# Introduction The next phase of Sterling.Finance Minerva is a spin off decentralized exchange of GMX. Minerva is a decentralized perpetuals exchange on Optimism.\ \ Trading is supported by a unique multi-asset pool that earns liquidity providers fees from market making, swap fees and leverage trading.\ \ Dynamic pricing is supported by [Chainlink Oracles](https://chain.link/) and an aggregate of prices from leading volume exchanges.
| Name | Contract | | --------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | MINE | [0xE4d8701C69b3B94A620ff048e4226C895b67b2c0](https://optimistic.etherscan.io/address/0xe4d8701c69b3b94a620ff048e4226c895b67b2c0) | | AllMINE | [0x06177a05704C8156f8b3ae9391365497C432260A](https://optimistic.etherscan.io/address/0x06177a05704c8156f8b3ae9391365497c432260a) | | BnMINE | [0xB811Bc810a5b885d7be1B71fd26a542b2486E6f6](https://optimistic.etherscan.io/address/0xb811bc810a5b885d7be1b71fd26a542b2486e6f6) | | MLP | [0xeF9afB11062F8F0f779D62E9B81574792A623775](https://optimistic.etherscan.io/address/0xef9afb11062f8f0f779d62e9b81574792a623775) | | USDM | [0x6CdC00A448fB093575f82279c85fc99db00A74A4](https://optimistic.etherscan.io/address/0x6cdc00a448fb093575f82279c85fc99db00a74a4) | | Vault | [0x7EF6f8abAc00689e057C9ec14E34aC232255a2fb](https://optimistic.etherscan.io/address/0x7ef6f8abac00689e057c9ec14e34ac232255a2fb) | | Router | [0xD64F788C43074e77342806cBD5560d029028e253](https://optimistic.etherscan.io/address/0xd64f788c43074e77342806cbd5560d029028e253) | | OrderBook | [0x2C97f5f4394b33D27D5eBdc78F24b5da8FE85D5B](https://optimistic.etherscan.io/address/0x2c97f5f4394b33d27d5ebdc78f24b5da8fe85d5b) | | TokenManager | [0x2F1107Aa43eBa7869F0BB94bF2B8e1efa37bCbA3](https://optimistic.etherscan.io/address/0x2f1107aa43eba7869f0bb94bf2b8e1efa37bcba3) | | MlpManager | [0xD20dEab29dB49742D52Fe0708d766A343DE58EFe](https://optimistic.etherscan.io/address/0xd20deab29db49742d52fe0708d766a343de58efe) | | PositionManager | [0xf4badeD9e331915c89c065b36Fa10D79A2AAF662](https://optimistic.etherscan.io/address/0xf4baded9e331915c89c065b36fa10d79a2aaf662) | | PositionRouter | [0x1dC89546Bfd8827d14ccE56108B397bd807862b7](https://optimistic.etherscan.io/address/0x1dc89546bfd8827d14cce56108b397bd807862b7) | | VaultErrorController | [0xB54B5A5746b6408A914E60fd3547445e26Cf2C34](https://optimistic.etherscan.io/address/0xb54b5a5746b6408a914e60fd3547445e26cf2c34) | | VaultPriceFeed | [0xF04B10F160Bb709920B349A0182E1306B26a4A8B](https://optimistic.etherscan.io/address/0xf04b10f160bb709920b349a0182e1306b26a4a8b) | | VaultUtils | [0xC26bef84c0E4FbcCc29fcf9edFefE131DCcCec62](https://optimistic.etherscan.io/address/0xc26bef84c0e4fbccc29fcf9edfefe131dcccec62) | | FastPriceEvents | [0xB9371c2fFDE93055018744D9AED89277714b655a](https://optimistic.etherscan.io/address/0xb9371c2ffde93055018744d9aed89277714b655a) | | FastPriceFeed | [0xd580FD6D1E3788835f643bfa9467310B7e338618](https://optimistic.etherscan.io/address/0xd580fd6d1e3788835f643bfa9467310b7e338618) | | PriceFeedTimelock | [0x141a32f77Bc656499d758fCFEB7E1390De1e7252](https://optimistic.etherscan.io/address/0x141a32f77bc656499d758fcfeb7e1390de1e7252) | | PriceFeed | [0xc15fAE1AdCE641Dd9b14ed8D30b0df19190096E0](https://optimistic.etherscan.io/address/0xc15fae1adce641dd9b14ed8d30b0df19190096e0) | | RewardRouter | [0x887244beE354B4D1B6E08e776Bf2CfEF7C95b3e2](https://optimistic.etherscan.io/address/0x887244bee354b4d1b6e08e776bf2cfef7c95b3e2) | | BatchSender | [0x356167aaf46C80Fe8E1817785d3EE943E08c644b](https://optimistic.etherscan.io/address/0x356167aaf46c80fe8e1817785d3ee943e08c644b) | | OrderBookReader | [0x302F20EE3e825590a928CB243608A2f848336BcB](https://optimistic.etherscan.io/address/0x302f20ee3e825590a928cb243608a2f848336bcb) | | Reader | [0x8c03AE02f0a5EA3f75D7604eaeFa2Dd074AE8947](https://optimistic.etherscan.io/address/0x8c03ae02f0a5ea3f75d7604eaefa2dd074ae8947) | | RewardReader | [0x0d1C850D8109EAEF39cA310610555175A6A58E45](https://optimistic.etherscan.io/address/0x0d1c850d8109eaef39ca310610555175a6a58e45) | | VaultReader | [0xb6AB4c92Db829e6ee46350cd36bad8FbB4Fe48c5](https://optimistic.etherscan.io/address/0xb6ab4c92db829e6ee46350cd36bad8fbb4fe48c5) | | ReferralReader | [0x06E789aD3f70269819a1D9B8c7eD0BD7b4E2e607](https://optimistic.etherscan.io/address/0x06e789ad3f70269819a1d9b8c7ed0bd7b4e2e607) | | ReferralStorage | [0xfaC8091b5491738098b84C30968385EDab3f50c8](https://optimistic.etherscan.io/address/0xfac8091b5491738098b84c30968385edab3f50c8) | | StakedMineTracker | [0x21563764F5641ffCb89f25560644e39947B21bE0](https://optimistic.etherscan.io/address/0x21563764f5641ffcb89f25560644e39947b21be0) | | BonusMineTracker | [0x0849267e99F3A297c301f79477468d0524f6be20](https://optimistic.etherscan.io/address/0x0849267e99f3a297c301f79477468d0524f6be20) | | FeeMineTracker | [0x9EDEA5b1E099aB93DC3e98dF63DC1B31fb3FEf05](https://optimistic.etherscan.io/address/0x9edea5b1e099ab93dc3e98df63dc1b31fb3fef05) | | FeeMlpTracker | [0xD65B02F0f0202916d744DB9458538611275B5a7f](https://optimistic.etherscan.io/address/0xd65b02f0f0202916d744db9458538611275b5a7f) | | StakedMlpTracker | [0xdCF674ADF297Ce4a14373D12Ce7872A1491bfec5](https://optimistic.etherscan.io/address/0xdcf674adf297ce4a14373d12ce7872a1491bfec5) | | StakedMineDistributor | [0x9Ee48B184CEACeCE57dA26DDE663dC3ff96b11E2](https://optimistic.etherscan.io/address/0x9ee48b184ceacece57da26dde663dc3ff96b11e2) | | BonusMineDistributor | [0xed7151b3110BA21B8a784b0c3c74C081410AF183](https://optimistic.etherscan.io/address/0xed7151b3110ba21b8a784b0c3c74c081410af183) | | FeeMineDistributor | [0x41584ea5C8c584c7a777Bc625de57e38ba68dDA8](https://optimistic.etherscan.io/address/0x41584ea5c8c584c7a777bc625de57e38ba68dda8) | | FeeMlpDistributor | [0xfA157458912D54492df38448c613375C772F2b08](https://optimistic.etherscan.io/address/0xfa157458912d54492df38448c613375c772f2b08) | | StakedMlpDistributor | [0xE85CB5a3b7E531a282d7a2bb6420C0d638f420e6](https://optimistic.etherscan.io/address/0xe85cb5a3b7e531a282d7a2bb6420c0d638f420e6) | | MlpBalance | [0x0eF4Dcb91DfaFE8fB8CcbE11D38EEc52bcc3febc](https://optimistic.etherscan.io/address/0x0ef4dcb91dfafe8fb8ccbe11d38eec52bcc3febc) | | MineVester | [0x7495608CfEc775F610b936DE91e7582daAC78A02](https://optimistic.etherscan.io/address/0x7495608cfec775f610b936de91e7582daac78a02) | | MlpVester | [0xbE45712eA55f3e9BC795449E5221C7A5a44cc472](https://optimistic.etherscan.io/address/0xbe45712ea55f3e9bc795449e5221c7a5a44cc472) | | StakedMlp | [0xAE777Dd714e70A08B669FcC4935df5F006842a92](https://optimistic.etherscan.io/address/0xae777dd714e70a08b669fcc4935df5f006842a92) | | Timelock | [0x99b987e24d7d61b85d6Da1416Ef8B209cdB4E3E8](https://optimistic.etherscan.io/address/0x99b987e24d7d61b85d6da1416ef8b209cdb4e3e8) | # General Resources General resources is a safe space for you all to find official links for Minerva ### **Useful links** Discord: \ Medium: \ Twitter: \ dAPP: \ Former website: [https://](https://github.com/Sterl-o)[sterling.finance/](https://sterling.finance/)\ Github: \ Aggregator: # How to? To use Minerva you need a MetaMask wallet connected to the Optimism network. For information on MetaMask, visit their [website](https://metamask.io/). MetaMask by default only supports the Ethereum network. However, when you connect MetaMask to Minerva, we will automatically configure MetaMask to work with Optimism. \ \ To perform transactions on Minerva or any other OP native protocol, you will need ETH for gas. ### Here is a more detailed step-by-step tutorial: **Please take notice of the wallet extension that you are downloading, only access it from a trusted site. Phishing website will try to imitate the real one!** Refer to the Defi Safety practices on the Miscellaneous page for further info. ### 1. Click on the icon in the top right. ![](https://2373885544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoaFZ0hNv5IpR4uiYMgBF%2Fuploads%2F8UMlOkWLazK4QsI3q7HB%2Fimage.png?alt=media\&token=0feb9dc6-4f6a-4bb2-aa7c-7b14fd10fb25) ![](https://2373885544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoaFZ0hNv5IpR4uiYMgBF%2Fuploads%2FUPIzHwb4ZAttl9jQBc6H%2Fimage.png?alt=media\&token=01b8f72e-527a-4aa7-900c-04b09dfd608e) ![](https://2373885544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoaFZ0hNv5IpR4uiYMgBF%2Fuploads%2FT3L7QBElQRe7uHkabjas%2Fimage.png?alt=media\&token=4cd286bb-11e3-4ff1-a47b-050301c132ae) ### 4. Click on "Add Network". ​ ![](https://2373885544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoaFZ0hNv5IpR4uiYMgBF%2Fuploads%2FQXwkWTSE0wzGgUxWfrJl%2Fimage.png?alt=media\&token=2be15e33-dcbe-4296-969c-2d3d187d00e5) ### 5. Input the following information and click "Save". ​Please check the **RPC** up time during congestion to avoid slow transaction finality.\ \ Network Name: Optimism\ Chain ID: 10\ New RPC URL: \ Block Explorer URL: [https://explorer.optimism.io](< https://explorer.optimism.io>) ### 6. You are now connected and can switch between networks by clicking on the Networks Tab in MetaMask. ​ ![](https://2373885544-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoaFZ0hNv5IpR4uiYMgBF%2Fuploads%2Fh7EQyrdD6ixvf9Sxbobi%2Fimage.png?alt=media\&token=27f30d6a-8e28-485f-9da6-14ff1d8982c3) ​ # Migration If you burned your STR and veSTR tokens and NFT on Arbitrum during the eligible burn period, you don't have to do anything.\*\*\ \ We will be airdroping the MINE and allMINE tokens to all the burners on day 1. \ \ The burn ratio is set as follows:
1. One veSTR = 4 allMINE 2. One STR = 1 MINE + 0.5 allMINE ### Escrowed MINE (allMINE) When you receive your Escrowed MINE (allMINE) after the migration, you can use them in two ways:\ \ 1\. Staking them for rewards; similar to regular MINE tokens.\ 2\. Vesting them to become actual MINE tokens over a period of one year\ \ Each staked Escrowed MINE (allMINE) token will earn the same amount of Escrowed MINE and ETH rewards as a regular MINE token.\ \ For a more information on allMINE, check out [Rewards](/core-features/rewards)\ \ \*\*If you missed the burn period, please open a ticket on Discord. # Contracts Official list of all the contracts * MINE: 0xE4d8701C69b3B94A620ff048e4226C895b67b2c0; * TokenManager: 0x2F1107Aa43eBa7869F0BB94bF2B8e1efa37bCbA3 * Vault: 0x7EF6f8abAc00689e057C9ec14E34aC232255a2fb * USDM: 0x6CdC00A448fB093575f82279c85fc99db00A74A4 * MLP: 0xeF9afB11062F8F0f779D62E9B81574792A623775 * AllMINE: 0x06177a05704C8156f8b3ae9391365497C432260A * BnMINE: 0xB811Bc810a5b885d7be1B71fd26a542b2486E6f6 * ShortsTracker: 0xe29ABd1B65DB4539AEF9d1e9976f464ED7A48781 * MlpManager: 0xD20dEab29dB49742D52Fe0708d766A343DE58EFe * OrderBook: 0x2C97f5f4394b33D27D5eBdc78F24b5da8FE85D5B * Router: 0xD64F788C43074e77342806cBD5560d029028e253; * PositionManager: 0xf4badeD9e331915c89c065b36Fa10D79A2AAF662; * PositionRouter: 0x1dC89546Bfd8827d14ccE56108B397bd807862b7; * VaultErrorController: 0xB54B5A5746b6408A914E60fd3547445e26Cf2C34 * VaultPriceFeed: 0xF04B10F160Bb709920B349A0182E1306B26a4A8B * VaultUtils: 0xC26bef84c0E4FbcCc29fcf9edFefE131DCcCec62 * FastPriceEvents: 0xB9371c2fFDE93055018744D9AED89277714b655a; * FastPriceFeed: 0xd580FD6D1E3788835f643bfa9467310B7e338618; * PriceFeedTimelock: 0x141a32f77Bc656499d758fCFEB7E1390De1e7252 * PriceFeed: 0xc15fAE1AdCE641Dd9b14ed8D30b0df19190096E0 * RewardRouter: 0x887244beE354B4D1B6E08e776Bf2CfEF7C95b3e2; * BatchSender: 0x356167aaf46C80Fe8E1817785d3EE943E08c644b * OrderBookReader: 0x302F20EE3e825590a928CB243608A2f848336BcB * Reader: 0x8c03AE02f0a5EA3f75D7604eaeFa2Dd074AE8947 * RewardReader: 0x0d1C850D8109EAEF39cA310610555175A6A58E45 * VaultReader: 0xb6AB4c92Db829e6ee46350cd36bad8FbB4Fe48c5 * ReferralReader: 0x06E789aD3f70269819a1D9B8c7eD0BD7b4E2e607; * ReferralStorage: 0xfaC8091b5491738098b84C30968385EDab3f50c8; * StakedMineTracker: 0x21563764F5641ffCb89f25560644e39947B21bE0; * BonusMineTracker: 0x0849267e99F3A297c301f79477468d0524f6be20; * FeeMineTracker: 0x9EDEA5b1E099aB93DC3e98dF63DC1B31fb3FEf05; * FeeMlpTracker: 0xD65B02F0f0202916d744DB9458538611275B5a7f; * StakedMlpTracker: 0xdCF674ADF297Ce4a14373D12Ce7872A1491bfec5; * StakedMineDistributor: 0x9Ee48B184CEACeCE57dA26DDE663dC3ff96b11E2 * BonusMineDistributor: 0xed7151b3110BA21B8a784b0c3c74C081410AF183 * FeeMineDistributor: 0x41584ea5C8c584c7a777Bc625de57e38ba68dDA8; * FeeMlpDistributor: 0xfA157458912D54492df38448c613375C772F2b08; * StakedMlpDistributor: 0xE85CB5a3b7E531a282d7a2bb6420C0d638f420e6; * MlpBalance: 0x0eF4Dcb91DfaFE8fB8CcbE11D38EEc52bcc3febc * MineVester: 0x7495608CfEc775F610b936DE91e7582daAC78A02 * MlpVester: 0xbE45712eA55f3e9BC795449E5221C7A5a44cc472 * StakedMlp: 0xAE777Dd714e70A08B669FcC4935df5F006842a92; * Timelock: 0x99b987e24d7d61b85d6Da1416Ef8B209cdB4E3E8 * **MINE-ETH LP (VELODROME POL): 0xA87f036BCF4454B5Fa1E2E5E5989A825e0822A8A** # Access Control Certain Parameters can adjusted by the Controller, which is currently under the Multisig's control * Setting of swap and margin trading fees up to a maximum of 5% * Setting of token weights for the MLP pool, token weights affect the dynamic fees of swaps, these fees are such that a swap which increases the balance towards the specified token weight will be lower, while a swap that moves the token weight away from the desired amounts will have higher fees, the details of the calculation can be found from `Vault.vaultUtils.getSwapFeeBasisPoints` * Pausing of swaps or leverage trading for emergency use * Setting of the maximum allowed leverage * Setting of maximum total capacity for long and short positions Parameters that can be adjusted by a [**Timelock**](#timelock) controlled by the team: * Listing of new tokens * Updating `Vault.priceFeed` * Updating `Vault.vaultUtils`, the VaultUtils contract validates the opening and closing of positions and also specifies how fees are calculated * Updating of `gov` values # TimeLock The Timelock works by requiring a 24 hour gap between when the full details of an action is signalled on-chain to when the action is executed. An example flow would be: * `Timelock.signalSetPriceFeed` is called, this specifies the Vault address and the address of the new price feed * At least 24 hours must pass * `Timelock.setPriceFeed` can be called, this will update the `Vault.priceFeed` value {% hint style="info" %} 24 hours was selected as it helps to be able to respond quickly to any issues that may occur. {% endhint %} The Timelock contract is monitored by the team and can be monitored by anyone without coding by subscribing to the `Timelock.SignalPendingAction` event. This is doable using [OpenZeppelin Sentinel](https://openzeppelin.com/defender/). The Timelock contracts can be found by checking the `gov` values of contracts.\ \ In the event of a malicious transaction being sent, it is possible for all funds in the pool to be compromised. To mitigate this, all actions which can impact user funds must pass through the signal, time gap, execute process mentioned above. If a malicious transactions is detected through the monitoring process or Bug Bounty, a multi-sig consisting of advisors and community members can be used to override the `Timelock.admin` value, this would prevent the action from being executed. This also applies for actions such as pausing trading when there was no need to, in this case, the admin can be replaced by the multi-sig and trading can be re-activated. {% hint style="info" %} Note that the multi-sig can only override the admin value, it cannot bypass the time gap required for Timelock actions. {% endhint %} # Upgradeability The core logic of the MINE contracts cannot be changed, but certain peripheral functions such as fee and pricing calculations can be updated. This update is done by implementing new fee / pricing contracts and updating the core contracts to use the new contracts. For example, the Vault contract has a `priceFeed` value that can be changed by the [Timelock](/general-resources/contracts/access-control/timelock) contract. # Flash Loan Attack Mitigations Opening and closing of positions as well as swaps, minting and redeeming of MLP are settled at the oracle price covered in the **Price Feeds** section since these prices are not dependent on pool composition or parameters like long / short ratios, so a flash loan would not have an impact on these functions. The dynamic fees for swaps are dependent on pool composition, however, this does not lead to positive slippage so the maximum benefit from a flash loan would be a zero fee swap which adjusts pool composition towards the desired token weights. # Vaults The Vault contract stores deposits and handles the main trading functions. * Deposits: Funds are deposited into the Vault through the minting of MLP tokens. e.g. if the price of MLP is $1.50, a user can mint 1 MLP by depositing 1.50 USDC tokens. * Withdrawals: Funds can be withdrawn from the vault through the burning of MLP tokens. e.g. if the price of MLP is $1.50, a user can burn 1 MLP to redeem 1.50 USDC tokens. * Swaps: The vault allows swapping of the tokens held in the vault. e.g. if the price of ETH is $5000 a user can swap 1 ETH for 5000 USDC through the swap function of the vault. * Longing: Users can open a long position using the vault. e.g. to open a long, a user can deposit 1 ETH into the vault and open a position of $25,000, if the price of ETH at the time of opening the position is $5000, then this would be a 5x long position. If the price of ETH increases by 10%, the user would make a profit of $25,000 \* 10% = $2500. A snapshot of the collateral is taken when the position is opened, so in this example, the collateral would be recorded as $5000 and will not change even if the price of ETH changes. To ensure the vault has sufficient funds to pay out any profits, an amount of ETH equivalent to the position’s size is marked as reserved, for this position, 5 ETH in the vault would be reserved. * Shorting: Users can open a short position using the vault. e.g. to open a short, a user can deposit 5000 USDC into the vault and open a position of $25,000. Stablecoins are required as collateral for shorts and similar to longs, an amount of stablecoins equivalent to the size of the position would be reserved to pay out any profits. * Liquidations: A position can be liquidated by keepers if the losses of the position reduces the collateral to the point where `position size / remaining collateral` is more than the max allowed leverage. # Router The Router contracts provide convenience functions on top of the vault. The [Position Router](/general-resources/contracts) contract handles a two part transaction process for increasing or decreasing long / short positions, this process helps to reduce front-running issues: 1. A user sends the request to increase / decrease a position to the PositionRouter 2. A keeper requests the index price from an aggregate of exchanges 3. The keeper then executes the position at the current index price 4. If the position cannot be executed within the allowed slippage the request is cancelled and the funds are sent back to the user A user can execute the position on their own if three minutes have passed between the request transaction and the execution transaction. The function of the position keepers is to provide convenience and the protocol can continue to operate even without these keepers.\ \ For swaps, the base fee is 0.25%, while price feeds update within 0.12% price movements, this helps to reduce front-running issues. # Price Feeds The PriceFeed contract accepts submissions from the price feed keeper. The keeper calculates prices using the median price of Binance, Bitfinex and Coinbase. There are two types of keepers: * Price feed keeper: submits prices routinely for swaps * Position keeper: submits prices when executing a position The vault uses the price from the keeper if it is within a configured percentage of the corresponding Chainlink price. If the price exceeds this threshold then a spread would be created between the bounded price and the Chainlink price, this threshold is based on the historical max deviation of the Chainlink price from the median price of reference exchanges. For example, if the max deviation is 2.5% and the price of the token on Chainlink is $100, if the keeper price is $103, then the pricing on the vault would be $100 to $103. When opening a long position, the higher price is used and when closing the lower price is used, for short positions, the lower price is used when opening and the higher price is used for closing.\ \ Prices from the keeper also have an expiry of five minutes, if the last price has been submitted more than five minutes ago, the Chainlink price will be used instead.\ \ For liquidations, these can only occur if the Chainlink price reaches the liquidation price for a position.\ \ Aside from the keeper nodes, watcher nodes are also ran to verify that the prices submitted by the keepers have not been tampered with. Watcher nodes continually compute the median price and compare this with the prices submitted by keepers, if the prices submitted by a keeper does not match the computed median price, then the watcher sends a transaction to enforce a spread between the keeper price and the Chainlink price. For example, if the keeper is operating normally and the Chainlink price is $100 while the keeper price is $101, there would be no spread and $101 would be used for pricing, if the keeper is not operating normally, and the watcher sends a transaction to enforce a spread, then the pricing used would be $100 to $101.\ \ The keepers and watchers are currently run by separate contributors, as we become more certain of the watcher’s reliability, we can open the watcher to be run by any user to receive notifications. Multiple watcher accounts are currently setup to have the ability to send the transaction to enable spreads. It would also be possible to allow more users to send the transaction to enforce a spread by requiring the account to stake or lock a minimum amount of MINE tokens.\ \ The price feed and position keepers can be further decentralized by using [Chainlink keepers](https://docs.chain.link/docs/chainlink-keepers/introduction/).\ \ As the price feed contract may be updated to improve its security, the most reliable way to find the contract address for it would be to check the value of `Vault.priceFeed`. {% hint style="info" %} Additional contract level checks have been added. On each fast price update, contract variables store the percentage change in price for the update as well as the percentage change of the Chainlink price since the last update, if the cumulative percentage change in the fast prices over a duration exceeds the cumulative percentage change in the Chainlink prices by a configured threshold, the spread between the fast price and Chainlink price will be automatically enabled. The configuration for this is in `Vault.priceFeed.secondaryPriceFeed.maxCumulativeDeltaDiffs`. {% endhint %} # Audit *Coming soon!* ### Bug Bounty *Coming soon!* # Risks Caution should be exercised when interacting with any smart contract or blockchain application. While risks are attempted to be mitigated through testing, audits and bug bounties, there is always a risk of vulnerabilities in smart contract code.\ \ For details of contract operation please read the [Contracts](/general-resources/contracts) section.\ \ A non-exhaustive list of some risks:\ \ \- Smart contract risks\ \- Counterparty risks: The MLP pool is the counterparty to traders, if traders make a profit that comes from the value of the MLP pool\ \- Token risks: Bridged tokens may depend on the security of the bridge, pegged tokens have risks of depegging # Roadmap How Minerva will evolve overtime ### Phase I - Decentralized Autonomous Organization A DAO, or decentralized autonomous organization, is a type of digital organization that is run using smart contracts and blockchain technology. In a DAO, users can use MINE tokens to participate in the decision-making process by voting on proposals and potentially even creating new proposals if their holdings of MINE tokens are sufficient. Users can earn MINE tokens by participating in the DAO in various ways, such as by contributing to the development of the organization or by providing valuable services to the community. The more MINE tokens a user holds, the more influence they may have in the decision-making process. To vote on proposals, users can use their MINE tokens to cast a vote in favor or opposition to a particular proposal. The outcome of the vote is determined by the total number of MINE tokens held by users who voted on the proposal. If a user's holdings of MINE tokens are above a certain threshold, they may be able to create their own proposals and submit them to the DAO for consideration. In a DAO, decisions are made in a decentralized manner, meaning that there is no central authority dictating the actions of the organization. This can provide a level of transparency and accountability, as all decisions and votes are recorded on the blockchain and can be publicly audited. ### Phase II - TBA # Overview An overview the Minerva tokenomics, distribution and emission schedule. [MINE](/tokenomics/mine) is the governance token of the platform, it is a regular ERC20 token that can be staked for rewards and earns earns ETH, allMINE, and Multiplier Points when staked.\ \ [allMINE](/tokenomics/allmine) is the escrow token of the platform. It earns ETH, allMINE, and Multiplier Points when staked \ \ [MLP](/tokenomics/mlp) is the liquidity provider token of the platform, it can be minted using any of the tokens within the liquidity pool such as ETH, BTC, OP and USDC. The token’s price is determined by the worth of all tokens within the pool and factoring in the profits and losses of all currently opened positions. MLP earns ETH, allMINE, and is automatically staked on mint\ \ [**Multiplier Points**](/core-features/rewards#multiplier-points) boost ETH APRs when staked\ \ \ Minerva aims to have a sustainable emission schedule and proper emission management.\ \ The tokenomics were designed to have a maximum cap of $MINE tokens, so scarcity is a major player in controlling the supply and demand of the $MINE tokens.\ \ MINE Token Supply is limited to **10,000,000**. Meaning no more tokens will be minted. This way we have split the token emission between the migration and [Minerva](http://minerva.money/).\ \ Check the allocations table below for Minerva:
# MINE The MINE token address is (OP) ### **Staking** Staked MINE receives three types of rewards:\ \ \- escrowed MINE (allMINE)\ \- Multiplier Points\ \- ETH\ \ For more info on Escrowed MINE (allMINE) and Multiplier Points, please see the Rewards page.\ \ 30% of fees generated from swaps and leverage trading are converted to ETH and distributed to staked MINE tokens. Note that the fees distributed are based on the number after deducting referral rewards and the network costs of keepers, keeper costs are usually around 1% of the total fees. ### Supply The supply of MINE can be viewed on the Dashboard.\ \ The increase in circulating supply will vary depending on the number of tokens that get vested, and the amount of tokens used for marketing / partnerships. The forecasted max supply is 10 million MINE tokens.\ \ Minting beyond the max supply of 10 million is controlled by a 28 day timelock. This option will only be used if more products are launched and liquidity mining is required, a governance vote will be conducted before any changes.\ \ MINE liquidity on Velodrome is gradually added as the price of MINE increases, the MINE liquidity pool is at **\**\ \ Liquidity is owned by the protocol and stored under the same multi-sig signers following the [Sterling.finance](https://sterling.finance/) migration. # allMINE allMINE is the platform's escrowed token. ### Escrowed MINE (allMINE) Escrowed MINE (allMINE) can be used in two ways:\ \ 1\. Staked for rewards similar to regular MINE tokens.\ 2\. Vested to become actual MINE tokens over a period of one year\ \ Each staked Escrowed MINE (allMINE) token will earn the same amount of Escrowed MINE and ETH rewards as a regular MINE token.\ \ Note that Escrowed MINE (allMINE) is not meant to be transferrable unless you are doing a full account transfer. The amount of MINE or MLP required to vest allMINE is unique per account and capped to the rewards received by that account. Please do not buy allMINE off the market or OTC as you will not be able to vest them. # MLP MLP is the platform's liquidity provider token. ### Overview MLP consists of an index of assets used for swaps and leverage trading. It can be minted using any index asset and burnt to redeem any index asset.
{% hint style="info" %} The price for minting and redemption is calculated based on (total worth of assets in index including profits and losses of open positions) / (MLP supply). {% endhint %} MLP holders earn Escrowed MINE rewards and 60% of platform fees distributed in ETH. {% hint style="info" %} Note that the fees distributed are based on the number after deducting referral rewards and the network costs of keepers, keeper costs are usually around 1% of the total fees. {% endhint %} Staked MLP token address:\ \ As MLP holders provide liquidity for leverage trading, they will make a profit when leverage traders make a loss and vice versa. ### Minting and Redeeming #### Minting MLP Bridge any of the MLP tokens to Optimism, a list of MLP tokens can be found on the Dashboard.\ \ Fees for buying MLP will vary based on which assets the index has less or more of, the Buy MLP page will show which assets have the lowest fee.\ \ After buying your tokens will automatically be staked and you will start earning Escrowed MINE (allMINE) and ETH rewards, you can check your rewards at #### Redeeming MLP Key in the amount of MLP you'd like to redeem at . #### Token Pricing There may be a spread on some tokens, minting MLP will be based on the lower value of the token and redeeming MLP will be based on the higher value of the token.\ \ For stablecoin tokens, the spread will be from the Chainlink price of the stablecoin to 1 USD.\ \ The price of MLP will depend on the spread of the tokens in the pool as well. #### Rebalancing The fees to mint MLP, burn MLP or to perform swaps will vary based on whether the action improves the balance of assets or reduces it. For example, if the index has a large percentage of ETH and a small percentage of USDC, actions which further increase the amount of ETH the index has will have a high fee while actions which reduces the amount of ETH the index has will have a low fee.\ \ The token weights can be seen on the Dashboard.\ \ Token weights are adjusted to help hedge MLP holders based on the open positions of traders. For example, if a lot of traders are long ETH, then ETH would have a higher token weight, if a lot of traders are short, then a higher token weight will be given to stablecoins.\ \ If token prices are increasing, then the price of MLP will increase as well, even if a lot of traders have a long position on the platform. The portion reserved for long positions can be treated as stable in terms of its USD value since if prices increase the profits from that portion will be used to pay traders, and if prices decrease, the losses of traders will keep the USD value of the reserve portion the same.\ \ If a lot of traders are short and larger weights are given to stablecoins, then MLP holders would have a synthetic exposure to the tokens being shorted, e.g. if ETH is being shorted then the price of MLP will decrease if the price of ETH decreases, if the price of ETH increases then the price of MLP will increase from the losses of the short positions. # Buying / Selling MLP Buying and selling MLP can be done through the MLPRewardRouter. To buy MLP, call `mintAndStakeMlp` * `_token`: the token to buy MLP with * `_amount`: the amount of token to use for the purchase * `_minUsdg`: the minimum acceptable USD value of the MLP purchased * `_minMlp`: the minimum acceptable MLP amount To sell MLP, `unstakeAndRedeemMlp` * `_tokenOut`: the token to sell MLP for * `_mlpAmount`: the amount of MLP to sell * `_minOut`: the minimum acceptable amount of `tokenOut` to be received * `_receiver`: the address to send `tokenOut` to {% hint style="info" %} Note that MLP can only be redeemed up to the `reservedAmount`, which is based on the amount of open interest, if the pool has been fully redeemed up to the `reservedAmount` then redeemers will need to wait for positions to close before further redemptions can be done, in this scenario the borrowing fee APR would be very high so liquidity providers will be incentivised to mint MLP and traders will be incentivised to close positions {% endhint %} The price of MLP can be retrieved from the MlpManager. * The buy price would be getAum(true) / mlpSupply * The sell price would be getAum(false) / mlpSupply # MLP Price The price of MLP is based on the total worth of all tokens in the pool and factors in pending profits and losses from all currently opened positions. * Buy price: `mlpManager.getPrice(true)` * Sell price: `mlpManager.getPrice(false)` Since there might be a spread for token pricing, passing in `true` into the `getPrice` function returns the maximum price at that point in time, while passing in false returns the minimum price. For the calculation of pending PnL for shorts the `mlpManager.shortsTracker.globalShortAveragePrices` value should be used instead of `vault.globalShortAveragePrices`. # Transferring Staked MLP When MLP is bought it is automatically staked and when it is sold it is automatically unstaked, for integrations adding MLP the StakedMlp contract can be used to transfer staked MLP tokens. StakedMlp behaves like a regular ERC20 token, the user can call approve on it to approve your contract, then your contract can call transferFrom to transfer the MLP tokens to any receiving account or contract. When transferring, the StakedGlp contract will unstake MLP from the user and stake the MLP for the receiving account, the receiving account or contract would then start earning rewards which can be compounded or claimed by calling `handleRewards` on the RewardRouter contract.\ \ Since there is a 15 min cooldown duration after minting MLP, this amount of time needs to pass for the user before transferFrom can be called for their account. # Trading Minerva is a decentralized exchange allowing trading without the need for a username or password. The platform uses an aggregate price feed which reduces the risk of liquidations from temporary wicks. ### **Swaps** Minerva supports both swaps and leverage trading. For swaps, click on the "Swap" tab on this will open the interface to swap tokens with zero price impact.\ \ For leverage trading, please see the below sections for more information. ### **Opening a position** Click on "Long" or "Short" depending on which side you would like to open a leverage position on. * Long position * Earns a profit if the token's price goes up * Makes a loss if the token's price goes down * Short position * Earns a profit if the token's price goes down * Makes a loss if the token's price goes up After selecting your side, key in the amount you want to pay and the leverage you want to use. For example, 0.1 ETH worth 352.33 USD can be used to buy a 5x ETH (Ethereum) long position of size 1752.89 USD\ \ The "Entry Price" can be $3541.17 and the Liquidation Price would be $2903.76. Your "Exit Price" is the price that would be used to calculate profits if you open and then immediately close a position. The exit price will change with the price of the token you are longing or shorting.\ \ The trading fee to open a position is 0.1% of the position size, similarly there is a 0.1% fee when closing the position.\ \ There is also a "Borrow Fee" that is deducted at the start of every hour. This is the fee paid to the counter-party of your trade. The fee per hour will vary based on utilization, it is calculated as (assets borrowed) / (total assets in pool) \* 0.01%. The "Borrow Fee" for longing or shorting is shown below the swap box.\ \ While there are no price impacts for trades, there can be slippage due to price movements between when your trade transaction is submitted and when it is confirmed on the blockchain. Slippage is the difference between the expected price of the trade and the execution price, this can be customized by clicking on the "..." icon next to your address at the top right of the page. ### Managing Positions After opening a trade, you would be able to view it under your Positions list, you can also click on "Edit" to deposit or withdraw collateral, this allows you to manage your leverage and liquidation price.\ \ When you open a position or deposit collateral, a snapshot of the USD price of your collateral is taken, so e.g. if your collateral is 0.1 ETH and the price of ETH is 3523.30 at the time, then your collateral is 352.33 USD and will not change even if the price of ETH changes.\ \ The amount of profit and loss you make will be proportional to your position size. In this example, 352.33 USD has been used to buy 1752.89 USD of ETH. If the price of ETH increases by 10%, the position would have a profit of 175.29 USD, if the price of ETH decreases by 10%, the position would have a loss of 175.29 USD.\ \ If a short position was opened instead, then if the price of ETH decreased by 10% the position would have a profit of 175.29 USD, if the price of ETH increased by 10%, the position would have a loss of 175.29 USD.\ \ Leverage for a position is displayed as (position size) / (position collateral). If you'd like to display the leverage as (position size + PnL) / (position collateral), you can customise this by clicking on the "..." button next to your address.\ \ Note that when depositing collateral into a long position, there is a 0.3% deposit fee for the conversion of the asset to its USD value, e.g. ETH amount to USD value. This is to prevent deposits from being used as a zero fee swap. This does not apply to shorts. Withdrawing of collateral from longs and shorts do not have this fee as well. ## **Closing a Position** You can close a position partially or completely by clicking on the "Close" button.\ \ For long positions, profits are paid in the asset you are longing, e.g. if you long ETH you would get your profits as ETH.\ \ For short positions, profits will be paid out in the same stablecoin that you used to open the position, e.g. USDC or USDT.\ \ Note that may not always show ETH transfers so when you close long positions on Optimism and receive ETH the transaction might not show the transfer but your ETH balance would have increased. If the ETH transfer does show, it would be displayed under the "Interacted With" section. ### Stop-Loss / Take-Profit Orders You can also set stop-loss and take-profit orders by clicking on the "Close" button and selecting the "Trigger" tab.\ \ After creating a trigger order, it will appear in your position's row as well as under the "Orders" tab, you can edit it the order and change the trigger price if needed.\ \ If you close a position manually, the associated trigger orders will remain open, you would need to cancel them manually if you do not want the order to be active when opening future positions.\ \ Note that orders are not guaranteed to execute, this can occur in a few situations including but not exclusive to: * The mark price which is an aggregate of exchange prices did not reach the specified price * The specified price was reached but not long enough for it to be executed * No keeper picked up the order for execution {% hint style="info" %} Trigger orders are market orders and are not guaranteed to execute at the trigger price. {% endhint %} ### **Partial Liquidations** In the example, since only 352.33 USD worth of tokens is used as collateral to open the position, there will be a price at which the loss amount is very close to the collateral amount.\ \ This is the Liquidation Price and is calculated as the price at which the (collateral - losses - borrow fee) is less than 1% of your position's size. If the token's price crosses this point then the position will be automatically closed.\ \ Due to the borrow fee your liquidation price will change over time, especially if you use a leverage that is more than 10x and have the position open for more than a few days, so it is important to monitor your liquidation price.\ \ If there is any collateral remaining after deducting losses and fees, then the corresponding amount would be returned to your account. ### **Pricing** There is no price impact for trades on Minerva, so you can execute large trades exactly at the mark price. During times of high volatility there will be a spread from the Chainlink price to the median price of reference exchanges.\ \ The mark prices are displayed next to the market name, long positions will be opened at the higher price and closed at the lower price while short positions will be opened at the lower price and closed at the higher price.\ \ The chart will indicate the average of the two mark prices. ### Fees The cost to open / close a position is 0.1% of the position size.\ \ The collateral of long positions is the token being longed, for ETH longs the collateral is ETH and for BTC longs the collateral is WBTC, etc. The collateral of shorts positions is any of the supported stablecoins e.g. USDC, USDT, ~~**LUSD**~~. If a swap is needed when opening or closing a position then the regular swap fee would apply, this fee is 0.2% to 0.8% of the collateral size, the exact fee depends on whether the swap improves balance or reduces it.\ \ There is also an execution fee detailed below which is used to pay for the blockchain network costs. ### Execution Fee There are two transactions involved in opening / closing / editing a position:\ \ 1\. User sends the first transaction to request open / close / deposit collateral / withdraw collateral\ 2\. Keepers observe the blockchain for these requests then execute them\ \ The cost of the second transaction is displayed in the confirmation box as the "Execution Fee". This network cost is paid to the blockchain network. ### Stablecoin Pricing In case the price of a stablecoin depegs from 1 USD: * Opening and closing short positions during this time would incur a cost on the collateral based on a spread of 1 USD to the Chainlink price of the stablecoin. For example, if the price of the chosen stablecoin depegs to 0.95 USD, opening a position using 1000 of that stablecoin would result in a position collateral of 950 USD based on a price of 0.95 USD, when closing the position, 950 of the stablecoin would be withdrawn based on a price of 1 USD, this is to prevent front-running issues during a depeg since collateral is stored as a USD value and converted to tokens based on the latest price. * To ensure that profits for all short positions can always be fully paid out, the contracts will pay out profits in the stablecoin based on a price of 1 USD or the current Chainlink price for the stablecoin, whichever is higher. * For swaps using the depegged stablecoin, the spread from 1 USD to the Chainlink price of the stablecoin will similarly apply. * Long positions should not be affected though there may be a spread if swapping from a depegged stablecoin into the long collateral needed for the position, e.g. to long ETH, ETH collateral is needed. Alternative swap platforms could be used to execute the swap before opening the long position. The interface should show a warning if there is a large spread for this. # Swap **To execute a swap:** * Approve the Router contract for the token and amount you would like to swap * Call Router.swap with parameters: * \_path: \[tokenIn, tokenOut] * \_amountIn: amount of tokenIn to swap * \_minOut: minimum expected output amount * \_receiver: address of the receiver of tokenOut * The function will revert if the amount of tokenOut sent to the receiver is less than *\_*minOut **To get swap amounts before execution:** * Call Reader.getMaxAmountIn with parameters: * \_vault: address of the vault * \_tokenIn: address of token that will be given * \_tokenOut: address of token to be received * The max amount of tokenIn that can be swapped will be returned * Call Reader.getAmountOut with parameters: * \_vault: address of the vault * \_tokenIn: address of token that will be given * \_tokenOut: address of token to be received * \_amountIn: amount of tokenIn to swap * Two values will be returned, the first is the amount out after fees, and the second is the fee amount * The fee amount will be in terms of tokenOut Tokens have a usdgAmount in the Vault contract used for some calculations, this amount is updated on minting of MLP, redemption of MLP and swaps based on the price of the token at the time. Due to price fluctuations this value may drift slightly from the actual USD value of the tokens in the pool, the usdgAmount is periodically updated to re-align values. # Query Available Amounts The maximum sum of all position sizes is limited by the amount of tokens there are in the pool and any additional caps. **To calculate the available amount of liquidity for long positions:** * indexToken: the address of the token to long * Available amount in tokens: Vault.poolAmounts(indexToken) - Vault.reservedAmounts(indexToken) * Available amount in USD: PositionRouter.maxGlobalLongSizes(indexToken) - Vault.guaranteedUsd(indexToken) * The available liquidity will be the lower of these two values * PositionRouter.maxGlobalLongSizes(indexToken) can be zero, in which case there is no additional cap, and available liquidity is based only on the available amount of tokens **To calculate the available amount of liquidity for short positions:** * indexToken: the address of the token to short * collateralToken: the address of the stablecoin token to be used as collateral * Available amount in tokens: Vault.poolAmounts(collateralToken) - Vault.reservedAmounts(collateralToken) * Available amount in USD: PositionRouter.maxGlobalShortSizes(indexToken) - Vault.globalShortSizes(indexToken) * The available liquidity will be the lower of these two values * PositionRouter.maxGlobalShortSizes(indexToken) can be zero, in which case there is no additional cap, and available liquidity is based only on the available amount of tokens # Opening / Increasing a Position To open or increase the size of an existing position: * Approve the PositionRouter as a Router plugin for your account * Router.approvePlugin(PositionRouter address) * Approve the Router contract for the token and amount you would deposit as collateral for the position * Call `PositionRouter.createIncreasePosition` with parameters: * `_path`: \[collateralToken] or \[tokenIn, collateralToken] if a swap is needed * `_indexToken`: the address of the token you want to long or short * `_amountIn`: the amount of tokenIn you want to deposit as collateral * `_minOut`: the min amount of collateralToken to swap for * `_sizeDelta`: the USD value of the change in position size * `_isLong`: whether to long or short * `_acceptablePrice`: the USD value of the max (for longs) or min (for shorts) index price acceptable when executing the request * `_executionFee`: can be set to PositionRouter.minExecutionFee * `_referralCode`: [referral code](/core-features/referall) for affiliate rewards and rebates * `_callbackTarget`: an optional callback contract, this contract will be called on request execution or cancellation * After this transaction is sent a keeper will execute the request, the request will either be executed or cancelled * If the position cannot be increased for reasons such as the `_acceptablePrice` not being fulfillable or there being insufficient liquidity then the request will be cancelled and funds will be sent back to the msg.sender that called `PositionRouter.createIncreasePosition` * `_minOut` can be zero if no swap is required * USD values for \_sizeDelta and \_price are multiplied by (10 \*\* 30), so for example to open a long position of size 1000 USD, the value 1000 \* (10 \*\* 30) should be used # Closing / Decreasing a Position To close * Call `PositionRouter.createDecreasePosition` with parameters: * `_path`: \[collateralToken] or \[collateralToken, tokenOut] if a swap is needed * `_indexToken`: the index token of the position * `_collateralDelta`: the amount of collateral in USD value to withdraw * `_sizeDelta`: the USD value of the change in position size * `_isLong`: whether the position is a long or short * `_receiver`: the address to receive the withdrawn tokens * `_acceptablePrice`: the USD value of the min (for longs) or max (for shorts) index price acceptable when executing the request * `_minOut`: the min output token amount * `_executionFee`: can be set to PositionRouter.minExecutionFee * `_withdrawETH`: only applicable if WETH will be withdrawn, the WETH will be unwrapped to ETH if this is set to true * `_callbackTarget`: an optional callback contract, this contract will be called on request execution or cancellation * After this transaction is sent a keeper will execute the request, the request will either be executed or cancelled * If the position cannot be decreased for reasons such as the `_acceptablePrice` not being fulfillable then the request will be cancelled and there will be no change to the position * `_minOut` can be zero if no swap is required or decrease an existing position: # Position List A list of position details can be retrieved by calling Reader.getPositions * `_vault`: the vault contract address * `_account`: the account of the user * `_collateralTokens`: an array of collateralTokens * `_indexTokens`: an array of indexTokens * `_isLong`: an array of whether the position is a long position The returned positions will be in the order of the query, for example, given the following inputs: * `_collateralTokens`: \[WBTC.address, WETH.address, USDC.address] * `_indexTokens`: \[WBTC.address, WETH.address, WBTC.address] * `_isLong`: \[true, true, false] The position details would be returned for * Long BTC position, positionIndex: 0 * Long ETH position, positionIndex: 1 * Short BTC position, positionIndex: 2 The returned array would be a list of values ordered by the positions: * size * position size in USD * value at: positionIndex \* 9 * collateral * position collateral in USD * value at: positionIndex \* 9 + 1 * averagePrice * average entry price of the position in USD * value at: positionIndex \* 9 + 2 * entryFundingRate * a snapshot of the cumulative funding rate at the time the position was entered * value at: positionIndex \* 9 + 3 * hasRealisedProfit * 1 if the position has a positive realised profit, 0 otherwise * value at: positionIndex \* 9 + 4 * realisedPnl * the realised PnL for the position in USD * value at: positionIndex \* 9 + 5 * lastIncreasedTime * timestamp of the last time the position was increased * value at: positionIndex \* 9 + 6 * hasProfit * 1 if the position is currently in profit, 0 otherwise * value at: positionIndex \* 9 + 7 * delta * amount of current profit or loss of the position in USD * value at: positionIndex \* 9 + 8 # Fees Where are the fees going? Minerva collects fees in 4 different forms:
-60% of the fees will go to MLP stakers.\ -30% of the fees will go to Mine and allMine stakers.\ -10% of the fees will go the treasury {% hint style="info" %} The 10% fees going to the treasury will be reinjected into the protocol, either by paying for keepers / bots, liquidation bots, and / or to LP with $MINE on the market to increase our POL. {% endhint %} # Rewards MINE rewards provide benefits for long term users of the protocol, these rewards come in the form of Escrowed MINE (allMINE) and Multiplier Points. ### Compounding vs Claiming There are two options for rewards on : "Compound" and "Claim".\ \ Compounding will stake your pending Multiplier Points and Escrowed MINE rewards, this will increase the amount of rewards you receive.\ \ Claiming will transfer any pending Escrowed MINE (allMINE) rewards and ETH rewards to your wallet.\ \ If you compound or stake your Escrowed MINE (allMINE) tokens, you can unstake them for vesting at anytime later on. ### Escrowed MINE (allMINE) Escrowed MINE (allMINE) can be used in two ways:\ \ 1\. Staked for rewards similar to regular MINE tokens.\ 2\. Vested to become actual MINE tokens over a period of one year\ \ Each staked Escrowed MINE (allMINE) token will earn the same amount of Escrowed MINE and ETH rewards as a regular MINE token.\ \ Note that Escrowed MINE (allMINE) is not meant to be transferrable unless you are doing a full account transfer. The amount of MINE or MLP required to vest allMINE is unique per account and capped to the rewards received by that account. Please do not buy allMINE off the market or OTC as you will not be able to vest them. ### Vesting Escrowed MINE (allMINE) tokens can be converted into MINE tokens through vesting, this can be accessed on the Earn page.\ \ When vesting is initiated, the average amount of MINE or MLP tokens that was used to earn the allMINE rewards will be reserved.\ \ For example, if you staked 1000 MINE and earned 100 allMINE tokens, then to vest 100 allMINE tokens, 1000 MINE tokens will be reserved. To vest 50 allMINE, 500 MINE tokens will be reserved. Note that this is an example and the actual ratio depends on the average staked amount and rewards earned for your account.\ \ allMINE tokens that have been unstaked and deposited for vesting will not earn rewards. Staked tokens that are reserved for vesting will continue to earn rewards.\ \ After initiating vesting, the allMINE tokens will be converted into MINE every second and will fully vest over 365 days. allMINE tokens that have been converted into MINE are claimable at anytime.\ \ If a user sells MINE or MLP tokens and would like to vest their allMINE rewards later on, they would need to re-buy the MINE or MLP tokens. MINE, allMINE and Multiplier Points can be used interchangeably for the required reserve amount.\ \ Depositing into the vesting vault while existing vesting is ongoing is supported.\ \ Tokens that are reserved for vesting cannot be unstaked or sold. To unreserve the tokens, use the "Withdraw" button on the Earn page. Partial withdrawals are not supported, so withdrawing will withdraw and unreserve all tokens as well as pause vesting. All escrowed MINE (allMINE) tokens that had been vested into MINE will remain as MINE tokens. ## Multiplier Points Multiplier Points reward long term holders without inflation.\ \ When you stake MINE, you receive Multiplier Points every second at a fixed rate of 100% APR. 1000 MINE staked for one year would earn 1000 Multiplier Points.\ \ Multiplier points can be staked for fee rewards by pressing the "Compound" button on the Earn page, each multiplier point will boost ETH APRs at the same rate as a regular MINE token.\ \ When MINE or Escrowed MINE (allMINE) tokens are unstaked, the proportional amount of Multiplier Points are burnt. For example, if 1000 MINE is staked and 500 Multiplier Points have been earned so far, then unstaking 300 MINE would burn 150 (300 / 1000 \* 500) Multiplier Points. The burn will apply to the total amount of Multiplier Points which includes both staked and unstaked Multiplier Points.\ \ To transfer staked tokens without burning Multiplier Points, use the Transfer button on[ https://minerva.money/#/earn](< https://minerva.money/#/earn>).\ \ The "Boost Percentage" shown on the Earn page shows your individual boost amount from Multiplier Points. For example, if the ETH APR is 10% and you have $10,000 worth of MINE and allMINE, then your rewards would be $1000 annualized, if you additionally have an amount of Multiplier Points equivalent to 20% of your total amount of MINE and Escrowed MINE, your "Boost Percentage" would display as 20%, and you would get an extra $200 of ETH rewards annualized. The “Boost Percentage” is calculated from the ratio of Multiplier Points to your total amount of staked MINE:
{% hint style="info" %} **Boost Percentage = 100 \* (Staked Multiplier Points) / (Staked MINE + Staked allMINE)** {% endhint %} ### Distribution Rate Escrowed MINE will be distributed to staked MINE and MLP according to the schedule in the latest snapshot votes.\ \ Rewards are distributed every second to staked tokens.\ \ Reward rates will be evaluated each month and may be subjected to changes. Any modifications will be announced at least 7 days in advance before being implemented. ### Summary A summary of rewards and mechanics:\ \ \- **MINE**: earns ETH, allMINE, and Multiplier Points when staked\ \- allMINE: earns ETH, allMINE, and Multiplier Points when staked\ \- **Multiplier Points**: boost ETH APRs when staked\ \- MLP: earns ETH, allMINE, and is automatically staked on mint # Weekly Competition Introducing: Weekly Perp Trading Competition Starting Monday **June 12** at **00:01am UTC**, we will start a weekly trading competition. Every week we will announce a 1-week long competition for a specific trading pair, where anyone in the Minerva community has the opportunity to trade $1000 to win up to $3000\*! There will be 3 top prizes awarded at the end of each competition period: 1. $2000 USDC Reward to the Address with the Most Volume Traded 2. $500 USDC Reward to Two Users Selected at Random who traded the token of the week. {% hint style="info" %} \*The prize pool for the week will be readjusted every week depending on how much fees the protocol will generate during the previous week's competition. {% endhint %} ### Competition Details At the end of the competition period, 3 lucky entrants, one will be awarded to the Address with the Most Volume Traded, and the 2 other prizes will be selected through a random raffle to win from a prize pool. 💰 Winners will be announced in Discord and prizes will be distributed every **SUNDAY** at **00:00 UTC.**\ \ Users’ Trading Volume will be counted only on the Trading Pair(s) specified on the announcement for that week. ### Disclaimers The Minerva Team informs that digital assets markets and trading transactions are the subject of significant risk. The Team does not recommend, endorse, protect or act as a guarantor of any digital asset, trading pair or transaction that is present or performed here on the Website. No content on our Website (Protocol/ dAPP/ Platform) is meant to be a solicitation or offer. The Minerva Team is not liable for any direct, indirect or consequential or special damages of any kind or losses as a result of the trading competition or any transaction. ### Rules The Minerva Perp Trading Competition ("Competition") is subject to the Competition Terms and Conditions, these rules and any further rules or updates posted by Drift (together the ”Rules”).\ \ The Minerva team will determine the winners of the Competition in its absolute and sole discretion with no recourse for appeal. Violation of any Rules may result in disqualification from the Competition, the Minerva team reserves the right to exercise absolute discretion in determining what constitutes prohibited behavior.\ \ By participating in the Competition, all users agree that:\ \ 1\. Only wallets that have undertaken the relevant entry requirements and are not existing participants of Minerva’s market making program will be eligible for participation in the Competition. The total exchange volume during the weekly competition period must reach a minimum of $3 million, in order for all qualifying participants to be eligible for the Total Prizes (as defined below).\ \ 2\. Wash trading is strictly prohibited in the Competition. Any attempt to engage in wash trading or other fraudulent or deceptive practices will result in disqualification from the Competition. The team reserves the right to exercise absolute discretion in determining what constitutes wash trading and/or any other prohibited behavior.\ \ 3\. For each Competition, users’ Trading Volume will be counted only on the Trading Pair(s) specified on the competition page.\ \ 4\. Winners will be announced in Discord and prizes will be distributed every **SUNDAY** at **00:00 UTC**.\ \ 5\. Prizes for this Competition will be awarded at random via a raffle.\ \ 6\. Receipt of any prize is conditional upon compliance with these Rules and Competition Terms and Conditions. The relevant prize will be transferred to the relevant winning participant based on the details provided by that winning participant. Please note that the winning prize will only be transferred upon receipt of all necessary documentation reasonably requested by the Minerva Team.\ \ 7\. The total pool of prizes that the participants together, will receive, as part of the Competition is based on the amounts of fees the protocol will generate from the previous week's competition (the “Total Prizes”). The allocation breakdown for the Total Prizes is subject to the Minerva Team’s discretion.\ \ 8\. If for any reason the winner does not take the prize or an element of the prize at the time stipulated, then the prize or that element of the prize will be forfeited and will not be redeemable for cash. The prize, or any unused portion of the prize, is not transferable or exchangeable, unless otherwise specified.\ \ 9\. All taxes or costs associated with obtaining the prize are the winner’s sole responsibility. # Referall Get fee discounts and earn rebates through the Minerva referral program. ### How it works To create a referral code: * Go to [Referrals](https://minerva.money/#/referrals) * Click on the Affiliates tab * Create a referral code using any combination of letters, numbers and underscores Note that referral codes are case sensitive and that your code must be created on Optimism to earn rebates. Once you've created your code, click on the copy icon next to the code to get your referral link, it should look something like this: . You can share this link on any platform, e.g. Twitter, Telegram. When a user clicks on your link, your referral code would be stored with the user's account. When the user makes a trade they would receive a discount and you would earn rebates from their trading fees. You will continue to earn rebates even if the user uses another device later on as the referral code is stored on the contract the first time the user makes a trade. The discounts and rebates will be distributed as ETH every Wednesday, your rebates history will be viewable on the referral page. Note that the referral program is subject to change as it is determined by the token holders of Minerva. ### Tiers The referral program has a tier system to prevent gaming through self-referrals, this helps to ensure that referrers receive the rebates for the users they brought onto the platform. * Tier 1: 5% discount for traders, 5% rebates to referrer * Tier 2: 10% discount for traders, 10% rebates to referrer * Tier 3: 10% discount for traders, 15% rebates to referrer paid in ETH, 5% rebates to referrer paid in allMINE Anyone can create a Tier 1 code. To upgrade your code to Tier 2 or Tier 3: * Tier 2: At least 15 active users using your referral codes per week and a combined weekly volume above $5 million * Tier 3: At least 30 active users using your referral codes per week and a combined weekly volume above $25 million Rebates and discounts apply on the opening and closing fees for leverage trading. The opening and closing fees are 0.1% on Minerva, there is no price impact for trades and zero spread for tokens like BTC and ETH, rebates are calculated before user discounts so referrers earn on the full maker fee and from what would otherwise be spread on other exchanges. As a result, referrers would earn equivalent amounts of rebates per volume on Minerva when compared to other referral programs. Note that there is a cap of 5000 allMINE distributed per week. If the price of MINE is $30 the full 5% bonus can be paid for total Tier 3 referral volumes up to $3 billion per week. allMINE tokens distributed for this program will not require MINE or MLP to vest, the vault to vest the tokens will be available towards the end of Q4 2023. The price of allMINE will be based on the 7 day TWAP of MINE. Wallet providers and other protocols will be eligible for Tier 2 and Tier 3 rewards as well. # Governance Minerva's approach to governance **Governance of Minerva**\ \ Governance on Minerva is conducted through a voting system, where holders of MINE / allMINE tokens can vote on community proposals that determine the direction of the platform.\ **Voting with MINE Tokens** To participate in voting on Minerva, users must hold MINE / allMINE tokens. These tokens are an illiquid version of the MINE tokens that accrue additional MINE tokens through yield-bearing mechanisms. Once a user holds MINE / allMINE tokens, they can vote on proposals through the Snapshot platform. **Voting on Community Proposals** Community proposals are submitted by users of the platform and can cover a wide range of topics, such as new features, changes to the platform's economics, and more. Users can vote on proposals through the Snapshot platform. The proposal will be implemented if it reaches a certain level of support from the community. This ensures that the direction of the platform is determined by the community and not by a small group of individuals. # Terms of Use Minerva Terms of Service First Published: March 21, 2021 **Introduction** 1.1. Minerva PERPETUAL TRADING CONTRACTS AND SERVICES (THE “PROTOCOL”) ARE NOT OFFERED OR ACCESSIBLE 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 (AS DEFINED BELOW, AND ANY SUCH PERSON OR ENTITY FROM A RESTRICTED TERRITORY, A “RESTRICTED PERSON”). THE PROTOCOL HAS TAKEN ALL NECESSARY MEASURES TO BLOCK ACCESS TO RESTRICTED PERSONS IN ACCORDANCE WITH APPLICABLE LAWS RELATING TO PERPETUAL CONTRACTS AND CURRENT SANCTIONS. WHILST THE PROTOCOL HAS BEEN PROGRAMMED TO BLOCK RESTRICTED TERRITORIES, IF YOU ARE A RESTRICTED PERSON, DO NOT ATTEMPT TO INTERACT OR USE THE PROTOCOL. USE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT RESTRICTIONS SET FORTH HEREIN IS A BREACH OF THESE TERMS OF USE OF THE PROTOCOL AND IS STRICTLY PROHIBITED. 1.2. By using and interacting with the Protocol, you are entering into an agreement with the Protocol to comply with these Terms of Use. These Terms of Use, together with any other terms and conditions, policies, procedures, or other agreement that are made available and published for and on behalf of the Protocol by its service provider, are entered into between the Protocol and you concerning your use of, and access to the Protocol, however so accessed, on any related domain or subdomain, web application or mobile application (the Protocol´s website, domain, applications and all other associated sites linked to the Protocol are herein collectively defined as “Sites”). These Terms of Use are applicable to both the Protocol and Service Provider where expressly defined as applicable. 1.3. PLEASE READ THESE TERMS CAREFULLY. By using and interacting with the Protocol and Sites, you warrant and represent that you have read these Terms of Use carefully and understand all of the terms and conditions contained herein. These Terms of Use govern your use of the Protocol and Sites, and your access and interaction with the Protocol´s supported Services (“Services”); including, your access to the order book, matching engine, liquidity pools, smart contracts, API´s, and all other software or code whether deployed by the service provider or third parties, including the entering into perpetual contracts (“Perpetual Contracts”) related to digital assets or digital asset referencing financial instruments (“Digital Assets”). 1.4. These Terms of Use expressly cover your rights and obligations, and the Protocol´s and service provider´s disclaimers and limitations of legal liability, relating to your use, access to, interaction with, the Protocol and Sites, including the Protocol´s Services accessed by you. By accessing or using the Protocol and Sites, you expressly agree to be bound by and to comply with these Terms of Use, including the arbitration provisions set out in these Terms of Use. If you do not agree with these Terms of Use, or any part of these Terms of Use, then you must not access, use or interact with the Protocol and its Sites, or any part thereof. **2. ABOUT MINERVA AND THE PROTOCOL** 2.1. A reference to Minerva is a reference to the brand and domain name of the Protocol and Sites. The incorporation of the .tld “.exchange” is in no way wholly indicative or descriptive of the Protocol´s functions or Services available on the Sites. Functions and Services are limited to user interaction with the Perpetual Contracts supported by the Protocol. 2.2. The Protocol is a decentralized application programmed via smart contracts to autonomously provide its Services directly to users who access the Sites. The Protocol autonomously provides, without any intermediary: deposits; execution; settlement; transaction clearing; trading data provision; and other Services. In addition, users maintain self-custody of their Digital Assets at all times. 2.3 The Protocol and Sites are deployed and serviced by the Minerva Team. By accessing or using the Protocol and Sites, or its Services, you expressly agree that Minerva and the Team does not provide execution, settlement, transaction clearing Services of any kind, advisory, or custodial Services to you, or the Protocol, and it is not responsible in any way for the Protocol´s automated Services. Please carefully review the disclosures and disclaimers set forth in section X in their entirety before using the underlying technology deployed and serviced by the Minerva Team for and on behalf of the Protocol. **3. USE OF PROTOCOL** **3.1. USER REPRESENTATIONS AND WARRANTIES** * 3.1.1 If you access or use the Protocol and Sites, you expressly represent and warrant to the Protocol the following: * (a) If you are entering into these Terms of Use by using the Protocol to access its Services, then you are not a US Person or Restricted Person and are not accessing the Protocol from a US IP address or Restricted Territories IP address. For the purposes of these Terms of Use, a “Restricted Territory” or collectively the “Restricted Territories” mean the following territories: Iran, Cuba, North Korea, Syria, Myanmar, the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of any economic sanctions by the United States or European Union. * (b) You are not the subject of economic or trade sanctions enforced by any governmental authority (“Sanctioned Person”). You do not intend to transact with or on behalf of any Restricted Person or Sanctioned Person. * (c) If you are entering into these Terms of Use as an individual, then you are of legal age in the jurisdiction in which you reside and have the legal capacity to enter these Terms of Use and be bound by the Terms of Use. * (d) If you are entering into these Terms of Use as an entity, then you must have the legal authority to accept these Terms of Use on that entity´s behalf,in which case “you” will mean that entity. * (e) You do not, and will not, use a VPN or any other privacy or anonymization tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply under these Terms of Use. * (f) Your access to the Services is not prohibited by and does not otherwise violate or assist you to violate any domestic or foreign law, regulation, statute, order, protocol, code, directive, guideline, or other applicable law that may apply to you that relates to your use of the Protocol * (g) Your access does not contribute to or facilitate any illegal activity. * 3.1.2. If you access or use the Protocol, Sites and its Services, you expressly acknowledge, understand and agree the following: * (a) At any time, the Protocol, the Sites, its Services, may be inaccessible or inoperable for any reason due to causes beyond the reasonable control of the Protocol or the Minerva Team, or that could not be reasonably foreseen. There may be disruptions, temporary or permanent interruptions or unavailability of underlying infrastructure to the software, hosting, or blockchain and smart contract functions of the Protocol and Sites. Services provided to the Protocol by third parties may be unavailable for any reason beyond the control of the Protocol or the Minerva Team. In any of the aforementioned circumstances, you acknowledge and agree that the Protocol and the Minerva Team are not responsible or liable for restrictions or limitations to your access to the Protocol. * (b) You are solely responsible for your use of the Protocol, Sites, and Services, including all of your management and actions taken with respect to your Digital Assets. Neither the Protocol, nor the Minerva Team have control over, or liability for, the delivery, quality, safety, legality, or any other aspect of any Digital Assets, trades, or other interactions that you may take to or from using the Protocol or from a third party, and neither the Protocol nor the Minerva Team are responsible for ensuring that a person or entity whom with you transact completes the transaction or is authorized to do so, and if you experience a problem with any transactions or interactions in Digital Assets or trades using the Protocol, then you bear the entire risk and liability. * (c) Your access to the Protocol, Sites, and Services may be disabled or modified, including restricted, if at any time there is an event of breach of these Terms of Use. Neither the Protocol nor the Minerva Team will be liable to you for any losses or damages you may suffer as a result of or in connection with the Site or the Services being inaccessible to you at any time or for any reason. * (d) The Protocol and Services may evolve, or be subject to new regulatory changes which may result in changes to, replacements, updates, or the discontinuation temporarily or permanently of the Protocol, its Sites, and Services at any time, in the sole discretion of the Protocol and the Minerva Team; * (e) Neither the Protocol or the Minerva Team act as an agent or advisor to your or any other users of the Protocol, Sites, and Services; * (f) The Protocol is a decentralized application meaning you and other users maintain self-custody of your Digital Assets at all times, as such, you are solely responsible for your use of the Protocol, Sites, and Services, and to the fullest extent not prohibited by applicable laws, neither the Protocol, nor the Minerva Team owe any fiduciary duties or liabilities to you or any other party, and to the extent that any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate any and all of those duties and liabilities as they may apply to the Protocol or the Minerva Team; * (g) To the extent provided by applicable laws, you are solely responsible for reporting and paying any taxes applicable to your use of the Protocol. * (h) As part of the Services provided under its service agreement with the Protocol, the Minerva Team may publish promotions and contests or other promotional activities for and on behalf of the Protocol (“Marketing and Promotions”). Marketing and Promotions may be governed by separate terms and conditions and rules. You are responsible for reading all of the terms and conditions and rules to determine whether you are eligible to participate. Marketing and Promotions are optional and you should not enter if you do not agree with any of the relevant terms. 3.1.3. If you access or use any part of the Protocol, Sites, or Services, you expressly covenant and agree to the Protocol and the Minerva Team the following: * (a) You will only interact with the Protocol using legally obtained Digital Assets that belong to you. Any Digital Assets you use in connection with the Protocol are either owned by you or you are validly authorized to carry out actions using such Digital Assets; * (b) You will obey all applicable laws relevant to your use of the Protocol, and you will not use the Protocol, Sites or Services if the applicable laws of your country, or any other applicable law, prohibit you from doing so; * (c) You will ensure that at all times, all information that you provide on the Protocol is current, complete, and accurate, and that you maintain the security and confidentiality of your private keys and passwords. **4. PROHIBITED USER ACTIVITY ON PROTOCOL** 4.1. You are prohibited from engaging in any of the categories of prohibited activities as follows: * (a) In violation of any applicable laws including all anti-money laundering and anti-terrorist financing laws and sanction programs; * (b) Improper or abusive trading practices, including but not limited to: i) any fraudulent act or scheme to defraud, trick or mislead; ii) any frontrunning practices in whatever form engaged; iii) fraudulent trading; iv) accommodation trading; v) false transactions; vi) pre-arranged transactions; vii) cornering and attempted cornering, of any asset contracts supported by the Protocol; viii) spoofing, manipulation, or knowingly making any bid or trade or offer for the purpose of making a market price that does not reflect the true state of the market; ix) or entering orders for the purpose of entering into transactions without a net change in either party's open positions, but a resulting profit to one party and a loss to the other party, commonly known as a “money pass”; * (c) Interference with, disruption of, inhibiting use of, negatively affecting user experience of, interaction and use of the Protocol. Do not engage in any activity which damages, disables, burdens, or impairs any Protocol function or service. * (d) Any circumvention of content filtering, or security measures or access controls employed by Protocol or the Minerva Team, including through the use of a VPN. * (e) Any bot/robot, spider, crawler, scraper, or other automated means or interface not provided by the Protocol or the Minerva Team to access or interact with the Protocol, that facilitates abusive activity including extract data, introduce malware, virus, Trojan horse, worm, logic bomb, drop-dead service, backdoor, shutdown mechanism, or other harmful material into the Protocol, Site, or Services. * (f) Providing false, inaccurate, or misleading information whilst using the Protocol, Sites or Services, or engaging in activity that operates to defraud the Protocol or the Minerva Team,, or other users of the Protocol, or any other person. * (g) Use the Protocol for any other criminal activity or anyway, that is defamatory, obscene, pornographic, indecent, vulgar, harassing, stalking, hateful, threatening, offensive, discriminatory, fraudulent, deceptive or otherwise objectionable. * (h) Use of the Protocol from a jurisdiction, including an IP in a jurisdiction, that is determined as prohibited under these Terms of Use. **5. PROTOCOL INFORMATION, NO PROFESSIONAL ADVICE OR FIDUCIARY DUTIES** **5.1. Protocol and Gas Fees:** * (a) In connection with your use of the Protocol, Sites, and Services, except as subject to any applicable promotion, you are required to pay all the fees necessary to interact and complete transactions on the Protocol and the blockchain utilized by you to interact with the Protocol; * (b) The Protocol will attempt to provide accurate fee information, this information will reflect best estimate of fees, which may vary from the actual fees paid to use the Protocol and Services, and any gas fees related to your blockchain transactions; **5.2. No Professional Advice or Fiduciary Duties** * (a) All information provided in connection with your access and use of the Protocol, Sites, and Services is for informational purposes only, and should not be construed as professional, legal, or financial advice. The Protocol nor the Minerva Team are investment or financial advisors. Any information available, however so presented or accessed, should not be used by you in any way to direct or inform your use of the Protocol. * (b) Before you make any investment, financial, legal, or other decisions relating to your use of the Protocol, Sites, or Services, you should seek independent professional advice from an individual who is licensed ad qualified in the area for which such advice would be appropriate for your use of the Protocol, Sites, and Services. These Terms of Use do not create or impose any fiduciary duties on the Protocol or the Minerva Team. You expressly agree that the limitation of the duties and obligations to you are set out in these Terms of Use. 6. **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 Protocol 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 the 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. **7. RISKS** 7.1. By utilizing the Services or interacting with the Site in any way, 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. The Protocol 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 Protocol 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 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. Neither Protocol 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 realize any value or utility from the Digital Assets that you may hold. 7.2. 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 the Protocol to continue to make available its proprietary software and could impede or limit your ability to access or use the Services. 7.3. 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 Protocol-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. 7.4. You understand that the Ethereum blockchain 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 blockchain is variable and may increase at any time causing impact to any activities taking place on the Ethereum blockchain, which may result in price fluctuations or increased costs when using the Services. 7.5. You acknowledge that the Services are subject to flaws and that you are solely responsible for evaluating any code provided by the Services or Site. This warning and other warnings that Protocol 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 utilizing the Services or accessing the Site. 7.6. Although we intend to provide accurate and timely information and data on the Site and during your use of the Services, the Site 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 should verify all information before relying on it, and all decisions based on information contained on the Site 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 Site or otherwise when using the Services. Prices and pricing information may be higher or lower than prices available on platforms providing similar Services. 7.7. 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 knowledge and skills. Any reference to a type of Digital Asset on the Site 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. 7.8. Use of the Services, in particular for trading Digital Assets and entering into Perpetual Contracts, may carry financial risk. Digital Assets, especially in connection with Perpetual Contracts, 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 Site and the Services at your own risk. The risk of loss in trading Digital Assets, especially entering into Perpetual Contracts, 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, including Perpetual Contracts. 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 in connection with, your use of the Services for performing Digital Asset transactions, including entering into Perpetual Contracts. 7.9. 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. 7.10. You understand that the Protocol 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 Protocol or the operator of the Protocol being offline; an incorrect display of information on the Site 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 material impact on your transactions using the Services, which may result in, among other things, failing to fulfill transactions at your desired price or at all. 7.11. 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. 7.12. You hereby assume and agree that neither Protocol nor the Minerva Team will have have responsibility or liability for the risks set forth in this Section 7.13. You hereby irrevocably waive, release and discharge all claims, whether known or unknown to you, against Protocol, the Minerva Team, related shareholders, members, employees, agents, and representatives, suppliers, and contractors related to any of the risks set forth in this Section 8. **8. INDEMNIFICATION** You will defend, indemnify, and hold harmless the Protocol, the Minerva Team,, any related stockholders, members,, employees, attorneys, agents, representatives, suppliers, and contractors (collectively, “Indemnified Parties”) from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost of expense, including reasonable attorneys’ fees, arising out of or relating to (a) your use of, or conduct in connection with, the Protocol, the Site and the Services; (b) Digital Assets associated with your Ethereum address; (c) any feedback or user content you provide to the Protocol, if any, concerning the Site or 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, Protocol, the Minerva Team (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 Protocol wishes to settle, and if so, on what terms, and you agree to cooperate with Protocol and the Minerva Team in the defense. **9. DISCLOSURES; DISCLAIMERS** 9.1. The Minerva Team does not operate a Digital Asset or derivatives exchange platform or offer trade execution or clearing Services and has no oversight, involvement, or control concerning your transactions using the Protocol and its Services. All transactions between users of Minerva or Protocol-developed software are executed peer-to-peer directly between the users’ Ethereum addresses through a smart contract. 9.2. You are responsible for complying with all Applicable Laws that govern your Perpetual Contracts. As a result of restrictions under the Commodity Exchange Act and the regulations promulgated thereunder by the U.S. Commodity Futures Trading Commission (“CFTC”), no US Persons may enter into Perpetual Contracts using the Services. 9.3. You understand that neither the Protocol nor the Minerva Team are not registered or licensed by any regulatory agency or authority. No such agency or authority has reviewed or approved the use of the the Minerva Team or Protocol-developed software. 9.4. To the maximum extent permitted under Applicable Law, the Site and 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 Site or 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 Site or the Service are correctable or will be correctable. 9.5. You acknowledge that your data on the Site 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. 9.6. The disclaimer of implied warranties contained herein may not apply if and to the extent such warranties cannot be excluded or limited under the Applicable Law of the jurisdiction in which you reside. **10. EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES**\ \ In no event will Protocol and/or the Minerva Team, our suppliers and contractors, and our and 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 Site and the Services (and any of their content and functionality), any execution or settlement of a transaction, any performance or non-performance of the Services, your Digital Assets, Perpetual Contracts or any other product, service or other item provided by or on behalf of Protocol and/or the Minerva Team, 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, nors Protocol and/or the Minerva Team in any way responsible for the execution or settlement or transactions between users of Protocol and/or developed software. **11. LIMITATION OF LIABILITY**\ \ In no event will Protocol and/or the Minerva Team’’s aggregate liability (together with our stockholders, members, directors, managers, officers, employees, attorneys, agents, representatives, suppliers, or contractors) arising out of or in connection with the Site and the Services (and any of their content and functionality), any performance or nonperformance of the Services, your Digital Assets, Perpetual Contracts or any other product, service or other item provided by or on behalf of Protocol and/or the Minerva Team, whether under contract, tort (including negligence), civil liability statute, strict liability or other theory of liability exceed the amount of fees paid by you to Protocol and/or the Minerva Team under these Terms, if any, in the two (2) month period immediately preceding the event giving rise to the claim for liability. **13. DISPUTE RESOLUTION AND ARBITRATION**\ \ Please read the following section carefully because it requires you to arbitrate certain disputes and claims with the Protocol or the Minerva Team, and limits how you can seek relief from Protocol or the Minerva Team. Also, arbitration precludes you from suing in court or having a jury trial.\ \ You and Protocol and the Minerva Team agree that any dispute arising out of or related to these Terms or the Services is personal to you and the Protocol or the Minerva Team 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.\ \ Except for small claims disputes in which you or Protocol or the Minerva Team seeks to bring an individual action in small claims court located in the county of your billing address or disputes in which you or Protocol or the Minerva Team seeks injunctive or other equitable relief for the alleged unlawful use of intellectual property, you and Protocol or the Minerva Team 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 Protocol or the Minerva Team or relating in any way to the Services, you agree to first contact Protocol or the Minerva Team and attempt to resolve the claim informally by sending a written notice of your claim (“Notice”) to Protocol or the Minerva Team by email at .. 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 Protocol or the Minerva Team 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 an arbitrator appointed by the Protocol and or the Minerva Team..\ \ You and Protocol or the Minerva Team agree that these Terms affect interstate commerce and that the enforceability of this Section 12 will be substantively and procedurally governed by the Federal Arbitration Act, 9 U.S.C. § 1, et seq. (the “FAA”), to the maximum extent permitted by applicable law. As limited by the FAA, these Terms and appointed arbitrator´s 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, Protocol or the Minerva Team , and you will maintain the confidentiality of any arbitration proceedings, judgments 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 Protocol or the Minerva Team agree that for any arbitration you initiate, you will pay the filing fee and all other arbitration fees and costs. For any arbitration initiated by Protocol or the Minerva Team , Protocol or the Minerva Team will pay all arbitration fees and costs. You and Protocol or the Minerva Team agree that the jurisdiction and governing law of the appointed arbitrator have 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 Protocol or the Minerva Team 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.
**14. GOVERNING LAW**\ \ The interpretation and enforcement of these Terms, and any dispute related to these Terms, the Site or the Services, will be governed by and construed and enforced under the applicable laws relating the Protocol and or the Minerva Team.. 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 courts of the jurisdiction applicable to the Protocol and the Minerva Team shall have exclusive jurisdiction. \ **15. RESTRICTED COUNTRIES & TERRITORIES**\ \ Minerva is not available for customers in the following countries & territories: United States, Puerto Rico, Syria, North Korea, Iran, Russia. Citizens of these jurisdictions are strictly prohibited from using Minerva.