Multiliquid Compliance Disclosure

Multiliquid users pay an asset-based transaction fee. When a user transacts, a liquidity provider or other participant may quote a price below NAV (the asset's published value) for subscriptions, and/or above NAV for redemptions. The difference between the quoted price and NAV is the discount (on subscriptions) or premium (on redemptions).

A protocol-level transaction fee equal to 5% of that discount or premium is charged. That fee is included in the price the User pays. The following two adjustments apply:

If the resulting fee is less than 1 basis point (0.01%) of Total Transaction Value, the fee is set to 1 bp instead.

For assets that are tokenized money market funds, total annual fees in respect of a given fund are capped at 10 basis points of the average annual transaction volume in that fund.

Users may also pay fees native to the assets being transacted, which are not charged by the Protocol or Uniform Labs. For example, certain RWA tokens include transfer fees native to their products. For fees charged by Issuers, users should refer to the relevant third-party Issuer's documentation. For instance, see the transfer fees referenced in the Terms of Service.

Every transaction requires a Network Fee (gas fee). For transactions that settle on Ethereum, the Network Fee is denominated in ETH and varies based on the computational resources required to process the transaction, prevailing network demand, and any priority fee selected by the User. Ethereum Network Fees are determined by the network and are not set or retained by the Protocol or Uniform Labs. For transactions that settle on the Solana network, the fee is denominated in SOL and varies based on network congestion. Users may also opt into a priority fee that increases the chance that the current leading validator will process the transaction. Users should refer to the documentation of the underlying chain for detailed information about Network Fees.

Liquidity providers ("LPs") incur a separate protocol-level fee, which is a percentage of the dollar value of each transaction. Users do not pay this fee; it is incurred directly by LPs.

Users in the following jurisdictions ("Restricted Jurisdictions") are prohibited from using this Interface pursuant to its Terms of Service: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, Zimbabwe, and any other jurisdiction that is subject to comprehensive sanctions imposed by OFAC, the European Union, or the United Nations Security Council. Users attempting to access this Interface from Internet Protocol (IP) addresses from Restricted Jurisdictions are blocked from use.

Restricted Jurisdictions are determined by reference to sanctions programs administered by the U.S. Office of Foreign Assets Control (OFAC), the UK Office of Financial Sanctions Implementation (OFSI) under the UK Sanctions List, and the European External Action Service (EEAS) under the EU Consolidated List of Sanctions, as well as jurisdictions on the Financial Action Task Force (FATF) blacklist. The list of Restricted Jurisdictions is subject to change and will be updated to reflect material changes to the foregoing sanctions programs and FATF designations.

This Interface may use blockchain intelligence tools or other compliance controls to screen wallet addresses that users try to connect via their self-custodial wallets against sanctions lists and other illicit risk factors. Wallet addresses identified as potentially having engaged in illicit activity, or otherwise restricted by applicable controls, may be restricted from using this Interface.

When a user initiates a swap, the Swap Contract validates transaction parameters, checks eligible assets and stablecoins, calculates expected output, and coordinates execution through the relevant Delegate Contracts. Delegate Contracts may support asset-specific, stablecoin-specific, or liquidity-provider-specific transfer logic, whitelisting, risk controls, minting, burning, custody addresses, Price Adjustments, redemption fees, transfer limits, and pausability.

Swap pricing references the applicable asset's NAV as retrieved from the relevant asset contract, oracle, or other supported source. The output displayed to the user may be net of Price Adjustments, protocol fees, and any applicable issuer, stablecoin issuer, or provider fees. Network or gas fees are separate costs paid to the applicable blockchain network and are not deducted from the displayed output unless the Interface expressly states otherwise.

Available liquidity may be supplied by integrated stablecoin issuers, which may mint or burn stablecoins against eligible reserve assets, and by balance sheet providers, which may transfer pre-existing stablecoins or tokenized assets through designated contracts or wallets they control.

Swaps are subject to applicable issuer whitelists, blacklists, jurisdictional restrictions, transfer restrictions, eligibility requirements, contract limits, and smart contract pauses. A user may be unable to execute a swap if the relevant issuer, token contract, Delegate Contract, or liquidity source does not permit the transaction.

Swaps are designed to execute on an all-or-nothing basis. If required checks fail, required permissions are not satisfied, liquidity is unavailable, or the user rejects the transaction, the swap should not complete.

Market data displayed in this Interface, including available liquidity, expected output, fees, Price Adjustments, and relevant asset information, may be sourced from asset contracts, NAV sources or oracles, token contracts, Delegate Contracts, stablecoin issuers, balance sheet providers, and other supported data sources. Data is refreshed at the time of quote or as otherwise indicated in the Interface.

The Protocol's architecture is designed to incorporate modular Swap Contract and Delegate Contract components, OpenZeppelin libraries, role-based access controls, reentrancy protection, validation checks, monitoring tools, configurable limits, upgradeable contracts, and pausability. Audit status, formal verification status, upgrade authority, key-management arrangements, and emergency controls may vary by contract and integration and should be confirmed against current Multiliquid security materials.

This Interface is served from the website multiliquid.xyz. Uniform Labs employs front-end security practices that may include DDoS protection, rate limiting, dependency audits, phishing and domain monitoring, infrastructure redundancy, automated testing, and uptime monitoring. The scope and status of any current security assessment should be confirmed against current Multiliquid security materials.

Access to production systems is governed by role-based access controls and a dual-control authorization policy requiring two-person approval for sensitive operations. Internal security training, secrets scanning, incident response runbooks, and wallet monitoring tools are maintained.

Uniform Labs may maintain, or may in the future maintain, vulnerability reporting, audit, or bug bounty processes covering applicable Multiliquid smart contracts and related infrastructure. Users and researchers should refer to current Multiliquid security materials for the scope of any such program.

Before a user initiates a swap, the Interface may display the expected output based on the applicable asset NAV, any Price Adjustment, applicable protocol fee, issuer or provider fees, and available liquidity. Network or gas fees are separate costs and may be displayed or estimated where supported. The displayed output is a preview and may change before execution if NAV data, liquidity, fees, provider parameters, permissions, or network conditions change.

In addition to the swap preview, users may be able to review or adjust the following transaction parameters, depending on the transaction type and available functionality:

Users may be able to adjust the language of text throughout this Interface and review general transaction information, including the relevant asset, stablecoin, network, wallet, and supported data sources.

The "Asset Selection" parameter identifies the tokenized asset or stablecoin the user proposes to provide or receive, subject to applicable issuer permissions, whitelists, transfer restrictions, and available liquidity.

The "Output Asset" parameter identifies the eligible tokenized asset or stablecoin the user proposes to receive and may be limited by the relevant stablecoin issuer, balance sheet provider, Delegate Contract, or asset issuer.

The "Network" parameter identifies the blockchain network on which a transaction is executed, if more than one supported network is available. Network availability should be confirmed in the Interface at the time of transaction.

Users may be able to review or adjust transaction submission parameters, including network or gas fees, subject to available wallet and network functionality.

The "Network or Gas Fee" parameter refers to fees required by the applicable blockchain network or infrastructure participants to process a transaction. These fees may vary based on network congestion, transaction complexity, and user-selected wallet or transaction settings.

The "Transaction Submission" parameter refers to the manner in which the user's signed transaction is submitted to the applicable blockchain network, which may depend on the user's wallet, selected network, third-party infrastructure providers, and supported Interface functionality.

Users may be able to view available liquidity sources and provider-set parameters for an eligible swap, including Price Adjustments, supported assets and stablecoins, limits, and applicable fees.

The Interface may estimate expected output based on current NAV data, available liquidity, Price Adjustments, protocol fees, and applicable issuer or provider fees. Network or gas fees may be separately displayed or estimated where supported. Any estimate may change before execution, and a transaction may fail if required checks are not satisfied at execution.

The "Price Adjustment" parameter refers to any discount or adjustment set by the relevant stablecoin issuer or balance sheet provider for an eligible asset or stablecoin. A Price Adjustment may affect the amount of stablecoin or tokenized asset a user receives.

The "Liquidity Source" parameter refers to the stablecoin issuer, balance sheet provider, or other supported source through which the swap may be fulfilled. Available sources may differ by asset, stablecoin, network, permissions, and available liquidity.

When users access the Protocol through third-party frontends, APIs, or direct smart contract calls, the available parameters, displays, warnings, and defaults may differ from those presented in this Interface.

The execution path for a transaction may depend on the user's selected asset and stablecoin, available liquidity, relevant issuer permissions, Delegate Contract logic, balance sheet provider parameters, stablecoin issuer integration, and applicable smart contract settings. The Protocol does not operate a native automated market maker router and does not route transactions through liquidity pools for price discovery.