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Liquity Protocol Disclaimer

Introduction

Please read this Disclaimer carefully before accessing, interacting with, or using the Liquity Protocol software, consisting of the Liquity Protocol technology stack (in particular its smart contracts) as well as any other Liquity technology such as e.g., the launch kit for frontend operators (together the “Liquity Protocol Software”). 

This disclaimer relates to the use of the Liquity Protocol Software. The Liquity Protocol Software enables its users (“User”) to create interest-free liquidity in LUSD (a USD pegged stablecoin) by depositing ETH towards autonomous smart contracts. The LUSD is stabilized by a liquidation mechanism and a Stability Pool which both are fully decentralized and smart contract based as well. For the use of the functions of the Liquity Protocol Softare, the involved smart contracts automatically and autonomously deduct technical fees which can be claimed by the LQTY holders (if any). Any and all functionalities of the Liquity Protocol Software are of purely technical nature and there is no claim towards any private individual or legal entity in this regard.

No Relationship to Liquity AG / Usage of Liquity Protocol Software at Own Risk

While Liquity AG developed the Liquity Protocol Software, the Liquity Protocol Software runs in a fully decentralized and autonomous manner on the Ethereum network. Liquity AG is neither involved nor in any way responsible for the operation, running or functioning of the Liquity Protocol Software and/or any of the interactions, collaborations or factual relationships between Users and the smart contracts of the Liquity Protocol Software. Liquity AG has neither access to nor any other possibility to control and/or influence the corresponding transactions, deposits and/or allocations made by the Users and the involved smart contracts using the Liquity Protocol Software. Liquity AG does not operatean own frontend, nor has it entered in any relationship towards the frontend operators.

In particular, Liquity AG has not and will not enter into any legal or factual relationship with any User of the Liquity Protocol Software. Consequently, LIQUITY AG IS NOT LIABLE TO ANY USER FOR DAMAGES, INCLUDING ANY GENERAL, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE, IN CONNECTION WITH THE USE OR INABILITY TO USE THE LIQUITY PROTOCOL SOFTWARE (INCLUDING BUT NOT LIMITED TO LOSS OF ETH, LUSD OR LQTY, NON-ALLOCATION OF TECHNICAL FEES TO LQTY HOLDERS, LOSS OF DATA, BUSINESS INTERRUPTION, DATA BEING   RENDERED INACCURATE OR OTHER LOSSES SUSTAINED BY A USER OR THIRD PARTIESRELATED TO THE LIQUITYPROTOCOL SOFTWARE AND/OR ANY ACTIVITY OF A FRONTEND OPERATOR OR A FAILURE OF THE LIQUITY PROTOCOL SOFTWARE TO OPERATE WITH ANYOTHER SOFTWARE).

The Liquity Protocol Software has been developed and published under the GNU GPL v3  open-source license, which forms an integral part of this Disclaimer. 

As the Liquity Protocol Software is of experimental nature it may contain bugs, defects, or errors (including any bug, defect, or error relating to or resulting from the display, manipulation, processing, storage, transmission, or use of data) that may materially and adversely affect the use, functionality, or performance of the Liquity Protocol Software or any product or system containing or used in conjunction with the Liquity Protocol Software.

THE LIQUITY PROTOCOL SOFTWARE HAS BEEN PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.

THE LIQUITY PROTOCOL SOFTWARE IS HIGHLY EXPERIMENTAL AND ANY REAL ETH AND/OR LUSD AND/OR LQTY SENT, STAKED OR DEPOSITED TO THE LIQUITY PROTOCOL SOFTWARE ARE AT RISK OF BEING LOST INDEFINITELY, WITHOUT ANY KIND OF CONSIDERATION.

There are no official frontend operators, and the use of any frontend is made by User at its own risk. To assess the trustworthiness of a frontend operator lies in the sole responsibility of the User and must be made carefully.

Further, as the Liquity Protocol Software is built on the Ethereum network its proper functioning is depending on the Ethereum network and any transaction including LUSD or LQTY requires ETH as gas.

Assumption of Risks of Cryptographic Token, Currencies and Systems

There are also general risks associated with purchasing, owning and using cryptographic Token (hereinafter “Token”) In order to access and make use of certain features of the Liquity Protocol Software, a User may need Token (in particular, ETH, LUSD and/or LQTY). 

Token such as ETH, LUSD and LQTY are highly volatile due to many factors including but not limited to adoption, speculation, technology, and security risks. The cost of transacting on the Ethereum network or related blockchain technologies is variable and may increase at any time causing impact to any activities taking place on the Ethereum network. 

User is solely responsible for transacting and holding Token like ETH, LUSD and/or LQTY while accessing and/or interacting with the Liquity Protocol Software. 

Neither LUSD nor LQTY do represent or constitute any ownership rights or stake, shares or security or equivalent rights nor any rights to receive future revenues or shares or any other form of participation or governance rights in or relating to any private individual or legal entity. In particular, both LUSD and LQTY do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in or relating to any private individual or legal entity. 

User is responsible for implementing reasonable measures for securing the wallet, vault or other storage mechanism used to receive and hold ETH, LUSD and LQTY or any other Token, including any requisite private key(s) or other credentials necessary to access such storage mechanism(s). If User’s private key(s) or other access credentials are lost, User may lose access to its Token. 

Risk of Regulatory Actions and Compliance with Laws

The Liquity Protocol Software could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit User’s ability to access or use the Liquity Protocol Software.

User is solely responsible for complying with applicable law when interacting (in particular, when using ETH, LUSD. LQTY or other Token) with the Liquity Protocol Software whatsoever.