Terms of Use - Denaria Websites

Last Update: November 12th, 2025

Welcome to Denaria Perpetuals DEX. By accessing or using Denaria.finance (including its web application interface) or Denaria.app (our website and Progressive Web Application for mobile devices), collectively referred to as the "Platform" or "Website," you acknowledge that you have read, understood, and agreed to these Terms of Use (the "Terms"). These Terms govern your access to and use of all aspects of the Platform. If you do not agree to these Terms, you must not use the Platform.

1. General Information

The Website is operated by DeFi Foundation (“we,” “us,” or “our”), a foundation registered at Bahnhofstrasse 21, 6300 Zug, Switzerland. The Website serves as a front-end interface enabling users to interact with the Denaria protocol (the “Protocol”), a decentralized blockchain-based system.

It is important to note that the DeFi Foundation and the Denaria protocol are distinct and independent entities. The Foundation provides the Website as an interface for users but does not operate, control, or manage the Protocol itself. As such, the Foundation assumes no responsibility for the functionality, security, or reliability of the Protocol.

2. Scope of Services

The Website provides a user-friendly front-end interface designed to facilitate interaction with the Denaria protocol. Specifically, the services offered include:

1. Blockchain Interaction:

   1. The Website allows users to connect to the Denaria protocol to execute various blockchain transactions, including but not limited to token transfers, staking, liquidity provision, perpetual futures trading and other decentralized finance (DeFi) activities supported by the Protocol.
   2. All transactions initiated through the Website are processed directly on the blockchain via the Protocol. The Foundation does not intermediate, validate, or confirm these transactions

2. Self-Custody of Assets:

   1. The Website operates as a non-custodial interface, meaning users retain complete control over their private keys and digital assets.
   2. The Foundation does not store, access, or manage any user private keys, wallet credentials, or transaction data. Users are fully responsible for safeguarding their private keys and ensuring the security of their wallets.

3. Transparency and Decentralization:

   1. The Denaria protocol operates in a decentralized manner, meaning the Foundation does not control its operation or has the ability to alter transactions executed through the Protocol.
   2. All transaction data is recorded immutably on the blockchain and is accessible for verification via public blockchain explorers.

4. Limitations of the Front-End Interface:

   1. The Website provides tools and visualizations to assist users in interacting with the Protocol; however, it does not provide advice, recommendations, or assurances regarding the suitability, security, or reliability of any transactions or activities performed.
   2. The Website may offer smart account creation or login features directly or through a third party provider. Such features are made available directly via compatible blockchain wallets that may require the user’s email address, no user data is collected and stored on the Website’s servers except for the purpose of letting the user access his smart account or login or for the purpose of distributing rewards.

5. Educational and Informational Resources:

   1. The Website may include tutorials, guides, and FAQs to assist users in understanding how to interact with the Protocol. These resources are provided for informational purposes only and do not constitute financial or legal advice.

6. Third-Party Integration:

   1. The Website may integrate or provide links to third-party services, such as wallet providers, analytics tools, or other decentralized applications (dApps). The Foundation is not responsible for the functionality, accuracy, or security of these third-party services.

It is crucial to understand that the Website functions solely as a tool for accessing and interacting with the Protocol. The Foundation does not provide custodial services, financial advice, or guarantees regarding the outcomes of any blockchain interactions.

Users are advised to conduct their own research and exercise caution when interacting with the Protocol. Blockchain transactions are irreversible, and errors in the execution of transactions (e.g., incorrect addresses or amounts) cannot be corrected or reversed.

3. Rights and Obligations of Users

By using the Website, you confirm and agree to the following rights and obligations:

1. Legal Age and Capacity:
   1. You represent that you are at least 18 years old or the legal age in your jurisdiction to enter into binding agreements.
   2. You confirm that you have the legal capacity to accept and comply with these Terms.
2. Lawful Use:
   1. You agree to use the Website only for lawful purposes and in compliance with all applicable laws and regulations in your jurisdiction.
   2. You will not engage in activities such as hacking, unauthorized access, or any other behavior intended to disrupt the Website or Protocol.
3. Responsibility for Security:
   1. You are solely responsible for maintaining the security and confidentiality of your private keys, passwords, and wallet credentials.
   2. The Foundation does not have access to your private keys and cannot assist in recovering lost credentials or assets.
4. User Risk:
   1. You acknowledge and accept all risks associated with blockchain technology, including but not limited to transaction errors, system vulnerabilities, and regulatory changes.
5. Prohibited Activities:
   1. You agree not to use the Website for money laundering, terrorist financing, fraud, or any other illegal activities.
   2. You agree not to impersonate others or misrepresent your identity when interacting with the Protocol.

Failure to adhere to these obligations may result in the suspension or termination of your access to the Website.

4. No Warranties

The Website is provided “as is” and “as available” without any warranties, express or implied. Specifically:

1. No Guarantee of Performance:

   1. The Foundation makes no representations or warranties regarding the uninterrupted availability, security, or functionality of the Website.
   2. The Foundation does not warrant that the Protocol will function as intended or meet user expectations.

2. Exclusion of Implied Warranties:

   1. The Foundation disclaims all implied warranties, including those of merchantability, fitness for a particular purpose, and non-infringement.

3. User Responsibility:

   1. You assume full responsibility for your use of the Website and Protocol. The Foundation is not liable for errors, omissions, or inaccuracies in the information provided through the Website.

5. Limitation of Liability

To the fullest extent permitted by applicable law:

1. No Liability for Damages:

   1. The Foundation shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from or related to your use of the Website or interactions with the Protocol.

2. No Responsibility for Losses:

   1. The Foundation disclaims responsibility for any loss of assets, data, or personal information resulting from your use of the Website or Protocol.

3. Third-Party Services:

   1. The Foundation is not responsible for the functionality, security, or reliability of third-party services or platforms that interact with the Website or Protocol.

4. Risk of Blockchain Transactions:

   1. You acknowledge that blockchain transactions are irreversible, and the Foundation is not responsible for any errors or unintended outcomes.

By using the Website, you release the Foundation from all claims, liabilities, and damages resulting from your use or misuse of the Website or Protocol.

6. Compliance with Laws

You agree to comply with all applicable laws, regulations, and rules in your jurisdiction. Specifically:

1. Adherence to Legal Requirements:

   1. You will not use the Website in any jurisdiction where such use is prohibited by law.
   2. You are responsible for determining the legality of using the Website and Protocol in your jurisdiction.

2. Prohibited Activities:

   1. You will not use the Website to engage in illegal activities, including but not limited to money laundering, terrorist financing, or fraudulent schemes.

3. Regulatory Compliance:

   1. You agree to comply with any applicable tax reporting requirements and other regulatory obligations related to your use of the Website and Protocol.

7. Restricted Jurisdictions

Access to and use of the Website is strictly prohibited for:

1. U.S. Persons: Individuals or entities that are citizens or residents of the United States of America, or entities organized under the laws of the United States or any state thereof;
2. Sanctioned Jurisdictions: individuals or entities residing, located, or established in jurisdictions subject to restrictions or sanctions by the United States Office of Foreign Assets Control (OFAC), the European Union, or any other applicable international sanctions regimes. This includes:

• Countries or regions under comprehensive sanctions, such as Iran, North Korea, Syria, Cuba, and Crimea.
• Individuals or entities listed on OFAC’s Specially Designated Nationals (SDN) List, the EU’s Consolidated Sanctions List, or equivalent lists.

By accessing the Website, you represent and warrant that you are not:

• A citizen or resident of a restricted jurisdiction.
• Acting on behalf of or for the benefit of any individual or entity in a restricted jurisdiction.
• Using the Website to facilitate activities that violate sanctions or restrictions.

The Foundation reserves the right to terminate or restrict access for users found to be in violation of this clause. Failure to comply may also result in reporting to relevant authorities.

8. Intellectual Property Rights

The intellectual property rights associated with the Website are as follows:

1. Ownership:

   1. The Foundation retains ownership of all trademarks, logos, software, and other intellectual property related to the Website
   2. Unauthorized use of these materials is strictly prohibited.

2. Open-Source Components:

   1. Certain elements of the Website may include open-source software. These components are governed by their respective licenses, and you must comply with the terms of those licenses.

3. Prohibited Use:

   1. You may not copy, modify, distribute, or create derivative works based on the Website without prior written consent from the Foundation.

4. Limited License:

   1. The Foundation grants you a limited, non-exclusive, revocable license to access and use the Website for its intended purpose, subject to compliance with these Terms.

9. Modifications to Terms and Services

The Foundation reserves the right to:

• Update or modify these Terms at any time without prior notice. Changes will take effect upon posting to the Website.
• Modify, suspend, or discontinue any aspect of the Website without liability.

Your continued use of the Website constitutes acceptance of the updated Terms.

10. Indemnification

You agree to indemnify and hold harmless the Foundation, its affiliates, and their respective officers, directors, employees, and agents from any claims, damages, or liabilities arising from:

1. Breach of Terms:

   1. Your violation of these Terms or applicable laws.

2. Use or Misuse of Website:

   1. Your actions or omissions while using the Website or interacting with the Protocol.

3. Third-Party Claims:

   1. Any claims made by third parties arising out of your use of the Website, including but not limited to violations of intellectual property rights or regulatory requirements.

4. Legal Costs:

   1. You agree to reimburse the Foundation for reasonable legal fees and expenses incurred in connection with any claims arising from your use of the Website or Protocol.

By using the Website, you accept full responsibility for your actions and agree to protect the Foundation from any resulting liabilities.

11. Governing Law and Jurisdiction

These Terms are governed by and construed in accordance with the laws of Switzerland, excluding conflict-of-law principles. Any disputes arising under these Terms shall be subject to the exclusive jurisdiction of the competent courts of Zug, Switzerland.

12. Contact Information

For questions or concerns about these Terms, please contact us at: team@denaria.finance.

By accessing or using the Website, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.

Terms of Service

Effective Date: January 23rd, 2025

Welcome to Denaria Perpetuals DEX, a decentralized trading platform built on blockchain technology. These Terms of Service ("Terms") constitute a binding agreement between you ("User") and Denaria Finance ("Denaria," "we," "us," or "our"). By using or accessing Denaria ("Platform"), you agree to these Terms. If you do not agree, you must discontinue use of the Platform immediately.

1. Overview of the Platform

1.1 Purpose and Functionality

Denaria offers a decentralized infrastructure for trading perpetual contracts through blockchain-based smart contracts. The Platform is non-custodial and ensures transparency, automation, and user autonomy.

1.2 Features of the Platform and Definitions

• Smart Contracts: Immutable programs governing the financial and operational rules of the Protocol.
• Decentralized Application (dAPP): An interface for Users to interact with smart contracts.
• Vault: Smart contracts for managing deposits and withdrawals as collateral.
• Automated Market Makers (AMM): Smart contracts defining pricing, risk management, and fee structures.
• Liquidation Mechanism: Automated processes to handle undercollateralized positions.

2. Eligibility and Access

2.1 Eligibility Requirements

To access and use the Denaria Platform, you must meet the following eligibility criteria:

1. Age Requirement:
   1. You must be at least 18 years old or the age of majority in your jurisdiction, whichever is greater. By accessing the Platform, you represent and warrant that you meet this requirement.
2. Legal Compliance:
   1. You must comply with all applicable laws, regulations, and sanctions, including those related to anti-money laundering (AML), counter-terrorism financing (CTF), and tax obligations in your jurisdiction.
3. Jurisdictional Restrictions:
   1. You must not reside in, be a citizen of, or access the Platform from a jurisdiction that is restricted or prohibited by Denaria, including those subject to comprehensive sanctions or embargoes. Denaria reserves the right to update the list of restricted jurisdictions as required by applicable laws and regulations.

2.2 Prohibited Person

You are prohibited from using the Platform if you are classified as a “Prohibited Person.” A “Prohibited Person” includes any person or entity that meets one or more of the following criteria:

1. Sanctions Lists:
   1. You are the subject of any economic or trade sanctions administered or enforced by any governmental authority, including but not limited to:
      1. The European Union (EU) Consolidated List of Persons.
      2. The United Kingdom (UK) Consolidated List of Financial Sanctions Targets (including as extended to the Cayman Islands by statutory instrument).
      3. The United States (U.S.) Treasury Department’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals List.
      4. The Office of Financial Sanctions (OFSI) of HM Treasury of the UK.
      5. Any similar list maintained by the United Nations (UN) or other relevant authorities.
2. Sanctioned Jurisdictions:
   1. You are located in, incorporated in, or otherwise established in, or are a resident of, a jurisdiction subject to comprehensive economic sanctions, embargoes, or designations as “terrorist-supporting.”
   2. Restricted jurisdictions include, but are not limited to:
      1. Cuba, Iran, Democratic People’s Republic of Korea (North Korea), Syria, and certain Russian-occupied regions of Ukraine.
3. Ownership or Control:
   1. You are owned or controlled by individuals or entities described in Sections 2.2.1 or 2.2.2.
4. Acting on Behalf of Prohibited Persons:
   1. You are acting on behalf of, or providing access to the Platform to, individuals or entities described above.

By using the Platform, you represent and warrant that you do not meet any of the above criteria and are not a Prohibited Person.

2.3 User Responsibility

You acknowledge and agree that you are solely responsible for:

1. Compliance with Local Laws:
   1. Ensuring your use of the Platform complies with all applicable laws and regulations in your jurisdiction.
   2. Understanding and adhering to tax obligations arising from your use of the Platform, including reporting and payment.
2. Avoiding Illegal Use:
   1. Representing that you will not use the Platform to engage in illegal activities, including fraud, money laundering, or financing of terrorism.
   2. Ensuring that the assets used on the Platform are lawfully acquired and owned by you.

By using the Platform, you confirm that your actions and the origin of your assets comply with all applicable laws.

2.4 User Responsibilities

As a user of the Platform, you agree to:

1. Wallet Security:
   1. Securely manage your private keys, wallet credentials, and any other access mechanisms for interacting with the Platform.
   2. Acknowledge that Denaria does not have custody of your funds or private keys and cannot recover lost credentials or wallets.
2. Authorized Access:
   1. Use only wallets and credentials that you directly own and control.
   2. Not allow unauthorized third parties to access your wallet or use your account.
3. AML/CTF Compliance:
   1. Adhere to all anti-money laundering (AML) and counter-terrorism financing (CTF) regulations applicable in your jurisdiction.
4. Accurate Information:
   1. Provide truthful and accurate information when interacting with the Platform.
5. Tax Obligations:
   1. Be solely responsible for determining, reporting, and paying all applicable taxes arising from your use of the Platform and any transactions conducted thereon.
   2. Acknowledge that Denaria does not provide tax advice and does not assume any responsibility for your tax liabilities or compliance obligations.
   3. Consult with qualified tax professionals in your jurisdiction regarding the tax treatment of digital assets and blockchain transactions.

2.5 Prohibited Activities

By accessing the Platform, you agree that you will not:

1. Unlawful Use:
   1. Use the Platform for illegal purposes, including fraud, identity theft, money laundering, or financing terrorism.
2. Circumventing Restrictions:
   1. Use virtual private networks (VPNs), proxy servers, or other methods to bypass geographic or jurisdictional restrictions imposed by Denaria.
3. Market Manipulation:
   1. Engage in any form of market manipulation, including wash trading, spoofing, front-running, or creating false liquidity.
4. Hacking and Exploitation:
   1. Attempt to gain unauthorized access to the Platform or introduce harmful code, malware, or other software designed to compromise the system.
5. Misrepresentation:
   1. Falsely claim affiliation with Denaria or impersonate another individual or entity.

2.6 Consequences of Violations

Denaria reserves the right to take any of the following actions in response to a violation of these Terms:

1. Access Termination:
   1. Suspend or terminate your access to the Protocol, with or without prior notice.
2. Legal Action:
   1. Report your activities to the appropriate authorities and cooperate fully with law enforcement or regulatory agencies.
3. Loss of Privileges:
   1. Deny access to specific features or services on the Platform.
4. No Liability:
   1. Denaria is not liable for any losses you may incur as a result of actions taken in response to violations of these Terms.

2.7 Denaria’s Right to Restrict Access

Denaria reserves the right to restrict or block access to the Platform for any of the following reasons:

1. Regulatory Compliance: To adhere to legal or regulatory requirements.
2. Security Measures: To protect the integrity of the Platform and its users.
3. Risk Management: To mitigate risks associated with potential Prohibited Persons or jurisdictions.

3. On/Off Ramp Services

3.1 Description

Denaria integrates with third-party providers to offer on/off ramp services, allowing Users to convert fiat currency into digital assets and vice versa. These services are facilitated by independent entities ("Third-Party On/Off Ramp Providers").

3.2 Relationship with Third-Party Providers

By using the on/off ramp option, you:

• Enter into a direct agreement with the Third-Party On/Off Ramp Provider.
• Acknowledge that the Third-Party Provider operates independently of Denaria.
• Understand that Denaria has no control over the terms, functionality, fees, or performance of these services.

3.3 Third-Party Liability Disclaimer

Denaria disclaims liability for:

• Errors, delays, or losses arising from the on/off ramp services.
• Fees charged by Third-Party Providers.
• Any disputes or issues between Users and Third-Party Providers.

4. Product Description

4.1 Perpetual Contracts

Perpetual contracts are financial derivatives that allow users to speculate on the price movements of digital assets without an expiration date. These contracts are powered by smart contracts on the blockchain, which ensure:

• Transparency: All transactions and positions are visible on the public blockchain.
• Automation: The system operates autonomously without requiring intermediaries.
• Security: The decentralized nature ensures that no single entity controls user funds or protocol operations.

With perpetual contracts, users deposit collateral in the form of digital assets to gain leveraged exposure to price changes in specific digital assets. Users can choose to:

• Open a long position, speculating that the price of the asset will rise.
• Open a short position, speculating that the price of the asset will fall.

These contracts offer a seamless trading experience within a fully decentralized infrastructure.

4.2 Decentralized Platform and User Control

Denaria is a fully decentralized protocol designed to give users complete autonomy over their funds and activities. The platform’s decentralized nature ensures the following:

1. Non-Custodial Design:
   1. Denaria Does Not Hold Private Keys - Users are solely responsible for securing their private keys and wallet credentials. Denaria cannot access, manage, or recover lost keys.
   2. Denaria Does Not Manage Funds - At no point does Denaria custody user funds, either directly or indirectly. All deposits and withdrawals occur through smart contracts on the blockchain, which are controlled exclusively by users.
2. User Responsibility:
   1. Users retain full control over their wallets and funds.
   2. Transactions are initiated and signed solely by users using their private keys.
3. Decentralized Operations:
   1. All protocol operations, including collateral management, position tracking, fee distribution, and liquidation, are executed autonomously by smart contracts.
   2. Denaria does not act on behalf of users or third parties in any capacity.

This structure ensures a trustless environment where users interact directly with the protocol without reliance on intermediaries or custodians.

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4.3 Core Components of Perpetual Contracts

1. Collateral Management:

   1. Deposit Methods: Users can deposit collateral in approved digital assets to participate in the protocol. Collateral deposits can be made:
      1. Directly: By transferring digital assets from a user-controlled wallet to the protocol’s smart contracts.
      2. Through On-Ramp Services: By using third-party on-ramp services as specified in Article 3, which allow users to convert fiat currency into digital assets and deposit them directly into the protocol.
   2. Purpose of Collateral: Collateral is required to:
      1. Secure positions opened by Traders.
      2. Serve as liquidity provided by LPs to support the protocol.
   3. Security and Control:
      1. Deposited collateral is securely managed by smart contracts, which enforce the protocol’s rules and maintain system stability.
      2. Denaria does not hold or manage collateral directly. All deposits are controlled by the user’s interaction with the smart contracts.
   4. Access and Withdrawal:
      1. Users can withdraw their collateral, subject to the protocol’s financial and operational rules.
      2. Withdrawals are only permitted to the wallet from which the original deposit was made or a designated wallet controlled by the user.

   Responsibility: Users are fully responsible for ensuring the accuracy of their deposit transactions, including confirming they meet the collateral requirements defined by the protocol.

2. Leverage:

   1. Perpetual contracts enable users to trade with leverage, allowing greater market exposure with a smaller initial investment.
   2. Leveraged positions amplify both potential profits and risks, including the possibility of liquidation if collateral becomes insufficient.

3. Smart Contract Functionality:

   1. Position Tracking: Smart contracts continuously monitor all open positions and adjust user balances as market prices change.
   2. Stability Maintenance: If collateral levels fall below the required threshold, smart contracts automatically initiate liquidation to maintain protocol solvency.
   3. Decentralized Accounting: The system ensures precise, transparent tracking of all digital asset holdings and positions.

4.4 Participant Roles

1. Trader
   1. Traders deposit collateral to open long or short positions, speculating on the price movements of digital assets. Traders are fully responsible for:
      1. Managing their collateral.
      2. Managing position value while considering the effective leverage.
      3. Closing positions or adding collateral to avoid liquidation.
      4. Paying protocol fees to open position and pay or receive funding fees based on the protocol financial rules.
2. Liquidity Provider (LP)
   1. LPs deposit collateral to provide liquidity for the protocol, enabling traders to open and close positions seamlessly.
   2. LPs receive a portion of the fees generated by trading activities, such as Protocol Fees and Funding Fees.
3. Liquidator
   1. Liquidators are independent third parties who operate on a permissionless basis to maintain the health and stability of the protocol by liquidating positions as detailed in the protocol documentation available at https://docs.denaria.finance/.
   2. Liquidators monitor trader positions and execute liquidations when collateral falls below the required maintenance margin, as detailed in the protocol documentation available at https://docs.denaria.finance/.
   3. Liquidators receive liquidation incentives as compensation for their services, in accordance with the protocol's economic model.
   4. Denaria does not operate, control, or endorse any specific liquidator. Users acknowledge that liquidation activities are conducted by third parties acting independently and at their own discretion.

4.5 Key Protocol Mechanisms

1. Liquidation:
   1. When a trader’s collateral falls below the required threshold due to adverse market movements, the protocol automatically liquidates the position based on the actual Liquidation rules written in the documentation.
   2. Liquidation ensures that losses are contained within the collateral deposited, and no debt is created in the system.
2. Funding Payments:
   1. The protocol uses funding rates to balance the trader long and short exposure in the protocol in every pairs.
   2. Depending on market conditions, traders may pay or receive periodic funding payments.
3. Automated Settlements:
   1. All settlements, including position closures and fee distributions, are managed autonomously by smart contracts.
   2. There is no manual intervention or management of funds by Denaria or its team.

4.6 Advantages of Decentralization

The fully decentralized nature of Denaria’s perpetual contract system offers the following benefits:

1. User Control:
   • Users retain full custody of their funds, ensuring there is no risk of third-party mismanagement.
   • All transactions are authorized and executed directly by users using their private keys.
2. Trustless Operations:
   • The protocol operates entirely through smart contracts, eliminating the need for intermediaries.
   • Users interact with the system without relying on a central authority or custodial service.
3. Censorship Resistance:
   • The decentralized design prevents any single entity, including Denaria, from restricting or censoring user activity.
4. Transparency and Verifiability:
   • All activities, including deposits, withdrawals, and trading, are publicly recorded on the blockchain.
   • Users can independently verify the protocol’s operations.
5. Immutable Protocol Rules:
   • The rules governing the protocol, including liquidation thresholds, fee structures, and position tracking, are encoded into smart contracts, and any changes are directly visible on the blockchain.

4.7 Commitment to User Autonomy

Denaria’s commitment to decentralization and user autonomy ensures that Users are solely responsible for managing their private keys and wallets, funds are never held, managed, or controlled by Denaria at any point and that all protocol operations are governed by transparent, immutable smart contracts.
By using the platform, users acknowledge their responsibility for securing their wallets and funds and agree that Denaria does not act as a custodian or intermediary under any circumstances.

5. Fees and Charges

The Denaria Platform applies various fees to ensure the efficient functioning of the protocol and incentivize its participants. All applicable fees are transparently published on the Denaria website and are subject to periodic updates as needed. Users are responsible for reviewing the fee schedule before engaging with the Platform.

5.1 Protocol Fees

1. Overview:
   1. Protocol Fees are charged to Traders and to the Liquidity Providers when they open or close positions and/or they interact with the Platform.
   2. These fees are calculated as a percentage of the target size of the position and are automatically deducted from the collateral deposited by the Trader.
2. Distribution:
   1. A portion of the Protocol Fees is allocated to the person hosting a frontend connected to the protocol.
   2. The remaining portion of the Protocol Fees is directed towards the growth of the protocol, including allocations to Liquidity Providers, the Insurance Fund, and governance token stakers.
3. Transparency and Updates:
   1. The exact percentage and structure of Protocol Fees are published on the Denaria website and displayed to users before any trade or interaction occurs.
   2. Denaria reserves the right to update the fee structure at any time at its sole and absolute discretion, without prior notice. Such decisions are final and not subject to review or challenge by users.
   3. Fee structure changes take immediate effect upon implementation. Updated fees will be displayed to users before executing any subsequent trade or interaction.
   4. Notice of fee changes will be communicated through the Denaria website and official channels, though such communication does not affect the immediate effectiveness of the changes.
   5. By proceeding with any trade or interaction, users acknowledge their acceptance of the fee structure displayed at that time.

5.2 Funding Fees

1. Overview:
   1. Funding Fees are periodic payments designed to balance long and short trader exposure across all pairs within the protocol.
   2. These fees are calculated based on market conditions and the Automated Market Maker (AMM) logic embedded within the protocol’s smart contracts.
2. How It Works:
   1. Funding Fees are paid or earned depending on whether a Trader holds a long or short position and the prevailing market conditions.
   2. Funding Fees are either paid or earned depending on whether an LP holds a long or short position, acting as the natural counterparty to trading activity.
   3. For example:
      1. If the total value of long positions on a trading pair exceeds that of short positions, long traders will pay the funding fees, while short traders will receive them. In this case, LPs will either pay or receive the funding rates based on their exposure.
      2. Conversely, if the total value of short positions on a trading pair exceeds that of long positions, short traders will pay the funding fees, while long traders will receive them. Similarly, LPs will either pay or receive the funding rates based on their exposure.
3. Distribution:
   1. Funding Fees are collected or disbursed automatically by the protocol’s smart contracts, ensuring fairness and transparency.
4. Transparency and Updates:
   1. The methodology for calculating Funding Fees is documented and published on the Denaria website.
   2. Any updates to Funding Fee logic or parameters will be communicated through official channels and incorporated into the smart contracts.

5.3 On/Off Ramp Fees

1. Overview:
   1. On/Off Ramp Fees are associated with converting fiat currency into digital assets (or vice versa) via third-party providers.
   2. These fees are set and managed solely by the third-party providers facilitating the on/off ramp services and are outside Denaria’s control.
2. Responsibility and Transparency:
   1. Users are responsible for reviewing and agreeing to the fee structure of the on/off ramp provider before initiating any transactions.
   2. Denaria does not collect, control, or manage these fees.
3. Updates:
   1. Updates to these fees are determined by the third-party providers, and Denaria is not responsible for communicating such changes.

5.4 General Transparency and Fee Updates

1. Publication:
   1. A comprehensive and up-to-date schedule of all applicable fees (Protocol Fees, Funding Fees, and any other relevant charges) is published on the Denaria website.
   2. This schedule includes detailed explanations of how fees are calculated and distributed.
2. Fee Updates:
   1. Denaria reserves the right to modify the fee structure at its discretion to align with market conditions, protocol enhancements, or other operational needs.
   2. Any changes to Protocol Fees or Funding Fees will be announced in advance on the Denaria website and through official communication channels.
   3. Updates will specify the effective date, allowing users sufficient time to understand and adjust to the new fee structure.
3. No Hidden Fees:
   1. Denaria ensures that there are no hidden or undisclosed fees within the protocol.
   2. All fees are transparently deducted or credited through the smart contracts and are fully auditable on the blockchain.

5.5 User Responsibility

1. Review of Fees:
   1. By using the Platform, users agree to review and understand the fee structure published on the website.
   2. Users acknowledge that fees may impact their trading performance and accept all applicable charges.
2. Acceptance of Updates:
   1. Continued use of the Platform after any fee updates constitutes acceptance of the revised fee structure.

6. Risks and Disclaimers

Using the Denaria Platform involves various risks inherent to blockchain technology, decentralized finance (DeFi), and financial derivatives. By accessing and using the Platform, you acknowledge and accept these risks, as outlined below. Denaria disclaims any liability arising from these risks to the fullest extent permitted by law.

6.1 Blockchain Risks

1. Transaction Irreversibility:

   1. Blockchain transactions are immutable and cannot be reversed once executed. Mistaken transactions, such as incorrect recipient addresses or amounts, may result in a permanent loss of funds.

2. Smart Contract Vulnerabilities:

   1. Smart contracts are immutable programs deployed on the blockchain. While rigorously tested, they may still contain vulnerabilities, coding errors, or unforeseen bugs that could lead to unintended outcomes, including loss of funds.

3. Network Congestion and Delays:

   1. High network traffic or congestion on the blockchain may delay transaction confirmation or increase transaction costs (gas fees). Such delays may impact trading performance and user experience.

4. Forks and Blockchain Instability:

   1. Blockchain networks may experience forks, rollbacks, or instability, which could disrupt the Platform’s operations or result in discrepancies in user balances.

5. Oracle Risk:

   1. The Platform relies on third-party oracle services to provide real-time price feeds and market data necessary for the functioning of the protocol, including position valuation, liquidations, and settlement processes.
   2. Oracle data may be subject to delays, inaccuracies, manipulation, or temporary unavailability due to technical failures, network issues, or external attacks.
   3. Incorrect or delayed oracle data may result in erroneous liquidations, improper position valuations, unfavorable trade executions, or other financial losses.
   4. Denaria does not control, operate, or guarantee the accuracy or availability of oracle services. Users acknowledge and accept the inherent risks associated with reliance on external data providers.

6.2 Risks of Using the Platform

1. Market Volatility:

   1. Digital assets are highly volatile, and their prices can fluctuate significantly over short periods. This volatility can result in substantial gains or losses.

2. Leverage Risks:

   1. Leveraged trading amplifies both potential gains and losses. A leveraged position may lead to rapid liquidation if the market moves against your position, potentially resulting in the loss of all collateral.

3. Liquidation Risks:

   1. If a Trader’s collateral falls below the required margin, the protocol automatically liquidates the position. Liquidation is final and may result in partial or total loss of the deposited collateral.

4. Dependency on Oracles:

   1. The Platform relies on third-party data oracles for price feeds and other critical information. Oracle failures, delays, or inaccuracies may lead to incorrect settlements, liquidations, or other unintended consequences.

5. Funding Payments:

   1. Periodic funding payments may result in additional costs for Traders based on their position and prevailing market conditions.

6.3 Risks Associated with Decentralized Systems

1. No Custodial Protection:

   1. Denaria operates as a fully decentralized, non-custodial platform. Users retain full control of their private keys and funds. If you lose access to your private keys, Denaria cannot recover your funds.

2. No Intermediary Oversight:

   1. The Platform operates autonomously through smart contracts, without manual intervention or oversight by Denaria. Users interact directly with the protocol and are solely responsible for their actions.

3. Censorship Resistance and Irreversibility:

   1. The decentralized nature of the Platform ensures censorship resistance, but it also means that no single entity, including Denaria, can reverse or modify transactions or rectify errors.

4. Regulatory Uncertainty:

   1. Laws and regulations governing blockchain technology and decentralized finance are evolving. Changes in legal or regulatory frameworks may restrict or impact your ability to access or use the Platform.

6.4 Risks of Third-Party Services

1. On/Off Ramp Services:

   1. On/off ramp services are provided by independent third-party providers. Denaria disclaims any responsibility for fees, delays, errors, or disputes arising from their use.

2. Wallet Software:

   1. Users are responsible for using secure and compatible wallet software to interact with the Platform. Denaria is not liable for issues arising from wallet software bugs, vulnerabilities, or user errors.

3. External Dependencies:

   1. The Platform may integrate with third-party services (e.g., price oracles, blockchain nodes). Disruptions, failures, or inaccuracies in these services may impact the Platform’s performance.

6.5 User Responsibilities

1. Informed Decision-Making:

   1. Users are responsible for conducting their own research and understanding the risks associated with blockchain technology, financial derivatives, and leveraged trading before using the Platform.

2. Personal Security:

   1. Users must take all necessary precautions to secure their private keys, wallets, and devices used to access the Platform.

3. Compliance with Laws:

   1. Users are responsible for ensuring compliance with local laws and regulations, including tax obligations arising from trading activities.

6.6 Disclaimers

1. No Guarantees:

   1. Denaria provides the Platform on an “as is” and “as available” basis without warranties or guarantees of any kind, including but not limited to the Platform’s availability, performance, or fitness for a particular purpose.

2. No Financial Advice:

   1. Denaria does not provide investment, trading, tax, or legal advice. Users are encouraged to seek independent professional advice tailored to their specific circumstances.

3. No Recovery Assistance:

   1. As a decentralized platform, Denaria cannot assist with recovering lost funds, reversing transactions, or regaining access to compromised wallets.

4. Limitation of Liability:

   1. Denaria disclaims all liability for any direct, indirect, incidental, or consequential damages arising from your use of the Platform, to the fullest extent permitted by law.

5. Third-Party Services:

   1. Denaria is not responsible for any losses, damages, or disputes arising from the use of third-party services, including but not limited to on/off ramp providers, wallet software, and data oracles.

6.7 Acceptance of Risks

By using the Denaria Platform, Users acknowledge and agree that:

• They fully understand the risks outlined in this section and accept sole responsibility for any losses incurred.
• Denaria disclaims all liability for any risks inherent to decentralized systems, blockchain technology, or financial derivatives.
• Users continued use of the Platform constitutes acceptance of these Terms, including all associated risks and disclaimers.

7. Limitation of Liability

Denaria operates as a fully decentralized, non-custodial platform. By using the Platform, you acknowledge and accept the inherent limitations of liability associated with its operations. Denaria disclaims all liability for any losses, damages, or risks arising from the use of the Platform, as outlined below.

7.1 General Limitation of Liability

1. Platform Provided “As Is”:
   1. The Denaria Platform is provided on an “as is” and “as available” basis without warranties or guarantees of any kind, express or implied.
   2. Denaria makes no representation or warranty regarding:
      1. The availability, reliability, or performance of the Platform.
      2. The accuracy, security, or functionality of the smart contracts.
      3. Fitness for a particular purpose or suitability for specific user needs.
2. No Responsibility for User Actions:
   1. All actions performed on the Platform, including trades, deposits, and withdrawals, are executed directly by the user via their wallet and private keys. Denaria does not control, initiate, or reverse these actions.
   2. Users are fully responsible for understanding the protocol and the implications of their actions.
3. Exclusion of Indirect or Consequential Damages:
   1. Denaria shall not be held liable for any indirect, incidental, punitive, or consequential damages, including but not limited to:
      1. Loss of profits or revenues.
      2. Loss of data or transaction records.
      3. Business interruptions or opportunity costs.
      4. Damages arising from market volatility or liquidation events.

7.2 Specific Exclusions

Denaria is not liable for losses, damages, or claims arising from the following scenarios:

1. User-Controlled Assets:
   1. Denaria does not hold user funds or private keys and cannot assist with recovering lost wallets, funds, or credentials.
   2. Users are solely responsible for securing their wallets and ensuring that all transactions are accurate.
2. Smart Contract Risks:
   1. Smart contracts underpinning the Platform are immutable and operate autonomously. Denaria disclaims liability for:
   2. Vulnerabilities, coding errors, or exploits in the smart contracts.
   3. Unintended outcomes resulting from protocol logic or user misunderstanding.
3. Blockchain Network Risks:
   1. The Platform operates on public blockchain networks, which are outside Denaria’s control. Denaria is not liable for issues caused by:
      1. Network congestion or high gas fees.
      2. Forks, rollbacks, or chain splits.
      3. Blockchain network downtime or failures.
4. Market Risks:
   1. Trading involves significant risks due to price volatility and market dynamics. Denaria disclaims liability for:
      1. Losses resulting from adverse market movements or liquidation of leveraged positions.
      2. Funding payments or other periodic fees impacting user balances.
5. Third-Party Services:
   1. Denaria integrates with third-party services, such as on/off ramp providers, wallet software, and price oracles. Denaria is not liable for:
      1. Errors, delays, or inaccuracies in price feeds or external data.
      2. Disputes or losses arising from interactions with third-party providers.
      3. Service interruptions or failures of external platforms.
6. User Errors:
   1. Users are responsible for ensuring the accuracy of their actions. Denaria disclaims liability for:
      1. Sending funds to incorrect addresses or unsupported wallets.
      2. Failing to understand the terms and mechanics of the protocol.
      3. Mistakes in collateral deposits or withdrawal requests.
7. Regulatory Changes:
   1. Denaria disclaims liability for losses arising from changes in laws, regulations, or government actions that restrict or prohibit access to the Platform.

7.3 Force Majeure

Denaria is not liable for any failure or delay in providing services due to events beyond its reasonable control, including but not limited to:

• Acts of God, natural disasters, or extreme weather conditions.
• Cyberattacks, hacking incidents, or other malicious activities targeting the protocol or blockchain infrastructure.
• Government restrictions, sanctions, or legal actions.
• Failures of third-party services, such as blockchain nodes, internet service providers, or data oracles.

7.4 Limitation of Financial Liability

1. Maximum Liability Cap:
   1. Denaria’s total liability for any claims, damages, or losses is limited to the total amount of fees you have paid to the Platform in the 12 months preceding the event giving rise to the claim.
2. No Additional Compensation:
   1. Denaria will not compensate users for:
      1. Unrealized profits or trading opportunities.
      2. Lost rewards or incentives from liquidity provision.
      3. Losses stemming from delays, errors, or unexpected system behavior.

7.5 Disclaimers Specific to Decentralized Operations

1. Autonomy of Users:
   1. Users interact directly with the Platform’s smart contracts, and all actions are initiated by the user’s wallet. Denaria does not manage, modify, or intervene in these actions.
2. Immutable Protocol Rules:
   1. The protocol’s rules are encoded into smart contracts and cannot be arbitrarily changed, overridden, or reversed by Denaria. Users accept that these rules govern all operations on the Platform.
3. Censorship Resistance:
   1. The decentralized nature of the Platform ensures that no single entity, including Denaria, can block or restrict user activity. This also means that errors or disputes cannot be unilaterally resolved by Denaria.
4. No Custodial Responsibilities:
   1. Denaria does not hold or manage user funds at any point. Users bear full responsibility for their assets and interactions with the protocol.

7.6 Assumption of Risks by Users

By using the Platform, you expressly acknowledge and agree to the following:

1. Inherent Risks:
   1. You understand and accept the risks associated with decentralized finance, blockchain technology, and trading perpetual contracts, as outlined in Article 6.
2. Sole Responsibility:
   1. You accept full responsibility for any losses or damages incurred through your use of the Platform, including losses arising from market volatility, liquidation, or technical errors.
3. No Guarantee of Profit:
   1. You acknowledge that trading on the Platform involves financial risk and that Denaria makes no guarantees or promises regarding profitability or outcomes.

7.7 Notice of Limitation

By accessing or using the Platform, you expressly acknowledge and agree to the limitations of liability described in this article. If you do not agree with these limitations, you must discontinue use of the Platform immediately. Denaria’s liability limitations do not waive or override any mandatory protections provided under applicable local laws. Where exclusions or limitations of liability are prohibited, they will not apply to you to the extent of such prohibition.

8. Insurance Fund

The Denaria Platform implements an Insurance Fund to ensure the protocol’s stability, creditworthiness, and protection against shortfalls resulting from account bankruptcies. The Insurance Fund is designed to safeguard participants and maintain trust in the decentralized system.

8.1 Purpose of the Insurance Fund

1. Covering Shortfalls:
   1. The Insurance Fund is utilized to cover any deficits that may occur when an account’s collateral is insufficient to settle its obligations, such as during extreme market conditions or unexpected liquidation events.
   2. It serves as a safety net to protect Liquidity Providers (LPs) and the overall protocol from incurring losses due to user insolvency.
2. Stability Assurance:
   1. By addressing shortfalls promptly, the Insurance Fund ensures that the protocol remains solvent and operational under adverse conditions, preserving user confidence.
3. Support for Decentralization:
   1. The decentralized nature of the Insurance Fund aligns with the principles of trustless finance, as all fund allocations and replenishments are transparently managed through smart contracts.

8.2 Structure and Governance

1. Composition of the Insurance Fund:
   1. The Insurance Fund is denominated in stablecoins to mitigate volatility and ensure reliable liquidity during crises.
   2. Initially, the fund will be seeded by the tutors of the project to establish its baseline capacity.
2. Smart Contract Management:
   1. The Insurance Fund is governed by smart contracts that enforce its rules, including the allocation of funds, replenishment mechanisms, and restrictions on usage.
   2. All transactions involving the Insurance Fund are recorded on the blockchain for transparency and auditability.
3. Replenishment Governance:
   1. Future enhancements or changes to the Insurance Fund’s structure or rules, if necessary, will be implemented through transparent governance mechanisms, if applicable.

8.3 Funding Mechanisms

The specific percentages, calculations, and distribution logic governing the Insurance Fund’s replenishment are detailed on the Denaria website.

Users are encouraged to review these details to understand the mechanisms fully.

8.4 Limitations of the Insurance Fund

1. No Guarantee of Coverage:
   1. While the Insurance Fund is designed to cover shortfalls, there is no absolute guarantee that it will be sufficient to address all potential deficits during extreme or unforeseen market events.
2. Priority of Usage:
   1. The Insurance Fund is reserved solely for protocol stability purposes and cannot be accessed for unrelated activities or discretionary use.
   2. Allocation is automated through smart contracts, ensuring impartial and predefined usage.
3. No Direct Claims by Users:
   1. The Insurance Fund does not function as personal insurance for individual users. Users cannot directly claim compensation from the Insurance Fund for their losses or account deficits.

8.5 User Acknowledgment

By using the Denaria Platform, you acknowledge and agree that:

• The Insurance Fund is designed to maintain protocol stability and does not guarantee coverage of all potential risks or losses.
• The fund operates autonomously through smart contracts and is governed by the protocol’s predefined rules.
• Users are responsible for understanding the Insurance Fund’s purpose and limitations as outlined in this article.

9. Indemnification

By using the Denaria Platform, you agree to indemnify, defend, and hold harmless Denaria, its affiliates, officers, directors, employees, agents, licensors, and service providers (collectively, “Indemnified Parties”) from and against any claims, liabilities, losses, damages, costs, or expenses (including reasonable attorneys’ fees) arising out of or related to your use of the Platform. This article outlines the circumstances, obligations, and procedures related to indemnification.

9.1 Scope of Indemnification

You agree to indemnify the Indemnified Parties from any claims, actions, or demands arising from the following:

1. User Conduct:
   1. Your violation of these Terms or any applicable laws, regulations, or rules.
   2. Your misuse or unauthorized use of the Platform, including any prohibited activities as outlined in Article 2.5.
2. Third-Party Claims:
   1. Claims made by third parties resulting from your actions, including but not limited to:
      1. Breach of intellectual property rights, privacy rights, or other proprietary rights.
      2. Fraudulent activities, false representations, or misrepresentations.
3. Losses to Other Users:
   1. Damages or losses incurred by other users due to your actions or omissions, such as market manipulation, hacking, or unauthorized access to third-party wallets.
4. Blockchain and Third-Party Services:
   1. Claims or disputes arising from your use of third-party services integrated into the Platform, including on/off ramp providers, wallet software, and external data oracles.
   2. Losses due to your reliance on blockchain networks, including forks, rollbacks, or delays.
5. Tax and Legal Compliance:
   1. Any claims or penalties arising from your failure to comply with tax reporting, payment obligations, or legal requirements in your jurisdiction.

9.2 Denaria’s Rights and Responsibilities

1. Right to Defense:
   1. Denaria reserves the right, at its sole discretion, to assume the exclusive defense and control of any matter subject to indemnification by you.
   2. You agree to cooperate fully with Denaria in defending any claims, including providing necessary documents, evidence, and assistance.
2. Choice of Counsel:
   1. Denaria may choose its legal counsel to defend against any claims covered under this indemnification clause.
   2. You agree that the choice of counsel and strategy will be determined solely by Denaria.
3. No Settlement Without Consent:
   1. You may not settle or compromise any claim without the prior written consent of Denaria.
   2. Denaria may choose to settle any claim without your prior approval if it determines that the settlement is in its best interest.

9.3 User Obligations

1. Timely Notification:
   1. You must promptly notify Denaria of any claim, demand, or action brought against you that may fall under this indemnification clause.
   2. Failure to provide timely notice may limit Denaria’s ability to defend against such claims and may relieve Denaria of its indemnification obligations.
2. Good Faith Cooperation:
   1. You agree to cooperate in good faith with Denaria in its defense against any claim, including providing accurate and complete information.
   2. Refusal or failure to cooperate may void your indemnification obligations and expose you to direct liability.
3. Assumption of Costs:
   1. You acknowledge and agree that you are responsible for all costs, expenses, and damages incurred by Denaria or its Indemnified Parties due to claims arising from your use of the Platform.

9.4 Limitations of Indemnification

1. Exclusions:
   1. Denaria is not obligated to indemnify you or any other user for losses arising from:
      1. Market conditions, trading activities, or financial risks inherent in the use of the Platform.
      2. Disruptions caused by third-party services or blockchain networks.
2. Non-Transferability:
   1. Your indemnification obligations are personal and non-transferable. They apply solely to your actions and use of the Platform.
3. No Waiver:
   1. Denaria’s exercise of its rights under this clause does not waive its right to seek additional remedies or compensation from you if necessary.

9.5 Indemnification for Denaria

While Denaria operates as a fully decentralized platform, it may require indemnification for any claims brought against it by third parties due to user activities. Users agree that:

1. Denaria is not responsible for user-initiated activities or their consequences.
2. Users must indemnify Denaria if their actions, intentional or unintentional, result in third-party claims against the platform.

9.6 Acknowledgment

By using the Denaria Platform, you acknowledge and agree that:

1. You are solely responsible for your actions on the Platform and their consequences.
2. Denaria is protected from liabilities arising from user activities through this indemnification clause.
3. The indemnification obligations outlined in this article survive termination of these Terms or your use of the Platform.

10. Modifications to Terms and Platform

Denaria is committed to maintaining a secure, reliable, and evolving decentralized platform. To address user needs, adapt to market changes, and comply with regulatory requirements, Denaria reserves the right to modify these Terms and the Platform’s functionality. This article outlines the scope, procedures, and user responsibilities regarding such modifications.

10.1 Modifications to the Terms

1. Right to Update:
   1. Denaria may amend, revise, or update these Terms at its sole discretion to:
   2. Comply with changes in applicable laws, regulations, or industry standards.
   3. Reflect updates to the Platform’s features, operations, or infrastructure.
   4. Address user feedback, technological advancements, or security enhancements.
2. Notice of Changes:
   1. Significant updates to these Terms will be communicated to users via:
      1. Official announcements on the Denaria website.
      2. Notifications through the Platform’s user interface or official communication channels (if applicable).
   2. Users are encouraged to regularly review the Terms published on the website to stay informed about any changes.
3. Effective Date of Changes:
   1. Modifications to the Terms will become effective on the date specified in the announcement.
   2. If no specific date is provided, the changes take effect immediately upon publication.
4. User Acceptance:
   1. Continued use of the Platform after the effective date of any changes constitutes your acceptance of the updated Terms.
   2. If you do not agree to the updated Terms, you must cease using the Platform immediately.
5. Transparency and Accessibility:
   1. A historical record of Terms updates may be maintained on the Denaria website for transparency.

10.2 Modifications to the Platform

1. Right to Modify:
   1. Denaria reserves the right to modify, suspend, or discontinue any aspect of the Platform without prior notice, including but not limited to:
      1. Smart contract updates or redeployments to improve security, performance, or functionality.
      2. Changes to user interfaces, APIs, or integrations with third-party services.
      3. Adjustments to fee structures, liquidation thresholds, or other protocol parameters.
2. Reasons for Modifications:
   1. Platform modifications may be necessary to:
      1. Enhance security, scalability, or usability.
      2. Address vulnerabilities, inefficiencies, or technical errors.
      3. Adapt to regulatory requirements or evolving market conditions.
3. Temporary Suspension:
   1. Denaria may temporarily suspend certain features or functionalities to implement updates, resolve issues, or perform maintenance.
   2. Users will be notified of planned suspensions in advance whenever feasible.
4. User Responsibility:
   1. Users are responsible for reviewing and understanding the changes made to the Platform, including updated functionalities, fee structures, and operating rules.

10.3 Smart Contract Updates

1. Immutable Nature of Contracts:
   1. Smart contracts deployed on the blockchain are generally immutable. However, Denaria may release new versions or supplementary contracts to improve functionality or address identified issues.
2. Migration to Updated Contracts:
   1. In the event of a smart contract update:
      1. Users may be required to migrate their funds or positions to the new contract.
      2. Clear instructions and deadlines will be provided to ensure a seamless transition.
   2. Failure to migrate within the specified timeframe may result in restricted access to certain features or funds.
3. Transparency in Updates:
   1. All updates to smart contracts will be transparently communicated, with relevant technical documentation published on the Denaria website or other official channels.

10.4 Regulatory and Legal Modifications

1. Compliance with Laws:
   1. Denaria may modify the Platform or restrict access to certain users, regions, or features to ensure compliance with applicable laws and regulations.
2. Restricted Jurisdictions:
   1. Users in restricted jurisdictions may lose access to certain functionalities or the Platform in its entirety. Changes will be communicated in advance where possible.
3. Ongoing Review:
   1. Denaria actively monitors legal and regulatory developments to maintain compliance and may make periodic adjustments to the Platform to reflect these changes.

10.5 User Obligations

1. Regular Review of Terms:
   1. Users are responsible for staying informed about updates to these Terms and the Platform. It is recommended that users review the Terms periodically to ensure continued compliance.
2. Acceptance of Modifications:
   1. By continuing to use the Platform after modifications are implemented, users agree to be bound by the updated Terms and any changes to the Platform’s functionality.
3. Acknowledgment of Risks:
   1. Users acknowledge that modifications may temporarily or permanently affect the availability, functionality, or performance of certain features.

10.6 Denaria’s Commitments

1. Transparency and Communication:
   1. Denaria is committed to transparency in all modifications and will endeavor to provide clear and timely notifications about significant changes.
2. User-Centric Approach:
   1. Modifications to the Platform are designed to improve user experience, enhance security, and ensure compliance with industry best practices and regulatory requirements.
3. Minimizing Disruptions:
   1. While modifications may occasionally require temporary suspensions or migrations, Denaria will make every effort to minimize disruptions and ensure a smooth user experience.

10.7 Limitation of Liability

1. No Guarantees:
   1. Denaria does not guarantee uninterrupted access to the Platform during modifications or updates. Users acknowledge that temporary suspensions may occur for maintenance or improvements.
2. No Responsibility for User Impact:
   1. Denaria is not liable for any losses, missed opportunities, or disruptions caused by modifications, updates, or temporary suspensions of the Platform.
3. Final Authority:
   1. All decisions regarding modifications to the Terms or the Platform rest solely with Denaria and are binding upon all users.

11. Governing Law and Arbitration

These Terms and your use of the Denaria Platform are governed by and construed in accordance with the laws of Switzerland, without regard to its conflict of law principles.

Any legal matters arising from these Terms shall be subject to Swiss law.

11.1 Arbitration Clause

1. Mandatory Arbitration:
   1. Any dispute, controversy, or claim arising out of or in connection with these Terms, including the validity, invalidity, breach, or termination thereof, shall be resolved exclusively through binding arbitration in accordance with the rules of the Swiss Chambers’ Arbitration Institution.
2. Arbitration Location and Language:
   1. The place of arbitration shall be Zug, Switzerland.
   2. The language of arbitration shall be English.
3. Number of Arbitrators:
   1. The arbitration panel shall consist of a single arbitrator unless the parties agree otherwise.
4. Final and Binding Decision:
   1. The arbitrator’s decision shall be final, binding, and enforceable in any court of competent jurisdiction.
5. Confidentiality:
   1. The arbitration proceedings, including all submissions, evidence, and awards, shall remain confidential, unless disclosure is required by law.

11.2 Waiver of Class Actions

By agreeing to these Terms, you waive any right to participate in a class action, class arbitration, or other representative proceeding. Disputes must be resolved on an individual basis.

12. Miscellaneous

This article outlines additional provisions that govern the relationship between Denaria and its users, ensuring clarity, enforceability, and continuity of the Terms. These provisions address scenarios, rights, and obligations not explicitly covered elsewhere in the document.

12.1 Entire Agreement

These Terms, along with the Privacy Policy and any other legal notices published by Denaria, constitute the entire agreement between you and Denaria regarding your use of the Platform.

They supersede any prior agreements, representations, or understandings, whether written or oral, relating to the subject matter of these Terms.

12.2 Severability

If any provision of these Terms is found to be invalid, unlawful, or unenforceable under applicable law, the remaining provisions shall remain in full force and effect.

The invalid or unenforceable provision will be replaced with a valid and enforceable provision that most closely reflects the original intent and economic effect of the invalid provision.

12.3 No Waiver

Failure by Denaria to enforce any provision of these Terms or exercise any rights shall not constitute a waiver of such rights or provisions.

Any waiver must be in writing and signed by an authorized representative of Denaria to be enforceable.

A waiver of any one provision or right shall not constitute a waiver of any other provision or rights.

12.4 Assignment

1. User Restrictions:

   1. You may not assign, transfer, or delegate your rights or obligations under these Terms without the prior written consent of Denaria.
   2. Any unauthorized assignment or transfer shall be null and void.

2. Denaria’s Rights:

   1. Denaria may assign or transfer its rights and obligations under these Terms without restriction, including as part of a merger, acquisition, or other corporate restructuring.
   2. Users will be notified of any such assignment or transfer.

12.5 Force Majeure

Denaria shall not be held liable for any delay or failure to perform its obligations under these Terms due to circumstances beyond its reasonable control, including but not limited to:

• Acts of God, natural disasters, or extreme weather events.
• Cyberattacks, hacking incidents, or other malicious activities.
• Government actions, regulations, or restrictions.
• Failures of blockchain networks, internet service providers, or third-party integrations.

Denaria will make reasonable efforts to mitigate the effects of such events and resume operations as soon as feasible.

12.6 Survival

The provisions of these Terms that by their nature should survive termination shall remain in effect, including but not limited to:

• Article 6: Risks and Disclaimers.
• Article 7: Limitation of Liability.
• Article 8: Indemnification.
• Article 11: Governing Law and Dispute Resolution.

12.7 Relationship of the Parties

Nothing in these Terms shall be construed to create a partnership, joint venture, agency, or employment relationship between you and Denaria.

You acknowledge that your use of the Platform does not grant you any rights, titles, or claims over Denaria, its assets, or intellectual property.

12.8 Interpretation

Section titles and headings in these Terms are for convenience only and do not affect the meaning or interpretation of the provisions.

Words in the singular include the plural and vice versa, unless the context requires otherwise.

12.9 Governing Language

These Terms are provided in English, which shall be the governing language for interpretation and dispute resolution.

Translations, if provided, are for convenience only, and in the event of any conflict, the English version shall prevail.

12.10 Amendments

Denaria reserves the right to amend or modify this Miscellaneous article as necessary to reflect changes in applicable laws, user requirements, or the Platform’s operations.

Users will be notified of any significant changes in accordance with Article 10.

13. Contact Information

If you have any questions, concerns, or need assistance, please contact us at:

• Email: team@denaria.finance
• Website: denaria.finance

PRIVACY POLICY

Effective Date: November 12th, 2025

Last Updated: November 12th, 2025

1. Introduction

Welcome to Denaria Finance. We understand that privacy matters to you, and it matters to us too. This Privacy Policy explains how we handle your personal information when you use our decentralized perpetual trading platform and visit our website at denaria.finance.

As a Switzerland-based foundation operating a decentralized finance protocol, we're committed to protecting your privacy while maintaining transparency about our data practices. This Policy has been designed to comply with both Swiss data protection law (the Federal Act on Data Protection, or FADP/LPD) and the European Union's General Data Protection Regulation (GDPR), ensuring that we meet the highest standards of data protection regardless of where you're located.

Before we dive into the details, we want to emphasize something fundamental about Denaria: we operate as a truly decentralized, non-custodial platform. This means we don't hold your funds, we don't control your private keys, and we don't have access to your wallet in the way a traditional financial institution would. This decentralized architecture fundamentally shapes how we process personal data and what we can (and cannot) do with the information that flows through our platform.

By choosing to use Denaria, you're agreeing to the practices described in this Privacy Policy. If anything here doesn't sit right with you, please don't use our platform – and feel free to reach out to us with any questions or concerns.

2. Who We Are

The entity responsible for your personal data – what data protection law calls the "data controller" – is:

DEFI Foundation
Bahnhofstrasse 21
6300 Zug
Switzerland

You can reach us at privacy@defifoundation.net for any privacy-related questions, concerns, or requests. We're based in Zug, which puts us under Swiss data protection law, but we also respect and comply with EU data protection requirements for our European users.

3. What Information We Collect

Let's talk about what information we actually collect. Unlike traditional financial platforms that require extensive personal information upfront, Denaria's decentralized nature means we collect relatively little personal data. Here's what we do collect:

Your Blockchain Wallet Address

This is the big one. When you connect your wallet to Denaria, we process your public wallet address. This address serves as your identifier on our platform – it's how we recognize you when you trade, deposit collateral, or manage positions. Your wallet address is visible on the public blockchain anyway, so this isn't creating new exposure, but we want you to know we're processing it as part of providing our services.

If you're accessing Denaria as a company or other legal entity rather than as an individual, we'll also process information about your organization – things like your company name, registration details, and information about the people authorized to act on behalf of your entity.

Your Email Address (If You Choose to Share It)

We don't require an email address to use Denaria, but if you choose to provide one – perhaps to receive updates about the platform or to facilitate customer support – we'll collect and process that too. This is always optional, and we'll only use your email for the purposes you've agreed to.

Technical Information

Like virtually every website and online platform, we automatically collect certain technical information when you visit our site or use our platform. This includes your IP address, information about your browser and device, what pages you visit, when you visit them, and similar usage data. We use this information to keep our platform running smoothly, to understand how people use Denaria, and to identify and fix technical issues.

We also use cookies and similar tracking technologies. Most of these are essential for the platform to work properly – they help maintain your session, remember your preferences, and keep things secure. We also use analytical cookies (specifically Google Analytics) to understand how users interact with our platform and where we can improve. You have control over non-essential cookies through your browser settings, though blocking certain cookies might limit your ability to use some features.

Transaction and Trading Data

Because Denaria operates on public blockchains, all of your trading activity – your positions, collateral deposits, trades, liquidations, and so on – is recorded on-chain. This blockchain data is publicly accessible to anyone who knows where to look, but we also process it as part of operating the platform. This includes monitoring positions for liquidation thresholds, calculating fees, tracking collateral balances, and managing settlements.

It's worth emphasizing again: this data is already public by the nature of blockchain technology. We can't make it private, and we can't delete it – that's just how blockchains work.

Information from Third Parties

Denaria doesn't operate in complete isolation. We work with several third-party service providers, and they may collect or process information in connection with your use of our platform:

Our RPC (Remote Procedure Call) service provider helps facilitate your interactions with the blockchain. When you execute transactions through our platform, the RPC provider processes your wallet address, transaction details, IP address, and timing information. This is necessary to broadcast your transactions to the blockchain network.

If you use the on/off ramp services integrated into our platform to convert between fiat currency and crypto, those are provided by independent third parties. These providers operate their own KYC (Know Your Customer) processes and will collect personal information including identification documents, payment details, and transaction information. Each of these providers has their own privacy policy, and your relationship with them is direct – we're just providing the integration.

Our platform relies on price oracle services (specifically Pyth Network and Chainlink) to get accurate, real-time pricing data. These oracles may collect technical information about data requests, though this is generally anonymous from our perspective.

4. Why We Process Your Information

Now let's talk about why we process your personal data and what legal basis allows us to do so. Under Swiss and European data protection law, we need a legitimate reason to process your information. Here are ours:

To Provide Our Service to You

The most fundamental reason we process your data is to actually operate the platform. When you connect your wallet and start trading, we need to process your wallet address to recognize you, track your positions, manage your collateral, execute your trades, and settle transactions. This is what lawyers call "contractual necessity" – we literally can't provide you the service without processing this information.

Our Legitimate Business Interests

We also process certain data based on what the law calls "legitimate interests." This sounds vague, but it's actually quite specific. We have legitimate interests in:

Keeping the platform secure and operational. We monitor for suspicious activity, detect potential fraud or market manipulation, identify security threats, and take steps to protect both the platform and our users. This might involve analyzing transaction patterns, monitoring for unusual activities, or investigating potential violations of our Terms of Service.

Improving the platform. We analyze how users interact with Denaria to identify bugs, optimize performance, develop new features, and generally make the platform better. This is why we use analytics tools like Google Analytics – to understand what's working and what isn't.

Protecting our legal rights. If we're involved in a legal dispute or need to defend our interests, we may process personal data as part of that process.

Managing our infrastructure. We need to understand traffic patterns, identify peak usage times, and ensure our systems can handle the load. This helps us provide a reliable service.

These legitimate interests are always balanced against your rights and freedoms. We don't process data for these purposes if the impact on you would be disproportionate to our business needs.

Legal Obligations

Sometimes we process personal data simply because the law requires us to. This includes:

Compliance with financial regulations. As a Swiss foundation operating a trading platform, we're subject to various regulatory requirements, including anti-money laundering (AML) obligations and sanctions compliance. This means we need to screen users against sanctions lists, maintain certain records, and report suspicious activities to authorities when required.

Responding to legal processes. If we receive a valid court order, subpoena, or request from law enforcement or regulatory authorities, we may be legally required to provide information.

Record-keeping requirements. Various laws require us to maintain records for specific periods of time, even after you stop using the platform.

Your Consent

In some cases, we process data based on your explicit consent. For example, if you opt in to receive marketing communications or agree to certain non-essential cookies, that's consent-based processing. The nice thing about consent is that you can always withdraw it – though we should note that withdrawing consent doesn't affect the lawfulness of processing that occurred before you withdrew it.

5. How We Use Your Information

Let's get practical about what we actually do with your personal data:

Operating the Platform

At the most basic level, we use your information to make Denaria work. This means identifying you by your wallet address, processing your deposits and withdrawals, opening and closing your positions, managing your collateral, calculating fees, and settling transactions. When you interact with our smart contracts, we're processing your wallet address and transaction data to execute what you've asked us to do.

We also monitor positions to ensure they remain properly collateralized. If your position approaches liquidation thresholds, our systems track that (and third-party liquidators may act on it) to maintain the stability of the protocol.

Security and Fraud Prevention

We take security seriously, and that means actively monitoring for threats. We analyze transaction patterns to detect potential fraud or market manipulation. We screen users against sanctions lists to ensure we're not facilitating illegal activities. We monitor for unusual access patterns that might indicate a compromised account. And we investigate potential violations of our Terms of Service.

This isn't about snooping – it's about protecting you, protecting other users, and maintaining the integrity of the platform. If we identify suspicious activity, we may restrict access, request additional verification, or (in serious cases) report to authorities.

Platform Analytics and Improvement

We want to make Denaria better, and that requires understanding how people use it. We analyze usage patterns to identify popular features, discover pain points, and find opportunities for improvement. We track technical performance to identify bottlenecks or issues. We use this information to guide our development priorities and optimize the user experience.

This is where Google Analytics comes in. Google processes certain usage data on our behalf to provide us with insights about platform traffic and user behavior. While Google Analytics data is generally anonymized, Google does process it according to their own terms of service, so you might want to review Google's privacy policy as well.

Communication

We use your contact information (if you've provided it) to communicate with you about the platform. This might include:

Service updates: Letting you know about important changes, new features, or planned maintenance.

Security alerts: Warning you about security incidents that might affect your account.

Regulatory notices: Informing you about changes in legal requirements or our policies.

Marketing communications: If you've opted in, we might send you information about Denaria updates or related services. You can always opt out of marketing emails.

Compliance and Legal

We process personal data to meet our legal and regulatory obligations. This includes screening against sanctions lists, maintaining records as required by law, preparing regulatory reports, and responding to legitimate requests from authorities.

6. Who We Share Your Information With

We don't sell your personal data. Period. But we do share it with certain third parties in specific circumstances:

Service Providers

We work with carefully selected service providers who help us operate the platform. These include:

Our RPC provider, who helps facilitate blockchain interactions and necessarily processes your wallet address, transaction data, and IP address when you use the platform.

Cloud hosting providers, who host our website and certain platform components.

Analytics providers, primarily Google Analytics.

All of these providers are bound by contract to protect your data and use it only for the purposes we've specified. They can't use your data for their own purposes.

On/Off Ramp and Oracle Providers

The on/off ramp services and price oracles we integrate with are independent third parties. When you use an on/off ramp service, you're entering into a direct relationship with that provider, and they'll collect and process your data according to their own privacy policies. We facilitate the integration, but we don't control what they do with your information.

Similarly, when we query price oracles for market data, those oracle providers may collect technical information about the requests, though this is generally not linked to individual users.

The Public Blockchain

This is crucial to understand: when you interact with Denaria, you're interacting with public blockchain networks. Your transactions, wallet address, positions, and trading activity are recorded on these public blockchains, where they're visible to anyone. We don't control this data, we can't delete it, and we can't make it private. That's simply how blockchain technology works – transparency and immutability are core features, not bugs.

This means that blockchain explorers, analytics companies, and anyone else can view your on-chain activity. If privacy from public view is important to you, you might want to consider using privacy-preserving techniques or separate wallets for different activities.

Third-Party Liquidators

Liquidators are independent actors who monitor the platform for undercollateralized positions and execute liquidations when necessary. They operate on a permissionless basis – we don't employ them, control them, or direct their activities. They can see position data for all users because it's on-chain and public. By using Denaria, you acknowledge that these third-party liquidators may observe and act on your position information.

Legal and Regulatory Authorities

We may disclose personal data to legal and regulatory authorities when required or permitted by law. This includes:

Swiss authorities like FINMA (our financial regulator) and the Federal Data Protection and Information Commissioner.

European regulators for our EU users.

Law enforcement agencies in response to valid legal processes.

Courts, in connection with legal proceedings.

We only disclose what's legally required and will notify you of such disclosures when permitted by law.

Business Transfers

If Denaria is acquired by another company, merges with another entity, or undergoes another significant corporate transaction, your personal data may be transferred as part of that transaction. We'd notify you of any such transfer and ensure that the acquiring entity provides equivalent privacy protections.

7. International Data Transfers

Here's something important: Denaria operates globally. Our servers may be located in various countries, our service providers may be based anywhere in the world, and the blockchain networks we use are by definition international and decentralized.

For our Swiss users, we ensure that any data transfers outside Switzerland comply with Swiss data protection law. Where we transfer data to countries that don't have an adequacy decision from Switzerland (meaning Switzerland doesn't recognize them as having equivalent data protection), we implement appropriate safeguards like Standard Contractual Clauses approved by the Swiss data protection authorities.

For our EU users, we follow the same approach under GDPR. We transfer data outside the EU only with appropriate safeguards in place, using mechanisms like European Commission-approved Standard Contractual Clauses or relying on adequacy decisions where available.

The reality of blockchain technology is that data is, by nature, globally distributed. When you put a transaction on-chain, it's replicated across nodes worldwide. This is part of what makes blockchain powerful and resilient, but it also means that traditional concepts of data localization don't really apply to on-chain data.

8. How Long We Keep Your Information

We don't keep your personal data longer than necessary. Here's our general approach:

While You're Actively Using Denaria

As long as you're actively using the platform, we'll retain your wallet address, transaction history, and technical logs. We need this information to provide you the service and to maintain platform security and integrity.

After You Stop Using Denaria

If you stop using the platform but don't specifically request deletion, we'll generally keep your account data for about three years. After that, we'll either delete it or anonymize it so it can no longer identify you.

Technical logs and IP addresses are typically retained for about 12 months, then deleted.

Legal and Regulatory Retention Requirements

Some data must be retained longer to comply with legal obligations:

AML/CTF records must be kept for 10 years after the last transaction, as required by Swiss law.

Tax-related information must be retained for 10 years under Swiss tax law.

Litigation-related data must be kept until legal matters are resolved, plus any applicable limitation periods.

If there's a legal requirement to retain your data, we can't delete it even if you request deletion – but we'll delete it as soon as the legal retention period expires.

Blockchain Data

Here's where things get different: data recorded on public blockchains is permanent. We cannot delete it, modify it, or restrict access to it. This is a fundamental characteristic of blockchain technology. Your on-chain transaction history will remain public and accessible indefinitely, regardless of whether you continue using Denaria or request deletion of other data.

Anonymized Data

After retention periods expire, we may retain anonymized, aggregated data for statistical and analytical purposes. This data can't identify you anymore, so it's outside the scope of data protection law.

9. How We Protect Your Information

Security is fundamental to everything we do. Here's how we protect your personal data:

Technical Measures

We encrypt data in transit using industry-standard TLS/SSL protocols, so information traveling between your device and our servers is protected from interception.

We implement strong access controls and authentication mechanisms to ensure that only authorized systems and personnel can access personal data.

We conduct regular security assessments and penetration testing to identify and address vulnerabilities.

We use intrusion detection and prevention systems to monitor for and respond to security threats.

We follow secure software development practices to minimize vulnerabilities in our code.

Organizational Measures

We restrict access to personal data to only those employees and contractors who need it to perform their duties.

All personnel with access to personal data are bound by confidentiality obligations.

We provide regular security and data protection training to our team.

We have incident response procedures in place so we can quickly respond to any security incidents.

We conduct vendor security assessments to ensure our service providers meet our security standards.

Your Responsibilities

Here's the thing though: we can implement all the security measures in the world, but your own security practices matter just as much. You're responsible for:

Securing your wallet and private keys. We don't have your private keys, and we can't recover them if you lose them. Use a hardware wallet for significant holdings, enable all available security features, and never share your private keys with anyone.

Protecting your device. Keep your operating system and software updated, use antivirus protection, and don't access Denaria from compromised or untrusted devices.

Being cautious. Watch out for phishing attempts, verify you're on the real Denaria website before connecting your wallet, and be skeptical of unsolicited communications claiming to be from us.

Limitations

We need to be honest with you: no system is 100% secure. Internet-based platforms are inherently subject to security risks. Smart contracts, while audited, may contain undiscovered vulnerabilities. Blockchain networks may be subject to various attacks. We implement industry-leading security practices, but we can't guarantee absolute security.

This is why it's so important for you to take security seriously on your end, only connect wallets you control, never share your private keys, and don't invest more than you can afford to lose.

10. Your Privacy Rights

Under Swiss and European data protection law, you have significant rights regarding your personal data. Let's walk through them:

Right to Information and Access

You have the right to know what personal data we hold about you and how we're using it. You can request a copy of your data, and we'll provide it to you free of charge (though we might charge a reasonable fee for additional copies).

When you request access, we'll tell you what data we have, where it came from, what we're using it for, who we're sharing it with, how long we'll keep it, and what rights you have regarding it.

Right to Correction

If any of the personal data we hold about you is inaccurate or incomplete, you have the right to have it corrected. Just let us know what's wrong, and we'll fix it – though note that we can't change data that's already been recorded on the blockchain.

Right to Erasure (The "Right to be Forgotten")

In certain circumstances, you have the right to have your personal data deleted. This includes situations where:

The data is no longer necessary for the purpose we collected it.

You withdraw consent (where our processing was based on your consent).

You object to processing and we don't have overriding legitimate grounds to continue.

The data was processed unlawfully.

Deletion is required by law.

However, there are important limitations to this right:

We can't delete data recorded on public blockchains – that's technologically impossible.

We can't delete data if we're legally required to retain it (like AML records).

We can't delete data if it's necessary for legal claims or defenses.

Right to Data Portability

You have the right to receive the personal data you've provided to us in a structured, commonly used, machine-readable format. You can also ask us to transmit this data directly to another service provider if technically feasible.

Right to Object and Restrict Processing

You can object to processing based on our legitimate interests. If you do, we'll stop processing unless we can demonstrate compelling legitimate grounds that override your interests.

You can also request restriction of processing in certain circumstances – for example, while we're verifying whether your data is accurate, or while we're determining whether our legitimate grounds override your objection.

Right to Withdraw Consent

Where we process your data based on consent, you can withdraw that consent at any time. This won't affect the lawfulness of processing before you withdrew consent, but we'll stop any consent-based processing going forward.

Right to Lodge a Complaint

If you're unhappy with how we're handling your personal data, you have the right to complain to the data protection authorities:

For Swiss users: You can contact the Swiss Federal Data Protection and Information Commissioner (FDPIC) at https://www.edoeb.admin.ch.

For EU users: You can contact your local data protection supervisory authority. A list is available at https://edpb.europa.eu/about-edpb/board/members_en.

Of course, we'd prefer if you contacted us first so we can try to address your concerns directly, but you have every right to go straight to the authorities if you prefer.

How to Exercise Your Rights

To exercise any of these rights, send an email to privacy@defifoundation.net with:

Your wallet address (so we can identify your account).

Clear explanation of which right you want to exercise.

Any information we need to verify your identity.

We'll respond within 30 days under Swiss law or one month under GDPR (we may extend this by up to another 60 days or two months respectively for complex requests, but we'll let you know if we need more time).

We don't charge a fee for exercising your rights unless requests are clearly unfounded or excessive, in which case we might charge a reasonable fee or decline the request entirely.

11. Special Considerations

If You're Using Denaria as a Company

If you're accessing Denaria on behalf of a company or other legal entity, a few additional considerations apply. We'll process information about your organization itself (like corporate registration details, ownership structure, and governance documents) as well as information about the individuals authorized to act on behalf of the entity.

Your organization is responsible for ensuring it has proper authorization to use Denaria, that only authorized individuals access the platform on its behalf, and that you comply with data protection obligations in your jurisdiction. If there's a data breach involving your organization's use of the platform, you're responsible for notifying affected individuals as required by applicable law.

Automated Decision-Making

Much of Denaria operates through automated smart contracts. For example, liquidation decisions are made automatically by code when positions fall below required collateral thresholds. Fraud detection systems automatically flag suspicious patterns for review.

Under data protection law, you have rights regarding automated decisions that significantly affect you. You can request human intervention, challenge automated decisions, and get an explanation of how they work. That said, the decentralized nature of smart contracts means some automated processes can't simply be overridden for individual users without compromising the protocol for everyone.

Age Restrictions

Denaria is not intended for anyone under 18 years old. We don't knowingly collect personal data from minors. If you're a parent and believe your child has provided us with personal information, please contact us immediately and we'll delete it.

12. Third-Party Services and Links

Our platform and website contain links to third-party websites and integrate with various third-party services. We're not responsible for the privacy practices of these external sites and services. They have their own privacy policies, and we encourage you to review them.

This is particularly important for:

On/off ramp providers, who have their own KYC requirements and privacy policies.

Oracle providers like Pyth Network and Chainlink, which have their own data practices.

Blockchain explorers like Etherscan, which display public blockchain data.

When you use these third-party services, you're subject to their terms and privacy policies, not ours. We're just providing the integration – your relationship with them is direct.

13. Data Breaches

Despite our best efforts, security incidents can happen. If we experience a data breach that poses a risk to your rights and freedoms, here's what we'll do:

We'll immediately investigate to understand the scope and severity of the breach.

We'll take steps to contain the breach and prevent further unauthorized access.

We'll notify the Swiss FDPIC (and the relevant EU supervisory authority for EU users) within 72 hours of becoming aware of the breach, as required by law.

If the breach poses a high risk to you personally, we'll notify you directly without undue delay. We'll explain what happened, what information was affected, what we're doing about it, and what steps you should take to protect yourself.

We'll document the breach, our response, and any lessons learned to prevent similar incidents in the future.

14. Changes to This Policy

Privacy law and our platform both evolve over time, so we may need to update this Privacy Policy. When we make significant changes, we'll notify you by:

Posting a notice on our website.

Sending an email (if you've provided one).

Displaying a notification on the platform.

Changes take effect on the date specified in the updated policy. Your continued use of the platform after that date means you accept the changes. If you don't accept the changes, you should stop using Denaria.

We may maintain a history of previous versions of this policy on our website for transparency.

15. The Realities of Decentralization

Before we wrap up, we want to emphasize something crucial about Denaria's decentralized nature and what it means for data protection:

We Don't Hold Your Keys or Funds

Denaria is a non-custodial platform. We never have access to your wallet's private keys. We can't move your funds, reverse your transactions, or recover lost keys. This is a feature – it means you maintain complete control – but it also means we can't help if you lose access to your wallet.

Blockchain Data is Public and Permanent

Everything you do on Denaria is recorded on public blockchains. Your transactions, positions, trading patterns – all of it is publicly visible and permanent. We can't delete it, change it, or make it private. This is how blockchain technology works. Traditional data protection concepts like "the right to be forgotten" simply don't apply to blockchain data.

When considering this, think about using separate wallets for different purposes, being mindful of what information you're putting on-chain, and understanding that blockchain analytics companies can (and do) analyze public blockchain data to track flows and identify patterns.

Smart Contracts Operate Autonomously

The smart contracts that power Denaria run automatically according to their programmed rules. We don't intervene in their operations, and we generally can't override them for individual users without compromising the protocol's integrity.

Third-Party Liquidators Are Independent

Liquidators who monitor positions and execute liquidations are independent third parties. They don't work for us, we don't control them, and they operate on a permissionless basis. They can see the same public blockchain data everyone else can see, and they act on it according to their own interests and strategies.

These aspects of decentralization are fundamental to how Denaria works. They provide benefits like censorship resistance, trustlessness, and user sovereignty, but they also create limitations on what we can do regarding data protection. We think these tradeoffs are worthwhile – decentralized finance represents a fundamental reimagining of financial infrastructure – but you should understand these limitations before using the platform.

16. Contact Us

If you have questions about this Privacy Policy, want to exercise your data protection rights, or have concerns about how we handle your personal data, we want to hear from you.

Email: privacy@defifoundation.net

Mail:
DEFI Foundation
Bahnhofstrasse 21
6300 Zug
Switzerland

We'll respond to inquiries within 30 days (or one month for EU users), though we'll try to get back to you much faster for urgent matters.

If you're not satisfied with our response, remember that you have the right to lodge a complaint with the Swiss FDPIC or your local EU supervisory authority.

17. Final Thoughts

Privacy in the context of decentralized finance is complex. We're operating at the intersection of cutting-edge blockchain technology, evolving regulatory frameworks, and traditional data protection principles. We're committed to protecting your privacy to the greatest extent possible while maintaining the transparency, immutability, and decentralization that make blockchain technology valuable.

This Privacy Policy represents our best effort to be transparent about our data practices and to give you control over your personal information. We'll continue to refine our practices as technology and regulation evolve, and we welcome your feedback.

Thank you for taking the time to understand how we handle your personal data. Your trust matters to us.

Last Updated: November 12th, 2025
Version: 2.1

DEFI Foundation
Bahnhofstrasse 21
6300 Zug
Switzerland
Email: privacy@defifoundation.net
Website: denaria.finance

COOKIE POLICY

Effective Date: November 12th,, 2025

Last Updated: November 12th, 2025

1. Introduction

Welcome to Denaria's Cookie Policy. We know that "cookies" might sound like something you'd find in your kitchen rather than on a website, but in the digital world, cookies are small pieces of data that help websites function properly and provide you with a better experience.

This Cookie Policy explains what cookies are, how we use them on the Denaria platform and website (denaria.finance), why we use them, and how you can manage them. We've tried to make this as clear and straightforward as possible because we believe you have the right to understand exactly what's happening when you visit our site.

This Cookie Policy should be read together with our Privacy Policy, which provides more comprehensive information about how we handle your personal data. Both documents are part of our commitment to transparency and compliance with Swiss data protection law (FADP/LPD) and the EU's General Data Protection Regulation (GDPR).

2. What Are Cookies?

Let's start with the basics. Cookies are small text files that websites place on your device (computer, smartphone, tablet) when you visit them. Think of them as tiny digital notes that help the website remember things about you and your visit.

These files typically contain:

• A unique identifier that distinguishes you from other visitors
• Information about your preferences or settings
• Data about how you interact with the site
• Session information to keep you logged in

Cookies don't contain executable code, so they can't install viruses or malware on your device. They're essentially just text files with data in them.

Types of Cookies by Duration

Session Cookies: These are temporary cookies that exist only while you're actively using the website. As soon as you close your browser, they disappear. They're like short-term memory for the website, helping it remember what you're doing as you move from page to page.

Persistent Cookies: These cookies stick around even after you close your browser. They remain on your device for a set period of time (which could be days, months, or even years) or until you manually delete them. They're like long-term memory, helping the website remember your preferences when you return.

Types of Cookies by Origin

First-Party Cookies: These are cookies set directly by Denaria. We have control over these and use them to operate our platform.

Third-Party Cookies: These are set by other companies whose services we use on our site, like Google Analytics. We have less control over these, and they're subject to those third parties' privacy policies.

3. Why We Use Cookies

We use cookies for several important reasons, all of which ultimately aim to give you a better, safer, and more personalized experience when using Denaria. Here's what we're trying to accomplish:

Making the Platform Work

Some cookies are absolutely essential for our platform to function. Without them, you simply couldn't use Denaria's core features. These cookies enable:

Authentication and security: Remembering that you've connected your wallet and maintaining your session securely. Without these cookies, you'd be logged out after every page you visit.

Load balancing: Ensuring your requests are routed to the right servers so the platform performs optimally.

Security features: Protecting against cross-site request forgery (CSRF) attacks and other security threats.

Core functionality: Enabling basic features like navigation, access to secure areas, and interaction with our smart contracts.

These essential cookies are not optional – they're necessary for the platform to work. We don't need your consent to use them because they're technically necessary.

Improving Your Experience

Some cookies help us make your experience on Denaria smoother and more personalized:

Remembering your preferences: Things like your language selection, display settings, or which wallet you typically connect with.

Maintaining your session: So you don't have to reconnect your wallet every time you navigate to a different page.

Storing interface preferences: Remembering how you like to view your positions, what charts you're tracking, or other customization choices.

These functional cookies significantly improve usability, though the platform can technically function without them – you'd just have a less convenient experience.

Understanding How People Use Denaria

Analytics cookies help us understand how visitors interact with our platform. This information is crucial for improving the user experience and identifying issues. We use these cookies to learn:

What features are most popular: So we know where to focus our development efforts.

Where users encounter problems: Like pages that load slowly or features that aren't working as expected.

How people navigate the site: Understanding common user journeys helps us optimize the layout and flow.

Technical issues: Identifying browser compatibility problems, error rates, and performance bottlenecks.

The analytics data we collect is typically aggregated and anonymized, meaning we're looking at patterns across many users rather than tracking individual behavior in detail.

Platform Performance and Optimization

Some cookies help us monitor and improve the technical performance of our platform:

Load time measurement: Understanding how quickly pages load for different users.

Error tracking: Identifying when and where technical errors occur.

Traffic management: Understanding usage patterns so we can scale our infrastructure appropriately.

A/B testing: Testing different versions of features to see what works best (though we're careful about using cookies for this purpose and will inform you when we do).

4. The Specific Cookies We Use

Let's get specific about the cookies you'll actually encounter on Denaria:

Strictly Necessary Cookies

These cookies are essential for the platform to function. You can't opt out of them without breaking the site:

Session Management Cookies

• Purpose: Maintain your connection to the platform and remember your authentication status
• Duration: Session (deleted when you close your browser)
• Information stored: Session identifier, authentication tokens
• Why it's necessary: Without these, you'd be logged out constantly and couldn't use the platform's core features

Security Cookies

• Purpose: Protect against security threats like CSRF attacks
• Duration: Session or short-term persistent
• Information stored: Security tokens, anti-forgery tokens
• Why it's necessary: These protect both you and the platform from security vulnerabilities

Load Balancing Cookies

• Purpose: Ensure your requests are routed to the appropriate server
• Duration: Session
• Information stored: Server routing information
• Why it's necessary: Ensures optimal performance and reliability

Functional Cookies

These cookies enhance your experience but aren't strictly necessary:

Preference Cookies

• Purpose: Remember your settings and preferences
• Duration: Persistent (typically 1 year)
• Information stored: Language preferences, display settings, notification preferences
• What happens if you block them: You'll need to reset your preferences each time you visit

Wallet Connection Cookies

• Purpose: Remember your preferred wallet provider and connection settings
• Duration: Persistent (typically 30 days)
• Information stored: Wallet type preference, previous connection status
• What happens if you block them: You'll need to reconnect your wallet more frequently

Analytics Cookies

We use analytics cookies to understand how people use Denaria:

Google Analytics Cookies

We use Google Analytics, which is probably the most widely-used web analytics service in the world. Here are the specific cookies it sets:

_ga

• Purpose: Distinguishes unique users
• Duration: 2 years
• Information stored: Randomly generated user ID
• Provider: Google

_gid

• Purpose: Distinguishes unique users (shorter term than _ga)
• Duration: 24 hours
• Information stored: Randomly generated user ID
• Provider: Google

_gat

• Purpose: Throttles request rate to limit data collection on high-traffic sites
• Duration: 1 minute
• Information stored: Request throttling information
• Provider: Google

These Google Analytics cookies help us understand:

• How many people visit Denaria
• Which pages are most popular
• How long people spend on different pages
• What devices and browsers people use
• General geographic information (country/region level, not precise location)
• How people navigate through the site

Important note about Google Analytics: The data collected by Google Analytics is processed by Google, which means it's subject to Google's privacy policy in addition to ours. Google may use this data for its own purposes, including improving its own products and services. However, we've configured Google Analytics to anonymize IP addresses and respect "Do Not Track" signals where technically feasible.

Performance and Error Tracking Cookies

Error Monitoring Cookies

• Purpose: Track JavaScript errors and technical issues
• Duration: Session or 7 days
• Information stored: Error codes, technical diagnostic information
• What they help us do: Identify and fix technical problems quickly

5. Cookies We Don't Use

It's also worth mentioning what we don't use cookies for:

We don't use advertising cookies: Denaria doesn't display third-party advertisements, so we don't use cookies to track you across the web for advertising purposes.

We don't use social media cookies: We don't embed social media widgets or sharing buttons that would allow social networks to track you on our site.

We don't use targeting or profiling cookies: We don't build detailed behavioral profiles or use cookies to target specific users with personalized content (beyond basic preferences).

We don't sell cookie data: We never sell the information collected through cookies to third parties.

6. How to Manage Cookies

You have control over cookies. Here's how you can manage them:

Browser Settings

All modern web browsers allow you to control cookies through their settings. You can typically:

Block all cookies: This will prevent any cookies from being set, but will likely break functionality on many websites, including Denaria.

Block third-party cookies only: This blocks cookies from domains other than the one you're visiting, while allowing first-party cookies.

Delete existing cookies: Clear out cookies that have already been set.

View existing cookies: See what cookies are currently stored by your browser.

Here's how to access cookie settings in popular browsers:

Chrome: Settings → Privacy and security → Cookies and other site data

Firefox: Settings → Privacy & Security → Cookies and Site Data

Safari: Preferences → Privacy → Cookies and website data

Edge: Settings → Cookies and site permissions → Cookies and site data

Brave: Settings → Privacy and security → Cookies and other site data

The Impact of Blocking Cookies

Here's what happens if you block different types of cookies:

If you block strictly necessary cookies:

• You won't be able to connect your wallet
• The platform won't function properly
• Security features will be compromised
• We genuinely don't recommend this

If you block functional cookies:

• You'll need to reset preferences each time you visit
• Your experience will be less convenient
• The platform will still work, just less smoothly

If you block analytics cookies:

• Your visit won't be counted in our analytics
• We'll have less information to improve the platform
• Your experience won't be directly affected

Opting Out of Google Analytics

If you want to use Denaria but opt out of Google Analytics specifically, you have several options:

Install the Google Analytics Opt-out Browser Add-on: Google provides a free browser extension that prevents Google Analytics from collecting data about your visits. You can download it at: https://tools.google.com/dlpage/gaoptout

Use browser privacy features: Most modern browsers have built-in features to block analytics cookies or send "Do Not Track" signals.

Use privacy-focused browsers: Browsers like Brave block analytics cookies by default.

Mobile Device Settings

If you're using Denaria on a mobile device, you can manage cookies through your device settings:

iOS: Settings → Safari → Block All Cookies (though this is quite aggressive)

Android: Chrome app → Settings → Site settings → Cookies

7. Do Not Track Signals

"Do Not Track" (DNT) is a privacy preference you can set in your browser. When enabled, it sends a signal to websites asking them not to track you.

Our approach to DNT: We respect Do Not Track signals where technically feasible, particularly for analytics cookies. However, it's important to understand that:

Strictly necessary cookies will still function: Even with DNT enabled, we'll still use cookies essential for the platform to work. These aren't really "tracking" you – they're just making the platform function.

Third-party services may not honor DNT: Services like Google Analytics may or may not respect DNT signals, depending on their own policies.

DNT isn't standardized: Different browsers implement DNT differently, and there's no universal standard for how websites should respond to it.

Blockchain interactions aren't affected: DNT doesn't affect the fact that your blockchain transactions are publicly visible – that's a fundamental characteristic of blockchain technology, not a tracking mechanism we control.

8. Cookies and Personal Data

You might be wondering: do cookies contain personal data, and if so, what does that mean under privacy law?

What Qualifies as Personal Data

Under Swiss and EU data protection law, personal data is any information relating to an identified or identifiable person. Some cookies contain personal data, while others don't:

Cookies that typically contain personal data:

• Cookies that store your wallet address
• Cookies linked to your email address (if you've provided one)
• Cookies that create a unique identifier specifically for you

Cookies that typically don't contain personal data:

• Cookies storing anonymous session IDs
• Cookies storing general preferences not linked to an individual
• Aggregated analytics data that can't identify specific users

Legal Basis for Cookie Processing

Under GDPR and Swiss law, we need a legal basis to process personal data through cookies:

Strictly necessary cookies: We don't need consent for these because they're necessary to provide the service you're requesting.

Functional cookies: These are typically based on legitimate interest, though you have the right to object.

Analytics cookies: We generally seek consent for these, though there's some legal debate about whether legitimate interest might also apply for basic, privacy-respecting analytics.

Your Rights

All the rights described in our Privacy Policy apply to personal data collected through cookies. This includes rights to access, correction, erasure (where applicable), and objection.

9. Third-Party Cookies and Services

While we try to minimize third-party cookies, we do use some third-party services that set their own cookies:

Google Analytics

As discussed, Google Analytics helps us understand how people use our platform. Google sets cookies and processes data according to its own privacy policy. Key things to know:

What Google does with the data: Google uses the analytics data to provide us with insights, but may also use it to improve its own products and services.

Your control: You can opt out using the Google Analytics Opt-out Browser Add-on or by blocking third-party cookies.

Google's privacy policy: Available at https://policies.google.com/privacy

RPC Service Providers

Our RPC service provider may use cookies or similar technologies when you interact with the blockchain through our platform. These are necessary for the technical functioning of blockchain interactions and are covered by the provider's own privacy policy.

On/Off Ramp Services

If you use the integrated on/off ramp services, those third-party providers may set their own cookies when you interact with their services. These are subject to their own cookie and privacy policies, not ours.

10. Updates to This Cookie Policy

Like our Privacy Policy, this Cookie Policy may change over time as we update our practices, add new features, or respond to changes in law or technology.

How we'll notify you of changes:

• We'll post the updated policy on our website with a new "Last Updated" date
• For significant changes, we'll provide notice through the platform or via email
• We may display a notification banner when you next visit after a major update

What happens if you don't accept changes:

• Continued use of the platform after changes take effect means you accept the updated policy
• If you don't accept the changes, you should stop using Denaria

Version history: We maintain a record of previous versions of this policy for transparency.

11. Cookies and Blockchain Data

It's important to distinguish between cookies and blockchain data:

Cookies are under our control: We decide which cookies to set (with your consent where required), and you can delete cookies from your device.

Blockchain data is not: Once information is recorded on a public blockchain, it's permanent and public. This isn't a cookie issue – it's a fundamental characteristic of blockchain technology.

They serve different purposes: Cookies help our website function and improve user experience. Blockchain data records the actual transactions and state changes you make when trading.

When you use Denaria, both types of data processing occur, but they're fundamentally different in nature and legal treatment.

12. Cookie Policy for Different Jurisdictions

While this policy applies to all users, there are some jurisdiction-specific considerations:

For Swiss Users

Under Swiss data protection law (FADP/LPD):

• Consent for non-essential cookies must be freely given and informed
• You have the right to object to cookie processing based on legitimate interest
• You can complain to the Swiss FDPIC about cookie practices

For EU/EEA Users

Under GDPR and the ePrivacy Directive:

• We need consent before setting non-essential cookies
• Consent must be given through a clear affirmative action
• You can withdraw consent at any time
• You can complain to your local supervisory authority

For Users in Other Jurisdictions

We follow the highest applicable standard (Swiss/EU law) for all users, regardless of location.

13. Children's Privacy and Cookies

Denaria is not intended for anyone under 18 years old. We don't knowingly collect information from minors through cookies or any other means. If you're a parent and believe your child has used our platform, please contact us immediately.

14. Technical Details for the Privacy-Conscious

For those who want to understand the technical details:

Cookie Storage

Cookies are stored locally on your device in browser-specific locations:

• Chrome: Your user profile folder → "Cookies" file
• Firefox: Your profile folder → "cookies.sqlite" file
• Safari: ~/Library/Cookies folder

Cookie Security

We implement security measures for cookies:

• Secure flag: Ensuring cookies are only transmitted over HTTPS
• HttpOnly flag: Preventing JavaScript from accessing sensitive cookies
• SameSite attribute: Protecting against CSRF attacks
• Encryption: Sensitive data in cookies is encrypted

Cookie Size and Performance

Cookies have size limits (typically 4KB per cookie). We minimize cookie size to:

• Improve page load performance
• Reduce bandwidth usage
• Comply with browser limitations

15. Practical Examples

Let's make this concrete with some real scenarios:

Scenario 1: Your First Visit

When you first visit Denaria:

1. Your browser loads our site
2. We set strictly necessary cookies for security and session management
3. We ask for your consent for analytics cookies
4. If you consent, Google Analytics cookies are set
5. You connect your wallet, and we set cookies to remember this connection

Scenario 2: Returning to Denaria

When you come back:

1. Your browser sends our cookies back to us
2. We recognize your session and preferences
3. You don't need to reconnect your wallet (if you consented to functional cookies)
4. Your interface settings are preserved
5. We continue collecting analytics data (if you consented)

Scenario 3: Blocking Cookies

If you block all cookies:

1. You visit Denaria
2. The platform tries to set cookies but your browser blocks them
3. You can't connect your wallet properly
4. Security features don't work
5. The platform essentially doesn't function

This is why we emphasize that some cookies are truly necessary.

16. Common Questions

Q: Will cookies slow down my browsing? A: Not noticeably. Cookies are tiny text files that have minimal impact on performance.

Q: Can cookies steal my private keys? A: No. Cookies can't access your wallet's private keys. Private keys are managed by your wallet software, not by cookies.

Q: Do cookies track me across different websites? A: Third-party cookies (like those from Google Analytics) can theoretically track you across sites that use the same service, but first-party cookies from Denaria only work on our site.

Q: Are cookies the same as cache? A: No. Cache stores copies of files to speed up loading, while cookies store small pieces of data to remember information about your visit.

Q: Can I use Denaria without any cookies? A: Unfortunately, no. Strictly necessary cookies are required for the platform to function.

Q: How often should I clear my cookies? A: That's up to you. Clearing cookies regularly enhances privacy but means you'll need to reconnect and reconfigure settings more often.

Q: Are cookies dangerous? A: Cookies themselves aren't dangerous – they're just text files. However, they can be used for tracking, which raises privacy concerns. We try to minimize privacy-invasive uses.

17. Contact Us

If you have questions about our use of cookies or this Cookie Policy:

Email: privacy@defifoundation.net

Subject: "Cookie Policy Inquiry"

Mail:
DEFI Foundation
Bahnhofstrasse 21
6300 Zug
Switzerland

We're happy to answer questions and help you understand or manage cookies on our platform.

18. Final Thoughts

Cookies are a fundamental part of how modern websites work, but we understand they raise privacy concerns. We're committed to using cookies responsibly, transparently, and in compliance with the law.

We only use cookies that serve a genuine purpose – either making the platform work, improving your experience, or helping us understand how to make Denaria better. We don't use cookies for invasive tracking, we don't sell cookie data, and we give you as much control as technically feasible.

If you have concerns about cookies, we encourage you to reach out. Your privacy matters to us, and we're always looking for ways to improve our practices.

Thank you for taking the time to understand how we use cookies. Your informed consent and trust are important to us.

Last Updated: November 12th, 2025
Version: 1.0

DEFI Foundation
Bahnhofstrasse 21
6300 Zug
Switzerland
Email: privacy@defifoundation.net
Website: denaria.finance