Vault Terms

1.1. A Vault is a product made available through the Platform that gives the User access to one or more strategies operated by Destral. A Vault may combine several strategies, and the User holds a single position in the Vault. The Vaults available, their description and their specific conditions (such as eligible assets, minimum amounts, cycle length and cut-off times) are published on the Platform and may differ from one Vault to another.

1.2. A Vault is a feature of the Platform among others. Using the Smart Account, the multi-chain wallet and the Swap does not require the User to use any Vault.

1.3. Destral operates the strategies of a Vault on its own account as operator of the Vault, and not as the adviser, agent, trustee or portfolio manager of the User. Destral does not assess the suitability of a Vault for the User and does not provide personalized investment advice. The decision to allocate to a Vault, to keep the allocation or to redeem it is made by the User alone.

1.4. Nothing in these Vault Terms, on the Platform or in any communication from Destral is a guarantee of return, of capital preservation, of liquidity or of the availability of any redemption window. Past performance is not indicative of future results. Any figure, target, backtest, simulation or illustration shown on the Platform is provided for information only.

2.1. Access to Vaults is reserved to Users who have an Account in good standing, who have completed KYC, and who meet the conditions of the relevant Vault.

2.2. Destral may restrict, refuse or suspend access to any Vault, for a User or for a category of Users, in particular for reasons of Applicable Law, of the AML Policy, of the jurisdiction of the User, or of the capacity of the Vault.

3.1. The User allocates assets to a Vault by signing from its Smart Account a transfer to the address indicated for that Vault on the Platform. The transfer is an Instruction within the meaning of the Terms of Use and is irrevocable once signed and submitted.

3.2. When assets are allocated, they leave the Smart Account. Unless these Vault Terms state otherwise, they are held and operated by Destral or by providers designated by Destral, such as custodians, trading venues, protocols and other counterparties, and they may be pooled with the assets of other Users. The assets allocated are not under the control of the User’s Means of Control while they are allocated.

3.3. The User holds a right against Destral in relation to its allocation, calculated in accordance with Clause 5 and payable in accordance with Clause 6. The User does not hold title to the underlying assets, nor to any particular asset of the Vault, and does not acquire any right in the strategies, in the counterparties or in the contracts used by Destral.

3.4. Destral records the allocation of each User in its systems. The record shows the amount allocated, the value of the allocation and the related operations, and is made available to the User on the Platform. Save in case of manifest error, this record is conclusive of the allocation of the User.

3.5. An allocation is taken into account only once the assets have been received by Destral at the address indicated, in the form and in the amount required. An allocation of assets that are not eligible for the relevant Vault, sent to the wrong address or on the wrong blockchain network, or made in breach of these Vault Terms may be unrecoverable or may be returned to the User at the User’s own risk and cost, after deduction of any costs incurred.

3.6. Allocations take effect at the end of the cycle, in accordance with Clause 4.

4.1. Allocations to, and redemptions from, a Vault operate on a periodic cycle and not continuously.

4.2. An Instruction to allocate or to redeem is executed at the end of the applicable cycle, and not at the time it is submitted. The length of each cycle and the applicable cut-off times are published on the Platform and may be amended by Destral, in which case Destral will inform the User through the Platform. An Instruction received after the cut-off applies to the following cycle.

4.3. Between the submission of an Instruction and its execution the value of the allocation may vary, favourably or unfavourably, and the User bears this variation.

4.4. Until the cut-off, the User may cancel a pending allocation or redemption request where the Platform allows it. After the cut-off the Instruction is irrevocable.

5.1. The value of the allocation of the User is determined by reference to a net asset value (NAV) calculated and published by Destral for each cycle, in accordance with the valuation methodology published on the Platform.

5.2. Destral may rely on prices and data from market data providers, oracles, trading venues and counterparties, and may use estimates or fair-value methods where a price is not available or is not reliable. The valuation methodology is applied in good faith, and Destral may refine it from time to time.

5.3. Save in case of manifest error, the NAV is final and binding for the purposes of allocations, redemptions and the calculation of fees.

5.4. Where a manifest error is identified, Destral may correct the NAV and the records of the allocations concerned, including after the execution of an allocation or a redemption, and may adjust the Users concerned accordingly. Destral will inform the Users concerned of a material correction.

6.1. The User may request the redemption of all or part of its allocation by an Instruction given through the Platform, subject to the cycle, to the cut-off times and to any minimum amount published for the Vault.

6.2. The redemption is executed at the end of the applicable cycle, on the basis of the NAV of that cycle. The proceeds, after deduction of the fees due, are sent to the Smart Account of the User, in the assets and within the settlement period indicated on the Platform for the Vault. Destral may settle in a Supported Token other than the asset allocated, where the Platform indicates it.

6.3. The User acknowledges that, because of the periodic cycle, it may be unable to withdraw at a moment of its choosing.

6.4. The proceeds of a redemption sent to the Smart Account then fall under the self-custody regime of Clause 4 of the Terms of Use.

7.1. Destral may suspend, defer, limit or stagger allocations or redemptions, in whole or in part, for one or more Vaults or for one or more Users, where Destral considers that it is required or appropriate:

a) by the Applicable Law, or by a court or an authority;

b) by the conditions of the underlying markets or of the counterparties used, including a lack of liquidity, the suspension of a market, a trading venue or a protocol, or a disruption of a blockchain network;

c) by the protection of the other Users;

d) by an incident of security, an error, or the impossibility to establish a reliable valuation; or

e) by the AML Policy or the suspicion of a breach of the Terms of Use.

7.2. Where redemptions are limited, Destral may process the requests in proportion to the amounts requested or in any other fair manner, and the part not processed carries forward to the following cycle.

7.3. Such a suspension or deferral may last for an indeterminate period. Destral will inform the Users concerned through the Platform as soon as reasonably practicable, unless prevented by the Applicable Law.

7.4. Destral may also close a Vault, merge it with another Vault, or put it into liquidation, in which case it will redeem the allocations and send the proceeds to the Smart Accounts of the Users, with notice through the Platform where possible.

8.1. Fees apply to the Vaults and are published on the Platform, with their nature, their rate and their calculation basis. They may be amended in accordance with Clause 17 of the Terms of Use.

8.2. Fees are deducted from the allocation or from the proceeds, as indicated on the Platform, and are reflected in the NAV and in the amounts shown to the User.

8.3. Fees reduce the returns of the User and may apply even when the value of the allocation falls.

8.4. The fees applicable to a Vault may be reduced for Users who stake STRAL, under the conditions published on the Platform.

9.1. Allocating to a Vault involves a significant risk, up to the total loss of the allocation. The risks of Vaults are described in the Risk Disclosure Statement, which the User acknowledges by allocating.

9.2. In particular, the User acknowledges that:

a) the strategies of a Vault may underperform or lose value, and the value of an allocation may be lower than the amount allocated;

b) the assets allocated leave the Smart Account and are exposed to the risks of Destral and of the counterparties, trading venues, custodians, protocols and issuers used, including their failure, insolvency, freeze, fraud, hack or discontinuation;

c) stablecoins may lose their parity;

d) the valuation published for a cycle rests on prices and methods that may prove inaccurate and may be corrected;

e) liquidity may be insufficient, and redemptions may be delayed, limited or suspended; and

f) the technology on which the Vaults rely, including smart contracts, bridges and oracles, may fail.

10.1. If the User has not accessed the Account for a continuous period of 12 (twelve) months while holding an allocation in a Vault, Destral may send the User a Notification stating that it intends to redeem the allocation.

10.2. If the User does not respond within 30 (thirty) days of the Notification, Destral may redeem the allocation at the end of the next cycle, on the basis of the NAV of that cycle, and send the proceeds, after deduction of the fees due, to the Smart Account of the User.

10.3. Destral does not acquire any right in an allocation, in the proceeds or in the assets of the Smart Account of an inactive User by reason of inactivity. Destral may charge only the fees published on the Platform, and is not required to pay any reward or incentive on an inactive allocation.

10.4. Where the Applicable Law requires Destral to deal differently with the allocation of an inactive User, Destral may comply with it.

11.1. In the event of the death or the incapacity of the User, the representatives of the estate or the persons entitled may notify Destral in writing, as provided in Clause 17.12 of the Terms of Use.

11.2. Destral may suspend the Instructions on the allocation until the identity and the capacity of the persons concerned have been established, to the satisfaction of Destral.

11.3. Once the application has been approved, Destral will redeem the allocation at the end of the next cycle and send the proceeds, after deduction of the fees due, to the address or to the Smart Account indicated and verified in accordance with Destral requirements. Destral does not commit to any particular timeline for the processing of an application.

12.1. Destral may modify the strategies, the assets, the cycles, the valuation methodology and the other characteristics of a Vault, and may add or remove Vaults.

12.2. The way a Vault is operated may change over time. In particular, Destral may migrate all or part of a Vault, or of its operation, to a different technical or legal structure, including one that relies more on smart contracts or on decentralized technologies. Where such a change requires an amendment of the allocation regime described in Clause 3, Destral will give the Users at least 14 (fourteen) calendar days’ notice through the Platform and will publish the amended Vault Terms, and the Users may redeem their allocation before the change takes effect.

12.3. Continued allocation to a Vault after the change takes effect is deemed acceptance of the amended Vault Terms.

13.1. These Vault Terms are governed by the same law and the same dispute resolution provisions as the Terms of Use (Clause 16 of the Terms of Use).

13.2. Complaints relating to a Vault are handled under the Complaint Procedure.

13.3. If any clause of these Vault Terms is or becomes illegal, invalid or unenforceable, the remaining clauses are not affected.