties.
# 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 .
