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Terms of Service

Version 0.2 Effective 2026-04-14

What changed from v0.1: Added explicit "Dol confers no equity / ownership / profit-share / governance rights" clause (new Section 4.5), expanded sanctions language in Section 8 to prohibit mixers/tumblers/ransomware/sanctioned-address interactions, added oracle accuracy and value-drift risk to Section 7, added 5-day notice requirement for fee changes (Section 6), broadened unilateral suspension language in Section 11, added Phase 1 Limited Access reservation to Section 4, and added No Best-Execution / Conflict-of-Interest disclosure (new Section 14.5). All v0.1 protections retained.

1. Acceptance of Terms

By accessing or using the Dol service, website, or any associated applications (collectively, the "Service"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to all of these Terms, you may not access or use the Service. Your continued use of the Service constitutes your ongoing acceptance of these Terms.

2. Definitions

  • "Dol" refers to the interest-bearing crypto token accessible via the Service.
  • "The Vault" refers to the underlying on-chain protocol (an ERC4626 vault) that generates returns for Dol.
  • "Senior Tranche" and "Junior Tranche" refer to the two-tier architectural design of the Vault, where the Junior Tranche is intended to absorb first losses to protect the Senior Tranche.
  • "Service" means the frontend interface, website, and related tools provided by Dol Labs to interact with the Dol protocol.
  • "User" or "you" means any person or entity accessing or using the Service.
  • "Dol Labs" refers to the team of developers and operators providing the Service. During Phase 1, Dol Labs operates without a formal corporate entity. A Cayman Islands entity is pending establishment.

3. Eligibility

To use the Service, you must:

  1. Be at least 18 years old.
  2. Be a legal resident of one of the following Tier A countries: Vietnam, Turkey, Philippines, Mexico, Argentina.
  3. Not be listed on any sanctions list, including but not limited to those maintained by the Office of Foreign Assets Control (OFAC).
  4. NOT be a legal resident of, or accessing the Service from, any of the following restricted jurisdictions: the United States (and its territories), all 27 member states of the European Union, the United Kingdom, the Republic of Korea, Japan, China, Canada, Australia, Singapore, Hong Kong, or any other country not explicitly listed in the Tier A whitelist above.

4. Description of Service

Dol is an interface to an on-chain protocol that mints an interest-bearing crypto token. When you deposit supported assets, you receive Dol tokens. The underlying Vault employs a strategy to generate a return. The value of your Dol tokens may increase or decrease based on the performance of this strategy. Dol is not a bank deposit, checking account, or savings account. It is not FDIC insured, KDIC insured, or protected by any government guarantee. The value of your assets can go down, including to zero.

Phase 1 Limited Access. The Service is currently offered in a limited Phase 1 release on the Base Sepolia testnet, available only to residents of the Tier A jurisdictions listed in Section 3. Dol Labs reserves the right to restrict the Service to private access programs, beta groups, or specific jurisdictions at any time, in its sole discretion, without notice.

4.5. Nature of Dol Tokens — No Equity, No Governance, No Profit Share

You expressly acknowledge and agree that Dol tokens are technical units of account representing your pro-rata claim on the Vault's net assets. Holding a Dol token does NOT confer any of the following:

  • No equity or ownership interest in Dol Labs, its operators, affiliates, or any related entity
  • No profit-sharing rights in Dol Labs's business operations, fees, or revenue streams (Dol tokens reflect Vault performance only, not Dol Labs's corporate income)
  • No governance, voting, or management rights over Dol Labs, the protocol, or any related entity (Phase 1 has no token-based governance; all parameter and upgrade decisions are made unilaterally by Dol Labs)
  • No dividend, distribution, or coupon entitlement beyond the on-chain pricePerShare appreciation generated by the Vault strategy
  • No rights of any kind that would cause Dol tokens to be securities, investment contracts, or regulated financial instruments under the laws of any jurisdiction

If a court, regulator, or other competent authority determines that Dol tokens constitute securities or any other regulated financial instrument in any jurisdiction in which they are held or used, users in that jurisdiction must immediately cease use of the Service, and Dol Labs reserves the right to block, restrict, or terminate access for affected users without notice.

5. Tranche Structure Disclosure

Dol's underlying architecture includes a senior/junior two-tier design intended to provide first-loss protection via a junior tranche. During Phase 1, the junior tranche is intentionally deactivated at the on-chain protocol level. As a result, Dol holders receive a direct pass-through of the Vault strategy's net return. This means:

  • If the strategy produces positive returns, Dol holders capture all of it (net of fees).
  • If the strategy produces losses, Dol holders absorb those losses in full.

The junior tranche may be reactivated in a future phase, at which point the risk profile will change. Users will be notified of any such material change.

6. Fees

  • Instant Withdrawal Path: A fee of 0.05% is applied. This path is served from a liquid buffer for convenience.
  • Scheduled Withdrawal Path: No fee (0%). This path requires you to submit a withdrawal request and wait a 30-minute cooldown period before claiming your assets from the Vault queue.

Fee modifications. Dol Labs reserves the right to modify these fees with at least five (5) days' prior notice posted on the Service. New fees apply only to transactions initiated after the effective date of the change. Any pending Scheduled Withdrawal request submitted before a fee change is grandfathered at the prior fee level. Continued use of the Service after the effective date constitutes acceptance of the new fees.

7. Risk Acknowledgment and No Advice

You expressly acknowledge and accept the following substantial risks:

  • On-Chain Protocol Risk: The Dol protocol consists of immutable code on a public blockchain. Bugs, exploits, or unexpected interactions could lead to a complete and irreversible loss of assets.
  • Strategy Risk: The Vault's strategy involves trading and may not be profitable. Past performance is not indicative of future results. The stated "target return" is an estimate, not a guarantee, and returns can be negative.
  • Liquidity Risk: The ability to withdraw assets depends on the Vault's available liquidity and the functioning of associated decentralized exchanges. You may not be able to withdraw your assets when desired.
  • Oracle and Pricing Risk: The Vault's net asset value relies on price oracles for the underlying perpetual futures positions, the spot reference assets, and the strategy's reported NAV. Oracle malfunctions, manipulation, stale data, or disagreement between oracles can cause Dol to be priced incorrectly, resulting in incorrect deposit amounts, incorrect withdrawal amounts, or temporary inability to transact.
  • Value Drift / De-Pegging Risk: Although Dol is designed to track the Vault's underlying net asset value via on-chain pricePerShare computation, the relationship between the marketed "target return" and the realized on-chain value may drift, especially during periods of strategy underperformance, oracle anomalies, or NAV reporting interruptions. Dol Labs makes no guarantee that the realized value of a Dol token at any moment matches the value implied by the headline target return.
  • Regulatory Risk: Laws regarding digital assets are evolving and vary by jurisdiction. Regulatory action could restrict or terminate access to the Service, affect the value of Dol, or impact the underlying Vault.
  • Total Loss: You acknowledge the possibility of losing some or all of the assets you deposit.

No Advice. Dol Labs does not provide financial, investment, tax, or legal advice. All information provided by the Service is for informational purposes only. You are solely responsible for your own investment decisions and for consulting qualified advisors in your jurisdiction before engaging with the Service.

No Fiduciary Duty. Your relationship with Dol Labs is strictly contractual and non-custodial. Dol Labs does not owe you any fiduciary duties, and nothing in these Terms should be construed as creating a trust, advisory, or special relationship.

8. User Representations and Warranties

By using the Service, you represent and warrant that:

  1. You are a legal resident of one of the Tier A countries listed in Section 3.
  2. You are not listed on any OFAC, UN, EU, UK HMT, or other applicable sanctions list.
  3. You are not a resident of any jurisdiction restricted in Section 3.
  4. You are not accessing the Service using a VPN, proxy, IP-spoofing service, or any other location-masking tool designed to circumvent our geographic restrictions.
  5. You will not use the Service for any illegal purpose, including money laundering, terrorist financing, tax evasion, bribery, corruption, or fraud.
  6. You are in compliance with all applicable anti-bribery and anti-corruption laws in your jurisdiction.
  7. You will not use the Service to interact, directly or indirectly, with: (a) cryptocurrency mixers, tumblers, or anonymity-enhancing services; (b) wallet addresses associated with ransomware payments; (c) wallet addresses associated with darknet marketplaces; (d) wallet addresses listed on any sanctions screening service; (e) the proceeds of any criminal activity; or (f) any address that has been flagged by a credible blockchain analytics provider as high-risk.
  8. The funds you use to interact with the Service are derived from lawful sources and are not the proceeds of any criminal activity.
  9. You have the full legal authority and capacity to enter into and comply with these Terms.

If any representation in this Section 8 is false at the time you use the Service, your access is unauthorized, the Restitution and Enforcement Clause in Section 11 applies, and Dol Labs reserves all rights under that section without further notice.

9. No Investment Advice / No Warranty of Returns

The information provided by the Service is for informational purposes only. Nothing on the Service constitutes investment, financial, legal, or tax advice. Dol Labs is not your broker, advisor, or fiduciary. Any references to a "target return" are based on historical or projected performance of the Vault strategy and are not a promise or guarantee of future results. You are solely responsible for your investment decisions.

10. Tax Responsibility

You are solely responsible for determining what, if any, taxes apply to your transactions involving Dol. Dol Labs does not withhold, report, or remit any taxes on your behalf, nor does it provide tax reporting documentation (such as IRS Form 1099 or equivalent). You agree to indemnify Dol Labs for any liability or expense arising from your failure to report or pay taxes.

11. Restitution, Enforcement, and Discretionary Suspension

If you access Dol from a jurisdiction restricted by these Terms, or in violation of any user representation in Section 8, you do so at your own risk. You acknowledge that the Dol protocol is operated on a non-custodial basis — Dol Labs does not hold user keys and cannot freeze, seize, or reverse on-chain transactions. However, Dol Labs reserves the right, without notice and in its sole discretion, to:

(a) remove any wallet address identified as originating from a restricted jurisdiction, or as being in violation of Section 8, from any off-chain service tier, including but not limited to fee waivers, convenience features, and frontend access;

(b) block any wallet address from the Dol frontend at any time, with or without cause;

(c) suspend, restrict, or terminate any user's access to the Service, in whole or in part, with or without notice, including for reasons of regulatory developments, suspected violation of these Terms, suspected illegal activity, or any other reason Dol Labs deems sufficient;

(d) disclose any user's access details, wallet address, or interaction history to relevant regulators, law enforcement, or other authorities if required by law or if Dol Labs determines such disclosure is necessary to protect its legitimate interests;

(e) refuse to provide future Service to any wallet address or user.

You acknowledge that Dol Labs has no obligation to explain or justify any action taken under this Section 11.

You indemnify Dol Labs, its operators, affiliates, and service providers against any legal, regulatory, financial, or reputational consequences arising from your unauthorized use of the Service, including the full amount of any fines, legal fees, settlements, or damages awarded against Dol Labs as a result of your access. This indemnification survives termination of these Terms.

12. Regulatory Status — Commodity Pool

The Vault trades derivative contracts on real-world asset commodities (including but not limited to crude oil, silver, gold, natural gas, copper) and foreign exchange pairs. Under the laws of some jurisdictions, including the United States Commodity Exchange Act, this may classify the Vault as a "commodity pool" and Dol Labs as a "Commodity Pool Operator" (CPO). Dol Labs is NOT registered with the U.S. Commodity Futures Trading Commission (CFTC) as a CPO, nor with any equivalent regulatory body in any jurisdiction. No regulatory agency has reviewed or approved the Vault's strategy, assets, or risk disclosures. You are not afforded the protections of the U.S. Commodity Exchange Act or any equivalent framework. The Service is geo-restricted to the Tier A whitelist jurisdictions specifically to avoid targeting markets where such registration would be required.

13. Force Majeure and Protocol Events

Dol Labs shall not be liable for any failure, suspension, or delay in the Service, or for any loss arising therefrom, where such failure, suspension, delay, or loss is caused by:

(a) failure, fork, congestion, or unexpected behavior of the Base Sepolia blockchain, any successor network, or any blockchain to which Dol is subsequently deployed;

(b) failure, security breach, insolvency, operational interruption, or unexpected behavior of the Pacifica DEX, Privy, Vercel, Cloudflare, or any other integrated third-party protocol or service provider;

(c) any government, regulatory, judicial, or quasi-governmental action that restricts or prohibits the Service or any component thereof;

(d) any act of God, natural disaster, war, riot, terrorist action, pandemic, labor dispute, power failure, telecommunications failure, or other event beyond Dol Labs's reasonable control.

In any such event, Dol Labs may, at its sole discretion and without liability, suspend, modify, or terminate the Service, in whole or in part, with or without notice.

14. Intellectual Property

Dol Labs owns all intellectual property rights in the Service frontend, website, brand, and non-open-source software. Certain underlying on-chain protocol code may be open-source. You are granted a limited, non-exclusive, revocable license to access and use the Service for its intended purpose in compliance with these Terms.

14.5. No Best-Execution Obligation; Conflicts of Interest

You acknowledge and agree that:

  • No best-execution duty. Dol Labs does not owe you a duty of best execution, best price, or optimal timing in operating the Vault strategy. The Vault may transact at prices that are not the best available, may rebalance positions on its own schedule, and may prioritize protocol-level objectives over individual user outcomes.
  • Conflicts of interest. Dol Labs may have economic, operational, or commercial interests that conflict with users' interests. Examples include but are not limited to: receiving fees from Instant Withdrawal transactions, receiving rebates or volume credits from venues used by the Vault, holding tokens in related projects, and operating the Service as a for-profit enterprise.
  • No fiduciary obligation arising from these conflicts. The disclosure of these conflicts in this Section does not create a fiduciary relationship, a duty of disclosure beyond what is contained in these Terms, or any obligation to mitigate, eliminate, or compensate users for conflicts that exist.
  • Vault decisions are commercial decisions. Strategy parameters, venue selection, allocation ratios, fee levels, and operational decisions are made by Dol Labs in its commercial judgment and are not subject to user vote or approval in Phase 1.

By using the Service, you accept these conflicts and Dol Labs's commercial latitude as a condition of access.

15. Limitation of Liability

To the maximum extent permitted by applicable law, Dol Labs and its operators shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits, data, goodwill, or opportunity, arising from your use of the Service, whether based on contract, tort, statute, or any other legal theory. In no event shall Dol Labs's total aggregate liability for any claims exceed the total amount of fees you have paid to Dol Labs in the 12 months preceding the event giving rise to the claim.

16. General Indemnification

You agree to defend, indemnify, and hold harmless Dol Labs, its affiliates, and their respective directors, officers, employees, and agents from and against any and all claims, damages, obligations, losses, liabilities, costs, and expenses arising from: (a) your use of the Service; (b) your violation of these Terms; or (c) your violation of any third-party right. This general indemnification is in addition to, and not in lieu of, the specific restitution and indemnification obligations in Section 11.

17. Modification of Terms

Dol Labs may update these Terms at any time. We will post the updated Terms on the Service with a new effective date. Your continued use of the Service after the effective date constitutes acceptance of the new Terms. For material changes, we may require you to explicitly re-accept the Terms on your next visit.

18. Governing Law

These Terms and your use of the Service shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to its conflict of law provisions.

19. Dispute Resolution and Class Action Waiver

Any dispute, controversy, or claim arising out of or relating to these Terms shall be finally settled by binding arbitration in the Cayman Islands under the Cayman Islands Arbitration Law. The arbitration shall be conducted by a single arbitrator. The language of the arbitration shall be English.

You waive any right to participate in a class action lawsuit, class-wide arbitration, or other representative proceeding. You also waive any right to a jury trial in any dispute arising out of or relating to these Terms.

20. General Provisions

Severability. If any provision of these Terms is found to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that these Terms shall otherwise remain in full force and effect.

Survival. The provisions of Sections 4.5 (Nature of Dol Tokens), 7 (Risk Acknowledgment and No Advice), 10 (Tax Responsibility), 11 (Restitution, Enforcement, and Discretionary Suspension), 12 (Commodity Pool Status), 13 (Force Majeure), 14.5 (No Best-Execution), 15 (Limitation of Liability), 16 (General Indemnification), 18 (Governing Law), and 19 (Dispute Resolution) shall survive termination of these Terms.

Assignment. You may not assign your rights or obligations under these Terms without the prior written consent of Dol Labs. Dol Labs may freely assign these Terms, including in connection with the formation of a formal corporate entity, a merger, acquisition, or sale of assets.

No Third-Party Beneficiaries. These Terms are for the sole benefit of you and Dol Labs and confer no rights on any third party.

Notices. Notices from Dol Labs to you may be provided via the Service frontend, via a banner on the Site, or (if you have opted into the waitlist) via email. Notices from you to Dol Labs must be sent to legal@dol.app.

Entire Agreement. These Terms, together with the Privacy Policy and Risk Disclosure, constitute the entire agreement between you and Dol Labs regarding the Service and supersede all prior or contemporaneous communications and proposals, whether electronic, oral, or written.

21. Contact Information

For questions about these Terms, please contact us at: legal@dol.app

This document was prepared with the assistance of an AI legal research tool. It is not a substitute for legal advice from a licensed attorney. Dol Labs strongly recommends consulting qualified counsel in your jurisdiction before engaging with the Service.