Euler Products and Protocol Terms of Use

1. Introduction and Agreement

1.1 Welcome and Overview

Welcome! These Terms of Use (“Terms”) govern your access to and use of the products, services, website and related information and materials (each, a “Product,” and collectively, the “Products”) offered by The Euler Foundation or its affiliates (the “Company,” “we,” “us,” or “our”), which includes euler.finance, app.euler.finance and the interface and related services that facilitate interaction with the Euler Protocol (the “Protocol”), and any other interaction or engagement with us. You understand and acknowledge that the Protocol is not a Product and we do not control the Protocol. See Section 4 below (Products vs. Protocol) for an overview.

1.2 Binding Agreement

These Terms form a legally binding agreement between you and us. By accessing or using any Products, you confirm that you accept these Terms and agree to comply with them. If you do not agree, you must cease using the Products immediately.

1.3 Incorporation of Other Terms and Policies

Your use of the Products is also subject to any other Product-specific terms we may provide or include with the Products – such as licence terms included in the files of downloadable software components – as well as our Risk Disclosures and Privacy Policy, which are all incorporated herein by reference. Please review these documents carefully as they also contain important information.

NOTICE: SECTION 15 OF THESE TERMS CONTAINS A MANDATORY BINDING ARBITRATION AND CLASS ACTION WAIVER. EXCEPT FOR CERTAIN TYPES OF DISPUTES MENTIONED IN THAT SECTION, YOU AND WE AGREE THAT ANY DISPUTES RELATING TO THE PRODUCTS WILL BE RESOLVED BY MANDATORY BINDING ARBITRATION, AND YOU WAIVE ANY RIGHT TO A TRIAL BY JURY OR TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION.

2. Modification of Terms

2.1 Right to Modify

We reserve the right to modify, amend, or update these Terms at our discretion. Any changes will be effective immediately upon posting to those Products which reference these Terms, with the “Updated and effective” date reflecting the revision. We may also provide notice of modifications via email, pop-up notifications, or announcements on or through the Products. It is your responsibility to review the updated Terms, and your continued use of the Products constitutes acceptance of the changes.

2.2 Continued Use

If you continue using the Products after any modifications, you accept the updated Terms. If you do not agree with the changes, you must discontinue your use of the Products.

2.3 Retroactive Application

Modifications to these Terms will apply only prospectively. If any modification is found to be unenforceable, it will be applied within the bounds of enforceability without affecting other provisions.

3. Disclaimers and Acknowledgments

3.1 No Custodial Services

We do not provide custodial services or control your digital assets. You are responsible for managing your digital wallet and private keys, securing your digital assets, and safeguarding against unauthorised access. We disclaim all liability for any loss or damage resulting from your loss of control over these keys or any unauthorised access to your digital assets.

3.2 Risks of Digital Assets

You acknowledge that digital assets can be volatile, and you may lose some or all of your digital assets. Using the Protocol involves significant risks outlined in our Risk Disclosures – see also Section 4 below (Products vs. Protocol).

3.3 No Financial Advice

We do not provide financial, legal, or tax advice. All data and information generated by or otherwise available through the Products or Protocol are provided solely for informational and educational purposes and are not intended to be—nor do they constitute—legal, financial, investment, trading, or any other advice. Some information available through the Products and Protocol may contain forward-looking statements which are inherently uncertain and should not be seen as a forecast of future events or a guarantee of future results. You should conduct your own independent research and consult qualified professional advisors before using the Products and/or making decisions related to or engaging in any transactions with the Protocol.

3.4 We are not Intermediaries

Due to the non-custodial and decentralised nature of the Products and Protocol, we are not intermediaries, agents, advisors, or custodians, and we do not have a fiduciary relationship or obligation to you or any third-party regarding any other decisions or activities that you affect when using the Products or Protocol.

3.5 We are not Responsible for Third-Party Components

Components (as defined in Section 4.10 below) are not owned, operated, or controlled by the Company. You understand and agree that you interact with Components at your own discretion and are solely responsible for understanding the functionality, associated risks, and legal or regulatory obligations applicable to each Component. We disclaim all liability for any loss or damage resulting from your use of any Components.

3.6 No Affiliation with Telegram

The Company is not affiliated with Telegram Messenger LLP or any of its subsidiaries or affiliates. Use of the Products through Telegram Mini Apps is subject to Telegram’s own terms, privacy policies, and technical limitations. The Company disclaims all responsibility for the operation, data handling, or security of Telegram or Telegram Mini Apps.

3.7 Products and Protocol Not Regulated by the SEC

The Company is not registered with or regulated by the United States Securities and Exchange Commission relating to the creation, offering, and/or operation of the Products or Protocol.

4. Products vs. Protocol

4.1 Products Overview

The Products include the websites euler.finance and app.euler.finance, along with related applications, interfaces, integrations, and tools. The Protocol, as further explained below, is a decentralised finance (DeFi) application for lending, borrowing, and swapping Ethereum-based or other blockchain- or network-based crypto assets. The Products provide a user interface and other means of interacting with the Protocol but do not include the Protocol itself. Neither the Company nor the Products manage or control transactions or assets using the Protocol.

4.2 Your Responsibility to Understand and Accept Our Risk Disclosures

Before interacting with the Products or Protocol, you are strongly encouraged to thoroughly review our Risk Disclosures. This document outlines the significant risks associated with decentralised finance applications, blockchain technology, and digital assets. BY USING THE PRODUCTS AND PROTOCOL, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND ACCEPTED THE RISKS DETAILED IN OUR RISK DISCLOSURES. The Company disclaims all liability for losses resulting from these inherent risks, including but not limited to, smart contract vulnerabilities, market volatility, unforeseen interactions with other blockchain protocols, services, and products. Your continued use of the Products and Protocol signifies your acceptance of these risks and your agreement to be bound by the terms outlined in our Risk Disclosures.

4.3 Protocol Independence

The Protocol is an autonomous, decentralised application governed by holders of the Euler Governance Token (EUL). The Protocol operates on the Ethereum and other blockchains or networks and is not managed, controlled, or operated by the Company. We disclaim all responsibility for the operation, performance, or security of the Protocol. Users are solely responsible for reviewing and understanding any updates, forks, or modifications to the Protocol before interacting with it. The Company disclaims liability for any interactions with the Protocol based on outdated or incorrect information.

4.4 User Responsibility

Users are solely responsible for their interactions with the Products and Protocol and any transactions they conduct. Users are expected to understand the decentralised nature of the Products and Protocol and the inherent risks associated with blockchain technology.

4.5 No Warranties on Products or Protocol

The Company makes no representations or warranties, express or implied, regarding the security, reliability, functionality, or availability of the Products and Protocol. Users acknowledge that the Products and Protocol operate independently of the Company, which has no control over the Products or Protocol, and bears no responsibility for any bugs, vulnerabilities, or failures in the Products or Protocol. Users are solely responsible for understanding the risks of interacting with the Products and Protocol, including potential losses due to changes, forks, or failures in smart contracts.

4.6 Open-Source and Experimental Technology

You acknowledge that the Protocol and our Products operate on open-source and experimental technology. As such, you accept the inherent risks associated with using decentralised finance applications built on this technology. These risks include, but are not limited to, smart contract vulnerabilities, potential loss of digital assets, unforeseen interactions with other blockchain protocols or events, lack of warranties or other performance guarantees, lack of maintenance obligations, cyberattack vulnerabilities, and potential intellectual property infringement claims.

4.7 Assumption of Risk

By accessing and using the Protocol and Products, you acknowledge and agree that the Protocol operates autonomously on decentralised blockchain networks and that the Company has no control over the Protocol, its Components, or their execution. You further acknowledge that interactions with one or more Components of the Protocol may expose you to significant risks, including but not limited to, irreversible transactions, market volatility, smart contract vulnerabilities, and potential loss of digital assets. You agree that you fully assume these risks, and that the Company disclaims all liability for any such risks, including but not limited to, losses resulting from protocol errors, network failures, or interactions with other blockchain systems.

4.8 Integration via TAC Protocol and Telegram Mini App (TMA)

The Products may be accessed through Telegram Mini Apps using the TAC Protocol (“TMA Access”). This integration enables interaction with the Protocol via Telegram interfaces while relying on the underlying TAC transport protocol. TMA Access is provided for convenience and user accessibility, and does not alter the decentralised or non-custodial nature of the Protocol. The Company does not own, operate, or control Telegram or its infrastructure, and disclaims all responsibility for any functionality, availability, or security related to Telegram or TMA.

4.9 TAC Protocol Risk Acknowledgment

The TAC Protocol serves as a transport and interoperability layer between the Products and external interfaces, including Telegram Mini Apps. TAC is open-source, experimental, and subject to potential failure or security issues. By using the Products through TAC, you acknowledge the risks associated with its use, including smart contract bugs, transmission errors, and loss of connectivity. The Company disclaims all liability for any issues arising from use of or interaction with TAC.

4.10 Definition of Component

“Component” refers to any distinct smart contract module, mechanism, or functionality made available via the Protocol — including, but not limited to, lending, borrowing, swapping (e.g., EulerSwap), or vault creation and management (e.g., via the EVK). Each Component operates autonomously on one or more blockchain networks, is accessible through open-source interfaces, and is not owned, operated, or controlled by the Company. The Protocol is modular in design and composed of multiple Components. Users interact with these Components at their own discretion and are solely responsible for understanding the functionality, associated risks, and legal or regulatory obligations applicable to each Component they use.

5. Your Products and Services

5.1 Obligations to Your Users

Certain Products allow you to build, integrate with, and deploy your own products and services to your own users and other third parties using the Protocol or its Components. You are solely responsible for those products and services and the activities conducted by you or anyone else in connection with those products and services. You, on behalf of yourself and your third-party users, expressly waive and release us from any and all liability, claims, causes of action, losses, and damages arising from or in any way relating to your products and services, including any interactions with or dependencies on Components of the Protocol. By using our Products, you agree that you will include in your agreement(s) with the users of your products and services the necessary waivers and disclaimers to ensure that those users do not seek any recourse or recovery from us.

5.2 Indemnification

You agree to indemnify, defend, and hold harmless the Company, its affiliates, and their respective officers, directors, employees, agents, and contractors from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys’ fees) arising out of or in connection with your use of the Products and Protocol or your products and services, including, but not limited to, any claims related to third-party rights, applicable laws, tax obligations, or regulatory violations.

6. Protocol Components: Creators and Users

6.1 Components Overview

The Products allow users to use the Protocol to create and deploy custom smart contract components (see “Definition of Component” above) to facilitate transactions of digital assets, such as, but not limited to, Vaults, Pools, and Operators. The Company does not control, influence, permission or monitor the design, parameters, or operation of any Components created by any party using the Products or otherwise created. All Components are entirely user-generated, and the Company bears no responsibility for any aspect of their creation, management, or outcomes.

6.2 Component Creators (or Curators): Responsibility and Liability

As a creator of a Component, you acknowledge and agree that:

• You assume full responsibility for all risks associated with the creation, deployment, and operation of your Component, and of use of your Components by any party. This includes, but is not limited to, risks arising from coding errors, vulnerabilities, hacks, attacks, or interactions with other users, other smart contracts or blockchain events.
• The Company has no control over, and disclaims any responsibility for, the risk parameters, attributes, and performance of your Component. You understand that the Company does not provide oversight or validation of your Component’s design or execution.
• You are solely responsible for determining and ensuring compliance with all applicable laws, regulations, and tax obligations in your jurisdiction and in the jurisdiction of users of your Components. The Company will not be held liable for any legal or regulatory violations arising from your Component, and it is your responsibility to ensure that your Component operates within the applicable legal regime, including AML/KYC, sanctions compliance, and tax laws of your jurisdiction and in other jurisdictions whose law may apply to the users of your Components.
• By creating and deploying a Component, you agree to indemnify, defend, and hold harmless the Company and its affiliates from any claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys’ fees) arising from or related to your Component(s), including any third-party claims or legal actions of any kind.

6.3 Component Users: Acknowledgment of Risk and Responsibility

As a user of a Component, you acknowledge and agree that:

• You are solely responsible for conducting your own due diligence before interacting with any Component. The Company makes no representations or warranties regarding the security, reliability, or performance of any Components and does not endorse, review, or vet any Components deployed by third parties. Any terms of service or agreement(s) applicable to a Component are solely between you and the creator or provider of the Component. None of the data or information provided by Components should be interpreted as an offer of regulated financial services by us or a marketing communication by us within the meaning of the Markets in Crypto-Assets Regulation.
• You understand that Components are user-generated, and the Company has no control over their risk parameters, functionality, or any potential updates. Your use of a Component is entirely at your own risk, and you bear full responsibility for any losses, damages, or liabilities incurred as a result. For instance, by providing liquidity to vaults or pools created via the Protocol (including through EulerSwap), you acknowledge that you are responsible for assessing the terms of the vault or pool, any applicable fees, and compliance with all applicable laws, regulations, and tax obligations in your jurisdiction. The Company does not vet, endorse, or monitor vault or liquidity pool configurations, routing logic, or fee structures, and disclaims all liability arising from the creation, configuration, or use of such Components.
• You understand that “governors” (which for purposes of these Terms shall refer to addresses with smart contract configuration privileges) of certain Components may have the right and ability to enforce legal and regulatory restrictions on users of—and digital assets contained within—the Components, including but not necessarily limited to: (i) the ability to prohibit certain users from accessing the Components; (ii) tracking and reporting on the ultimate beneficial owner of digital assets in the Components; (iii) freezing digital assets in the Components in response to a court order or law enforcement request; (iv) prohibiting transfer of digital assets in the Components; (v) transferring the positions underlying certain digital assets (in addition to the digital assets themselves) in the event of liquidation or in response to a court order or law enforcement request; and (vi) burning and reissuing digital assets in the Components due to the occurrence of certain events. The Company will not be held liable, and shall have no obligation to indemnify you or any third party, for any losses suffered as a result of any restrictions placed upon—or actions taken by the governor(s) of—any Components.
• You must familiarise yourself with our Risk Disclosures and agree to be bound to the terms therein. By using a Component, you confirm that you have reviewed and understand the risks associated with interacting with decentralised finance applications, including the potential for complete loss of digital assets. Each Component of the Protocol may expose users to distinct risks. For example, by providing liquidity to a Component such as an EulerSwap pool, users may be subject to impermanent loss, failed trades, or market volatility. You agree that you fully assume these risks, and that the Company disclaims all liability arising from your use of any Component.
• You are solely responsible for determining and ensuring compliance with all applicable laws, regulations, and tax obligations in your jurisdiction. This includes ensuring that you meet all jurisdictional requirements for any digital assets included or associated with any Components prior to interacting with those Components. The Company will not be held liable for any legal or regulatory violations arising from your use of any Component, and it is your responsibility to ensure that you are using the Components in compliance with the applicable legal regime, including tax laws of your jurisdiction.
• As a Component user, you are subject to all terms and conditions outlined in these Terms, including Section 3 (Disclaimers and Acknowledgments), Section 13 (Limitation of Liability), and Section 14 (Indemnification). You further agree that your use of any Component is governed by these provisions, and the Company disclaims all liability for any consequences of your interactions with Components.

6.4 No Control or Warranties

The Company makes no warranties, express or implied, regarding the security, reliability, functionality, accuracy or performance of any Components created or used on the Protocol. All Components operate independently of the Company, which has no control over, and disclaims all responsibility for, any issues, bugs, vulnerabilities, hacks, attacks, or failures related to Components. Users and creators of Components must understand that their interactions with Components are at their own risk and that the Company disclaims all liability for any associated losses.

6.5 No Guarantee of Performance or Security

The Company makes no guarantees regarding the security, reliability, functionality, accuracy or performance of any Components or the Protocol itself. Users of Components and the Protocol assume all risks associated with their use, including but not limited to, the risk of smart contract failures, unauthorised access, or market volatility. The Company shall not be held liable for any losses, damages, or liabilities arising from the use of Components or the Protocol.

6.6 Indemnification

You agree to indemnify, defend, and hold harmless the Company, its affiliates, and their respective officers, directors, employees, agents, and contractors from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys’ fees) arising out of or in connection with your use of any Component, including, but not limited to, any claims related to third-party rights, applicable laws, tax obligations, or regulatory violations.

7. Eligibility and Access

7.1 Eligibility Requirements

To access and use the Products, you must:

• Be at least 18 years old or of legal age to form a binding contract in your jurisdiction.
• Not be a resident or located in any jurisdiction where the use of the Products or Protocol is prohibited by law.

7.2 Duty to Disclose

You agree to notify the Company immediately if your eligibility status changes. The Company reserves the right to verify your eligibility at any time and may restrict or terminate access if eligibility cannot be confirmed.

7.3 No Access from Restricted Jurisdiction

You represent and warrant that you will not access or use the Products from any jurisdiction where such access or use is prohibited by applicable law, regulation, or by any restrictions imposed by the Company, including but not limited to those relating to financial promotions regimes or similar legal frameworks. Certain communications, functionalities, or sections of the website or Products may not be made available to persons located in certain jurisdictions, except where a valid exemption applies.

You further agree not to use any virtual private network (“VPN”), proxy service, or other method or technology to conceal your location or to circumvent any geographic or jurisdictional restrictions imposed by the Company. Any such circumvention constitutes a breach of these Terms and may result in immediate termination of access and potential legal consequences.

7.4 Geographic Restrictions

The Products and Protocol are not intended for use by individuals or entities located in, incorporated in, or residing in countries or jurisdictions where such use is prohibited by law, including but not limited to any jurisdiction subject to comprehensive sanctions or embargoes, or by individuals or entities designated under applicable sanctions laws and regulations. Users are prohibited from accessing the Products from these jurisdictions or if they are designated individuals or entities, and any attempt to use technology, such as a VPN, to circumvent these restrictions is strictly forbidden. By using the Products or Protocol, you represent and warrant that you are not located in, incorporated in, residing in, or otherwise accessing the Products from any prohibited jurisdiction or as a designated individual or entity. Access to certain features or products may be restricted or only available to certain users based upon their location, residence, or other information. Users should confirm that all functions required to manage any positions taken or transactions of assets initiated or performed using the Protocol or Products are available to them at all times, and users hereby acknowledge and affirm that they may not have access to all functions should they attempt to access the Protocol or Products from a different jurisdiction, geographical location, or via a VPN.

7.5 Sanctioned Jurisdictions

As of the “Updated and effective” date above, the list of Sanctioned Jurisdictions is as follows:

• Iran
• Belarus
• Cuba
• North Korea (DPRK)
• Syria
• Crimea, Donetsk, and Luhansk regions in Ukraine
• Russia

7.6 Sanctioned Persons

You hereby agree and affirm that you are not a “Sanctioned Person” or accessing the Products or Protocol on behalf of, for the benefit of, or at the direction of any Sanctioned Person. For purposes of this Section 7.6, a Sanctioned Person is any of the following:

• An individual or entity that is designated under blocking and asset freeze-type sanctions of any jurisdiction including but not limited to the Specially Designated Nationals and Blocked Persons List, which is enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the HM Treasury (HMT) Financial Sanctions List (also known as the UK Consolidated Financial Sanctions List), and the Consolidated Financial Sanctions List enforced by member states of the European Union;
• Any entity that is owned 50% or more directly or indirectly, either individually or in the aggregate, by one or more Sanctioned Persons, or otherwise subject to the control of a Sanctioned Person;
• The government of any Sanctioned Jurisdiction or the Government of Venezuela, including any subdivision or instrumentality thereof; or
• Any individual or entity located in, incorporated in, or residing in any Sanctioned Jurisdiction.

Violating this Section 7.6 may result in immediate termination of your access, reporting to authorities, and other legal actions.

8. Prohibited Use

8.1 Compliance with Laws

You agree to comply with all applicable laws, regulations, and guidelines when using the Products and interacting with the Protocol.

8.2 Prohibited Activities

Without limiting the foregoing, you will not:

• Use the Products or Protocol for illegal or unauthorised purposes.
• Attempt to gain unauthorised access to the Products or related systems.
• Use the Products or Protocol to conduct or facilitate money laundering, terrorist financing, or other illegal activities.
• Circumvent security measures implemented by us or the Protocol.
• Engage in market manipulation, wash trading, or other fraudulent activities.

Additional prohibited actions include:

• Engaging in fraudulent activities such as front-running, spoofing, or deceiving other users.
• Using automated means, such as bots, to access or interact with the Products or Protocol without our prior written consent.
• Circumventing content-filtering techniques or security measures, including using a VPN to bypass geographic restrictions.
• Probing, scanning, or testing the vulnerability of any Product, interface, or integration without prior authorization.
• Submitting or deploying malicious code, viruses, worms, bots, or any other software intended to harm, disrupt, or gain unauthorized control over the Products or Protocol.
• Reverse engineering, decompiling, or attempting to derive source code from any non-public component of the Products, unless permitted by open-source licensing.
• Engaging in denial-of-service attacks, excessive automated requests, flooding, or other activities that impose an undue burden on the infrastructure or degrade performance.
• Facilitating or encouraging any third party to do any of the foregoing.

8.3 Consequences of Prohibited Use

Violating this Section 8 may result in immediate termination of your access, reporting to authorities, and other legal actions.

8.4 Monitoring and Reporting

The Company reserves the right (but is not obligated) to monitor all activities conducted through the Products to ensure compliance with these Terms and applicable laws. Any suspicious activity may be reported to law enforcement or regulatory authorities.

8.5 Cooperation with Authorities

You agree that the Company may cooperate with government or regulatory authorities in investigating any suspected illegal activities. This may include providing information about your activities or identity as required by law.

9. User-Generated Content

9.1 Ownership and License

By submitting information or other content to us, you grant us a non-exclusive, worldwide, royalty-free, perpetual, irrevocable, sublicensable, and transferable licence to use, reproduce, modify, distribute, and display such content. This licence includes the right to sublicense and distribute your content to third parties. By creating or submitting content to us, including but not limited to Components or smart contracts, you represent and warrant that such content does not infringe the intellectual property, privacy, or other rights of any third party, and that it complies with all applicable laws and regulations. You further agree that the Company shall have no liability for any claims, disputes, or damages arising from your content, and you assume full responsibility for any legal consequences that may result from your content or its use with the Products.

9.2 Prohibited Content

You agree that you will not submit content that is illegal, infringing, defamatory, or harmful. We are not obligated to monitor the content but reserve the right to remove any content that violates these Terms.

9.3 No Endorsement

The submission of user-generated content does not constitute the Company’s endorsement of such content. The Company disclaims liability arising from user-generated content.

9.4 Responsibility for Content

You are solely responsible for any content you submit, including ensuring it does not violate laws or third-party rights. You agree to indemnify, defend, and hold the Company harmless from and against any claims arising from your content. You acknowledge and agree that the Company is not responsible for, and will not be held liable for, any disputes or claims arising from your content, including but not limited to, intellectual property disputes, privacy violations, or any regulatory actions.

10. Fees and Transactions

10.1 Transaction Costs

Your use of the Protocol or its Components may incur various fees, including but not limited to gas fees, transaction execution fees, liquidity provider fees, vault-related fees, spreads, or other charges applicable to specific interactions or Components.

Depending on the Component and the manner of interaction, the logic governing these fees may be determined by smart contracts, configured by the Company, or established through protocol governance. In some cases, the Company or its affiliates may receive a portion of such fees, including through direct participation, integrations, or operation of certain Components or front-end interfaces.

Fees may also be paid to third parties who use the Products to create or configure assets, products, or services, or to the Euler DAO, as further described in the Euler Docs (here: https://github.com/euler-xyz/fee-flow/blob/main/docs/whitepaper.md and here: https://docs.euler.finance/) and fee flow documentation, depending on the specific implementation. Users are responsible for reviewing the fee structure applicable to each Product or Component with which they interact.

You acknowledge and agree that fees may vary depending on network conditions, market factors, and protocol parameters. The Company is not responsible for failed transactions, excess gas usage, or other losses arising from fee execution logic, unless such losses result directly from the Company’s gross negligence, fraud, or willful misconduct.

This Section 10 applies whether you access the Protocol directly or via a Product operated by the Company, such as its web interface or Telegram Mini App. All transactions are final and irreversible, even if made in error or resulting from unauthorised access.

10.2 Irreversibility of Transactions

Transactions on the Ethereum and other blockchains are irreversible. Ensure all transaction details are correct before submission, as errors cannot be corrected by the Company. All transactions facilitated through the Products are final and non-refundable. This includes any and all fees, including gas fees, as well as any amounts sent or received through the Protocol. Users acknowledge that once a transaction has been broadcast to the blockchain, it cannot be reversed or modified in any way.

11. Intellectual Property

11.1 Ownership

All intellectual property rights in the Products, including text, graphics, logos, and software, are owned by or licensed to the Company. Your use of the Products does not grant you any ownership rights.

11.2 Restrictions on Use

Except as expressly permitted, you may not copy, modify, distribute, or create derivative works based on the Products without our prior written consent. Unauthorised use of the Products' intellectual property is strictly prohibited and may result in legal action.

11.3 Downloads

Some Products will allow you to download and/or use software components to facilitate your use of the Products and Protocol. We provide access to these components through our GitHub repository (located at: https://github.com/euler-xyz). By downloading and/or using any of the software components we provide, you agree to abide by any additional licence terms. As of the “Updated and effective” date, this includes the following:

• EVC (Ethereum Vault Connector): https://github.com/euler-xyz/ethereum-vault-connector/blob/master/LICENSE
• EVK (Euler Vault Kit): https://github.com/euler-xyz/euler-vault-kit/blob/master/LICENSE
• EPO (Euler Price Oracle): https://github.com/euler-xyz/euler-price-oracle/blob/master/LICENSE
• EVK Periphery: https://github.com/euler-xyz/evk-periphery/blob/master/LICENSE
• Euler FeeFlow: https://github.com/euler-xyz/fee-flow/blob/main/LICENSE
• EulerSwap: https://github.com/euler-xyz/euler-swap/blob/master/LICENSE
• EulerEarn: https://github.com/euler-xyz/euler-earn/blob/master/LICENSE

12. Privacy

12.1 Data Collection

We collect and use your personal data in accordance with our Privacy Policy. By using the Products, you consent to the collection, use, and sharing of your data as described in the Privacy Policy.

12.2 Blockchain Data

Transactions conducted on the Ethereum or other blockchains, whether or not using the Products or Protocol, are public, immutable, and beyond the control of the Company. Users are solely responsible for ensuring that any personal information they include in blockchain transactions is minimised and does not compromise their privacy or security. The Company disclaims all liability for any loss, damage, or claim arising from the inclusion of personal data in blockchain transactions, including any claim related to privacy or data protection laws. By using the Products, you acknowledge that the Company has no ability to control or erase personal data recorded on the blockchain, and you assume full responsibility for the consequences of your actions.

12.3 Telegram Platform Data

When accessing the Products via Telegram Mini Apps, certain data such as Telegram user IDs and metadata may be processed or shared with Telegram. The Company does not control how Telegram processes such data and disclaims all liability for any actions taken by Telegram. Users should review Telegram’s own privacy policy and settings.

13. Limitation of Liability

13.1 General Limitation

To the maximum extent permitted by law, we disclaim all liability for any damages, losses, or expenses, whether direct or indirect, arising from your use of the Products or the Protocol. This includes but is not limited to:

• Acts of third parties, including other users or external attackers.
• Unauthorised access to or use of your account or digital assets.
• Any interruption, suspension, or termination of the Products, whether intentional or unintentional.
• Errors, omissions, or delays in the transmission or delivery of information.
• The inclusion of personal data in blockchain transactions, which cannot be modified or erased by the Company.
• Your failure to comply with these Terms, including any misuse of the Products.

The Company’s total liability for any claim shall not exceed direct damages in amount equal to the greater of (i) $1,000 USD, or (ii) the total amount you paid in fees to the Company for the use of the Products within the twelve (12) months preceding the event giving rise to the claim. The Company shall not be liable for any damages arising from software bugs, vulnerabilities, or failures in any Component or smart contracts associated with the Products or Protocol. You acknowledge that the Products operate on an experimental basis and may encounter unforeseen issues that the Company cannot predict or mitigate. Furthermore, the Company disclaims all liability for any interruptions or errors caused by third-party service providers, such as those related to blockchain infrastructure or network access. To the fullest extent permitted by law, all other warranties, including but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement, are expressly waived. The Products and Protocol are provided on an “as is” and “as available” basis, and you use them entirely at your own risk.

13.2 Maximum Liability

In no event shall we, our affiliates, or any of our respective directors, officers, employees, agents, or contractors be liable to you or any third party for any incidental, indirect, special, punitive, consequential, or similar damages or liabilities whatsoever (including damages for loss of data, information, revenue, profits, or other business or financial benefit) arising out of or in connection with the Products or Protocol, whether under contract, tort (including negligence), civil liability, statute, strict liability, or other theory of liability, and whether or not we have been advised of the possibility of such damages.

Our total liability for any claim arising out of or relating to the Products or Protocol shall not exceed direct damages in amount equal to the greater of (i) $1,000 USD, or (ii) the total amount in fees you paid us for accessing or using the Products within the twelve (12) months preceding the event giving rise to the claim.

13.3 No Liability for Cyberattacks or Third-Party Malicious Activity

The Company cannot guarantee that the Products or the Protocol will be free from cyberattacks, viruses, or other malicious code that may result in unauthorised access to or loss of digital assets. By using the Products, you acknowledge and accept that the Company shall not be held liable for any damages or losses resulting from denial-of-service attacks, viruses, or other forms of cyberattacks. In addition, the Company shall not be responsible for any losses arising from phishing attacks, social engineering, or other fraudulent activities that target users outside of the Company’s control. Users must exercise caution and implement robust security measures to protect their assets and personal information.

13.4 Third-Party Dependencies

You agree that any losses incurred due to third-party services are solely your responsibility, and you hold the Company harmless from any related claims. The Company expressly disclaims any responsibility for, and shall not be held liable for, the actions or inactions of any third-party vendors or service providers, including but not limited to, third-party decentralised applications, integrations, blockchain nodes, oracles, or any other service or product integrated or used in conjunction with the Products. Any reliance on third-party services is solely at the user’s risk, and the Company shall not be responsible for any interruptions, failures, inaccuracies, or damages caused by such services. Users are encouraged to independently verify the reliability and security of third-party services before use.

13.5 Liability for Third-Party Products and Services

The Company shall have no liability or responsibility for any services, technology, or products provided by third parties, including promotional or marketing services conducted by us on behalf of third parties or for third-party products or services. Any dealings, transactions, or interactions you engage in with third-party providers, including the use or purchase of their products or services, are solely between you and the third party and shall be governed by the terms of service or agreement(s) between you and the applicable third party. The Company does not endorse, guarantee, or assume any responsibility for the quality, accuracy, legality, or any other aspect of such third-party products or services. None of the data or information provided by third-party products or services should be interpreted as an offer of regulated financial services by us or a marketing communication by us within the meaning of the Markets in Crypto-Assets Regulation.

13.6 No Guarantee of Security through Telegram Mini Apps

Accessing the Products through Telegram Mini Apps introduces additional risks, including platform-specific vulnerabilities, limited control over interface integrity, and potential for phishing attacks within Telegram. You agree that the Company is not liable for any damages, losses, or liabilities arising from such access.

13.7 Telegram Platform Disclaimer

The Products may be accessed via Telegram Mini Apps (“TMA”) for user convenience. Telegram is a third-party platform that is not owned, controlled, or operated by the Company. The Company makes no representations or warranties, express or implied, regarding the functionality, availability, security, or reliability of Telegram, its Mini App framework, or any related Telegram services.

You acknowledge and agree that the Company shall not be held liable for any interruptions, suspensions, access failures, data loss, delays, errors, limitations, or other issues arising from or related to the Telegram platform, including but not limited to:

• Unavailability or downtime of Telegram or its Mini App framework;
• Changes made by Telegram to its APIs, policies, or platform features;
• Errors, bugs, or limitations specific to Telegram environments;
• Any impact such issues may have on your ability to access or use the Products.

By using the Products via Telegram, you expressly assume all risks associated with such use and release the Company from any liability arising from your reliance on the Telegram platform or Telegram-based functionality.

14. Indemnification

14.1 User Responsibility

In addition to all other indemnification obligations set forth in these Terms, you agree to indemnify, defend, and hold harmless the Company, its affiliates, and their respective officers, directors, employees, agents, and contractors (collectively, the “Indemnified Parties”) from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys’ fees and court costs) arising out of or in connection with:

• Your use of, or conduct in connection with, the Products, the Protocol, or any of the Components.
• Digital assets associated with your Ethereum or other network address(es).
• Any feedback, content, or other information you provide to the Company concerning the Products.
• Your violation of these Terms or any applicable law.
• Your infringement or misappropriation of the rights of any other person or entity.

You further agree to indemnify, defend, and hold harmless the Indemnified Parties from any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys’ fees) arising out of or in connection with: (i) your interactions with any third-party services or platforms accessed through the Products or Protocol; (ii) your failure to comply with any applicable laws, regulations, or tax obligations in your jurisdiction or the jurisdiction of any user of any product or service based on the Products; (iii) any claims or disputes related to intellectual property, privacy, or data protection arising from content you generate or transactions you conduct on the Products or Protocol; and (iv) any regulatory enforcement actions or penalties imposed due to your use of the Products or Protocol.

This indemnification also extends to any intellectual property disputes arising from your use of the Products, including but not limited to claims related to copyright, trademark, or patent infringement. Additionally, you agree to indemnify, defend and hold the Company harmless against any third-party claims related to your conduct, such as defamation, breach of contract, or violation of applicable laws and regulations.

14.2 Third-Party Enforcement Rights

With respect to all obligations of indemnification contained in these Terms, the Indemnified Parties shall have the exclusive right to control any such action or proceeding and to determine whether the Company wishes to settle, and if so, on what terms. You agree to cooperate fully with the Indemnified Parties in defending any claims and to cover all costs associated with such defence, including reasonable attorneys’ fees and expenses.

Any Indemnified Party not being a direct party to these Terms may enforce any rights granted to it under this Section 14 as if it were a party to these Terms. Notwithstanding any other provision of these Terms, the consent of or notice to any such third party shall not be required for any termination, variation, waiver, or settlement under these Terms. The Indemnified Parties shall retain all rights under this Section 14, and any such rights are cumulative and not exclusive of any other rights available at law or in equity.

15. Governing Law and Dispute Resolution

15.1 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to any choice or conflict of law provision or rule that would require or permit the application of the laws of any jurisdiction other than those of the Cayman Islands. By using the Products or interacting with the Protocol, you expressly consent to the mandatory binding individual arbitration provisions in Section 15.2 below. For clarity, the governing law of these Terms is the law of the Cayman Islands. However, non-arbitrable disputes shall be resolved by the courts of England and Wales.

15.2 Arbitration

Any dispute, claim, or disagreement (each a “Dispute”) arising out of or related to these Terms, the Products or the Protocol, including any Dispute that arose before the effective date of these Terms, shall be resolved through binding individual arbitration. The arbitration shall be confidential, and the arbitrator, the parties, and any involved persons shall maintain the confidentiality of the arbitration proceedings and any related information unless disclosure is required by law. The parties agree to limit the scope of discovery to what is strictly necessary for the resolution of the dispute.

The arbitration shall be conducted in accordance with the rules of the London Court of International Arbitration (“LCIA”). The arbitration shall be conducted by a single arbitrator selected in accordance with the LCIA rules. The arbitrator shall have no authority to award punitive or exemplary damages, attorney’s fees, or costs to either party, except as may be expressly provided by law, and shall limit any award of damages to damages proven by the claiming party, subject to limitations of Section 13 above. The arbitrator shall issue a reasoned award explaining the basis of any decision. You further waive any objection to the enforcement of such an award on the grounds of lack of jurisdiction, improper venue, or any similar grounds, and agree not to seek to invalidate or circumvent the arbitration proceedings or the enforcement of the resulting award. All arbitration proceedings and outcomes shall remain strictly confidential, except as required by law. The arbitrator shall have the authority to decide all disputes relating to the scope, interpretation, applicability, and enforceability of this Section 15.2. The parties waive their rights to a judge or jury trial.

15.3 Class Action Waiver

You agree that any Dispute will be resolved solely through individual arbitration and will not be brought as a class arbitration, class action, or any other type of group or collective or representative proceeding.

15.4 Jurisdiction for Non-Arbitrable Disputes

For any disputes that are not subject to arbitration under these Terms, you agree that such disputes will be governed by the laws of England and Wales and will be resolved exclusively in the courts of London, England. You hereby irrevocably submit to the exclusive jurisdiction of these courts and waive any objection to the venue of any such proceeding on the grounds of venue, jurisdiction, or inconvenience of the forum.

15.5 Limitation on Time to File Claims

Any claim arising out of or relating to these Terms or the use of the Products or Protocol must be brought within twelve (12) months from the date the cause of action accrues, or the date you become aware of the facts giving rise to the claim, whichever is later. Any claims not filed within this period shall be deemed waived and time-barred. The parties expressly agree that this limitation period supersedes any statutory limitations that might otherwise apply.

16. Bug Bounties and Security Contests

16.1 Independent Rules

Any bug bounty or Safe Harbor programs or security contests (“Contests”) offered by the Company will be governed by their own specific terms and conditions, which will be provided separately. These terms may include details regarding eligibility, scope, rewards, confidentiality, and other conditions related to participation in the Contests. Participation in any such Contest is subject to your acceptance of the specific rules and conditions applicable to that Contest.

16.2 Safe Harbor and Whitehat Agreement

By accessing or using the Products or Protocol, you acknowledge and agree that you are a “User” and member of the “Protocol Community” for purposes of that certain Safe Harbor Agreement for Whitehats adopted by the Company (the “Whitehat Agreement”), available via a link published on or through the Products from time to time. Without limiting the generality of the foregoing, and with each capitalised term having the meaning given to it in the Whitehat Agreement:

• You hereby consent to Whitehats attempting Eligible Funds Rescues of any and all Tokens deposited into the Protocol by you and the deduction of Bounties out of your deposited Tokens to compensate Eligible Whitehats for successful Eligible Funds Rescues;
• You acknowledge and agree that Tokens may be lost, stolen, suffer diminished value, or become disabled or frozen in connection with attempts at Eligible Funds Rescues, and you assume all risk of the foregoing;
• You acknowledge and agree that payment of a Bounty as a deduction from your Tokens to an Eligible Whitehat may constitute a taxable disposition by you of the deducted Tokens, and you agree to assume all risk of any such adverse tax treatment; and
• You agree to hold the other Euler Community Members harmless from any loss, liability, or other damages you may suffer in connection with attempted Eligible Funds Exploits under the Whitehat Agreement.

For the avoidance of doubt, the Whitehat Agreement is incorporated by reference into these Terms as between you and the Euler Community Members, and your continued use of the Products or Protocol constitutes your ongoing consent to and acceptance of the Whitehat Agreement.

16.3 No Guarantee of Payment

The Company reserves the right to determine, in its sole discretion, the eligibility of submissions, the severity of identified issues, and the corresponding rewards or compensation. The Company further reserves the right to modify, suspend, or terminate any bug bounty or security contest program at any time, without prior notice. The Company may, in its sole discretion, determine whether any submissions fall within the scope of the program and whether they meet the criteria for rewards. Participation in any such program does not constitute any contractual relationship between you and the Company, and you agree that the Company is under no obligation to provide any payment or compensation for your submissions. The Company is under no obligation to pay any reward or compensation for submissions that it deems invalid, out of scope, or in violation of the Contest rules.

16.4 Limitation of Liability

The Company disclaims all liability arising from or related to any Contest. By participating in a Contest, you agree to release the Company from any and all claims, liabilities, or damages that may arise in connection with your participation, including any issues related to the submission, evaluation, or reward process.

16.5 No Contractual Relationship

Participation in a Contest does not create any contractual relationship between you and the Company, nor does it grant you any rights beyond those explicitly outlined in the specific Contest terms. The Company reserves the right to modify, suspend, or terminate any Contest at any time, without notice and at its sole discretion.

16.6 Tax Responsibility and Indemnification

By participating in a Contest, you shall be solely responsible for the reporting and payment of all applicable federal, state, local, and international taxes (including without limitation income, self-employment, and withholding taxes) arising from any payments, bounties, or other compensation received in connection with the Contest. To the fullest extent permitted by law, you shall hold harmless, indemnify, and defend us from and against any and all claims, liabilities, penalties, interest, costs, and expenses (including reasonable attorneys’ fees) arising out of or relating to any tax obligations or disputes asserted against us as a result of payments made to you, including but not limited to any failure by you to properly report or remit any such taxes.

17. Termination

17.1 Termination by Us

We may terminate your access to the Products at any time, for any reason, without notice. Termination may also occur if you breach any provision of these Terms, engage in illegal activities, violate any applicable laws or regulations, or use the Products in a manner that could harm the Company or other users. In the event of termination, the Company may provide notice by email or through the Products. Upon termination, all rights granted to you under these Terms will immediately cease, and you must discontinue all use of the Products. The Company reserves the right to pursue any remedies available under applicable law or in equity in connection with your violation of these Terms. Upon termination, all rights granted to you under these Terms will immediately cease. We reserve the right, in our sole discretion, to modify, suspend, or discontinue, temporarily or permanently, any part of the Products, the Protocol, or any services provided through the Products at any time, with or without prior notice. We shall not be liable to you or any third party for any modification, suspension, or discontinuance of any Products or the Protocol.

17.2 Survival of Terms

Upon termination of your access to the Products or the discontinuation of any services, the following sections of these Terms will survive: Section 3 (Disclaimers and Acknowledgments), Section 4 (Products vs. Protocol), Section 5 (Your Products and Services), Section 6 (Protocol Components: Creators and Users), Section 13 (Limitation of Liability), Section 14 (Indemnification), Section 15 (Governing Law and Dispute Resolution), Section 18 (Miscellaneous), and any other provision that by its nature is intended to survive termination.

18. Miscellaneous

18.1 Entire Agreement

These Terms, along with our Risk Disclosures, Privacy Policy and any other terms incorporated herein by reference, constitute the entire agreement between you and us regarding the use of the Products and supersede all prior and contemporaneous agreements.

18.2 Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will continue in full force and effect. The invalid or unenforceable provision shall be deemed modified so that it is valid and enforceable to the maximum extent permitted by law. If such modification is not possible, the invalid provision will be deemed severed from these Terms, and the remaining provisions will continue in full force and effect.

18.3 Waiver

Our failure to enforce any right or provision of these Terms will not be deemed a waiver of such right or provision. Any waiver of any provision of these Terms will be effective only if in writing and signed by a duly authorised representative of the Company.

18.4 Assignment

You may not assign or transfer any of your rights or obligations under these Terms without our prior written consent. We may freely assign or transfer our rights and obligations under these Terms without restriction.

18.5 Force Majeure

We shall not be liable for any delays or failures to perform any obligation under these Terms due to events beyond our reasonable control, including, but not limited to, acts of God, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, accidents, pandemics, strikes, or shortages of transportation, facilities, fuel, energy, labour, or materials. In the event of a force majeure occurrence, the Company will use commercially reasonable efforts to resume performance as soon as practicable. The Company will not be held responsible for any failure to meet its obligations under these Terms due to circumstances beyond its control, including but not limited to, interruptions in internet service, power outages, or other disruptions caused by third-party service providers.

18.6 Language

These Terms are provided in the English language, which shall be the official and binding version for all purposes. Any translations of these Terms into other languages are provided for convenience only and shall have no legal effect. In the event of any discrepancy between the English version and a translation, the English version shall prevail.

18.7 Notices

All notices, requests, demands, and other communications under these Terms shall be in writing and may be delivered by email to the address provided by you during registration or by posting on the Products. You agree that any notices, agreements, disclosures, or other communications that we send to you electronically will satisfy any legal communication requirements, including that such communications be in writing.

18.8 Contact Information

If you have any questions or concerns regarding these Terms or the Products, or for legal notices, please contact us at:

The Euler Foundation Email: contact@euler.foundation Address: 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, George Town, Cayman Islands

18.9 Acknowledgment

By accessing or using the Products, you acknowledge that you have read, understood, and agree to be bound by these Terms of Use, as well as the Risk Disclosures, and Privacy Policy.

Updated and effective: 4 May 2026