TERMS OF USE

version 0.1 draft · last updated [DATE TBD] · plain-English honest version

⚠ DRAFT. This document is a starting point written by the project author. It has not been reviewed by counsel. Before you launch publicly, get a real lawyer to either bless this language or replace it. Specifics that matter — jurisdiction, choice of law, arbitration clauses — depend on where you operate and where your users live.

± If you only read one section, read this. Liqua is experimental software running on a public blockchain. The contracts have been tested but not audited. The relayer is a single point of failure. Tokens shown today are test tokens with no value. You can lose everything you put in. By using Liqua you agree that you understand this and are responsible for your own decisions.

1 · Acceptance

By accessing or using any Liqua interface — including this website, the relayer API, the smart contracts at the addresses listed in shared/deployment.json, or any related software — you agree to these terms. If you do not agree, do not use the service.

2 · What Liqua is

Liqua is a non-custodial decentralized exchange protocol. The exchange runs on smart contracts deployed to a public blockchain. An off-chain relayer hosts the orderbook for usability — the relayer cannot move your funds; only signed transactions submitted on-chain by you or another taker can.

This website is a thin client for the protocol. Most of what you see runs in your browser; the protocol runs on-chain.

3 · Experimental software

Liqua is provided "as is" and "as available". The protocol may contain bugs, security vulnerabilities, or design flaws that result in permanent loss of funds. Smart contracts cannot be paused or rolled back by us once deployed. You acknowledge that you understand this and accept the associated risk.

The current deployment is a testnet. Tokens on testnet have no value, no peg, no listing, no economic guarantees. Use only as a development environment.

4 · No financial advice

Nothing on this site, in our documentation, or in any official communication constitutes investment advice, financial advice, trading advice, or a recommendation by Liqua, its contributors, or any related party. You are solely responsible for evaluating the merits and risks of any decision before acting.

5 · No warranty · limitation of liability

To the maximum extent permitted by applicable law, Liqua and its contributors disclaim all warranties, express or implied, including warranties of merchantability, fitness for a particular purpose, and non-infringement. The service is provided at your own risk.

In no event will Liqua, its contributors, affiliates, agents, or licensors be liable for any indirect, incidental, special, consequential, or punitive damages — including loss of profits, data, or other intangible losses — arising from your use of the service, even if advised of the possibility of such damages.

6 · You are responsible for your wallet

Liqua never holds your private keys, your seed phrase, or your funds. Your interactions are signed by a wallet you control (MetaMask, hardware wallet, etc.). We have no ability to recover, restore, freeze, or seize anything in your wallet.

If you lose your seed phrase, sign a malicious transaction, or send funds to the wrong address: those funds are gone. We cannot help.

7 · Honest tradeoffs

Liqua is honest about its architecture. Specifically:

The orderbook is hosted by a single relayer. It can hide or censor orders. It cannot move your funds. This is the same tradeoff EtherDelta and IDEX v1 made.
The relayer holds a "mirror keeper" wallet that signs orders. That wallet is local to the host and has its own balance + allowances. If you are the host, treat the key like cash.
The chain spec at /spec.html describes a future native L1 that does not yet exist. Don't conflate the spec with the deployed system.

8 · Acceptable use

You will not:

Use Liqua to violate any applicable law, including sanctions and AML rules in your jurisdiction.
Attempt to attack, exploit, or disrupt the protocol in ways that would harm other users.
Submit content via the chat feature that is illegal, harassing, threatening, or infringes the rights of others.
Use the service in any way that would attempt to gain unauthorized access to other users' wallets, sessions, or data.

Responsible disclosure of vulnerabilities (via bug bounty when active) is explicitly welcomed and not subject to these restrictions.

9 · Modifications to the service

We may modify, suspend, or discontinue any part of the off-chain components (this website, the relayer) at any time without notice. The smart contracts at the deployed addresses are immutable — we cannot change them. New versions may be deployed at new addresses; you choose which to use.

10 · Changes to these terms

We may update these terms from time to time. The "last updated" date at the top reflects the most recent change. Continued use after a change means acceptance of the new terms. Substantial changes will be announced via the project's official channels.

11 · Governing law

[TBD by counsel — typically: governing law of [JURISDICTION], with disputes resolved by [ARBITRATION FORUM] in [VENUE]. This section MUST be filled in before public launch.]

12 · Contact

Project communication: [discord link · TBD]. Security disclosures: [security@liqua.app · TBD]. Abuse reports: [abuse@liqua.app · TBD].