This Disclaimer governs all content, data, analysis, ratings, commentary, and other information (collectively, "Content") published on or through the Meridian platform operated by Meridian Capital Markets Pte. Ltd. (UEN: 202418746K), a company incorporated in Singapore ("Meridian"). By accessing the Service, you acknowledge and agree to the terms of this Disclaimer.
This Disclaimer should be read in conjunction with Meridian's Terms of Use and Privacy Policy, which together constitute the complete legal framework governing your use of the Service.
Meridian Capital Markets Pte. Ltd. is not a licensed financial adviser, securities broker, dealer, portfolio manager, or any kind of regulated financial entity in any jurisdiction. Nothing on the Service constitutes advice of any kind.
All Content presented on the Service — including yield data, APY figures, risk ratings, protocol descriptions, comparative analyses, methodological explanations, and editorial commentary — is provided for general informational and educational purposes only. It is not, and must not be construed as, financial advice, investment advice, trading advice, tax advice, or legal advice personalised to your individual circumstances.
Meridian does not consider your personal financial situation, investment objectives, risk tolerance, liquidity requirements, tax position, or any other factor relevant to individual suitability. You should not use information from the Service as the primary or sole basis for any investment decision.
Before making any decision to deploy capital into any digital asset protocol, strategy, or instrument, you should seek independent, professional advice from a qualified and properly licensed financial adviser, legal practitioner, and tax professional, each familiar with your particular circumstances and the regulatory environment in your jurisdiction.
Risk ratings assigned by Meridian — including the designations "Conservative", "Moderate", and "Aggressive" — are analytical categorisations produced by the systematic application of Meridian's published risk assessment methodology to available on-chain and off-chain data. They represent Meridian's assessment, at a point in time, of certain structural and observable characteristics of a protocol.
These ratings are not recommendations to buy, sell, or hold any digital asset, token, yield position, or protocol participation. They are not an assessment of suitability for any particular investor or investment objective. A "Conservative" rating does not mean the strategy is safe, free from loss, or appropriate for you. An "Aggressive" rating does not necessarily mean the strategy is unsuitable for all investors.
Ratings are subject to change at any time without prior notice, based on updated data, protocol changes, market conditions, or revised methodology. Meridian assumes no obligation to update ratings in real time.
Meridian does not hold, custody, or control any digital assets on behalf of any user. Meridian does not hold private keys, seed phrases, or any other credentials granting access to a user's wallet or digital assets. Meridian has no technical or legal ability to initiate, execute, reverse, or block any transaction on any blockchain network.
Any interaction with a protocol, wallet, or smart contract described on the Service is conducted directly and exclusively by the user through the relevant protocol's own interface. Meridian is not a party to any such interaction.
Digital asset yield strategies involve material and, in some cases, total risk of loss. The following categories of risk are not exhaustive but represent the principal risk dimensions applicable to strategies described on the Service. You must read and understand each category before deploying capital.
Smart Contract Risk
DeFi protocols operate through self-executing code deployed on public blockchain networks. Even extensively audited smart contracts have suffered material exploits resulting in total loss of deposited funds. Notable examples include the Curve Finance exploit of July 2023 (approximately USD 70 million) and the Euler Finance exploit of March 2023 (approximately USD 197 million). An audit is a point-in-time review, not a guarantee of security. Contract upgrades, composability with other protocols, and novel attack vectors introduce ongoing vulnerability surface that no audit can fully eliminate.
Liquidity Risk
The ability to exit a yield position at a fair price may be materially impaired during periods of market stress. Withdrawal queues, epoch-based redemption mechanisms, and liquidity lock-up periods may prevent timely exit. Secondary market liquidity for protocol tokens or receipt tokens (such as liquid staking derivatives) may be insufficient to absorb large sell orders without significant price impact. In extreme circumstances, exits may be suspended entirely by protocol governance or technical failure.
Peg Risk
Stablecoins and pegged assets are not guaranteed to maintain their target peg. The algorithmic stablecoin UST lost its peg to USD in May 2022, resulting in a loss of the entire market capitalisation within days. USDC temporarily departed from its USD peg in March 2023 following the Silicon Valley Bank failure before recovering. Any yield strategy denominated in or collateralised by a pegged asset carries peg risk that is independent of the protocol's own security.
Counterparty and Protocol Risk
DeFi protocols depend on the integrity of interconnected systems: oracles that report external price data, bridges that move assets between blockchains, governance mechanisms that control protocol parameters, and admin keys that may be capable of upgrading or pausing contracts. Failure in any of these counterparty components may result in loss of funds. Bridge exploits in particular have resulted in losses exceeding USD 2 billion cumulatively across the industry.
Validator Slashing Risk
For proof-of-stake staking and restaking strategies, validators may be slashed — meaning a portion of staked assets is permanently destroyed — as a penalty for protocol violations, double-signing, or downtime. Liquid staking and restaking derivatives may propagate slashing losses to depositors. Slashing parameters vary by network and operator.
Impermanent Loss
Liquidity providers to automated market makers (AMMs) are exposed to impermanent loss, whereby the value of the deposited asset pair held in the pool diverges from the value that would have been achieved by simply holding the assets outside the pool. Impermanent loss becomes realised upon withdrawal and may exceed fee income, resulting in a net negative return relative to holding. It is most acute when the prices of the pooled assets diverge significantly.
Token Emission Risk
Many protocol yields are partially or entirely denominated in the protocol's native token, distributed as an incentive for liquidity provision. The real value of this yield is a function of the token's market price. When emission schedules are aggressive and tokens are sold by recipients, price decline is a common outcome. Yield figures that appear attractive in percentage terms may be substantially less valuable in USD or ETH terms by the time they are claimed and liquid.
Regulatory Risk
The regulatory treatment of DeFi participation, digital asset yield products, and protocol tokens varies significantly by jurisdiction and is evolving rapidly. Protocols may be subject to enforcement action, regulatory restriction, or mandatory modification that impairs or eliminates the associated yield. Specific activities — including staking, lending, and liquidity provision — may be characterised differently under the laws of different jurisdictions and may constitute regulated activities requiring licences not held by Meridian or the relevant protocol.
Total loss of capital. You may lose 100% of any amount deployed into any digital asset yield strategy described on the Service. Past performance of any protocol or strategy does not guarantee, suggest, or imply any future result. This is not a theoretical risk — it has materialised in practice, including for participants in protocols that had passed multiple security audits and had extensive operating histories.
Historical APY figures, TVL data, and protocol track records presented on the Service are informational only. Past performance is not indicative of, does not predict, and does not guarantee future results. Yield rates in DeFi change continuously and may decline to zero or negative within short periods. Metrics that appear stable over historical observation may change materially following protocol upgrades, market conditions, or changes in the competitive landscape.
APY figures, TVL data, and other quantitative metrics presented on the Service are sourced from third-party data providers including DeFiLlama, Dune Analytics, and direct on-chain queries via RPC nodes. This data is processed and presented in good faith but Meridian does not independently verify all inputs and cannot guarantee its accuracy, completeness, or timeliness.
Data may lag real-time market conditions by several hours. Protocol-reported APY figures may include assumptions about compounding frequency, fee structures, or token price that differ from your actual experience. You should always verify key figures directly with the relevant protocol before making any decision.
The inclusion of any protocol, project, or digital asset on the Meridian platform does not constitute endorsement, sponsorship, or approval by Meridian. Listing is not a statement that a protocol is safe, suitable, lawful in your jurisdiction, or appropriate for your circumstances. Each protocol is an independent entity with its own risks, governance, legal status, and terms of use, which are the sole responsibility of that protocol.
Meridian has no commercial relationship, financial interest, or affiliation with any listed protocol unless explicitly disclosed. Users must conduct their own due diligence, read the relevant protocol's documentation, and assume full responsibility for their interactions with any third-party protocol.
Certain Content on the Service may contain forward-looking statements, projections, or estimates regarding future yield rates, protocol development, market conditions, or regulatory outcomes. These statements are inherently uncertain and subject to numerous risks and variables outside Meridian's control. Actual outcomes may differ materially from any forward-looking statement. Meridian makes no representation that any forward-looking statement will prove accurate and assumes no obligation to update such statements.
Meridian's Content is intended for users who are permitted to access and act on such information under the laws of their jurisdiction. The Service is not directed at, and may not be available to, residents of jurisdictions where access to DeFi protocols, digital asset yield products, or related informational services is restricted, prohibited, or requires licences not held by Meridian or the relevant protocol operators.
It is your sole responsibility to determine whether your use of the Service and any related action with respect to digital asset protocols is lawful in your jurisdiction, and to comply with all applicable laws and regulations. Meridian is not responsible for any breach of applicable law by any user.
Yield earned from digital asset protocols is, in most jurisdictions, subject to income tax, capital gains tax, or both. Crypto-to-crypto transactions — including swapping, wrapping, staking, and claiming rewards — may constitute taxable events even in the absence of a conversion to fiat currency. Tax treatment varies significantly by jurisdiction and by the specific structure of each transaction.
Meridian provides no tax advice. Nothing on the Service should be construed as a representation regarding the tax treatment of any transaction or yield strategy. You are solely responsible for determining and meeting your tax obligations. Meridian strongly recommends consulting a qualified tax professional with expertise in digital assets in your jurisdiction before executing any strategy described on the Service.
By using the Service, you represent and warrant that you are not: (a) a person or entity identified on any sanctions list maintained by the United Nations Security Council, the Government of Singapore, the U.S. Office of Foreign Assets Control (OFAC), the European Union, or any other applicable sanctions authority; (b) located in, organised under the laws of, or ordinarily resident in a jurisdiction subject to comprehensive sanctions; or (c) acting on behalf of any such person, entity, or jurisdiction.
You further warrant that you will not use the Service to facilitate any money laundering, terrorist financing, or other activity in breach of applicable AML/CFT laws, including the Terrorism (Suppression of Financing) Act (Singapore), the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Singapore), and the Financial Action Task Force (FATF) Recommendations as implemented in applicable law.
By accessing the Service, you expressly acknowledge that: (i) digital asset markets involve extreme volatility and risk of total loss; (ii) you have read and understood this Disclaimer in its entirety; (iii) you are not relying on Meridian for investment, financial, tax, or legal advice; (iv) you are solely responsible for any decision made on the basis of information obtained from the Service; and (v) Meridian's liability to you is limited as set forth in the Terms of Use.