# Market chains Source: https://docs.fiet.finance/business/api-reference/market-chains get /v1/markets/chains Use this endpoint to list supported EVM networks. For guidance on discovery flows, see [Markets](/business/endpoint/markets). # Market corridors Source: https://docs.fiet.finance/business/api-reference/market-corridors get /v1/markets/corridors Use this endpoint to list supported corridors (routes), which you’ll reference by `corridorId` when creating a payment plan. For guidance on corridors, see [Markets](/business/endpoint/markets). # Market tokens Source: https://docs.fiet.finance/business/api-reference/market-tokens get /v1/markets/tokens Use this endpoint to list supported tokens (optionally filtered by `chainId`). For guidance on discovery flows, see [Markets](/business/endpoint/markets). # Payments Source: https://docs.fiet.finance/business/api-reference/payments post /v1/payments This endpoint returns a multi-step payment plan (no execution). For step types and Digital Collect behaviour, see [Payments](/business/endpoint/payments). # Quote Source: https://docs.fiet.finance/business/api-reference/quote get /v1/quote This endpoint returns a live derived quote. Quotes are not persisted as entities. For quoting semantics, see [Quote](/business/endpoint/quote). # Swap Source: https://docs.fiet.finance/business/api-reference/swap post /v1/swap This endpoint returns swap instructions (calldata + constraints) for you to execute. For execution options, see [Swap](/business/endpoint/swap). # How it works Source: https://docs.fiet.finance/business/architecture What your integration experience looks like with swaps, payments, and Digital Collect. ## System overview (public view) The Trading API is a single product surface. It provides quotes, instructions, and plans. **Execution** (signing and broadcasting) happens in your infrastructure. Digital Collect includes a **recipient-facing web experience**: recipients open an email link, choose where they want to receive funds, and provide the required details (wallet, bank, or eMoney). ```mermaid theme={null} graph TB subgraph yourInfra["YourInfrastructure"] App["YourApplicationOrERP"] ClientNode["ClientNodeOptional"] end subgraph fietPlatform["FietPlatform"] BusinessApi["FietBusinessTradingAPI"] DigitalCollectUi["DigitalCollectUI"] end subgraph external["External"] Recipient["Recipient"] Chain["EvmNetworks"] end App -->|"RESTAPI"| BusinessApi App -->|"RESTAPI"| ClientNode ClientNode -.->|"FetchPlans"| BusinessApi ClientNode -->|"SignAndBroadcast"| Chain BusinessApi -->|"CollectEmail"| Recipient Recipient -->|"OpenLink"| DigitalCollectUi DigitalCollectUi -->|"SubmitDestinationDetails"| BusinessApi BusinessApi -->|"DeliverFunds"| Recipient ``` ## Quotes and swaps (plan-only) ```mermaid theme={null} sequenceDiagram autonumber participant App as YourApplication participant BA as FietBusinessTradingAPI Note over App,BA: Market discovery (optional but recommended) App->>BA: GET /v1/markets/chains BA-->>App: 200 MarketChain[] App->>BA: GET /v1/markets/tokens?chainId=1 BA-->>App: 200 MarketToken[] App->>BA: GET /v1/markets/corridors BA-->>App: 200 Corridor[] Note over App,BA: Quote (derived, not persisted) App->>BA: GET /v1/quote BA-->>App: 200 Quote(asOf,expiresAt,amountIn,amountOut) Note over App,BA: Swap plan (instructions only) App->>BA: POST /v1/swap BA-->>App: 200 SwapPlan(quote,instructions[]) Note over App: You now have unsigned calldata. You execute it. ``` ## Swaps with the Client Node (coming soon) The Client Node is an optional, self-hosted component that can execute swap instructions locally. ```mermaid theme={null} sequenceDiagram autonumber participant App as YourApplication participant CN as ClientNode participant BA as FietBusinessTradingAPI participant Chain as EvmNetwork Note over App,CN: plan mode (instructions only) App->>CN: POST /v1/swap?executionMode=plan CN->>BA: POST /v1/swap BA-->>CN: SwapPlan(quote,instructions[]) CN-->>App: SwapPlan(instructionsOnly) Note over App,CN: execute mode (sign and broadcast locally) App->>CN: POST /v1/swap?executionMode=execute CN->>BA: POST /v1/swap BA-->>CN: SwapPlan(quote,instructions[]) CN->>CN: SignLocally CN->>Chain: BroadcastTransaction Chain-->>CN: txHash CN-->>App: SwapPlan(executionReceipts) ``` ## Payments (standard) Payments return a **multi-step plan**. In standard mode, the plan typically includes: await deposit, execute swap, and coordinate payout. ```mermaid theme={null} sequenceDiagram autonumber participant ERP as YourERP participant CN as ClientNode participant BA as FietBusinessTradingAPI participant Cust as CustodianOrIssuer participant Chain as EvmNetwork ERP->>CN: POST /v1/payments?executionMode=execute CN->>BA: POST /v1/payments BA-->>CN: PaymentPlan(steps[]) Note over CN,Chain: Step 1 - AWAIT_DEPOSIT CN->>CN: MonitorDeposit CN->>CN: step1Done Note over CN,Chain: Step 2 - EXECUTE_SWAP CN->>CN: SignLocally CN->>Chain: BroadcastSwap Chain-->>CN: txHash CN->>CN: step2Done Note over CN,Cust: Step 3 - CUSTODIAN_PAYOUT CN->>Cust: InitiatePayout(custodianAction) Cust-->>CN: payoutConfirmed(externalRef) CN->>CN: step3Done CN-->>ERP: PaymentPlan(completedWithReferences) ``` ## Payments (Digital Collect) In Digital Collect mode, recipients complete a short web flow to choose how they want to receive funds. ```mermaid theme={null} sequenceDiagram autonumber participant App as YourApplication participant CN as ClientNode participant BA as FietBusinessTradingAPI participant Email as RecipientEmail participant Ui as DigitalCollectUI participant Recip as Recipient participant Chain as EvmNetwork App->>CN: POST /v1/payments?executionMode=execute(mode=DIGITAL_COLLECT) CN->>BA: POST /v1/payments BA-->>CN: PaymentPlan(steps[]) Note over CN,Chain: Step 1 - AWAIT_DEPOSIT CN->>CN: MonitorDeposit CN->>CN: step1Done Note over CN,Chain: Step 2 - EXECUTE_SWAP CN->>CN: SignLocally CN->>Chain: BroadcastSwap Chain-->>CN: txHash CN->>CN: step2Done Note over BA,Email: Step 3 - SEND_DIGITAL_COLLECT CN->>BA: TriggerCollectDelivery BA->>Email: SendCollectEmail(link) Note over Recip,Ui: Recipient experience Recip->>Email: OpenEmail Email->>Ui: OpenLink Ui->>Recip: ChooseDestinationType Recip-->>Ui: ProvideWalletOrBankOrEmoneyDetails Ui->>BA: SubmitDestinationDetails BA-->>Recip: ConfirmFundsOnTheWay ``` ## Who executes? * **Direct integration:** you call the Trading API and receive instructions and plans; you sign and broadcast using your own infrastructure. * **Client Node (coming soon):** you call your self-hosted Client Node; it fetches plans from the Trading API and executes locally, returning receipts. # Authentication Source: https://docs.fiet.finance/business/authentication How to authenticate requests to the Fiet Trading API. ## Authentication method The Fiet Trading API uses **HTTP Basic Authentication** (MVP). Credentials are issued per organisation and environment. Include an `Authorization` header on every request: * `Authorization: Basic ` ## Environments | Environment | Base URL | | -------------------- | -------------------------- | | Production (example) | `https://api.fiet.finance` | | Sandbox | Coming soon | ## Example request ```bash theme={null} curl -sS \ -H "Authorization: Basic " \ "https://api.fiet.finance/health" ``` ## Error responses Common responses you should handle: * **401 Unauthorized**: missing or invalid credentials * **403 Forbidden**: credentials are valid, but access is not permitted * **400 Bad Request**: invalid parameters or request body (see `Problem` schema) Where applicable, error responses follow an RFC 7807-style shape: ```json theme={null} { "type": "string", "title": "string", "status": 400, "detail": "string" } ``` # Client Node (coming soon) Source: https://docs.fiet.finance/business/client-node Self-hosted execution-plane for signing and broadcasting transactions locally. The Client Node is an optional, self-hosted component. It is not part of the initial core release. ## What is the Client Node? The Client Node is a self-hosted service you run in your own infrastructure. It mirrors the Trading API’s `/v1/*` surface but adds an `executionMode` parameter: * `executionMode=plan`: return instructions and plans only (no signing or broadcasting) * `executionMode=execute`: fetch a plan from the Trading API, then **sign and broadcast locally**, returning execution receipts ## Execution receipts In `execute` mode, responses can include execution receipts such as: * `status` * `relayTransactionId` * `txHash` ## Relay operator surface The Client Node exposes `/relay/*` for operator-level operations such as: * transaction lifecycle monitoring * relayer management * gas configuration * message signing ## Configuration The Client Node is designed as a single service with a single configuration file: * Trading API base URL and credentials * local signing configuration and runtime settings ## Architecture preview See [Architecture and workflows](/business/architecture) for how `plan` and `execute` modes fit into swap and payment flows. # Core concepts Source: https://docs.fiet.finance/business/core-concepts Key concepts for integrating with quotes, swap instructions, payment plans, and Digital Collect. ## Non-custodial posture The Trading API is **non-custodial infrastructure**: * It **does not** sign transactions * It **does not** broadcast transactions * It has **no access** to your keys or customer funds Instead, the API returns **derived data** (quotes) and **actionable outputs** (instructions and plans). You execute them using your own infrastructure (or the Client Node, coming soon). ## Quote semantics `GET /v1/quote` returns a **derived** quote from current on-chain market state. * Quotes are **not persisted** as entities. * Responses include `asOf` provenance and an `expiresAt` time. * Amounts are expressed as **strings in smallest units** to avoid floating-point issues. Trade types: * `EXACT_IN`: you specify the input amount; the response gives the output amount. * `EXACT_OUT`: you specify the output amount; the response gives the required input amount. ## The instruction model Swap and payment responses include ordered `instructions[]`. Each instruction represents an on-chain action to execute, including: * **where** to call (`to`) * **what** to call (`data`, calldata hex) * **how much value** to send (`value`, wei as a string) * **constraints** such as `notAfter` and `maxSlippageBps` You sign and submit these instructions on-chain. ## Payment corridors A **corridor** identifies a supported route for moving value from a source to a target (for example, `usdc-eth->aud-bank`). Corridors let you: * validate what routes are available before creating a payment * select the appropriate route for a customer or region See [Markets](/business/endpoint/markets) for corridor discovery. ## Payment plans and steps `POST /v1/payments` returns a **PaymentPlan**: an ordered list of steps with stable identifiers for reconciliation. Common step types include: * `AWAIT_DEPOSIT` * `EXECUTE_SWAP` (includes `instructions[]`) * `CUSTODIAN_PAYOUT` (includes a `custodianAction` envelope) * `SEND_DIGITAL_COLLECT` Each step has a lifecycle status such as `PENDING`, `READY`, `DONE`, or `FAILED`. The request includes a `clientReference` so you can correlate plans to internal ERP/payment records. ## Digital Collect When `options.mode=DIGITAL_COLLECT`, the payment includes a recipient collection experience: * Your integration provides the recipient’s email address. * The recipient receives an email with a link to the **Fiet-hosted Digital Collect UI**. * In that UI, the recipient chooses how they want to receive funds, for example: * an **EVM wallet** (connect or paste an address) * a **bank account** (region-specific details) * an **eMoney wallet** (provider-specific identifier) * Funds are delivered to the recipient’s selected destination. This means you do **not** need to build a recipient-facing wallet/bank detail capture UI for collect flows. ## Error handling Where applicable, errors follow an RFC 7807-style `Problem` shape: ```json theme={null} { "type": "string", "title": "string", "status": 400, "detail": "string" } ``` # Markets Source: https://docs.fiet.finance/business/endpoint/markets Discover supported chains, tokens, and payment corridors before quoting or creating payments. ## Overview The Markets endpoints are read-only discovery tools. Use them to understand what the Trading API supports before you request quotes or create payments. ## Chains `GET /v1/markets/chains` returns supported EVM networks. Use cases: * populate a chain selector in your app * validate a chainId before quoting ## Tokens `GET /v1/markets/tokens` returns supported tokens, optionally filtered by `chainId`. Each token includes: * `chainId` * token contract `address` * `symbol` * `decimals` Use cases: * populate token dropdowns * validate token pairs for quoting and swaps * display human-readable amounts (using `decimals`) ## Corridors `GET /v1/markets/corridors` returns supported payment corridors (routes). Corridors are referenced by `id` (for example, `usdc-eth->aud-bank`) and may include constraints and metadata needed to select the right route. Use cases: * determine which payout routes are available for a customer/region * choose a corridorId when creating a payment plan ## Next steps * Get a live derived quote: [Quote](/business/endpoint/quote) # Payments Source: https://docs.fiet.finance/business/endpoint/payments Produce multi-step payment plans for cross-border and off-ramp workflows. ## Overview `POST /v1/payments` is the highest-level operation in the core Trading API. It returns a **PaymentPlan**: an ordered set of steps that can combine on-chain actions (swap instructions) with off-chain coordination (for example, payouts). Like swaps, the Trading API produces the plan but does **not** execute it. ## Request parameters Key request fields: * `clientReference`: your stable reference (ERP/payment idempotency key) * `corridorId`: which route to use (discoverable via Markets corridors) * `amountIn`: input amount in smallest units (string) * `recipient`: flexible object for recipient details (bank, wallet, etc.) * `options.mode`: `STANDARD` or `DIGITAL_COLLECT` ## Understanding the response The response contains: * `planId`: a unique plan identifier * `steps[]`: an ordered list of steps Each step has: * `stepId` * `type` (for example, `AWAIT_DEPOSIT`, `EXECUTE_SWAP`, `CUSTODIAN_PAYOUT`, `SEND_DIGITAL_COLLECT`) * `status` (`PENDING`, `READY`, `DONE`, `FAILED`) * optionally `instructions[]` (for on-chain execution) * optionally `custodianAction` (for off-chain coordination) ## Payment lifecycle A typical lifecycle for an ERP or application integrating payments: 1. **Create the plan** and store `planId` alongside your `clientReference`. 2. **Await deposit**: you monitor for funds arriving (step transitions to `DONE`). 3. **Execute swap**: you execute `instructions[]` on-chain (step transitions to `DONE`). 4. **Complete payout or collect**: you coordinate the off-chain payout, or the recipient completes Digital Collect (step transitions to `DONE`). 5. **Reconcile** using stable references: * `clientReference` ↔ your internal record * `planId` ↔ the plan returned by Fiet * `txHash` (where applicable) ↔ on-chain settlement * provider references (where applicable) ↔ off-chain payout records ## Payment modes In standard mode, recipient details are provided upfront. A typical plan includes: * `AWAIT_DEPOSIT` * `EXECUTE_SWAP` (includes `instructions[]`) * `CUSTODIAN_PAYOUT` (includes a `custodianAction` envelope) Your integration executes the on-chain instructions and coordinates the payout with your custodian/issuer integration. In Digital Collect mode, you provide the recipient’s email address. The plan typically includes: * `AWAIT_DEPOSIT` * `EXECUTE_SWAP` (includes `instructions[]`) * `SEND_DIGITAL_COLLECT` The recipient receives an email and opens the **Fiet-hosted Digital Collect UI**, where they choose how to receive funds (EVM wallet, bank account, or eMoney wallet) and provide the required details. You do not need to build a recipient-facing collection UI. For the full end-to-end sequence flows, see [Architecture and workflows](/business/architecture). ## Example ```bash theme={null} curl -sS \ -H "Authorization: Basic " \ -H "Content-Type: application/json" \ -d '{ "clientReference": "erp-payment-001", "corridorId": "usdc-eth->aud-bank", "amountIn": "1000000", "recipient": { "type": "bank", "name": "Acme Pty Ltd", "country": "AU", "account": { "bsb": "062000", "accountNumber": "12345678" } }, "options": { "mode": "STANDARD" } }' \ "https://api.fiet.finance/v1/payments" ``` # Quote Source: https://docs.fiet.finance/business/endpoint/quote Fetch live derived quotes for swaps using EXACT_IN or EXACT_OUT semantics. ## Overview A quote is a **derived** view of pricing based on current on-chain market state. Quotes are **ephemeral**: * `GET /v1/quote` does not create or persist a quote entity. * Responses include `asOf` provenance and an `expiresAt` timestamp. ## Trade types * `**EXACT_IN**`: you specify the exact input amount; you receive the expected output amount. * `**EXACT_OUT**`: you specify the exact output amount; you receive the required input amount. Amounts are expressed as **strings in smallest units** (for example, USDC with 6 decimals). ## Reading the response Key fields in the `Quote` response: * `asOf`: provenance for the derived response (block reference and timestamp when available) * `expiresAt`: how long the quote should be considered valid for planning * `amountIn` / `amountOut`: smallest units as strings * `fees`: breakdown (when available) * `route`: routing details (implementation-defined) ## Example ```bash theme={null} curl -sS \ -H "Authorization: Basic " \ "https://api.fiet.finance/v1/quote?chainId=1&tokenIn=0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48&tokenOut=0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2&tradeType=EXACT_IN&amount=1000000&slippageBps=50" ``` ## Next steps * Generate swap instructions: [Swap](/business/endpoint/swap) # Swap Source: https://docs.fiet.finance/business/endpoint/swap Generate swap instructions (calldata + constraints) for client-side execution. ## Overview `POST /v1/swap` returns a **SwapPlan**: * a fresh derived `quote` * an ordered list of `instructions[]` to execute on-chain The Trading API produces instructions only. It does **not** sign or broadcast transactions. ## Request parameters The request includes: * `chainId`, `tokenIn`, `tokenOut` * `tradeType` (`EXACT_IN` or `EXACT_OUT`) * `amount` (smallest units as a string) * `slippageBps` (basis points) Optional fields may include: * `recipient`: where swap outputs should be sent (if applicable) * `deadline`: a time-bound constraint for execution ## Understanding the response `SwapPlan.instructions[]` is an ordered list of EVM calls. Each instruction includes: * `to`: contract address to call (typically a router) * `data`: calldata hex * `value`: wei to send (as a string) * `constraints`: execution constraints such as `notAfter` and `maxSlippageBps` In many same-chain swaps, `instructions[]` contains exactly one item. Future upgrades may return multiple instructions (for example, approval + swap). ## Who executes? * **Direct integration (core):** you call the Trading API and receive `instructions[]`. You sign and broadcast using your own wallet infrastructure. * **Client Node (coming soon):** you call your self-hosted Client Node with `executionMode=execute`. It fetches the swap plan from the Trading API, then signs and broadcasts locally, returning execution receipts (such as `txHash`). See [Architecture and workflows](/business/architecture) for the end-to-end diagrams. ## Example ```bash theme={null} curl -sS \ -H "Authorization: Basic " \ -H "Content-Type: application/json" \ -d '{ "chainId": 1, "tokenIn": "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48", "tokenOut": "0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2", "tradeType": "EXACT_IN", "amount": "1000000", "slippageBps": 50 }' \ "https://api.fiet.finance/v1/swap" ``` ## Next steps * Orchestrate a multi-step payout: [Payments](/business/endpoint/payments) # Extended functions (coming soon) Source: https://docs.fiet.finance/business/extended-functions Upcoming Trading API capabilities beyond the initial core endpoints. These features are not part of the initial core release. They’re included here to help you understand what’s coming next. ## Recipients management Create, list, and validate payment recipients (for example, bank accounts and wallets) so you can reuse verified recipient profiles across payments. ## Digital Collect endpoints Programmatic Digital Collect support, including creating collect requests and tracking status over time (for example: created, sent, confirmed, expired, failed). ## Webhooks Register webhook endpoints to receive events (for example, payment plan updates and collect completion) for near real-time automation and reconciliation. ## Reconciliation reports Generate exports (CSV/JSON) for a date range and download the results once ready. # Fiet Business Trading API Source: https://docs.fiet.finance/business/introduction Fiat-fiat, fiat-crypto and crypto-crypto Fiet markets in an API. ## What is the Fiet Business Trading API? Discover markets, get live quotes, then obtain and execute on token swap or fiat payment instructions. Designed for fintechs and businesses integrating moving global currencies. The Fiet Trading API is **not yet publicly released**. Expect initial availability in **Q2 2026**.
**API design and documentation are subject to change.** The **Fiet Trading API** gives businesses and fintechs a single hosted API surface for: * **Discovering supported markets** (chains, tokens, corridors) * **Fetching live derived quotes** from current on-chain state * **Generating swap instructions** (calldata + constraints) for you to execute * **Producing multi-step payment plans** for cross-border and off-ramp workflows * **Sending Digital Collect requests** where recipients complete a short, Fiet-hosted collection flow The Trading API is **non-custodial infrastructure**: * It **does not** sign transactions * It **does not** broadcast transactions * It has **no access** to your keys or customer funds ## What you can build Populate chain/token selectors and validate corridors before quoting or payments. Request derived pricing for swaps using `EXACT_IN` or `EXACT_OUT` semantics. Get calldata and constraints as ordered instructions for client-side execution. Orchestrate deposit, swap, and payout steps with stable references for reconciliation. ## Architecture at a glance Fiet provides the **planning** (quotes, instructions, plans). **You** control **execution** (signing and broadcasting), either with your own wallet infrastructure or via the **Client Node** (coming soon). For the full workflow diagrams (including Digital Collect recipient experience), see the Architecture page: * [Business Trading API architecture](/business/architecture) ## Quick links Understand the end-to-end experience for swaps, payments, and Digital Collect. How to authenticate requests and handle common errors. Quotes, instructions, corridors, plans, and step lifecycles. Make a derived quote request and interpret the response. # Disclaimers Source: https://docs.fiet.finance/legal/disclaimers ## Fiet Liquidity Commitment Certificate (LCC) Disclaimer **lcc-USDC**, **lcc-USDT**, **lcc-\*, etc.** are non-transferable, protocol-bound bookkeeping units used exclusively within Fiet Protocol’s decentralized exchange for tracking pending settlements in USDC, USDT, or pUSD stablecoins. They are not stablecoins, financial instruments, or payment means and do not represent direct ownership of USDC, USDT, pUSD, or fiat currency. Key characteristics: * **Non-Transferable**: LCCs can only be transferred to/from Fiet’s whitelisted DEX smart contracts, ensuring protocol-restricted use. They cannot be traded or held outside Fiet Protocol. * **No Yield or Profit Expectation**: LCCs do not generate yield or passive profits; any gains result from active trading fees within the protocol. * **Bookkeeping Role**: LCCs account for liquidity committed by Reserve Liquidity Providers (RLPs), verified via zkTLS proofs, but are not backed by reserves, and settlements may fail. * **MiCA Compliance**: Due to their non-transferable, protocol-specific nature, lcc-USDC, lcc-USDT, and lcc-pUSD are not classified as Asset-Referenced Tokens (ARTs) or E-Money Tokens (EMTs) under the EU’s Markets in Crypto-Assets (MiCA) regulation. * **Stablecoin Settlement Process**: Settlements are handled by Licensed Fiat Custodians (LFCs), who conduct KYC/AML compliance. A third-party settlement mechanism mitigates failure risks. **Risk Warning**: LCCs carry risks, including settlement delays or market volatility. They are intended for DeFi participants familiar with Fiet Protocol’s mechanics. Always review the protocol’s terms and conditions. # Privacy policy Source: https://docs.fiet.finance/legal/privacy-policy **Last updated: 17 February 2026** This Privacy Policy explains how **Usher Labs Pty Ltd** (ABN 35 658 656 332), doing business as Fiet, and its affiliates (**Usher Labs**, **we**, **us**, or **our**) collect, use, disclose, store, and protect personal information in connection with our Websites and Services (as defined in our Terms of Service). The Services include our websites (including any sub-domains), the Fiet Business API, the Fiet Client Node software, associated technologies (such as Prover components and Maker market-making tools), and any related products, APIs, documentation, portals, dashboards, or other features we make available. The Services facilitate non-custodial interaction with the decentralised Fiet Protocol. We are committed to protecting your privacy and handling any personal information we collect in accordance with the **Privacy Act 1988 (Cth)** and the Australian Privacy Principles (APPs). Due to the non-custodial and decentralised nature of the Services and the Fiet Protocol, we collect very limited personal information. We do not collect or store sensitive information such as private keys, seed phrases, or other credentials that would allow us to access or control your digital assets. This Privacy Policy applies only to personal information we collect through the Services. It does not apply to your direct interactions with the decentralised Fiet Protocol, third-party blockchains, integrated automated market makers, or other Third-Party Services (as defined in our Terms of Service), which are governed by their own privacy practices. By accessing or using the Services, you acknowledge that you have read and understood this Privacy Policy. If you do not agree with our practices, please do not use the Services. We may update this Privacy Policy from time to time. Material changes will be notified in accordance with our Terms of Service. Your continued use of the Services after changes constitutes acceptance of the updated policy. For questions about this Privacy Policy or our privacy practices, please contact us at [legal@usher.so](mailto:legal@usher.so). ### **High Level Summary** * **Limited Collection**: Most interactions with the Services are anonymous or pseudonymous. We collect minimal personal information for general use, but additional limited information is collected for specific features, such as Business API account creation and Prover submissions by market makers. * **No Sensitive or Wallet Data**: We never collect or store private keys, seed phrases, passwords, or any credentials that could enable access to or control of your digital assets or wallets. * **Fiet Business API Accounts**: When you create an account to access the Fiet Business API, we collect basic details (such as email address and organisation information) solely to generate and manage your API key and authenticate access. * **Fiet Prover Data for Market Makers**: Market makers using the Prover share read-only financial data (e.g., assets under management or inventory details) for private processing via zero-knowledge proofs. Raw financial data may be stored temporarily for redundancy and fault tolerance but is processed securely and privately. Where disclosure of aggregated or pseudo-anonymised data occurs (e.g., on-chain proofs reflecting network-wide facilitation activity), individual raw data becomes obfuscated as more market makers participate. * **Limited Purposes**: Personal information is used only to provide and improve the Services, manage accounts, generate proofs, ensure security, and comply with legal obligations. * **No Selling or Third-Party Marketing**: We do not sell your personal information or share it with third parties for their own marketing purposes. * **Your Rights**: You have rights under Australian privacy laws to access, correct, or complain about your personal information. See the relevant sections below for details. * **Transparency and Control**: We use Cookies for essential functions and analytics, with options to manage preferences. This summary is for convenience only. Please read the full Privacy Policy for complete details. ## 1. Children's Privacy The Services are not intended for or directed at children under the age of 18 years. We do not knowingly collect, use, or disclose personal information from children under 18. If you are a parent or guardian and believe we have collected personal information from your child under 18, please contact us immediately at [legal@usher.so](mailto:privacy@usher.so). We will take reasonable steps to delete such information from our records as soon as practicable. In accordance with our Terms of Service, users must be at least 18 years old (or the age of majority in their jurisdiction) to access or use the Services. Any use of the Services by individuals under 18 is unauthorised and in violation of these Terms. ## 2. How We Collect Personal Information We collect personal information in the following ways: * **Directly from you**: When you voluntarily provide it to us, for example by creating a Business API account (including email address and organisation details for API key generation), contacting us via email or support forms, subscribing to newsletters or updates, providing feedback, submitting data through the Prover for proof generation, or otherwise interacting with the Services in a way that involves submitting information. * **Automatically through your use of the Services**: When you visit our Websites or access the Services, we (and our third-party service providers) may automatically collect technical and usage information using Cookies, server logs, pixels, and similar technologies (as described in section 5: Cookies and Tracking Technologies). * **From third parties**: We may receive limited information from third-party providers who assist us in operating the Services, such as analytics tools, hosting providers, or infrastructure services. This is typically aggregated or anonymised data to help us understand usage patterns. For market makers using the **Fiet Prover**, read-only financial data (e.g., assets under management or inventory details) is shared directly from your connected sources. This data is processed privately using zero-knowledge proofs (via Verity zkTLS), and raw data may be stored temporarily for redundancy and fault tolerance. As more market makers facilitate liquidity on the network, any disclosed proof data becomes aggregated, obfuscating individual contributions. We only collect personal information where it is reasonably necessary for our functions or activities, and we do so by lawful and fair means in accordance with the Australian Privacy Principles. ## 3. Personal Information We Collect We collect very limited personal information, reflecting the non-custodial and decentralised design of the Services and the Fiet Protocol. We do not require you provide personal details to access most features. We never collect or store sensitive information such as private keys, seed phrases, passwords, or any credentials that could enable access to your digital assets or wallets. The categories of personal information we may collect, and the sources from which we collect it, are described below. ### (a) Information Collected Automatically When you visit our Websites or interact with the Services, we (and our third-party service providers) may automatically collect certain technical and usage information through cookies, pixels, server logs, and similar technologies. This may include: * Device and browser information (e.g., device type, operating system, browser type and version, unique device identifiers). * Internet connection details (e.g., IP address, approximate location derived from IP address, time zone). * Usage data (e.g., pages viewed, features accessed, time spent on pages, referring URLs, clickstream data). This information is generally anonymised or pseudonymised and used for purposes such as improving the Services, analysing performance, ensuring security, and generating aggregated insights. ### (b) Information You Provide Voluntarily We collect personal information only when you choose to provide it, such as: * Contact and account details (e.g., name, email address, or other information) if you contact us via email, support forms, feedback submissions, or newsletter sign-ups. * Any other information you voluntarily submit through the Services (e.g., in account creation and/or communications with us). ### (c) Information from Third Parties We may receive limited information from third-party analytics providers, advertising networks, or infrastructure services (e.g., Google Analytics, Cloudflare, or similar tools) that help us operate and improve the Services. This is typically aggregated or anonymised usage data. We do not collect personal information from your on-chain interactions with the decentralised Fiet Protocol or Third-Party Services (such as blockchain addresses, transaction data, or wallet activity), as these are pseudonymous and not linked to your identity unless you voluntarily provide such a link. If you connect a wallet or interact with the Services in a way that reveals personal information (e.g., through optional integrations), we do not store or process that information beyond what is necessary for the immediate function. We do not collect sensitive personal information (as defined under the Privacy Act 1988 (Cth)), such as health data, racial or ethnic origin, political opinions, or religious beliefs. ## 4. How We Use Your Personal Information We use personal information only where it is reasonably necessary for our functions or activities as a provider of the Services, and in accordance with the Australian Privacy Principles. The purposes for which we use personal information include: ### (a) To Provide and Maintain the Services * To operate, maintain, and improve the Websites and Services, including troubleshooting, debugging, and enhancing functionality. * To deliver core functionality, including managing Business API accounts (e.g., authenticating access via API keys), processing Prover submissions from market makers to generate zero-knowledge proofs of reserve availability, facilitating interactions with the decentralised Fiet Protocol, and enabling market makers to facilitate liquidity for markets. * For market makers, to privately process submitted read-only financial data (e.g., assets under management or inventory details) using zero-knowledge proofs (via Verity zkTLS). Raw data may be stored temporarily for redundancy and fault tolerance during processing, but is not retained long-term. Only the resulting cryptographic proofs are used or disclosed (e.g., on-chain or aggregated within the Protocol). As more market makers participate, any disclosed data becomes aggregated and obfuscated, protecting individual details. * To respond to your inquiries, support requests, or feedback submitted through the Services. * To deliver communications you have requested, such as newsletters or updates (where you have subscribed). ### (b) For Analytics and Improvement * To understand how users interact with the Services, generate aggregated and anonymised insights, and improve user experience (e.g., through analytics tools to measure traffic, usage patterns, and performance). * To develop new features or services based on aggregated usage data. ### (c) For Security and Compliance * To detect, prevent, and address fraud, security incidents, or technical issues. * To comply with Applicable Laws, regulatory requirements, or legal processes (e.g., responding to subpoenas or government requests). * To enforce our Terms of Service or protect our rights, property, or safety, or that of our users or others. ### (d) For Other Legitimate Purposes * For internal administrative purposes, such as auditing, data analysis, and research. * In connection with a business transaction (e.g., merger, acquisition, or asset sale), where personal information may be transferred as a business asset (subject to confidentiality obligations). We process personal information only where necessary for these purposes and on a lawful basis under the Privacy Act 1988 (Cth), such as with your consent (where provided), for the performance of our agreement with you (the Terms of Service), for our legitimate interests (provided they are not overridden by your rights), or to comply with legal obligations. We do not use personal information for automated decision-making that produces legal or similarly significant effects on individuals. Where possible, we anonymise or aggregate information so that it no longer identifies you, and we may use such anonymised data for any lawful purpose without restriction. We do not use personal information for purposes unrelated to the Services without your consent or as otherwise permitted by law. Where processing relies on legitimate interests, these are balanced against your privacy rights (e.g., security and service improvement outweigh minimal intrusion from anonymised analytics). ## 5. Marketing Communications We may use your personal information (such as your email address) to send you communications about our Services, updates, features, or other information we believe may be of interest to you, including newsletters, announcements, or promotional materials relating to Fiet or Usher Labs. We will only send you direct marketing communications where we have your consent or are otherwise permitted to do so under the Privacy Act 1988 (Cth) and the Spam Act 2003 (Cth). For example, if you subscribe to our newsletter or provide your email address for updates, we will treat this as consent to receive such communications. Every marketing communication we send will include clear instructions on how to opt out (e.g., an unsubscribe link or reply mechanism). You can also withdraw your consent or opt out of receiving marketing communications at any time by: * Clicking the "unsubscribe" link in any marketing email we send you. * Contacting us at [legal@usher.so](mailto:privacy@usher.so) with your request. We will process your opt-out request promptly, usually within 5 business We do not share your personal information with third parties for their own marketing purposes. If you opt out of marketing communications, we may still send you non-promotional messages, such as service updates, security alerts, or responses to your inquiries. ## 6. Disclosure of Personal Information We do not sell, rent, or trade your personal information. We disclose personal information only in limited circumstances and where permitted or required by the Australian Privacy Principles and Applicable Laws. We may disclose personal information to the following categories of recipients: ### (a) Our Service Providers * Third-party providers who assist us in operating the Services, such as hosting providers, analytics services, cloud infrastructure providers, email delivery services, and security tools. * **Examples of Service Providers** As examples, we may use the following third-party service providers to assist us in operating the Services: * Analytics providers, such as Google Analytics and PostHog, to collect usage data. * Cloud infrastructure and hosting providers, such as Microsoft Azure, Amazon Web Services (AWS), and Google Cloud Platform (GCP). * Domain registration and web services, such as GoDaddy. * Email and transactional communication services, such as Postmark. * These providers are contractually obliged to use personal information only for the purposes of providing services to us and to maintain appropriate confidentiality and security measures. ### (b) Professional Advisors * Our legal, financial, insurance, or other professional advisors where necessary for obtaining advice or managing our business. ### (c) In Connection with Business Transactions * In the event of a merger, acquisition, financing, reorganisation, bankruptcy, receivership, sale of company assets, or similar transaction, personal information may be transferred to the relevant third party as a business asset, subject to appropriate confidentiality protections. ### (d) For Legal or Regulatory Purposes * To comply with Applicable Laws, regulatory requirements, or legal processes (e.g., court orders, subpoenas, or government requests). * To enforce our Terms of Service, protect our rights, privacy, safety, or property, or that of our users or others. * To detect, prevent, or address fraud, security issues, or technical problems. * To respond to lawful requests from public authorities, including for national security or law enforcement purposes. ### (e) Aggregated or Anonymised Data * We may share aggregated, de-identified, or anonymised information (which cannot reasonably be used to identify you) with third parties for analytics, research, or other lawful purposes. ### (f) **Specific Disclosures for Service Features**: * **Business API Account Information**: Basic account details (e.g., email address and organisation information) may be disclosed to service providers necessary for authentication and access management. * **Prover Data for Market Makers**: Raw read-only financial data submitted via the Prover is never disclosed. Only the resulting cryptographic proofs (generated using zero-knowledge technology via Verity zkTLS) are shared as necessary for the decentralised Fiet Protocol (e.g., on-chain or in aggregated form). Temporary storage for redundancy and fault tolerance occurs in secure environments, but raw data is not shared. As more market makers facilitate liquidity on the network, any disclosed proof data becomes aggregated or pseudo-anonymised, further obfuscating individual contributions. We do not disclose personal information to third parties for their own marketing purposes. Where disclosure involves cross-border transfers (see section 6), we take reasonable steps to ensure the recipient handles personal information in accordance with this Privacy Policy and the Australian Privacy Principles. ## 7. Cookies and Tracking Technologies We use cookies, pixels, local storage, and similar technologies (collectively, **Cookies**) on our Websites and within the Services to collect the technical and usage information described in section 1(a). Cookies help us: * Remember your preferences and settings. * Understand how you navigate and interact with the Services. * Analyse performance and usage to improve functionality and user experience. * Ensure security and detect fraudulent activity. ### Types of Cookies We Use * **Essential Cookies**: Necessary for the basic operation of the Websites and Services (e.g., security features and session management). These cannot be disabled. * **Analytics and Performance Cookies**: Allow us to collect aggregated data on usage patterns (e.g., via Google Analytics or similar tools) to measure and improve performance. * **Functional Cookies**: Enable enhanced features, such as remembering your preferences. We do not use Cookies for targeted advertising or behavioural tracking across third-party sites. Third-party providers (e.g., analytics services) may also set Cookies when you visit our Websites. These are subject to the third party’s own privacy policies. ### Managing Cookies You can control Cookies through your browser settings or device preferences. Most browsers allow you to block or delete Cookies, or to be notified when a Cookie is set. However, disabling essential Cookies may affect the functionality of the Services. For more information on managing Cookies, visit your browser’s help resources or sites such as [www.allaboutcookies.org](http://www.allaboutcookies.org/). If you opt out of analytics Cookies (e.g., via Google Analytics opt-out tools), we will respect your choice where technically feasible. We do not respond to “Do Not Track” signals, as there is no industry-standard interpretation of such signals. ## 8. Data Security We take reasonable steps to protect personal information from misuse, interference, loss, unauthorised access, modification, or disclosure, as required by the Australian Privacy Principles. Security measures we implement include: * Technical safeguards such as encryption for data in transit (e.g., HTTPS), firewalls, and secure server environments. * Administrative controls, including access restrictions, employee training, and confidentiality obligations for staff and service providers. * Regular reviews and updates to our security practices to address evolving risks. Despite these measures, no method of transmission over the internet or electronic storage is completely secure. We cannot guarantee absolute security of your personal information, particularly given the inherent risks of online services and blockchain technologies. You are responsible for maintaining the security of your own devices, wallets, private keys, and credentials when using the Services. We recommend using strong passwords, enabling two-factor authentication where available, and following best practices for device and network security. If we become aware of a data breach that is likely to result in serious harm to any individual, we will comply with our obligations under the Notifiable Data Breaches scheme in Part IIIC of the Privacy Act 1988 (Cth), including notifying affected individuals and the Office of the Australian Information Commissioner where required. ## 9. International Data Transfers We are based in Australia, and personal information we collect is primarily stored and processed in Australia. However, some of our service providers or affiliates may be located overseas, or may store or process data in other jurisdictions (including the United States, Europe, or Asia). When we disclose personal information to recipients outside Australia, your information may be transferred to, stored, or processed in countries that may not offer the same level of privacy protection as Australia. We take reasonable steps to ensure that overseas recipients handle your personal information in a manner consistent with this Privacy Policy and the Australian Privacy Principles. These steps may include: * Entering into contracts with recipients that incorporate the APP cross-border disclosure requirements or equivalent protections (such as the EU Standard Contractual Clauses where applicable). * Relying on your consent where appropriate. * Ensuring the transfer is necessary for the performance of our agreement with you or for other lawful purposes under the Privacy Act 1988 (Cth). By using the Services, you consent to the transfer of your personal information to overseas recipients on these terms. If you have concerns about international transfers of your personal information, please contact us at [legal@usher.so](mailto:privacy@usher.so). ## 10. Data Security and Retention ### **(a) Data Security** We implement reasonable technical, administrative, and organisational measures to protect personal information from misuse, interference, loss, unauthorised access, modification, or disclosure, in accordance with the Australian Privacy Principles. These measures include: * Encryption for data in transit (e.g., HTTPS) and, where appropriate, at rest. * Access controls, firewalls, and secure environments for processing and storage. * Regular security reviews and updates to address potential vulnerabilities. For specific features: * Business API account information is stored securely with restricted access. * Prover submissions from market makers are processed in a privacy-preserving manner using zero-knowledge proofs (via Verity zkTLS). Raw read-only financial data may be stored temporarily, encrypted at rest, in secure environments, but is handled with enhanced protections and not retained beyond what is necessary. No security measure is infallible, and we cannot guarantee absolute protection against all threats, particularly given the risks associated with online services and blockchain technologies. You are responsible for securing your own devices, credentials, and connections when using the Services. In the event of a data breach likely to result in serious harm, we will comply with our obligations under the Notifiable Data Breaches scheme (Part IIIC of the Privacy Act 1988 (Cth)), including notifying affected individuals and the Office of the Australian Information Commissioner where required. ### **(b) Data Retention** We retain personal information only for as long as necessary to fulfil the purposes outlined in this Privacy Policy, or as required or permitted by Applicable Laws. Retention periods vary by data type: * Technical and usage data collected automatically (e.g., through Cookies or server logs) is retained for a limited period, typically no longer than 12 months, unless required longer for security, legal, or analytical purposes (in anonymised or aggregated form where possible). * Information you provide voluntarily (e.g., contact details from inquiries or subscriptions) is retained for the duration needed to respond to your request or manage our relationship with you, and for a reasonable period thereafter in case of follow-up (typically up to 7 years for compliance with record-keeping obligations under Australian law). * Business API account information: Retained while your account is active, and for a reasonable period after deactivation (e.g., up to 7 years for compliance or dispute resolution purposes). * Prover-related data: Raw financial data submitted by market makers is retained only temporarily for processing, redundancy, and fault tolerance. It is deleted or securely destroyed once proofs are generated and no longer needed. Cryptographic proofs may be retained or disclosed as required for the decentralised Fiet Protocol (e.g., on-chain in aggregated form). Once personal information is no longer required, we take reasonable steps to securely delete, destroy, or de-identify it. Anonymised or aggregated data (including network-wide facilitation metrics where individual contributions are obfuscated as more market makers participate) may be retained indefinitely for analytics, research, or service improvement. If you have any questions about our retention practices for specific information, please contact us at [legal@usher.so](mailto:privacy@usher.so). ## 11. Your Privacy Rights Under the Privacy Act 1988 (Cth) and the Australian Privacy Principles, you have certain rights regarding your personal information. These include the right to: * **Access**: Request access to the personal information we hold about you. We will provide access where required by law, subject to any exceptions under the APPs (e.g., where providing access would pose a serious threat to safety or reveal commercially sensitive information). * **Correction**: Request correction of any inaccurate, incomplete, or out-of-date personal information we hold about you. * **Complaints**: Lodge a complaint if you believe we have interfered with your privacy (see section 9 for details on how to make a complaint). Given the limited nature of the personal information we collect (primarily technical and usage data, which is often anonymised), we may not hold identifiable personal information about you in many cases. Where we do not hold personal information about you, we will inform you accordingly. To exercise your rights of access or correction, please contact us at [legal@usher.so](mailto:privacy@usher.so) with details of your request. We will respond within a reasonable time (usually within 30 days) and may require verification of your identity. There is generally no fee for requesting access or correction, but we may charge a reasonable fee for complex requests to cover administrative costs. You may also have additional rights depending on your location (e.g., under overseas privacy laws applicable to international transfers), and we will handle such requests in accordance with Applicable Laws. If you wish to opt out of receiving communications from us (e.g., newsletters), follow the unsubscribe instructions in the communication or contact us directly. For analytics Cookies, you can manage preferences as described in section 4. ## 12. Complaints If you have a complaint about how we have handled your personal information or believe we have breached the Australian Privacy Principles or the Privacy Act 1988 (Cth), please contact us first so we can try to resolve it. You can lodge a complaint by emailing our Privacy Officer at [legal@usher.so](mailto:privacy@usher.so) or writing to us at our registered office (details in section 10). Your complaint should include details of the incident or issue, including relevant dates, and any supporting information. We will: * Acknowledge receipt of your complaint promptly (usually within 5 business days). * Investigate the matter fairly and objectively. * Respond to you with our findings and any proposed resolution within a reasonable time (usually within 30 days, or longer for complex matters, in which case we will keep you informed). We treat all complaints seriously and aim to resolve them efficiently and courteously. If you are not satisfied with our response, you may escalate the matter to the Office of the Australian Information Commissioner (OAIC) at [www.oaic.gov.au](http://www.oaic.gov.au/) or by calling 1300 363 992. Nothing in this Privacy Policy limits your rights under the Privacy Act 1988 (Cth) or other Applicable Laws. ### 13. Contact Us If you have any questions, concerns, or requests regarding this Privacy Policy, our privacy practices, or your personal information, please contact our Privacy Officer: * **Email**: [legal@usher.so](mailto:privacy@usher.so) * **Postal Address**: Usher Labs Pty Ltd 5/1 Boden Rd, Seven Hills NSW 2147 Australia We will acknowledge and respond to your query promptly and in accordance with our obligations under the Privacy Act 1988 (Cth). For complaints about our handling of personal information, please follow the process outlined in section 9. This Privacy Policy was last updated on the date shown at the top of this document. # Terms of service Source: https://docs.fiet.finance/legal/terms-of-service **Last updated: 16 February 2026** These Terms of Service (**Terms**) constitute a legally binding agreement between you and **Usher Labs Pty Ltd** (ABN 35 658 656 332), doing business as Fiet, and its affiliates (**Usher Labs**, **we**, **us**, or **our**). These Terms govern your access to and use of: * our websites, including any sub-domains we operate (collectively, the **Websites**); * the Fiet Business API, a hosted control plane that provides tools for market discovery, quoting, instruction planning, and related functions; * the Fiet Client Node software, a self-hosted execution plane that enables non-custodial local signing, transaction queuing, and broadcasting; * associated technologies, including Prover components for zero-knowledge proof generation and Maker market-making tools; * any smart contracts, infrastructure, application programming interfaces (**APIs**), software development kits, documentation, portals, dashboards, features, or other products or services we make available from time to time (collectively, the **Services**). The Services facilitate non-custodial interaction with the decentralised Fiet Protocol, a blockchain-based protocol that enables market makers to commit on-chain and off-chain reserves (verified using zero-knowledge proofs) to facilitate liquidity for markets on integrated automated market makers, such as Uniswap v4, without requiring funds to be locked on-chain. The Fiet Protocol operates independently on supported blockchains, and we do not control or operate the Protocol, underlying blockchains, or any third-party automated market makers. By accessing or using any part of the Services, you confirm that you have read, understood, and agree to be bound by these Terms, including any additional terms incorporated by reference. If you are using the Services on behalf of another person or entity (including a company), you represent and warrant that you are duly authorised to bind that person or entity to these Terms, and references to “you” or “your” include that person or entity. If you do not agree to these Terms, you must immediately cease accessing or using the Services. The Services are not intended for users in jurisdictions where access or use would be contrary to applicable laws or regulations. For questions about these Terms or the Services, please contact us at [legal@usher.so](mailto:legal@usher.so). ### 1. Service-Specific Terms Certain features, components, or offerings within the Services may be subject to additional terms and conditions (**Additional Terms**). These may include, without limitation: * specific terms governing access to and use of the Fiet Business API; * licence terms applicable to the Client Node software or other distributed software; * terms relating to Prover components or Maker market-making tools; or * any other guidelines, rules, or terms presented in connection with particular features or components of the Services. Where Additional Terms apply, they will be made available to you through the relevant feature or component (for example, via a link, in-app notice, or accompanying documentation). It is your responsibility to review and understand any Additional Terms that apply to the features or components you use. By accessing or using any feature or component subject to Additional Terms, you agree to be bound by those Additional Terms. The Additional Terms are incorporated into these Terms by reference and form part of the agreement between you and us. To the extent of any inconsistency between these Terms and any Additional Terms, the Additional Terms prevail in relation to the relevant feature or component. Certain components of the Services, including open-source software such as the Client Node, are licensed under separate open-source licences (including the Business Source License 1.1 (BUSL-1.1) and GNU General Public License v2 (GPLv2)), as specified in the relevant source code repositories or documentation. Your use of those components is subject to compliance with the applicable open-source licences. These Terms do not govern your direct interaction with the decentralised Fiet Protocol, third-party blockchains, or integrated automated market makers, which are subject to their own on-chain rules, smart contract code, and associated risks. ### 2. Changes to These Terms or the Services We reserve the right to amend, replace, or otherwise modify these Terms at any time in our sole discretion. Any such changes will be posted on our Websites with an updated “Last updated” date at the top of these Terms. Non-material changes will take effect immediately upon posting. For material changes, we will endeavour to provide reasonable advance notice where practicable, for example by displaying a prominent notice on the Websites, within the Services, or (if you have provided contact details) via email or other communication channels. Your continued access to or use of the Services after any changes become effective constitutes your binding acceptance of the revised Terms. If you do not agree with any changes to these Terms, you must immediately cease all access to and use of the Services. In certain circumstances, we may require you to positively accept updated Terms (for example, by clicking “I accept”) in order to continue using the Services. We may also modify, update, suspend, restrict access to, or discontinue (temporarily or permanently) any part or feature of the Services, including availability of specific functionalities, integrations with third-party protocols or blockchains, or support for particular components, at any time and without prior notice or liability to you or any third party. Changes to any open-source components of the Services (such as the Client Node software) are governed solely by the applicable open-source licences (including the Business Source License 1.1 (BUSL-1.1) and GNU General Public License v2 (GPLv2)), and not by these Terms. ### 3. Eligibility and Compliance To access or use the Services, you must be able to form a legally binding contract with us and meet all eligibility requirements set out in these Terms. You represent and warrant, on an ongoing basis, that: * You are at least 18 years of age (or the age of majority in your jurisdiction if higher) and have full legal capacity and authority to enter into and comply with these Terms. * You are not a citizen of, resident in, incorporated in, organised under the laws of, or otherwise located in any jurisdiction that is subject to comprehensive sanctions administered by Australia, the United States (including the Office of Foreign Assets Control (OFAC)), the United Nations, the European Union, the United Kingdom, or any other relevant governmental authority (collectively, **Restricted Jurisdictions**). * You are not accessing or using the Services from any Restricted Jurisdiction. * You are not named on any list of persons subject to sanctions or export controls (including the Consolidated List maintained by the Australian Department of Foreign Affairs and Trade, the OFAC Specially Designated Nationals and Blocked Persons List, or similar lists), nor are you owned or controlled by, or acting on behalf of, any such person or entity. * Your access to and use of the Services complies fully with all Applicable Laws, including anti-money laundering, counter-terrorism financing, sanctions, and export control laws. * You are not using the Services for any purpose that would violate Applicable Laws, including but not limited to fraud, money laundering, terrorist financing, tax evasion, or evasion of sanctions. You must not use the Services if any of the above representations or warranties are untrue or would become untrue as a result of your use. We may, at any time and in our sole discretion, require you to provide information or documentation to verify your identity, location, source of funds, or compliance with these representations and warranties. This may include Know Your Customer (KYC), Know Your Business (KYB), or other verification procedures. Failure to provide requested information promptly or satisfactorily may result in suspension or termination of your access to the Services. We reserve the right to restrict, suspend, or terminate access to the Services for any user in any jurisdiction if we determine, in our sole discretion, that providing access would violate Applicable Laws, expose us to regulatory risk, or otherwise be inappropriate. Your use of the Services must not cause us, our affiliates, or our suppliers to breach any Applicable Laws. You agree to indemnify us against any loss or liability arising from any breach by you of this section. ### 4. Your Account and Security Access to certain features of the Services may require you to create an account, connect a digital wallet, or provide authentication credentials (collectively, your **Account**). You are solely responsible for: * Maintaining the confidentiality and security of your Account credentials, including any passwords, private keys, seed phrases, recovery phrases, or other authentication information. * All activities that occur under or in connection with your Account, including any transactions initiated, instructions submitted, or interactions with the Services or the decentralised Fiet Protocol. * Ensuring that your Account information remains accurate and up to date. The Services are strictly non-custodial. We do not store, have access to, or control your private keys, seed phrases, or recovery phrases. You acknowledge that loss of access to your private keys or seed phrases may result in permanent and irreversible loss of control over your digital assets, and we have no ability to recover or restore such access on your behalf. You must immediately notify us at [labs@usher.so](mailto:labs@usher.so) if you become aware of, or suspect, any unauthorised access to or use of your Account, compromise of your credentials, or any other security incident. We reserve the right to take any action we deem necessary or appropriate in response to a reported or suspected security incident, including temporarily suspending or restricting access to your Account or the Services. You must not share your Account credentials with any third party or allow any third party to access or use your Account. Any authorisation or permission granted to a third party to act on your behalf (for example, through wallet delegation features) is at your sole risk, and you remain fully responsible for their actions. When using the Client Node software or interacting with the decentralised Fiet Protocol, you are responsible for securely configuring and operating your own environment, including hardware, software, network connections, and any signing keys. We are not liable for any loss or damage arising from your failure to maintain adequate security measures. You agree to use only compatible and secure wallets, devices, and software when accessing the Services, and to follow best practices for blockchain security, including regular backups of private keys (in a secure offline manner) and protection against phishing, malware, or other threats. ### 5. Prohibited Conduct You must use the Services only for their intended lawful purposes and in accordance with these Terms and all Applicable Laws. Without limiting the foregoing, you must not (and must not authorise, encourage, or assist any third party to): * Use the Services in any manner that is unlawful, fraudulent, deceptive, or harmful, including for the purpose of money laundering, terrorist financing, sanctions evasion, tax evasion, or any other criminal activity. * Engage in any conduct that could damage, disable, overburden, impair, or compromise the Services, our systems, or the security or availability of the Services to others, including by introducing viruses, malware, or other malicious code. * Attempt to gain unauthorised access to the Services, any Account, wallet, or systems connected to the Services, or interfere with any other user's access to or enjoyment of the Services. * Scrape, crawl, data-mine, or otherwise systematically extract data from the Services without our prior written consent. * Reverse engineer, decompile, disassemble, or otherwise attempt to derive the source code, algorithms, or underlying ideas of any proprietary components of the Services (except to the extent expressly permitted by applicable open-source licences for relevant components). * Modify, adapt, translate, or create derivative works based on the Services or any Usher Materials. * Remove, obscure, or alter any proprietary notices, labels, or marks on the Services or Usher Materials. * Impersonate any person or entity, or falsely represent your affiliation with any person or entity. * Engage in any manipulative, deceptive, or abusive trading practices, including market manipulation, front-running, wash trading, or any activity intended to artificially affect prices, liquidity, or market conditions on the Fiet Protocol or any integrated automated market makers. * Use the Services to facilitate or engage in any activity that infringes or violates the intellectual property rights, privacy rights, or other rights of any third party. * Transmit unsolicited or unauthorised advertising, promotional materials, junk mail, spam, chain letters, or any other form of solicitation through the Services. * Use the Services in a way that could reasonably be expected to cause us to breach any Applicable Laws, regulatory requirements, or obligations to third parties. * Facilitate, support, or participate in any activity that involves Restricted Jurisdictions or sanctioned persons or entities. Any breach of this section may result in immediate suspension or termination of your access to the Services, without notice or liability to you, and may expose you to civil or criminal liability under Applicable Laws. We reserve the right to investigate and report any suspected prohibited conduct to relevant authorities and to cooperate with law enforcement in any investigation. ### 6. Fees and Taxes We do not currently charge fees for basic access to or use of the Services. However, we reserve the right to introduce fees for certain features, premium functionalities, or enhanced access in the future. Any such fees will be clearly disclosed to you prior to your incurring them (for example, through the Websites, in-app notices, or pricing schedules), and your continued use of the relevant feature following disclosure will constitute acceptance of those fees. You acknowledge and agree that: * Your use of the Services, including interactions facilitated through the Fiet Business API or Client Node, may involve on-chain transactions on supported blockchains or integrated automated market makers. You are solely responsible for all network fees, gas fees, miner tips, transaction costs, or any other charges imposed by the relevant blockchain network, third-party protocols, or service providers (collectively, **Network Fees**). * Any fees, incentives, or penalties arising from your direct interaction with the decentralised Fiet Protocol (such as exchange fees retained by market makers who facilitate liquidity, settlement guarantor rewards, or other protocol-level economics) are determined by the Protocol's on-chain rules and are separate from these Terms. * We may receive compensation, rebates, or other benefits from third parties in connection with the Services (for example, from integrated protocols or infrastructure providers), but this does not affect your obligations under these Terms. You are solely responsible for determining, reporting, and paying all applicable taxes, duties, levies, or similar governmental assessments (including any goods and services tax (GST), value-added tax (VAT), sales tax, income tax, or capital gains tax) arising from or in connection with your access to or use of the Services, your interactions with the decentralised Fiet Protocol, or any transactions involving digital assets (**Taxes**). We make no representations regarding the tax implications of your activities. You should seek independent professional advice regarding your tax obligations in your jurisdiction. You agree to indemnify us against any claim, liability, or expense arising from your failure to comply with applicable tax laws. To the extent we are required by law to collect or remit any Taxes on your behalf, you authorise us to do so and agree to pay or reimburse us for any such amounts. ### 7. Intellectual Property All intellectual property rights in the Services, the Websites, and any related materials (including software, source code, object code, algorithms, designs, text, graphics, images, logos, trademarks, trade names, domain names, documentation, and any other content or materials we create or own) (**Company Materials**) are owned by us or our licensors. Nothing in these Terms grants you any right, title, or interest in or to any Company Materials, except for the limited licence expressly set out below. Subject to your compliance with these Terms, we grant you a limited, personal, non-exclusive, non-transferable, non-sublicensable, revocable licence to access and use the Services and Company Materials solely for your own lawful, non-commercial use (or, if you are accessing the Services on behalf of an entity, for that entity’s internal business purposes) in accordance with these Terms and any applicable Additional Terms. This licence does not permit you to: * copy, modify, adapt, translate, or create derivative works from any Company Materials; * distribute, sell, lease, rent, lend, or otherwise transfer or commercially exploit any Company Materials; * remove, alter, or obscure any proprietary notices (including copyright, trademark, or patent notices) on any Company Materials; or * use any Company Materials in any manner that infringes or violates our or any third party’s intellectual property rights. Certain components of the Services, including the Client Node software and related open-source code, are made available under separate open-source licences, as specified in the relevant repositories or documentation. Your use of those components is governed exclusively by the terms of the applicable open-source licences, and not by the licence granted in these Terms. You retain ownership of any content you submit, upload, or transmit through the Services (**User Content**). By submitting User Content, you grant us a worldwide, royalty-free, perpetual, irrevocable, non-exclusive, transferable, sublicensable licence to use, copy, modify, distribute, display, and otherwise exploit that User Content solely for the purpose of providing, maintaining, and improving the Services, enforcing these Terms, or complying with Applicable Laws. You represent and warrant that you have all necessary rights to grant the licence above and that your User Content does not infringe or violate any third-party intellectual property rights, privacy rights, or other rights. We respect the intellectual property rights of others and expect you to do the same. If you believe that any content accessible through the Services infringes your copyright, please contact us at [legal@usher.so](mailto:legal@usher.so) with details of the alleged infringement. ### 8. Data and Privacy Your privacy is important to us. We collect, use, disclose, and otherwise handle personal information in accordance with our Privacy Policy, which is available on our Websites and incorporated into these Terms by reference. By accessing or using the Services, you consent to the collection, use, storage, processing, and disclosure of your personal information (if any) as described in the Privacy Policy and these Terms. Due to the non-custodial and decentralised nature of the Services and the Fiet Protocol, we generally collect limited personal information. For example: * When you visit our Websites, we may collect technical data such as IP address, browser type, device information, and usage analytics (typically through cookies or similar technologies). * When you contact us or subscribe to updates, we may collect your name, email address, or other contact details you voluntarily provide. * We do not collect or store private keys, seed phrases, or other credentials that would enable us to access or control your digital assets. * Interactions with the decentralised Fiet Protocol occur on-chain and are pseudonymous; we do not link on-chain addresses to your identity unless you voluntarily provide such information. We handle any personal information in compliance with the Australian Privacy Principles under the Privacy Act 1988 (Cth) and other Applicable Laws. This includes taking reasonable steps to protect personal information from misuse, interference, loss, unauthorised access, modification, or disclosure. We may disclose personal information to: * our affiliates, service providers, or contractors who assist us in operating the Services (subject to confidentiality obligations); * law enforcement, regulatory authorities, or other third parties where required or permitted by Applicable Laws (for example, to comply with subpoenas, court orders, or sanctions screening); or * other parties in connection with a corporate transaction (such as a merger or acquisition). We do not sell your personal information. Personal information may be stored or processed in Australia or overseas, including in jurisdictions that may not provide equivalent privacy protections to Australia. By using the Services, you consent to such transfers. You may have rights under Applicable Laws to access, correct, or delete your personal information, or to make a complaint about our handling of it. For details on how to exercise these rights or for any privacy-related queries, please refer to our Privacy Policy or contact our Privacy Officer at [legal@usher.so](mailto:legal@usher.so). The Privacy Policy may be updated from time to time. We will notify you of material changes in accordance with section 2 (Changes to These Terms or the Services). Your continued use of the Services following any changes to the Privacy Policy constitutes acceptance of those changes. If you do not agree with our Privacy Policy or any changes to it, you must immediately cease using the Services. ### 9. Third-Party Content and Services The Services may contain features that enable or facilitate interaction with, or provide access to, third-party products, services, protocols, blockchains, smart contracts, websites, content, or materials (collectively, **Third-Party Services**). These include, without limitation: * decentralised blockchains and networks (such as Arbitrum and other EVM-compatible chains); * integrated automated market makers (such as Uniswap v4 or similar protocols); * third-party wallets, RPC providers, or infrastructure services; * zero-knowledge proof systems or verification tools (such as Verity zkTLS); and * any other external protocols, applications, or resources linked to or accessible via the Services. We do not own, operate, control, or endorse any Third-Party Services. Your access to and use of Third-Party Services is entirely at your own risk and subject to the separate terms, conditions, and privacy policies of those third parties. We make no representations or warranties of any kind regarding Third-Party Services, including their availability, accuracy, security, reliability, functionality, or compatibility with the Services. We are not responsible or liable for any loss, damage, or harm arising from your interaction with Third-Party Services, including: * any transactions you execute on third-party blockchains or automated market makers; * any smart contract vulnerabilities, exploits, or failures; * network congestion, failed transactions, or loss of digital assets; * changes to third-party protocols or governance decisions; or * any actions or omissions of third-party providers. The decentralised Fiet Protocol itself operates independently on supported blockchains as open-source smart contracts. We do not control or operate the Protocol once deployed, and your direct interactions with the Protocol (including committing reserves, facilitating liquidity as a market maker, trading, or redeeming commitments) are governed solely by the Protocol’s on-chain code and rules, not by these Terms. Links to Third-Party Services provided through the Services or Websites are for convenience only and do not imply any affiliation, sponsorship, or endorsement by us. You acknowledge that blockchain technologies and decentralised protocols involve inherent risks, including permanent loss of assets due to user error, malicious actors, or protocol failures. You are solely responsible for evaluating and assuming all risks associated with Third-Party Services. ### **10. Warranties, Disclaimers, and Acknowledgements** The Services are provided on an “as is” and “as available” basis without any representations or warranties of any kind, whether express, implied, statutory, or otherwise, except for any non-excludable guarantees under the Australian Consumer Law or other Applicable Laws. To the fullest extent permitted by law, we disclaim all warranties, including but not limited to warranties of merchantability, fitness for a particular purpose, title, non-infringement, accuracy, reliability, completeness, quiet enjoyment, or uninterrupted access. We do not warrant that the Services will be error-free, secure, free from viruses or other harmful components, or that any defects will be corrected. By accessing or using the Services, you represent, warrant, and acknowledge that: * You have sufficient technical knowledge and experience with cryptographic systems, blockchain technologies, digital assets, and decentralised protocols to understand the inherent risks associated with their use. * Blockchain technologies and digital assets are experimental, highly volatile, and subject to significant risks, including but not limited to extreme price volatility (where the value of digital assets may decrease rapidly, potentially to zero), speculation, adoption uncertainties, technological vulnerabilities, security risks, and evolving regulatory treatment. * Transactions on blockchains are irreversible once confirmed; errors in transactions (including user error, smart contract failures, or network issues) may result in permanent and irretrievable loss of digital assets. * Smart contracts, including those comprising the decentralised Fiet Protocol or integrated automated market makers, may contain vulnerabilities, bugs, or exploits that could lead to loss of assets or unintended consequences; we do not control or audit third-party smart contracts. * The Fiet Protocol relies on commitments by market makers to facilitate liquidity using on-chain and off-chain reserves verified through zero-knowledge proofs; there is no guarantee that commitments will be fulfilled promptly or at all, and settlement mechanisms (including intervention by Settlement Guarantors) carry risks of delay, failure, or disputes. * Network fees, gas costs, transaction speeds, and slippage are variable and may increase dramatically; you are solely responsible for all such costs. * Regulatory status of blockchain technologies, digital assets, liquidity commitments, and related activities is uncertain and subject to change; future laws or regulations may restrict or prohibit your use of the Services or the Fiet Protocol. * We do not provide custodial services, hold your private keys, or have any ability to recover lost assets, reverse transactions, or access your funds. * The Services are non-custodial and facilitate interaction with decentralised protocols; we do not operate or control the underlying blockchains, the Fiet Protocol, or any integrated third-party protocols. You expressly acknowledge and accept all risks associated with accessing and using the Services, including the potential for complete loss of digital assets. You assume full responsibility for your use of the Services and any interactions with the decentralised Fiet Protocol or Third-Party Services. Nothing in the Services constitutes financial, investment, legal, tax, or other professional advice. You should conduct your own due diligence and seek independent professional advice before making any decisions involving digital assets or the Services. We are not your broker, intermediary, agent, advisor, or fiduciary, and no fiduciary duties are owed to you. All actions you take through the Services are unsolicited and initiated solely by you. If you do not accept these disclaimers and acknowledgements, you must immediately cease using the Services. ### 11. Limitation of Liability To the fullest extent permitted by law (including the Australian Consumer Law where applicable), we exclude all liability for: * any indirect, consequential, special, incidental, punitive, or exemplary losses or damages; * loss of profits, revenue, business opportunities, goodwill, reputation, or anticipated savings; * loss of data or corruption of data; * loss of, or inability to access or use, digital assets, private keys, or funds; * any costs of procuring substitute goods, services, or technology; or * any other losses or damages not reasonably foreseeable as arising from your use of the Services, whether based on contract, tort (including negligence), statute, equity, or otherwise, even if we have been advised of the possibility of such losses. Our total aggregate liability to you in connection with these Terms or your access to or use of the Services (whether in contract, tort (including negligence), statute, equity, or otherwise) is limited to AUD \$100. The above exclusions and limitations do not apply to any liability that cannot be excluded or limited under Applicable Laws, including non-excludable consumer guarantees under the Australian Consumer Law (such as guarantees as to acceptable quality, fitness for purpose, or due care and skill). We are not liable for any loss or damage arising from: * your failure to secure your Account, private keys, seed phrases, or credentials; * any unauthorised access to or use of your Account or the Services; * your reliance on any information provided through the Services (which is provided for general informational purposes only); * interruptions, delays, or failures in the Services caused by events beyond our reasonable control (including network congestion, blockchain forks, or outages); * any actions or omissions of third parties, including Third-Party Services, blockchains, market makers, or Settlement Guarantors; * changes to the decentralised Fiet Protocol, underlying blockchains, or integrated automated market makers; * any viruses, malware, or other harmful components introduced through Third-Party Services or your own devices; or * your breach of these Terms or violation of Applicable Laws. To the extent any liability cannot be excluded but can be limited, our liability is limited to resupplying the relevant Services or, at our option, paying the cost of resupply. You acknowledge that the limitations and exclusions in this section are reasonable having regard to the nature of the Services (which are experimental, non-custodial, and involve interaction with decentralised technologies carrying inherent risks) and the allocation of risk between the parties. ### 12. Indemnity You agree to indemnify, defend, and hold harmless Usher Labs Pty Ltd, its affiliates, and their respective officers, directors, employees, agents, contractors, licensors, and suppliers (collectively, the **Indemnified Parties**) from and against any and all claims, demands, actions, proceedings, losses, damages, liabilities, judgments, settlements, penalties, costs, and expenses (including reasonable legal fees and disbursements) arising out of or in connection with: * your access to or use of the Services; * your breach or alleged breach of these Terms (including any representations, warranties, or obligations herein); * your violation or alleged violation of any Applicable Laws, regulations, or third-party rights (including intellectual property rights, privacy rights, or publicity rights); * any User Content you submit, upload, or transmit through the Services; * your negligence, wilful misconduct, or fraudulent acts or omissions; * any claim that your use of the Services caused damage to a third party; or * any dispute between you and any third party (including other users, market makers, or Settlement Guarantors) arising from your interactions with the decentralised Fiet Protocol or Third-Party Services. This indemnity obligation includes the duty to defend the Indemnified Parties upon request, using legal counsel reasonably acceptable to them, and to pay any settlement amounts or court-ordered damages. The Indemnified Parties reserve the right, at their own expense, to assume the exclusive defence and control of any matter otherwise subject to indemnification by you, in which event you will cooperate with the Indemnified Parties in asserting any available defences. This indemnity survives termination or expiration of these Terms and continues to apply to any claims arising from your use of the Services prior to termination. Nothing in this section affects any non-excludable rights or remedies available under the Australian Consumer Law or other Applicable Laws. ### 13. Termination and Suspension You may discontinue your use of the Services at any time by ceasing to access or use them. Termination by you does not entitle you to any refund of fees (if any) or relieve you of any obligations accrued prior to termination. We may, at our sole discretion and without prior notice (except where required by Applicable Laws), suspend, restrict, or terminate your access to all or any part of the Services, including your Account, at any time and for any reason, including but not limited to: * if we reasonably believe you have breached these Terms (including any Additional Terms or incorporated policies); * if we reasonably believe your use of the Services poses a risk to us, our affiliates, other users, or third parties (including risks related to security, fraud, or compliance); * if required to comply with Applicable Laws, regulatory requirements, or requests from law enforcement or government authorities; * for scheduled maintenance, updates, or unforeseen technical issues; or * if we decide to discontinue any part or all of the Services. In cases of serious breaches (such as fraud, sanctions violations, or unlawful activity), suspension or termination may be immediate and without notice. Upon suspension or termination: * your rights and licences under these Terms immediately cease; * you must immediately cease all use of the Services; * we may delete or deactivate your Account and any associated data (subject to our Privacy Policy and Applicable Laws); and * any provisions of these Terms that by their nature should survive termination (including sections relating to intellectual property, disclaimers, limitation of liability, indemnity, governing law, and dispute resolution) will continue to apply. Termination or suspension does not limit any other rights or remedies we may have under these Terms, at law, or in equity. We are not liable for any loss or damage you may suffer as a result of any suspension or termination in accordance with this section, including any inability to access digital assets, data, or transactions associated with your use of the Services prior to termination. You remain responsible for any obligations or liabilities arising from your use of the Services before termination. ### 14. Disputes and Arbitration Any dispute, controversy, or claim arising out of or in connection with these Terms, the Services, or your relationship with us (including any non-contractual disputes or claims) (**Dispute**) shall, to the fullest extent permitted by law, be resolved in accordance with this section. You agree to first notify us in writing of any Dispute and attempt to resolve it with us informally and in good faith. Such notice must include your name, contact details, a description of the Dispute, and your proposed resolution. We will endeavour to respond promptly and work cooperatively to resolve the matter. This informal process must be completed within 60 days of the date of your notice (or such longer period as mutually agreed). If the Dispute is not resolved through this informal process, it shall be referred to and finally resolved by binding arbitration administered by the Australian Centre for International Commercial Arbitration (**ACICA**) under the ACICA Arbitration Rules in force at the time the arbitration is commenced (the **Rules**), which Rules are deemed incorporated by reference into this section. The arbitration shall be conducted as follows: * The seat and venue of the arbitration shall be Sydney, New South Wales, Australia. * There shall be one arbitrator appointed in accordance with the Rules. * The language of the arbitration shall be English. * The arbitrator shall have the power to grant any remedy or relief that would be available in a court of competent jurisdiction, including interim or conservatory measures. * The arbitrator's award shall be final and binding on the parties, and judgment on the award may be entered in any court having jurisdiction. Each party shall bear its own legal costs and expenses of the arbitration. The fees and expenses of the arbitrator and ACICA shall be shared equally between the parties, subject to any reallocation by the arbitrator in the final award. To the maximum extent permitted by Applicable Laws, you agree that: * any arbitration shall be conducted on an individual basis only, and not as a class, collective, consolidated, or representative action; * no class arbitration or representative proceedings are permitted; and * you waive any right to participate in or bring a class, collective, consolidated, or representative action against us. If any provision of this arbitration agreement is found to be unenforceable, the remaining provisions shall continue in full force and effect, and the unenforceable provision shall be reformed to the minimum extent necessary to make it enforceable. This agreement to arbitrate survives termination or expiration of these Terms. Nothing in this section prevents either party from seeking urgent injunctive or other equitable relief from a court of competent jurisdiction in relation to intellectual property rights, confidentiality obligations, or to prevent irreparable harm. You may opt out of this arbitration agreement by providing written notice to us at [legal@usher.so](mailto:legal@usher.so) within 30 days of first accepting these Terms, provided you have not previously used the Services. Opting out will not affect any other part of these Terms. ### 15. Governing Law These Terms, your access to and use of the Services, and any non-contractual obligations arising out of or in connection with them, are governed by and construed in accordance with the laws of New South Wales, Australia, without regard to any principles of conflict of laws that would result in the application of the laws of any other jurisdiction. Subject to section 14 (Disputes and Arbitration), you irrevocably agree that the courts of New South Wales, Australia, have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Terms, the Services, or their subject matter or formation. You irrevocably submit to the personal jurisdiction of those courts and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum. For the avoidance of doubt, this section does not limit our right to bring proceedings against you in any other court of competent jurisdiction, nor shall the bringing of proceedings in one or more jurisdictions preclude the bringing of proceedings in any other jurisdiction, whether concurrently or not, to the extent permitted by the law of such other jurisdiction. If any provision of these Terms is found to be invalid or unenforceable under the laws of New South Wales, the remaining provisions will continue in full force and effect. ### 16. General These Terms constitute the entire agreement between you and us regarding your access to and use of the Services and supersede all prior or contemporaneous understandings, agreements, representations, or communications, whether written or oral. We may assign, transfer, or novate these Terms or any of our rights or obligations under them (including in connection with a merger, acquisition, reorganisation, or sale of assets) without your consent and without notice to you. You may not assign or transfer these Terms or any of your rights or obligations under them without our prior written consent. Any purported assignment in contravention of this section is void. If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court or arbitral tribunal of competent jurisdiction, that provision will be severed or modified to the minimum extent necessary to make it enforceable, and the remaining provisions will continue in full force and effect. No failure or delay by us in exercising any right, power, or remedy under these Terms will operate as a waiver of that right, power, or remedy, nor will any single or partial exercise preclude any other or further exercise of it. Notices under these Terms must be in writing. Notices to us must be sent to [legal@usher.so](mailto:legal@usher.so) or to our registered office. Notices to you may be sent to the email address associated with your Account (if any) or posted on the Websites or within the Services. Notices are deemed received upon delivery if sent by email, or 3 business days after posting if sent by mail. These Terms do not create any third-party beneficiary rights. Nothing in these Terms creates or implies any partnership, joint venture, agency, fiduciary, or employment relationship between you and us. Headings in these Terms are for convenience only and do not affect interpretation. We will not be liable for any failure or delay in performing our obligations under these Terms to the extent caused by events beyond our reasonable control (including acts of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, fire, flood, storm, pandemic, or interruption or failure of utility or telecommunications services) (**Force Majeure Event**). If a Force Majeure Event continues for more than 30 days, either party may terminate these Terms by written notice. Any translation of these Terms is provided for convenience only; the English version governs. These Terms may be executed electronically, and your electronic acceptance constitutes a binding agreement. ### 17. Definitions In these Terms, unless the context otherwise requires: * **Account** means any account, wallet connection, or authentication method used to access certain features of the Services. * **Additional Terms** means any service-specific terms, guidelines, or rules applicable to particular features or components of the Services. * **Applicable Laws** means all laws, statutes, regulations, regulatory requirements, sanctions regimes, and court orders applicable to you, us, or the Services, including but not limited to anti-money laundering, counter-terrorism financing, sanctions, and consumer protection laws. * **Dispute** has the meaning given in section 14. * **Force Majeure Event** has the meaning given in section 16. * **Indemnified Parties** has the meaning given in section 12. * **Network Fees** means any fees, gas costs, or charges imposed by blockchain networks or third-party providers in connection with transactions facilitated through the Services. * **Restricted Jurisdictions** means jurisdictions subject to comprehensive sanctions administered by Australia, the United States, the United Nations, the European Union, the United Kingdom, or any other relevant authority. * **Services** has the meaning given in the introductory section. * **Third-Party Services** means any third-party products, services, protocols, blockchains, smart contracts, websites, or materials accessible via or integrated with the Services. * **Company Materials** means all intellectual property rights in the Services, Websites, and related materials owned by us or our licensors. * **User Content** means any content you submit, upload, or transmit through the Services. * **Websites** means our websites and any sub-domains we operate. Other capitalised terms used in these Terms have the meanings given to them in the section where they are first defined. These Terms supersede all prior agreements, understandings, or arrangements (whether oral or written) relating to the subject matter of these Terms. Interpretation principles under the laws of New South Wales apply, including that headings are for convenience only and do not affect meaning, words in the singular include the plural and vice versa, and references to persons include bodies corporate and vice versa. # Liquidity Commitment Certificates Source: https://docs.fiet.finance/protocol/concepts/liquidity-commitment-certificates Liquidity Commitment Certificates (LCCs) are protocol-bound non-transferable assets in the Fiet Protocol that represent market makers’ verified reserve liquidity (VRL) committed to trading pools. Traded only in Fiet’s integrated DEXs, LCCs enable low-slippage swaps while keeping market makers’ reserves flexible. LCCs combine the trust of a bank guarantee with the tradability of a warehouse receipt. ## How LCCs Work Market makers commit VRL to a Fiet Market, creating LCCs (e.g., lcc-USDC for USDC, lcc-ETH for ETH, lcc-AUDD for AUDD, etc.) that represent on-chain collateral (e.g., 2% of the commitment) and verified reserves. Traders use LCCs to swap assets in the DEX and can redeem them for the underlying currency when needed. LCCs are protocol-bound, ensuring regulatory compliance. ## Traditional Finance Analogy LCCs are a hybrid of a *standby letter of credit* and a *warehouse receipt*. In traditional finance, a standby letter of credit is a bank’s promise to cover funds if a seller cannot deliver, providing buyer confidence. A warehouse receipt proves ownership of stored goods, like grain, tradable in markets. Similarly, LCCs use zkTLS to verify reserve liquidity (e.g., USDC in a bank), ensuring availability without moving funds on-chain. Traders can trade LCCs like receipts, accessing liquidity with the trust of a bank-backed guarantee. LCCs let traders tap into verified liquidity, like trading a receipt for stored goods, without locking funds. ## User Experience Fiet integrates with next-generation AMMs like Uniswap v4 to abstract LCCs from users. **Proxy pools** route trades from standard asset pairs (e.g., USDC/AUDD) to LCC-based pools (e.g., lcc-USDC/lcc-AUDD), simplifying the user experience. For larger trades, if settled liquidity is insufficient, LCCs may temporarily appear in a trader’s wallet until market makers deliver the underlying capital, which automatically replaces the LCCs. Proxy pools make LCCs invisible to users where possible, but large trades may show LCCs briefly until settlement. ## Key Features * **Fungibility**: LCCs for the same currency (e.g., Icc-USDC) are interchangeable. * **Collateralisation**: A small on-chain deposit secures commitments. * **Non-Transferable**: LCCs are restricted to Fiet’s DEX. * **Automatic Creation**: Committing VRL instantly generates LCCs. LCCs are distinct from stablecoins, designed as bookkeeping units for Fiet’s integrated DEXs. ## Sequence Diagram Fiet for Traders Sequence Diagram ## Learn More Explore related concepts and details: * **[Markets](/concepts/markets)**: See how LCCs power AMM pools. * **[Verified Reserve Liquidity](/concepts/verified-reserve-liquidity)**: Understand VRL verification. * **[Value-to-Signal](/concepts/value-to-signal)**: Learn how LCCs adjust to demand. * **[Technical Specification](/resources/technical-specification)**: Review LCC mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss LCC trading on Discord. # Fiet Markets Source: https://docs.fiet.finance/protocol/concepts/markets Discover how Fiet Markets enable efficient, liquid trading in DeFi with dynamic liquidity. Fiet Markets are trading pools within the Fiet Protocol that extend decentralised finance (DeFi) automated market makers (AMMs), such as Uniswap, to offer deeper liquidity and lower trading costs. By allowing market makers to commit verified reserve liquidity without locking funds, Fiet Markets facilitate efficient trading for cryptocurrencies, local stablecoins, and real-world assets. Fiet Markets reduce slippage and costs by integrating virtual liquidity verified through zkTLS proofs. ## What Are Fiet Markets? Fiet Markets pair two assets, like USDC and AUDD, in an AMM pool using Liquidity Commitment Certificates (LCCs) to represent committed liquidity. Unlike traditional AMMs, where liquidity is locked on-chain, Fiet uses *virtual liquidity* — verified reserves held in banks or exchanges—to enable trading. Market makers settle funds only when demand requires, ensuring capital efficiency while maintaining low-slippage trading for users. ## Key Features * **Dynamic Liquidity**: Market makers commit reserves via zkTLS, settling funds based on market demand, reducing opportunity costs. * **Low Slippage**: Virtual liquidity creates deeper pools, minimising price impact for large trades. * **Permissionless Creation**: Anyone can create a Fiet Market, fostering open access. * **Regulatory Alignment**: LCCs are non-transferable, ensuring compliance within Fiet’s decentralised exchange (DEX). Fiet Markets integrate with AMMs like Uniswap v4 on Arbitrum, with plans for cross-chain expansion. ## How They Work Fiet Markets operate by combining settled on-chain funds with verified off-chain reserves. For example, in a USDC/ETH market, a market maker might commit \$1 million in USD reserves, settling only 2% (\$20,000) on-chain as LCCs (lcc-USDC/lcc-ETH). Traders use these LCCs in Fiet’s integrated DEX, while the Value-to-Signal (VTS) model adjusts settlements to match demand, ensuring liquidity without locking large capital. Fiet Market Structure Diagram ## Sequence Diagram Fiet for Traders Sequence Diagram ## Learn More Explore related concepts and dive deeper: * **[Verified Reserve Liquidity](/concepts/verified-reserve-liquidity)**: Learn how liquidity is verified with zkTLS. * **[Liquidity Commitment Certificates](/concepts/liquidity-commitment-certificates)**: Understand LCCs’ role in trading. * **[Use Cases](/use-cases)**: See how Fiet Markets power foreign exchange and real-world assets. * **[Technical Specification](/resources/technical-specification)**: Review detailed market mechanics. * **[Join the Community](https://go.usher.so/discord)**: Connect on Discord to discuss market opportunities. # Oracles Source: https://docs.fiet.finance/protocol/concepts/oracle Oracles are smart contracts that deliver external data, particularly price information, to the Fiet Protocol. They provide price data to determine the relative value of currencies, such as calculating how many USDC one BTC is worth at a given moment. ## Oracles in Fiet Oracles in the Fiet Protocol provide price data to: 1. Calculate the value of signal currencies relative to committed currencies in VTS ratio computations. 2. Assess MM solvency for settlement obligations. 3. Trigger incentives for Settlement Guarantors in risk management processes. When the signal currency matches the settlement currency, oracles are bypassed, reducing external data dependencies. ## Implementation The Fiet Protocol adopts an **oracle-agnostic approach**, allowing LCC creators to select price feed mechanisms tailored to specific market requirements. Each LCC specifies its oracle via parameters, ensuring flexibility in implementation. Oracles in Fiet Markets implement the [`IOracle` interface](https://docs.morpho.org/overview/resources/contracts/oracles#price), adopted from the Morpho Blue protocol, defined as: ```rust theme={null} function price() external view returns (uint256); ``` This function returns the price of one unit of signal currency quoted in the settlement currency, scaled to account for decimal differences between currencies. ## Types of Oracles Compatible Fiet Markets support various oracle implementations: 1. **Price Feed Oracles**: Leverage external price feeds from providers like Chainlink, Redstone, ChainSight, or Pyth to compute asset exchange rates. 2. **Exchange Rate Oracles**: Designed for wrapped or rebasing tokens (e.g., wstETH/stETH) with deterministic exchange rates. 3. **Fixed-Price Oracles**: Applied to assets with stable or predefined exchange rates, such as stablecoins pegged to the same value. ## Key Oracle Characteristics 1. **Purpose-Built**: Each oracle delivers the exchange rate between a signal currency and a settlement currency for a specific market. 2. **Immutable**: Oracle addresses are fixed upon market deployment, ensuring data source consistency. 3. **Independent**: Oracles operate autonomously, using distinct pricing sources to enhance reliability. 4. **Flexible Implementation**: LCC creators can select varied data sources while adhering to the standardised interface. Oracles enhance trust by delivering verifiable price data to Fiet’s markets. ## Learn More Explore related concepts and details: * **[Value-to-Signal](/concepts/value-to-signal)**: See how oracles support VTS calculations. * **[Liquidity Commitment Certificates](/concepts/liquidity-commitment-certificates)**: Understand LCC oracle specifications. * **[Markets](/concepts/markets)**: Learn about AMM pools using oracles. * **[Technical Specification](/resources/technical-specification)**: Review oracle mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss oracles on Discord. # Rewards Source: https://docs.fiet.finance/protocol/concepts/rewards ## What are Rewards? Rewards in the Fiet Protocol are incentives distributed to users to encourage behaviours such as market making, trading, or proving. These rewards, typically in the form of FIET tokens or other assets, are provided by: * The Fiet DAO. * Market creators incentivising MMs. * Token issuers promoting market usage. External incentives and points programs, managed outside the protocol in external applications, are not part of Fiet’s rewards. Their eligibility, computation, and distribution occur externally, and the Fiet interface may display them for informational purposes only. ## Types of Reward Programs ### Market Programs These programs encourage specific activities within individual markets: * **Maker Rewards**: Earned by MMs for facilitating liquidity in a market. * **Taker Rewards**: Earned by users for executing trades in a market. Rewards are distributed linearly over a defined period, with fixed amounts allocated for each activity type. Rewards motivate market makers, traders, and provers to power Fiet’s DeFi ecosystem. ### Uniform Rate Programs Administered by the Fiet DAO for FIET token distribution, these programs apply a consistent reward rate per dollar exchanged across eligible markets: * All users receive the same base rate up to a predetermined supply limit. * If the total supply exceeds this limit, the rate adjusts to maintain a fixed daily distribution. * Multipliers or divisors may apply to specific tokens, detailed in the [Fiet forum](https://go.usher.so/discord). These programs ensure equitable and predictable reward distribution across market activities. ## How Rewards Work The Fiet Protocol enables users to automatically earn rewards by participating in incentivised markets, such as through market making via settlements or trading. These activities are recorded on-chain, and reward amounts are calculated off-chain using this data. The Fiet DAO will elect a representative organisation to manage this computation process, submitting rewards on-chain weekly for verification and distribution. Rewards are made claimable approximately weekly through the Universal Rewards Distributor (URD). Users can claim their earned rewards via the Fiet interface without a deadline or directly through on-chain transactions on the URD using alternative methods. This structure ensures secure, transparent, and accessible reward distribution. The FIET token and Fiet DAO are planned for future launch, enhancing reward distribution. ## Learn More Explore related concepts and details: * **[Roles](/roles)**: Understand market makers, traders, and provers. * **[Markets](/concepts/markets)**: See how rewards drive AMM pool activity. * **[Value-to-Signal](/concepts/value-to-signal)**: Learn how market activity influences rewards. * **[Technical Specification](/resources/technical-specification)**: Review reward mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss rewards on Discord. # Settlements Source: https://docs.fiet.finance/protocol/concepts/settlements Understand how settlements ensure liquidity delivery in Fiet’s DeFi markets while managing risks. Settlements in the Fiet Protocol ensure market makers deliver liquidity to AMM pools to meet trading demand, maintaining market stability. A **Request for Settlement (RfS)** triggers when additional liquidity is needed, guided by the Value-to-Signal (VTS) model. Given settlement risk concerns, Fiet employs mechanisms — collateralisation, guarantors, and proof of settlement — to mitigate risks and protect user funds, ensuring traders’ assets remain secure in a non-custodial environment. Settlements balance liquidity delivery with safeguards to protect traders and minimise risks. ## How Settlements Work An RfS is triggered when the VTS ratio for a currency falls below its target, indicating a liquidity shortfall. Market makers must settle the required amount, proportional to their VRL commitment, within a fixed grace period (set at market deployment, e.g., based on bank transfer times). If they fail, settlement guarantors — other market makers or bots — can settle on their behalf, seizing the failing market maker’s collateral or liquidity position as profit. This incentivises timely delivery while ensuring market continuity. ## Managing Settlement Risk Fiet mitigates settlement risk through multiple safeguards: * **Collateralisation**: Market makers deposit a base VTS collateral (e.g., 2% of their commitment) on-chain, securing their obligations and incentivising guarantors to intervene if needed. * **Seizure Mechanism**: After the grace period, a failing market maker’s position is seizable on a linear scale (e.g., fully seizable after an hour), ensuring guarantors act swiftly to restore liquidity. * **Proof of Settlement**: Market makers can submit zkTLS-verified proof of pending settlements (e.g., a bank transfer) to extend the grace period, reducing seizure risk during delays. * **Looping**: Guarantors with smaller reserves can partially settle and seize proportional positions, iterating until the RfS is fulfilled, broadening participation. Fiet’s collateral and guarantor system ensures liquidity delivery, even if a market maker faces delays. ## Protecting User Funds Traders’ funds are protected by Fiet’s non-custodial design and protocol-bound LCCs: * **Non-Custodial**: Traders retain control of their assets, swapping LCCs in the DEX without Fiet holding funds. * **LCC Restrictions**: LCCs are non-transferable, locked to Fiet’s DEX, preventing misuse or external risks. * **Guarantor Backstop**: If a market maker fails, guarantors deliver liquidity, ensuring traders receive their swapped assets. * **Collateral Buffer**: The base VTS collateral absorbs potential shortfalls, protecting traders from losses. For example, in a USDC/ETH market, if a trader swaps \$100,000 USDC for ETH and the market maker fails to settle, guarantors cover the ETH, seizing the market maker’s \$2,000+ collateral, ensuring the trader’s ETH is delivered. Fiet’s non-custodial design and guarantor system safeguard user funds against settlement failures. ## Sequence Diagram Fiet for Market Makers Sequence Diagram ## Guarantor Incentive Structure The following scenario offers a breakdown of the incentive structure that guarantees settlements to Fiet Markets. ### Context In an AMM pool with virtual and realised liquidity, MMs deposit a base collateral equal to 2% of their committed liquidity per currency. Consider a USDC/XYZ pool, with $C_{\text{total}}$ = \$1,000,000, at a 1:1 exchange rate in a 50/50 pool — *using a constant sum invariant price algorithm for the sake of simplicity.* The pool initially holds: * **Realised Liquidity**: \$10,000 USDC and \$10,000 XYZ. * **Virtual Liquidity**: \$980,000 USD (\$1,000,000 total from MMs’ commitments minus realised liquidity) A trader swaps \$100,000 USDC for \$100,000 XYZ. The swap requires \$100,000 XYZ, but the pool initially holds only \$10,000 XYZ in realised liquidity, leaving a shortfall of \$90,000 XYZ that MMs must settle proportionally to their commitments. If MM A holds 50% of the pool ($C_{\text{MM}_A}$ = \$500,000), their settlement obligation is \$45,000 XYZ ($a_{\text{MM}_A}$ = 0.5 $\cdot$ \$90,000). If MM A fails to settle, another MM (e.g., MM B) can settle the \$45,000 XYZ on MM A’s behalf and seize MM A’s liquidity position. ### Calculations * **Trader’s Action**: Deposits \$100,000 USDC, withdraws \$100,000 XYZ. * **Pool’s Realised Liquidity Before Settlement**: * USDC: \$10,000 + \$100,000 = \$110,000 * XYZ: \$10,000 - \$10,000 = \$0 (pool provides its \$10,000 XYZ to trader, shortfall remains \$90,000 XYZ) * **MM Settlement**: MMs collectively settle \$90,000 XYZ * **Realised Liquidity After Settlement** * **to Pool**: \$110,000 USDC, \$90,000 XYZ * **to Trader**: \$110,000 USDC, \$0 XYZ ### MM A’s Liquidity Position MM A’s 50% share of the pool’s realised liquidity post-swap is \$55,000 USDC (0.5 $\cdot$ \$110,000) Since the pool has \$0 XYZ post-settlement, MM A’s position is valued at \$55,000 USDC. ### Guarantor’s Profit If MM B settles MM A’s \$45,000 XYZ obligation: * MM B seizes MM A’s position: \$55,000 USDC. * Profit = \$55,000 USDC - \$45,000 XYZ = \$10,000 (assuming 1:1 value). This \$10,000 profit equals half of MM A’s base collateral (\$5,000 USDC + \$5,000 XYZ = \$10,000), incentivising MM B’s intervention. ### Incentive Mechanism The base collateral acts as an incentive for guarantors (e.g., MM B) to settle on behalf of a failing MM (e.g., MM A), as the seized liquidity position’s value (\$55,000 USDC) exceeds the settlement cost (\$45,000 XYZ), yielding a profit equal to the failing MM’s proportional collateral. This ensures market liquidity and operational stability. ## Learn More Explore related concepts and details: * **[Value-to-Signal](/concepts/value-to-signal)**: See how VTS triggers RfS. * **[Liquidity Commitment Certificates](/concepts/liquidity-commitment-certificates)**: Understand LCCs’ role in settlements. * **[Markets](/concepts/markets)**: Learn about AMM pools requiring settlements. * **[Technical Specification](/resources/technical-specification)**: Review settlement mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss settlement risks on Discord. # Value-to-Signal Model Source: https://docs.fiet.finance/protocol/concepts/value-to-signal The Value-to-Signal (VTS) model in the Fiet Protocol dynamically adjusts how much liquidity market makers settle in AMM pools based on trading demand. By tracking the ratio of settled to committed liquidity, VTS ensures markets remain liquid without requiring market makers to lock excessive funds on-chain. VTS acts like a thermostat, balancing liquidity supply with market demand. ## How VTS Works Each currency in a Fiet Market has a VTS ratio, comparing settled liquidity (on-chain funds) to committed VRL. A **target VTS** sets the desired settlement level, starting at a base rate (e.g., 2% for USDC). As traders demand a currency, the **target VTS** rises, prompting market makers to settle more funds. When demand falls, excess liquidity can be withdrawn, maintaining efficiency. ## Key Features * **Dynamic Adjustment**: VTS responds to trade volume, increasing settlements during high demand. * **Collateralisation**: A base VTS ensures market makers always have some on-chain funds. * **Proportional Obligations**: Larger commitments mean higher settlement responsibilities. * **Efficiency**: Allows market makers to settle only what’s needed, reducing capital lockup. VTS adjustments are driven by trades, ensuring real-time alignment with market conditions. ## Sequence Diagram Fiet for Market Makers Sequence Diagram ## Learn More Explore related concepts and details: * **[Liquidity Commitment Certificates](/concepts/liquidity-commitment-certificates)**: See how VTS governs LCC settlements. * **[Settlements](/concepts/settlements)**: Understand how VTS triggers liquidity delivery. * **[Markets](/concepts/markets)**: Learn about AMM pools using VTS. * **[Technical Specification](/resources/technical-specification)**: Review VTS mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss VTS strategies on Discord. # Verified Reserve Liquidity Source: https://docs.fiet.finance/protocol/concepts/verified-reserve-liquidity Verified Reserve Liquidity (VRL) is liquidity held in sources like bank accounts or crypto exchanges, cryptographically verified by the Fiet Protocol to ensure it’s available for market makers to support trading. Unlike traditional DeFi, where funds are locked in AMMs, VRL remains off-chain or actively managed, enabling capital efficiency. VRL ensures trust in liquidity sources while preserving market maker flexibility and privacy. ## How VRL Works Market makers connect financial sources (e.g., bank accounts, exchange wallets) to Fiet. Using zkTLS proofs from [Usher Labs’ Verity](/resources/cryptography), a selected Prover will source the liquidity reserve balance amounts, currency, and verify solvency without exposing sensitive data. These *liquidity signals* are recorded on-chain, allowing market makers to commit VRL to Fiet Markets. ## Managing VRL To prevent liquidity shortages, market makers work with provers to maintain signal uptime through recurring proof generation. If signals expire or show insolvency, guarantors can seize committed positions. Market makers are advised to keep a 10% buffer between signalled and committed liquidity to account for price fluctuations or fees. VRL can be rehypothecated, allowing market makers to commit the same liquidity to multiple markets, boosting efficiency. ## Prover Sequence Diagram VRL Verification Process and Prover Flow - Sequence Diagram ## Learn More Dive into related concepts and details: * **[Markets](/concepts/markets)**: See how VRL supports AMM pools. * **[Liquidity Commitment Certificates](/concepts/liquidity-commitment-certificates)**: Explore how VRL is represented in trading. * **[Cryptography](/resources/cryptography)**: Understand zkTLS verification. * **[Technical Specification](/resources/technical-specification)**: Review VRL mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss VRL strategies on Discord. # Fiet Protocol Source: https://docs.fiet.finance/protocol/overview Discover how Fiet bridges traditional finance and DeFi with dynamic, verified liquidity. Fiet is a decentralised liquidity commitments protocol that transforms decentralised finance (DeFi) by enabling market makers to provide liquidity to automated market makers (AMMs) without locking funds on-chain. Using cutting-edge zero-knowledge proofs (zkTLS), Fiet verifies liquidity held in banks, exchanges, or wallets, creating deeper, more cost-efficient markets for trading, foreign exchange, and real-world assets. Fiet empowers secure, capital-efficient markets, reducing trading costs and enabling new opportunities in DeFi. ## Why Fiet? DeFi markets often face liquidity challenges, leading to high slippage and costly trading. Fiet solves this by allowing market makers to commit **verified reserve liquidity** — funds held off-chain or on-chain without locking them in AMM pools. Through instruments, *akin to a hybrid standby letter of credit and warehouse receipt*, ensures traders access deep liquidity while market makers retain flexibility. * **For Traders**: Enjoy low-cost, low-slippage trading in markets like local stablecoins (e.g., AUD, BRL) or tokenised RWAs (real estate, private credit, etc.). * **For Market Makers**: Commit dynamic liquidity now, settle later — earning fees without capital lockup or impermanent loss risks. * **For DeFi Ecosystems**: Enable totally new and lower cost liquid markets without bootstrapping retail liquidity with absurd incentives and requiring upfront total value locked (TVL). Learn how Fiet powers on-chain foreign exchange and real-world asset markets in our [Use Cases](/use-cases). Fiet MM - Market Connection ## How It Works Fiet integrates traditional finance (TradFi) and DeFi through a simple, secure process: 1. **Liquidity Verification**: Market makers use zkTLS to verify reserves in banks or exchanges, ensuring trust without exposing sensitive data. 2. **Liquidity Commitment Certificates (LCCs)**: Protocol-bound non-transferable tokens represent committed liquidity, traded only in Fiet’s integrated decentralised exchanges (DEXs). 3. **Dynamic Settlements**: Liquidity is settled on-chain only when market demand requires it, guided by the Value-to-Signal (VTS) model. 4. **Guaranteed Continuity**: Settlement Guarantors step in if market makers fail to deliver, ensuring market stability. Fiet is built on Arbitrum, with plans for cross-chain expansion, making it accessible across DeFi ecosystems. Fiet Liquidity Flow ## Get Started Explore Fiet’s potential and join our growing community: * **[Use Cases](/use-cases)**: See how Fiet enables cost-efficient trading and new markets. * **[Roles](/roles)**: Learn how to participate as a market maker, trader, or future governance member. * **[Technical Specification](/resources/technical-specification)**: Dive into the full details of Fiet’s mechanics. * **[Join the Community](https://go.usher.so/discord)**: Connect with us on Discord to share ideas and get involved. # Cryptography Source: https://docs.fiet.finance/protocol/resources/cryptography The Fiet Protocol leverages Verity, an advanced composable cryptographic infrastructure developed by Usher Labs, to enable secure and private verification of liquidity and settlement data. Fiet adopts the Verity zero-knowledge Transport Layer Security (zkTLS) stack to create a Prover of data flows — integrating sensitive financial data from traditional systems, such as centralised exchanges and banks, onto the blockchain without exposing private information. With Verity, the Prover is designed to: 1. produce high-frequency MPC-TLS proofs 2. that rollup into STARK-based zero-knowledge proofs, powered by RiscZero, then 3. verify in a public replicated and verifiable compute environment, the Internet Computer, where, 4. further public computation and state can be managed, before 5. a succinct **Threshold-ECDSA Signature** over a hash of state allows for VRL verification and cross-chain state syndication This cryptography infrastructure ensures the integrity and transparency of on-chain processes while upholding stringent privacy standards, supporting critical Fiet operations. ## Cryptographic Components The system encompasses several cryptographic technologies to support Fiet’s operations: * **zkTLS Proofs**: These zero-knowledge proofs, incorporating multi-party computation and STARK-based verification, securely validate data from trusted financial institutions, such as reserve liquidity amounts, while preserving confidentiality. They enable Fiet to confirm MM solvency and VRL commitments without disclosing sensitive account details. * **Merkle Trees**: Organise the VRL state within a verifiable compute environment, facilitating efficient validation of liquidity signals across Market Chains. * **Threshold-ECDSA Signatures**: Provide secure, decentralised signing of VRL state updates, enabling data portability and syndication to Market Chains for cross-chain verification. These components, unified under the Fiet Prover, powered by Verity, ensure Fiet’s ability to manage private data securely in a decentralised ecosystem. ## Integration with Fiet Protocol The system integrates with key Fiet Protocol features: * **Verified Reserve Liquidity (VRL)**: zkTLS proofs verify off-chain liquidity (e.g., bank accounts, exchange wallets) for VRL commitments, allowing MMs to supply liquidity without immediate on-chain settlement. * **Value-to-Signal (VTS) Model**: Validate signalled versus settled liquidity, ensuring accurate VTS ratio calculations and settlement triggers. * **Settlements**: zkTLS proofs of settlement intent, enable MMs to extend grace periods during RfS processes, mitigating seizure risks. * **Custom Price Oracles**: Proofs of external price data feeds, maintaining market stability. This integration supports privacy-preserving verification, enhancing trust and efficiency across Fiet’s operations. ## Security Guarantees Verity’s cryptographic infrastructure provides truth and security for Fiet Markets: * **Data Integrity**: zkTLS proofs and Merkle trees ensure financial data remains accurate and tamper-proof during verification. * **Privacy Protection**: Sensitive information is never exposed on-chain, complying with regulatory and institutional standards. * **Attack Resistance**: Threshold-ECDSA signatures and decentralised verification reduce single-point-of-failure risks, protecting against malicious actors. * **Auditability**: Cryptographic proofs enable transparent validation of protocol actions, maintaining user confidence. These guarantees ensure Fiet’s operations are secure, reliable, and compliant. ## About Verity zkTLS For detailed technical specifications of Verity, explore the documentation [here](https://docs.verity.usher.so/). ## About Usher Labs [Usher Labs](https://www.usher.so/) develops enterprise-grade data security and integration solutions for Web3 projects. The Verity infrastructure establishes verifiable data pipelines between traditional financial systems and blockchain environments, enabling Fiet to connect private data with decentralised ecosystems while ensuring trust, privacy, and compliance. # Diagrams Source: https://docs.fiet.finance/protocol/resources/diagrams ## Protocol Architecture The Fiet Protocol is built on a sophisticated architecture that seamlessly bridges traditional finance and decentralised finance (DeFi). This page provides a comprehensive overview of the protocol's architectural components, data flows, and system interactions. Fiet's architecture is designed around three primary pillars: **verification**, **commitment**, and **settlement**. The protocol uses zero-knowledge proofs (zkTLS) to verify off-chain liquidity while maintaining privacy and security. Fiet Protocol Protocol Architecture Diagram *** Fiet Protocol Component Diagram ## Commitments Architecture Liquidity Commitment Certificates (LCCs) form the backbone of Fiet's liquidity infrastructure. This architecture shows how commitments are created, verified, and managed: Fiet Protocol Commitments Architecture ## Liquidity Flow Understanding how liquidity flows through the protocol is crucial for participants. This annotated diagram shows the complete liquidity lifecycle: Fiet Protocol Liquidity Flow Annotated ## Participant Workflows ### Market Makers Market makers follow a specific sequence to provide liquidity to the protocol: Fiet for Market Makers Sequence Diagram ### Traders Traders interact with the protocol through a streamlined process: Fiet for Traders Sequence Diagram ### Provers Provers play a crucial role in verifying liquidity commitments: Fiet for Provers Sequence Diagram ## Key Architectural Principles ### 1. **Zero-Knowledge Verification** * Uses zkTLS to verify liquidity without exposing sensitive financial data * Maintains privacy while ensuring trust and transparency * Enables verification of off-chain assets ### 2. **Dynamic Liquidity Management** * Liquidity is committed but not locked until settlement * Market makers retain flexibility while providing market depth * Settlement occurs only when market demand requires it ### 3. **Guaranteed Continuity** * Settlement Guarantors ensure market stability * Automatic fallback mechanisms prevent market disruption * Risk mitigation through multiple layers of protection ### 4. **Scalable Infrastructure** * Built on Arbitrum for cost efficiency and speed * Designed for cross-chain expansion * Modular architecture supports future enhancements ## Technical Stack * **Blockchain**: Arbitrum (with cross-chain expansion planned) * **Zero-Knowledge Proofs**: Usher Labs' Verity zkTLS for liquidity verification * **Smart Contracts**: Solidity- and Rust-based protocol logic * **Oracle Integration**: Real-time market data and settlement triggers * **DEX Integration**: Seamless trading through integrated decentralised exchanges ## Security Architecture The protocol implements multiple security layers: 1. **Cryptographic Security**: zkTLS ensures mathematical proof of liquidity 2. **Smart Contract Security**: Audited contracts (pending formal verification) 3. **Economic Security**: Settlement guarantees and risk management 4. **Operational Security**: Cryptography infrastructure for secure controls and governance mechanisms The Fiet Protocol architecture is designed to be both secure and scalable, enabling the creation of deep, liquid markets while maintaining the flexibility and efficiency that participants require. ## Next Steps * **[Technical Specification](/resources/technical-specification)**: Dive deeper into the technical implementation details * **[Cryptography](/resources/cryptography)**: Learn about the cryptographic foundations * **[Use Cases](/use-cases)**: See how the architecture enables specific use cases * **[Glossary](/resources/glossary)**: Understand key architectural terms and concepts # Glossary Source: https://docs.fiet.finance/protocol/resources/glossary Key terms and definitions used throughout the Fiet Protocol documentation | Term | Definition | | ------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Automated Market Maker (AMM)** | A smart contract facilitating token swaps in a decentralised exchange using predefined price curve algorithms, supported by liquidity pools. | | **Blockchain** | A decentralised, tamper-resistant digital ledger for recording transactions across a distributed network, ensuring security and transparency. | | **Cryptographic Proofs** | Verifiable computations, such as zero-knowledge proofs or MPC-TLS proofs, ensuring data integrity and privacy in Fiet's operations, like VRL verification or settlement intent. | | **Data Portability** | The ability to securely transfer verified data, such as VRL state, across Market Chains using cryptographic signatures (e.g., tECDSA). | | **Decentralised Exchange (DEX)** | A peer-to-peer trading platform for digital assets, operating without intermediaries and typically powered by AMMs. | | **Fiet DAO** | The planned decentralised governance body for the Fiet Protocol, managing technical parameters and treasury post-(FIET) token launch. | | **Fiet Markets** | AMM-based trading pools in the Fiet Protocol, pairing LCCs to facilitate secure and efficient token swaps. | | **Fiet Prover** | A zkTLS Prover, built with Verity, that generates zkTLS proofs for data verification, supporting VRL, VTS, and settlements. | | **Impermanent Loss** | Losses faced by liquidity providers in AMM pools due to price volatility and pool rebalancing, impacting returns. | | **Liquidity Commitment Certificate (LCC)** | A synthetic, non-transferable asset in Fiet Markets representing MMs' VRL commitments, traded exclusively on Fiet's DEX. | | **Market Maker (MM)** | A participant facilitating liquidity for Fiet Markets, committing VRL and managing settlements, incentivised by rewards and fees. | | **Market Chain** | A blockchain network integrated with Fiet Markets, where VRL state is syndicated and verified for cross-chain operations. | | **Merkle Tree** | A cryptographic data structure organising VRL state in a verifiable compute environment, enabling efficient validation across Market Chains. | | **Proof of Settlement** | A cryptographic proof demonstrating an MM's intent to settle liquidity, used to extend grace periods during RfS processes. | | **Request for Settlement (RfS)** | A condition triggered when additional liquidity is needed, managed by Fiet's VTS manager. | | **Rehypothecation** | The reuse of committed liquidity across multiple markets or platforms, adapted in Fiet to optimise capital efficiency while managing settlement risks. | | **Settlement Guarantor** | A participant (MM or bot) settling an MM's RfS obligation, seizing their liquidity position for profit, incentivised by collateral. | | **Threshold-ECDSA (tECDSA) Signatures** | Decentralised signatures in zkTLS system, signing VRL state updates for secure cross-chain syndication. | | **Universal Rewards Distributor (URD)** | A Fiet Protocol component enabling weekly reward claims for user activities (e.g., market making, trading). | | **Value-to-Signal (VTS) Model** | A mechanism calculating the ratio of settled to committed liquidity, driving settlement triggers. | | **Verifiable Compute Environment** | A secure platform, such as the Internet Computer, processing zkTLS proofs and managing VRL state in Fiet. | | **Verified Reserve Liquidity (VRL)** | Off-chain liquidity committed by MMs, verified via Verity's zkTLS system, enabling capital-efficient market making. | | **Zero-Knowledge Proofs** | Cryptographic methods allowing data verification (e.g., reserve liquidity) without revealing sensitive details, ensuring privacy and security. | | **zkTLS** | Zero-knowledge Transport Layer Security proofs, verifying private financial data for Fiet's operations. | # Technical Specification (Pre-Whitepaper) Source: https://docs.fiet.finance/protocol/resources/technical-specification Explore the detailed mechanics of the Fiet Protocol through its technical specification. The Fiet Technical Specification is a **pre-whitepaper**, a comprehensive document detailing the Fiet Protocol’s mechanics, designed for developers, researchers, and technical enthusiasts. Unlike the high-level summaries in these public docs, the specification dives into intricate details, including mathematical formulas (e.g., VTS calculations), cryptographic implementations (e.g., zkTLS proofs), and smart contract logic for AMM integration, settlements, and rewards. ## Get access To access the technical specification, please [contact us in Discord](https://go.usher.so/discord). ## What It Covers The specification spans: * **Protocol Mechanics**: In-depth VRL, LCC, and VTS model operations. * **Cryptography**: Verity’s zkTLS for liquidity verification. * **Settlement Processes**: RfS triggers, guarantor seizures, and risk management. * **Rewards System**: Upcoming FIET token distribution and Reward mechanics. * **Implementation Details**: Smart contract and oracle integrations. These provide a deeper understanding than the public documentation’s simplified explanations, catering to those building or analysing Fiet. The technical specification offers a deep dive into Fiet’s technical framework for advanced users. ## Chat with the AI Guide For streamlined understanding, interact with our [AI Guide](https://fiet.fi/ai-guide) to ask specific questions about the Fiet Protocol, from VTS logic to settlement safeguards. Use the AI Guide to clarify complex technical details in real-time. ## Learn More Explore related resources: * **[Cryptography](/resources/cryptography)**: Understand Verity’s zkTLS integration. * **[Glossary](/resources/glossary)**: Review key Fiet terms. * **[Markets](/concepts/markets)**: See AMM pool mechanics. * **[Join the Community](https://go.usher.so/discord)**: Discuss technical details on Discord. # Roles in Fiet Source: https://docs.fiet.finance/protocol/roles Learn about the key participants in the Fiet Protocol and how they drive DeFi markets. The Fiet Protocol brings together various participants to create efficient, liquid DeFi markets. Each role—market makers, traders, settlement guarantors, provers, and integration partners—plays a vital part in bridging traditional finance (TradFi) and decentralised finance (DeFi) using verified liquidity. Below, explore how these roles contribute to Fiet’s ecosystem. Fiet’s open design allows anyone to participate as a market maker, trader, or future governance member. ## Market Makers Market makers (MMs) are the backbone of Fiet’s liquidity. They commit verified reserve liquidity (e.g., funds in banks or exchanges) to automated market makers (AMMs) without locking capital. Using zkTLS proofs, MMs ensure their reserves are authentic, earning trading fees while maintaining flexibility to manage funds dynamically. ## Traders Traders use Fiet’s decentralised exchange (DEX) to swap assets, such as local stablecoins or cryptocurrencies, with low slippage and costs. They interact with Liquidity Commitment Certificates (LCCs) to access deep liquidity, benefiting from markets powered by MMs’ verified reserves. Traders can engage in cost-efficient foreign exchange or trade real-world assets in Fiet’s markets. See [Use Cases](/use-cases). ## Settlement Guarantors Settlement guarantors ensure market stability by stepping in if MMs fail to deliver liquidity. They settle obligations on behalf of failing MMs, seizing their collateral or liquidity positions as profit. This role incentivises reliability and protects traders. ## Provers Provers generate zkTLS proofs to verify MMs’ reserve liquidity, ensuring trust and privacy. Currently managed by Usher Labs, this role will decentralise in the future, allowing others to participate and earn rewards via the planned FIET token. The FIET token and Fiet DAO, set for future launch, will enable community governance and rewards for provers and MMs. ## Integration Partners Integration partners, such as fintechs, wallets, or DeFi platforms, simplify trader access to Fiet’s markets. They use Fiet’s libraries to handle LCCs, enabling seamless swaps or fiat-to-crypto conversions, enhancing user experience across ecosystems. ## Get Involved Join Fiet’s ecosystem in a role that suits you: * **[Markets](/concepts/markets)**: Learn how MMs and traders interact with AMM pools. * **[Verified Reserve Liquidity](/concepts/verified-reserve-liquidity)**: Understand how provers verify liquidity. * **[Rewards](/concepts/rewards)**: Explore future incentives via the FIET token. * **[Technical Specification](/resources/technical-specification)**: Dive into detailed role mechanics. * **[Join the Community](https://go.usher.so/discord)**: Connect on Discord to start participating. # Use Cases Source: https://docs.fiet.finance/protocol/use-cases Explore how the Fiet Protocol enables cost-efficient trading and new markets in DeFi. The Fiet Protocol powers innovative financial applications by bridging traditional finance (TradFi) and decentralised finance (DeFi). By allowing market makers to commit verified liquidity without locking funds, Fiet creates deeper, more efficient markets for trading, foreign exchange, and real-world assets. Below are key use cases demonstrating Fiet’s impact across DeFi ecosystems. Fiet Market Dynamics Diagram Fiet enables low-cost, high-liquidity markets for local stablecoins, real-world assets, and emerging blockchains. ## On-Chain Foreign Exchange (FX) Fiet facilitates cost-efficient trading of local stablecoins (e.g., AUD, BRL, CAD) against major cryptocurrencies like USDC. Unlike traditional AMM pools, which suffer from shallow liquidity and high slippage, Fiet allows market makers to commit USD-denominated reserves verified via zkTLS. For example, in an AUDD/USDC pool, market makers settle AUDD only when demand arises, enabling low-cost FX that competes with traditional banking systems. Fiet’s FX markets can capture a share of the \$903 billion annual remittance market by offering cheaper conversions. ## Real-World Asset (RWA) Markets Tokenised assets like real estate or commodities often face liquidity challenges in DeFi. Fiet enables issuers to lend RWAs to market makers, who commit verified USDC reserves to create liquid markets (e.g., HOUSE/USDC). This preserves RWA capitalisation while enabling trading and collateralisation in lending protocols, without requiring issuers to fractionalise their investments. ## High-Volume, Low-Cost Markets For popular trading pairs like USDC/ETH, Fiet reduces fees by allowing market makers to commit the same verified liquidity across multiple markets. This capital efficiency lowers costs for traders, as they no longer compensate for locked liquidity. The result is deeper, more competitive markets for high-demand assets. ## Emerging Blockchains Emerging blockchains struggle to attract total value locked (TVL) for liquid AMM markets. Fiet’s virtual liquidity model enables low-slippage trading without requiring large on-chain deposits. This fosters DeFi adoption on new chains, supporting innovative assets and cross-chain ecosystems. Fiet’s use cases are powered by Usher Labs’ Verity zkTLS, ensuring secure and private liquidity verification. ## Learn More Discover how Fiet’s mechanics enable these use cases: * **[Markets](/concepts/markets)**: Understand how Fiet integrates with AMMs. * **[Verified Reserve Liquidity](/concepts/verified-reserve-liquidity)**: Learn about zkTLS-verified liquidity. * **[Technical Specification](/resources/technical-specification)**: Dive into detailed protocol mechanics. * **[Join the Community](https://go.usher.so/discord)**: Connect on Discord to explore partnership opportunities. # Fiet vs RFQ Source: https://docs.fiet.finance/protocol/vs-rfq How Fiet delivers guaranteed execution using upfront, verifiable on-chain quotes versus divergences in RFQ / propAMM models. Fiet combines the **capital efficiency** of RFQ models — where market makers can manage capital with utmost flexibility and without permanent lockup — with the **transparency and security** of traditional AMM paradigms, where quotes are upfront, on-chain, and traders can validate the atomic state of any market before submitting an order. This guarantees that quoted prices are correct and will be honoured upon execution. In contrast, many blockchain RFQ systems — particularly propAMMs — suffer from systematic divergence between the price shown to aggregators and the price at which trades actually settle. ## What is RFQ? A **Request for Quote (RFQ)** system allows traders to request a price from liquidity providers for a specific trade size and direction. The provider responds with a firm quote that is valid for a short window. This model is widely used in traditional finance for large OTC trades because it provides price certainty. In theory, RFQ should protect traders from slippage. In practice, on blockchains the model has been gamed. ## RFQ Model on Blockchains On blockchains, traditional RFQ systems have evolved into sophisticated **propAMMs** (proprietary Automated Market Makers). These are essentially programmable smart contracts that act as highly responsive liquidity providers.\ Unlike passive AMMs (such as early Uniswap versions), propAMMs use off-chain predictive price models to actively update prices on-chain. Market makers must constantly adjust quotes to avoid being picked off by informed traders. PropAMMs make this economically viable by updating a minimal amount of data (often a single price value) rather than managing many individual orders.\ In this model, propAMMs function as an **on-chain form of RFQ**: aggregators request quotes, the propAMM contract evaluates current market conditions, trade metadata, and volatility, then returns a price. These systems are designed to compete aggressively on quoted price to win routing volume from decentralised exchange aggregators. However, because quotes are generated and settled in discrete blocks, a window exists between when an aggregator snapshots a price and when the trader’s transaction is included. This per-block timing creates opportunities for divergence between the quoted price and the executed price. ## Problems with Blockchain RFQ Systems The issues with propAMMs and similar RFQ-style systems were documented in detail by 0x in their March 2026 analysis [“PropAMM Shenanigans”](https://0x.org/post/propamm-shenanigans). Three main patterns of execution degradation were identified: ### 1. Quote Spoofing PropAMM operators publish attractive, tight spreads to win routing decisions. They then adjust prices adversely before the trader’s transaction settles. This can occur due to the natural latency between quote generation and block inclusion. * Typical impact: **5–10 basis points** worse execution. * The statistical signature is often inverted price variance (greater variance within blocks than between blocks). ### 2. Random Spread Fluctuations A tight spread wins the route, only for the spread to widen significantly (e.g. from \~2 bps to 8–16 bps) before settlement. These changes frequently do not correlate with underlying market volatility. ### 3. Phantom Liquidity Liquidity is added to appear deep at quote time and withdrawn shortly after, causing trades to execute against much shallower liquidity than anticipated. These behaviours create a prisoner’s dilemma for aggregators: those who tolerate them win on quoted price comparisons, while those who police them appear less competitive. ## Lazy Settlement without the Problems Fiet takes a fundamentally different approach. Rather than relying on continuous price updates and transient on-chain state, Fiet uses **verified lazy settlement** backed by enforceable commitments. ### How Fiet Guarantees Execution * **Upfront, Transparent On-Chain Quotes** — Traders can inspect the atomic state of the market before submitting an order. The quoted price is derived from verified liquidity commitments, not manipulable pool state. * **Verified Reserve Liquidity** — Market makers commit capital using **zkTLS proofs**. These commitments are cryptographically proven and cannot be altered between quote and settlement. * **Liquidity Commitment Certificates (LCCs)** — Non-transferable, protocol-bound tokens that represent committed liquidity. Settlement occurs only when required, guided by the Value-to-Signal (VTS) model. * **Settlement Guarantors** — Independent parties that step in and enforce settlement if a market maker fails to deliver, protecting traders. * **Self-Custodial Execution** — The Fiet Trading API provides quotes and instructions. You retain full control over signing and broadcasting transactions. Because the quote reflects a **verifiable atomic state** that is backed by enforceable off-chain commitments, the divergence between quoted and executed price that plagues RFQ/propAMM systems is eliminated. This model retains the capital efficiency of lazy settlement (no permanent capital lockup) while removing the ability for liquidity providers to game the system. ### Comparison Summary | Aspect | Traditional RFQ / propAMM | **Fiet** | | ------------------- | ----------------------------------- | -------------------------------------------- | | Quote Type | Transient, easily repriced | Upfront, verifiable atomic state | | Liquidity Backing | On-chain state or Flashblock timing | zkTLS-verified reserves + LCCs | | Execution Guarantee | Slippage tolerance | Settlement Guarantors + protocol enforcement | | Capital Requirement | Often requires lockup or gaming | No upfront on-chain lockup | | Trader Protection | Limited | Cryptographic proof + guarantors | ## Compatibility with RFQ Aggregators While this page presents a comparative view between traditional RFQ/propAMM systems and Fiet, the two approaches are not mutually exclusive. Fiet markets can be incorporated into existing RFQ-style aggregator systems. Because **Fiet is built on Uniswap v4**, it inherits Uniswap’s asset exchange interface and pool dynamics. As such, Fiet eliminates the divergence between the quoted price and the executed price. Fiet provides **immediately verifiable on-chain quotes** backed by enforceable liquidity commitments, so both the quote and the resulting order execute atomically with guaranteed execution. # Solutions Source: https://docs.fiet.finance/solutions Fiet Trading API, Fiet Protocol, and Fiet Maker — capital-efficient infrastructure for fintechs, traders, and professional market makers. Fiet delivers three complementary solutions that bridge traditional finance with decentralised liquidity. Each product is designed for a specific audience while working together to create deeper, more efficient markets. For fintechs, trading desks, and treasuries. Integrate a powerful trading API that generates correct blockchain calldata for **self-submission** and **self-order execution**. Receive live quotes, swap instructions, and multi-step payment plans while retaining full control of your keys and execution infrastructure. Non-custodial by design — the API only provides planning and instructions; you handle signing and broadcasting. Decentralised direct-to-liquidity protocol. A single aggregated exchange rate derived from the verified liquidity commitments of professional market makers. Market makers commit capital off-chain (verified via zkTLS) without upfront on-chain lockup, delivering deep liquidity, tight spreads, and low slippage to traders while eliminating the capital inefficiency of traditional AMM models. For professional market makers. An ancillary tool that integrates with your existing strategy engines. It automates protocol rules compliance, liquidity commitment management, and provides SDKs for seamless liquidity and capital management. Participate in Fiet markets **without the upfront capital lockup** required by traditional blockchain exchange models. Earn fees while retaining full flexibility over your reserves. ## How the solutions work together * **Fintechs & treasuries** use the **Fiet Trading API** to access the aggregated liquidity of the **Fiet Protocol**. * **Professional market makers** use **Fiet Maker** to efficiently supply that liquidity through verified commitments. * The **Fiet Protocol** acts as the decentralised settlement layer that aligns incentives between makers and takers. This architecture delivers institutional-grade liquidity with self-custody, T+0 settlement, and significantly lower costs than both legacy rails and conventional DeFi pools. ## Next steps * **[Business API Documentation](/business/introduction)** — start integrating the Trading API * **[Roles in Fiet](/protocol/roles)** — learn about the parties involved * **[Protocol Overview](/protocol/overview)** — understand the internal direct-to-liquidity mechanics * **[Contact us](https://fiet.finance/contact)** — speak with the team about Fiet Maker or enterprise integration # Welcome to Fiet Source: https://docs.fiet.finance/start ## Blockchains offer ownership As a fintech, treasury desk or institutional trader, digital assets have given you access to overseas currencies, companies and commodities without the overhead of setting up regional compliance or subsidiaries. That is the promise. In practice, these assets can be costly to acquire and difficult to liquidate. ## Fiet offers access By improving market infrastructure and liquidity management, Fiet aligns incentives to deliver cost-effective access to digital assets and direct ownership of various asset classes. Professional market makers facilitate liquidity in blockchain markets where these digital assets are exchanged. You receive tighter spreads and lower execution costs. Fiet eliminates intermediaries with our **direct-to-liquidity protocol**. It's an evolution to blockchain exchange that taps traditional liquidity reserves, allowing you to trade currencies or other digital assets in emerging markets while retaining full self-custody and ownership. Blockchains deliver T+0 settlement. Fiet inherits this speed. Digital assets such as stablecoins represent a verified claim to currency held in a foreign bank account by a regulated custodian. You simply instruct the issuer to disburse funds on your behalf or transfer ownership, and the settlement completes in a single local bank transfer. ## How Fiet compares Each row lists **Fiet** first; use the tabs to compare against **existing blockchain markets** or **traditional markets**. | Feature | **Fiet** | Existing blockchain markets | | ------------------- | ------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------- | | Liquidity | 24/7 deep liquidity | Shallow passive liquidity | | Custody | Institutional integration for self-custody (Fireblocks and others) | Complex self-custody | | Market Creation | Zero-cost permissionless listing. Markets made professionally | Permissionless, bootstrap liquidity providers | | Compliance | Fully decentralised, direct market access | Fully decentralised, direct market access | | Capital lockup | Settle on-demand | Suffer impermanent loss on traditional AMMs | | Quote Integrity | **Upfront on-chain quotes** validated before order. Atomic execution via Uniswap v4 with no divergence between quote and settlement. | Upfront quote → execution on traditional AMMs; systematic divergence between quoted and executed price (propAMMs/RFQ) | | Currency Settlement | Single bank transfer by global network of regulated custodians | Moderate fees, subject to on/off-ramp providers | | Feature | **Fiet** | Traditional markets | | ------------------- | ------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------- | | Liquidity | 24/7 deep liquidity | Limited hours (T+2) | | Custody | Institutional integration for self-custody (Fireblocks and others) | Centralised | | Market Creation | Zero-cost permissionless listing. Markets made professionally | High cost and subject to approval | | Compliance | Fully decentralised, direct market access | Rigid permissioned systems | | Capital lockup | Settle on-demand | Custodial by nature | | Quote Integrity | **Upfront on-chain quotes** validated before order. Atomic execution via Uniswap v4 with no divergence between quote and settlement. | Relies on trusted intermediaries | | Currency Settlement | Single bank transfer by global network of regulated custodians | High fees, legacy currency rails | For a deeper comparison of Fiet versus RFQ systems within the blockchain ecosystem, see [Fiet vs RFQ](/protocol/vs-rfq). ## View our solutions Fiet offers complementary solutions designed for fintechs, trading desks, treasuries and professional market makers. For fintechs, trading desks and treasuries. Decentralised direct-to-liquidity protocol. For professional market makers.