Last updated: [19/03/2025]
These Terms of Service (these “Terms”), together with any other agreements or terms incorporated by reference, including, without limitation, our privacy policy available at https://dour-jester-ec0.notion.site/Privacy-Policy-90be1d607ddb44cfbbdd8e4aee9b11c1 (the “Privacy Policy”) and the risk disclosure available at https://dour-jester-ec0.notion.site/Risk-Disclosure-1bbb5734a2208040947af3a7458edfa8?pvs=73 (the “Risk Disclosure”), set forth the basis on which you are permitted to access and use the website available at https://texture.finance and associated services, including, without limitation, the Platform (collectively, the “Services”) provided by Texture, Inc. or any of its affiliates (“we”, “us” or “Texture”).
These Terms constitute a binding and enforceable legal contract between Texture and you (“You” or “User”). By using the Services, you agree to these Terms. If you are entering into these Terms on behalf of a company or another legal entity, you represent that you have the authority to bind such entity and its affiliates to these Terms, in which case “You” will refer to such entity and its affiliates. If the legal entity that you represent does not agree with these Terms, you must not accept these Terms or use the Services.
We respect your privacy and are committed to protecting personal data collected through the Services. You acknowledge that your interaction with the Platform may generate certain personal and/or transactional data. By accessing the Services, you consent to Texture’s data collection, processing, and storage practices as detailed in the Privacy Policy. You are advised to review the Privacy Policy carefully to understand how your personal information is collected, used, shared, and protected.
The Services, the Platform and any other features offered or made available by us are not offered to U.S. Persons or Restricted Persons (each as further defined in Section 2.3, below),
or to persons located in the European Union or the European Economic Area (EEA), and any such use is prohibited. Access to the Platform by EU/EEA persons is permitted only where such access is made solely on the user’s own initiative, and not as a result of any form of solicitation, marketing or promotion by us.
Any use of virtual private network (VPN) or any other privacy or anonymisation tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply are prohibited.
WE RESERVE ALL RIGHTS TO TAKE ACTION AGAINST ANY PERSON VIOLATING, CIRCUMVENTING OR ATTEMPTING TO CIRCUMVENT SUCH RESTRICTIONS, INCLUDING LEGAL ACTION AND/OR TEMPORARILY OR PERMANENTLY RESTRICT ACCESS TO THE PLATFORM AND THE SERVICES.
The Services.
1.1 Platform. By accessing the website available at https://texture.finance, you are gaining access to and usage of the proprietary protocol on the Solana blockchain, operated by Texture, which includes, inter alia: (i) a peer-to-peer (p2p) lending protocol for 7-day fixed terms loans, with no liquidations and no borrow/lend limits; and (ii) a modular lending protocol which enables users to supply, borrow, and manage digital assets through automated smart contract-enabled lending pools, including special, curated single-asset vaults, as more fully set forth below (the “Platform”). The Platform is a decentralized platform composed of various smart contracts built on the Solana network. Transactions, deposits, transfers, lending and borrowing entered into over the Platform do not take place between the User and Texture as counterparty, but rather between User and the relevant users, Pool and/or Vault, as further detailed below.
1.2 Pools. Prior to borrowing, users must supply tokens to a liquidity pool (each, a “Pool”), with each token provided constituting a “reserve” that may be used as collateral. The amount available for borrowing is determined by the ‘Maximum Borrow LTV’ and the reserve’s available liquidity. New Pools can be opened by either Texture or a Curator. Users may also supply tokens directly to Pools, in which case, an LP (liquidity provider) token is minted and allocated to the User to represent the supply position. Although LP tokens are typically withdrawable, they become locked when the underlying asset is used as collateral. Since Pools are isolated, LP tokens can serve as connectors between Pools, as more fully described in the technical documentation available at [insert url].
1.3 Vaults. If you are only interested in lending to earn yield (and not necessarily borrow as well), you have the option of depositing into dedicated single-asset Pools (each, a “Vault”). Assets within any Vault are not held in custody, managed or owned by Texture or anyone on its behalf, but are rather directed directly into the applicable Pool(s). The parameters of each Vault, including but not limited to how funds are allocated across Pools, the frequency and criteria for rebalancing a Vault, the performance fees, lending terms, collateral requirements and payouts (the “Parameters”), are typically governed and controlled by third parties (each, a “Curator”) (the exception being if Texture created the Vault and is itself its Curator). Prior to depositing liquidity in any Vault, Users can see the identity of the specific Curator managing each Vault, as well as the then-applicable Parameters.
1.4 Curators. Curators determine how to allocate funds deposited into Vaults between Pools and can update both the percentage distribution of funds and the list of supported Pools. In addition, Curators can open up new Pools or new Vaults and can rebalance the distribution between the Pools within any Vault. While Curators do not have direct access to your funds, they do have the ability to change the Parameters of any Vault. Please note that while Curators cannot restrict withdrawals or prevent you from accessing your funds in the Vault, if the underlying pools have withdrawal restrictions or limited liquidity, you may face similar limitations regardless. Curators may charge a management fee taken as a percentage of the Vault’s earned yield, as more fully set forth in Section 4 below.
1.5 PXLs. We want to encourage and incentivize users to use the Services. To that end, we’ve worked hard to provide a stellar product and user experience. The more you use the Platform, the merrier. We track your usage of the Platform by allocating to you a set of points, which we call PXLs. You can see your PXL count in the top right corner of the Platform. PXLs have no monetary value, are non-transferable, non-redeemable, and do not constitute any ownership right, stake, or security in Texture or any affiliated entity, or any asset of any nature. What can you do with your PXLs you ask? We don’t currently know, but we hope to build that out more in the future, for the time being, it's just a metric we use to attribute how much usage a User is making of the Platform and Services. However, we reserve the right to award Users for the PXLs they obtained in any way shape or form, in the future, at our sole discretion.
1.6 Beta Features. We may, from time to time, provide services or features that we expressly identify as “Beta”, “Pre-Release”, “Test”, “Unsupported’ or other similar identification (“Beta Services”). You acknowledge that such Beta Services may be subject to additional terms, and notwithstanding anything to the contrary in these Terms, we will have no liability whatsoever arising out of or resulting from your use of any such Beta Services, which may be subject to bugs, errors, vulnerabilities or other instabilities affecting usage.
User Obligations.
As a condition to your access to and use of the Platform and Services, you acknowledge, understand, represent and agree as follows:
2.1 You agree to comply with all applicable laws, rules and regulations;
2.2 You represent that you are not a U.S. Person; “U.S. Person” shall mean any natural person or legal entity who (i) resides, (ii) is located (iii) is incorporated, or (iv) has a registered office, in the United States of America;
2.3 You represent that you are not a Restricted Person; “Restricted Person” shall mean any natural person or legal entity who (i) resides, (ii) is located (iii) is incorporated, or (iv) has a registered office, in any Restricted Jurisdiction;
“Restricted Jurisdictions” shall mean any of the following: Canada, Cayman Islands, Panama, the United States, Cuba, Iran, North Korea, Syria or any jurisdiction subject to comprehensive sanctions or embargoes by the FATF, the UN Security Council, or the competent authorities of the United States, the European Union or the Cayman Islands. We may, from time to time and in our sole discretion, add or remove any jurisdiction from the list of Restricted Jurisdictions;
2.4 You represent that you are not subject to economic or trade sanctions administered or enforced by any governmental authority; or otherwise, you are not subject to any sanctions regime maintained by the United States government, the United Kingdom government, the European Union, or the United Nations, including without limitation the U.S. Office of Foreign Asset Control Specifically Designated Nationals and Blocked Person List, and you are not an agent or an associate of any person or entity subject to any such regimes;
2.5 You do not, and will not, use VPN software or any other privacy or anonymization tools or techniques, or other means, to circumvent, or attempt to circumvent, any restrictions that apply;
2.6 Your access to the Platform and Services is not (i) prohibited by and does not otherwise violate or assist you in violating any domestic or foreign law, rule, statute, regulation, by-law, order, protocol, code, decree, letter, or another directive, requirement, guidance, or guideline, published or in force that applies to or is otherwise intended to govern or regulate any person, property, transaction, activity, event or other matter, including any rule, letter, order, judgment, directive or other requirements, guidance, or guideline issued by any domestic or foreign federal, provincial or state, municipal, local or other governmental, regulatory, judicial or administrative authority having jurisdiction over the Company or you as otherwise duly enacted, enforceable by law, the common law or equity; or (ii) contribute to or facilitate any illegal activity;
2.7 From time to time, the Platform and Services may be inaccessible or inoperable for any reason, including, but not limited to: (i) equipment malfunctions; (ii) periodic maintenance procedures or repairs that the Company or any of its suppliers or contractors may undertake from time to time; (iii) causes beyond the Company's control or that the Company could not reasonably foresee; (iv) disruptions and temporary or permanent unavailability of underlying blockchain infrastructure; or (v) unavailability of third-party service providers or external partners for any reason;