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Last updated: 2026-10-09
Morfi provides access to opinion markets on Solana. Where mainnet features are available, you transact with digital assets that may have monetary value. You may lose some or all of the funds you use. No return, payout, liquidity, or ability to exit a position is guaranteed.
These risks apply to the Service, including features available on Solana mainnet. Test assets in testing environments have no monetary value and cannot be redeemed for real currency or transferred to mainnet.
The Service relies on Solana programs deployed on Solana. These programs are under active development and have not been audited by an independent third-party security firm. Internal reviews using AI-assisted methodology have been conducted, but no third-party auditor has signed off on the code. The programs may contain bugs, design flaws, or vulnerabilities that result in unexpected behaviour, loss of digital assets, or contract failure. Markets, balances, and positions may be affected without notice.
Markets resolve based on conviction — a blend of reserve dominance (from the bonding curve) and time-weighted conviction decay. When one outcome's conviction reaches the resolution threshold, the next trade atomically resolves the market to that winner; that trade triggers resolution and is not itself executed. There is no oracle, no real-world data feed, and no person who declares a winner. Resolution is determined entirely by trading activity on the bonding curve, and any user can submit the transaction that triggers resolution once the on-chain criteria are met. As a result:
Each outcome trades on its own independent bonding curve while the market is live; after resolution, the winning outcome graduates to its own AMM following a configurable delay. Outcome prices do not sum to one dollar. Returns on a winning outcome are not capped at the total amount collected by the market. Conversely, holding multiple outcomes does not guarantee a payout, because losing outcomes have no remaining USDC backing after resolution.
Trading fees are dynamic and vary with the lifecycle stage of a market and the dominance of an outcome, and are capped at a configurable maximum per fee type.
When a market resolves, only holders of the winning outcome are entitled to a share of the prize pool. Losing outcome tokens are burned at resolution — their on-chain supply is destroyed — so they have no remaining USDC backing, represent no claim on the protocol's reserves, and cannot be traded after the market resolves. Holders of a losing outcome recover nothing.
Payouts to holders of winning outcomes are distributed via a burn-to-claim mechanism: after resolution, you burn your winning claim-rights tokens to receive your pro-rata share of the prize pool in USDC.
If you do not claim within the configured clawback delay (measured from the market's graduation), the unclaimed funds may be swept and you will permanently forfeit the right to claim them. This deadline is enforced on-chain by the contract's sweep instruction and cannot be waived by us once the configured clawback delay has elapsed.
If you boost a market, your USDC is donated irreversibly into the market's prize pool during the trading period. You cannot withdraw the boost, and the funds become part of the pool that will be distributed to winners.
When you sign up, our authentication provider Turnkey provisions an embedded Solana wallet on your behalf. Turnkey custodies the private keys for that wallet. Your access to the wallet depends on your access to your email or OAuth provider through Turnkey. If you lose access to those, or if Turnkey experiences an outage or security incident, you may lose access to the wallet and any digital assets it holds. We cannot recover your wallet on your behalf.
External wallets you connect (such as Phantom, Solflare, or Backpack) are self-custodial and managed entirely by you. Loss of an external wallet's seed phrase or private key is permanent.
Off-chain records, historical activity, and user-generated data may become unavailable. Testing environments may be reset or redeployed, deleting test balances and history. Confirmed mainnet blockchain transactions cannot be erased or reversed by us; loss of access to an interface does not remove the associated on-chain risks or claim deadlines.
We retain administrative controls over the Service and the underlying contracts. We can, at our discretion: change protocol parameters such as fees, conviction thresholds, and the delay before unclaimed prizes are swept; sweep unclaimed prize pools after the configured clawback delay; and upgrade the programs. Exercising any of these controls can affect open positions, pending claims, or expected payouts.
Solana is a public blockchain that may experience outages, congestion, forks, and degraded performance. Hosting providers, RPC providers, indexers, our authentication provider, and other infrastructure used by the Service may also experience downtime. The Service may be partially or fully unavailable as a result, and on-chain transactions may fail or be delayed.
Activity on the Service is recorded on the public Solana blockchain and is, by design, visible to anyone. Wallet addresses, trades, balances, claims, gifts, market proposals, and resolution outcomes are publicly observable. Public Morfi features such as profiles, portfolios, leaderboards, theses, and gift permalinks may further associate this activity with your handle, display name, and avatar. On-chain activity may, over time, be linked to your real-world identity. Do not perform activity that you would not want to be public.
Features, fees, mechanics, parameters, and economics in testing environments are not guaranteed to match Solana mainnet. Performance, liquidity, and resolution behaviour observed during testing do not predict mainnet behaviour. Do not infer the safety or profitability of real-money trading from test activity.
Nothing on the Service is investment, financial, tax, or legal advice. The Service does not recommend that you take any particular action. You are solely responsible for any decisions you make based on information from the Service, and you should consult your own advisors as appropriate.
The legal and regulatory treatment of opinion markets, blockchain applications, and token-based activity is evolving and varies by jurisdiction. The Service may become unavailable in certain jurisdictions, or its features may change, in response to legal or regulatory developments. You are responsible for ensuring that your use of the Service complies with the laws that apply to you.
By using the Service, you acknowledge that you have read, understood, and accepted the risks described above, and that you are using the Service voluntarily and at your own risk.
The English version of this document is authoritative. If you have questions, contact us at legal@morfi.markets.
