Legal

Terms & Risk Disclosure

Last updated: 2026-07-02 · This page is published for transparency and will be finalized with counsel before any mainnet deployment. It is a plain-language summary, not exhaustive legal documentation.

1. Informational only — no offer

Nothing on this site or in the KEEL console is an offer, solicitation, or sale of any security, fund interest, or other financial product, and nothing here is investment, legal, or tax advice. The interfaces describe and interact with smart contracts deployed on HyperEVM testnet.

2. Testnet status

The vault currently runs on HyperEVM testnet with test USDC. Testnet tokens have no monetary value. Figures shown (exchange rate, TVL, APY) demonstrate the mechanism — they are not a track record and do not predict future performance. The contracts have not been externally audited; an independent security review and external audit are hard gates before any mainnet deployment.

3. Eligibility

The interfaces are not directed at, and must not be used by, any person in a jurisdiction where such use would be unlawful, including persons subject to comprehensive sanctions (per UN/EU/UK/US lists). Additional jurisdiction exclusions will be published with the mainnet terms after counsel review. You are responsible for confirming that your use is lawful where you live.

4. How the vault works — and what you trust

Self-custodial entry & exit: deposits and redemptions are permissionless contract calls. There is no account we can freeze.
Operator-managed strategy: once deposited, strategy capital is deployed off-chain by the operator. While deployed, you are trusting the operator. That trust is bounded on-chain: withdrawal destinations are allowlisted (a withdrawal rate-limit is armed for mainnet), deposits are capped in stages, admin changes sit behind a 48-hour timelock, and redemptions and fees are contract-enforced. The testnet deployment may trail the newest contract source; mainnet ships from the final audited code.
Operator-reported NAV: the exchange rate is reported by the operator and published through an accountant contract that enforces per-update deviation bands, a 24-hour drift cap, and an automatic pause on abnormal moves.
Redemptions: requests are settled through a queue, typically within ~7 days — an operator commitment, not a contract guarantee. Pending requests can be cancelled on-chain at any time, returning your shares. Settled amounts are contract-escrowed and claimable regardless of the operator.

5. Fees

Two fees can apply, both enforced on-chain: a performance fee charged only on gains above the high-water mark, and a redemption (exit) fee that is hard-capped at 5% in the contract and locked in at the moment you request. Current values are displayed in the console before you confirm any action.

6. Risks

Loss of principal. Market-neutral is not risk-free: tracking error, hedging slippage, venue/counterparty failure, liquidation of hedge legs, smart-contract bugs, and oracle or reporting faults can all impair the NAV — up to total loss.
Operator risk. Strategy execution, NAV reporting, and redemption settlement depend on the operator. On-chain guardrails bound — but do not eliminate — this dependence.
Liquidity risk. Redemptions are queued, not instant; timing depends on unwinding positions.
Regulatory risk. The legal treatment of on-chain vaults is unsettled in most jurisdictions and may change.
No insurance, no guarantee. Nothing here guarantees any return or the return of principal.

7. No warranty

The interfaces and contracts are provided "as is", without warranty of any kind. To the maximum extent permitted by law, the operator and contributors are not liable for any loss arising from use of the interfaces or contracts.

8. Contact

A contact address for questions, diligence requests, and security disclosures will be published here.