# Terms & Conditions Last updated: **6/02/2026** By accessing, interacting with, or using the LSteak protocol, its smart contracts, interfaces, or documentation ("LSteak", "the Protocol"), you acknowledge that you have read, understood, and agree to these Terms & Conditions. If you do not agree, do not use the Protocol. ### 1. Nature of the Protocol LSteak is a non-custodial, on-chain protocol composed of autonomous smart contracts. The Protocol operates according to fixed, deterministic rules deployed on-chain. No user funds are held in custody by a company, team, or individual. All interactions are executed directly by users through their own wallets. The Protocol is provided on an “as is” and “as available” basis. ### 2. No Financial Advice Nothing published by LSteak — including documentation, UI text, analytics, examples, or explanations — constitutes financial, investment, legal, or tax advice. You are solely responsible for: * Assessing the suitability of the Protocol for your circumstances. * Understanding the mechanics, risks, and limitations. * Complying with applicable laws and regulations in your jurisdiction. Participation is entirely at your own risk. ### 3. No Guarantees or Promises The Protocol makes no guarantees regarding: * Profitability or returns. * Market price, liquidity, or exit conditions. * Future performance or system growth. * Preservation of capital. All outcomes are subject to market conditions, smart contract behavior, and external factors beyond the Protocol’s control. Past behavior or theoretical models do not guarantee future results. ### 4. Smart Contract Risk By using the Protocol, you acknowledge that: * Smart contracts may contain bugs, vulnerabilities, or unintended behavior. * Exploits, oracle failures, or chain-level issues may occur. * Loss of funds is possible, including total loss. Audits, testing, or reviews do not eliminate risk and are not a guarantee of safety. ### 5. Counterparty Risk — Bernard Bonds LSteak allocates a portion of protocol assets into **Bernard Bonds** as part of its yield-generation strategy. This allocation is designed to be conservative and diversified. It still introduces counterparty and integration risk. #### What Bernard Bonds are (context) Bernard Bonds are yield-generating instruments that route capital into diversified, on-chain liquidity strategies. Yield is derived from real market activity such as trading fees and capital efficiency. Yield is **not** derived from token emissions or inflation. LSteak does not control Bernard Bonds directly. They operate as an external system integrated by the Protocol. #### Nature of the risk By allocating assets into Bernard Bonds, LSteak is exposed to the following risks: * **Smart contract risk.** Bugs, exploits, or unintended behavior within Bernard Bonds or their underlying contracts could result in partial or total loss of allocated assets. * **Operational risk.** Failures in strategy execution, automation, or management logic could reduce or eliminate expected yield. * **Liquidity and market risk.** Extreme market conditions may impair the performance of liquidity strategies, including fee generation or capital efficiency. * **Dependency risk.** Bernard Bonds rely on underlying protocols, liquidity venues, and blockchain infrastructure. Failures or disruptions at any layer may impact outcomes. #### What this means for LSteak users * Yield generated via Bernard Bonds is not guaranteed. * Assets allocated to Bernard Bonds are subject to loss, including in worst cases a full loss of that allocation. * Losses within Bernard Bonds would affect LSteak’s backing growth rate and future value accrual. * Losses do not create additional liabilities beyond the assets allocated. Importantly: * LSteak does not promise or smooth yield from Bernard Bonds. * There is no obligation for the Protocol to replace or compensate losses from external systems. * Bernard Bonds are used because they are productive, not because they are risk-free. #### Risk mitigation by design (not elimination) LSteak addresses counterparty risk structurally, but does not eliminate it: * Allocations are bounded and diversified. * No leverage is used at the Protocol level. * Losses do not trigger reflexive minting, emissions, or rule changes. * Backing assets are not redeemed to subsidize yield shortfalls. If Bernard Bonds underperform or fail, the system continues operating under the same rules. #### Key reality check Using Bernard Bonds introduces external dependency risk. LSteak accepts this risk intentionally to generate real yield. The Protocol does not disguise it, backstop it, or socialize it through inflation. If you are not comfortable with exposure to external protocol risk, LSteak — and DeFi generally — may not be suitable for you. #### One-line summary Bernard Bonds can generate real yield, but they are an external system. Their failure would reduce yield or backing growth, not change the rules or guarantee outcomes. ### 6. Market & Liquidity Risk LSteak does not defend prices, guarantee liquidity, or subsidize exits. You acknowledge that: * Token prices may be volatile. * Liquidity may be limited during stressed conditions. * Exiting positions may involve slippage or unfavorable pricing. Backing assets are not redeemed to support routine exits. ### 7. No Fiduciary Relationship Using the Protocol does not create any fiduciary duty, partnership, joint venture, agency, or advisory relationship between you and any contributor, developer, or affiliated party. No party is acting on your behalf. ### 8. Governance & Protocol Changes Certain parameters may be adjustable through constrained, time-delayed governance mechanisms. You acknowledge that: * Governance cannot override core protocol invariants. * Changes, when permitted, are on-chain and publicly observable. * Emergency pause mechanisms exist only for catastrophic failures. The Protocol may evolve, but always within its defined constraints. ### 9. Emergency Pause & Liquidation In extreme circumstances (such as exploits or unrecoverable failures), the Protocol may enter an emergency pause or liquidation state. You acknowledge that: * Normal operations may halt temporarily or permanently. * Liquidation, if triggered, is mechanical and pro-rata. * No discretionary or preferential treatment exists. These mechanisms are designed for fairness, not outcome optimization. ### 10. Regulatory Considerations You are responsible for determining whether your use of the Protocol is legal in your jurisdiction. The Protocol does not: * Restrict access based on jurisdiction. * Provide compliance assurances. * Offer regulatory protection. If use of the Protocol is prohibited where you live, you must not use it. ### 11. Limitation of Liability To the maximum extent permitted by law: The Protocol, its contributors, and affiliated parties shall not be liable for any direct or indirect loss, including loss of funds, profits, data, or opportunity. Use of the Protocol is entirely at your own risk. ### 12. Acceptance of Risk By interacting with LSteak, you explicitly acknowledge that: * DeFi systems involve inherent technical and economic risk. * Outcomes are not guaranteed. * You may lose some or all of your funds. You participate voluntarily, informed by your own judgment. ### 13. Changes to These Terms These Terms may be updated from time to time. Continued use of the Protocol constitutes acceptance of the latest version. ### 14. Contact & Information All official information is published through public documentation and on-chain references. No private representations or guarantees are valid. ### Final Note LSteak is designed to be rule-bound, mechanical, and transparent — not discretionary, custodial, or promise-based. If you require guarantees, protections, or assurances, this Protocol is not suitable for you. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://lsteak-protocol.gitbook.io/lsteak-protocol-docs/overview/terms-and-conditions.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. 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