LPX Terms of Use
Last amended July 24th, 2024
Not financial advice.
The Association is constituted by contract among its Members. These LPX Rules define LPX-specific rights, limits, procedures, permissions, and consequences among Members and duly authorized internal functionaries with respect to LPX utilization.
LPX is an internal Member-utilization system for programmable liquidity placement, market interaction, execution logic, and position administration according to Member-selected settings, applicable smart-contract design, and these LPX Rules as validly amended.
Terms such as "private," "member-only," "non-custodial," "manager," "immutable," "tokenized," "internal," "position," or "allocation" are internal functional descriptors used for Association purposes. They do not constitute an assurance as to treatment by any external court, regulator, tax authority, exchange, counterparty, or third party.
Where these LPX Rules or valid position terms expressly designate a deployed smart-contract function as controlling for a stated operational result, the operative on-chain result of that function shall govern to that stated extent. No smart-contract behavior, Interface display, or label shall by itself enlarge authority, create a new fee, eliminate a restriction, or create rights not otherwise recognized by the governing instruments.
For purposes of these LPX Rules:
“Association” means the applicable private membership association, together with any duly constituted internal body acting within actual delegated authority.
“Association Representative” means a person expressly authorized in writing under the Covenant or by valid internal resolution to act or speak for the Association on a specified matter and within a specified scope.
“Authorized Rulemaking Body” means the Members or internal body granted actual authority under the Covenant to adopt, amend, supplement, interpret, or administer rules on specified subjects.
“Committed Digital Property” means the digital assets that a Member elects to commit, assign, configure, or place into an LPX Position through direct smart-contract interaction, subject always to the technical design of that position.
“Covenant” means the governing constitutional instrument of the Association, together with any superior governing instrument recognized by its terms.
“External Resource” means any wallet, bridge, oracle, explorer, protocol, analytics tool, communication system, linked service, or other third-party resource not controlled by the Association.
“Fundamental Change” means a change affecting the essential purpose of LPX, Member rights, beneficial interests, position-exit rights, sanctions architecture, dispute rights, liability allocation, authority structure, or any other matter designated as fundamental under the Covenant.
“Good Standing” means membership status not suspended, terminated, revoked, resigned, expired, or otherwise restricted under the Covenant or validly adopted rules.
“Interface” means the websites, applications, dashboards, routers, alerts, documentation, smart-contract access points, and related tools made available for LPX utilization.
“LPX Manager” means a Member or other permitted person granted limited administrative authority by one or more participating Members over a Manager LPX Position, strictly within the scope expressly granted.
“LPX Position” means a Member-configured or Member-joined on-chain participation arrangement established through the LPX Protocol, including any associated settings, strategy logic, position accounting, and position-linked rights.
“LPX Position Token” means any tokenized receipt, position-linked token, or other on-chain representation of rights associated with an LPX Position, to the extent permitted by the relevant smart-contract design and governing rules.
“LPX Protocol” means the parameter-driven on-chain liquidity and routing system made available for internal Association use, including compatible pool logic, buy and sell logic, No-Trade Zone logic, tokenized-position mechanics, execution modules, and related smart-contract mechanisms.
“Manager LPX Position” means an LPX Position in which one or more Members authorize an LPX Manager to administer specified settings or operating parameters subject to these LPX Rules, the applicable smart-contract logic, and the governing terms of that position.
“Unauthorized Access” means access or attempted access by a non-Member, suspended Member, terminated Member, person using false credentials, person exceeding granted permissions, or person acting contrary to these LPX Rules.
Only Members in good standing may access or utilize the Interface unless a narrower or broader category of permitted users is expressly created by the Covenant or by valid written rule adopted under actual authority.
Each Member is solely responsible for the security and control of that Member’s wallets, signing devices, approval flows, credentials, private keys, seed phrases, and communication channels used in connection with LPX.
A Member shall not:
Share credentials in a manner that defeats membership restrictions Allow unauthorized persons to access or utilize the Interface Misstate identity, authority, wallet control, or membership status Access functions beyond those actually granted to that Member Use scripts, bots, masking tools, proxies, exploits, or workarounds to evade internal restrictions unless expressly permitted by valid rule Present a personal wallet, dashboard, or communication channel as officially endorsed where no such endorsement exists
The Association and interfaces may require reasonable proof of membership, wallet control, transactional authority, or source of permission where reasonably necessary for security, governance, enforcement, or dispute resolution.
LPX is a Member-directed on-chain execution system. Depending on the LPX type, mode, and selected settings, LPX may employ buy zones, sell zones, directional logic, dual-sided logic, No-Trade Zones, tokenized-position features, and manager-administered settings.
LPX operation may include automated execution based on price movement, pool conditions, routing conditions, liquidity depth, gas availability, smart-contract logic, and Member-selected parameters. Outcomes are variable and may differ materially across time, token pairs, volatility regimes, and market structure.
Members may publish educational explanations, examples, simulations, illustrations, or operating notes concerning LPX mechanics. Such materials are explanatory only and do not create any promise of profit, yield, token preservation, price support, market outcome, or legal characterization.
These LPX Rules may be adopted, amended, supplemented, or repealed only by the person or body having actual authority to do so under the Covenant.
No interface update, founder statement, moderator statement, community habit, code deployment, operational practice, FAQ, dashboard text, simulation, or help content shall by itself amend these LPX Rules or effect a Fundamental Change.
A non-fundamental amendment validly adopted under actual authority may govern future LPX use and, where applicable, continued participation after notice may constitute acceptance to the extent recognized by the governing instruments and applicable principles of continuing membership in a contractual association.
Unless the governing terms of a specific LPX Position expressly reserved that power at or before the time the position was created or joined, no later amendment shall retroactively do any of the following to an existing LPX Position:
increase or introduce a fee, charge, spread capture, burn allocation, or similar burden; materially impair an existing withdrawal, exit, redemption, or transfer pathway; enlarge manager powers over that position; alter the beneficial allocation associated with that position; or convert a non-final restriction into forfeiture by implication.
No amendment affecting Fundamental Change matters, including Member rights, beneficial interests, position-exit rights, sanctions structure, dispute rights, liability allocation, or authority structure, shall be effective except in the manner required by the Covenant for Fundamental Changes.
No delay in enforcement, selective enforcement, informal accommodation, repeated practice, founder communication, moderator communication, community custom, technical workaround, or course of dealing shall amend these LPX Rules or create a contrary binding rule unless expressly adopted through the applicable governance process.
Except where the Association expressly assumes a different role in a separate written instrument validly authorized under the Covenant, LPX utilization is intended to occur through Member-directed smart-contract interaction.
Each Member remains solely responsible for deciding whether to create, configure, join, maintain, adjust, tokenize, partially exit, fully exit, or otherwise participate in any LPX Position.
LPX Positions may be made available in one or more designated types or modes, including Liquid, Single-Sided, Dual, Directional, Solo, Managed, Immutable, and Tokenized forms, where supported by the applicable Interface and deployed smart-contract design.
A Member may authorize an LPX Manager to administer specified settings or operational parameters of a Manager LPX Position only to the extent expressly permitted by the Interface, the applicable smart-contract logic, the governing position terms, and these LPX Rules.
No Member, founder, developer, moderator, strategist, LPX Manager, host, or community participant has authority, whether actual, implied, or apparent, to bind the Association solely by reason of title, visibility, prior communications, technical involvement, social prominence, or community status.
An LPX Manager must act within the scope of authority actually granted and must not knowingly exceed the settings, permissions, or role limitations applicable to the managed position.
An LPX Position comes into existence only through the relevant smart-contract interaction and any required parameter selection or acceptance flow applicable to that position.
No protocol fee, manager fee, spread capture, burn allocation, routing charge, or other internal charge shall apply to an LPX Position unless expressly authorized by this Covenant or the applicable LPX Type duly adopted under it.
Where the Interface permits tokenization of an LPX Position, the LPX Position Token is the tokenized on-chain receipt of that LPX Position and carries the position-linked rights implemented by the applicable smart contracts and governing terms.
A Member shall not, directly or indirectly: Use the Interface for unauthorized public solicitation in the name of the Association Misstate or fabricate Association endorsement, sponsorship, or authorization Interfere with the security, routing logic, execution logic, gas logic, or ordinary operation of LPX Attempt to exploit bugs, bypass restrictions, manipulate data inputs improperly, or obtain unfair advantage by abusive technical means Upload, transmit, or deploy malicious code or disruptive transaction patterns Reverse engineer, scrape, copy, or redistribute non-public internal materials except as permitted by valid rule Use LPX in a manner that exposes other Members to unauthorized access, malware, fraud, impersonation, or identity compromise Speak or act in the name of the Association Use LPX contrary to any valid trading-pair restriction, membership limitation, security order, or governance restriction adopted by the Association
Temporary technical or operational protective measures concerning EVM addresses, wallets, interfaces, routing functions, LPX Position interactions, permissions, or related system access may be imposed by any person, committee, or contract function expressly authorized by this Covenant or the applicable Schedule, where that authorized actor reasonably determines such measures are necessary to protect security, system integrity, member assets, or operational continuity.
Where these LPX Rules, the Covenant, or another valid rule provide for sanctions, available measures may include warning, temporary restriction, position freeze to the extent technically necessary, manager removal, suspension of privileges, revocation of specific permissions, or termination of access.
Any guide, FAQ, workshop, community discussion, dashboard explanation, simulation, support message, or commentary made available in connection with LPX is general and educational in nature unless expressly identified as part of a separate written undertaking by an authorized Association Representative.
A Member shall not rely on the Interface, LPX documentation, community statements, simulations, educational materials, or protocol labels as a guarantee of any legal, tax, accounting, securities, commodities, licensing, consumer-protection, or regulatory outcome in any external jurisdiction.
Use of LPX involves substantial risk.
The Interface may display, route through, or refer to External Resources for convenience or interoperability.
The Interface and LPX Protocol are provided on an “as is” and “as available” basis.
To the maximum extent permitted by the Covenant and applicable law, the Association shall not be liable for indirect, incidental, consequential, special, exemplary, or punitive loss arising out of or relating to LPX, the Interface, LPX Position Tokens, manager arrangements, third-party integrations, or Member use or misuse thereof.
To the fullest extent permitted by this Covenant and applicable law, each Member shall indemnify the other Members jointly, and each person acting under actual authority conferred by this Covenant or the applicable Schedule, against claims, losses, damages, liabilities, costs, and expenses arising from that Member’s: breach of these LPX Rules; unauthorized access, unauthorized utilization, or unauthorized exercise of purported LPX-related powers; misstatement of authority, role, or membership status; violation of another person’s rights through use of the Interface; exploit attempt, malicious code, abusive routing behavior, or security breach caused by that Member’s conduct; or external representation that exceeds or contradicts the authority actually conferred under the governing instruments.
Any person exercising authority granted by these LPX Rules shall disclose any material personal, financial, or affiliated interest that could reasonably affect the exercise of that authority.
Any power exercised under these LPX Rules shall be exercised only within the scope expressly granted by these LPX Rules and only for the purposes for which that power is granted.
Questions, objections, or claimed errors relating to the application of these LPX Rules may be raised through any internal contact channel or administrative process, if any, expressly made available for that purpose.
If any provision of these LPX Rules is held invalid, unenforceable, or inapplicable in a given circumstance, the remaining provisions shall continue in force to the maximum extent possible.
In the event of conflict concerning an LPX-specific matter, the order of precedence shall be: The Covenant and any superior governing instrument recognized by the Covenant; These LPX Rules; Position-specific terms validly adopted for the relevant LPX Position and in force when the position was created or joined, together with any later amendment validly applicable under Section 6; Any smart-contract function expressly designated by a higher-order governing instrument as controlling for a stated operational purpose and only to that stated extent; and Interface descriptions, dashboards, simulations, FAQs, help text, support messages, and educational materials.
A person who, as a Member, accesses or utilizes the Interface, creates or joins an LPX Position, signs an LPX-related transaction, receives or transfers an LPX Position Token, or otherwise engages in LPX activity within the Association is deemed to have accepted these LPX Rules to the extent applicable to that person's status, permissions, and conduct.