Terms of Use

Effective August 15, 2026

These Terms of Use (the “Terms”) are an agreement between you and Deep State Incorporated (“Deepstate,” “we,” “us,” or “our”). They govern your access to and use of deepstate.sh, the Deepstate web interface, documentation, data services, APIs, and any other company-operated product that links to these Terms (collectively, the “Services”).

By accessing or using the Services, connecting a wallet, or submitting a transaction through the Services, you agree to these Terms and acknowledge our Privacy Policy. If you do not agree, do not use the Services.

1. Eligibility

You may use the Services only if:

• you are old enough and otherwise able to enter into a binding agreement where you live;
• if you act for an organization, you have authority to bind that organization;
• you are not subject to sanctions or included on a restricted-party list maintained by the United States, United Kingdom, European Union, United Nations, or another authority with jurisdiction over you or the transaction;
• you are not located in, organized in, or ordinarily resident in a comprehensively sanctioned jurisdiction; and
• your access, holdings, transfers, orders, and other activity comply with every law and product restriction applicable to you.

Some assets available through the Services are subject to issuer-imposed eligibility and transfer restrictions. Before acquiring, holding, or transferring a Robinhood Stock Token, you must review the current prospectus, final terms, eligibility rules, and disclosures published by its issuer. To the extent those documents prohibit a transaction involving the United States or a U.S. Person, you represent that you are outside the United States, are not acting for a U.S. Person, and are otherwise permitted to complete the transaction.

You may not use a virtual private network, proxy, false statement, alternate wallet, intermediary, or other method to conceal your location or identity, evade a restriction, or complete a transaction that is unlawful or prohibited for you.

2. The Interface and the Protocol are different

The Deepstate Interface is the company-operated software included in the Services. The Deepstate Protocol is a set of smart contracts deployed on a public blockchain. The Interface is one way to prepare and submit calls to the Protocol; it is not the Protocol itself.

Deepstate selects assets and markets displayed by the Interface, operates supporting infrastructure, presents indexed data, chooses routing made available through the Interface, and may charge a disclosed interface fee. The Protocol's matching, settlement, custody, reward, vault, and governance behavior is determined by deployed code and valid onchain transactions. Other parties may interact with the Protocol without using the Services.

Deepstate does not take custody of your wallet or private keys, does not execute your trades as principal, and does not control whether an independently submitted blockchain transaction is confirmed. We cannot reverse, cancel, modify, or recover a confirmed transaction. Protocol governance or other authorized onchain actors may control only the powers granted to them by the deployed contracts.

3. Wallets and account security

The Services require a compatible self-custodial wallet. Your wallet provider is a third party whose terms and privacy practices apply separately.

You are solely responsible for:

• safeguarding your wallet, private keys, seed phrase, devices, and credentials;
• reviewing every transaction, approval, permit, network, contract address, asset address, quantity, price, recipient, fee, and calldata before signing;
• ensuring that your wallet is connected to the intended blockchain network; and
• all activity authorized by your wallet, including activity resulting from compromise, phishing, malware, a malicious extension, or your own error.

Deepstate will never ask for your private key or seed phrase. A wallet signature or transaction request displayed by a third-party wallet is not a guarantee that the transaction is safe, correctly simulated, or economically favorable.

4. Orders, execution, and settlement

All orders and transactions submitted through the Services are initiated by you. You decide the side, asset, quantity, price, order conditions, approvals, and timing.

Deepstate is an onchain central limit order book. Depending on your instructions and available liquidity, an order may fill completely, fill partially and rest, rest without filling, expire, be cancelled, or revert. A resting order remains exposed to execution until it is filled, successfully cancelled, or otherwise removed under the Protocol rules. A cancellation request is itself a blockchain transaction and is not effective until confirmed.

Quotes, previews, simulations, spot prices, depth, charts, estimated proceeds, gas estimates, and other displayed values are estimates or indexed observations. They may be stale, incomplete, rounded, delayed, or different from final onchain execution. They are not firm offers or guarantees. Another transaction, reorganization, sequencer event, contract state change, loss of connectivity, insufficient approval or balance, or wallet behavior may change or prevent execution.

The authoritative record of an order, fill, balance, reward, or governance action is the applicable blockchain state, not a cached value, chart, database row, notification, or status shown by the Services.

5. Stock Tokens and other third-party assets

Deepstate does not issue, redeem, custody, guarantee, or sponsor the Robinhood Stock Tokens or USDG displayed by the Interface.

Robinhood Stock Tokens are tokenised securities issued under a third-party programme. A token that references NVIDIA does not make you a shareholder of NVIDIA and does not provide ordinary shareholder rights. Its value and operation depend on its issuer, programme documents, reference assets, custody and hedging arrangements, corporate-action methodology, pricing inputs, transfer controls, network availability, and applicable law. The issuer may modify eligibility, restrict transfers, suspend activity, or take other action under its terms.

USDG and other assets described as stable may lose their intended value, become illiquid, be frozen, fail to redeem, or be affected by issuer, reserve, banking, bridge, contract, or regulatory events. Anyone can deploy a token with a misleading name or symbol. You are responsible for verifying the exact contract address and issuer documentation for every asset.

Display or routing of an asset does not mean Deepstate has determined that the asset is lawful, suitable, authentic, solvent, liquid, accurately priced, or available to you.

6. Rewards, DEEP, STATE, and the vault

The Services may display market-making rewards and interactions involving DEEP, STATE, or the STATE vault.

Displayed or accruing rewards are estimates until the relevant onchain accounting and claim transactions complete. Reward hooks are designed not to stop core order-book activity; a failed or skipped hook may cause rewards to be delayed, reduced, lost, or attributed differently even when the underlying order executes correctly. No reward rate, allocation, token value, ranking, or continued programme is guaranteed.

Depositing DEEP into the STATE vault transfers and permanently burns that DEEP in exchange for STATE according to the contract's then-current conversion. Burned DEEP cannot be withdrawn or restored. STATE redemption depends on the assets actually held by the vault, the assets included in the redemption call, total STATE supply, token behavior, and contract state. A displayed dollar value is not a promise of redemption value.

STATE may carry governance rights. Governance proposals and votes may change parameters within the powers of the deployed contracts and may produce outcomes adverse to you. Deepstate does not promise that DEEP or STATE will have market value, liquidity, utility beyond the implemented contracts, or any particular tax or regulatory treatment.

7. Fees, gas, and taxes

Before signing, the Services may show protocol fees, interface fees, estimated network fees, or other charges. Estimates can differ from final amounts. You are responsible for all blockchain gas fees and third-party wallet, RPC, issuer, or service charges associated with your activity, including fees paid for failed transactions.

You are solely responsible for determining, reporting, withholding, and paying taxes arising from your use of the Services, orders, rewards, burns, redemptions, votes, transfers, or other activity. Deepstate does not provide tax advice or tax reporting on your behalf unless required by law.

8. Prohibited conduct

You may not use or attempt to use the Services to:

• violate a law, regulation, court order, sanctions programme, securities restriction, issuer restriction, or contractual obligation;
• manipulate or disrupt a market, including through wash trading, spoofing, layering, deceptive orders, coordinated price manipulation, misuse of material nonpublic information, or other abusive conduct;
• conceal your location or eligibility, evade technical controls, or transfer a restricted asset for a person who is not eligible to hold it;
• steal, defraud, mislead, impersonate, launder proceeds, finance unlawful activity, or transact in assets you know or should know are stolen or unlawfully obtained;
• probe, exploit, disable, overload, interfere with, or compromise the Services or another user's systems, including through malware, denial-of-service activity, unauthorized access, or abuse of APIs and rate limits;
• introduce false data, malicious code, or content that infringes another person's rights; or
• use automated access in a manner that violates published limits, materially degrades the Services, or attempts to bypass protective controls.

Nothing in this section restricts good-faith security research conducted under a written programme or permission from Deepstate.

9. No advice, recommendation, or fiduciary relationship

The Services provide transaction tools and information, not personalized investment, brokerage, legal, accounting, or tax advice. Deepstate does not evaluate whether an order, token, reward strategy, vault deposit, redemption, or governance action is suitable for you. Listings, rankings, charts, documentation, routes, and interface defaults are not recommendations, solicitations, endorsements, or promises of performance.

You make every decision independently and should consult qualified advisers when appropriate. No communication from Deepstate creates a fiduciary, agency, partnership, joint venture, trustee, or advisory relationship.

10. Important risks

Blockchain and digital-asset activity can result in the permanent loss of some or all of your assets. Risks include:

• smart-contract bugs, design assumptions, unsupported token behavior, key compromise, governance attacks, oracle or data errors, and malicious counterparties;
• blockchain congestion, reorganization, sequencer failure, validator behavior, forks, downtime, fee spikes, and transaction-ordering risk;
• volatile prices, thin liquidity, wide spreads, partial fills, adverse selection, stale quotes, slippage, and inability to cancel before execution;
• stablecoin depegging, issuer or custodian failure, transfer freezes, redemption limits, and banking or regulatory disruption;
• Stock Token issuer, securities-law, eligibility, corporate-action, market-hours, reference-price, insolvency, custody, and enforcement risks;
• reward-accounting failures, dilution, governance capture, irreversible token burns, and vault assets being unavailable or worth less than expected; and
• interfaces, indexers, databases, RPC providers, wallets, or third-party services being unavailable, compromised, inaccurate, or discontinued.

Audits, tests, documentation, simulations, and security reviews reduce some risks but do not prove that code is free of defects or that an economic design is safe. Review the Risks documentation and the issuer's current disclosures before using the Services.

11. Third-party services

The Services rely on or link to wallets, blockchain networks, RPC providers, data providers, hosting providers, token issuers, block explorers, and other third parties. Those services are governed by their own terms and privacy policies. Deepstate does not control and is not responsible for their availability, security, accuracy, acts, omissions, or changes.

A link, integration, asset display, or technical compatibility does not imply endorsement. Your dealings with a third party are between you and that third party.

12. Intellectual property and feedback

Except for open-source components governed by their applicable licenses and third-party materials owned by their respective owners, Deepstate and its licensors own the Services, branding, documentation, design, and associated intellectual property.

Subject to these Terms, Deepstate grants you a limited, revocable, non-exclusive, non-transferable right to access and use the Services for their intended purpose. You may not misuse Deepstate's name or marks, remove proprietary notices, or copy and commercialize protected portions of the Services except as permitted by an applicable open-source license or written permission.

If you voluntarily provide feedback, you permit Deepstate to use it without restriction or compensation, provided we do not publicly identify you as its source without permission.

13. Changes, access restrictions, and termination

We may change, suspend, restrict, or discontinue any part of the Services; change supported networks, assets, routes, fees, or features; or block access when we reasonably believe it is necessary for security, legal compliance, maintenance, or protection of users or the Services. We do not undertake to maintain any feature or listing.

These actions affect the company-operated Services and may not prevent direct interaction with deployed contracts. You remain responsible for managing any resting orders or positions through compatible tools.

We may update these Terms by posting a revised version and changing the effective date. Material changes apply prospectively to the extent required by law. Continued use after revised Terms become effective constitutes acceptance of the revised Terms.

14. Disclaimers

TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” DEEPSTATE DISCLAIMS ALL EXPRESS, IMPLIED, AND STATUTORY WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, ACCURACY, AVAILABILITY, SECURITY, AND QUIET ENJOYMENT.

DEEPSTATE DOES NOT WARRANT THAT THE SERVICES, PROTOCOL, DATA, QUOTES, SIMULATIONS, OR THIRD-PARTY SERVICES WILL BE COMPLETE, CURRENT, ERROR-FREE, SECURE, CONTINUOUS, OR SUITABLE FOR YOUR PURPOSE; THAT AN ORDER OR TRANSACTION WILL EXECUTE, REST, CANCEL, SETTLE, OR PRODUCE A PARTICULAR RESULT; OR THAT AN ASSET, REWARD, OR VAULT POSITION WILL RETAIN VALUE.

Some jurisdictions do not permit certain warranty exclusions. Those exclusions apply only to the extent permitted where you live.

15. Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, DEEPSTATE AND ITS DIRECTORS, OFFICERS, EMPLOYEES, CONTRACTORS, AFFILIATES, LICENSORS, AND SERVICE PROVIDERS WILL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES; LOST PROFITS, REVENUE, DATA, OPPORTUNITY, GOODWILL, OR ASSETS; OR LOSSES ARISING FROM MARKET MOVEMENT, A FAILED OR IRREVERSIBLE TRANSACTION, UNAVAILABLE LIQUIDITY, A COMPROMISED WALLET, THIRD-PARTY CONDUCT, OR UNAUTHORIZED ACCESS, EVEN IF ADVISED THAT SUCH LOSS WAS POSSIBLE.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE AGGREGATE LIABILITY OF DEEPSTATE AND THE OTHER PARTIES LISTED ABOVE FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICES OR THESE TERMS WILL NOT EXCEED THE GREATER OF (A) US$100 OR (B) THE INTERFACE FEES YOU PAID DIRECTLY TO DEEPSTATE THROUGH THE SERVICES DURING THE TWELVE MONTHS BEFORE THE EVENT GIVING RISE TO THE CLAIM.

These limitations do not exclude liability that cannot lawfully be excluded or limited.

16. Indemnification

To the maximum extent permitted by law, you will defend, indemnify, and hold harmless Deepstate and its directors, officers, employees, contractors, and affiliates from claims, liabilities, damages, judgments, losses, and reasonable costs arising from your unlawful use of the Services, violation of these Terms, violation of another person's rights, or fraud, willful misconduct, or market abuse. This obligation does not apply to the extent a claim was caused by the indemnified party's own fraud, willful misconduct, or liability that cannot be limited by law.

17. Disputes

Before filing a claim relating to the Services or these Terms, you agree to send a written description of the dispute and requested relief to legal@deepstate.sh and allow 30 days for an informal resolution. This requirement does not prevent either party from seeking urgent injunctive relief or using a procedure that cannot lawfully be waived.

These Terms do not limit any mandatory consumer rights or remedies available to you. Any unresolved dispute must be brought in a court that has jurisdiction under applicable law. No arbitration agreement or class-action waiver is created by these Terms.

18. Miscellaneous

These Terms and the Privacy Policy are the entire agreement between you and Deepstate concerning the Services, except for separate written terms that expressly apply to a feature. If a provision is unenforceable, it will be limited to the minimum extent necessary and the remaining provisions will continue in effect. Our failure to enforce a provision is not a waiver. You may not assign these Terms without our consent; we may assign them in connection with a merger, reorganization, financing, sale of assets, or by operation of law. Headings are for convenience only.

19. Contact

Questions or legal notices concerning these Terms may be sent to legal@deepstate.sh.