In short: Tern lets you swap assets across blockchains straight from your own wallet. We never hold your funds or your keys. Blockchain transactions can’t be undone, so check every swap before you confirm it. Using Tern carries real risks, set out below. If you don’t agree to these terms, don’t use Tern.

1. Who we are

These Terms of Use (“Terms”) are an agreement between you and Unit Labs (unitlabs.xyz), referred to as “we”, “us” or “our”. They cover your use of the website at ternswap.xyz, the app at app.ternswap.xyz, the Tern API, and any related software we provide (together, the “Interface”).

The Interface is a way to reach the Tern protocol: smart contracts deployed on public blockchains, together with independent solvers and decentralized exchange aggregators that quote and complete swaps. The protocol runs on those blockchains, not on our servers.

By accessing or using the Interface, you agree to these Terms and to our Privacy Policy.

2. Who can use Tern

You may use the Interface only if all of the following are true:

  • You are at least 18 years old and can enter into a binding contract.
  • You are not a person, or acting for a person, named on any sanctions list maintained by Singapore, the United Nations, the United States, the European Union or the United Kingdom.
  • You are not located in, ordinarily resident in, or organized under the laws of any country or region subject to comprehensive sanctions by any of them.
  • Using the Interface is legal for you where you are, and you will not use it to break any law.

We may restrict access to the Interface from any location, or for any wallet address, at any time.

3. You stay in control of your assets

Tern is non-custodial. We never take possession of your assets, and we never have access to your private keys or seed phrase.

  • Every transaction is approved and signed by you, in your own wallet. We can’t make transactions on your behalf, and we can’t cancel, reverse or recover a transaction once it is sent.
  • You are solely responsible for your wallet, your keys and your device, and for the addresses you enter. Assets sent to a wrong address can’t be recovered.
  • For swaps between blockchains, the app keeps a secret in your browser until the swap finishes. If you clear your browser’s data or lose your device while a swap is in progress, the swap may not complete, and your funds will return to your refund address only after the swap expires.

4. How swaps work

  • Quotes. When you ask for a swap, the Interface requests prices from independent solvers and decentralized exchange aggregators. A price shown before you confirm is an estimate and can change until you confirm.
  • What you’ll receive. Before you confirm, the Interface shows the amount you’re expected to receive, the least you’ll receive, the fees and an estimate of how long the swap will take. Same-chain swaps either deliver at least the minimum shown or fail without exchanging your assets; you still pay the network fee for the failed transaction.
  • Swaps between blockchains settle through escrow smart contracts on each chain. If a swap can’t complete before its deadline, the contracts let your funds return to your refund address. How long that takes depends on the blockchains involved.
  • Timing. Times shown are estimates. Network congestion, chain halts, reorganizations and the availability of solvers can delay a swap.
  • Tokens. You can swap tokens that are not reviewed or endorsed by us, including tokens entered by contract address. A token being available in the Interface says nothing about its value, legitimacy or safety.

5. Fees

The Interface shows its fees before you confirm a swap. They can include a protocol fee, fees charged by solvers or partners, and network fees paid to the validators of the blockchains involved. Network fees are paid from your wallet, are set by the blockchains rather than by us, and are not refundable, including for failed transactions. We may change our fees at any time; a change never applies to a swap you have already confirmed.

6. Risks you accept

Using blockchains and digital assets carries significant risk. By using the Interface you acknowledge and accept, among others, these risks:

  • Price risk. Digital assets are volatile and can lose some or all of their value, including while a swap is in progress.
  • Smart contract risk. Smart contracts can contain bugs or vulnerabilities, and can be exploited, despite reviews and testing.
  • Blockchain risk. Blockchains can be congested, halt, fork or reorganize, and their fees can change sharply.
  • Third-party risk. Solvers, aggregators, liquidity sources, wallets, node providers and the blockchains themselves are operated by others. Their failure, error or misconduct can affect your swap.
  • Irreversibility. Confirmed transactions are final.
  • Regulatory risk. Laws and regulations that apply to digital assets are changing and may restrict your use of the Interface or of particular assets.

7. No advice

Nothing in the Interface is financial, investment, legal or tax advice, or a recommendation to buy, sell or hold any asset. You are responsible for your own decisions and for any taxes that apply to your transactions.

8. What you must not do

You agree not to use the Interface to:

  • break any law or regulation, including sanctions, anti-money-laundering or counter-terrorist-financing laws;
  • deal in the proceeds of crime or in assets you don’t have the right to use;
  • manipulate markets or prices, or take part in fraudulent or deceptive activity;
  • interfere with, attack or overload the Interface, the protocol or the networks they rely on, including through exploits, denial-of-service attacks or automated requests beyond any published rate limits;
  • get around any restriction we apply, including geographic or rate restrictions; or
  • infringe anyone’s intellectual property or other rights.

9. Third-party services

The Interface relies on and links to services operated by others, including wallets, blockchain nodes, block explorers, price sources, token lists, solvers and aggregators. We don’t control them and aren’t responsible for their availability, accuracy or conduct. Your use of them is governed by their own terms and policies.

10. Changes to the Interface

The Interface is under active development. We may change, suspend or stop any part of it at any time, with or without notice. We aren’t liable to you if any part of the Interface is unavailable. Because the protocol’s smart contracts run on public blockchains, an expired swap can still be refunded through them even if the Interface is unavailable.

11. Intellectual property

The Interface, including its design, text, graphics, logos and software, belongs to Unit Labs or its licensors. We grant you a limited, revocable, non-exclusive, non-transferable license to use the Interface for its intended purpose under these Terms. “Tern” and the Tern logo are our trademarks; you may not use them without our written permission. Smart contracts and other software that we publish under an open-source license are governed by that license.

12. Disclaimers

The Interface is provided “as is” and “as available”. To the fullest extent the law allows, we make no warranties of any kind, express or implied, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy or availability. We don’t warrant that the Interface will be uninterrupted, secure or free of errors, or that any quote, price, estimate or other information it shows is accurate or complete.

13. Limitation of liability

To the fullest extent the law allows:

  • We are not liable for any indirect, incidental, special, consequential or punitive damages, or for any loss of profits, revenue, data, goodwill or digital assets, arising out of or in connection with the Interface or these Terms, even if we were told such damages were possible.
  • Our total liability to you for all claims arising out of or in connection with the Interface or these Terms is limited to the greater of USD 100 and the fees you paid us through the Interface in the 12 months before the event giving rise to the claim.

Nothing in these Terms limits liability that can’t be limited by law, including liability for fraud.

14. Indemnity

You agree to indemnify and hold harmless Unit Labs and its directors, employees and contractors from any claims, losses, liabilities and expenses, including reasonable legal fees, that arise from your use of the Interface, your breach of these Terms, or your violation of any law or the rights of anyone else.

15. Governing law and disputes

These Terms, and any dispute arising out of or in connection with them or the Interface, are governed by the laws of Singapore.

Any such dispute will be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) under its Arbitration Rules in force at the time. The seat of arbitration is Singapore, the tribunal will consist of one arbitrator, and the language of the arbitration is English. Disputes will be resolved on an individual basis, not as part of any class or representative action. Either party may still seek urgent injunctive relief from a court of competent jurisdiction.

16. Changes to these Terms

We may update these Terms from time to time. We’ll change the date at the top when we do, and if a change is significant we’ll make reasonable efforts to point it out in the Interface. Continuing to use the Interface after a change takes effect means you accept the updated Terms.

17. General

If any part of these Terms is found unenforceable, the rest stays in effect. Our not enforcing a right is not a waiver of it. You may not transfer your rights under these Terms; we may transfer ours, including as part of a merger or sale of our business. These Terms, together with our Privacy Policy, are the entire agreement between you and us about the Interface.

18. Contact

Questions about these Terms: [email protected].