# Table of Contents - [Democratising Yield on Tokenised Assets | Multipli](#democratising-yield-on-tokenised-assets-multipli) - [Stables vs Native : An overview | Multipli](#stables-vs-native-an-overview-multipli) - [Challenges and Solutions | Multipli](#challenges-and-solutions-multipli) - [Bitcoin as an Example | Multipli](#bitcoin-as-an-example-multipli) - [The Bigger Picture : Real World Asset Yields | Multipli](#the-bigger-picture-real-world-asset-yields-multipli) - [What this means for Crypto? | Multipli](#what-this-means-for-crypto-multipli) - [Contango vs Funding Rate | Multipli](#contango-vs-funding-rate-multipli) - [Details for Users | Multipli](#details-for-users-multipli) - [Execution for Non-Stables | Multipli](#execution-for-non-stables-multipli) - [Admin Flow and Setup | Multipli](#admin-flow-and-setup-multipli) - [Multipli Roadmap | Multipli](#multipli-roadmap-multipli) - [Ride Execution | Multipli](#ride-execution-multipli) - [Execution for Stables | Multipli](#execution-for-stables-multipli) - [What is Contango? | Multipli](#what-is-contango-multipli) - [High Level Overview | Multipli](#high-level-overview-multipli) - [Self Custody | Multipli](#self-custody-multipli) - [What is Funding Rate? | Multipli](#what-is-funding-rate-multipli) - [Understanding Yield through Examples | Multipli](#understanding-yield-through-examples-multipli) - [User Off-boarding | Multipli](#user-off-boarding-multipli) - [Multipli v2 | Multipli](#multipli-v2-multipli) - [Historical Examples | Multipli](#historical-examples-multipli) - [User Onboarding | Multipli](#user-onboarding-multipli) - [Yield Cycle Update | Multipli](#yield-cycle-update-multipli) - [Mainnet Guides | Multipli](#mainnet-guides-multipli) - [Scenario Analysis | Multipli](#scenario-analysis-multipli) - [Testnet Guides | Multipli](#testnet-guides-multipli) - [Peer Comparison | Multipli](#peer-comparison-multipli) - [Exchange Failure Risk | Multipli](#exchange-failure-risk-multipli) - [Claim your free 100 USDC on Multipli testnet | Multipli](#claim-your-free-100-usdc-on-multipli-testnet-multipli) - [Custody Risk | Multipli](#custody-risk-multipli) - [Funding Fee Risk | Multipli](#funding-fee-risk-multipli) - [Make yield on Multipli | Multipli](#make-yield-on-multipli-multipli) - [Crystal: The creator currency of Multipli, powered by Kaito | Multipli](#crystal-the-creator-currency-of-multipli-powered-by-kaito-multipli) - [Audit Reports | Multipli](#audit-reports-multipli) - [Brand | Multipli](#brand-multipli) - [Privacy Policy | Multipli](#privacy-policy-multipli) - [Terms of Use | Multipli](#terms-of-use-multipli) - [FAQs | Multipli](#faqs-multipli) - [Flow of Funds | Multipli](#flow-of-funds-multipli) --- # Democratising Yield on Tokenised Assets | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FaroaKaSuvyU1qJZT1nbk%252Fimage.png%3Falt%3Dmedia%26token%3D6a6ff7b9-7682-4b56-aa79-c96abbed5b54&width=768&dpr=4&quality=100&sign=32dc20e9&sv=2) [](https://docs.multipli.fi/#native-coin-economy) Native Coin Economy -------------------------------------------------------------------------- The crypto native asset economy, encompassing major tokens like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), etc, has exploded in recent years. As of today, the total market capitalisation of all cryptocurrencies sits at around $2.7 trillion. A significant portion of this value is attributed to native assets like the aforementioned. While the exact figure fluctuates, estimates suggest that native assets make up **around 70%** of the total market cap, translating to a crypto native asset economy potentially exceeding **$1.89 trillion**. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252For2tp3QPrW6KKCL9lMcO%252Fimage.png%3Falt%3Dmedia%26token%3D23a5ceab-120d-413f-8c08-ca562e8a93b8&width=768&dpr=4&quality=100&sign=b4fe53e1&sv=2) Crypto Marketcap Source: Coinmarketcap Further fueling this growth, recent developments like BlackRock's foray into real-world asset tokenisation with its **trillion dollar** fund and the approval of cryptocurrency ETFs could significantly increase investor participation and drive the market capitalisation even higher. These institutional entries signal growing confidence in the space and offer new avenues for capital to flow into crypto native assets. BlackRock's significant investment, coupled with the potential influx from ETFs, suggests the potential for the crypto native asset economy to reach even 10x - 20x greater heights in the near future. [](https://docs.multipli.fi/#impact-of-yield-bearing-rwas) Impact of yield bearing RWAs -------------------------------------------------------------------------------------------- Real World Assets (RWA) in crypto refers to the tokenisation of tangible assets that exist in the physical world, that are brought on chain. Research from BCG, McKinsey, Roland Berger and Bain & Company all suggest that the asset tokenisation sector has the potential to reach anywhere between [USD 4-16 trillion](https://www.rolandberger.com/en/Insights/Publications/Tokenization-of-real-world-assets-unlocking-a-new-era-of-ownership-trading.html) in the coming years, but some analysts believe this is only a conservative estimate. This is due to the sheer size of traditional markets; if the tokenization sector captures just a small fraction of its market share, we are looking at potential numbers that go beyond the crypto market’s [USD 2.5 trillion](https://coinmarketcap.com/) market cap. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FMtU43IqTzAtzUKfuQEmf%252Fimage.png%3Falt%3Dmedia%26token%3Dfefbecf6-b0c9-4d34-8051-df976dccf486&width=768&dpr=4&quality=100&sign=690acb6f&sv=2) **Tokenized treasury product market caps** Source: Dune, 21shares With the rise of Real World Assets (RWAs) becoming mainstream, it's only a matter of time before traditional assets are traded on-chain. Multipli is set to pioneer this transformation, not only by offering reliable yields on treasury-backed tokens but also by unlocking yield opportunities for traditionally non-yield-bearing assets like stocks and commodities. This not only provides yield bearing opportunities to the digital asset ecosystem but also acts as a reason to bringing more liquidity on-chain. [NextStables vs Native : An overview](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview) Last updated 1 year ago --- # Stables vs Native : An overview | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F9xrp5PBDU2KnwBVb5Qqp%252Fimage.png%3Falt%3Dmedia%26token%3D5bfa7add-3329-42bd-a1d4-53bf4a25a1b0&width=768&dpr=4&quality=100&sign=542965f6&sv=2) The market cap of stablecoins, including USDT, USDC, and BUSD, currently stands at $161 billion. Although it’s just 6% of the entire crypto industry’s value, this seemingly small segment contributes a whopping $20 billion towards the yield market. Which begs the question: why are native tokens, which are far more abundant, lagging behind when it comes to yield output? The sad truth is - you can’t earn more than 1% for your BTC by the current industry standard, and BNB can’t offer more than a meagre 0.83%. And generating yield on new listings is nearly impossible as well. However, the crypto landscape is constantly evolving, which means new paths to yield are emerging. Maybe the answer lies in finding innovative ways to unlock returns across the entire crypto ecosystem. [PreviousDemocratising Yield on Tokenised Assets](https://docs.multipli.fi/) [NextBitcoin as an Example](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example) Last updated 1 year ago --- # Challenges and Solutions | Multipli [](https://docs.multipli.fi/multipli-overview/challenges-and-solutions#challenge-1-limited-stake-able-cryptocurrencies) Challenge 1: Limited Stake-able Cryptocurrencies ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- **Problem:** Not all cryptocurrencies can be staked. For instance, proof-of-work (PoW) tokens lack the inherent staking mechanisms found in proof-of-stake (PoS) and delegated proof-of-stake (DPoS) coins. This limitation prevents holders of these assets from earning staking rewards and contributing to network security. **Solution:** Our platform leverages advanced financial engineering and novel staking protocols to enable staking for any cryptocurrency. By creating synthetic staking mechanisms and utilising centralised-decentralised finance (CeDeFi), we allow users to stake traditionally unstakable assets and earn attractive yields. [](https://docs.multipli.fi/multipli-overview/challenges-and-solutions#challenge-2-low-staking-yields) Challenge 2: Low Staking Yields ------------------------------------------------------------------------------------------------------------------------------------------- **Problem:** Many popular cryptocurrencies offer relatively low staking yields. For example, Ethereum typically provides annual yields around 3-4%, which may not be sufficiently enticing for investors seeking higher returns on their crypto assets. **Solution:** We optimise staking yields through strategic CeDeFi integrations and synthetic yield farming techniques. Our platform continuously seeks out the best yield opportunities across the crypto ecosystem to ensure competitive and rewarding returns for our users. [](https://docs.multipli.fi/multipli-overview/challenges-and-solutions#conclusion) Conclusion -------------------------------------------------------------------------------------------------- By addressing these two main challenges — enabling yield generation for all cryptocurrencies, and significantly enhancing generating yields — our platform revolutionises the yield landscape. We empower users to maximise their crypto holdings' potential with greater flexibility and higher returns. Join us and experience the new world of crypto yields where every asset can be deployed and yields can be optimised. [PreviousWhat this means for Crypto?](https://docs.multipli.fi/multipli-overview/what-this-means-for-crypto) [NextMultipli Roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap) Last updated 12 months ago --- # Bitcoin as an Example | Multipli [](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example#bitcoin-hodl-waves) Bitcoin HODL Waves --------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FChXDtPcT0Cw3WDcyf1AV%252Fimage.png%3Falt%3Dmedia%26token%3Dcfdc1d36-1cb5-4d14-9177-5e43d5b9434b&width=768&dpr=4&quality=100&sign=de931e8f&sv=2) Above is a graphical representation of Bitcoin HODL Waves, illustrating the percentage of Bitcoin held by investors over various durations. The data reveals distinct trends based on the length of time Bitcoin is held. Short-duration holding periods, representing newer investors or active traders, exhibit high volatility and tend to move in tandem with market fluctuations. These holders are more susceptible to short-term market dynamics and are likely to buy and sell based on recent price movements. In contrast, longer-duration holding periods, particularly those extending beyond 2-3 years, show remarkable stability. Investors who have held Bitcoin for several years are generally less influenced by short-term market volatility and more committed to long-term value appreciation. Notably, the chart indicates that over 50% of Bitcoin has remained unmoved for at least the past year. This significant percentage of long-term holders underscores the confidence in Bitcoin's enduring value and presents a substantial opportunity for Bitcoin staking. By leveraging the stable base of long-term holders, Bitcoin staking can offer attractive returns and reinforce the ecosystem's stability. [](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example#understanding-in-dollar-terms) Understanding in Dollar Terms ------------------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FG9U5lTv7cwDNnwY1RiGw%252Fimage.png%3Falt%3Dmedia%26token%3Db70f3d9b-5cc0-4d5d-8635-b3b9a0ad7cc7&width=768&dpr=4&quality=100&sign=15147b31&sv=2) Activity of BTC Holders over the past few years At present, Bitcoin's market capitalisation is approximately $1.3 trillion. Impressively, more than $650 billion worth of Bitcoin has remained unmoved in the past year, and approximately $195 billion has not been moved in the last ten years. This immobile portion of Bitcoin opens up a substantial staking market, potentially as large as $650 billion at the current market cap. This could enhance the utility and yield potential for long-term holders, further solidifying Bitcoin’s position as a robust store of value and an attractive investment vehicle. [](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example#the-scale-of-it) The Scale of It --------------------------------------------------------------------------------------------------------------------------------------- The projected 10x growth in Bitcoin's market cap over the next five years could lead to a corresponding increase in yield-generating opportunities for investors. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FzirgvHatXonyVyJZ1vyR%252Fimage.png%3Falt%3Dmedia%26token%3Dff49afd8-308c-461b-b8f4-950fb2ece1f5&width=768&dpr=4&quality=100&sign=48a3a4e1&sv=2) Bitcoin Market Capitalization Growth The current market capitalisation of Bitcoin stands at approximately $1.3 trillion. Based on past performance, where Bitcoin experienced a 20-fold increase over the last five years, and the anticipated mainstream adoption, our thesis projects a tenfold growth in market capitalisation over the next five years. [](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example#staking-potential-of-btc) Staking Potential of BTC --------------------------------------------------------------------------------------------------------------------------------------------------------- ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FEPFoDpXIiI0pwtRRRaym%252Fimage.png%3Falt%3Dmedia%26token%3Df4d4aff7-43ed-40be-beb9-3e9a3cf3160c&width=768&dpr=4&quality=100&sign=3ccd1362&sv=2) As studied above, more than 50% of Bitcoin has remained unmoved in the past year. This indicates that over 50% of Bitcoin could potentially be staked to earn attractive yields. However, due to the absence of a staking mechanism, the majority of Bitcoin is currently not staked, and only a small portion is lent out to earn borrowing interest rates. With the introduction of multipli, this landscape is poised for positive change. As Bitcoin's market capitalisation is projected to grow to $13 trillion, the potential market cap for staked Bitcoin could reach $6.5 trillion. [PreviousStables vs Native : An overview](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview) [NextThe Bigger Picture : Real World Asset Yields](https://docs.multipli.fi/multipli-overview/the-bigger-picture-real-world-asset-yields) Last updated 1 year ago --- # The Bigger Picture : Real World Asset Yields | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fr5rBMYpeVU5oWZoVfKHx%252Fimage.png%3Falt%3Dmedia%26token%3Dcf3760fd-d474-4024-b6c1-3a07803d5cfd&width=768&dpr=4&quality=100&sign=d5cc8b7b&sv=2) To help you understand what we aim to achieve in the coming years, let's first try to understand how Real World Assets (RWAs) work and how they could revolutionise the industry completely. [](https://docs.multipli.fi/multipli-overview/the-bigger-picture-real-world-asset-yields#what-are-rwas) What are RWAs? --------------------------------------------------------------------------------------------------------------------------- Real World Assets (RWAs) refers to the tokenisation of tangible assets that exist in the real world, that are brought on chain. They also include the growing issuance of capital market products on-chain, where digital securities are tokenised and offered to retail customers. Imagine you're interested in investing in Dubai's hot real estate market. But the cheapest condo there costs a whopping $500,000. With only $10,000 to invest, buying a whole place on your own seems impossible, right? This is where tokenisation with RWAs comes in! By tokenising this $500,000 condo, you can buy a portion of it for just $10,000. This gives you a share of ownership in the property, and here's the best part: you'll still earn your proportional share of the rent, just like if you owned the entire condo. And if the property value increases, you'll benefit from that too! So, with RWAs, you can invest in assets that were previously out of reach, all from the comfort of your own device. The potential applications of RWAs are still being explored, but the possibilities are vast. We could see: * **Fractional ownership:** Invest in a piece of a company you believe in, a rare diamond, or even a historical artifact. * **Frictionless transactions:** Eliminate the need for intermediaries, streamlining the investment process. * **Democratisation of finance:** Open up a world of investment opportunities to a wider range of participants. [](https://docs.multipli.fi/multipli-overview/the-bigger-picture-real-world-asset-yields#rwas-and-their-impact-on-crypto) RWAs and their impact on crypto -------------------------------------------------------------------------------------------------------------------------------------------------------------- The current crypto market cap of $2.69 trillion is dwarfed by traditional asset classes like real estate ($379.7 trillion) and gold ($15.856 trillion). This suggests a vast potential for RWAs to attract new capital and inflate the crypto market cap. However, it's unlikely to be a straight 100x increase. RWAs likely won't replace traditional markets, but rather act as a bridge, attracting a portion of that wealth into the crypto space. RWA is growing in the crypto space, as seen in the DefiLlama chart below, with a TVL of over $4 billion in May 2024. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FMLnTakigXLgecQbsMh9A%252Fimage.png%3Falt%3Dmedia%26token%3D0d93b65e-ae31-4deb-90ee-1bc7f22e6ce5&width=768&dpr=4&quality=100&sign=e784591f&sv=2) The beauty of RWAs lies in their ability to break down barriers. By tokenising assets, they make them more accessible to a wider range of investors. Imagine buying a sliver of a Manhattan skyscraper or a piece of a rare Andy Warhol – all from your phone! This ease of investment could lead to a significant increase in market participation, boosting the overall market cap. [](https://docs.multipli.fi/multipli-overview/the-bigger-picture-real-world-asset-yields#democratising-real-world-asset-yields) Democratising Real World Asset Yields -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Think of a world where your gold magically generates a little more gold each year. Sounds too good to be true, right? Well, with tokenised assets, something similar might be possible in the future. That's the future we're building! The future of finance is dynamic, accessible, and built around your needs. Join us as we pave the way for a world where your digital assets work as hard as you do. [PreviousBitcoin as an Example](https://docs.multipli.fi/multipli-overview/stables-vs-native-an-overview/bitcoin-as-an-example) [NextWhat this means for Crypto?](https://docs.multipli.fi/multipli-overview/what-this-means-for-crypto) Last updated 1 year ago --- # What this means for Crypto? | Multipli Increased staking is likely to have a positive effect on the price of cryptocurrencies for two main reasons: 1. **Supply Reduction**: When holders stake their tokens, they effectively lock up their assets for a certain period, reducing the circulating supply in the market. This decrease in available supply can create upward pressure on prices, especially if demand remains constant or increases. With fewer tokens available for trading, the scarcity can drive prices higher as buyers compete for a limited number of tokens. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FJNHpGZtkhXusRJN5WMnN%252Fimage.png%3Falt%3Dmedia%26token%3D2d9b4cc9-ffd1-47ed-aa39-2a73145d6b71&width=768&dpr=4&quality=100&sign=37a003ee&sv=2) 1. **Increased Demand**: Staking often provides rewards in the form of additional tokens or interest, making it an attractive investment option. As more people become interested in earning passive income through staking, demand for the token increases. This heightened demand, coupled with the reduced supply, further supports price appreciation. Additionally, staking helps the community grow organically, boosting investor confidence and attracting more participants, which can also drive up the price. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FUqJ0lruD51ILQ2wEhglb%252Fimage.png%3Falt%3Dmedia%26token%3D222703a9-e396-45e1-bbd5-5dab7629e527&width=768&dpr=4&quality=100&sign=1ab4bce7&sv=2) By simultaneously reducing the available supply and increasing demand, staking creates a favorable environment for price growth. [PreviousThe Bigger Picture : Real World Asset Yields](https://docs.multipli.fi/multipli-overview/the-bigger-picture-real-world-asset-yields) [NextChallenges and Solutions](https://docs.multipli.fi/multipli-overview/challenges-and-solutions) Last updated 1 year ago --- # Contango vs Funding Rate | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F9Pi54guhLknWd0KKLnYQ%252Fimage.png%3Falt%3Dmedia%26token%3D9e7599cf-1152-42a4-9159-8d0ca8791e3d&width=768&dpr=4&quality=100&sign=df05b9e0&sv=2) 1. **Market Mechanism:** * **Spread Arbitrage Contango in Futures:** Involves taking advantage of price differences between futures contracts with different expiration dates. It relies on the natural convergence of futures prices to the spot price as the contracts approach their expiry. * **Funding Rates in Perpetuals:** Involves earning interest through periodic funding payments between long and short positions in perpetual futures contracts, which have no expiration date. Funding rates are determined by market supply and demand. 1. **Profit Generation:** * **Spread Arbitrage Contango:** Profits are generated from the spread between the prices of near-term and long-term futures contracts. As the near-term contract converges with the spot price, the spread narrows, creating profit opportunities. * **Funding Rates:** Profits are generated from funding payments. Depending on the funding rate, long or short position holders receive periodic payments. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/contango-vs-funding-rate#spread-arbitrage-contango-in-futures) Spread Arbitrage Contango in Futures **Advantages:** 1. **Predictability:** The convergence of futures prices to the spot price is a predictable event tied to contract expiry, providing clearer profit realisation timelines. 2. **Potential for Higher Returns:** The spreads between contracts can be significant, especially in volatile markets, leading to higher and guaranteed profit margins. 3. **Market Neutrality:** The strategy is typically delta-neutral, meaning the trader is not exposed to the direction of the market, only to the price convergence. **Disadvantages:** 1. **Complexity:** Requires a deep understanding of futures markets, expiration dates, and the factors influencing futures pricing. 2. **Execution Risk:** Slippage and changes in the spread due to market volatility can reduce profitability. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/contango-vs-funding-rate#funding-rates-in-perpetuals) Funding Rates in Perpetuals **Advantages:** 1. **Simplicity:** Easier to implement compared to spread arbitrage. Traders only need to monitor and respond to funding rate changes. 2. **Continuous Income:** Funding payments are made periodically (typically every 8 hours), providing a steady stream of potential income. 3. **Lower Capital Requirement:** Generally requires less capital to maintain positions in perpetual contracts compared to futures contracts. Positions can be adjusted quickly to respond to funding rate changes. **Disadvantages:** 1. **Market Volatility Risk:** Unlike spread arbitrage where the return is confirmed, the funding rate can change rapidly due to market conditions, making it less predictable. A sudden shift in funding rates can turn a profitable position into a losing one. 2. **Lower Returns:** The income from funding rates is typically smaller compared to the potential profits from spread arbitrage, especially in low volatility periods. [](https://docs.multipli.fi/yield-explanation/execution-for-stables/contango-vs-funding-rate#practical-considerations) Practical Considerations ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. **Risk Management:** * **Spread Arbitrage Contango:** Simple risk management, enter at a suitable basis spread and hold the position to expiry to realise profit. * **Funding Rates and Simple Risk Management** : focusing on maintaining positions that benefit from positive funding rates. Traders need to be vigilant about rate changes and adjust positions accordingly. 2. **Market Conditions:** * **Spread Arbitrage Contango:** More effective in markets with significant differences between futures contract prices and high volatility. Stable markets with clear futures curves present the best opportunities. * **Funding Rates:** Best in markets with consistent and predictable funding rates. Periods of high funding rate volatility can be challenging and may require rapid position adjustments. 3. **Strategic Flexibility:** * **Spread Arbitrage Contango:** Allows for strategic flexibility across multiple futures contracts and expiration dates, providing varied arbitrage opportunities. * **Funding Rates:** Focuses on optimising positions based on funding payments, with less flexibility in strategy but more straightforward execution. [PreviousWhat is Funding Rate?](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-funding-rate) [NextExecution for Non-Stables](https://docs.multipli.fi/yield-explanation/execution-for-non-stables) Last updated 1 year ago --- # Details for Users | Multipli #### [](https://docs.multipli.fi/yield-explanation/details-for-users#minimum-capital-requirement-to-equalise-access-to-the-futures-market-the-minimum-capital-requirement) Minimum Capital Requirement To equalise access to the futures market, the minimum capital requirement is set at $10, mirroring the cost of a single futures contract. This removes traditional entry barriers, so users with smaller capitals can participate in this domain as well. **Typical Yield** Multipli offers a yield range of 5-60%, reflecting the diverse strategies employed by our institutional trading desk. This rate surpasses the best offers currently available in the market, especially for traditionally non-yield generating tokens like BTC. [PreviousExecution for Non-Stables](https://docs.multipli.fi/yield-explanation/execution-for-non-stables) [NextUnderstanding Yield through Examples](https://docs.multipli.fi/yield-explanation/understanding-yield-through-examples) Last updated 1 year ago --- # Execution for Non-Stables | Multipli Impermanent Loss (IL) is a well-known phenomenon encountered by Liquidity Providers (LPs) on Automated Market Makers (AMMs) such as Uniswap V3 and other similar decentralized exchanges. The loss occurs when the relative price of the pooled assets changes from the time of deposit, causing the LP to hold more of the underperforming asset and less of the outperforming one. ### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#definition) Definition Impermanent Loss is the difference in value between holding two assets in a liquidity pool versus holding them outright (1:1 in a wallet). If one asset appreciates or depreciates significantly, the LP ends up with a suboptimal token mix compared to a simple HODL approach. ### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#impact-on-liquidity-providers) Impact on Liquidity Providers * Price Rises: LP has fewer tokens of the asset that has gone up. * Price Drops: LP has more tokens of the asset that has fallen. In either case, the LP can suffer a net loss of value (relative to just holding the tokens) if the LP is not hedged. ### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#uniswap-v3-specifics) Uniswap V3 Specifics Uniswap V3 uses concentrated liquidity, allowing providers to select a price range \[Pmin⁡,Pmax\]. The pool’s token ratio changes non-linearly as price moves within that range. If the price exits the range, the LP ends up entirely in one asset, no longer earning fees. This structure increases capital efficiency but also complicates hedging because the LP’s net exposure changes dynamically with price. Let’s walk through a realistic example step by step. #### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#initial-conditions) Initial Conditions: * You start with: * 1 ETH and 2000 USDC at a price of 2000 USDC/ETH. * You deposit these into a Uniswap V3 LP position concentrated around the current price. Let’s say for simplicity you pick a range that comfortably includes the current price (e.g., 1600 to 2500 USDC/ETH). * At the moment of deposit, the LP consists of exactly: * 1 ETH * 2000 USDC * Total value = 1 \* 2000 + 2000 = 4000 USDC worth of value. Without any hedge, if ETH price moves significantly, you won’t just have “1 ETH and 2000 USDC” left when you exit the position. Instead, depending on where the price ends up, you’ll have a different mix of ETH and USDC. For example, if the price goes up significantly, you’ll end up with mostly USDC; if it goes down, you’ll end up with mostly ETH. So, if you deposit 1 ETH into the pool today, valued at $1,500, and the price of ETH rises to $5,000 over the next two months, your ETH, which was converted to USDC, would effectively be sold at around $2,000. This means you would miss out on the additional $3,000 in profit that you could have earned by simply holding your ETH in your wallet. #### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#to-prevent-this-we-create-a-hedge-using-futures) To prevent this, we create a hedge using futures: **Establish a Futures Position at the Start:** Right after you create the LP position at P=2000 USDC/ETH, open a short futures position on ETH worth exactly 1 ETH. * On a futures exchange (centralized or decentralized), you short 1 ETH at 2000 USDC/ETH. This means: * If the price of ETH goes down, your short futures position will make a profit in USDC. * If the price of ETH goes up, your short futures position will incur a loss in USDC. After this step, your overall portfolio looks like this: * Uniswap LP position: 1 ETH + 2000 USDC (in a liquidity position). * Futures position: Short 1 ETH at 2000 USDC/ETH. Net effect at the start: * On-chain, you have the LP tokens representing 1 ETH + 2000 USDC worth of liquidity. * Off-chain (or on a derivatives platform), you have a -1 ETH position (short) that balances out your ETH exposure. Essentially, at this initial point, your overall ETH exposure is close to zero: * LP has 1 ETH in it, but you’re short 1 ETH in futures. The USDC exposure initially is just the 2000 USDC in the LP (futures do not affect your initial USDC since the short is just a contract, not spot). #### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#price-movement-scenarios) Price Movement Scenarios: Let’s consider two scenarios at the time you want to exit: when price moves up and when price moves down. In both cases, you’ll close your LP position and your futures position and see what you end up with. _**Scenario A: Price Goes Up to 2200 USDC/ETH**_ * Uniswap LP Position After Price Increase: When ETH price increases, the Uniswap V3 position shifts towards holding fewer ETH and more USDC. Let’s say that when you close the position at 2200 USDC/ETH, the LP now consists of approximately: * 0.9 ETH and 2420 USDC (this is just an illustrative example of what might happen; the exact amounts depend on the chosen price range and how the liquidity curve works). * Notice you now have fewer than 1 ETH because as the price rose, the pool effectively sold some of your ETH for USDC. * **Futures Position:** You were short 1 ETH from 2000 USDC/ETH. Now ETH is 2200 USDC/ETH. Your short position loses money because you bet on ETH going down and it went up. * Entry price: 2000 USDC/ETH * Exit price: 2200 USDC/ETH * Loss per ETH: 2200 - 2000 = 200 USDC loss * Since you shorted 1 ETH, you have a 200 USDC loss on the futures trade. #### [](https://docs.multipli.fi/yield-explanation/execution-for-non-stables#combine-both-outcomes-at-exit) Combine Both Outcomes at Exit: * LP gives you: ~0.9 ETH + 2420 USDC * Futures gives you: -200 USDC (because you have to buy back the ETH at a higher price) After closing the futures position, your net holdings: * ETH: 0.9 ETH * USDC: 2420 - 200 = 2220 USDC You now have more USDC than you started with (2220 vs. the initial 2000) and less ETH (0.9 vs. initial 1). But remember, the idea is to reconstruct your original principal of 1 ETH and 2000 USDC. Since ETH is now worth 2200 USDC, you can use some of your extra USDC to buy back 0.1 ETH (which at 2200 USDC/ETH costs about 220 USDC). After buying 0.1 ETH back: * You spend 220 USDC to buy 0.1 ETH. * Now you have: * ETH: 0.9 ETH + 0.1 ETH = 1 ETH * USDC: 2220 USDC - 220 USDC = 2000 USDC **Result:** You end up with the same 1 ETH and 2000 USDC you started with, despite the price going up. _**Scenario B: Price Goes Down to 1800 USDC/ETH**_ * Uniswap LP Position After Price Drop: If the price drops, your LP position ends up holding more ETH and fewer USDC. For example, at 1800 USDC/ETH, let’s say your LP position now consists of: * 1.1 ETH and 1620 USDC (again, approximate numbers for illustration). * Futures Position: You are short 1 ETH from 2000 USDC/ETH, and now ETH is 1800 USDC/ETH. * Entry price: 2000 USDC/ETH * Exit price: 1800 USDC/ETH * Profit per ETH: 2000 - 1800 = 200 USDC profit. * You gain 200 USDC on the futures position. Combine Both Outcomes at Exit: * LP gives you: ~1.1 ETH + 1620 USDC * Futures gives you: +200 USDC profit Total after closing futures: * ETH: 1.1 ETH * USDC: 1620 + 200 = 1820 USDC Now you have more ETH than you started with (1.1 vs. 1) and less USDC (1820 vs. 2000). Since ETH is cheaper (1800 USDC), you can sell 0.1 ETH for 180 USDC: * Sell 0.1 ETH at 1800 USDC/ETH = 180 USDC * Now you have: * ETH: 1.1 ETH - 0.1 ETH = 1 ETH * USDC: 1820 + 180 = 2000 USDC **Result:** You again end up with 1 ETH and 2000 USDC, just as you started, despite the price going down. * By taking a short futures position equal to the initial amount of ETH deposited, you’ve effectively neutralized the impact of price movements on your ability to end up with your original principal. * After closing both positions (the LP and the futures), you might initially have a different mix than you started with, but you’ll have enough value in USDC and ETH combined that you can trade back to your original desired amounts (1 ETH and 2000 USDC). * In practice, you might need to periodically adjust the futures hedge if the price moves a lot, or choose a slightly different hedging strategy. But the principle remains: the futures position compensates for the changes in token ratios within the LP. Multipli is only a tool that helps you prevent yourself from IL, today, if you are providing liquidity to any LP, the chances that your profits are eaten up by IL is 100%, however with Multipli you get the best hedge in the industry while reaping upto 100%+ APR yield on your wBTC through trading fees incentives on DEXs like Uniswap. [PreviousContango vs Funding Rate](https://docs.multipli.fi/yield-explanation/execution-for-stables/contango-vs-funding-rate) [NextDetails for Users](https://docs.multipli.fi/yield-explanation/details-for-users) Last updated 9 months ago --- # Admin Flow and Setup | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FQTO2C3TsaPpnhJ5ioJrI%252Fimage.png%3Falt%3Dmedia%26token%3D7d4dfb18-93d7-4142-921f-ca19b76af5f6&width=768&dpr=4&quality=100&sign=b1815dc&sv=2) Before registering a ride (deployment activity), the admin does the following: 1. Deploy and register a new token type for each ride ticket. 2. Set the type of capital tokens which users deploy, and the type of strategy tokens that users receive. 3. Determine the price and slippage at which capital tokens are exchanged for strategy tokens. Users sign a limit order confirming their acceptance of these requirements when they join a ride. 4. Deploy a Pool Manager smart contract with the following functions: 1. Mint and Sell ride tickets Mint ride ticket tokens, deposit them to the Multipli Contract, and submit an onchain limit order to sell them for capital tokens. 2. Configure price For example : 1 BTC = 1xBTC 3. Ride departure Execute a specific onchain strategy. Withdraw users' funds, that is, the agreed capital tokens, from the Multipli smart contract, and trade them in an onchain DeFi contract for strategy tokens. These are deposited back to Multipli smart contract, and the Pool Manager submits an onchain limit order to sell the strategy tokens in exchange for users' ride tickets. If the strategy token price is too high and is out of the slippage range that users accepted, the departure fails, and the ride ticket tokens are deposited back to Multipli smart contract and sold back to the passengers. 4. Ride cleanup Withdraw the ride ticket tokens from the Multipli smart contract and burn them. 5. Set the price and slippage for the strategy execution in the Pool Manager smart contract. [PreviousHigh Level Overview](https://docs.multipli.fi/technical-overview/high-level-overview) [NextUser Onboarding](https://docs.multipli.fi/technical-overview/user-onboarding) Last updated 1 year ago --- # Multipli Roadmap | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F2JtjCyqYutOdBDelfBhp%252Fimage.png%3Falt%3Dmedia%26token%3D9b59e8bb-833c-48a5-9b90-0b99d2b9a65f&width=768&dpr=4&quality=100&sign=fa465180&sv=2) Today, December 5th, 2024, is an unforgettable day. Bitcoin has hit $100,000 for the first time, and we’re also celebrating the first month since our launch. We couldn’t be more excited to reflect on the amazing milestones we’ve reached so far: * 500,000+ Users Onboarded: Multipli has rapidly grown its community, welcoming half a million users with an impressive 160,000 daily active users engaging with our platform. * Average APY of 31.28%: Users have enjoyed exceptional average annual percentage yields on our private mainnet, showcasing the effectiveness of our yield strategies. * $50 Million Total Value Locked (TVL): Achieving this significant TVL reflects the strong trust and confidence our users have placed in Multipli. * 130 Million tORBs Distributed: We have generously rewarded our early adopters and contributors with 130 million tORBs, underscoring our commitment to our community. * Winner of Binance BIA 4th Edition: Multipli was honored to win the 4th edition of the Binance BIA. Our roadmap is divided into distinct phases and seasons, each with specific goals and incentives. [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#id-1.-multipli-testnet-phases) 1\. Multipli Testnet Phases ------------------------------------------------------------------------------------------------------------------------------ Before we dive into the mainnet seasons, let's revisit the foundation we've built during our testnet phases. ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#genesis-testnet-phase-before-mainnet-launch) **Genesis Testnet Phase (Before Mainnet Launch)** * Purpose: To test and refine our platform with the community's help. * Weightage: 70% of total tORBs allocation. * Duration: 2 months or 1M users, whichever comes first * Highlights: * Users engaged with the platform, providing invaluable feedback. * Early adopters earned tORBs, our testnet tokens representing contributions. ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#arc-testnet-phase-after-mainnet-launch) **Arc Testnet Phase (After Mainnet Launch)** * Purpose: To continue refining features and ensuring robustness post-launch. * Weightage: 30% of total tORBs allocation. * Duration: TGE * Highlights: * Additional testing with real-world variables. * Further tORBs distribution to active participants. Note: All tORBs accumulated during these phases will be converted to ORBs at a specific ratio during the Token Generation Event (TGE). Testnet rewards will be significantly lower than those on mainnet. This ensures fairness for users deploying real capital on mainnet. Testnet remains a staging environment meant primarily for testing and iteration before production launch. * * * [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#id-2.-multipli-mainnet-seasons) 2\. Multipli Mainnet Seasons -------------------------------------------------------------------------------------------------------------------------------- Post testnet, we transition into the mainnet, where the real action begins! Our mainnet journey is segmented into three exciting seasons, each with its own objectives and rewards. ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#season-1-genesis) **Season 1: Genesis** * Objective: Achieve the first $100 million in Total Value Locked (TVL). * Weightage: 50% of ORBs allocation. * Duration: 3 months or until the $100M TVL milestone is reached, whichever comes first. * User Benefits: * Yield Earnings: Earn baseline yield between 15-25% on stablecoins and 8-12% on native tokens like BTC and ETH. * Boosted Yield: Earn boosted yield from our partners. * xToken Distribution: Receive xTokens in a 1:1 ratio for every token staked (e.g., stake 100 USDC, receive 100 xUSDC). * ORBs Accumulation: Earn 10 ORBs for every day you hold $100 worth of xTokens. #### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#why-participate-in-season-1) Why Participate in Season 1? Season 1 is all about early adoption and maximizing rewards. By participating early, you stand to gain the highest yield percentages and ORBs allocation. ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#season-2-growth) **Season 2: Growth** * Objective: Reach the next milestone of $300 million in TVL. * Weightage: 30% of ORBs allocation. * User Benefits: * Continued yield earnings, though rates may adjust slightly as the platform scales. * Ongoing xToken rewards and ORBs accumulation. * Opportunity to leverage network effects through referrals. #### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#the-growth-momentum) The Growth Momentum Season 2 focuses on scaling and expanding our user base. It's an excellent opportunity for users who missed the initial phase to join and still reap substantial benefits. ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#season-3-moon) **Season 3: Moon** * Objective: Achieve the next $200 million in TVL, culminating in a total of $500 million. * Weightage: 20% of ORBs allocation. * User Benefits: * Stable yield generation with a matured protocol. * Final chances to accumulate ORBs before TGE. * Solidify your position in the Multipli ecosystem. #### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#reaching-for-the-moon) Reaching for the Moon Season 3 is about solidifying our achievements and preparing for the next big leap—, the Token Generation Event. It's the last stretch to maximize your ORBs before they become fully functional tokens. * * * [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#id-3.-post-tge-seasons) 3\. Post-TGE Seasons ---------------------------------------------------------------------------------------------------------------- After the TGE, the adventure doesn't stop! We will have four seasons every year, during which ORBs will be emitted at a rate proportional to the protocol's revenue. * Sustainable Growth: As the protocol generates revenue, a portion will be redistributed to ORB holders. * Continuous Engagement: Regular seasons ensure ongoing opportunities for users to engage and earn. * Community-Centric Development: Future developments and improvements will be guided by ORB holders through governance. * * * ### [](https://docs.multipli.fi/multipli-overview/multipli-roadmap#note-to-readers) Note to readers We designed this campaign with long-term participants in mind those who see the value in sustained engagement and yield generation. We discourage short-term participation solely for quick airdrops. Our yields are structured to benefit those who are genuinely interested in leveraging the Multipli protocol for their financial growth. [PreviousChallenges and Solutions](https://docs.multipli.fi/multipli-overview/challenges-and-solutions) [NextExecution for Stables](https://docs.multipli.fi/yield-explanation/execution-for-stables) Last updated 3 months ago --- # Ride Execution | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F1TsXRwp5V0ZqCRClNMcD%252Fimage.png%3Falt%3Dmedia%26token%3D0495d932-4b2b-49c1-9054-0a267711319a&width=768&dpr=4&quality=100&sign=a9636062&sv=2) ### [](https://docs.multipli.fi/technical-overview/ride-execution#ride_execution_main_flow) Main flow Once the Admin decides to depart the ride, it informs the Operator to stop accepting new join requests from users. > In the analogy of a bus ride, the ride can only depart once all passengers are physically standing on the bus. Pre-departure, the collated DeFi Pooling funds must exist onchain in order to execute an onchain operation to trade them. Therefore, the admin waits until the Multipli smart contract state includes all settlements by users joining the ride. Once this is done, the funds of all the passengers are available on-chain in the Multipli smart-contract for the Pool Manager to use. Next, the admin calls the Pool Manager Ride Departure function. This function executes the following operations: 1. The Pool Manager withdraws funds from the Multipli smart contract and applies them to the Pool Manager smart contract. 2. The Pool Manager buys strategy tokens for the entire value of deployed tokens it controls. This operation succeeds only if the price of this trade is lower than or equal to the price that the users agreed to when they joined the ride. 3. If the trade succeeds, the Pool Manager smart contract deposits the entire value of the strategy tokens it controls back to the Multipli smart contract; and submits an on-chain limit order to sell them for ride tickets. The price to buy one strategy token should be exactly the total amount of ride tickets divided by the total amount of strategy tokens. ### [](https://docs.multipli.fi/technical-overview/ride-execution#fallback-flow) Fallback flow If the trade doesn’t succeed, i.e., the price to buy strategy tokens was higher than the price the users agreed to pay, the Pool Manager smart contract deposits the capital tokens and submits an on-chain limit order to sell them back to the users in exchange for their ride tickets. [PreviousUser Onboarding](https://docs.multipli.fi/technical-overview/user-onboarding) [NextUser Off-boarding](https://docs.multipli.fi/technical-overview/user-off-boarding) Last updated 1 year ago --- # Execution for Stables | Multipli Multipli allows users to earn high yields on their tokens through arbitrage strategies. This approach leverages the combined strengths of centralised and decentralised finance to maximise returns while ensuring the best security and transparency for users' assets. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables#leveraging-liquidity-for-arbitrage) **Leveraging Liquidity for Arbitrage** **Liquidity Provision:** Once your token is securely stored in Ceffu, Copper on-chain wallet, Ceffu provides our institutional trading desk with the necessary liquidity on major centralised exchanges, such as Binance and OKX. This liquidity is crucial for executing our high-yield generating strategies. **Arbitrage Strategies** Our institutional trading desk employs a combination of contango arbitrage strategies and spot perpetual arbitrage to generate synthetic yield on crypto tokens. By leveraging spot perpetual arbitrage, we capitalise on funding rates, ensuring consistent returns through market-neutral positions. Concurrently, our contango arbitrage strategy takes advantage of price differentials between spot and futures markets in contango conditions, securing risk-free profits. This dual approach enables us to maximise yield, minimise risk, and offer you reliable, high-performance yield generating opportunities in the dynamic cryptocurrency landscape. **1\. Contango Arbitrage** Contango arbitrage is a trading strategy employed in the futures and spot markets to exploit the price difference between the current spot price of an asset and its futures price. This difference is captured by building a short position in futures and a long position in spot simultaneously. **Example:** ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FBC63GxLIIx6IAK82rZ5b%252Fimage.png%3Falt%3Dmedia%26token%3De91b9010-1cdc-43e7-b281-62e646a55085&width=768&dpr=4&quality=100&sign=fc2c4cb9&sv=2) 1. Identify the Arbitrage Opportunity: Notice that Bitcoin is in contango with the futures price being $5,000 higher than the spot price. 2. Buy Bitcoin on the Spot Market: The trader buys 1 Bitcoin at the current spot price of $30,000. 3. Sell a Futures Contract: Simultaneously, the trader sells a futures contract for 1 Bitcoin at the futures price of $35,000. 4. Wait for Contract Expiry: Hold both positions (the spot Bitcoin and the short futures contract) until the futures contract is close to its expiration. 5. Settle the Contracts: As the futures contract approaches expiry, the futures price converges with the spot price. Assume the spot price of Bitcoin at expiration is $30,000. In this example, our arbitrage trade generates ~0.14 BTC in contango, providing significant returns on deployed BTC. This yield will be paid out in the native token i.e. BTC. 2\. **Spot-Perpetual Funding Rate Arbitrage** Spot-perpetual funding rate arbitrage involves capitalising on the funding rate exchanged between traders holding long and short positions in perpetual futures contracts while maintaining delta-neutrality through the spot position. **Example:** ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FzA13uDv5GvKoEFqMdAbH%252Fimage.png%3Falt%3Dmedia%26token%3D6ada9ba4-7736-4c10-a1fa-d6241e4de74e&width=768&dpr=4&quality=100&sign=d6bdc35e&sv=2) 1. Spot Market Purchase: * Purchase 1 BTC at $30,000 in the spot market. 1. Perpetual Futures Market: * Open a short position of 1 BTC in perpetual futures. 1. Funding Rates: * Assume the funding rate is 0.01% per 8 hours. * As a short position holder, we receive the funding rate payment. 1. Daily Yield Calculation: * Funding payment per 8 hours = 0.01% of 1 BTC = 0.0001 BTC * Daily funding payments (3 times per day) = 0.0001 BTC x 3 = 0.0003 BTC 1. Monthly Yield: * Monthly funding payments = 0.0003 BTC x 30 = 0.009 BTC In this example, our market-neutral strategy generates ~0.009 BTC in funding rate payments over a month, providing significant returns on deployed BTC. This yield will be paid out in the native token i.e. BTC. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables#conclusion) Conclusion Our innovative yield generation platform combines secure custodial services with advanced arbitrage strategies to offer high yields on your deployed BTC. By leveraging the liquidity provided by Ceffu and executing arbitrage strategies on centralised exchanges, we maximise your earnings while ensuring the safety and transparency of your assets. [PreviousMultipli Roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap) [NextWhat is Contango?](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-contango) Last updated 12 months ago --- # What is Contango? | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fk24NrZfZZM4LyUdLW4zG%252Fimage.png%3Falt%3Dmedia%26token%3D4025086a-04d6-47b2-8fcc-8b5200f2cc82&width=768&dpr=4&quality=100&sign=3f35688b&sv=2) **Contango** is a term used to describe a market condition in which the futures price of a cryptocurrency is higher than its current spot price. This situation typically occurs in futures markets when the price of a longer-term futures contract is greater than the price of a shorter-term futures contract or the current spot price. Essentially, contango reflects market participants' expectations of higher prices in the future. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-contango#characteristics-of-contango) Characteristics of Contango 1. **Upward Sloping Forward Curve:** * In a contango market, the forward curve of futures prices is upward sloping. This means that futures contracts with later expiration dates are priced higher than those with earlier expiration dates. * Example: If Bitcoin (BTC) is trading at $40,000 in the spot market, a one-month futures contract might be priced at $41,000, and a three-month futures contract might be priced at $42,000. 2. **Positive Basis:** * The basis, which is the difference between the futures price and the spot price, is positive in a contango market. This indicates that futures prices are above the current spot price. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-contango#why-does-contango-exist) Why Does Contango Exist? 1. **Cost of Carry:** * The primary reason for contango is the **cost of carry**, which includes the costs associated with holding the underlying asset until the futures contract's expiration. These costs can include storage fees, insurance, and financing costs. * In the context of cryptocurrencies, while there may not be physical storage costs, there can be other costs such as borrowing fees if leverage is used, or opportunity costs of holding capital in the futures position. 2. **Expectations of Future Price Increases:** * Contango can also arise from market participants' expectations that the price of the cryptocurrency will increase over time. These expectations can be driven by various factors, such as anticipated technological developments, regulatory changes, or broader economic trends. * If traders believe that the price of Bitcoin will rise due to upcoming network upgrades or increased adoption, they may be willing to pay a premium for futures contracts, driving up prices in the longer term. 3. **Inflation and Risk Premium:** * In traditional markets, inflation expectations can lead to contango, as higher future prices may be anticipated to compensate for the loss of purchasing power. In the crypto market, a similar effect can occur if traders expect the value of fiat currencies to decline relative to cryptocurrencies. * Additionally, a risk premium can contribute to contango. Traders may demand a premium for locking in prices over a longer period due to uncertainties and risks inherent in the market. 4. **Arbitrage Opportunities and Market Inefficiencies:** * Arbitrageurs play a crucial role in maintaining the balance between spot and futures markets. In an efficient market, arbitrageurs would buy the spot asset and sell the futures contract when contango occurs, thus narrowing the price gap. * However, in the crypto market, inefficiencies and barriers such as lack of liquidity, high transaction costs, or regulatory restrictions can limit the extent of arbitrage, allowing contango to persist. [PreviousExecution for Stables](https://docs.multipli.fi/yield-explanation/execution-for-stables) [NextWhat is Funding Rate?](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-funding-rate) Last updated 1 year ago --- # High Level Overview | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fz9z9anb1Gnv0Nr2aMjZK%252Fimage.png%3Falt%3Dmedia%26token%3D4b812ad8-3ef4-495f-940e-5e442d36a908&width=768&dpr=4&quality=100&sign=b3aa48e&sv=2) To understand Multipli’s technical background better, let’s look at its components through a relatable real-world example - for instance, a ride-sharing app. **Terminology** admin A multi-sig entity that registers new rides and activates the operation required for the different phases of the Multipli flow. ride A specific onchain strategy. A ride consists of the following parameters: * an onchain Pool Manager contract * a capital token * a strategy token * a ride ticket token * The price and slippage for exchanging strategy tokens for capital tokens. The users can decide whether to join a ride based on these parameters. capital token The type of token that a user deploys into the strategy (BTC, ETH, etc.). ride ticket A temporary intermediate token that the user buys with their capital tokens. These tokens are redeemed for strategy tokens once staking is confirmed. strategy token A type of token that the user receives once staking is confirmed. These can be traded anytime at 1:1 of the base asset, using the onchain strategy smart contract. passengers Offchain users that have joined a ride, that is, they have signed the required transactions to participate in the ride. defi-pooling operator The staking operator The Multipli contract proceeds in four phases: 1. **Register a new ride** A new ride is configured to execute a specific strategy at a specific price. 2. **User onboarding** Multiple users join a ride by buying ride tickets. 3. **Ride execution** The onchain Pool Manager smart contract withdraws the passengers' funds and trades them for strategy tokens. The trade succeeds only if the trading price is lower than or equal to the price defined in step 1. 4. **User offboarding** Passengers trade their ride ticket for strategy tokens. [PreviousUnderstanding Yield through Examples](https://docs.multipli.fi/yield-explanation/understanding-yield-through-examples) [NextAdmin Flow and Setup](https://docs.multipli.fi/technical-overview/admin-flow-and-setup) Last updated 1 year ago --- # Self Custody | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FxzpOUMIbwYnlIJp7PlXu%252Fimage.png%3Falt%3Dmedia%26token%3D71c0c8a7-c03e-42d4-850d-33ac7c90fd77&width=768&dpr=4&quality=100&sign=5e32aa95&sv=2) During the yield generation flow, the user always has self custody of funds. There are three different token types that the user owns during the flow: * Capital and strategy tokens > These tokens have an onchain value. They can be withdrawn at any time by using Multipli smart-contract self-custody mechanism using a Withdrawal transaction or the Full Withdrawal mechanism. * Ride ticket token > This token only has value within the Multipli platform. Therefore, the Pool Manager smart contract provides a redeem function. If the user has a ride ticket token and the Staking flow did not proceed to trade it, the user can withdraw it onchain to redeem their share of funds from the Pool Manager smart contract. The redeemed tokens are: a) the strategy tokens — in the case that the strategy was executed or b) the original capital tokens — in the case that the strategy was not executed. [PreviousUser Off-boarding](https://docs.multipli.fi/technical-overview/user-off-boarding) [NextScenario Analysis](https://docs.multipli.fi/analysis/scenario-analysis) Last updated 12 months ago --- # What is Funding Rate? | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FWEcybrCe9QYnjeo03kfH%252Fimage.png%3Falt%3Dmedia%26token%3Dbb452b83-33fb-46f3-a04d-97eb6f932cf2&width=768&dpr=4&quality=100&sign=10b199ce&sv=2) **Funding rate fees** are periodic payments exchanged between traders holding long and short positions in perpetual futures contracts. Unlike traditional futures contracts, perpetual futures have no expiration date. To ensure that the price of perpetual futures remains close to the spot price of the underlying asset, funding rates are used as a mechanism to incentivise or discourage buying and selling, thereby balancing supply and demand. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-funding-rate#how-funding-rates-work) How Funding Rates Work 1. **Calculation:** * Funding rates are usually calculated every 8 hours and are based on two primary components: the interest rate and the premium/discount of the perpetual contract price relative to the spot price. * **Interest Rate:** Reflects the cost of holding positions, often derived from the difference in borrowing rates between the base and quote currencies. * **Premium/Discount:** The difference between the perpetual contract price and the spot price. If the perpetual price is above the spot price (positive premium), the funding rate is positive, and long positions pay short positions. Conversely, if the perpetual price is below the spot price (negative premium), the funding rate is negative, and short positions pay long positions. 2. **Payment Mechanism:** * Funding rate payments are exchanged directly between traders. The exchange facilitates this transfer but does not typically collect these fees. * If the funding rate is positive, long position holders pay the fee to short position holders. If negative, short position holders pay the fee to long position holders. ### [](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-funding-rate#why-does-funding-rate-fees-exist) Why Does Funding Rate Fees Exist? 1. **Price Convergence:** * **Primary Purpose:** The main reason funding rate fees exist is to ensure that the price of perpetual futures contracts converges with the spot price of the underlying asset. Without an expiration date to force this convergence, funding rates provide a financial incentive for traders to arbitrage any discrepancies. * **Maintaining Equilibrium:** When the perpetual futures price deviates significantly from the spot price, funding rates encourage traders to take positions that will bring the two prices back in line. For instance, if the perpetual price is too high, a positive funding rate incentivises selling, thereby pushing the price down towards the spot price. 2. **Market Balance:** * **Supply and Demand:** Funding rates help balance supply and demand in the perpetual futures market. If there are more long positions than short positions, the funding rate will be positive, encouraging traders to open short positions and balance the market. * **Risk Management:** By aligning the futures price with the spot price, funding rates help manage the risk of holding positions in perpetual futures. This reduces the likelihood of extreme price discrepancies, contributing to market stability. 3. **Trader Behaviour:** * **Incentivising Participation:** Funding rates can attract liquidity providers and arbitrageurs to the market. These participants help keep the market efficient by ensuring that prices remain aligned with underlying values. * **Discouraging Extreme Positions:** High funding rates can discourage excessive leverage and speculative positions by making it costly to maintain large positions over time. This helps prevent market manipulation and extreme volatility. [PreviousWhat is Contango?](https://docs.multipli.fi/yield-explanation/execution-for-stables/what-is-contango) [NextContango vs Funding Rate](https://docs.multipli.fi/yield-explanation/execution-for-stables/contango-vs-funding-rate) Last updated 1 year ago --- # Understanding Yield through Examples | Multipli Let's take an example with $100 of capital to better understand the process. ### [](https://docs.multipli.fi/yield-explanation/understanding-yield-through-examples#contango-arbitrage) **Contango Arbitrage** **Step 1:** Buy BTC worth $100 at $60,000. **Step 2:** Sell BTC July futures worth $100 at $62,000. **Scenario 1: BTC increases in price** * Price of BTC increases from $60,000 to $100,000. * Price of BTC July futures will accordingly increase to $103,500. * However, on the day of expiry, BTC July futures will expire at the spot price of BTC, yielding us $3.34 on our capital of $100. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FUMZAHKIS9br21RiCa7zm%252Fimage.png%3Falt%3Dmedia%26token%3Dbb737bc0-5ae0-40ff-94cc-2144bc03eb14&width=768&dpr=4&quality=100&sign=b128351&sv=2) **Scenario 2: BTC decreases in price** * Price of BTC decreases from $60,000 to $30,000. * Price of BTC July futures will accordingly decrease to $31,000. * In any case, on the day of expiry, BTC July futures will expire at the spot price of BTC, yielding us $3.34 on our capital of $100. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FoQzxvO3LhjZ1iq88t0AR%252Fimage.png%3Falt%3Dmedia%26token%3Dfea52ce4-4961-4994-8ca7-bd8d0c6ec693&width=768&dpr=4&quality=100&sign=81e15530&sv=2) Ultimately, the best thing about the contango arbitrage strategy is that regardless of market direction, profit is assured. Whether the price of BTC increases or decreases, the convergence of futures prices to the spot price at expiry ensures a consistent yield. In this example, with $100 of capital, the strategy yields $3.34 at expiry. ### [](https://docs.multipli.fi/yield-explanation/understanding-yield-through-examples#funding-rate-arbitrage) **Funding Rate Arbitrage** **Step 1:** Buy BTC worth $100 at $60,000. **Step 2:** Sell BTC perpetual futures worth $100 at $60,000. **Scenario A: BTC increases in price** * Price of BTC increases from $60,000 to $100,000. * Price of BTC perpetual futures will accordingly increase to $100,000. * We exit the trade in 3 months, having earned $3 on our $100 capital from funding fees received for holding the short position in perpetual futures, irrespective of the market going up. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fkk7nyP2uBjlmcn9B8YfC%252Fimage.png%3Falt%3Dmedia%26token%3D85efeb10-966a-4e02-898f-6ae04d3096e5&width=768&dpr=4&quality=100&sign=cd730acf&sv=2) **Scenario B: BTC decreases in price** * Price of BTC decreases from $60,000 to $30,000. * Price of BTC perpetual futures will accordingly decrease to $30,000. * We exit the trade in 3 months, having earned $3 on our $100 capital from funding fees received for holding the short position in perpetual futures, irrespective of the market going down. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FBGVo6ZEJy2LIbdmrxdyJ%252Fimage.png%3Falt%3Dmedia%26token%3D13b891e0-edd5-4d53-9348-abc01f5b1eaa&width=768&dpr=4&quality=100&sign=cc2f9ef1&sv=2) The funding rate arbitrage strategy provides consistent returns irrespective of the market price of BTC. By buying BTC and simultaneously selling perpetual futures, the strategy earns funding fees over the holding period. Whether the price of BTC increases or decreases, the funding fees collected for holding the short position in perpetual futures yield $3 on the $100 capital over three months. [PreviousDetails for Users](https://docs.multipli.fi/yield-explanation/details-for-users) [NextHigh Level Overview](https://docs.multipli.fi/technical-overview/high-level-overview) Last updated 1 year ago --- # User Off-boarding | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FacwAvD6EpnumxYw39yOP%252Fimage.png%3Falt%3Dmedia%26token%3Dc936f377-ea6f-413c-b595-7494871c0037&width=768&dpr=4&quality=100&sign=84a5cf2f&sv=2) Once the ride arrives at its destination, users can exchange their ride tickets for strategy tokens. The admin informs the DeFi Pooling Operator (Yield Generation Operator) when offboarding begins. In this phase, the Operator matches each user limit order against the Pool Manager limit order (Step 1 in diagram). There are two different scenarios here: 1. If the onchain trade succeeds, the user exchanges ride tickets for strategy tokens using the execution limit order (Step 2 in diagram). 2. If the onchain trade fails, the user exchanges the ride tickets for the original yield tokens using the cancellation limit order. Once the settlements between the users and the Pool Manager are submitted to the Multipli smart-contract, and the last state including them is approved onchain, off-boarding is complete. The final step is for the admin to call the ride Cleanup function in the Pool Manager smart contract. This function withdraws the ride ticket tokens and "burns" them (Step 3 in diagram). [PreviousRide Execution](https://docs.multipli.fi/technical-overview/ride-execution) [NextSelf Custody](https://docs.multipli.fi/technical-overview/self-custody) Last updated 1 year ago --- # Multipli v2 | Multipli What is Multipli v2?[](https://docs.multipli.fi/user-guide/faqs/multipli-v2#what-is-multipli-v2) Multipli v2 is the next version of our protocol, built on the innovative 4626 vault. It offers more liquid yield, giving you easier access to your assets. Which tokens and networks does Multipli v2 currently support?[](https://docs.multipli.fi/user-guide/faqs/multipli-v2#which-tokens-and-networks-does-multipli-v2-currently-support) Currently, Multipli v2 supports the USDC token on the Avalanche network. We're actively working to add more networks soon. Will I be able to migrate my funds to v2? If yes, when can I do it?[](https://docs.multipli.fi/user-guide/faqs/multipli-v2#will-i-be-able-to-migrate-my-funds-to-v2-if-yes-when-can-i-do-it) Yes, you'll be able to migrate your entire funds to v2. We're working on making the migration process live as soon as possible. Once it's ready, you'll be able to transfer your funds instantly. For now, you can access and use both versions of Multipli. Will my ORBs and Crystals be transferred to Multipli v2?[](https://docs.multipli.fi/user-guide/faqs/multipli-v2#will-my-orbs-and-crystals-be-transferred-to-multipli-v2) Yes, once the ORBs and Crystals feature is live on v2, your ORBs and Crystals can be transferred to your new v2 account. [PreviousYield Cycle Update](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update) [NextTestnet Guides](https://docs.multipli.fi/user-guide/testnet-guides) Last updated 1 month ago --- # Historical Examples | Multipli **Spot-perpetual arbitrage** [](https://docs.multipli.fi/analysis/historical-examples#spot-perpetual-arbitrage) Spot-Perpetual Arbitrage ---------------------------------------------------------------------------------------------------------------- **Overview** The chart represents the funding rate over a period of time. The x-axis shows the time in Unix timestamp format, and the y-axis represents the funding rate values. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FNOoeZ329UgXunolM49FO%252Fimage.png%3Falt%3Dmedia%26token%3D6d504512-a8e1-46a4-85c6-0cfd4ff72975&width=768&dpr=4&quality=100&sign=32535c23&sv=2) **Key Observations:** 1. **Time Period:** * The data covers a period from approximately 1.59e+12 to 1.71e+12 Unix timestamps, May 2020 to May 2024. 2. **Volatility:** * The funding rate shows high volatility in the earlier part of the chart. There are significant spikes and dips, particularly between Sep 2020 to May 2021. * However, the volatility appears to decrease after August 2021, continuing to stabilise with fewer and smaller spikes. This change can be attributed to an increased volume in futures trading and more traders opting for perpetual futures instead of spot trading. 3. **Extreme Values:** * The highest observed positive funding rate is around 0.0025, and the lowest observed negative funding rate is approximately -0.001. * This indicates that while the funding rate can spike up to 0.0025 during bullish market conditions, it does not fall below -0.001 even during bearish markets, as observed during the highly bearish period in 2022. [](https://docs.multipli.fi/analysis/historical-examples#contango-arbitrage) Contango Arbitrage ---------------------------------------------------------------------------------------------------- **Overview** The chart represents the decay of contango over a period. The y-axis shows the value of contango, spread between futures price and spot price, and the x-axis represents time in the trading period. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FQ4mBLf2fvwbMLEsjr5Yh%252Fimage.png%3Falt%3Dmedia%26token%3D4982e45c-20ab-44ce-801a-a61b944925e2&width=768&dpr=4&quality=100&sign=7b0ed70c&sv=2) Contango Decoy **Key Observations:** 1. **Initial Value:** * The chart starts with a contango value slightly above 200 and initially rises to a peak value near 350. 2. **Peak and Decline:** * After reaching the peak, the contango value exhibits a sharp decline, falling below 100. * This demonstrates that although contango may temporarily increase, it will subsequently decay to compensate for the rise. 3. **General downward trend:** * There are several fluctuations where the contango value momentarily stabilises or slightly increases but continues on a general downward trend. 4. **Eventuates to 0:** * Eventually, the contango value crosses into negative territory, indicating a shift from contango to backwardation. * This assures us that regardless of how high the contango rises, our trade will eventually be profitable as the futures prices converge with the spot price when we approach the expiry date of the futures contract. [PreviousScenario Analysis](https://docs.multipli.fi/analysis/scenario-analysis) [NextPeer Comparison](https://docs.multipli.fi/analysis/peer-comparison) Last updated 1 year ago --- # User Onboarding | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FNTwp8XQp1bfie2j7MEh9%252Fimage.png%3Falt%3Dmedia%26token%3Dc0410004-130b-4c7f-a053-e0795c8c34d9&width=768&dpr=4&quality=100&sign=1d5f4c89&sv=2) #### [](https://docs.multipli.fi/technical-overview/user-onboarding#user_joins_a_ride) User joins a ride To enable the ride, the admin calls the Pool Manager smart contract to mint and sell ride tickets. When a user joins a Yield Generation Pool, they sign three different limit orders in advance. The DeFi Pooling Operator (Yield Generation Operator) stores these: **Limit order 1** Buy X ride tickets for X yield tokens. > As per (1) in the diagram, this will allow the User to generate returns from X yield tokens. **Limit order 2** In case the ride is cancelled, the user buys back X yield tokens by returning X ride tickets. **Limit order 3** In case the ride arrives at the destination, the user buys Y strategy tokens for X ride tickets. The ratio between Y and X is set according to the price and slippage parameters that were configured in the ride registration. > As per (2) in the diagram, this completes User's signed limit orders. #### [](https://docs.multipli.fi/technical-overview/user-onboarding#the-operator-onboards-the-users) The operator onboards the users ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F1ttG5cp3BrXNeJOsg8U7%252Fimage.png%3Falt%3Dmedia%26token%3D3e5e75d3-b45a-47a4-acb4-94f392698fed&width=768&dpr=4&quality=100&sign=c23c1798&sv=2) The admin activates the onboarding phase of the DeFi Pooling Operator (Yield Generation Operator). In this phase, it matches the user’s first limit order (to buy ride tickets) to the onchain limit order that is selling tickets. This order was submitted in advance by the Pool Manager smart contract in the registration phase. > As per (3) in the above diagram, the relevant orders are matched. Multiple other users join the ride, where each may buy a different amount of uniformly-priced tickets. [PreviousAdmin Flow and Setup](https://docs.multipli.fi/technical-overview/admin-flow-and-setup) [NextRide Execution](https://docs.multipli.fi/technical-overview/ride-execution) Last updated 1 year ago --- # Yield Cycle Update | Multipli **What is the latest yield cycle update?**[](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update#what-is-the-latest-yield-cycle-update) We've made a simple change to how your yield is reflected in your account. Previously, your yield was updated on a daily basis. Now it will be updated on a weekly basis. **Does this mean my funds will stop generating yield on a daily basis?**[](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update#does-this-mean-my-funds-will-stop-generating-yield-on-a-daily-basis) No, your funds will still generate yield on a daily basis. The only change is that this yield will be reflected in your account weekly. **When will my yield be updated?**[](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update#when-will-my-yield-be-updated) Your yield will be updated every Friday. **Does this affect how I deposit or withdraw from Multipli?**[](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update#does-this-affect-how-i-deposit-or-withdraw-from-multipli) This does not affect your deposits and withdrawals. You can withdraw and deposit at any time. **How long will it take for my funds to start generating yield after I deposit?**[](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update#how-long-will-it-take-for-my-funds-to-start-generating-yield-after-i-deposit) Your funds will begin generating yield within 48 hours post deposit. The date at which the said yield will reflect on your account will be mentioned in the holdings page. Let’s consider two scenarios: **Scenario A**: You deposit your funds by Wednesday 11:59 PM UTC. Your yield will reflect on the Friday of the same week. **Scenario B**: You deposit your funds after Wednesday 11:59 PM UTC. Your yield will reflect on the Friday of the next week. [PreviousFAQs](https://docs.multipli.fi/user-guide/faqs) [NextMultipli v2](https://docs.multipli.fi/user-guide/faqs/multipli-v2) Last updated 3 months ago --- # Mainnet Guides | Multipli [Make yield on Multipli](https://docs.multipli.fi/user-guide/mainnet-guides/make-yield-on-multipli) [PreviousClaim your free 100 USDC on Multipli testnet](https://docs.multipli.fi/user-guide/testnet-guides/claim-your-free-100-usdc-on-multipli-testnet) [NextMake yield on Multipli](https://docs.multipli.fi/user-guide/mainnet-guides/make-yield-on-multipli) --- # Scenario Analysis | Multipli [](https://docs.multipli.fi/analysis/scenario-analysis#bullish-scenario) Bullish Scenario ---------------------------------------------------------------------------------------------- _Market price of the asset increases_ In case the price of the asset increases after building the arbitrage position, the long leg which is the spot position will have unrealised profits and the short leg which is the futures position will have unrealized losses - both these positions will counteract each other and maintain the net P/L at 0. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F8VyRNrob7Ek6vE75NcHY%252Fimage.png%3Falt%3Dmedia%26token%3Daa377162-7b72-4dbd-a049-dcc7811d8e6e&width=768&dpr=4&quality=100&sign=b6fcd48a&sv=2) Event Change % USDT Market Price Unrealised profit from spot Unrealised loss from futures Net unrealised P/L Market price increases 0% 60000 0 0 0 Market price increases 10% 66000 6000 \-6000 0 Market price increases 25% 75000 15000 \-15000 0 Market price increases 50% 90000 30000 \-30000 0 Market price increases 100% 120000 60000 \-60000 0 Market price increases 200% 180000 120000 \-120000 0 [](https://docs.multipli.fi/analysis/scenario-analysis#bearish-scenario) Bearish Scenario ---------------------------------------------------------------------------------------------- _Market price of the asset decreases_ In case the price of the asset decreases after building the arbitrage position, the long leg which is the spot position will have unrealised losses and the short leg which is the futures position will have unrealised profits - both these positions will again counteract each other and maintain the net P/L at 0. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F55JTc4zLdRSWFmrZY9Hn%252Fimage.png%3Falt%3Dmedia%26token%3Df0d67b76-abfd-4812-84df-7aa84db87ebd&width=768&dpr=4&quality=100&sign=51d55422&sv=2) [](https://docs.multipli.fi/analysis/scenario-analysis#conclusion) Conclusion ---------------------------------------------------------------------------------- As observed, in both bullish and bearish scenarios, our arbitrage trade remains delta neutral and maintains a net P/L of zero. In the bullish scenario, the losses from the short futures position are offset by the profits from the long spot position. Conversely, in the bearish scenario, the losses from the long spot position are covered by the profits from the short futures position. [PreviousSelf Custody](https://docs.multipli.fi/technical-overview/self-custody) [NextHistorical Examples](https://docs.multipli.fi/analysis/historical-examples) Last updated 1 year ago --- # Testnet Guides | Multipli [Claim your free 100 USDC on Multipli testnet](https://docs.multipli.fi/user-guide/testnet-guides/claim-your-free-100-usdc-on-multipli-testnet) [PreviousMultipli v2](https://docs.multipli.fi/user-guide/faqs/multipli-v2) [NextClaim your free 100 USDC on Multipli testnet](https://docs.multipli.fi/user-guide/testnet-guides/claim-your-free-100-usdc-on-multipli-testnet) --- # Peer Comparison | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F21d4cChcg1mQd0gKYJgN%252Fimage.png%3Falt%3Dmedia%26token%3Da1677ade-425c-481a-8ef5-1efcad1048ee&width=768&dpr=4&quality=100&sign=89496192&sv=2) The above chart compares the yield on BTC across different platforms: Aave, Gearbox, Nexo, and Multipli. * **Aave** provides the lowest yield on BTC at 0.5%. * **Gearbox** offers a substantial increase in yield at 3.04%. * **Nexo** shows a slightly better yield at 4%. * **Multipli** significantly outperforms all the others with an impressive yield of approximately 12%, which is 3 times the next best yield. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FtTekK3iDQOutDvxpemFf%252Fimage.png%3Falt%3Dmedia%26token%3D1f096cf3-4324-495a-a499-cae9c0ea562a&width=768&dpr=4&quality=100&sign=7e72e41f&sv=2) The above chart compares the yield on ETH across different platforms: Aave, Compound, Gearbox, and multipli. * **Aave** offers the lowest yield on ETH at 1.6%. * **Compound** has a slightly higher yield at 2.42%. * **Gearbox** presents a significant increase in yield at 4.64%. * **Multipli** stands out with an impressive yield of 12%, more than double the next highest yield. The above graphs emphasise Multipli's competitive advantage in maximising yield, making it the most appealing choice for users seeking the highest returns on their ETH holdings. [PreviousHistorical Examples](https://docs.multipli.fi/analysis/historical-examples) [NextFAQs](https://docs.multipli.fi/user-guide/faqs) Last updated 1 year ago --- # Exchange Failure Risk | Multipli Multipli employs derivative positions to hedge the delta of its protocol-backed assets. These derivatives are traded on centralised finance (CeFi) exchanges like Binance, Deribit, and OKX, and CFD brokers like Admiral, IG Group, Exness and Etorro. However, in the event of an exchange failure, such as FTX, Multipli must navigate the repercussions, known as "Exchange Failure Risk." It's crucial to note that Multipli never deposits protocol backing assets to exchanges; instead, they reside with "Off-Exchange Settlement" providers and Multipli also makes sure to deposit protocol backing assets only in highly regulated and secure CFD brokers. This strategic choice minimises exposure to exchange failures. [](https://docs.multipli.fi/risks/exchange-failure-risk#what-happens-if-an-exchange-fails) What happens if an exchange fails? ---------------------------------------------------------------------------------------------------------------------------------- Multipli maintains full control and ownership of assets through Off-Exchange Settlement providers, with no collateral ever deposited with any exchange. This limits exposure to any one exchange's idiosyncratic events to the outstanding Profit and Loss (PnL) between settlement cycles of Off-Exchange Settlement providers. For example, Ceffu runs a daily settlement cycle. In the event of an exchange failure, Multipli would delegate collateral to another exchange and hedge the outstanding delta previously covered by the failed exchange. Any derivatives positions with the failed exchange are considered closed, with Multipli holding no further obligations to the exchange estate. Preserving capital is paramount for Multipli. In extreme circumstances, Multipli will use its best efforts to bring back peg via insurance. Multipli remains agnostic to each provider at every step of its workflows and diversifies risk and mitigates the potential impact of exchange failure by utilising multiple exchanges. Additionally, Multipli actively integrates with new liquidity sources to limit exposure to each source. By continuously monitoring the ecosystem, proactively engaging with investors, advisors, and industry peers, we can effectively mitigate exchange exposure risks if and when they emerge. [PreviousCrystal: The creator currency of Multipli, powered by Kaito](https://docs.multipli.fi/incentives/crystal-the-creator-currency-of-multipli-powered-by-kaito) [NextCustody Risk](https://docs.multipli.fi/risks/custody-risk) Last updated 1 year ago --- # Claim your free 100 USDC on Multipli testnet | Multipli 1. **Connect your wallet** on [Multipli Testnet](https://testnet.multipli.fi/) on Sepolia network. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F6WIrMY0rklwFBR2zskdA%252Fimage.png%3Falt%3Dmedia%26token%3Dc5dcf10c-2e81-4c67-8a68-798da1ee1b28&width=768&dpr=4&quality=100&sign=29110def&sv=2) 1. **Sign the message** from your wallet. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F90huk3bh8ADQYegWzSZd%252Fimage.png%3Falt%3Dmedia%26token%3Dadbee67d-a6b8-49e2-8d5f-a59a371304cb&width=768&dpr=4&quality=100&sign=81cee3bd&sv=2) 1. **Verify the message** through your wallet. In this case we have used a Metamask wallet. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FdZQ2v8OJzgleFKxSTGVt%252Fimage.png%3Falt%3Dmedia%26token%3D4094dcc1-c7e5-44d4-a9fb-fd9738d218d5&width=768&dpr=4&quality=100&sign=475540a3&sv=2) 1. If you’re signing up for the first time a pop-up to claim your 100 USDC will show up. Click on **Claim Free 100 USDC**. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FTTqTMFd5P6OtcaPW79z7%252Fimage.png%3Falt%3Dmedia%26token%3D77207882-6189-415a-b8da-2bdb3f63af79&width=768&dpr=4&quality=100&sign=2e39be1d&sv=2) 1. Great! Now you need to S**take** the 100 USDC you just received by clicking on **Confirm**. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F3gDN2m2kkAJ8fo8Qt6CH%252Fimage.png%3Falt%3Dmedia%26token%3Dafeb6819-e50a-4998-b112-34345d691753&width=768&dpr=4&quality=100&sign=6f574bf5&sv=2) 1. Staking has been initiated. Your testnet USDC will be staked on Multipli during the next staking cycle which happens weekly. **For every 100 USDC staked you will earn 10 tORBs / day.** Moreover, for each succesful referral you earn 10% of your referee’s tORBs. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fm7rKq1wNoAN6mZGzQyz9%252Fimage.png%3Falt%3Dmedia%26token%3D503820b6-d4d3-4b3d-8439-bce6efe18b82&width=768&dpr=4&quality=100&sign=5f00d4d9&sv=2) We hope this guide was helpful to you. Looking forward to see you on our testnet! [PreviousTestnet Guides](https://docs.multipli.fi/user-guide/testnet-guides) [NextMainnet Guides](https://docs.multipli.fi/user-guide/mainnet-guides) Last updated 1 year ago --- # Custody Risk | Multipli Multipli relies on "Off-Exchange Settlement" (OES) providers to manage and safeguard its protocol backing assets. This introduces a level of custodial risk, which is associated with the operational capability of these providers. In the broader crypto landscape, counterparty risk is a significant concern, making the secure management of assets by custodians crucial, especially as an alternative to leaving collateral on centralised exchanges. **Overview** There are three principal risks associated with using an OES provider for custody: 1. **Accessibility and Availability:** * Multipli's ability to deposit, withdraw, and delegate assets to and from exchanges is critical. Any disruption or degradation in these capabilities could impede trading workflows and the functionality of minting and redeeming deployed assets. 2. **Performance of Operational Duties:** * In the event of an exchange failure, the protocol depends on the custodian's cooperation and legal compliance to quickly transfer any unrealised profit and loss (PnL) at risk with an exchange. Multipli mitigates this risk by frequently settling PnL with exchanges to avoid accumulating large balances. * For instance, Ceffu settles PnL daily between exchange partners and Multipli. 3. **Operational Failure of Custodian:** * Although there have been no significant operational failures or insolvencies among large-scale crypto custodians, the risk remains. Assets are held in segregated accounts, but a custodian's insolvency would pose operational challenges for creating and redeeming deployed assets, necessitating asset transfers to alternative providers. * Backing assets within these solutions are not owned by the custodian, nor can the custodian or its creditors legally claim these assets due to the use of bankruptcy-remote trusts or MPC wallet solutions by OES providers. To mitigate these risks, Multipli limits the exposure of collateral to any single OES provider and manages concentration risk by using multiple OES providers with the same exchanges. **(Example) About Ceffu:** Ceffu is a highly reputable custodian known for its institutional-grade security practices. It provides custodial services for major crypto institutions, ensuring the safe storage and management of digital assets. Our collaboration with Ceffu ensures that your assets are protected with the highest standards of security in the industry. 1. **Institutional-Grade Custody** * **On-chain Storage:** The assets are held on-chain, significantly reducing the risk of unauthorised access. * **Multi-Signature Wallets:** Access to funds requires multiple signatures, adding an extra layer of security to prevent single points of failure. * **Regular Audits:** Ceffu conducts regular security audits and compliance checks to ensure that their custody practices adhere to the highest standards. 2. **Transparency and Monitoring** * **On-Chain Verification:** Users can verify the balance and status of their deposited assets at any time using blockchain explorers. This transparency builds trust and provides assurance that funds are securely held. * **Real-Time Monitoring:** Our platform offers real-time monitoring of asset status and performance, ensuring users are always informed about the state of their capital. 3. **Compliance** * **Regulatory Compliance:** Both Multipli and Ceffu adhere to stringent regulatory standards and compliance requirements, ensuring legal and financial safeguards for our users. [PreviousExchange Failure Risk](https://docs.multipli.fi/risks/exchange-failure-risk) [NextFunding Fee Risk](https://docs.multipli.fi/risks/funding-fee-risk) Last updated 1 year ago --- # Funding Fee Risk | Multipli Given Multipli uses derivatives positions, such as perpetual contracts, to hedge the delta of the digital asset collateral, the protocol is exposed to "Funding Risk." Funding risk relates to the potential of persistently negative funding rates. Multipli can earn a yield from funding but may also be required to pay funding. While this is a direct risk to the protocol yield, the data presented below demonstrates the mitigation techniques used by Multipli. Negative funding rates are a feature, rather than a bug, of the system. ### [](https://docs.multipli.fi/risks/funding-fee-risk#mitigating-funding-risk) Mitigating Funding Risk When funding rates turn negative, long traders pay short traders, which can erode profits for those holding short positions. To prevent such cases, we combine our funding rate strategy with contango. **Exploiting Contango:** * In a contango market, traders can lock in profits by selling futures contracts at higher prices while holding the underlying asset at lower spot prices. As the futures contract approaches its expiration, its price converges with the spot price, allowing traders to realise the price difference as profit. * This locked-in profit from contango serves as a hedge against potential negative funding rates. * For instance, if a trader has locked in a profit of $100 from contango and faces a negative funding payment of $50, the net effect is still a positive profit of $50. This reduces the impact of negative funding rates on the overall returns. **Advantages of Combining Strategy** 1. **Enhanced Profitability:** * The dual income streams from positive funding rates and locked-in contango profits create a more stable and enhanced profitability profile. This diversification of revenue sources reduces reliance on a single market condition. 2. **Robust Risk Management:** * The strategy effectively hedges against the risk of negative funding rates by using the profits from contango to absorb potential losses. This balanced approach ensures that traders are not overly exposed to adverse funding rate movements. * The delta-neutral positioning further stabilises the portfolio by mitigating directional risks associated with price movements of the underlying asset. 3. **Market Efficiency and Arbitrage:** * This integrated approach exploits market inefficiencies, contributing to price alignment between perpetual futures and traditional futures markets. By engaging in arbitrage activities, traders help to maintain market balance and reduce excessive premiums or discounts. * The strategy encourages a more efficient market where price discrepancies are minimised, benefiting the broader trading ecosystem. 4. **Consistency in Returns:** * The combination of funding rates and contango provides a more consistent return profile. While funding rates can be volatile, the predictable nature of contango profits offers a stabilising effect on overall earnings. * This consistency is particularly valuable in the highly volatile crypto markets, where traders seek reliable income streams. ### [](https://docs.multipli.fi/risks/funding-fee-risk#back-testing-insights) Back-testing Insights To assess the impact of this risk, we conducted extensive back-testing of our spot-perpetual funding rate arbitrage strategy over the past four years. The findings indicate that, even during bearish market conditions, the funding rate has consistently rebounded to positive values, ensuring the strategy remains profitable. #### [](https://docs.multipli.fi/risks/funding-fee-risk#back-testing-highlights) Back-testing Highlights: 1. **Average Annual Return:** * The average annual return of the strategy is approximately 14.78%. This demonstrates the strategy's ability to generate significant yields over the long term. 1. **Resilience During Bearish Markets:** * Historical data shows that even during extreme bearish markets, the funding rate has bounced back to positive values. This resilience indicates that the risk of prolonged negative funding rates is mitigated. 1. **Percentage of Positive Funding Rates:** * The funding rate has been positive approximately 87.70% of the time. This high percentage suggests that negative funding periods are relatively infrequent and short-lived. #### [](https://docs.multipli.fi/risks/funding-fee-risk#example-performance-of-our-strategy-during-bear-market) Example: Performance of our strategy during Bear Market During a significant bearish market phase in 2022, the funding rate briefly turned negative. However, within a few days, the rate bounced back to positive territory, allowing the strategy to recover and continue generating yields. This pattern was observed consistently across different market cycles, reinforcing the strategy's robustness. ### [](https://docs.multipli.fi/risks/funding-fee-risk#conclusion) Conclusion Although extended negative funding rates pose a potential risk, our back-testing data and contango arbitrage trading strategy demonstrate that this risk is manageable. With an average annual return of approximately 15% and a high percentage of positive funding rates, the strategy consistently proves profitable over the long term. [PreviousCustody Risk](https://docs.multipli.fi/risks/custody-risk) [NextAudit Reports](https://docs.multipli.fi/risks/audit-reports) Last updated 1 year ago --- # Make yield on Multipli | Multipli 1. **Connect Wallet:** Sign up with your wallet on Multipli mainnet to get started. 2. **Transfer assets:** After connecting your wallet, navigate to the “Buy” tab and choose the network and asset, enter an amount of your choice and click “Generate Yield”. Note: Currently, we support Ethereum and Binance Smart Chain networks and USDC, USDT and WBTC tokens. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FTXhywr7FR8EtONzYU6Ve%252Fimage.png%3Falt%3Dmedia%26token%3Db142fbf5-8ead-4597-b089-f2f0fc0eb573&width=768&dpr=4&quality=100&sign=98f5bfe6&sv=2) 1. **Approve requests:** You will be prompted (twice) to approve the deposit through the connected wallet. Click “Confirm” to proceed. _Note: Make sure you do not close or refresh the tab while the transaction is being processed_ ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FQJXSO5C505QIMYxmzM0n%252Fimage.png%3Falt%3Dmedia%26token%3De519a9b5-a34c-452f-9baa-7edf9476b562&width=768&dpr=4&quality=100&sign=f17dd4a5&sv=2) 1. **Check status:** After the deposit is successfully processed, you can view the status of your transaction(s) in the “Holdings” tab under ‘Activity’. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252Fui0MQ3nHT8yAo8Ql1CFR%252Fimage.png%3Falt%3Dmedia%26token%3Dc07300b5-ae23-4092-a684-5de34180e7c0&width=768&dpr=4&quality=100&sign=49272bc4&sv=2) Once the transaction has been confirmed by the system, its status will change from “Pending” to “Success”. 1. **View Yield:** Your xTokens will appear in your account on the same page under ‘Multipli Holdings’. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FFGIyvxtkqptIbfPiAJQa%252Fimage.png%3Falt%3Dmedia%26token%3D2d7c6c7a-90ec-4fbc-ad29-4280966fb518&width=768&dpr=4&quality=100&sign=64d2c15b&sv=2) That’s it! You will receive 6 Orb per day for every $100 worth of xTokens you hold, and 10% of the Orbs for each successful referral. If you face any issues, please share them with us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#85f6f0f5f5eaf7f1c5e8f0e9f1ecf5e9ecabe3ec) or [raise a ticket on Discord](https://discord.com/channels/1253624737154990082/1253624738820128871) . Looking forward to seeing your yields flourish! Have fun using Multipli! 🚀 [PreviousMainnet Guides](https://docs.multipli.fi/user-guide/mainnet-guides) [NextCrystal: The creator currency of Multipli, powered by Kaito](https://docs.multipli.fi/incentives/crystal-the-creator-currency-of-multipli-powered-by-kaito) Last updated 4 months ago --- # Crystal: The creator currency of Multipli, powered by Kaito | Multipli ![Page cover](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252FHxlq24IODcxOeQcaJkel%252Fcrystal-short-cover.png%3Falt%3Dmedia%26token%3D18b19dd4-56a7-4fb5-a408-3fa35d030781&width=1248&dpr=4&quality=100&sign=6b37a45b&sv=2) Since day one, the Multipli community has been fueled by creators who never stopped yapping, sharing, and spreading the word. From memes to deep insights, every contribution has helped shape the conversation and push Multipli forward. Back in March, we launched the **$10,000 USDC campaign**, rewarding the top 50 yappers each month through June. To ensure rewards are distributed **fairly and inclusively** across all Multipli yappers, Multipli’s new campaign — **Crystal —** will **backdate distributions starting from July 1, 2025**. Multipli has officially allocated a total of 24.7 bps to Kaito yappers and ecosystem with Crystal, making this campaign one of the most liquid campagins ever. Multipli yappers can now claim their Crystals at [app.multipli.fi/crystals](http://app.multipli.fi/crystals) ### [](https://docs.multipli.fi/incentives/crystal-the-creator-currency-of-multipli-powered-by-kaito#what-is-a-crystal) What is a Crystal? We call **Crystal** the creator currency of Multipli, and it’s the **sole deciding factor** in a creator’s final allocation at TGE. Every week, Crystals are credited to a the top 200 Multipli yappers based on: * Their mindshare in the Multipli x Kaito Leaderboard * The number of smart followers they a have * The number of sKaito they hold The catch? Crystals can either be **held until TGE** to maximize allocation or **sold** along the way. The choice is yours. ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F1FQGsje4pad9yquvMmzJ%252Fimage.png%3Falt%3Dmedia%26token%3De0b683c3-3338-4dfe-bfeb-ec2bc3b93519&width=768&dpr=4&quality=100&sign=3888b865&sv=2) ### [](https://docs.multipli.fi/incentives/crystal-the-creator-currency-of-multipli-powered-by-kaito#how-does-it-work) How does it work? To make sure all our **yappers** are rewarded fairly, we’ve **backdated Crystal emissions to July 1, 2025**. If you’ve been yapping about Multipli since then, you already have a **head start**. **How to claim your Crystals:** 1. Visit [app.multipli.fi/crystals](http://app.multipli.fi/crystals) 2. Connect your Twitter account to see your Crystal balance 3. Balances are updated **weekly** 4. Creators can place a **sell request anytime**. Final pricing is set at the **end of each month**, and rewards are credited directly to your Multipli balance 5. No lockups, submit a sell request whenever you like Our goal with Kaito has always been bigger than just rewarding activity—we wanted to **empower creators with real choice**. By allowing them to pick between a **fixed reward** or an **allocation**, we’ve built a system that adapts to different ambitions and risk appetites. Introducing **Crystals** takes this vision further. They’re not just a reward—they represent a **shared stake in the Multipli ecosystem**, fostering a deeper sense of ownership and belonging. This way, the impact extends far beyond the Multipli Collective, bringing the **entire community** into the journey of building the future of tokenized finance together. [PreviousMake yield on Multipli](https://docs.multipli.fi/user-guide/mainnet-guides/make-yield-on-multipli) [NextExchange Failure Risk](https://docs.multipli.fi/risks/exchange-failure-risk) Last updated 2 months ago --- # Audit Reports | Multipli [](https://docs.multipli.fi/risks/audit-reports#audit-by-chainrisk) Audit by ChainRisk ------------------------------------------------------------------------------------------- Economic Risk Audit by Chainrisk 195KB [Multipli\_Risk\_Framework by ChainRisk.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2F1BrXG10bf8TBCiUh6RHv%2FMultipli_Risk_Framework%20by%20ChainRisk.pdf?alt=media&token=1431ae1f-63c2-4faa-8d0f-24848f925eea) PDF 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Download[Open](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FvhcNGf3NdIfJ6NKHhdMz%2FMultipli-Security-Review.pdf?alt=media&token=7ac20b95-4002-4650-9c60-4e5762eec833) Multipli Vault Security Audit by Shieldify 2MB [Multipli-Vault-Security-Review.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2Fk5sBBBvEEKT9idMH9Gho%2FMultipli-Vault-Security-Review.pdf?alt=media&token=85f1da5a-e155-4242-ae51-ce221ba6f82b) PDF Download[Open](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2Fk5sBBBvEEKT9idMH9Gho%2FMultipli-Vault-Security-Review.pdf?alt=media&token=85f1da5a-e155-4242-ae51-ce221ba6f82b) [](https://docs.multipli.fi/risks/audit-reports#contract-audits) Contract Audits ------------------------------------------------------------------------------------- Multipli leverages Starkex to ensure the highest standards of security. 1MB [Cairo\_and\_SHARP\_Verifiers\_v3.0\_Audit\_Report.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FAjULj8T0DDZPMXmmj4Ih%2FCairo_and_SHARP_Verifiers_v3.0_Audit_Report.pdf?alt=media&token=8bea45f7-458d-4551-8449-f136bdc076c6) PDF Download[Open](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FAjULj8T0DDZPMXmmj4Ih%2FCairo_and_SHARP_Verifiers_v3.0_Audit_Report.pdf?alt=media&token=8bea45f7-458d-4551-8449-f136bdc076c6) 959KB [EVM\_STARK\_Verifier\_v4.0\_Audit\_Report.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FYmc9maEaiskTxaun90hQ%2FEVM_STARK_Verifier_v4.0_Audit_Report.pdf?alt=media&token=51688e71-4fd8-4bb9-a206-5041b0aee4c9) PDF 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[StarkEx\_v3.0\_Audit\_Report.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FcoRl7lJZFVMVCenAj3Gn%2FStarkEx_v3.0_Audit_Report.pdf?alt=media&token=fdc0a672-dcce-4bda-bdc8-e82f1c6b99b1) PDF Download[Open](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FcoRl7lJZFVMVCenAj3Gn%2FStarkEx_v3.0_Audit_Report.pdf?alt=media&token=fdc0a672-dcce-4bda-bdc8-e82f1c6b99b1) 382KB [StarkEx\_v4.0\_Audit\_Report.pdf](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FjDx27BGojPIdHcRNNUzA%2FStarkEx_v4.0_Audit_Report.pdf?alt=media&token=57896904-598c-486a-8104-add46f37a58f) PDF 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Against Dark BG 🌙 ---------------------------------------------------------------------------------- 8KB [multipli-long-dark-mode.png](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FJycqW9ZIhg31PnzTFLi2%2Fmultipli-long-dark-mode.png?alt=media&token=23ce56b2-8c67-45a7-9259-df3312dd3802) image Download[Open](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2FJycqW9ZIhg31PnzTFLi2%2Fmultipli-long-dark-mode.png?alt=media&token=23ce56b2-8c67-45a7-9259-df3312dd3802) 4KB [multipli-long-dark-mode.svg](https://251914897-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FDerYSYw6qtxjqddgIxz0%2Fuploads%2Fyp7PdaeqTe72eOaIvDd4%2Fmultipli-long-dark-mode.svg?alt=media&token=f1784071-f6ef-425b-bff4-0ca746c0d580) image 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Reports](https://docs.multipli.fi/risks/audit-reports) [NextTerms of Use](https://docs.multipli.fi/legal/terms-of-use) Last updated 5 months ago --- # Privacy Policy | Multipli This Privacy Policy (“**Policy**”) describes how Multipli.fi , its parent or holding company(ies) and its subsidiaries and affiliates (“**Multipli**”, “**we**”, “**us**” and “**our**”) may collect, use and disclose information, and your choices regarding this information. Please read this Policy carefully and contact us with questions at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#96e6e4ffe0f7f5efd6fbe3fae2ffe6faffb8f0ff) . 1. **Applicability of This Policy** This Policy applies to the Sites and the Services (in each case, as defined in the [Terms of Use](https://www.notion.so/brine-fi/multipli%20terms%20of%20use) ). If you do not agree with the terms of this Policy, do not access or use the Services, the Sites, or any other aspect of our business. 1. **What We Collect** When you interact with our Services, we may collect: _2.1 Contact Information_, such as your name, email address, physical location address and country information. _2.2 Financial Information_, such as your Ethereum network address, cryptocurrency wallet information, transaction history, trading data and associated fees paid. _2.3 Transaction Information_, such as information about the transactions you make on our Services, such as the type of transaction, transaction amount, and timestamp. _2.4 Correspondence_, such as your feedback, questionnaire and other survey responses, and information you provide to our support teams, including via our help chat or social media messaging channels. _2.5 Online Identifiers_, such as username, geo-location or tracking details, browser fingerprint, operating system, browser name and version, and IP addresses. _2.6 Usage and Diagnostics Data_, such as conversion events, user preferences, crash logs, device information and other data collected via cookies and similar technologies. _2.7 Information We Get from Others:_ We may get information about you from other sources as required or permitted by applicable law, including public databases. We may combine the information collected from these sources with the information we get from this Site in order to comply with our legal obligations and limit the use of our Services in connection with fraudulent or other illicit activities. _2.8 Information from cookies and other tracking technologies:_ We, and third parties we authorise, may use cookies, web beacons, and similar technologies to record your preferences, track the use of our Sites, including our mobile applications, and collect information about the use of the Services, as well as about our interactions with you. This information may include internet protocol (IP) addresses, browser type, internet service provider (ISP), referring/exit pages, operating system, device information, date or time stamp, and clickstream data, and information about your interactions with the communications we send to you. We may combine this automatically collected log information with other information we collect about you. You may choose to set your web browser to refuse cookies or to alert you when cookies are being sent. If you do so, please note that some parts of our Services may not function properly. * * * 1. **How We Use Information** We use your information in accordance with your instructions, including any applicable terms in the Terms of Use, and as required by applicable law. We may also use the information we collect for: 3.1 _Providing Services and Features:_ We may use the information we collect to provide, personalise, maintain, and improve our products and Services, including as we described in the Terms of Use. This includes using information to: 1. operate, maintain, customise, measure, and improve our Services, and manage our business; 2. create and update user accounts; 3. process transactions; 4. send information, including confirmations, notices, updates, security alerts, and support and administrative messages; and 5. create de-identified or aggregated data. 3.2 _Safety and Security:_ We may use your information to help maintain the safety, security, and integrity of you and our Services, including to: 1. protect, investigate, and deter against fraudulent, unauthorised, or illegal activity; 2. monitor and verify identity or service access, combat spam, malware or security risks; 3. perform internal operations necessary to provide our Services, including to troubleshoot software bugs and operational problems; 4. enforce our agreements with third parties, and address violations of our Terms of Use or agreements for other products or services; and 5. comply with applicable security laws and regulations. 3.3 _Customer Support:_ \*\*\*\*We may use the information we collect to provide customer support, including to: 1. direct questions to the appropriate customer support person; 2. investigate and address user concerns; and 3. monitor and improve our customer support responses and processes. 3.4 _Research and Development:_ \*\*\*\*We may use the information we collect for testing, research, analysis, and product development to improve your experience. This helps us to improve and enhance the safety and security of our Services, improve our ability to prevent the use of our Services for illegal or improper purposes and develop new features and products relating to our Services. 3.5 _Legal and Regulatory Compliance:_ \*\*\*\*We may verify your identity by comparing the personal information you provide against third-party databases and public records. We may use the information we collect to investigate or address claims or disputes relating to the use of our Services, or as otherwise allowed by applicable law, or as requested by regulators, government entities, and official inquiries. 3.6 _Direct Marketing:_ We may use the information we collect to market our Services to you. This may include sending you communications about our Services, features, promotions, surveys, news, updates, and events, and managing your participation in these promotions and events. If you do not want us to send you marketing communications, please opt out by selecting “unsubscribe” to any marketing email sent by us or by contacting us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#0e7e7c67786f6d774e637b627a677e6267206867) . 1. **How We Share and Disclose Information** We may share your information in the following circumstances: 4.1 _With Your Consent:_ For example, you may let us share personal information with others for their own marketing uses. Those uses will be subject to their privacy policies. 4.2 _To Comply with Our Legal Obligations:_ We may share your information: (a) to cooperate with government investigations; (b) when we are compelled to do so by a subpoena, court order, or similar legal procedure; (c) when we believe in good faith that the disclosure of personal information is necessary to prevent harm to another person; (d) to report suspected illegal activity; or (e) to investigate violations of our Terms of Use, agreements for other products or services, or any other applicable policies. 4.3_With Service Providers or Other Third Parties:_ We may share your information with service providers or other third parties who help facilitate business and compliance operations, such as marketing and technology services. 4.4 _During a Change to Our Business:_ If we engage in a merger, acquisition, bankruptcy, dissolution, reorganisation, sale of some or all of our assets or stock, financing, public offering of securities, acquisition of all or a portion of our business, a similar transaction or proceeding, or steps in contemplation of such activities, some or all of your information may be shared or transferred, subject to standard confidentiality arrangements. 4.5 _Aggregated or De-identified Data:_ We may share aggregated or anonymised data with other persons for their own uses. 1. **Data Retention** To view or update your information, contact us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#d2a2a0bba4b3b1ab92bfa7bea6bba2bebbfcb4bb) . We store your information throughout the life of your use of the Services and thereafter. 1. **Security** We maintain administrative, technical and physical safeguards designed to protect the personal information we maintain against unauthorised access or disclosure and require our third-party service providers to have appropriate safeguards. No system can be completely secure. Therefore, although we take steps to secure your information, we cannot guarantee that your information, searches, or other communication will always remain secure. You are responsible for all activity on the Multipli protocol relating to any of your Ethereum or other network addresses or cryptocurrency wallets. 1. **Age Limitations** To the extent prohibited by applicable law, we do not allow use of our Services or Sites by anyone younger than 18 years old. If you learn that anyone younger than 18 years old has unlawfully provided us with personal data, please contact us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#5727253e2136342e173a223b233e273b3e79313e) and we will take steps to delete such information, close any such accounts, and, to the extent possible, prevent the user from continuing to use our Services. 1. **Changes to This Policy** If we make any changes, we will change the Last Updated date above. We encourage you to review this Policy to stay informed. If we make material changes, we will provide additional notice, such as via the email specified in your account or through the Services or Sites. 1. **Online Tracking Opt-Out Guide** Like many companies online, we use services provided by Google and other companies that use tracking technology. These services rely on tracking technologies—such as cookies and web beacons—to collect directly from your device information about your browsing activities, your interactions with websites, and the device you are using to connect to the Internet. There are a number of ways to opt out of having your online activity and device data collected through these services, which we have summarised below: _9.1 Blocking cookies in your browser:_ Most browsers let you remove or reject cookies, including cookies used for interest-based advertising. To do this, follow the instructions in your browser settings. Many browsers accept cookies by default until you change your settings. For more information about cookies, including how to see what cookies have been set on your device and how to manage and delete them, visit [www.allaboutcookies.org](http://www.allaboutcookies.org/) . _9.2 Blocking advertising ID use in your mobile settings:_ Your mobile device settings may provide functionality to limit use of the advertising ID associated with your mobile device for interest-based advertising purposes. _9.3 Using privacy plug-ins or browsers:_ You can block our websites from setting cookies used for interest-based ads by using a browser with privacy features, like Brave, or installing browser plugins like Privacy Badger, Ghostery or uBlock Origin, and configuring them to block third-party cookies or trackers. _9.4 Platform opt-outs:_ The following advertising partner offers opt-out features that let you opt-out of use of your information for interest-based advertising: * _Google:_ [https://adssettings.google.com](https://adssettings.google.com/) . _9.5 Advertising industry opt-out tools:_ You can also use the opt-out options set forth below to limit use of your information for interest-based advertising by participating companies. Note that because these opt-out mechanisms are specific to the device or browser on which they are exercised, you will need to opt out on every browser and device that you use. * _Digital Advertising Alliance:_ [http://optout.aboutads.info](http://optout.aboutads.info/) * _Network Advertising Initiative_: [http://optout.networkadvertising.org/](http://optout.networkadvertising.org/) 1. **Notice to European Union Residents ("GDPR Notice")** In accordance with the General Data Protection Regulation (the “GDPR”), we are providing this GDPR Notice to European Union (“EU”) residents to explain how we collect, use and share their personal data (as defined in the GDPR), and the rights and choices we offer EU residents regarding our handling of their personal information. We process personal data for the purposes described in the [How We Use Information](https://dydx.exchange/privacy?#how-we-use-information) section of this Policy. As an EU resident, you have various rights in connection with the processing of your personal data as follows: You have the right to information about your personal data processed by us and to the following information: (a) the processing purposes; (b) the categories of personal data being processed; (c) the recipients or categories of recipients to whom the personal data have been or are being disclosed, in particular recipients in third countries or international organisations; (d) if possible, the planned duration for which the personal data will be stored or, if this is not possible, the criteria for determining this duration; (e) the existence of a right to rectification or deletion of your personal data, to restricting the processing of your personal data or to objecting to such processing; (f) the existence of a right of appeal to a supervisory authority; (g) if the personal data is not collected from you, all available information about the origin of the data; (h) the existence of automated decision-making and, at least in these cases, meaningful information on the logic involved and the scope and intended impact of such processing on the data subject; and (i) in the case of the transfer of personal data to a third country or an international organisation, on the appropriate safeguards in relation to the transfer. You have the right to immediately request the rectification of inaccurate personal data concerning you and, taking into account the purposes of the processing, the completion of incomplete personal data, by means of providing a supplementary statement. You have the right to request the immediate erasure of personal data concerning you and we are obliged to delete this data immediately if one of the following reasons applies: (i) the personal data are no longer necessary for the purposes for which they were collected or otherwise processed; (ii) you revoke your consent on which the processing was based under Article 6(1)(a) or Article 9(2)(a) of the GDPR and there is no other legal basis for the processing; (iii) you object to the processing pursuant to Article 21(1) of the GDPR and there are no overriding legitimate grounds for processing or you object to the processing pursuant to Article 21(2) of the GDPR; (iv) your personal data has been processed unlawfully; (v) the deletion of your personal data is necessary to fulfil a legal obligation under EU law or the law of the member states to which we are subject; (vi) the personal data have been collected in relation to information society services provided in accordance with Article 8(1) of the GDPR. If we have made personal data public and are obliged to erase personal data in accordance with Article 17(1) of the GDPR, we will take appropriate measures, including technical measures, taking into account the available technology and the implementation costs, to inform controllers who process the personal data you have requested the erasure by such controllers of any links to or copies or replications of, such personal data. The rights in the foregoing paragraph do not apply to the extent that processing is necessary (A) to exercise the right of freedom of expression and information; (B) to fulfil a legal obligation required for processing under EU law or the law of the member states to which we are subject; or (C) to assert, exercise or defend legal claims. You have the right to request us to restrict processing if one of the following conditions is met: (1) the accuracy of the personal data is contested by you, for a period of time that enables us to verify the accuracy of the personal data; (2) the processing is unlawful and you oppose to delete the personal data and instead requests the restriction of the use of your personal data; (3) we no longer need your personal data for the purposes of processing, but you do need it to assert, exercise or defend legal claims; or (4) you have objected to the processing pursuant to Article 21(1) of the GDPR pending the verification whether the legitimate interests of our company override your legitimate interests. You have the right to receive the personal data concerning you that you have provided to us in a structured, commonly used and machine-readable format and you have the right to transmit this data to another controller without hindrance, provided that the processing is based on a consent pursuant to Article 6(1)(a) or Article 9(2)(a) of the GDPR or on a contract pursuant to Article 6(1)(b) of the GDPR and the processing is carried out by automated means. When exercising your right to data portability, you have the right to have your personal data transferred directly by us to another controller, to the extent that such transfer is technically feasible. You have the right to object at any time, for reasons arising from your particular situation, to the processing of personal data concerning you which is based on Article 6(1)(e) or (f) of the GDPR, including profiling based on these provisions. We will no longer process your personal data unless we can demonstrate compelling legitimate reasons for the processing that override your interests, rights and freedoms or the processing serves to assert, exercise or defend legal claims. You have the right to revoke your consent to the processing of your personal data at any time. The revocation of consent does not affect the legality of the processing carried out on the basis of the consent until revocation. If you wish to assert your rights to information, correction, deletion or restriction of processing, object to data processing or revoke your consent to data processing, please send an email to [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#fa8a88938c9b9983ba978f968e938a9693d49c93) . If you consider that the processing of personal data concerning you infringes the GDPR, then you can lodge a complaint with a supervisory authority, in particular in the member state of your habitual residence, your place of work or the place of the alleged infringement. 1. **Additional Disclosure for Our Consumers and Customers ("Additional Disclosure")** This Additional Disclosure governs our collection, use and sharing of personal information that users provide to us to initiate or complete the process of trading on Multipli. To the extent there are conflicting provisions between this Additional Disclosure and other sections of this Policy, this Additional Disclosure will govern. The types of personal information we collect and share can include: * Contact details * IP addresses * Cryptocurrency balances and wallets * Conversion events Notwithstanding anything to the contrary in this Policy, when you are no longer our customer, we continue to share your information as described in this Additional Disclosure. 11.1 _Reasons We Can Share Your Personal Information_ We need to share users’ personal information to operate certain aspects of Multipli and our business. Whether we share your personal information, the reasons for which we share your personal information and whether you can limit this sharing include the following: 1. We share users’ personal information for our everyday business purposes, such as to process and match your orders and respond to court orders and legal investigations. You cannot limit our sharing of this information. 2. We share users’ personal information for our marketing purposes, such as to offer our products and services to you. You cannot limit our sharing of this information. 3. We do not share users’ personal information for joint marketing with financial companies. 4. We do not share users’ personal information for our affiliates’ everyday business purposes. 5. We do not share users’ personal information for our affiliates to market to you. 6. We share users’ personal information for nonaffiliates to market to you. 11.2 _How Does Multipli Protect My Personal Information?_ To protect your personal information from unauthorised access and use, we use security measures that comply with law. These measures include computer safeguards and secured files and buildings. 11.3 _How Does Multipli Collect My Personal Information?_ We collect your personal information, for example, when you deposit cryptoassets in Multipli, make trades using Multipli, transfer funds to another user of Multipli, or withdraw cryptoassets from Multipli. We may also collect your personal information from other companies. 11.4 _Can I Limit All Sharing?_ Applicable laws give you the right to limit only (a) sharing for affiliates’ everyday business purposes, (b) affiliates from using your information to market to you, and (c) sharing for nonaffiliates to market to you. State laws, regional laws and individual companies may give you additional rights to limit sharing. As used in this Additional Disclosure section, “affiliates” refer to companies related by common ownership or control; “nonaffiliates” refer to companies not related by common ownership or control; and “joint marketing” refers to a formal agreement between non-affiliated financial companies that together market financial products or services to you. 7. **Contact Us** Please contact us if you have any questions about this Policy or if you are seeking to exercise any of your statutory rights. We will respond within a reasonable timeframe. You may contact us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#7f0f0d16091e1c063f120a130b160f1316511916) . [PreviousTerms of Use](https://docs.multipli.fi/legal/terms-of-use) Last updated 1 year ago --- # Terms of Use | Multipli MULTIPLI IS NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA OR CANADA (COLLECTIVELY, “**BLOCKED PERSONS**”). MOREOVER, NO SERVICES (AS DEFINED BELOW) ARE OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN ANY RESTRICTED TERRITORY (COLLECTIVELY “**RESTRICTED PERSONS**”). WE DO NOT MAKE EXCEPTIONS - IF YOU ARE A BLOCKED PERSON, DO NOT ATTEMPT TO USE THE MULTIPLI PLATFORM, AND IF YOU ARE A RESTRICTED PERSON, DO NOT ATTEMPT TO USE ANY OF THE SERVICES. THIS INCLUDES USAGE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT THE ABOVE RESTRICTIONS. YOU ACKNOWLEDGE, UNDERSTAND AND AGREE THAT (I) YOU MUST NOT MODIFY, DISASSEMBLE, DECOMPILE, ADAPT, ALTER, TRANSLATE, REVERSE ENGINEER OR CREATE DERIVATIVE WORKS OF THE MULTIPLI PLATFORM TO MAKE THE PLATFORM AVAILABLE TO ANY BLOCKED PERSONS OR RESTRICTED PERSONS; AND (II) MULTIPLI DOES NOT AND WILL NOT HAVE CONTROL OVER THE DEVELOPMENT, GROWTH, MAINTENANCE OR OPERATIONS OF ANY PROTOCOL USING THE MULTIPLI PLATFORM. These terms of use, together with any documents and additional terms they expressly incorporate by reference, which includes any other terms and conditions or other agreement that Multipli.fi, its parent or holding company(ies) and its subsidiaries and affiliates (“Multipli”, “[Multipli.fi](http://multipli.fi/) ”, “we”, “us” and “our”) posts publicly or makes available to you or the company or other legal entity you represent (“you” or “your”) (collectively, these “Terms”), are entered into between Multipli and you concerning your use of, and access to, * Multipli’s websites, including [www.multipli.fi](http://www.multipli.fi/) (and respective subdomains); web applications; mobile applications; and all associated sites linked thereto by Multipli, including our partners eg. [www.tanx.fi](http://www.tanx.fi/) (and respective subdomains) are collectively with any materials and services available therein, and successor website(s) or application(s) thereto, the “Platform”. * All products and features available via the Platform, matching engine, smart contracts, decentralised applications, APIs and all other software that Multipli or a third party has developed for trading cryptocurrencies and other blockchain-based assets (collectively, “Digital Assets”), including entering into contracts related to Digital Assets, exchanging one Digital Asset for another Digital Asset, your use of the computation and storage scalability service known as “StarkEx” (the “StarkEx Service”) (collectively the “Interface”); * Any non-fungible tokens (“NFTs”) available in connection with the Interface, or and your registration for or attendance at events sponsored or hosted by Multipli.(with the Platform and the Interface, collectively, the “Services”). Please read these Terms carefully, as these Terms govern your use of the Services. These Terms expressly cover your rights and obligations, and our disclaimers and limitations of legal liability, relating to your use of, and access to, the Services. By clicking “I agree” (or a similar language) to these Terms, acknowledging these Terms by other means, or otherwise accessing or using the Services, you accept and agree to be bound by and to comply with these Terms, including the mandatory arbitration provision in Section 15. If you do not agree to these Terms, then you must not access or use the Services. Please carefully review the disclosures and disclaimers set forth in Section 12 in their entirety before using any software developed by Multipli. The information in Section 12 provides important details about the legal obligations associated with your use of the Services. By accessing or using the Services, you agree that Multipli does not provide execution, settlement, or clearing services of any kind and is not responsible for the execution, settlement, or clearing of transactions automated through the Services. 1. MODIFICATIONS TO THESE TERMS We reserve the right, in our sole discretion, to modify these Terms from time to time. If we make changes, we will provide you with notice of such changes, such as by providing notice through the Services or updating the “Last Updated” date at the top of these Terms. Unless we state otherwise in our notice, all such modifications are effective immediately, and your continued use of the Services after we provide that notice will confirm your acceptance of the changes. If you do not agree to the amended Terms, then you must stop using the Services. 1. USE OF SERVICES 2.1 As a condition to accessing or using the Services or the Platform, you represent and warrant to Multipli the following: i. if you are entering into these Terms as an individual, then you are of legal age in the jurisdiction in which you reside and you have the legal capacity to enter into these Terms and be bound by them; ii. if you are entering into these Terms as an entity, then you must have the legal authority to accept these Terms on that entity’s behalf, in which case “you” (except as used in this paragraph) will mean that entity; iii. if you are entering into these Terms to access the Interface or will in the future access the Interface, then you are not a Blocked Person, and are not accessing the Interface from within the United States or Canada (collectively, "Blocked Countries"); iv. you must not be a resident, citizen or agent of, or incorporated in, and do not have a registered office in Iran, Cuba, North Korea, Syria, Myanmar (Burma), the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of comprehensive country-wide or region-wide economic sanctions by the United States (as updated from time to time) (collectively, “Restricted Territories”); v. you are not the subject of economic or trade sanctions administered or enforced by any governmental authority or otherwise designated on any list of prohibited or restricted parties (including the list maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury) [https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists](https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists) (as updated from time to time) (collectively, “Sanctioned Person”); vi. you do not intend to transact with any Restricted Person or Sanctioned Person; vii. you do not, and will not, use a VPN or any other privacy or anonymisation tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply to the Services; and viii. your access to the Services (a) is not prohibited by and does not otherwise violate or assist you to violate any domestic or foreign law, rule, statute, regulation, by-law, order, protocol, code, decree, or another directive, requirement, or guideline, published or in force that applies to or is otherwise intended to govern or regulate any person, property, transaction, activity, event or other matter, including any rule, order, judgement, directive or other requirement or guideline issued by any domestic or foreign federal, provincial or state, municipal, local or other governmental, regulatory, judicial or administrative authority having jurisdiction over Multipli , you, the Services, or as otherwise duly enacted, enforceable by law, the common law or equity (collectively, “Applicable Laws”); and (b) does not contribute to or facilitate any illegal activity. 2.2 As a condition to accessing or using the Services or the Platform, you acknowledge, understand, and agree to the following: i. from time to time, the Services may be inaccessible or inoperable for any reason, including: (a) equipment or technology or other infrastructure delay, inaccessibility, or malfunctions; (b) periodic maintenance procedures or repairs that Multipli or any of our suppliers consultants or contractors may undertake from time to time; (c) causes beyond Multipli ’s control or that Multipli could not reasonably foresee; (d) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (e) unavailability of third-party service providers or external partners for any reason. Without limitation of any other provision of these Terms, and as set forth below, Multipli has no responsibility or liability for any losses or other injuries resulting from any such events; ii. we reserve the right to disable or modify access to the Services (such as restricting features of the Services) at any time in the event of any breach of these Terms, including, if we reasonably believe any of your representations and warranties may be untrue, misleading or inaccurate, and we will not be liable to you for any losses or damages you may suffer as a result of or in connection with the Services being inaccessible to you at any time or for any reason; iii. the Services may evolve, which means Multipli may apply changes, replace, or discontinue (temporarily or permanently) the Services at any time in our sole discretion; iv. the pricing information and other data provided on the Platform does not represent (a) an offer, a solicitation of an offer, or recommendation to enter into, a transaction with Multipli (other than the payment of fees to Multipli ) or (b) any advice regarding a transaction entered into using the Services; v. Multipli does not act as an agent for you or any other user of the Services; vi. you are solely responsible for your use of the Services, including all of your transfers of Digital Assets; vii. to the fullest extent not prohibited by Applicable Law, we owe no fiduciary duties or liabilities to you or any other party, and that to the extent any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate those duties and liabilities; viii. you are solely responsible for reporting and paying any taxes applicable to your use of the Services; ix. we have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets that you may transfer to or from a third party, and we are not responsible for ensuring that an entity with whom you transact completes the transaction or is authorised to do so, and if you experience a problem with any transactions in Digital Assets using the Services, then you bear the entire risk; x. we may, from time to time, operate contests, promotions, sweepstakes or other activities or offer referral programmes (“Promotions and Referrals”), which may be governed by separate terms and conditions and rules that may contain certain eligibility requirements; and you are responsible for reading all terms and conditions and rules relating to the Promotions and Referrals to determine whether you are eligible to participate; if you enter or participate in any Promotions and Referrals, then you agree to abide by and to comply with all terms and conditions and rules of such Promotions and Referrals; all Promotions and Referrals will be optional so you should not enter or participate in such Promotions and Referrals if you do not agree to abide by and comply with all such terms and conditions and rules; and xi. if you receive discounts on fees from any Promotions and Referrals that are not subject to separate terms and conditions and rules, then Multipli reserves the right to add to, modify or eliminate the discounts and any other aspect of such Promotions and Referrals. 2.3 As a condition to accessing or using the Services or the Platform, you covenant to Multipli the following: i. in connection with using the Services, you only will transfer legally-obtained Digital Assets that belong to you; ii. you will obey all Applicable Laws in connection with using the Services, and you will not use the Services if the laws of your country, or any other Applicable Law, prohibit you from doing so; iii. any Digital Assets you use in connection with the Services are either owned by you or you are validly authorised to carry out actions using such Digital Assets; and iv. in addition to complying with all restrictions, prohibitions, and other provisions of these Terms, you will (a) ensure that, at all times, all information that you provide on the Platform and during your use of the Services is current, complete, and accurate; and (b) maintain the security and confidentiality of your private keys associated with your public Ethereum or other non EVM chain addresses, passwords, API keys, private keys associated with your account and other related credentials. 2.4 Disclaimer of control and ownership Multipli does not own, operate, or control the underlying blockchain network or any smart contracts deployed thereon. Multipli merely provides a platform for users to interact with the blockchain and execute transactions. Users acknowledge and agree that Multipli has no control over the security, functionality, or performance of the blockchain or any smart contracts. 1. FEES AND PRICE ESTIMATES In connection with your use of the Services, unless expressly stated otherwise pursuant to a promotion operated by Multipli , you are required to pay all fees necessary for interacting with the Ethereum blockchain (or others), including “gas” costs, as well as all other fees reflected on the Platform at the time of your use of the Services. Although we attempt to provide accurate fee information, this information reflects our estimates of fees, which may vary from the actual fees paid to use the Services and interact with the Ethereum or other blockchain. 1. NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES All information provided in connection with your access and use of the Services is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained on the Platform or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, or other decisions involving the Services, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate. The Terms are not intended to, and do not, create or impose any fiduciary duties on us. You further agree that the only duties and obligations that we owe you are those set out expressly in these Terms. 1. PROHIBITED ACTIVITY You may not use the Services to engage in the categories of activity set forth below (“Prohibited Uses”). The specific activities set forth below are representative, but not exhaustive, of Prohibited Uses. If you are uncertain as to whether your use of the Services involves a Prohibited Use or have other questions about how these requirements apply to you, then please contact us at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#177b7270767b575a627b637e677b7e39717e) . By using the Services, you confirm that you will not engage in any of the following Prohibited Uses: i. violate any Applicable Laws including any relevant and applicable anti-money laundering and anti-terrorist financing laws and sanctions programmes, such as the Bank Secrecy Act and the U.S. Department of Treasury’s Office of Foreign Asset Controls; ii. engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy, or any other proprietary right under Applicable Law, including sales, distribution or access to counterfeit music, movies, software or other licensed materials without the appropriate authorisation from the rights holder; use of Multipli ’s or our licensors’ intellectual property, name or logo, including use of Multipli ’s trade, service or licensed marks, without express consent from Multipli or in a manner that otherwise harms Multipli ; any action that implies an untrue endorsement by or affiliation with Multipli ; iii. engage in improper or abusive trading practices, including but not limited to (a) any fraudulent act or scheme to defraud, deceive, trick or mislead; (b) trading ahead of another user of the Services or front-running; (c) fraudulent trading; (d) accommodation trading; (e)fictitious transactions; (f) pre-arranged or non-competitive transactions; (g) cornering, or attempted cornering, of any contracts; (h) violations of bids or offers; (i) manipulation (i.e., trading for the purposes of affecting the market price of a Digital Asset and creating an artificial price); (j) any other trading activity that, in the reasonable judgement of Multipli , is abusive, improper or disruptive to the operation of the Interface. iv. use the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Services, or that could damage, disable, overburden, or impair the functioning of the Services in any manner; v. circumvent any content-filtering techniques, security measures or access controls that Multipli employs on the Platform, including through the use of a VPN; vi. use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access the Services, to extract data, or to introduce any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism or other harmful material into the Services; vii. provide false, inaccurate, or misleading information while using the Services or engage in activity that operates to defraud Multipli, other users of the Services or any other person; viii. use or access the Services to transmit or exchange Digital Assets that are the direct or indirect proceeds of any criminal or fraudulent activity, including terrorism or tax evasion; ix. use the Platform in any way that is, in our sole discretion, libellous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, stalking, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable, or likely or intended to incite, threaten, facilitate, promote, or encourage hate, racial intolerance or violent acts against others; x. use the Services from a jurisdiction (including an IP address in a jurisdiction) that we have, in our sole discretion, determined is a jurisdiction where the use of the Services is prohibited, including any Blocked Countries or any Restricted Territory; xi. harass, abuse or harm another person, including Multipli’s employees and service providers; xii. impersonate another user of the Services or otherwise misrepresent yourself; or xiii. engage or attempt to engage, or encourage, induce or assist any third party to engage or attempt to engage in any of the activities prohibited under this Section 5 or any other provision of these Terms. 1. CONTENT You hereby grant to us a royalty-free, fully paid-up, sublicensable (through multiple tiers), transferable, perpetual, irrevocable, non-exclusive, worldwide licence to use, copy, modify, create derivative works of, display, perform, publish and distribute, in any form, medium or manner, any content that is available to other users as a result of your use of the Services (collectively, “Your Content”), including for promoting Multipli, the Services or the Platform. You represent and warrant that (a) you own Your Content or have the right to grant the rights and licences in these Terms; and (b) Your Content and our use of Your Content, as licensed herein, does not and will not violate, misappropriate or infringe on any third party’s rights. 1. PROPRIETARY RIGHTS 7.1 You acknowledge that certain aspects of the Services may use, incorporate or link to certain open-source components and that your use of the Platform or Services is subject to, and you will comply with, any applicable open-source licences that govern any such open-source components (collectively, the “Open-Source Licences”). Without limiting the generality of the foregoing, you may not (a) resell, lease, lend, share, distribute, or otherwise permit any third party to use the Services; (b) use the Services for time-sharing or service bureau purposes; or (c) otherwise use the Services in a manner that violates the Open-Source Licences. 7.2 Excluding third-party software that the Services incorporates, as between you and Multipli, Multipli owns the Services, including all technology, content and other materials used, displayed or provided on the Platform or in connection with the Services (including all intellectual property rights subsisting therein, whether or not subject to the Open-Source Licences), and hereby grants you a limited, non-exclusive, revocable, non-transferable, non-sublicensable licence to access and use those portions of the Services that are proprietary to Multipli and not available pursuant to the Open-Source Licences. 7.3 Any of Multipli ’s product or service names, logos, and other marks used on the Platform or as a part of the Services, including Multipli 's name and logo, are trademarks owned by Multipli or our licensors. You may not copy, imitate, or use them without the prior written consent of Multipli or the applicable licensors, and these Terms do not grant you any rights in those trademarks. You may not remove, obscure, or alter any legal notices displayed in or along with the Services. 7.4 The Services are non-custodial. When you deposit Digital Assets into any Multipli-developed smart contract, available on the Interface, you are not transferring Digital Assets to Multipli, and you retain control over those Digital Assets at all times. The private key associated with the Ethereum or other chain address from which you transfer Digital Assets or the private key associated with the service account or the API Key is the only private key that can control the Digital Assets you transfer into the smart contracts. 1. LINKS The Services provide, or third parties may provide, links to other World Wide Web or accessible sites, applications, or resources. You acknowledge and agree that Multipli is not responsible for the availability of such external sites, applications or resources, and does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further acknowledge and agree that Company will not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods, or services available on or through any such site or resource. 1. MODIFICATION, SUSPENSION, AND TERMINATION We may, at our sole discretion, from time to time and with or without prior notice to you, modify, suspend or disable (temporarily or permanently) the Services, in whole or in part, for any reason whatsoever. Upon termination of your access, your right to use the Services will immediately cease. We will not be liable for any losses suffered by you resulting from any modification to any Services or from any modification, suspension or termination, for any reason, of your access to all or any portion of the Services. The following sections of these Terms will survive any termination of your access to the Services, regardless of the reasons for its expiration or termination, in addition to any other provision which by law or by its nature should survive: Section 7 and Sections 9 through Section 17. 1. RISKS 10.1 You acknowledge that the use of cryptocurrencies and decentralised exchanges involves significant risks, including but not limited to the risk of loss of funds due to hacking, theft, market volatility, and technical failures. You assume full responsibility for assessing and understanding these risks and for managing your own risk tolerance. 10.2 By accessing or using the Services or interacting with the Platform in anyway, you understand and agree to the inherent risks associated with cryptographic systems and blockchain-based networks; Digital Assets, including the usage and intricacies of native Digital Assets, like ether (ETH); smart contract-based tokens, including fungible tokens and NFTs; and systems that interact with blockchain-based networks. Multipli does not own or control any of the underlying software through which blockchain networks are formed. In general, the software underlying blockchain networks, including the Ethereum blockchain, is open source, such that anyone can use, copy, modify, and distribute it. By using the Services, you acknowledge and agree (a) that Multipli is not responsible for the operation of the blockchain-based software and networks underlying the Services, (b) that there exists no guarantee of the functionality, security, or availability of that software and networks, and (c) that the underlying blockchain-based networks are subject to sudden changes in operating rules, such as those commonly referred to as “forks,” which may materially affect the Services. Blockchain networks use public and private key cryptography. You alone are responsible for securing your private key(s). We do not have access to your private key(s). Losing control of your private key(s) will permanently and irreversibly deny you access to Digital Assets on the Ethereum blockchain or other blockchain-based network(s). Neither Multipli nor any other person or entity will be able to retrieve or protect your Digital Assets. If your private key(s) are lost, then you will not be able to transfer your Digital Assets to any other blockchain address or wallet. If this occurs, then you will not be able to realise any value or utility from the Digital Assets that you may hold. 10.3 You acknowledge and understand that the Services and your Digital Assets could be impacted by business and commercial risks, which could impede or limit the ability of Multipli to continue to make available our proprietary software and could impede or limit your ability to access or use the Services, including but not limited to, Liquidation Risk Users acknowledge and agree that their positions may be liquidated if the value of their collateral falls below the required maintenance margin. The Platform reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the platform. ADL may occur without prior notice and may result in the liquidation of users' positions, even if they are profitable. Capital Risks Multipli involves capital risk, including the potential for loss of principal. Past performance is not indicative of future results, and there is no guarantee that yield objectives will be met. Multipli may employ trading techniques that can increase risk, and regulatory changes could impact the Services and your Digital Assets. Any forecasts or projections are for illustrative purposes only and do not guarantee future returns. Liquidity Risk The Platform cannot guarantee that users will be able to liquidate their positions at their desired price or time, particularly during periods of high market volatility, low liquidity, or system outages. Users acknowledge and agree that there is a risk of slippage or execution delays when attempting to exit their positions. Counterparty Risk The Platform is not responsible for the financial solvency of its custodians or other counterparties. Users acknowledge and agree that there is a risk of loss if a counterparty becomes insolvent, which may result in delays, difficulties in withdrawing funds, or even the loss of assets. Trade Execution Risk The Platform cannot guarantee the accuracy or efficiency of its trade execution system. Users acknowledge and agree that there is a risk of errors, delays, or incorrect executions in their trades. The Platform will use reasonable efforts to prevent such errors, but cannot guarantee that they will not occur. Callback Risk The Platform reserves the right to implement automatic deleveraging (ADL) measures to protect the stability of the platform during periods of extreme market volatility. ADL may result in the liquidation of users' positions, even if they are profitable. Users acknowledge and agree that ADL may occur without prior notice and may be triggered by factors beyond the Platform's control. Profitability/Funding Risk Changes in interest rates, funding fees, or market conditions can impact users' profitability. The Platform cannot guarantee that users will earn a profit or avoid losses. Users acknowledge and agree that their returns may be negative, and there is no guarantee of consistent performance. Depegging Risk The Platform cannot guarantee that the peg between our tokens and ETH will be maintained. If the peg is broken, users' holdings may lose value. Users acknowledge and agree that depegging events may occur due to factors beyond the Platform's control, such as market manipulation, technical issues, or changes in the underlying protocol. Smart Wallet Risk Users acknowledge and agree that using a smart wallet involves risks, including the possibility of hacking, unauthorised access, or software vulnerabilities. The Platform cannot guarantee the security of users' smart wallets, and users are solely responsible for safeguarding their private keys and passwords. Compatibility Issues with Third-Party Software or Apps Using Multipli with other crypto-related software, apps or wallets, may affect your ability to use Multipli’s features or functionality, particularly those related to cryptocurrency transactions or storage, delays in transaction processing or limited access to certain features. We are not responsible for any compatibility issues, performance degradation, data loss, or security breaches that may occur as a result of using Multipli with such crypto software, apps or wallets. 10.4 You acknowledge and understand that the Services and your Digital Assets could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Multipli to continue to make available our proprietary software and could impede or limit your ability to access or use the Services. 10.5 You acknowledge and understand that cryptography is a progressing field with advances in code cracking or other technical advancements, such as the development of quantum computers, which may present risks to Digital Assets and the Services, and could result in the theft or loss of your Digital Assets. To the extent possible, we intend to update Multipli -developed smart contracts related to the Services to account for any advances in cryptography and to incorporate additional security measures necessary to address risks presented from technological advancements, but that intention does not guarantee or otherwise ensure full security of the Services. 10.6 You understand that the Ethereum or other relevant blockchains remains under development, which creates technological and security risks when using the Services in addition to uncertainty relating to Digital Assets and transactions therein. You acknowledge that the cost of transacting on the Ethereum or other blockchain is variable and may increase at any time causing impact to any activities taking place on the Ethereum or other blockchain, which may result in price fluctuations or increased costs when using the Services. 10.7 You acknowledge that the Services are subject to flaws and that you are solely responsible for evaluating any code provided by the Services or Platform. This warning and other warnings that Multipli provides in these Terms are in no way evidence or represent an on-going duty to alert you to all of the potential risks of utilising the Services or accessing the Platform. 10.8 Although we intend to provide accurate and timely information and data on the Platform and during your use of the Services, the Platform and other information available when using the Services may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. To continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including information regarding our policies. Accordingly, you acknowledge and understand that the you should verify all information before relying on it, and all decisions based on information contained on the Platform or as part of the Services are your sole responsibility. No representation is made as to the accuracy, completeness, or appropriateness for any particular purpose of any pricing information distributed via the Platform or otherwise when using the Services. Prices and pricing information maybe higher or lower than prices available on platforms providing similar services. 10.9 Any use or interaction with the Services requires a comprehensive understanding of applied cryptography and computer science to appreciate the inherent risks, including those listed above. You represent and warrant that you possess relevant understanding, knowledge and skills. Any reference to a type of Digital Asset on the Platform or otherwise during the use of the Services does not indicate our approval or disapproval of the technology on which the Digital Asset relies, and should not be used as a substitute for your understanding of the risks specific to each type of Digital Asset. 10.10 Use of the Services, in particular for trading Digital Assets may carry financial risk. Digital Assets are by their nature, highly experimental, risky, and volatile. Transactions entered into in connection with the Services are irreversible, final and there are no refunds. You acknowledge and agree that you will access and use the Services at your own risk. The risk of loss in trading Digital Assets can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. By using the Services, you represent and warrant that you have been, are, and will be solely responsible for making your independent appraisal and investigations into the risks of a given transaction and the underlying Digital Assets. You represent that you have sufficient knowledge, market sophistication, professional advice, and experience to make your evaluation of the merits and risks of any transaction conducted in connection with the Services or any Digital Asset. You accept all consequences of using the Services, including the risk that you may lose access to your Digital Assets indefinitely. All transaction decisions are made solely by you. Notwithstanding anything in these Terms, we accept no responsibility whatsoever for, and will in no circumstances be liable to you for any loss or injury sustained by you or any third parties in connection with, your use of the Services for performing Digital Asset transactions. 10.11 We must comply with Applicable Law, which may require us to, upon request by government agencies, take certain actions or provide information, which may not be in your best interests. You acknowledge and understand that Multipli may in its sole discretion take any action it deems appropriate to cooperate with government agencies or comply with Applicable Law. 10.12 You understand that the StarkEx Service remains under development, which creates technological, trading, and other risks when using the Services. These risks include, among others, delays in trades, withdrawals, and deposits resulting from the servers of Multipli or the operator of the StarkEx Services being offline; an incorrect display of information on the Platform in the case of server errors; or transactions using the Services being rolled back in the case of server errors. You acknowledge that these risks may have a material impact on your transactions using the Services, which may result in, among other things, failing to fulfil transactions at your desired price or at all. 10.13 You understand that you are responsible for all trades you place, including any erroneous orders that may be filled. We do not take any action to resolve erroneous trades that result from your errors. 10.14 You acknowledge and agree that Multipli operates on a decentralised blockchain network and that Multipli has no control over the security or functionality of the blockchain or any smart contracts deployed thereon. You assume all risks associated with using Multipli , including but not limited to the risk of loss of funds due to hacking, theft, or other unauthorised access. Multipli shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from the use of Multipli . 10.15 You hereby assume the risks set forth in this Section 10 and Section 2, and acknowledge and agree that Multipli will have no responsibility or liability for the risks set forth in this Section 10. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against Multipli and our shareholders, members, directors, officers, employees, agents, and representatives, suppliers, consultants and contractors (collectively, “Representatives”) related to any of the risks set forth in this Section 10. 1. INDEMNIFICATION You will defend, indemnify, and hold harmless Multipli and our Representatives (collectively, “Indemnified Parties”) from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense, including reasonable attorneys’ fees, arising out of or relating to (a) your use of, or conduct in connection with, the Services (including the StarkEx Service); (b) Digital Assets associated with your Ethereum or other blockchain address; (c) any feedback, bugs or user content you provide to Multipli , if any, concerning the Services; (d) your violation of these Terms; or (e) your infringement or misappropriation of the rights of any other person or entity. If you are obligated to indemnify any Indemnified Party, Multipli (or, at our sole discretion, the applicable Indemnified Party) will have the right, in our or its sole discretion, to control any action or proceeding and to determine whether Multipli wishes to settle, and if so, on what terms, and you agree to cooperate with Multipli in the defence. 1. DISCLOSURES; DISCLAIMERS 12.1 Multipli is a developer of software. Multipli does not operate a Digital Asset or offer trade execution or clearing services and has no oversight, involvement, or control concerning your transactions using the Services. All transactions between users of the Interface are executed peer-to-peer directly between the users’ Ethereum or other block chain addresses through a smart contract. 12.2 You acknowledge and agree that Multipli is not responsible to provide insurance or other coverage for the loss, theft, or damage of digital assets stored or transferred through the platform. You are solely responsible for securing your digital assets and you may wish to consider obtaining insurance or other forms of protection from third-party providers. 12.3 You are responsible for complying with all Applicable Laws that govern your use of the Platform and Services. 12.4 You understand that Multipli is not registered or licensed by any regulatory agency or authority. No such agency or authority has reviewed or approved the use of the Services. 12.5 To the maximum extent permitted under Applicable Law, the Services (and any of their content or functionality) provided by or on behalf of us are provided on an “AS IS” and “AS AVAILABLE” basis, and we expressly disclaim, and you hereby waive, any representations, conditions or warranties of any kind, whether express or implied, legal, statutory or otherwise, or arising from statute, otherwise in law, course of dealing, or usage of trade, including the implied or legal warranties and conditions of merchantability, merchantable quality, quality or fitness for a particular purpose, title, security, availability, reliability, accuracy, quiet enjoyment and non-infringement of third party rights. Without limiting the foregoing, we do not represent or warrant that the Services (including any data relating thereto) will be uninterrupted, available at any particular time, or error-free. Further, we do not warrant that errors in the Platform or the Service are correctable or will be correctable. 12.6 You acknowledge that data you provide while accessing or using on the Platform may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, and agree that, to the maximum extent permitted under Applicable Law, we will not be liable for any loss or damage caused by denial-of-service attacks, software failures, viruses or other technologically harmful materials (including those which may infect your computer equipment), protocol changes by third-party providers, Internet outages, force majeure events or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside of our control. 12.7 References to future returns are not promises or even estimates of actual returns that an investor may achieve. Any forecasts and other material contained in this website are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Multipli gives no representations, warranties or undertakings that any indicative performance or return will be achieved in the future or that the investment objectives and policies from time to time of our funds will be met. Past performance is no guarantee and is not indicative of future results. While our funds are subject to market risks common to other types of investments, including market volatility, we may employ certain trading techniques, such as the use of leverage and other speculative investment practices that may increase the risk of investment loss. 1. LIMITATION OF DAMAGES; EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES 13.1 Without limitation of any other provision of these Terms, you hereby agree that neither Multipli nor any of its Representatives will have any responsibility or liability whatsoever for any loss or injury sustained by you or any third parties as a result of (i) your use of Multipli or violation of these Terms of Service; (ii) any equipment or technology or other infrastructure delay, inaccessibility, or malfunctions; (iii) periodic maintenance procedures or repairs that Multipli or any of our suppliers or contractors may undertake from time to time; (iv) causes beyond Multipli ’s control or that Multipli could not reasonably foresee; (v) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (vi) unavailability of third-party service providers or external partners for any reason. Under no circumstances will Multipli or its Representatives have any liability for any such loss or injury caused by any of the foregoing events, including but not limited to any obligation to cover or reimburse any damages or losses caused by such events. You expressly acknowledge that any risk of loss resulting from such events shall be borne by you, and you expressly assume any and all such risks. 13.2 In no event will Multipli , our suppliers and contractors, and Multipli ’s or our suppliers’ and contractors’ respective stockholders, members, directors, officers, managers, employees, attorneys, agents, representatives, suppliers and contractors (collectively, the “Risk Limited Parties”) be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including damages for loss of fiat, assets, data, information, revenue, opportunities, use, goodwill, profits or other business or financial benefit) arising out of or in connection with the Services (and any of their content and functionality, including the StarkEx Service), any execution or settlement of a transaction, any performance or non-performance of the Services, your Digital Assets, or any other product, service or other item provided by or on behalf of Multipli , whether under contract, tort (including negligence), civil liability, statute, strict liability, breach of warranties, or under any other theory of liability, and whether or not we have been advised of, knew of or should have known of the possibility of such damages and, notwithstanding any failure of the essential purpose of these Terms or any limited remedy hereunder, nor is Multipli in any way responsible for the execution or settlement of transactions between users of the Services. 1. LIMITATION OF LIABILITY Without limitation of any provision of these Terms, in the event that Multipli or any related party is found liable under these Terms, the aggregate liability of Multipli (together with our shareholders, members, directors, managers, officers, employees, attorneys, agents, representatives, suppliers, consultants or contractors) arising out of or in connection with you use of the Services (and any of their content and functionality), any performance or non-performance of the Services, your Digital Assets, or any other product, service or other item provided by or on behalf of Multipli , whether under contract, tort (including negligence), civil liability, statute, strict liability or other theory of liability shall not exceed the amount of fees paid by you to Multipli under these Terms, if any, in the two (2) month period immediately preceding the event giving rise to the claim for liability. 1. DISPUTE RESOLUTION AND ARBITRATION **PLEASE READ THE FOLLOWING SECTION CAREFULLY BECAUSE IT MAY SIGNIFICANTLY IMPACT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO BRING A LAWSUIT AGAINST MULTIPLI IN ANY COURT OR GOVERNING AUTHORITY. EXCEPT AS EXPRESSLY PROVIDED BELOW, THIS SECTION REQUIRES YOU TO SUBMIT ANY DISPUTE, CLAIM, OR DISAGREEMENT (EACH A “DISPUTE”) ARISING OUT OF THESE TERMS OR THE SERVICES, INCLUDING ANY DISPUTE THAT AROSE BEFORE THE EFFECTIVE DATES OF THESE TERMS, TO BINDING INDIVIDUAL ARBITRATION. THIS SECTION EXTENDS TO DISPUTES THAT AROSE OR INVOLVE FACTS OCCURING BEFORE THEEXISTENCE OF THIS OR ANY PRIOR VERSIONS OF THE TERMS AS WELL AS DISPUTES THAT MAY ARISE AFTER THE TERMINATION OF THE TERMS.** You and Multipli agree that any dispute arising out of or related to these Terms or the Services is personal to you and Multipli and that any Dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding. You and Multipli waive your rights to a jury trial and to have any Dispute arising out of or related to these Terms or the Services resolved in court. Instead, for any Dispute or claim that you have against Multipli or relating in any way to the Services, you agree to first contact Multipli and attempt to resolve the claim informally by sending a written notice of your claim (“Notice”) to Multipli by email at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#0e626b696f624e637b627a677e6267206867) . The Notice must (a) include your name, residence address, email address, and telephone number; (b) describe the nature and basis of the claim; and (c) set forth the specific relief sought. Our notice to you will be similar in form to that described above. If you and Multipli cannot reach an agreement to resolve the claim within thirty (30) days after such Notice is received, then either party may submit the Dispute to binding arbitration administered by the Dubai International Arbitration Centre (“DIAC”) or, under the limited circumstances set forth above, in Dubai International Financial Centre, United Arab Emirates (“DIFC”) court. All Disputes submitted to DIAC will be resolved in English language through confidential, binding arbitration before one arbitrator appointed by mutual consent. Arbitration proceedings will be held in DIFC as seat of arbitration, under the DIAC Arbitration Rules 2022, as amended from time to time (“DIAC Rules”). The most recent version of the DIAC Rules are available on the DIAC website ([https://www.diac.com/en/adr-services/arbitration/diac-arbitration-rules-2022](https://www.diac.com/en/adr-services/arbitration/diac-arbitration-rules-2022) ) and are hereby incorporated by reference. You either acknowledge and agree that you have read and understand the DIAC Rules or waive your opportunity to read the DIAC Rules and waive any claim that the DIAC Rules are unfair or should not apply for any reason. As limited by these Terms and the DIAC Rules, the arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any Dispute and to grant any remedy that would otherwise be available in court, including the power to determine the question of arbitrability. The arbitrator may conduct only an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual. The arbitrator, Multipli and you will maintain the confidentiality of any arbitration proceedings, judgements and awards, including all information gathered, prepared, and presented for purposes of the arbitration or related to the Dispute(s) therein. The arbitrator will have the authority to make appropriate rulings to safeguard confidentiality unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy or in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision. You and Multipli agree that for any arbitration you initiate, you will pay the filing fee and all other DIAC fees and costs. For any arbitration initiated by Multipli , Multipli will pay all DIAC fees and costs. You and Multipli agree that DIFC has exclusive jurisdiction over the enforcement of an arbitration award. Any claim arising out of or related to these Terms or the Services must be filed within one (1) year after such claim arose; otherwise, the claim is permanently barred, which means that you and Multipli will not have the right to assert the claim. If any portion of this Section 15 is found to be unenforceable or unlawful for any reason, (a) the unenforceable or unlawful provision will be severed from these Terms; (b) severance of the unenforceable or unlawful provision will have no impact whatsoever on the remainder of this Section 15 or the parties’ ability to compel arbitration of any remaining claims on an individual basis under this Section 15; and (c) to the extent that any claims must therefore proceed on a class, collective, consolidated, or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims will be stayed pending the outcome of any individual claims in arbitration. Further, if any part of this Section 15 is found to prohibit an individual claim seeking public injunctive relief, then that provision will have no effect to the extent such relief is allowed to be sought out of arbitration, and the remainder of this Section 15 will be enforceable. 1. GOVERNING LAW The interpretation and enforcement of these Terms, and any Dispute related to these Terms, the Services, will be governed by and construed and enforced under the laws of England & Wales, as applicable, without regard to conflict of law rules or principles that would cause the application of the laws of any other jurisdiction. You agree that we may initiate a proceeding related to the enforcement or validity of our intellectual property rights in any court having jurisdiction. For any other proceeding that is not subject to arbitration under these Terms, the state and federal courts located in DIFC will have exclusive jurisdiction. You waive any objection to venue in any such courts. 1. GENERAL INFORMATION 17.1 Please refer to our privacy policy, which is incorporated herein by reference and available at [www.multipli.fi/privacy](http://www.multipli.fi/privacy) , for information about how we collect, use, share and otherwise process information about you. 17.2 You consent to receive all communications, agreements, documents, receipts, notices, and disclosures electronically (collectively, our “Communications”) that we provide in connection with these Terms, the Platform or any Services. You agree that we may provide our Communications to you by posting them on the Platform, by emailing them to you at the email address you provide in connection with using the Services, if any, or by Telegram at the username you provided to us during the course of your use of the Services. You should maintain copies of our Communications by printing a paper copy or saving an electronic copy. You may also contact us with questions, complaints, or claims concerning the Services at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#5f2c2a2f2f302d2b1f322a332b362f3336713936) . 17.3 Any right or remedy of Multipli set forth in these Terms is in addition to, and not in lieu of, any other right or remedy whether described in these Terms, under Applicable Law, at law, or in equity. The failure or delay of Multipli in exercising any right, power, or privilege under these Terms will not operate as a waiver thereof. 17.4 The invalidity or unenforceability of any of these Terms will not affect the validity or enforceability of any other of these Terms, all of which will remain in full force and effect. 17.5 We will have no responsibility or liability for any failure or delay in performance of the Platform or any of the Services, or any loss or damage that you may incur, due to any circumstance or event beyond our control, including any flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, or equipment or software malfunction. 17.6 You may not assign or transfer any right to use the Services, or any of your rights or obligations under these Terms, without our express prior written consent, including by operation of law or in connection with any change of control. We may assign or transfer any or all of our rights or obligations under these Terms, in whole or in part, with or without notice or obtaining your consent or approval. 17.7 Except to the extent otherwise provided or unless the context otherwise requires, for the purposes of these Terms: (a) headings of sections are for convenience only and will not be used to limit or construe such sections; (b) whenever the words “include,” “includes” or “including” are used in these Terms, they are deemed to be followed by the words “without limitation”; and (c) the use of “or” is not intended to be exclusive. 17.8 These Terms contain the entire agreement between you and Multipli , and supersede all prior and contemporaneous understandings between the parties with respect to the Services. 17.9 In the event of any conflict between these Terms and any other agreement you may have with us, these Terms will control unless such other agreement specifically identifies these Terms and declares that such other agreement supersedes these Terms. 17.10 You agree that, except as otherwise expressly provided in this Agreement, there is no third-party beneficiaries to the Agreement other than the Indemnified Parties. [PreviousBrand](https://docs.multipli.fi/company/brand) [NextPrivacy Policy](https://docs.multipli.fi/legal/privacy-policy) Last updated 1 year ago --- # FAQs | Multipli [](https://docs.multipli.fi/user-guide/faqs#general) General ----------------------------------------------------------------- What is Multipli fi?[](https://docs.multipli.fi/user-guide/faqs#what-is-multipli-fi) Multipli is a Zk based yield protocol specifically designed for making yield on traditionally non-yield bearing assets (XAUT (tokenised Gold), BTC, etc) and also boosting yield bearing capacity of any asset by 4-12%. How does Multipli work?[](https://docs.multipli.fi/user-guide/faqs#how-does-multipli-work) Multipli leverages delta-neutral arbitrage strategies in spot and futures markets to offer high yields on native tokens and real-world tokenised assets (RWA). Is Multipli centralised?[](https://docs.multipli.fi/user-guide/faqs#is-multipli-centralised) No, Multipli is decentralised, leveraging blockchain technology. How does Multipli generate yield?[](https://docs.multipli.fi/user-guide/faqs#how-does-multipli-generate-yield) Multipli generates sustainable yield through risk-free arbitrage strategies, leverages derivatives and LST (liquid staking tokens) to optimise capital efficiency, and exploits funding rates and price differentials for profit. What is Multipli's delta neutral contango strategy?[](https://docs.multipli.fi/user-guide/faqs#what-is-multiplis-delta-neutral-contango-strategy) This strategy aims to profit from the difference between the spot price and the futures price of an asset. What is contango arbitrage?[](https://docs.multipli.fi/user-guide/faqs#what-is-contango-arbitrage) Contango arbitrage involves exploiting the difference between the current spot price of an asset and its futures price, by building a short position in futures and a long position in spot simultaneously. Learn more about contango [here](https://docs.multipli.fi/yield-explanation/execution/what-is-contango) . What is spot perpetual funding rate arbitrage?[](https://docs.multipli.fi/user-guide/faqs#what-is-spot-perpetual-funding-rate-arbitrage) Spot-perpetual funding rate arbitrage involves capitalising on the funding rate exchanged between traders holding long and short positions in perpetual futures contracts while maintaining delta-neutrality through the spot position. Learn more about funding rate [here](https://docs.multipli.fi/yield-explanation/execution/what-is-funding-rate) . What is the proof that Multipli’s arbitrage strategies work?[](https://docs.multipli.fi/user-guide/faqs#what-is-the-proof-that-multiplis-arbitrage-strategies-work) Multipli's arbitrage strategies have been extensively back-tested (~4 years) and front-tested (~6 months), and proven effective in various market conditions. Check out our [docs](https://docs.multipli.fi/analysis/historical-examples) for more details. What is the anticipated return / projected yield?[](https://docs.multipli.fi/user-guide/faqs#what-is-the-anticipated-return-projected-yield) Multipli offers a yield \*\*\*\*range of 5-25%, which surpasses the best offers currently available in the market, especially for traditionally non-stakeable tokens like BTC. **Does Multipli's performance vary in bull and bear markets?**[](https://docs.multipli.fi/user-guide/faqs#does-multiplis-performance-vary-in-bull-and-bear-markets) Multipli's delta-neutral strategy is designed to mitigate risks in both bull and bear markets, generating yield regardless of market performance. [Learn more.](https://docs.multipli.fi/analysis/scenario-analysis) **Is Multipli fi intended for retail or institutional investors?**[](https://docs.multipli.fi/user-guide/faqs#is-multipli-fi-intended-for-retail-or-institutional-investors) Multipli is designed to cater to both retail and institutional investors. * * * [](https://docs.multipli.fi/user-guide/faqs#buy) Buy --------------------------------------------------------- How can I buy xTokens?[](https://docs.multipli.fi/user-guide/faqs#how-can-i-buy-xtokens) You can buy xTokens on Multipli in 4 simple steps: * Connect your wallet to the Multipli platform. * Go to the Buy tab on the landing page. * Select the network and xToken of your choice and enter the amount you want to buy. * Confirm the transaction and wait for it to be processed. Why should I hold xTokens?[](https://docs.multipli.fi/user-guide/faqs#why-should-i-hold-xtokens) xTokens are Multipli’s yield-bearing tokens. When you hold xTokens, they generate yield for you. Which tokens and networks are currently supported by Multipli?[](https://docs.multipli.fi/user-guide/faqs#which-tokens-and-networks-are-currently-supported-by-multipli) Currently, Multipli supports wBTC, USDC and USDT on the Ethereum and BSC networks. Which xTokens can I currently buy on Multipli?[](https://docs.multipli.fi/user-guide/faqs#which-xtokens-can-i-currently-buy-on-multipli) Currently, you can buy xwBTC, xUSDT and xUSDC on the Ethereum and BSC network. How long does it take to buy xTokens?[](https://docs.multipli.fi/user-guide/faqs#how-long-does-it-take-to-buy-xtokens) The transaction takes less than 5 minutes. Where can I check the status of my transactions in Multipli?[](https://docs.multipli.fi/user-guide/faqs#where-can-i-check-the-status-of-my-transactions-in-multipli) You can check your transactions under ‘Activity’ on the [Holdings](https://app.multipli.fi/holdings) page. Is there any fee for deposits?[](https://docs.multipli.fi/user-guide/faqs#is-there-any-fee-for-deposits) No, there is no fee for depositing in Multipli. How can I cancel a transaction?[](https://docs.multipli.fi/user-guide/faqs#how-can-i-cancel-a-transaction) Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application. * * * [](https://docs.multipli.fi/user-guide/faqs#sell) Sell ----------------------------------------------------------- How do I sell xTokens on Multipli?[](https://docs.multipli.fi/user-guide/faqs#how-do-i-sell-xtokens-on-multipli) You can sell xTokens on Multipli in 4 simple steps: * Access the [Sell](https://app.multipli.fi/?stake-tab=unstake) tab on the Buy page. * Select the network and the xToken you wish to sell. * Click Stop Yield & Withdraw. * Confirm the transaction and wait for it to be processed. How do I withdraw my tokens from Multipli?[](https://docs.multipli.fi/user-guide/faqs#how-do-i-withdraw-my-tokens-from-multipli) You can sell your xTokens to withdraw your tokens from Multipli. How long does it take for the sell transaction to complete?[](https://docs.multipli.fi/user-guide/faqs#how-long-does-it-take-for-the-sell-transaction-to-complete) It will take from 7 to 14 days to sell your xTokens, depending on when you initiate the withdrawal. This is what our withdrawal cycle looks like: * Withdrawals initiated by Thursday 11:59 PM UTC will be processed on the Thursday of the next week. * Withdrawals initiated after Thursday 11:59 PM UTC will be processed on the Thursday after two weeks. Where can I sell xTokens in Multipli?[](https://docs.multipli.fi/user-guide/faqs#where-can-i-sell-xtokens-in-multipli) You can sell your xTokens in Multipli through: * The Sell tab on the [Buy](https://app.multipli.fi/?stake-tab=unstake) page. * Withdrawing from the Multipli Holdings tab on the [Holdings](https://app.multipli.fi/holdings?stake-tab=yield) pag How can I cancel Stop Yield & Withdraw?[](https://docs.multipli.fi/user-guide/faqs#how-can-i-cancel-stop-yield-and-withdraw) Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application. Is there any fee for sell or withdrawing my funds?[](https://docs.multipli.fi/user-guide/faqs#is-there-any-fee-for-sell-or-withdrawing-my-funds) You are charged a small transaction fee when you withdraw your funds. Can I sell or withdraw my funds partially from Multipli?[](https://docs.multipli.fi/user-guide/faqs#can-i-sell-or-withdraw-my-funds-partially-from-multipli) The partial withdrawal/sell feature is live on Multipli. However, it is currently restricted to users who have a Multipli balance of above $10K. It will be rolled out to more users soon. * * * [](https://docs.multipli.fi/user-guide/faqs#yield) Yield ------------------------------------------------------------- How do I claim my yield?[](https://docs.multipli.fi/user-guide/faqs#how-do-i-claim-my-yield) You can claim yield on Multipli in 4 simple steps: * Access the [Yield](https://app.multipli.fi/?operation-tab=yield) tab on the Buy page. * Select the network and the xToken you wish to claim yield from. * Click Claim Yield. * Confirm the transaction and wait for it to be processed. How does Multipli generate yield?[](https://docs.multipli.fi/user-guide/faqs#how-does-multipli-generate-yield-1) Multipli employs delta-neutral strategies like Contango Arbitrage and Spot-Perpetual Arbitrage on our yield-bearing xTokens to generate yield. You can learn more about how Multipli generates yield [here](https://docs.multipli.fi/) . How much yield (APY) does Multipli generate?[](https://docs.multipli.fi/user-guide/faqs#how-much-yield-apy-does-multipli-generate) Multipli’s APY figures may vary over time. Stay updated on APY figures by checking the [Stats](https://app.multipli.fi/dashboard?stake-tab=unstake) page regularly. How long does it take for my yield to be processed?[](https://docs.multipli.fi/user-guide/faqs#how-long-does-it-take-for-my-yield-to-be-processed) It will take from 7 to 14 days for your yield to be processed. The yield claim cycle looks like this: * Claims initiated by Thursday 11:59 PM UTC will be processed on the Thursday of the next week. * Claims initiated after Thursday 11:59 PM UTC will be processed on the Thursday after two weeks. Where can I check how much yield has been generated? Where can I check yield activity?[](https://docs.multipli.fi/user-guide/faqs#where-can-i-check-how-much-yield-has-been-generated-where-can-i-check-yield-activity) The APY figures are updated on a weekly basis on the [Buy](https://app.multipli.fi/?stake-tab=stake) page. You can head to the [Stats](https://app.multipli.fi/dashboard?stake-tab=unstake) page for a detailed report. You can check how much yield your xTokens have generated on the [Holdings](https://app.multipli.fi/holdings) page. Will claiming yield sell all of my xTokens?[](https://docs.multipli.fi/user-guide/faqs#will-claiming-yield-sell-all-of-my-xtokens) No, when you claim yield, only the yield is exchanged to the respective tokens and transferred to your wallet. How can I cancel a yield claim?[](https://docs.multipli.fi/user-guide/faqs#how-can-i-cancel-a-yield-claim) Unfortunately, any transaction initiated cannot be cancelled due to the nature of our application. * * * [](https://docs.multipli.fi/user-guide/faqs#xtokens) xTokens ----------------------------------------------------------------- **What are xTokens?**[](https://docs.multipli.fi/user-guide/faqs#what-are-xtokens) xTokens are Multipli’s yield-bearing tokens. When you buy xTokens, delta-neutral trading strategies are applied to it and yield is generated. **Which xTokens does Multipli currently support?**[](https://docs.multipli.fi/user-guide/faqs#which-xtokens-does-multipli-currently-support) Currently, Multipli supports xUSDC and xUSDT on the Ethereum and BSC networks. **Can I withdraw xTokens from my Multipli account?**[](https://docs.multipli.fi/user-guide/faqs#can-i-withdraw-xtokens-from-my-multipli-account) No, you can’t withdraw xTokens. You can only sell them to get your original tokens back to your wallet. **Can I use Multipli’s xTokens outside of Multipli?**[](https://docs.multipli.fi/user-guide/faqs#can-i-use-multiplis-xtokens-outside-of-multipli) No, they can only be used to generate yield in Multipli. **How does xTokens generate yield?**[](https://docs.multipli.fi/user-guide/faqs#how-does-xtokens-generate-yield) Delta-neutral strategies are applied to your xTokens to generate yield. You can learn more about how xTokens generate yield [here](https://docs.multipli.fi/) . * * * [](https://docs.multipli.fi/user-guide/faqs#orbs) ORBs ----------------------------------------------------------- **What are ORBs?**[](https://docs.multipli.fi/user-guide/faqs#what-are-orbs) ORBs are rewards given to users for holding xTokens on Multipli. **Are tORBs the same as ORBs?**[](https://docs.multipli.fi/user-guide/faqs#are-torbs-the-same-as-orbs) t**ORB**s and **ORB**s are a bit different from each other. t**ORB**s (testnet ORBs) are distributed for holding testnet xTokens and ORBs are distributed for holding mainnet xTokens. **How do I earn ORBs?**[](https://docs.multipli.fi/user-guide/faqs#how-do-i-earn-orbs) You can earn ORBs by buying and holding xTokens. The number of ORBs you earn changes with every season. Learn more about it on our [roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap) . **Will ORBs generate yield for me?**[](https://docs.multipli.fi/user-guide/faqs#will-orbs-generate-yield-for-me) ORBs will not generate yield for you. **Which xTokens currently reward ORBs?**[](https://docs.multipli.fi/user-guide/faqs#which-xtokens-currently-reward-orbs) Currently, xWBTC, xUSDC and xUSDT generate ORBs for you. **How many ORBs can I earn in a month?**[](https://docs.multipli.fi/user-guide/faqs#how-many-orbs-can-i-earn-in-a-month) The amount of ORBs you can earn over time depends on how many xTokens you hold. In each season, the number of ORBs you earn per xToken varies. Learn more about it on our [roadmap](https://docs.multipli.fi/multipli-overview/multipli-roadmap) . **Can I withdraw ORBs from my Multipli account?**[](https://docs.multipli.fi/user-guide/faqs#can-i-withdraw-orbs-from-my-multipli-account) ORBs cannot be withdrawn from your account. * * * [](https://docs.multipli.fi/user-guide/faqs#wallet) Wallet --------------------------------------------------------------- **How do I connect my wallet to Multipli?**[](https://docs.multipli.fi/user-guide/faqs#how-do-i-connect-my-wallet-to-multipli) You can connect your wallet to Multipli by: * Clicking on Connect Wallet on the [Multipli](https://app.multipli.fi/) app. * Select your preferred wallet and complete the required signatures. **Which wallets are currently supported by Multipli?**[](https://docs.multipli.fi/user-guide/faqs#which-wallets-are-currently-supported-by-multipli) Currently, Multipli supports over 440 wallets, including Metamask, Braavo, Trust Wallet and WalletConnect. **What does ‘Enable L2 Access’ mean?**[](https://docs.multipli.fi/user-guide/faqs#what-does-enable-l2-access-mean) Enabling L2 access allows us to generate your Stark key. **How many signatures does it require to connect your wallet to Multipli?**[](https://docs.multipli.fi/user-guide/faqs#how-many-signatures-does-it-require-to-connect-your-wallet-to-multipli) You need to sign 3 times to connect your wallet to Multipli. * * * [](https://docs.multipli.fi/user-guide/faqs#referrals) Referrals --------------------------------------------------------------------- **Where can I find my referral codes?**[](https://docs.multipli.fi/user-guide/faqs#where-can-i-find-my-referral-codes) You can access your referral codes in the Orbs tab on the [Orbs](https://app.multipli.fi/orbs?operation-tab=yield) page. **How many people can I refer using my referral codes?**[](https://docs.multipli.fi/user-guide/faqs#how-many-people-can-i-refer-using-my-referral-codes) Currently, there is no referral limit. **What are the benefits of referral codes?**[](https://docs.multipli.fi/user-guide/faqs#what-are-the-benefits-of-referral-codes) By referring Multipli to users, you will earn 10% of the Orbs they generate daily. You can access your referral codes in ORBs tab on the [ORBs](https://app.multipli.fi/orbs?operation-tab=yield) page. * * * [](https://docs.multipli.fi/user-guide/faqs#security) Security ------------------------------------------------------------------- Is my personal information safe?[](https://docs.multipli.fi/user-guide/faqs#is-my-personal-information-safe) Data privacy is one of Multipli fi’s top priorities, and comprehensive measures are in place to protect users’ personal information. Are my funds safe with Multipli fi?[](https://docs.multipli.fi/user-guide/faqs#are-my-funds-safe-with-multipli-fi) Your assets are safe on Multipli fi because we use MirrorX technology to mirror your tokens on a custodial platform at a 1:1 ratio. So your funds remain safe on-chain while earning rewards on Multipli fi. What is MirrorX technology and how does it work?[](https://docs.multipli.fi/user-guide/faqs#what-is-mirrorx-technology-and-how-does-it-work) MirrorX allows institutions to securely and efficiently delegate their assets from one platform to another. The assets remain in the custody of the original platform while earning rewards on the delegated platform. This simplifies the yield generation process for institutions and reduces the risk associated with transferring assets between different platforms. What happens in case of a hack or security breach?[](https://docs.multipli.fi/user-guide/faqs#what-happens-in-case-of-a-hack-or-security-breach) If an exchange fails, user funds will remain safe because they are locked up on-chain. Multipli will transfer collateral to another exchange and hedge the outstanding delta. **Has Multipli been audited?**[](https://docs.multipli.fi/user-guide/faqs#has-multipli-been-audited) Multipli and its architecture is thoroughly audited by security firms. Multipli is subjected to rigorous audits every update to ensure no vulnerabilities go unnoticed, and the audit reports can be viewed [here](https://docs.multipli.fi/risks/audit-reports) . * * * [](https://docs.multipli.fi/user-guide/faqs#miscellaneous) Miscellaneous ----------------------------------------------------------------------------- How can I contact customer support?[](https://docs.multipli.fi/user-guide/faqs#how-can-i-contact-customer-support) You can reach our customer care team at [\[email protected\]](https://docs.multipli.fi/cdn-cgi/l/email-protection#1b686e6b6b74696f5b766e776f726b7772357d72) Does Multipli fi have a mobile app?[](https://docs.multipli.fi/user-guide/faqs#does-multipli-fi-have-a-mobile-app) No, Multipli fi does not have a dedicated mobile app at the moment. What happens to my yield if I sell my xUSDT tokens?[](https://docs.multipli.fi/user-guide/faqs#what-happens-to-my-yield-if-i-sell-my-xusdt-tokens) When you sell your tokens, the yield ownership transfers to the new owner, along with any future yield generated after the sale. * * * [PreviousPeer Comparison](https://docs.multipli.fi/analysis/peer-comparison) [NextYield Cycle Update](https://docs.multipli.fi/user-guide/faqs/yield-cycle-update) Last updated 3 months ago --- # Flow of Funds | Multipli ![](https://docs.multipli.fi/~gitbook/image?url=https%3A%2F%2F251914897-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDerYSYw6qtxjqddgIxz0%252Fuploads%252F7BEkkxhr3PnIutgHwaJ3%252Fimage.png%3Falt%3Dmedia%26token%3Df02e24e4-d620-4016-bf6d-4a9fbdd929a5&width=768&dpr=4&quality=100&sign=98467b7&sv=2) 1. **User A** The process begins with User A, who decides to participate in the yield generation program by committing their assets to a yield generation contract. User A initiates the process by depositing their assets into the contract. 2. **Yield Generation Contract** The assets from User A are deposited into a yield generation contract, which is a smart contract designed to manage the yield generation process. It ensures that the assets are securely held and deployed according to predefined terms. 3. **Custodians** The deployed assets are transferred to custodians, such as CEFFU and Copperco. Custodians are responsible for securely holding the deployed assets and ensuring their mirroring on centralized exchanges. 4. **Centralized Exchanges** After the custodians, the assets are mirrored on centralized exchanges, specifically Binance and OKX. These exchanges provide the necessary infrastructure for executing arbitrage trades, enabling liquidity and access to various markets. 5. **Yield Generation Arbitrage** On centralized exchanges, the assets are utilized for yield generation arbitrage. This involves executing strategies to take advantage of price discrepancies across financial instruments. Refer to the [Execution for Stables](https://docs.multipli.fi/yield-explanation/execution-for-stables) section for further explanation. 6. **Yield Deposited to User Account** Profits generated from arbitrage activities are calculated, and the resulting yield is deposited into User A’s account every 7 days, ensuring users receive regular returns on their deployed assets. This process ensures that users’ assets are securely managed and effectively utilized to maximize returns through arbitrage strategies on centralized exchanges. Each step is designed to maintain the integrity, security, and profitability of the staking and yield generation process. Last updated 9 months ago ---