You're in demo mode. Support our journey to mainnet here.
Devnet preview
This document covers Morfi's devnet (testnet) deployment. Devnet USDC has no monetary value and exists only for testing. Separate terms will be published when Morfi launches on Solana mainnet.
Last updated: 2026-06-04
These Terms of Service ("Terms") govern your use of the Morfi devnet preview (the "Service"), operated by Morfi ("we", "us", "our"). By creating an account, connecting a wallet, or otherwise interacting with the Service, you agree to these Terms. If you do not agree, do not use the Service.
The Service is a pre-launch beta running on Solana's devnet cluster. It is provided for evaluation and feedback only.
You must be at least 18 years old (or the age of majority in your jurisdiction, whichever is greater) to use the Service. You may not use the Service if you are barred from doing so under any applicable law.
We do not currently impose geographic restrictions on access to the devnet preview. You are solely responsible for ensuring that your use of the Service complies with the laws of the jurisdictions that apply to you. We reserve the right to introduce geographic restrictions or other access controls at any time, including for the mainnet release.
To use most features of the Service you must create an account. We use Turnkey (turnkey.com) as our authentication provider. You can sign up using an email one-time password or a supported OAuth provider (Google, Apple, or X). When you sign up, Turnkey provisions an embedded Solana wallet on your behalf, and Turnkey custodies the private keys for that wallet. You authorise transactions through Turnkey's interface; we do not have direct access to your private keys.
You may also connect an external Solana wallet (such as Phantom, Solflare, or Backpack) to use alongside your embedded wallet. External wallets are self-custodial and are managed entirely by you.
You are responsible for the security of your account credentials, the email address and OAuth providers linked to your account, the devices you use to access the Service, and any seed phrase or private keys you control for external wallets. We cannot recover lost credentials or external-wallet keys, reverse transactions, or restore lost devnet balances.
The Service uses devnet USDC, a test token minted by us on Solana devnet for testing purposes only. Devnet USDC is distributed through an in-app faucet, has no monetary value, cannot be redeemed for real currency, and is not transferable to mainnet.
No fiat, mainnet cryptocurrency, or other thing of value is exchanged through the Service during the devnet period. You are not depositing money, you will not earn money, and you should not expect any economic return.
During the devnet period, the Service may include features such as: browsing and trading opinion markets, proposing markets through Proposals, "boosting" markets by depositing devnet USDC into prize pools, sending and receiving devnet USDC and outcome-token gifts, generating and using referral links, registering as a creator and earning protocol fee shares on markets you create, following other users, posting theses, and viewing leaderboards.
Available features, parameters, and economics may change at any time during the devnet period as we test and iterate.
Opinion markets are multi-outcome. All markets have the potential to resolve when one outcome's conviction reaches the resolution threshold. Outcome tokens are independent SPL tokens (classic Token standard) backed by their own bonding curves. After resolution, winning outcome tokens graduate to a Raydium AMM after a configurable calendar delay from the resolution timestamp.
Outcome prices on Morfi do not sum to one dollar. Each outcome trades on its own independent curve, and returns on a winning outcome are not capped at the total amount collected by the market.
Markets resolve when one outcome's conviction (a blend of bonding-curve reserve dominance and time-weighted decay) reaches a configurable threshold. There is no oracle, and no person designates the winner. When the conviction leader surpasses the threshold, any trader can submit a transaction that atomically resolves the market; that transaction triggers resolution but the requested trade is not executed. Once a market resolves, the resolution is final, irreversible, and cannot be challenged on-chain.
Resolution parameters (the conviction threshold and time-decay rates) are configured by us in the market's protocol configuration and may be changed.
The Service charges fees on trades, gifts, and certain other actions. Fees are dynamic — they vary based on factors such as market lifecycle stage, outcome dominance, and market capitalisation. Each individual fee is subject to a configurable maximum, and certain fee combinations are constrained to prevent underflow. Specific fee rates and caps are set in our protocol configuration and may change.
A portion of fees is allocated to: a market's prize pool, backer rewards (pro-rata to market backers), and our platform treasury. Fee parameters and recipients are configured by us in PlatformConfig and may be changed.
When a market resolves, the prize pool is distributed to holders of the winning claim-rights tokens via a burn-to-claim mechanism. Claim-rights holders can burn their tokens at any time after resolution to receive their pro-rata share of the prize pool.
Unclaimed prize-pool funds may be swept to our platform clawback receiver after a configurable claim delay. The length of that delay is set in the market's protocol configuration and runs from the market's graduation timestamp. The effective clawback date will be disclosed in market details post-graduation.
Holders of losing outcome tokens do not receive a payout. Losing outcome tokens are burned at resolution and cannot be traded after the market resolves.
We may reset, redeploy, or wipe the on-chain state of the devnet contracts and the off-chain databases that support the Service at any time and without notice. Markets, balances, positions, claim data, history, and any associated data may be deleted permanently. You should not rely on the persistence of any data on the Service during the devnet period.
We retain administrative controls over the underlying contracts. Through on-chain administrative instructions we can change protocol parameters — including fees, conviction thresholds, the unclaimed-prize clawback delay, and fee recipients — sweep unclaimed prize pools after the configured clawback delay, and upgrade the programs. We may introduce additional administrative controls at any time, including for the mainnet release, in response to operational issues, smart-contract bugs, suspected misuse, or regulatory considerations. Exercising any of these controls can affect open positions, pending claims, or expected payouts.
You may not:
We may suspend, restrict, or terminate your access to the Service at any time, for any reason or no reason, including suspected violations of these Terms. Suspension or termination does not relieve us of obligations imposed on us by on-chain mechanics (such as the ability of any user to burn claim-rights tokens to claim their prize-pool share).
The Service, including its name, logo, design, copy, and proprietary code, is owned by Morfi or its licensors and is protected by intellectual property laws. We grant you a limited, non-exclusive, non-transferable, revocable licence to use the Service in accordance with these Terms. All rights not expressly granted are reserved.
Open-source components of the Service are licensed under their respective open-source licences. The Solana programs underlying the Service operate on a public blockchain and may be observed and interacted with by anyone.
The Service is provided "as is" and "as available", without warranties of any kind, whether express, implied, or statutory. To the fullest extent permitted by law, we disclaim all warranties, including warranties of merchantability, fitness for a particular purpose, non-infringement, and any warranty arising from a course of dealing or usage of trade.
We do not warrant that the Service will be uninterrupted, error-free, secure, free of viruses or other harmful components, or that any market data, conviction calculations, resolution outcomes, or claim distributions will be accurate or final. The Service's smart contracts have not been audited by an independent third-party security firm.
To the fullest extent permitted by law, in no event will Morfi, its affiliates, officers, employees, agents, or contributors be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages arising out of or relating to your use of the Service, including loss of profits, loss of data, loss of devnet tokens, smart-contract bugs, resolution disputes, missed claim deadlines, or third-party conduct, even if we have been advised of the possibility of such damages.
Our aggregate liability arising out of or relating to the Service will not exceed one-hundred United States dollars (US$100).
You agree to indemnify and hold harmless Morfi and its affiliates from and against any claims, damages, liabilities, costs, and expenses (including reasonable legal fees) arising out of or relating to your use of the Service, your violation of these Terms, or your violation of any law or third-party right.
These Terms are governed by the laws of the Cayman Islands, without regard to its conflict-of-laws principles. Any dispute arising out of or relating to these Terms or the Service will be resolved by binding arbitration seated in the Cayman Islands, administered under the Rules of Arbitration of the International Chamber of Commerce by a single arbitrator, conducted in the English language. You and Morfi waive any right to a jury trial and agree that disputes will be resolved on an individual basis and not as part of any class or representative action.
We may update these Terms from time to time. The updated Terms will be posted on this page with a new "last updated" date. Your continued use of the Service after the update constitutes acceptance of the revised Terms. Mainnet terms will be published separately when Morfi launches on Solana mainnet, and may differ materially from these devnet Terms.
From time to time we may operate promotional programs during the pre-launch period, including a points-based waitlist, leaderboards, referral rewards, content rewards, and a promotional "prize pool" and raffle (together, the "Rewards Program"). Any figures, point values, tiers, payout tables, raffle odds, or pool amounts shown in the Service or in marketing materials are illustrative targets only and do not constitute a binding offer, contract, or promise.
The Rewards Program is entirely discretionary and is conditional on Morfi launching on mainnet, which is not guaranteed. No prize, cash, token, or other thing of value will be distributed unless and until Morfi launches on Solana mainnet and we, in our sole discretion, elect to run the distribution. Nothing in the Service, these Terms, or any related communication creates any obligation on us to launch mainnet, to operate or complete the Rewards Program, to distribute any prize pool or raffle, or to pay any amount to any participant.
We may change, suspend, reduce, delay, or cancel the Rewards Program, any prize pool, any raffle, and any eligibility, point-accrual, weighting, or payout rules at any time, for any reason or no reason, without notice and without liability. Points and rankings have no cash value, are not property, and are not redeemable except as, if, and when we may decide.
If a prize pool or raffle is ever distributed, it will be subject to additional published rules, including eligibility, exclusion of frozen, flagged, or abusive accounts, identity verification (KYC), tax reporting, and jurisdictional restrictions, and is void where prohibited by law. Any raffle is a no-purchase-necessary promotion; participation never requires payment. To the fullest extent permitted by law, we disclaim all liability arising out of or relating to the Rewards Program.
Questions about these Terms can be sent to legal@morfi.markets.
The English version of this document is authoritative. If you have questions, contact us at legal@morfi.markets.