Testnet Terms of Use

Testnet status and eligibility

The Ledig Derivatives interface is currently provided for testing on Base Sepolia. Testnet tokens and positions have no monetary value and must not be treated as real assets, deposits, investments, or payment obligations. Features may be incomplete, changed, paused, reset, or removed without notice. Participation is intended for approved institutional users and invited testers. These terms are supplemental to any onboarding, confidentiality, pilot, or other agreement between you and Ledig. These terms were last updated on 17 August 2026.

Wallets, permissions and transactions

You control your wallet, private keys, transaction approvals, token allowances, and network selection. Ledig will never ask for your seed phrase or private key. You must review every transaction before signing and use only the network and contracts presented through the official testnet interface. Entry actions are permissioned. For compliance separation, a wallet may be approved as a buyer or as a writer, but not both at the same time. Buyer and writer permissions do not replace your responsibility to understand the option terms, expiry, premium, strike settlement, token balances, and transaction costs.

Protocol operation and risks

Ledig uses fully collateralised call-option series with one WriterVault for each series. Writers deposit the BASE token and lock collateral before posting lots. Buyers pay purchase premium in BASE and, when exercising before expiry, pay the STRIKE token to the exact backing writers in return for BASE. Full collateralisation reduces writer counterparty risk but does not remove smart-contract, stablecoin, token, blockchain, wallet, liquidity, execution, regulatory, or operational risk. Transactions may fail, revert, be delayed, cost more than expected, or become impractical because of network conditions, fragmented liquidity, token behaviour, or user error.

Exercise, expiry and exit responsibility

Buyers are responsible for exercising valid option rights before the onchain expiry timestamp and for holding and approving enough STRIKE to settle. There is no oracle, automatic in-the-money decision, or automatic exercise in the current design. After expiry, exercise is unavailable and unexercised option balances may remain visible without an exercise right. Writers are responsible for cancelling unfilled lots, releasing sold but unexercised collateral after expiry, and withdrawing unlocked BASE. A series pause blocks new posting and buying but is designed not to block valid cancellation, pre-expiry exercise, post-expiry collateral release, or lawful withdrawal.

No advice, insurance or guaranteed availability

The testnet and its content are provided for evaluation and do not constitute financial, investment, legal, tax, or regulatory advice. Ledig does not currently provide an insurance fund, deposit guarantee, or protocol insolvency backstop. To the extent permitted by law, the testnet is provided as available without a promise of uninterrupted, error-free, or permanent access. Ledig may restrict access, update these terms, or stop the testnet where needed for security, compliance, maintenance, or product development. Continued use after an update means you accept the updated terms. Questions should be raised through the official Ledig support or onboarding channel used for your participation.