Crypto & Protocol Risk Disclosure

Borrowing against crypto means pledging assets that a protocol can sell without asking you. If the value of your collateral falls, or the value of your debt rises, a protocol can liquidate part or all of your collateral to repay what you owe.

Liquidation can be account-wide: any collateral you hold may be sold to cover any debt you owe. Liquidations often happen in fast markets at unfavourable prices, and additional penalties may apply.

Crypto asset prices can move sharply in minutes, including overnight and at weekends. A position that looks comfortable now can approach its liquidation threshold very quickly, and there may be no opportunity to add collateral in time.

Borrow rates on permissionless lending protocols are typically variable. They change with utilisation, oracle prices and protocol governance, and interest accrues continuously. The rate you see at review is not a fixed or guaranteed rate for the life of the position.

Stablecoins are not guaranteed to hold their value. An issuer failure, a reserve problem, a freeze, a redemption halt or a market panic can push a stablecoin away from its reference price, which affects both what you borrowed and what you must repay.

Protocols are software. Bugs, upgrade errors, economic exploits and unforeseen interactions between contracts have caused total losses in this industry. An audit, if one exists, does not eliminate this risk.

Protocols rely on price oracles to value collateral and debt. A stale, manipulated or incorrect price can trigger a liquidation that market prices would not justify, or prevent one that they would.

Blockchains can congest, fork, reorganise, halt or change their rules. Transactions can be delayed, dropped or reordered, and a transaction that appears confirmed can in rare cases be affected by a reorganisation.

Moving value between chains adds risk. Cross-chain routing, bridges and deposit channels introduce additional software, timing and liveness assumptions, and can expire or fail mid-flight.

Once you deposit collateral to a protocol, it is held under that protocol's custody arrangements — which may involve threshold-signature vaults, validator sets or contract escrow — and not by Roundtrip.

Failures, collusion, key loss or downtime in those arrangements can delay or prevent access to your collateral.

Protocol parameters — maximum loan-to-value, liquidation thresholds, penalties, supported assets, fees — can be changed by governance, sometimes quickly, and those changes apply to positions that already exist.

Every on-chain action costs network fees paid in the chain's native asset, and those fees spike exactly when markets move. Protocol fees, cross-chain costs and liquidation penalties can further reduce what you keep. See the Fees page.

Rules covering crypto lending differ by country and are changing. Access may become restricted, and borrowing, repaying, liquidation or receiving stablecoins may have tax consequences where you live. You are responsible for your own compliance and reporting.

This is not a bank product. There is no deposit guarantee scheme, no investor compensation scheme and no insurance covering loss of collateral, protocol failure or stablecoin failure.

The interface, the wallet provider, the infrastructure or the protocol can be unavailable at the moment you most need to act — for example to add collateral or repay before a liquidation. Do not assume you will be able to reach your position on demand.

Rates, prices and thresholds shown here are read live from the protocol. Actions that would move funds are currently disabled, so the risks above describe what happens once you can sign live transactions.

When those actions become available, every one of the risks above applies in full, and each transfer is signed by you and is irreversible.