Genius Yield's Roadmap is subject to change.

At Genius Yield, we’re committed to delivering innovative solutions that empower our community and users. This roadmap outlines our strategic goals for the coming phases of development, focusing on resolving market liquidity challenges, delivering on community-backed initiatives (Catalyst Proposals), and expanding our product offerings. Please note that the timeframes provided are approximate and subject to change as we navigate unforeseen challenges. Our top priority remains delivering high-quality outcomes that align with our mission and the expectations of our community.

1. Resolve DEX Market Liquidity Issues

• Leverage adaptive limit orders and market-making strategies to increase liquidity depth.

• Develop and refine the Smart Vault solutions to automate and optimize trading strategies.

• Build partnerships with liquidity providers to expand trading pairs and volumes.

2. Deliver Catalyst-Funded Proposals

• Complete development milestones for existing Catalyst-funded projects within deadlines.

• Ensure high-quality implementations that align with community expectations and governance approvals.

• Demonstrate tangible outcomes to secure continued community trust and support.

3. Maintain and Support Community Projects

• Continue the development and support of Atlas PAB, ensuring it remains robust and scalable.

• Evolve open-source Smart Order Routers (SORs), Market Making Bots (MMBs), and bot APIs to align with market demands.

• Engage with the community to gather feedback and prioritize enhancements for these projects.

AI-powered Yield Optimizer

Bringing the power of Artificial-Intelligence powered yield optimization to your fingertips. Less hassle, minimize risk, maximize profits.

Why Cardano?

Cardano is a true 3rd generation blockchain with a bespoke design based on peer-reviewed research, offering transformative functionalities unmatched on other smart contract blockchains.

Why Genius Yield?

While DeFi provides many investment opportunities, managing capital is both complex and time-consuming. Genius Yield is your all-in-one solution to benefit from advanced algorithmic trading strategies and yield optimization opportunities. Our Smart Liquidity Management protocol is intuitive, hassle-free, and secure. Genius Yield minimizes risk and maximizes profits.

Vision

Democratize DeFi for everyone

Genius Yield was designed to address the complexity of navigating yield opportunities in DeFi. Our mission is to democratize DeFi for everyone by providing best-in-class automated liquidity management, powered by AI.

Solution

Concentrated Liquidity DEX combined with Smart Liquidity Management

Genius Yield is a product of rigorous research, built by industry leaders. The Genius team has taken a first principles approach to smart contract design. As such, our DEX and Yield Optimizer protocols have been designed from the ground up to fully benefit from Cardano’s UTXO-based ledger. Genius isn't just best-in-class, it is the first DeFi platform in the industry to combine a concentrated DEX with a liquidity management system.

Genius Yield understands the gap in the current market and aims to bridge that gap by connecting the traditional financial world with the decentralized financial world. At the center of this synergy will be Genius Pay that allows crypto deposits and FIAT deposits. Like any other cryptocurrency wallet, the Genius Pay Wallet will be enhanced with security and will enable fast deposits and withdrawals. It will be a non-custodial wallet which means that it will truly decentralize the ecosystem. Being non-custodial, the platform will have no control over the user's assets, but users have complete control over their assets. Your keys, your funds.

A yield optimizer is a tool used for generating the best possible yield in the DeFi ecosystem. The DeFi world is highly volatile and the different DeFi protocols are unable to maintain a stable APY. This is one of the blessings as well as a curse for the DeFi community. As a blessing, the unstable yields offer a unique chance to the users to quickly shift between different protocols and make considerable profits from the highest proposed yield. However, this is only useful for those people who are comfortable or skilled in doing so.

Moreover, this process requires extensive expertise and manual labor in identifying a suitable protocol, keeping an eye on the APY or APR offered by different protocols, and then executing a complete analysis to decide where to stake the funds. The intensity of this process increases multifold when users have to manage their assets across different exchanges and invest in protocols based on other platforms.

A yield optimizer allows users to get the best possible APY by using complex algorithms and automatically staking the users' funds on different protocols. Replacing the manual process of depositing, withdrawing, and exchanging tokens on multiple protocols and between multiple liquidity pools, a yield optimizer handles the complete allocation of the user's digital assets.

The Genius Yield yield optimizer also works similarly by taking it one step further. Rather than just one protocol, Genius Yield offers yield aggregation between multiple protocol platforms on Cardano.

The Genius Academy is a place where everyone is given the right set of information to learn and understand the world of DeFi. DeFi concepts like automated market maker, liquidity pool, curving bonds, and oracles may be overwhelming for many people, which is why DeFi is unable to reach mass adoption.

Genius Yield does not only intend to make DeFi easy but also to make DeFi understandable for everyone. Therefore, at the Genius Academy, visions of thought leaders, blockchain experts, and the Genius Yield team are available to users to help them understand the true wonders of DeFi.

Head over to https://academy.geniusyield.co/ and start your learning journey!

Milestone 1 Support of Native Scripts and CIP-57 (Complete)

Work required:

• Support of Native (Simple) Scripts and CIP-57

Milestone 2 Support of Era Primitives (In progress)

Work required:

• Support of Era Primitives

Milestone 3 Improvements: Coin Selection, dependencies, tests.

Work required:

• Improvements spanning Coin Selection, dependencies bloat, test framework, etc.

Milestone 4 Support of the latest GHC version

Work required:

• Support of the latest GHC version

Milestone 5 Documentation and explainer tutorial series

Work required:

• Improve documentation and explainer tutorial series

Milestone 1: Setup and Enable Trading from Bitcoin Wallets Using Smart Accounts (In Progress)

Work required:

• Integrate Smart Accounts functionality for Bitcoin wallets.

• Implement trading logic directly within Smart Accounts.

• Test and deploy initial setup for user accessibility.

Milestone 2: Integration with Genius and BitcoinOS/Bridge (Pending Dependency)

Work required:

• Collaborate with BOS team to facilitate integration.

• Ensure compatibility with BitcoinOS or any live bridging solution.

• Test end-to-end connectivity and operational performance.

Milestone 3: Setup CNT/BTC Pairs Together with Genius BOS (Planned)

Work required:

• Define and implement CNT/BTC trading pairs.

• Enable CNT/BTC liquidity provisioning via Genius BOS.

• Finalize and deploy trading interface and functionality.

Milestone 1 (In progress)

Work required

• System update to accommodate non order swap on chain entities (Backend team)

• Create smart vault related database entities (Backend team)

• Create smart vault endpoints (Backend team)

• Create smart vault: Adaptive 2 way order contract (Core team) collaborating with Fluid Labs

• Create smart vault: Adaptive 2 way order tx building (Core team)

• Validate Adaptive 2 way order pricing model (Fluid Labs team)

• Create smart vault client UI pages (Frontend team)

Milestone 2

Work required

• Create smart vault off chain price oracle (Core team) collaborating with Fluid Labs

• Develop on chain event listeners (Web team)

Milestone 3

Work required

• Connect backend (application server) to finalized core server endpoints (Web team)

• Develop queries required for smart vault charts and metrics (Web team)

Milestone 4

Work required

• Deploy to testnet (Infra team)

• Testing by Fluid Labs Team

• Deploy to production (Infra team)

• Testing by Fluid Labs Team

Abstract

Genius DEX is an order-book-based concentrated liquidity DEX designed to take advantage of benefits provided by EUTxO smart contracts, such as security, determinism, parallelism, scalability and composability. Genius DEX offers powerful features like Smart Swaps, enabling programmable and composable orders, and concentrated liquidity positions, which provides higher capital efficiency and higher yield opportunities. The Smart Liquidity Vault is introduced as a powerful secondary protocol built on top of the Genius DEX, providing yield optimization opportunities from AI-powered algorithmic trading strategies.

Genius DEX is decentralized exchange (DEX) designed specifically to take advantage of Cardano’s Extended Unspent Transaction Output (EUTxO)-based smart contract ledger.

The innovation brought by the EUTxO system enables Turing complete smart contracts absent on the original UTxO Bitcoin model. EUTxO-based smart contracts differ substantially from account-based protocols currently dominating the DApp space [1]. Therefore, novel protocol design patterns must be developed for the EUTxO model to take full advantage of the underlying data structure.

From first principles, Genius DEX is a complete redesign of the typical AMM DEX protocol. It is a new generation of DEX leveraging EUTxO architecture’s benefits such as security, determinism, parallelism, scalability and composability.

The Genius DEX offers powerful features such as Smart Swaps enabling programmable and composable orders, and concentrated liquidity positions for higher capital efficiency and yield opportunities.

The DEX’s improved order expressiveness and liquidity flexibility allow for powerful secondary protocols to be built on top of it. Genius’s Smart Liquidity Vault is an example of one such protocol. By leveraging Genius DEX’s advanced functionalities, yield optimization can be achieved with algorithmic trading strategies.

This paper is an overview of key design components behind the Genius DEX. It covers the following concepts: EUTxO smart-contracts, decentralized exchanges, concentrated liquidity, smart swaps, smart order router, and smart liquidity vaults.

1.1 Account-Based Settlement Layer

A settlement layer is a distributed ledger or database that tracks all transactions past and present into the chainstate. The chainstate is a transparent and up-to-date record of all token ownerships across all participants at a given block. The chainstate is stored in each network’s node and synchronized continuously through a decentralized consensus algorithm.

Account-Based Model is simple; an account is used to hold the total token balance owned by a private key or a smart contract (Fig. 1). The account tracks the global state of the user’s digital assets, where credit is added to the balance, and debit is debited. This represents how traditional bank accounts operate and by extension, many blockchains such as Ethereum.

The simplicity of the accounting model provides a great deal of flexibility especially when defining complex execution logic via smart contracts. The success of the accounting model is behind the explosion of DApps and DeFi protocols, aiding to fuel innovation in the smart contract sphere. However, excessive flexibility comes at the expense of execution guarantees, resulting in system vulnerabilities and attacks [2][3][4][5].

Limitations of the Account-Based Smart Contracts

Despite the popularity of the accounting model in smart contract-based blockchains, a key limitation is indeterminism. Unlike Bitcoin’s UTxO model, account-based blockchains, namely Ethereum, are indeterministic. This means the effect a transaction has on the ledger is unpredictable because of the inherit mutability of user accounts. As such, the behavior of a smart contract is dependent on the global state and, thus, the time of processing. Consequently, the lack of transaction behavior predictability leads to a number of issues:

1. Overpaying for Transactions- Ethereum transaction fees are in part governed by a mechanism that is equivalent to a first-price auction. In this model, every transaction submits a bid. If accepted, they pay the exact bid amount. This is an inefficient bidding system that incentivizes users to overpay for transactions. That being said, Ethereum recently introduced EIP 1559 [6], a proposal specifically designed to improve price predictability. Although a step in the right direction, it doesn’t eliminate fee indeterminism.

2. Failed Transactions - Submitted transactions are not guaranteed to succeed, however the fee will be charged regardless of the final status. A failed transaction can be caused by non-competitive gas prices (under bidding) that won’t be prioritized. Another cause could be from a programming bug in the contract itself that results in a transaction output “failure” state [7].

3. Network Congestion - Since the ledger state is both mutable and global, transactions depend on the entire state of the network. As a result, network nodes must update frequently and transactions can only be executed by a single serial process. If one DApp experiences a spike in traffic, the whole network will congest, subsequently affecting all DApps interacting with the ledger. That being said, network congestion can also be an issue on a UTxO blockchain.

4. Adversarial Behavior - Indeterminism also provides opportunities for adversarial agents to abuse network vulnerabilities. For instance, front running attacks, where a Miner Extractable Value (MEV) searcher bot scans transactions in the Mempool to preemptively set a higher bid fee, profiting at the expense of regular users.

In conclusion, the account-based model’s flexibility comes at a steep cost and introduces issues solved in part by Bitcoin’s UTxO model. However, the base UTxO model lacks the expressiveness required for a Turing Complete smart contract ecosystem. The EUTxO accounting model used by Cardano and Ergo aims at solving just that. EUTxOs provides the programmability of smart contracts of account-based models while also inheriting the determinism of UTxOs.

1.2 EUTxO-Based Settlement Layer

Unspent Transaction Output (UTxO) is a ledger accounting model used by Bitcoin and Cardano. However, Bitcoin’s UTxO model does not provide the necessary programmable expressiveness required to support a Turing Complete execution language. For that reason, Cardano has developed the Extended Unspent Transaction Output (EUTxO) model [8] which upgrades the base settlement layer to support multi-assets [8] and smart contracts. This novel addition allows Cardano to take advantage of the original Bitcoin design while injecting the power of smart contracts introduced by Ethereum.

UTxO Model

A basic UTxO contains two types of information: a value amount of a native token such as ADA and an address such as a public key specifying the owner of the assets contained in the UTxO. Therefore, the assets associated with a digital wallet are stored in each block as multiple UTxOs fragments as opposed to a single wallet account.

As shown in Fig. 2, a transaction can be thought of as a function f(x1,x2,...xn) = (y1,y2...yn) that consumes UTxOs (input x) and produces new UTxOs (output y). UTxOs are immutable and transactions must conserve value (total input value = total output value + transaction fee). These constraints prevent fundamental flaws like double-spending. Any subsequent transactions can then consume these outputs and generate new ones. In that sense, the aggregation of all transactions per block defines the state transition of ownership from one state of the blockchain (block) to the next. This is what we mean by the ledger.

The UTxO protocol maps perfectly onto a State Machine representation; it is therefore an appropriate and more intuitive mental model to use when describing such a system. This will become more apparent in the following sections.

Cardano’s EUTxO Model

As the name suggests, the EUTxO model extends on Bitcoin’s UTxO model and it does so in two distinct ways:

1. The concept of the UTxO address is generalized to contain a script rather than just a wallet address. The script defines a validator function that contains an arbitrary set of ‘checks’ in the form of an executable program. The validator simply inspects that a transaction’s checks all pass and that the input UTxOs exist.

2. Additional data can be appended to both the output and input side of a transaction; datum on the output side can e.g. store the state of the UTxO, redeemer on the input side that has to match the datum to consume them, and the context that defines further conditions regarding e.g. time, fees. Thus the scripts can be expressed beyond cryptographic signatures, by providing state information and state transitions. This is nothing more than a State Machine. Moreover, the EUTxO protocol may require more than one state machine for certain state transitions to converge [9]. Overall, validators can process more complex transactions while maintaining the composability and determinism provided by the UTxO paradigm.

EUTxO-based Smart Contracts

The UTxO model has a fundamentally different data structure from the account-based model. As such, UTxO-based smart contract design patterns also differ substantially from most existing smart-contract blockchains. As a result, DApps on account-based blockchains do not translate directly to Cardano since they need to be completely redesigned to match the underlying data representation. This is where the difficulty lies in bridging Ethereum protocols onto Cardano.

In spite of the large barrier to entry for new developers, the EUTxO model offers a number of benefits:

1. Security - UTxOs are immutable and can only be consumed once, simplifying transaction validation. Moreover, transactions are inherently stateless as they only track state transitions and validators are inherently local as the validation process only depends on the transaction itself, and its inputs and outputs. The separation of logic description from runtime interpretation is at the heart of functional programming. Such declarative paradigms tend to be more concise, more predictable, and easier to test when compared to imperative programming [10]. The interested reader can refer to the next subsection and the references therein for our brief commentary on functional programming in the industry.

2. Determinism - How a transaction behaves and impacts the on-chain state can be predicted locally i.e. transactions are validated off-chain in the user’s wallet before interacting with on-chain states (Fig. 3). This level of determinism translates to a predictable transaction cost and ledger state change. As such, a validated transaction is guaranteed to succeed and the transaction costs are fixed. However, a submitted transaction could still be rejected, meaning it is not applied to the ledger state, but no fees are paid. This can happen if an expected input has been consumed by another transaction.

3. Parallelism - Due to the local dependency of validators and the inherent state fragmentation provided by UTxOs, parallel processing of transactions is both trivial and natural. However, if two transactions try to consume the same input, then processing one will automatically make the other get rejected. This is essentially the UTxO concurrency issue as it is often referred to. Therefore design patterns that trade concurrency for parallelism can benefit from a significant increase in throughput while keeping contract execution time the same [11].

4. Scalability - Transactions on an account-based model are processed sequentially, which is the equivalent to only being capable of executing a program on a single core of a computer [12]. An under-appreciated fact about the UTxO model is that the transaction’s computation happens off-chain before it is validated on-chain, without degrading any of the security and decentralization of the base layer (Fig. 4). In other words, the settlement layer is simply a verification model that validates the off-chain computation. This precise separation of responsibilities makes modularity and composability a core primitive of Cardano. As a result various novel scaling solutions can easily be “bolted” onto the blockchain, such as off-chain routing bots and isomorphic state channels, Hydra [13], [14].

5. Composability - Smart contract code on account-based blockchains tends to become monolithic and complex as new features get added to old scripts, bloating the software and negatively impacting interoperability between smart contracts. Conversely, UTxO’s determinism combined with Haskell’s functional programming prevent side effects caused by shared states, making smart contracts compositing much easier. UTxO’s composability is achieved in two ways: 1) writing single-purpose programs (smart contracts) that do one thing well; 2) writing programs that interoperate together, reducing code duplication, and fostering script reuse/sharing across the network. Similar to Linux’s command line, composability is achieved by combining well-defined programs in a virtually unlimited number of ways, enabling a large number of complex behaviors from a small number of simpler primitives.

Functional programming in the industry

At the heart of the EUTxO paradigm is functional programming. To have a glimpse of what EUTxO-based DeFi could be, we briefly outline the adoption of functional languages in the real world [15]. For example, in the social media sector, WhatsApp uses Erlang to connect two million users per messaging server; Facebook relies on Haskell logic for active and automatic spam detection in daily news feeds. This illustrates the benefits of achievable scalability and reliability of functional programming. Functional programming is also widely adopted in the financial sector, credits not least to Peyton-Jones et al’s seminal work on modeling financial contracts in Haskell [16]. Functional programs accelerated evaluations of derivatives bringing advantages to large institutions such as Credit Suisse and Jane Street Capital, the latter being one of the world’s largest market makers trading more than $17 trillion worth of securities in 2020 [17]. No one would risk losing such large sums of money, unless the underlying code is without bugs. We expect the benefits of functional programming to similarly supercharge scalability and reliability in DeFi.

Overall, well designed primitives, especially at the ledger level, with built-in guarantees at the core of the protocol can have compounding effects on the rest of the ecosystem. Strong fundamentals not only provide robustness and reliability, but also the building blocks for a flexible and composable system. A system in which expressiveness and complexity emerges from the interaction and combination of simpler components. It is particularly powerful for the development of DApps that can be infinitely extended like a castle of “money legos”.

Consequently, there will come a point where protocols specifically designed for a UTxO architecture won’t be replicable on an account-base model e.g. Ethereum. This is the competitive advantage Cardano can leverage to develop novel features unique in the crypto space.

arbitrage: simultaneous purchase and sale of the same asset in different markets to profit from small differences in the asset’s listed price.

capital efficiency: the measure of how much capital is used to match orders when compared to how much capital is actually offered for trades at all possible prices in the pool

centralized exchange: traditional trading platforms that match buyers and sellers that functions essentially as online brokerage accounts

concurrency: the ability to structurally compose a program into units of independently executing computations. Functional programming is the most practical way to write concurrent programs that scale

concentrated liquidity: liquidity that is allocated within a custom price range, as opposed to being distributed uniformly along the price curve between 0 and infinity

composable orders: orders of different types that can be combined with each other, type-checked i.e. the constraints of types can be verified and enforced, and expressed as new composable orders

Extended Unspent Transaction Output (EUTxO): a novel system that extends Bitcoin’s original UTxO paradigm that can be be used to design arbitrarily complex dApps due to its turing-completeness across transactions

functional programming: a programming style, where the main program is a function that is defined in terms of other functions, and the primary method of computation is the application of functions to arguments. It focuses on what is being computed rather than how it is being computed, similar to how we define mathematical functions

imperative programming: traditional programming style such as object-oriented programming e.g. solidity, Java, python, where computation is a sequence of transitions from states to states, as opposed to functional programming that has no implicit states. It is less declarative and often longer than functional counterparts, leading to more bugs

impermanent loss: a DeFi phenomenon where the rebalancing formula in AMMs creates divergence between asset price inside and outside of a liquidity pool

isomorphic: a concept in category theory, where two objects of a category have isomorphism between them i.e. they are the same for all practical purposes. This term describes the nature of Hydra head in Cardano’s L2 solution, whereby off-chain transaction validation, including script execution, follows the same rules as on-chain semantics

limit order: an order type that specifies a price either above the current ask or below the current bid and awaits the movement of prices to become active. If the market is rising, the upward price movement triggers limit orders to sell; if the market is falling, the downward movement triggers limit orders to buy. Limit orders thus provide liquidity to the market.

market order: an order type that buys or sells at the market’s prevailing price that typically has execution certainty

market maker/taker: The market maker places an order (to buy or sell at said price), while a taker accepts that placed order (to execute the buy or sell at the said price). Market makers provide liquidity and depth to markets to take profit from bid/ask spread or from predicted price entries during market volatility; market takers benefit from this liquidity and the ability to enter or exit positions quickly

momentum indicator: a technical analysis tool that shows trend direction and its magnitude i.e. when the price is moving upward or downward and how strongly

moving average convergence divergence (MACD): a popular and effective momentum indicator that composes two moving averages by subtracting the longer moving average from the shorter one

parallelism: the ability to execute multiple tasks at the same time. Functional programming is attractive for parallel tasks because they have powerful abstraction mechanisms and no side effects that eliminates unnecessary architectural dependencies for parallelization

price tick: A measure of the minimum upward or downward movement in the price of a security. In an order book, each price listed is a tick.

relative strength index (RSI): a popular momentum indicator to evaluate overbought or oversold conditions in the price of an asset

slippage: the difference between the expected and executed price of a trade

state channel: a L2 solution to scale up blockchains. The main idea is to achieve L1 security guarantees while limiting on-chain operations via off-chain interactions between users, reducing corresponding overhead

state machine: an abstract way of how computers and computations work. State machines have some internal state that can be changed in response to an external event. They are responsible for the safe transfer of UTxO sets that correspond to the final state of a Hydra head back to the blockchain

Total value locked (TVL): the sum of all assets deposited or staked in a specific protocol

This paper introduces the key concepts that differentiate Genius DEX from a typical AMM DEX. It is an order-book-based concentrated liquidity DEX designed to take advantage of benefits provided by EUTxO smart contracts, such as security, determinism, parallelism, scalability and composability. Genius DEX offers powerful features like Smart Swaps, which enables programmable and composable orders, and concentrated liquidity, which provides higher capital efficiency and higher yield opportunities.

Furthermore, the Smart Liquidity Vault is introduced as a powerful secondary protocol built on top of the Genius DEX, providing yield optimization opportunities by automating algorithmic trading strategies. The overarching objective is to democratize DeFi for everyone by providing an all-in-one solution to yield optimization opportunities.

5. Disclaimer

The content of this paper and the DEX protocol design are in draft form. Genius Labs reserves the rights to change, and make any corrections as it sees fit. Genius is taking an empirical and iterative approach to research and development to better understand limitations, evaluate tradeoffs, and fine tune parameters in order to converge to an optimal solution. None of this content should be used to make any form of financial, tax, or legal decisions. This paper is for the benefit of the public and to foster open discussion and collaboration within the DeFi community.

Smart Swaps

Smart Swaps are buy or sell orders that automatically execute based on some programmable logic. Smart swap allows for incredible flexibility and modularity with the potential to provide sophisticated trading functionalities found in traditional exchanges (Limit Orders) and more like Dynamic Orders and Algorithmic Orders.

Concentrated Liquidity

Concentrated liquidity permits Liquidity Providers (LPs) to allocate their capital at selected price ranges (Uniswap V3). This unlocks tremendous capital efficiency gains for LPs who can manually adjust their exposure based on their trading strategies. As a result, market makers can earn more rewards with less capital investment and incur less impermanent loss.

Smart Liquidity Vault

Genius Yield has developed an AI-powered Smart Liquidity Management protocol. It is a DeFi yield optimization solution that algorithmically automates trading strategies to maximize users’ APYs while minimizing risk exposure.

Auto-compound

The auto-compound feature automatically reinvests any profits generated by the Smart Liquidity Vault providing users with even higher returns without having to exit your position. Just sit back and let your liquidity work for you.

2.1 Decentralized Exchange (DEX)

Decentralized exchanges (DEX) are a type of cryptocurrency exchange protocol enabled by smart contracts. They allow for the execution of secure and direct peer-to-peer cryptocurrency transactions. In this scenario, the intermediary is replaced by a distributed ledger, the blockchain. There are two main types of exchange architectures: Automated Market Makers (AMMs) and order books. AMMs are simpler to implement and are the de facto design choice for account-based ledgers like Ethereum. However, the following sections will describe why an order book architecture is far more suitable for an UTxO-based ledger.

Automated Market Maker (AMM)

The first AMM-based DEX was implemented by Uniswap on the Ethereum blockchain [18]. It is a protocol that incorporates an autonomous trading mechanism and relies on a mathematical formula to price assets, eliminating the need for an intermediary (Fig. 5). Such protocols are permissionless, trustless and decentralized. They allow users to concurrently act as market takers (swap a digital asset for another) and market makers (provide liquidity to a DEX in exchange for trading fees).

There are different pricing formulas but the most commonly used is the Constant Formula Market Maker (CFMM) [19]. They have the desired property that price response can be easily computed no matter how large the order size nor how tiny the liquidity pool. Their simplicity and robustness have made this design the most commonly used by DEXs. However, they possess significant limitations that are often overlooked. First, capital allocation is highly inefficient compared to traditional markets. The DEX’s Total Value Locked (TVL) is equally distributed across the entire price range (0, ∞), implying that the price of an apple is equally likely to be $1 or $10,000. This assumption makes the CFMM unrealistic and doesn't reflect actual market conditions. The main drawbacks of such capital inefficiency are borne by the DEX’s liquidity provider since their revenues earned from trading fees are diluted. At the same time, their liquidity is subject to impermanent loss.

Impermanent loss is the perceived loss in total asset value from liquidity deposited into a pool, compared to just holding the assets. It is due to a change in pool assets ratios (i.e. price) between a deposit and a withdrawal. This puts liquidity providers at a real disadvantage even including revenue from trading fees. Therefore, in the absence of liquidity mining incentives AMM pools with high impermanent loss will see their liquidity drained overtime.

Order Book

The order book design, although rarely used in DEXs, is the go-to architecture employed by large exchanges in traditional finance, for example Robinhood and Coinbase. An order book is a registry of buy orders (bids) and sell orders (asks) at each price point (Fig. 6). In such a system, market makers help stabilize the price by filling trader’s orders and tightening the bid-ask spread.

Order book exchanges are capital efficient because price is maintained locally, where the bids meet the asks. The price is not a global state (like in an AMM), but an emergent dynamic property of the order book, allowing for an arbitrary liquidity curve as opposed to a deterministic one. Moreover, rich pricing and volume information is made visible to traders, making informed trading decisions easier by understanding market demand and supply. On an AMM only market orders are possible (trades at the current price), whereas order book exchanges work with limit orders. Limit order is an order to buy or sell at a specified price, which remains in effect until executed or canceled by the user. In practice, it allows for more sophisticated trading strategies commonly used in traditional finance and also allows the trader to name their price.

Why are order books not widespread in DEXs? Historically, AMM-based protocols have been easier to implement on account-based blockchains to mitigate transaction costs, settlement speeds, and complexity. In an order book exchanges, liquidity is inherently distributed across bids and asks. Matching orders involve complex operations that require highly scalable matching engines, making them both technically and economically infeasible in an account-based paradigm.

UTxO-based DEX

AMM DEXs came out of the account-based mindset spearheaded by Ethereum. On Cardano, DEXs will be fundamentally different as they will need to take a UTxO-first approach to be successful. In a UTxO model, state fragmentation and parallel processing are base features of the ledger and coincidentally a natural design pattern for order books. The order book design has been battle-tested in traditional finance and has demonstrated to be both a powerful and efficient way to run large scale exchanges. UTxO-based smart contracts might just be the right abstraction the industry needed to make such exchanges feasible on a blockchain.

2.2 Concentrated Liquidity

Concentrated liquidity is when Liquidity Providers (LPs) can allocate their capital to a DEX at selected price ranges. It is in contrast to regular liquidity pools where liquidity is distributed uniformly across the entire price range. As mentioned in the AMM section, this results in high capital inefficiencies and impermanent loss. Concentrated liquidity pools attempt at remediating AMM’s limitations.

Uniswap V3

In Uniswap’s v3 whitepaper [20], the concept of concentrated liquidity pools is introduced, in which LPs can allocate their capital at specific price ranges called Range Orders. When asset prices exit the range order bounds, no liquidity is provided and consequently no fees are collected. This unlocks tremendous capital efficiency gains for liquidity providers (market makers) who can manually adjust their exposure based on their trading strategies (Fig. 7). As a result, LPs can earn more rewards with less capital investment and incur less impermanent loss.

Instead of a fixed liquidity curve defined by the CFMM formula, the Uniswap V3 DEX allows the market sentiment to decide on the liquidity distribution in a decentralized way. This is, in fact, what naturally occurs in an order book system and the development of the concentrated liquidity AMM attempts at replicating these desirable properties.

LPs can now create as many liquidity positions as they see fit. However, although more flexible than static AMMs, a concentrated liquidity AMM still isn't as flexible and efficient as an order book exchange. A drawback of concentrated liquidity pools is that they require active and frequent manual “rebalancing” of a LP’s position to remain within the optimal price range and maximize rewards. For blockchains with high transaction fees, for example Ethereum, frequent rebalancing may not even be economical as rewards get canceled out by fees paid for the liquidity rebalance. Nevertheless, unless you are a day trader with technical understanding of the market, inefficient allocation of liquidity can still occur in a concentrated liquidity pool.

For these reasons, Genius Yield believes it is necessary to augment a concentrated liquidity DEX by overlaying a secondary protocol that can algorithmically automate asset allocation to maximize users’ APYs, while minimizing risk exposure. Genius Yield’s Smart Liquidity Management solution will be an AI-powered protocol able to execute various trading strategies based on the user's predefined risk tolerance, expected returns and timeframe. We will dive deeper into the Smart Liquidity Vault protocol in a later section.

UTxO-based Liquidity

In practice, Uniswap V3 is implemented by fragmenting the liquidity pool into thousands of individual price ticks (price increments). Each price tick accumulates liquidity independently, allowing for an arbitrary liquidity curve (Fig. 8). Range orders are minted as NFTs, represented as a LP’s active position. Positions are closed and rewards cashed out by simply burning the NFT.

Upon closer look, the fragmentation of a liquidity pool maps nicely to the UTxO paradigm. Instead of tracking the pool liquidity in one UTxO, as it would be the case for an AMM, the price ticks dividing the liquidity can each be tracked by a separate UTxO. As a result, concentrated liquidity doesn’t just make the DEX more capital efficient, it also maps well to the UTxO paradigm (more detail in Section 3.2).

Connect your wallet

Connect your Nami or Eternl wallet to the Genius Yield staking dApp

Create a staking vault

click on the "+" icon

1. Select a lock period between 6, 9 or 12 months

2. Enter the amount of $GENS tokens you would like to stake. You need to hold those tokens in the connected wallet. Make sure you have enough ADA in your wallet since there is a ADA deposit that will be returned once you claim your tokens at the end of the staking period.

3. Click to open the dropdown menu

4. Click on the APY booster NFT you would like to use.

5. If you have vested rewards from the ISPO and you're using the wallet you delegated with in the Genius Yield ISPO you'll be able to stake these vested ISPO tokens using any ISPO NFT.

6. Once your vault is created and you're sure that you want to open the staking position click on this button and sign the transaction.

Multi-Vaults

The Staking dApp will allow you to create as many staking positions as you want. We call them staking vaults. In each vault you’ll be able to stake $GENS tokens and NFTs.

Locked staking vaults

$GENS holders have the ability to stake their tokens in the staking dApp to earn yield with a fixed APY in locked staking contracts. There are 3 types of contracts: - 6 months staking: offering a 9% fixed APY

- 9 months staking: offering a 11% fixed APY

- 12 months staking: offering a 15% fixed APY

Users are able to stake their $GENS for either 6, 9 or 12 months. These locked staking options will be available until May 25th 2023. We will provide the exact deadline and further details in the future.

Genius NFTs and Mascot NFTs staking

For example:

User adds a 5% APY Boost NFT in a 9 month staking vault. The user would earn 16% APY for 9 months. At the end, he would be returned the 5% APY Boost NFT with 3 months remaining utility.

Only one APY booster NFT is allowed per vault. You can create multiple vaults to fit your needs and stake one APY booster NFT on each vault.

ISPO NFT Staking

Delegators are able to use their ISPO NFT in the staking dApp to earn yield on their remaining 50% vested ISPO rewards! Users have the option to create a staking vault for either 6, 9 or 12 months. You are also able to increase your yield by staking an APY Booster NFT. You can even add non-vested $GENS tokens to this vault in order to increase your staking positions!

We want to remind you that any ISPO NFT will allow you to stake your vested $GENS tokens from ISPO.

3.1 Smart Swaps

Genius DEX’s core primitive is the Smart Swap, which enables many of the DEX’s novel functionalities in a computationally efficient and elegant way. Smart Swaps are buy or sell orders that automatically execute based on some programmable logic. Smart swaps are to the DEX what smart contracts are to the ledger. They allow for the automated execution of a trade triggered by a verifiable set of conditions. This enables users to submit orders that do not get filled instantly at the market price but instead ‘wait’ on the ledger until certain conditions are met to execute the swap.

Smart Swaps are not unique to Genius Yield. For example, a limit order is a type of smart swap in which a trade is triggered once a price is available. Such order types are prevalent in traditional, centralized exchanges e.g. Coinbase, Robinhood, etc. However, they are not common within DeFi, because the AMM model used by most DEXs makes such order types unfeasible.

DeFi protocols designed specifically for an UTxO model can provide new functionalities not feasible on other smart contract blockchains. Maladex, another well researched and designed Cardano DEX, has already introduced the idea of programmable swaps [21] and other DEXs are experimenting with new and creative architectures [22]. UTxO-based blockchains are now leading the charge in the research and development of the next generation of DEXs.

Smart swaps don’t just limit themselves to limit orders. On the contrary, they allow for incredible flexibility and modularity with the potential to provide sophisticated trading functionalities not found in centralized exchanges.

Below are different types of Smart Swaps made available by Genius DEX:

• Market Order: An order to immediately execute a swap at the best possible market price. Since it has no trigger conditions, the execution price fluctuates with the market. It is equivalent to a swap on an AMM-based DEX.

• Limit Order: An order to buy or sell a token for a specific price. As opposed to a market order, it does not execute immediately. Rather, it waits until a matching order (either a smart swap or liquidity provider) in the opposite direction becomes available. A limit order can be filled fully or partially based on the depth of market. Moreover, the order can be configured to expire after a certain time or be active until canceled.

• Stop Order: A stop order will submit an order when a stop price has been met. A stop order functions like a limit order but with two critical differences. The first is that a limit order uses a price to designate the least acceptable amount for the transaction to take place. On the other hand, a stop order uses a price to merely trigger an actual order when the specified price has been traded. The second is that a limit order is visible in the order book while a stop order is invisible until it is triggered. A stop order helps traders protect profits, limit losses, and initiate new positions.

• Dynamic Order: An order where the trigger value is not price, but another data type such as an oracle data stream. More specifically, the trigger value can be a statistical metric or financial indicator commonly used in trading technical analysis tools. For example, a momentum indicator, such as the relative strength index (RSI) and moving average convergence divergence (MACD). These indicators are typically used by traders to determine the strength or weakness of a stock's price. With dynamic orders, trades can be triggered based on these metrics automatically, opening the door to more complex trading strategies.

• Algorithmic Order: This type of order can combine all order types described above into a meta order. An algorithmic order can chain an arbitrary number of orders triggered by an arbitrary number of conditions spread out across time. This allows entire algorithmic trading strategies to be defined and executable within a single Smart Swap. For example, if a trader is bullish on the long term price of an asset, but believes short-term dips are likely, they may adopt a “buy the dip” strategy. On the other hand, if the investor believes a token pair is intrinsically correlated (such as two stablecoins tracking the same asset), then a good strategy would be to trade the volatility. Algorithmic orders allow for abstraction and automation of advanced trading strategies within a smart contract.

Genius’s Smart Swap is a flexible and composable protocol on which expressive and powerful orders can be defined. In fact, Genius Yield’s second product, Smart Liquidity Management, leverages the algorithmic order type to develop advanced strategies designed and backtested by our inhouse Genius Labs team. We will dive deeper into the algorithmic order and backtesting platform in a future paper.

The Smart Swap protocol is simple by design and is defined by three attributes:

• Assets - Token pairs that will be traded for each other

• Action - Behavior of the swap when the order is executed

• Conditions - Set of conditions that must be met to trigger the action

Therefore a limit order can be represented as a Smart Swap in which the Action is a buy/sell transaction and the Condition, a price at which it must occur. Such a design provides a lot of flexibility and allows for complex order behaviors to emerge from the composability of order types. Figure 9 illustrates how different order types can be combined together to create different algorithmic strategies.

Smart Swap (Market Taker) State Machine

The EUTxO smart contract paradigm gives state machine diagrams the most intuitive representation of a protocol’s functionalities (Fig. 10 & Fig. 12). For the market taker, the state machine diagram in Fig. 8a shows how a Smart Swap is defined in three states and five state transitions.

Smart Swap states:

• Open: an order submitted to the DEX (EUTxO at the script address), but not yet processed

• Filled: once an order’s trigger conditions are met, routing bots execute the swap

• Close: open orders not yet triggered can be canceled or expire after a set time

Smart Swap state transitions:

• Smart Swap - submit a Smart Swap order to the DEX

• Process Order - a routing bot matching the smart swap with a liquidity position and executing the transaction

• Cancel Order - order canceled by owner before it is processed

• Position Expires - order canceled itself after a predefined time

• Wallet Deposit - Transaction outputs return to owner wallets

Scalable Swaps

The appeal of such a design is in their relative simplicity and full parallelizability. The separation of order submission and order execution into distinct states means users can submit DEX orders onto the blockchain in parallel without congesting the execution of other swaps. This is unlike traditional AMM DEXs where all swaps are market orders that must be executed the moment they are submitted regardless of congestion or transaction fees. Additionally, Smart Swaps can be defined with minimum information (i.e. no pool state needed), resulting in lower fees.

3.2 Concentrated Liquidity Provider

A DEX that supports concentrated liquidity empowers liquidity providers (LPs) to optimize their liquidity allocation strategy. This enables LPs to potentially earn more yield, while making the DEX more performant and decentralized.

In a traditional exchange, a liquidity provider (or market maker) has the function to supply liquidity to a tradable asset and help stabilize price variation (volatility), reducing price slippage, and more generally facilitating efficient price discovery. This is achieved by quoting both buy and sell orders of an asset with the goal of making a profit on the bid-ask spread.

In an AMM DEX, price is computationally derived by the constant product formula, whereas in an order-book price is defined by market forces of supply and demand. Therefore, LPs play a crucial role in providing the liquidity depth necessary to allow for an efficient marketplace. In other words, LPs supply the liquidity needed for the DEX to function, whereas the users represent the demand for said liquidity. It is the very interaction of traders, facilitated by the liquidity providers, that makes price discovery decentralized.

Let’s say we have a market for a trading pair A/B. A liquidity position would supply both sides of the trade at a specific price. Once a user opens a buy order for A at price X, a matching sell order for A will be executed between the two parties. The sell order can either come from another party’s limit order or a LP position available at that price. LP positions are very similar to limit orders except they are reversible orders. Once a LP position participates in a trade, the received liquidity stays in the same LP position to supply the other side of the trade.

In Fig. 11, we have an example of a GENS/ADA pool. A user submits a Buy GENS limit order at price P3. However, no matching Sell GENS order exists on the DEX. Instead of remaining open, the order is matched with a GENS liquidity position, also available at price P3. The user wallet receives the GENS tokens and the LP receives ADA in return. For the LP, the ADA tokens are added back into its liquidity position at price P3, ready to accept trades in the opposite direction. In the next block, a buy and sell order gets submitted at P4. No ADA is available at P4 so the sell order stays open. However GENS liquidity is available at P4 and the buy order can be executed. Now ADA is available at P4 and the sell order can go through. Note that if the sell and buy orders at P4 were for the same amount, they could have been filled without using any of the pool’s liquidity.

How liquidity providers earn profits?

A LP earns a portion of the execution fee paid by the DEX user (Section 3.5: fee structure). In addition, Genius Yield will give liquidity mining incentives to LPs that contribute liquidity to certain pools. Liquidity mining allows LPs to earn additional GENS protocol token used for governance such as voting on Genius Improvement Proposals (GIP).

Liquidity Providers (Market Maker)

State Machine In Fig.12, the state machine diagram for market makers depicts how liquidity positions are defined in three states and seven state transitions.

Liquidity Position states:

• Open: a liquidity position submitted to a pool at a specific price range, ready to absorb trades. LP rewards are automatically reinvested, but can also be withdrawn without closing the position

• Filled: once an order matches with a liquidity position, routing bots execute the swap. The leftover liquidity is either maintained in the current position or transferred in a more optimal price point determined by the Smart Liquidity Vault

• Close: the full liquidity can be returned to the LP’s wallet by closing the position

Liquidity Position state transitions:

• Liquidity Position: add concentrated liquidity to a pool

• Process LP - a routing bot matching LP with an order and executing the transaction

• Close LP: LP is closed by owner

• Maintain Position: LP is reopened at the same price to accept trades in the opposite direction

• Smart Liquidity Management: rebalance LP to a new price point based on strategy defined in the Smart Liquidity Vault

• Update LP: add/remove liquidity or change price of liquidity position

Scalable Liquidity Pool

In a UTxO architecture, centralizing the pool state into one UTxO (as in a traditional AMM) would constrain the DEX to one transaction per block. To achieve high throughput, the DEX must take advantage of the inherent parallelism properties made possible by UTxOs. For this reason, the pool state is divided along two dimensions (e.i. price ticks and liquidity providers), enabling parallel processing of UTxOs within the same block (Fig. 13). In addition to increased throughput, fragmentation also minimizes memory requirements. Since each transaction is only dependent on a local state, this results in lower transaction sizes and thereby lower fees. Another desirable property of fragmented liquidity is the emergence of arbitrary liquidity curves. Instead of predefining a fixed curve like in an AMM, the liquidity distribution is dynamic, decentralized, and governed by market sentiment, resulting in more efficient asset allocation.

3.3 Smart Order Router

Orders on the Genius DEX have two main phases (Fig. 14). First, orders are submitted to the Cardano ledger, then they are picked up and executed by Smart Order Routers (SOR). SORs are off-chain bots that execute a routing algorithm that scans the blockchain for open orders, matches them based on their trigger conditions and submits new transactions back to the ledger to perform the swap state transitions. Each Smart Swap encodes trigger conditions that must be fulfilled by the SOR to execute the swap.

SORs automate the process of handling orders and are designed to take the best available opportunity across a range of market conditions. They need to continuously scan and analyze the current state of the DEX (set of UTxOs defined by Smart Swaps and Liquidity Providers) and rely on a set of rules, configurations and algorithms to best execute a customer's order, based on price and liquidity.

Order Selection Strategies

Order selection is a complex topic and an active area of research [23][24][25]. It is particularly challenging when designing strategies within a decentralized environment. For example, large orders may need to be matched across multiple orders to obtain sufficient liquidity. However, the more UTxOs are combined, the higher the likelihood at least one UTxO will already have been spent by another SOR by the time the transaction is submitted (transaction sequences are mutually exclusive creating a race condition). To reduce the number of UTxO needed to fill an order, one simple strategy is to search for the closest matching order value. However, this strategy tends to create a lot of ‘dust’, small unspent outputs that remain unused.

Alternatively, supporting partial orders through large order fragmentation could give more flexibility to SORs to optimize order selection. The issue here is that partial orders require more transactions and therefore incur more fees. Moreover, the generation of more transactions may worsen blockchain congestion (though L2 scaling solutions like Hydra will lessen this problem). All in all, order selection strategies need to be carefully crafted and fine-tuned to function effectively. It is an active area of research at Genius Labs, and the team is taking a first principles approach to designing and validating strategies using simulations. As a starting point, Genius Labs is taking inspiration from IOHK’s coin selection algorithms used by the Cardano Wallet [26].

Decentralization

The code governing the Smart Order Router will be made open source for maximum transparency and accountability. SORs can be deployed by anyone willing to support the DEX and even customize the underlying matching algorithm for their own benefit. The goal is to foster an open, competitive environment where the core DEX operation is in the hands of the community and market forces. As a first step however, a restricted version of the DEX will be released with vetted SOR operators in order to ensure a stable DEX experience. As trading volume and liquidity grows, further decentralization will be introduced progressively.

Scalable SORs

As explained in an earlier section, off-chain computation is both practical and desirable in a UTxO model. Similar to Bitcoin, Cardano’s settlement layer is a verification model that validates off-chain computation. Therefore the distribution of off-chain logic can be used to scale order processing. At scale, the DEX’s operation is powered by multiple Smart Order Routers competing with each other for the best trades in order to maximize personal rewards. With the right set of incentives, competition can become a desirable force maintaining DEX performance. Genius Labs takes an iterative approach combined with rigorous stress testing to produce fast order execution, efficient flow of liquidity and market-driven price discoverability.

How do Smart Order Routers earn profits?

SOR operators do not get a cut of the execution fee charged by the DEX. Instead, the SOR exclusively makes profits from the bid/ask spread caused by price volatility, low trading volume and other inefficiencies in the market. For example a user wants to buy 1 GENS at a price of 10 ADA, but GENS liquidity is available for 9.5 ADA. In this case, the SOR can make a profit of 0.5 ADA per GENS token sold. SORs are essentially arbitrage bots that are rewarded for removing capital inefficiency in the market. When the prices of two assets fall out of line, the SORs will buy and sell until the relationship gets back in line. Therefore, introducing a competitive environment with many independent SORs will result in a tight, deep, and liquid order-book.

Security

Operating a SOR is both a privileged position and potentially very lucrative one. Therefore, adversarial behaviors taking advantage of vulnerabilities are to be expected. Genius Labs is carefully evaluating all possible attack vectors and manipulation strategies e.g. front-running, pool extractable value, trickle attacks, denial of service, etc. to produce a high performance, secure, and fair DEX experience. In future articles, Genius Labs will explore DEX attack management and mitigation strategies.

3.4 Smart Liquidity Vault

A separate paper will be dedicated to the Genius Yield Optimizer protocol, describing in detail how the AI-powered algorithmic strategies are designed and optimized for each vault. Below is a brief introduction to this protocol.

In a concentrated DEX, creating liquidity positions becomes an active job for liquidity providers. LPs need to strategically position their liquidity at the optimal price to capture trade volume and maximize rewards. Moreover, liquidity positions need to be adjusted frequently to stay within the optimal price range where swaps are happening. This requires active monitoring and interaction with the DEX. For users that are looking for a more passive yield farming experience, Genius Yield has created an active liquidity management protocol, called the Smart Liquidity Vault.

As shown in Fig. 15, vaults are liquidity pools managed by a trading bot executing a machine learning optimized algorithmic strategy. Different vaults execute different strategies based on the users’ risk tolerance and outlook on the market. Vaults automate simple strategies like DCA (Dollar Cost Averaging), Smart Rebalance, or more advanced ones like modeling volatility and forecasting trend reversals. Each strategy is developed using a powerful backtesting ML platform leveraging historical data and blockchain data streams. The performance of each strategy is methodologically tested and validated before deployed to the Genius Yield platform.

Under the hood, Smart Liquidity Vaults leverage the Smart Swap abstraction and concentrated liquidity positioning functionality to execute their strategy. More specifically, the flexibility, expressiveness, and composability of dynamic order and algorithmic order types are the building blocks of these strategies.

For these reasons, nothing stops a user from designing their own algorithmic strategies using Smart Swaps and competing with the Genius Vaults. In fact we encourage it, and aim to support community-designed vaults in the future. Through a social trading leaderboard, any users will be able to learn and benefit from the community’s best strategies. The vision is to empower the community to learn from the best and democratize yield optimization for all.

3.5 Genius Yield Platform

The Genius Yield platform ties together each of the components described above into an all-in-one DeFi ecosystem on Cardano. The platform is composed of two layers: the Genius DEX and the Smart Liquidity Vault.

Genius DEX

The Genius DEX is the core protocol that brings together the traders, liquidity providers and SORs to create the token swap marketplace. At its core the DEX places orders onto the Cardano ledger and SORs match and processes them. Orders can either be Smart Swaps or concentrated liquidity positions.

Smart Liquidity Vault

The Genius Yield Optimizer sits on a level of abstraction above the DEX. It executes algorithmic trading strategies defined by each vault as a way to optimize a user’s yield farming opportunities.

Genius DEX Fee Structure

The Genius DEX does not charge a fee for placing an order except for the standard Cardano transaction fee. Therefore, it is almost free to submit a Smart Swap or place a liquidity position onto the Genius DEX.

$\text{Order Fee} (\text{Smart Swap or Liquidity Position}) = \text{Cardano Transaction fee}$

A fee is only paid when the order gets executed by a Smart Order Router. The execution fee is charged as a percentage of the total order value and is divided into two components.

\text{Execution Fee} = \text{% Total Order Value} = \text{Genius DEX Fee} + \text{LP Fee}

where

• Genius DEX Fee: fees to the Genius Yield company, 20% of which is returned to GENS holders through the GENS staking program

• LP Fee: fees to the liquidity provider

As mentioned in Section 3.3, the Smart Order Router operator does not get a cut of the execution fee, instead earns profits from the bid/ask spread. That means the DEX user does not pay for its order to be matched and processed, instead the market’s inefficiency does. This is an elegant solution to align incentives across the three parties while providing the cheapest possible price for the DEX user.

Smart Liquidity Vault Fee Structure

The Smart Liquidity Vault fee structure is centered around the vault fee. Smart Liquidity Vaults give users access to AI-powered algorithmic trading strategies. These vaults are actively maintained and optimized by the Genius Labs team, charging a management fee combined with a performance fee.

$\text{Vault Fee} = \text{Management Fee} + \text{Performance Fee}$

where

• Management Fee: fee charged as a percentage of the TVL (Total Value Locked) in the vault, 20% of which is returned to GENS stakers

• Performance Fee: fee charged as a percentage of the profits generated by the vault strategy, 20% of which is returned to GENS stakers

GENS Staking Program

GENS token is only an utility token, therefore it is not used for any transaction payments. However GENS holders can choose to stake their GENS in a Genius pool to earn extra rewards through yield farming and other platform benefits.

GENS token’s value centers around the GENS Staking Program. The program is incentivized to create high demand for GENS by providing staking yields. APY generated by staking GENS comes from two sources, as outlined in Fig. 17.

Staking Rewards:

1. Redistribution of 20% of Genius Yield platform fees

2. Earn GENS through liquidity mining incentives

GENS staking isn’t just a source of yield, it also unlocks a number of platform features.

Staking Benefits:

1. Access to advanced DEX trading features

2. Access to premium Smart Liquidity Vaults

3. Governance i.e. voting power in Genius Improvement Proposals (GIP)

4. Unlock Genius NFTs

5. Get access to Genius X sales

6. Get access to Genius Academy premium content

$GENS token is a Cardano native token.

Native token is a new feature that enables the transacting of multi-assets on Cardano. Users can transact with ADA, and with an unlimited number of user-defined (custom) tokens natively.

Native tokens offer distinct advantages for developers: there is no need to create smart contracts to handle custom tokens since the ledger takes all token-related functionality.

The native tokens feature extends the existing accounting infrastructure defined in the ledger model.

$GENS tokens are the native tokens of the Genius Yield Protocol.

The $GENS token acts as a governance token, and anyone holding $GENS is part on the decision making of the platform upgrades.

The Genius Yield ecosystem enables users to earn rewards. 20% of the platform fees on the DEX & Yield Optimizer fees will go to $GENS stakers.

Token Allocation

Token Sales

Users should use a Cardano Shelley-Era wallet :

• Nami wallet (Browser extension, hardware wallet supported)

• Eternl wallet formerly ccvault.io (Browser extension, hardware wallet supported)

We will add more wallets in the future and will update this page as we move forward in our development.

The ISPO leverages Cardano’s native stake pool infrastructure and delegation mechanism to enable a fair public token launch.

ISPO Participation Requirements

To participate in the ISPO you will need to:

1. Own or buy ADA

2. Have your ADA stored in a Cardano wallet

3. Delegate to Genius Yield's ISPO stake pools

Buy ADA

The easiest way to buy ADA is through a centralized exchange. Exchanges available to you will vary based on the country you live in. Below is a list of some of the bigger exchanges.

• Coinbase

• CoinbasePro

• Kraken

• Kucoin

• Binance

• Crypto.com

Create a Cardano wallet and transfer your ADA

Current popular Cardano wallets are Yoroi and Daedalus. We recommend using Yoroi as it is the most user friendly.

Our ISPO partners, MAESTRO, have created a step-by-step tutorial on how to create a Yoroi wallet and delegate to a stake pool.

Delegate to a GENS stake pool

1. Open your Yoroi wallet (mobile or browser app) and select Delegation List

2. In the search bar type: GENS

3. Pick from one of GENS pools below and click DELEGATE

What is an ISPO?

An ISPO is a new fundraising mechanism that allows delegators of a POS (Proof-of-Stake) network to divert staking rewards towards a project of their choice and get project tokens in return. It is an unique mechanism that allows the community to support their favorite project without investing their own assets, but instead leveraging the network's native reward incentive structure. ISPOs are only possible on the Cardano blockchain because of its unique stake pool delegation structure.

Genius Yield's ISPO

Genius Yield is a Cardano-first project, meaning its entire product line has been specifically designed and built to leverage the best of Cardano's unique functionalities, such as its eUTXO architecture and delegation model. Our ISPO is no exception.

Below are some basic ISPO stats.

ISPO Basics

Win-Win Benefits for everyone

Benefits for participants

• Get early access to protocol tokens before the product launch

• Get rewarded GENS token without spending ADA (unlike an IDO)

• See your favorite Cardano project get funded by "voting" with your delegation

• Get extra GENS and win limited-edition Genius NFTs from the Bonus Reward Program (Genius Yield specific)

Benefit for Genius Yield

• Raise fund for project development (engineering, R&D, marketing, legal)

• Fair public distribution of GENS tokens

• Promotes decentralization of GENS ownership

• Engage with the Cardano community and foster project excitement

Benefits for the Cardano network

• Staking helps secure the blockchain

• Increase number of stake pools promotes network decentralization

Fair Public Token Distribution

GENS rewards are computed given four criteria:

1. How much did you delegate at each epoch?

2. How long did you delegate for (number of epochs)?

3. Do you qualify for Bonus Rewards (see GENS Bonus Program)?

4. What type of pools did you delegate to (50% pools will earn you half the rewards)?

For more details see How GENS Rewards are Calculated

GENS Reward Airdrop

GENS tokens will be airdropped to delegator's wallet after the ISPO completes.

50% airdropped January 1st, 2023

50% airdropped June 1st, 2023

MAESTRO ISPO Partners

We are excited to combine forces with MAESTRO for this ISPO. Their team of experienced engineers will deploy and operate Genius Yield's stake pools and keep the ISPO running smoothly. We are grateful for this collaboration!

Genius Yield uses a simple and intuitive reward structure, meant to be fair and easily understood by everyone. Participants that delegate early will maximize their GENS rewards.

On top of regular ISPO rewards, delegators can get additional rewards by qualifying for our Bonus Reward Program and get a significant GENS bonus and win a limited-edition Genius NFT!

How many GENS tokens are rewarded per epoch?

$\text{1 ADA Staked} = \text{0.0025 GENS rewards per epoch}$

For every ADA staked 0.0025 GENS will be rewarded per epoch in a 100% GENS pool.

What if the 15 Million GENS are not reached by the end of the ISPO?

The remaining GENS will be returned to the reward programs.

Thank you for your continued interest and support!

Updates

February 20, 2025

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Updated the backend to use the most recent Atlas release.

✅ Updated the backend docker image to use the current stable release of Debian

Frontend Clients, User Experience and Websites:

✅ Deployed various security patches.

✅ Added support for different tokens: CHAD, DANZO, FRN, MTX, SHARDS, XER

✅Work on the RWA frontend application: authentication and tenants UI.

Backend Systems, Databases and On-Chain Data Indexing:

✅ Bug fix: a special edge case of vault creation was failing. This had been addressed.

✅ Work on the RWA backend application: authentication, tenants backend, and improvements of the developer tooling.

Core, Blockchain Engineering and Smart Contracts:

Completion of second Atlas milestone:

✅ Support of stake pool related certificates, feat(#385): stake pool related certificates by sourabhxyz · Pull Request #386 · geniusyield/atlas .

✅ Support of committee related certificates, feat(#387): add committee related certificates by sourabhxyz · Pull Request #388 · geniusyield/atlas .

✅ Support of governance & voting procedures along with refactoring of transaction build witness, feat: governance voting & proposal procedures, refactor transaction build sc… by sourabhxyz · Pull Request #392 · geniusyield/atlas .

✅ Making datum information optional when spending a script output in case datum is inlined or not required as in PlutusV3 scripts, feat(#391 & #306): make datum as optional when spending an input in c… by sourabhxyz · Pull Request #395 · geniusyield/atlas .

✅ Bug fix to allow simultaneous PlutusV2 & V3 scripts in a single transaction when utilising reference scripts feature, fix: allow reference scripts to be of version greater than the minimu… by sourabhxyz · Pull Request #405 · geniusyield/atlas .

✅ Support of Ogmios provider, feat(#400): ogmios provider by sourabhxyz · Pull Request #403 · geniusyield/atlas .

✅ Improvements in SLV contracts and progress in related off-chain code.

Infrastructure and Build Systems:

✅ Prepared our infrastructure for the Cardano Hardfork

✅ Updated our Cardano Nodes to the most recent release to be hardfork-ready.

January 20, 2025

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Further research around the AI enabled market making strategies.

✅ Optimized asset allocation between different GY market maker bots.

Frontend Clients, User Experience and Websites:

✅ Initial work on the new RWA application frontend (basic UI components and user management)

Backend Systems, Databases and On-Chain Data Indexing:

✅Initial work on the new RWA application backend logic.

✅ Designing of the database schema to support the MICA compliant RWA application.

Core, Blockchain Engineering and Smart Contracts:

Updated Atlas documentation to track latest release of Atlas along with other improvements. To see details, visit the documentation here!

✅ Feat(#98): update to Atlas version v0.6.2 by sourabhxyz · Pull Request #99 · geniusyield/atlas-docs

✅ Docs: specify correct GHC version by sourabhxyz · Pull Request #104 · geniusyield/atlas-docs

✅ Docs: add MonadIO instance implementation detail by sourabhxyz · Pull Request #103 · geniusyield/atlas-docs

✅ Docs: update to v0.7.0 by sourabhxyz · Pull Request #102 · geniusyield/atlas-docs.

Atlas build tool updates:

✅ Updated Atlas to avoid dependency upon cardano-balance-tx:internal: Avoid dependency upon cardano-balance-tx:internal · Issue #368 · geniusyield/atlas.

✅ Found & fixed a bug in cardano-api Haskell dependency: [BUG] - Incorrect change output computation inside makeTransactionBodyAutoBalance · Issue #714 · IntersectMBO/cardano-api.

✅ Allowed addRefScript to work with higher versions of Plutus ledger language: allow addRefScript to work with higher plutus versions · Issue #373 · geniusyield/atlas.

✅ Updated dependencies to track latest node release, namely v10.1.3: Update to node-10.1.3 · Issue #383 · geniusyield/atlas.

✅ Added support DRep registration, updating & unregistration certificates: feat(#383, #384): add more certificates and node update to v10.1.3 by sourabhxyz · Pull Request #382 · geniusyield/atlas.

✅ Support of general signing key, verification key interface which is parameterized by key roles: feat(#379): create generalize signing key & verification key type by sourabhxyz · Pull Request #380 · geniusyield/atlas.

✅ Updated CLB tool (by MLabs) to support latest node release: feat: add compatibility with libs used by node-10.1.3 by sourabhxyz · Pull Request #62 · mlabs-haskell/clb .

✅ Added slot to epoch related conversions, bug fix in Atlas’s cache mechanism and improvement in robustness of private (local) testnet: feat #372 & #373 by sourabhxyz · Pull Request #370 · geniusyield/atlas .

✅ Support of generalised key-hashes & credentials which are parameterized by key roles: feat(#277): add keyrole, key hash & credential family by sourabhxyz · Pull Request #378 · geniusyield/atlas .

Updated Atlas examples repository to track latest release of Atlas along with bug fixes:

✅ Feat: update to Atlas v0.7.0 by sourabhxyz · Pull Request #24 · geniusyield/atlas-examples

✅ Fix: also include privnet tests by sourabhxyz · Pull Request #21 · geniusyield/atlas-examples

✅ Feat: update bet-ref, vesting to atlas-v0.6.2 by sourabhxyz · Pull Request #20 · geniusyield/atlas-examples

Infrastructure and Build Systems:

• Maintenance work around the GENS1 stake pool infrastructure.

• Setting up CICD pipelines for the new RWA application.

• General housekeeping: upgrading different internal tooling to the most recent version.

• Troubleshooting some production issues and implemented some improvements to be able to serve more users with our existing infrastructure (tuning of different configuration setting like the database connection parameters and replica counts).

IT Security, Auditing and Code Analysis:

• Keeping our internal systems secure.

• No other public updates.

December 12th, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Research around AI/ML based market making solutions.

✅ Added seed phrase support to the docker compose and startup script of the market maker bot.

✅ Updated the market maker bot documentation to reflect the newly added support for the seed phrase based mode of operation.

Frontend Clients, User Experience and Websites:

✅ Different improvements in preparation to adding smart vault support.

✅ Work in progress: Implementation of Smart Vault List & Smart Vault details

✅ Various security patches and version updates of different frontend client modules.

Backend Systems, Databases and On-Chain Data Indexing:

✅ Fixed different issues in our trading bot analytics like; errors on processing data of trading bots trading pairs with no Maestro price feed support, addressed some flaws in the ROI calculation, updated the code to work with the new Maestro 1 week candle resolution logic.

✅ Fixed the bug, where duplicated vaults were showing up in the earn tab. Now we make sure that duplicated vaults are not showing up anymore, not even in this special edge case, that was leasing to a single on-chain vault being shown several times on the earn page.

✅ Work in progress: implementation of Smart Vault backend support

Core, Blockchain Engineering and Smart Contracts:

✅ Design & evaluation of different smart vault strategies.

✅ Liquidity incentivization validator’s design & implementation.

Infrastructure and Build Systems:

✅ Cleaning up and refactoring infrastructure code.

✅ Updated some key components managing the Genius Yield off-chain systems.

November 11th, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Implemented our first AI enabled trading strategy and integrated it in the Strategy Executor Framework.

Frontend Clients, User Experience and Websites:

✅ Add Metamask (powered by NuFi) wallet support.

✅ Added frontend support for trading WMTX, OADA, sOADA.

Backend Systems, Databases and On-Chain Data Indexing:

✅ Add support for non-ADA trading pairs such as $GENS/$USDM, $USDM/$DJED, $DJED/$iUSD and many more.

✅ Added backend support for trading WMTX, OADA, sOADA.

✅ Bug fix: Transaction submission failure, due to issues with old version of Cardano Multiplatform Lib (CML) which could not translate Conway era CBOR transaction payloads to transaction hashes. [RESOLVED]

✅ Bug fix: Some users experienced timeouts when fetching stake vaults, resulting in a page which showed no stake vaults. This was resolved by greatly optimising the query to the DB, decreasing query duration in some cases by as much as 90%.

Core, Blockchain Engineering and Smart Contracts:

✅ Refactor our smart-order-router (SOR) codebases, avoiding code-duplication and allowing public SOR codebase to be used as library.

✅ Add TapTool’s /prices endpoint in dex-contracts-api.

✅ Add tests for reading simple scripts in atlas.

✅ Refactor test of blueprint’s feature inside atlas to make use of unified testing mechanism.

✅ Improve profitability check of SORs to account for non-ADA pairs. Now it is checked that ADA equivalent of arbitraged non-ADA tokens is enough to compensate for ADA lost due to fees.

✅ Configure code-formatting in CI for some of our Haskell repositories.

✅ Add documentation on atlas’s support of blueprints & simple script in https://atlas-app.io.

Infrastructure and Build Systems:

✅ Different resource utilization and cost optimizations across our infrastructure and different workloads

✅ Various cost optimizations of the clusters and data storage solutions

IT Security, Auditing and Code Analysis:

✅ Deployment of different security updates and patches.

✅ Further improved the security of our company internal systems.

October 1st, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading

✅ Research around market making strategies and existing trading strategy frameworks.

✅ Onboarding of new algorithmic trading engineer.

✅ Various new trading strategies: single_order_strategy market making strategy, simple_rsi_bollinger_strategy, fear_and_greed_index_strategy and combined_rsi_bollinger_strategy

✅ Resolve bug on the Earn page that caused some Staking Vaults to not display correctly.

✅ Support for trading of non-ADA pairs (In Progress).

Frontend Clients, User Experience and Websites

✅ Trading Bot Analytics V1: A brand new feature of the Genius Yield Platform where users are able to register and view the performance of their own and other trading bots.

✅ Added $OMNI, $DEDI, $SKY and $MOGI to the list of available tokens to trade.

✅ Removed warning label on Lace wallet as it is no longer experiencing issues.

Backend Systems, Databases and On-Chain Data Indexing

✅ Trading Bot Analytics backend implementation.

✅ Different bug fixes around stake vault handling.

✅Support for trading of non-ADA pairs (In Progress).

Core, Blockchain Engineering and Smart Contracts

✅ Updating all transaction building components to be Conway ready. This includes updates being made to:

• Atlas

• DEX API

• Smart order routers

• Market making bots

• DEX Lucid SDK

• Maestro’s Haskell SDK

• Blockfrost’s Haskell SDK

• Lucid evolution

• Cardano ledger backend, Ply, and other upstream libraries.

✅ Collaborating with different Cardano wallet extensions to resolve for encountered transaction building bugs.

✅Updated Blockfrost SDK to add support of Conway related protocol parameters and also to represent cost models as list of integers.

✅Updated Atlas to not hardcode protocol parameters for Maestro & Blockfrost provider.

✅Ability to create users in GYTxGameMonad.

✅ Extend fee tracker to be able to track unexpected gains from inputs.

✅Finished support of Simple (Native) scripts.

✅ Added support of Blueprints (CIP-57).

Infrastructure and Build Systems:

✅ Updated different GY systems to be Conway ready.

✅ Diverse improvements of the deployment automation for different backend components.

✅ Various cost optimizations of the clusters and data storage solutions.

✅ Different resource utilization and cost optimizations across our infrastructure and different workloads

IT Security, Auditing and Code Analysis:

✅ Deployment of different security updates and patches.

✅ Further improved the security of our company internal systems.

August 5, 2024

Trading Bot Infrastructure, Quantitative Analysis, and Algorithmic Trading:

✅ Conducted research on market-making strategies and existing trading strategy frameworks.

✅ Developed a new trading strategy incorporating market sentiment analysis.

✅ Initiated CCxT integration for the Genius Yield DEX.

✅ Began FreqTrade integration for the Genius Yield DEX.

✅ Fixed a market maker bug for indivisible tokens (arithmetic underflow issue).

✅ Implemented TapTools API integration to provide price information for the Market Making Bot.

Frontend Clients, User Experience, and Websites:

✅ Developed the Trading Bot Dashboard.

✅Implemented various bug fixes, such as improving the MAX button behavior.

✅ Removed warning for the Lace browser extension wallet, which is now officially supported.

✅ Made minor UI improvements, including enhancements to chart components.

✅ Added eight new token pairs to the official DEX frontend: MNT, C4, CLARITY, CERRA, rsRSN, rsBTC, ANGELS, NIKE

Backend Systems, Databases, and On-Chain Data Indexing

✅ Implemented backend functionality for the trading bot dashboard.

✅ Developed automated integration tests for Multi-Fill features.

✅ Enhanced performance for stake-vaults query (earn tab) and traceability, observability, and logging systems.

✅ Updated fill features to support multi-fill mode.

Core, Blockchain Engineering, and Smart Contracts

✅ Improved traceability and observability of core components.

✅ Updated the system to the latest OS release and GHC version.

✅ Made various improvements to the Atlas PAB, including unified testing for privnet and CLB, fixed conversion errors for Open API schema generation, and enhanced the logging API.

✅ Added native script support to the Atlas PAB.

✅ Ongoing work to prepare Atlas for the upcoming Chang hard-fork (Conway).

✅ Fixed issues in lucid for AdaMarkets integration and resolved bugs in Atlas for Swagger2 to OpenApi3 conversion, token name parsing, and transaction building monads.

✅ Provided support to integration partners, including AdaMarkets, DexHunter, and SteelSwap.

✅ Updated server components inside dex-contracts-api with the latest Atlas updates and additional fields to facilitate transaction building.

Infrastructure and Build Systems

✅ Improved deployment automation for various backend components.

✅ Refactored internal database access mechanisms for increased reliability.

✅ Automated data collection for the trading bot dashboard.

✅ Fixed issues with load balancing of the core component.

✅ Implemented various cost optimizations for clusters and data storage solutions.

IT Security, Auditing, and Code Analysis

✅ Deployed multiple security updates and patches.

✅ Further strengthened the security of internal company systems.

June 17, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Preparation for the first trading competition.

✅ Different minor improvements in the Python SDK and the Strategy Executor Framework; like support for direct fills for example.

✅ Further polishing and testing of the Bollinger bands based example trading strategy implementation.

✅ On-going work on the Emurgo Academy course about Genius Yield and algorithmic trading on the Genius Yield DEX.

Frontend Clients, User Experience and Websites:

✅ Staking V2 UI changes.

✅ Staking V2 goes live with changes including GENS flex staking as well as Rewards Multiplying revenue sharing staking vaults.

✅ Added $NVL token.

✅ Update $MILK token to use the correct muesli icon.

✅ Added functionality to bin price charts on the DEX into time windows such as 1h, 4h, 1d etc.

✅ Improve error messages shown in the Staking platform.

✅ Added $SPLASH.

✅ Added warning to users that the Lace wallet is experiencing issues.

Backend Systems, Databases and On-Chain Data Indexing:

✅ Added reward distribution differentiation between Accelerated Yield and Vault Staking rewards.

✅ Significant Staking platform refactoring and performance improvements. Loading staking vaults is now more than twice as fast.

✅ Backend support for the bin price chart on the DEX UI.

Core, Blockchain Engineering and Smart Contracts:

✅ Staking V2 support.

✅ Rewards distribution automation improvements.

✅ Improved logging, request logging, traceability and observability of the core systems.

Infrastructure and Build Systems:

✅ Maintenance, cleaning-up and deploying updates and implementing different minor improvements.

✅ Implemented different cloud cost optimization measures to further decrease the costs of operating the GY cloud infrastructure.

IT Security, Auditing and Code Analysis:

✅ Deployment of different security updates and patches.

May 8th, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅ Finalized the first beta version of the Trading Bot API

✅ Implemented the Trading Bot API with the Market Maker Bot backend by reusing the DEX Contacts API

✅ Explored the possibility of implementing a simulator backend for the trading bots

✅ Research around end-to-end Artificial Intelligence / Machine Learning based trading bots

✅ Conducted research around topics like: how to measure the efficiency of trading bots?

✅ Market Maker Bot: Added support for retrieving price information from the TapTools API

Frontend Clients, User Experience and Websites:

✅ Added Candlestick Charts

✅ Added USDM to the DEX Frontend.

✅ Update outdated application fee tooltip text & style

✅ Updated and improved the token inputs dropdowns of the DEX Frontend Client

✅ Changed the DEX Frontend Client to always display prices in ADA in the Order Card

✅ Implemented improvements for the fiat valuation calculation for the Best Available Order feature

✅ Added release notes support to the DEX Frontend (feature release: soon)

✅ Security updates, minor improvements and bug fixes

Backend Systems, Databases and On-Chain Data Indexing:

✅ Implemented GENS and GENSX Circulating Supply endpoints.

✅ Bug-fix: “no orders found“ when user is disconnected.

✅ Bug-fix: rounding error for total fill amount of market orders

✅ Security updates, minor improvements and bug fixes

✅ Added support for the new v2 MILK token.

✅ Consolidation of the ISPO Dashboard backend, leading to more maintainable technical solution, that is not only easier to maintain, but also cheaper to run and fits better into our application landscape.

✅ Gathered requirements for future staking and profit-sharing improvements

✅ Internal and public testing of the newly developed multi-fill feature

Core, Blockchain Engineering and Smart Contracts:

✅ Added support for multiple versions of the DEX smart contracts.

✅ Preparation for open-sourcing the DEX smart contracts.

✅ Update Core to be using the latest Atlas release.

✅ Atlas: added a new feature to support adding metadata messages.

✅ Security updates, minor improvements and bug fixes

Infrastructure and Build Systems:

✅ Deployed the USDM Market Maker Bot.

✅ Upgraded the CI System machines images to the most recent release of the distribution form 2024/Q1

✅ Upgraded Infrastructure-as-Code tooling to the the most recent versions, including IaC tools and plugins

✅ Housekeeping and further polishing the infrastructure and automation around the GENS1 pool.

✅ Further improved resiliency and automatic failure recovery of the backend system, concentrating on the Core, making sure that NoOps is possible (automatic failure recovery without manual intervention with zero manual operations effort)

✅ Security updates, minor improvements and bug fixes

IT Security, Auditing and Code Analysis:

✅ Further improved security of accessing different internal systems.

✅ Removed cyber-squatting website, protecting our customers from malicious intent.

✅ Review of penetration test procedures and reports.

✅ Risk assessment and mitigation of the current development practices.

Updates:

April 3rd, 2024

Trading Bot Infrastructure, Quantitative Analysis and Algorithmic Trading:

✅Finalized the first beta version of the Trading Bot API.

✅ Implemented the Trading Bot API with the Market Maker Bot backend by reusing the DEX Contacts API.

✅ Market Maker Bot: Added support for retrieving price information from the TapTools API.

Frontend Clients, User Experience and Websites:

✅ The "below market price" feature has been updated to accommodate this change by now displaying "below" when selling ADA and "above" when buying ADA.

✅ Added USDM to the DEX Frontend.

✅ Update outdated application fee tooltip text & style.

✅ Updated and improved the token inputs dropdowns of the DEX Frontend Client.

✅ Changed the DEX Frontend Client to always display prices in ADA in the Order Card.

✅ Implemented improvements for the fiat valuation calculation for the Best Available Order feature.

✅ Added release notes support to the DEX Frontend (feature release: soon).

Backend Systems, Databases and On-Chain Data Indexing:

✅ Implemented GENS and GENSX Circulating Supply endpoints.

✅ Bug-fix: “no orders found“ when user is disconnected.

✅ Bug-fix: rounding error for total fill amount of market orders.

✅ Added support for the new v2 MILK token.

✅ Internal and public testing of the newly developed multi-fill feature.

Core, Blockchain Engineering and Smart Contracts:

✅ Added support for multiple versions of the DEX smart contracts.

✅ Preparation for open-sourcing the DEX smart contracts.

✅ Update Core to be using the latest Atlas release.

✅ Atlas: added a new feature to support adding metadata messages.

✅ Security updates, minor improvements and bug fixes.

Infrastructure and Build Systems:

✅ Deployed the USDM Market Maker Bot.

✅ Upgraded the CI System machines images to the most recent release of the distribution form 2024/Q1.

✅ Upgraded Infrastructure-as-Code tooling to the the most recent versions, including IaC tools and plugins.

✅ Housekeeping and further polishing the infrastructure and automation around the GENS1 pool.

✅ Further improved resiliency and automatic failure recovery of the backend system

IT Security, Auditing and Code Analysis:

✅ Further improved security of accessing different internal systems.

✅ Removed cyber-squatting website, protecting our customers from malicious intent.

✅ Review of penetration test procedures and reports.

March 2nd, 2024

Trading Bot Infrastructure, Quantitative Analysis, and Algorithmic Trading:

✅ Initial Trading Bot API specification available in the public MMB repository, which in the future will enable integration of user made trading strategies.

✅ Review of the Open API Specification of the Bot API.

✅ Implementation of the Bot API on the MMB side has been started and this is going to enable to implement trading strategies in any programming language, like Python or Typescript, thanks to the programming language agnostic API.

✅ Published version 0.2.1 of the Market Maker Bots with several significant updates (changelog).

✅ Registered several proposals for the CARDANO BUIDLER FEST #1, including topics like operating Smart Order Routers, algorithmic trading on the Genius Yield DEX and blockchain event streaming.

✅ Created a step-by-step tutorial for spinning up an MMB instance on AWS.

✅ Supported dozens of MMB operators in spinning up their own Genius Yield Market Maker Bots with their custom configuration for various token pairs.

✅ Conducted research around open source, publicly available quantitative analysis tooling.

Frontend Clients, User Experience and Websites:

✅ Added trading pairs like FLDT, FREN and DRIP.

✅ Added support for persisting wallet connection (automatically re-connect wallet)

✅ Implemented Yield Farming Rewards UI & API integrations

✅ Security updates, minor bug-fixes, addressing of different kinds of code-smells detected via static code analysis.

✅ Launched two subpages: Market Maker Bots and Smart Order Routers.

✅ Made progress on an AI chatbot for supporting Market Maker Bot operators in spinning up their own MMB instances

✅ UI/UX Prototyping: below and above market price labels and quick select buttons.

✅ Various improvements of the DEX Frontend Client for our dApp.

Backend Systems, Databases and On-Chain Data Indexing:

✅ Backend support for DEX fee sharing.

✅ DEX: Design and implement the first version of configurable multi-fill support with pluggable optimization strategies.

✅ Exploring the problem space and possible alternative solutions, like using off-the-shelve optimization tools like "HiGHS - high performance software for linear optimization", approximation algorithms and efficiency of naïve implementations.

✅ Multi-fill support with optimized and efficient order selection (work in progress).

Core, Blockchain Engineering and Smart Contracts:

✅ Accelerated Yield Event and DEX fee sharing implementation.

✅ Optimized rewards claiming.

✅ Added support for cancelling orders in batch for MMBs.

✅ Minor bug fixes.

✅ Various updates to the build process (CICD).

✅ Internal Tooling: Implemented DEX analysis toolchain to analyze different DEX metrics.

✅ Various improvements to the MMB.

✅ Multi-fill support on the core side.

✅ Various improvements to the transaction building server such as improved error handling and error messages.

IT Security, Auditing and Code Analysis:

✅ Detailed planning and preparation of the future incentivized bug bounty program.

✅ Preparation for the open-sourcing of the smart-contracts.

✅ Requesting the removal of the cybersquatting domain (protection of our users).

✅ Security hardening of several subsystems, updates, security patching and further hardening of the production systems and the Genius Yield Cloud infrastructure (due to the nature of this topic, we cannot disclose further information).

November 24th, 2023

Testnet update

We've been busy during the Alpha testnet and wanted to cover some of the items we've been focusing on. Testing is ongoing but we are confident we will move to a public testnet very soon. Changes made include:

✅ Changes in the smart contract and fee structure which allows up to sync with DEX aggregators and remain flexible in the future

✅ Line chart functionality

✅ Order book redesign based on Alpha testers feedback

✅ Adding more tokens for a more robust testing environment

✅ Started optimizing our market making bots, which will be open-sourced at launch, making it easy to place liquidity on Genius Yield's DEX

November 7th, 2023

Testnet update

We've been diligently working during the Alpha testnet and wanted to cover some of the items we've been focusing on. It is important to note that changing the fee structure meant optimizing and modifying both the smart contract and the UI, resulting in some delays.

Changes made include:

✅ Removal of minimum fill amount and fill fee.

✅ The requirement for the market maker to pay the fill fees for the market taker has been eliminated, easing SOR requirements. Fill fees are now paid by the order taker, eliminating the need for a minimum fill limit. Orders can now be filled for arbitrary amounts. Additionally, the partial fill limit has been removed from the advanced settings and is no longer enforced by the order book direct fill or the best available when finding the best available order for the given amount.

✅ Bug fixes for 'Best Available' slippage.

✅ A bug that previously misapplied slippage conditions when finding the best available order has been fixed. Orders should now correctly adhere to slippage tolerances.

✅ Sorting and filtering for Order tables (explore and my order).

✅ Controls for table sorting and filtering have been added to the order list tables on the Explore and Swap pages.

✅ Order book enhancements.

✅ The order book now supports both sell and buy actions for a specific token.

✅ Various minor performance enhancements have been implemented in the client.

September 29th, 2023

Web Team

✅Multiple UI Improvements

✅Implemented market order functionality

✅Implemented best available order selection

✅Improved DEX performance and speed

✅Addressed several bugs

Haskell Team

✅Improved SOR functionality

✅Prepared for SORs to be open sourced

✅Addressed Edge cases

September 8th, 2023

Web Team

✅ DEX integration: frontend integrations of partial limit order and time limit orders

✅ DEX fees: frontend fees calculation and support of USD token value conversion

✅ General improvements: order event handling refactored, partial fill logic update, extend projections.

Haskell Team

✅ SOR Optimization: improved performance & matching for multiple token pairs

✅ DEX integration: tested matched fills, direct fills, time limit orders and failed events

✅ DEX contract: used ref script and move Order NFT to Ref input

✅ General updates: upgrade Cardano node, PSM & GHC update, improved privnet testing

General Information

The $GENS Public Sale will distribute three (3) million $GENS on the Genius X Launchpad.

Priority will be given to investors who participated in the Genius Yield ISPO. The first three rounds during the $GENS Public sale will be tiered depending on the Bonus Reward Program categories.

Regardless of the $GENS amounts and bonus rewards eligibility, all qualifying investors will earn the right to purchase in the upcoming Public Sale.

Even if you qualify for both a staking duration category (Diamond Hands, HODLer, FOMO) and a delegation amount category (Ape, Degen, Shark), you can still only buy in one round.

The $GENS Public Sale will be divided into four (4) Rounds.

Token Allocations

The minimum purchase for all four rounds is 50 $GENS tokens and the maximum purchase is 10,000 $GENS tokens as the launchpad allows for oversubscription. If you want to learn more about the Genius X Launchpad and its exciting features, please read this Medium article. All GENS tokens not purchased in each of the first three rounds will be reallocated to Round 4.

KYC and Whitelisting

Due to Swiss law, all people participating in the public sale must complete the KYC process. Know Your Customer (KYC) are a set of standards used within the investment and financial services industry to verify customers. To be whitelisted for the public sale, you'll need to confirm your bonus rewards eligibility and complete the KYC process.

We are sorry to have to inform you that due to legal reasons, investors from the following countries cannot participate in the $GENS Public Sale Rounds. With advice from our legal team and partners, we decided not to include the following countries because of regulatory reasons :

Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, Democratic People's Republic of Korea (DPRK), Haiti, Iran, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, Republic of South Sudan, Syria, Turkey, Uganda, United Arab Emirates, Yemen, Russia, Belarus, and the USA.

What will happen to GENS4 pool?

GENS4 will stop accumulating GENS tokens on February 13th and the pool will be retired on February 18th, 2022. Note: it will still show up on wallets, because it can't be completely de-registered.

Where should GENS4 delegators move their stake to?

Delegators should switch their delegations to GENS1, GENS2, or GENS3, unless they are saturated.

Did GENS4 pool stop allocating GENS tokens to delegators?

No, GENS4 delegators continued to accumulate GENS tokens even after the pool stopped creating blocks. However, GENS rewards will stop on February 13th, 2022.

Were the other GENS pools affected by the GENS4 key issue?

No, all other GENS pools have been reliable and performing well.

Will GENS4 delegators be compensated for the inconvenience for changing pools?

Yes! 200,000 GENS tokens will be allocated and shared proportionally across all GENS4 delegators that switch to another GENS pools and maintain their stake until the end of the ISPO:10th May, 2022.

How will GENS4 delegators qualify for the 200,000 GENS reward?

All wallets delegating to GENS4 at the time of the public announcement on Feb 3rd, qualify for the bonus reward if they switch to another GENS pool by Feb 13th 2022 and maintain their stake until the end of the ISPO.

When will the compensated GENS tokens be transferred?

Compensated GENS tokens will be added to a delegator’s total GENS allocation and airdropped based on the ISPO vesting schedule.

How will the compensated GENS token calculate for each delegator?

200,000 GENS will be divided proportionally across GENS4 delegators that switch to another GENS pool by Feb 13th.

When will I receive my GENS rewards?

50% airdropped January 1st, 2023

50% airdropped June 1st 2023

What if a GENS pool gets saturated?

If a pool gets saturated you can’t delegate more ADA to it. You won’t earn any GENS rewards. As of now, pool saturation is at 68.4 million ADA.

How will GENS rewards be calculated?

The rewards will be both proportional to the amount delegated and the duration of the delegation. In other words, the more ADA you delegate and the longer you delegate the more you will earn GENS tokens.

What is the difference between the 100% and 50% GENS pool?

By delegating to the 100% pool, you will accumulate twice as many GENS tokens compared to the 50% pool. In the 50% pool you are only giving away 50% of your ADA staking reward and therefore accumulate only half of the possible GENS per epoch.

The last snapshot will be at the start of epoch 338.

Did the bonus rewards eligibility change?

No, the original epoch requirements apply. For example, you still need 28+ epochs with 500 ADA or more to qualify for the Diamond Hands NFT.

Without our amazing community Genius Yield would not be where it is today. This is why we want to reward our biggest fans and members of the community that believed in us since the beginning!

On top of regular ISPO rewards, delegators can get additional rewards by qualifying for our Bonus Reward Program. Based on how long and how much you delegate you can win a significant amount of Bonus GENS and receive one or even two limited-edition Genius NFT! This ISPO NFTs will have the unique utility to unlock the GENS staking reward program for vested GENS.

Bonus Reward Program

Below are the criteria and rewards for each prize.

Concrete Example

Let's say the ISPO ends with these numbers of winners in each categories:

The equation governing the bonus allocation is as follows:

Therefore, these should be the bonus amounts available in each category

You can check that all rewards add back up to 1 Million GENS

The categories have been designed such that anyone can participate and get a Bonus Reward!

Genius Yield would like to recognize and thank all the security researcher who have submitted a vulnerability report and help us improve the security of our services.

• Sana Tahir

Rounds 1-3

The first three rounds are open to delegators who are eligible for an ISPO NFT and have completed the whitelist process.

Round 4

Round 4 is open for all investors who failed to secure a slot in Round 1, 2, or 3. In this round, everybody from late ISPO delegators to ADA holders who didn’t participate in the ISPO will have a chance to purchase GENS. All $GENS tokens not purchased in each of the first three rounds will be reallocated to Round 4.

Price Per Round

Genius Yield values our loyal delegators and designed the pricing structure to reflect that. Thank you for your support!

TERMS OF USE December 2023 This end-user agreement (the "Agreement") should be read by you (the "User") in its entirety prior to your use of Genius Yield Association’s Services or products. Be aware that this Agreement constitutes a legally binding agreement between you and Genius Yield Association (referred to herein as "Genius Yield", "us" or "we") which owns and operates the website on the Internet and the Services at https://www.geniusyield.co/ (the "Services"). By accessing or using the site or Genius Yield Services, you agree that you have read, understood, and agree to be bound by this agreement.

1. General Conditions of use

1.1. By signing up to use an account through any of the Genius Yield Users’ social websites made available through the Genius Yield Platform, you agree to comply with and be legally bound by this Agreement. If you do not agree to any of the terms set forth in this Agreement or any subsequent modification to the Agreement, you may not access or use any of the Genius Yield Services and must stop use of them immediately.

1.2. We may amend or modify this Agreement by posting such amended or modified Agreement ("Revised Agreement") on the Genius Yield Platform. By continuing to access or use the Genius Yield Services once the Revised Agreement is effective, you agree to be bound by its terms.

1.3. To be eligible to use the Genius Yield Services, you must be at least 18 years old (or the applicable age of majority and contractual capacity in each qualifying jurisdiction). By accessing or using the Genius Yield Services you represent and warrant that you are 18 or older.

1.4. Genius Yield disclaims any and all warranties, expressed or implied, in connection with the Services which are provided to you "as is" and we provide you with no warranty or representation whatsoever regarding its quality, fitness for purpose, completeness, or accuracy.

1.5. The term "Genius Yield", its domain names and any other trademarks, or Services marks used by Genius Yield as part of the Services (the "Trademarks"), are solely owned by Genius Yield. In addition, all content on the website, including, but not limited to, the images, pictures, graphics, photographs, animations, videos, music, audio, and text (the "Site Content") belongs to Genius Yield and is protected by copyright and/or other intellectual property or other rights. You hereby acknowledge that by using the Services, you obtain no rights in the Site Content and/or the trademarks, or any part thereof. Under no circumstances may you use the Site Content and/or the trademarks without Genius Yield’s prior written consent. Additionally, you agree not to do anything that will harm or potentially harm the rights, including the intellectual property rights of Genius Yield.

2. Disclaimer

GENIUS YIELD IS NOT A REGULATED ENTITY (BANK, SECURITIES FIRM, FINANCIAL INSTITUTION, FINANCIAL SERVICES PROVIDER OR PROVIDER OF SIMILAR SERVICES) AND DOES NOT PROVIDE INVESTMENT OR FINANCIAL ADVICE, FINANCIAL SERVICES OR CONSULTING SERVICES TO USERS OF THE SERVICES.

3. Authority/Terms of Services: You agree to the rules of the Services provided and described on the https://www.geniusyield.co/ website. Genius Yield retains all authority over the issuing, maintenance, and closing of the Services. The decision of Genius Yield concerning any use of the Services, or dispute resolution, is final and shall not be open to review or appeal.

4. Your Representations and Warranties: Prior to your use of the Services and on an ongoing basis you represent, warrant, covenant, and agree that:

4.1. There is a risk of losing cryptocurrency and other funds of value when using the Services and Genius Yield has no responsibility to you for any such loss;

4.2. Your use of the Services is at your sole option, discretion, and risk. You hereby accept full responsibility for any consequences that may arise from your use of the Services, and expressly agree and acknowledge that Genius Yield shall have absolutely no liability in this regard.

4.3. You are solely responsible for any applicable taxes which may be payable on cryptocurrency traded or transacted by you through your using the Services;

4.4. Any cryptographic tokens, blockchain technology, or distributed ledger technology-related projects are new and relatively untested, and outside of both our and our Users’ exclusive control. Any adverse changes in market forces, technology, and regulatory environment impacting our performance under this Agreement shall absolve us from responsibility in this regard, including but not limited to hacking attacks, possible theft, unfavorable regulatory action, or unclear legal/tax status of cryptographic tokens.

4.5. (i) You are eighteen years of age or older, (ii) you are of the age of majority in your jurisdiction, (iii) you are accessing the Services from a jurisdiction in which it is legal to do so, (iv) your use of the Services is not prohibited by applicable law, and at all times compliant with applicable law; and (v) you are solely responsible for use of the Services and, if applicable, for all activities that occur on or through your User account.

5. Assumption of Risks By accessing and utilizing any of our Services, you represent and warrant that you possess adequate technical and financial knowledge to comprehend the inherent risks involved in using cryptographic and blockchain-based systems. You also acknowledge and understand the intricacies of digital assets, including but not limited to Cardano (ADA), stablecoins, and other digital tokens. You further acknowledge and understand that the markets for these digital assets are nascent and highly volatile due to factors such as adoption, speculation, technology, security, and regulation. You also acknowledge and understand that anyone can create a token, including fake versions of existing tokens and tokens that falsely claim to represent projects.

You specifically acknowledge and accept the risks associated with such tokens and understand that so-called stablecoins may not be as stable as they purport to be, may not be fully or adequately collateralized, and may be subject to panics and runs. Moreover, you understand that smart contract transactions automatically execute and settle, and that blockchain-based transactions are irreversible once confirmed. You acknowledge and accept that the cost and speed of transacting with cryptographic and blockchain-based systems, such as Cardano, are variable and may increase dramatically at any time. If you act as a liquidity provider to the protocol through the interface, you understand that your digital assets may lose some or all of their value while they are supplied to the protocol through the interface due to the fluctuation of prices of tokens in a trading pair or liquidity pool. In summary, you acknowledge and agree that we are not responsible for any of these variables or risks, do not own or control the protocol, and cannot be held liable for any resulting losses that you may incur while accessing or using any of our products. Accordingly, you understand and agree to assume full responsibility for all the risks of accessing and using the interface to interact with the protocol.

6. User Interface and Protocol The User Interface (“UI”) is a web or mobile-based platform that facilitates access to a decentralized protocol on the Cardano Blockchain, which enables users to trade compatible digital assets (the “Protocol”). The UI is separate from the Protocol and is one of the methods, but not the sole means of accessing it. The Protocol is a decentralized peer-to-peer computer Services protocol that users can access to provide digital asset liquidity, trade Cardano tokens or tokens of other blockchains with other users, and perform other tasks. By using the Interface, you acknowledge that you are not engaging in the purchase or sale of digital assets from Genius Yield, and we do not operate any liquidity pools.

Your use of the Protocol involves various significant risks, including, but not limited to, financial loss while digital assets are being supplied to the Protocol and financial loss due to the fluctuation of prices of tokens in a trading pair or liquidity pool. Genius Yield does not provide, own, or control the Protocol, which is run independently by smart contracts deployed on the Cardano blockchain. The Protocol does not constitute an account by which Genius Yield or any other third parties act as financial intermediaries or custodians. While the software code has undergone beta testing and continues to be improved by feedback from the developer community, open-source contributors and beta-testers, we cannot guarantee that there will be no bugs in the Protocol. Some upgrades and modifications to the Protocol could be proposed and potentially implemented via a community-driven process by holders of GENS, the Genius Yield token.

Before using the Protocol, you should closely review the relevant documentation to make sure that you understand how the Protocol works and the risks of your use of the Protocol.

Traders’ fees for trades are generally credited to liquidity providers for the Protocol or Protocol owned liquidity. Genius Yield does not typically provide liquidity into Protocol liquidity pools, and liquidity providers are autonomous third parties.

To access the UI, you must use non-custodial wallet software that enables interaction with public blockchains. Your relationship with the non-custodial wallet provider is regulated by the applicable Terms of Services, including those of third-party wallets under this Agreement. Genius Yield does not have custody or control over the contents of your wallet, and we cannot retrieve or transfer its contents. By connecting your wallet to our interface, you accept to be bound by this Agreement and all of its incorporated terms.

7. Prohibited Uses and Termination

7.1. In connection with your use of the Genius Yield Services, and your interactions with other Users, and third parties you agree and represent you will not engage in any illegal, unauthorized, or improper activity, which are: ● Infringe any proprietary rights, including but not limited to copyrights, patents, trademarks, or trade secrets of Genius Yield; ● Use the Services to transmit any data or send or upload any material that contains viruses, Trojan horses, worms, time-bombs, keystroke loggers, spyware, adware, or any other harmful programs or similar computer code designed to adversely affect the operation of any computer software or hardware; ● Make any backup or archival copies of the platform or any part thereof, including disassembling or de-compilation of the platform;

7.2. We reserve the right to (a) modify or discontinue any portion of the Genius Yield Services, and (b) suspend or terminate your access to the Genius Yield Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the Genius Yield Services, or suspension or termination of your access to the Genius Yield Services, except to the extent otherwise expressly set forth herein.

8. Non-Solicitation: You agree and understand that all usage of the site and the Services is considered unsolicited, which means that you have not received any investment, legal, tax or financial advice from us in connection with any such usage, and that we do not conduct a suitability review of any such usage. All information provided within the site or the Services is for informational purposes only and should not be construed as investment, legal, tax or financial advice.

9. No Fiduciary Duties: These Terms are not intended to, and does not, create or impose any fiduciary duties on us. To the fullest extent permitted by law, you acknowledge and agree that we owe no fiduciary duties or liabilities to you or any other party, and to the extent any such duties or liabilities may exist at law or in equity, those duties and liabilities are irrevocably disclaimed, waived, and eliminated. You further agree that the only duties and obligations that we owe you are those expressly set out in these Terms.

10. Retention of Intellectual Property Rights of the Genius Yield Platform

10.1. The Genius Yield Platform and all Genius Yield Services, including their design elements or concepts and any underlying intellectual property, including, but not limited to, all trademarks, are the property of Genius Yield and/or Genius Yield Customers (as applicable), and are protected by copyright, patent, trade secret, and other intellectual property laws.

10.2. Genius Yield and Genius Yield Customers retain any and all rights, title, and interest in and to the Genius Yield Platform and and to the Genius Yield Services (including, without limitation, all intellectual property rights), including all copies, modifications, extensions, and derivative works thereof. Your right to use the Genius Yield Platform and Genius Yield Services is limited to the rights expressly granted in these Terms. Except as stated in these Terms, nothing in these Terms should be construed as conferring any right in or license to Genius Yield’s or any third party’s intellectual rights.

10.3. You may not: Copy, create derivative works, distribute, publish, reverse engineer, decompile, disassemble, modify, or translate the Genius Yield website or the Services; or Use the Services that in any way is prohibited by applicable laws or regulations (each of the above herein defined as an "Unauthorized Use"). You agree that you will be solely responsible for any damage, costs, or expenses arising out of or in connection with any unauthorized use by you

11. Jurisdiction and Governing Law

11.1. The laws of Switzerland (with the exclusion of any rules that might lead to the use of any other law which is not the law of Switzerland) will govern the validity and construction of this Agreement, any separate agreement whereby we provide you any Services and any dispute arising out of or in relation to this Agreement or such separate agreement.

11.2. You may not use the Services if you are located in, or are a citizen or resident of any state, country, territory or other jurisdiction where your use of the Services would be illegal or where your use of the Services would amount to any violation of any applicable law either by you or by Genius Yield, which is your obligation to check before using the Services, including but not limited to (i) the United States (being the United States of America (including the states and District of Columbia) and any of its territories, possessions and other areas subject to its jurisdiction); (ii) China; (iii) Canada; (iv) Russia (v) any Financial Action Task Force (FATF) high-risk jurisdiction or a FATF jurisdiction with strategic deficiencies; (vi) Cuba; (vii) Democratic People’s Republic of Korea (North Korea); (viii) Iran; (ix) Pakistan; (x) Syria; (xi) the Crimea region of Ukraine; (xii) United Kingdom, (xiii) European Union member states, (xiv) Japan, (xv) South Korea, (xvi) Australia, and (xvii) any jurisdiction for which Services, or any offer or solicitation in respect of the Services, would require registration or licensing not obtained by Genius Yield or otherwise would be unlawful. The Services are also not available to any person who is the subject of economic or financial sanctions or trade embargoes administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control (OFAC) or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom; or (c) any other relevant sanctions authority (Sanctions) or is organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions.

For the avoidance of doubt, the foregoing restrictions on Services from prohibited jurisdictions apply equally to residents and citizens of other nations while located in a prohibited jurisdiction. Any attempt to circumvent the restrictions on usage by any persons located in a prohibited jurisdiction or restricted jurisdiction is a breach of this Agreement. An attempt at circumvention includes, but is not limited to, manipulating the information used by Genius Yield to identify your location and providing Genius Yield with false or misleading information regarding your location or place of residence. We may implement controls to restrict access to the Services from any jurisdiction prohibited pursuant to these Terms. You agree to comply with these Terms even if our methods to prevent the use of the Services are not effective or can be bypassed.

12. Third-Party Services

12.1. The Services may include Services, content, and information owned, made available, or otherwise licensed by a third party ("Third-Party Services") or contain links to Third Party Services. You understand that Third-Party Services are the responsibility of the third party that created or provided it and acknowledges that the use of such Third Party Services is solely at your own risk.

12.2. Genius Yield makes no representations and excludes all warranties and liabilities arising out of or pertaining to such Third Party Services, including its accuracy or completeness.

12.3. All intellectual property rights in and to Third-Party Services are the property of the respective third parties.

13. Genius Yield Token

13.1. Genius Yield issued a blockchain-based token called "GENS Token" on the Cardano Network. GENS Token is classified as the utility token designed to be used solely on the Genius Yield Platform.

13.2. Users who stake GENS Tokens in our staking pools will be eligible to participate in the fee-sharing program.

13.3. Users who stake GENS Tokens in our staking pools are getting additional rewards in the form of GENS tokens. Each staking pool provides a dynamic annual percentage yield (APY). This number is not a guarantee and can be changed at any time. We are not responsible for your potential losses when the staking pool APY is adjusted.

13.4. GENS Token is not considered a security of any kind, and it also does not carry any right to vote, manage or share in the Genius Yield Platform.

13.5. GENS Token is neither money nor legal tender/currency, whether fiat or otherwise, and it does not carry any value whether it is intrinsic or assigned.

14. Breach

14.1. Without prejudice to any other rights, if a User breaches in whole or in part any provision contained herein, Genius Yield reserves the right to take such action as it sees fit, including terminating this Agreement or any other agreement in place with the User and/or taking legal action against such User.

14.2. You agree to indemnify and hold harmless Genius Yield, its affiliates, subsidiaries, licensors, and their respective directors, officers, members, managers, employees, and agents from and against any and all claims and expenses arising out of your use of the Services, a breach of any provision of these Terms by you or any person using the Services on your behalf, a breach by you of any applicable laws, or any third-party claim to the extent arising from or connected with an allegation that your use of the Services in accordance with these Terms infringes any rights of a third party.

15. Force Majeure

15.1. Genius Yield shall have no liability for delays, failure in performance, or interruption of Services which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, the act of civil or military authorities, the act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet Services or network provider Services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.

15.2. You agree to indemnify and hold harmless Genius Yield, its affiliates, subsidiaries, licensors, and their respective directors, officers, members, managers, employees, and agents from and against any and all claims and expenses arising out of your use of the Services, a breach of any provision of these Terms by you or any person using the Services on your behalf, a breach by you of any applicable laws, or any third-party claim to the extent arising from or connected with an allegation that your use of the Services in accordance with these Terms infringes any rights of a third-party.

16. Miscellaneous

16.1. Severability: If a provision of this Agreement is or becomes illegal, invalid, or unenforceable in any jurisdiction, that shall not affect the validity or enforceability in that jurisdiction of any other provision hereof or the validity or enforceability in other jurisdictions of that or any other provision hereof.

16.2. Assignment: Genius Yield reserves the right to assign this Agreement, in whole or in part, at any time without notice. The User may not assign any of his/her rights or obligations under this Agreement.

16.3. Third-Party Rights: Unless expressly provided to the contrary in this Agreement, a person who is not a party to this Agreement has no right to enforce or to enjoy the benefit of any term of this Agreement. Notwithstanding any term of this Agreement, no consent of any party who is not a party to this Agreement shall be required for the waiver, variation, or termination of any part of this Agreement.

16.4. Support and Notice: All notices, requests, demands, and determinations for Genius Yield under these Terms (other than routine operational communications) shall be sent to support@geniusyield.co.

How do I take part in governance?

By simply holding $GENS, even if staked in the Genius Yield staking app. Voting sway and power are derived from the $GENS holdings of the participant. The reasoning behind this is that those holding more $GENS are more invested in the project. Therefore, they have a more significant incentive to succeed and prosper.

$GENS holders can see proposals and vote.

Voting

Voting requires holding of $GENS, which can simply be stored in a wallet or staked in the Genius Yield staking app. There is no need to remove the stake to vote. Voting power is based directly on the amount of $GENS each voter holds.

Genius Yield

Genius Yield Association (“Genius Yield” or “we”) is headquartered at Bösch 73, 6331 Hünenberg/ZG, Switzerland.

What information we collect about you

Information you give us:

We collect information you enter when using our website and when you apply to open an account with us. The information you give us may include your name, address, email address, phone number, date of birth, financial details, copies of personal identification documents (such as your passport or driving license) and photographs or other descriptions of your likeness. We also collect information when you voluntarily complete user surveys, provide feedback, apply for special offers and promotions, enter into competitions or register to our events.

Information we collect or receive from other sources:

When you visit our website we may collect or receive your IP address, URL, browser information, plug-in types, operating system and platform as well as your login information. We work closely with third parties (e.g. business partners, technical, payment and delivery service providers, advertising networks, tracking and analytics providers (including Google), data aggregators, lead generation agencies, public sources, third party social networking sites and search information providers) and may receive information about you from them. Such information may include your clickstream through our website, the products you viewed and the page interactions, your personal contact information (if you are referred to us by an introducing broker or a friend), any personal data that is part of your profile on a third party social network (e.g. Facebook) and that you allow that third party social network to share with us (e.g. name, email address, gender, birthday, city, country, interests, profile picture, user ID, friend list). You can learn more about the data that we may obtain about you by visiting the website of the relevant third party social network. We may also receive personal data about individuals when we acquire other companies.

Information we collect using cookies:

We, or our third party providers, may also use cookies to collect information about you. This helps us to provide you with a good experience while you use our website. See section 5 of this Policy for more details.

How we use the information about you

We use the information about you to carry out our obligations arising from the laws and regulation applicable to us or any contracts entered into between you and us and to provide you with the information, products and services that you request from us (e.g. to establish and manage your account with us or register you to our events); to provide you with customer service, including response to your inquiries or complaints; to provide you with marketing information about other goods and services we offer that are similar to those that you have already purchased or enquired about if you have agreed to receive such information through an opt-in mechanism or as an existing customer; or to keep you up to date about general Genius Yield news. We also use your information collected from the website to personalize your repeated visits to our website. To that effect, we may combine data collected from one source (e.g. a website) with data collected from another source (e.g. an offline event), so as to provide us with a more complete view of you as a customer and serve you better and with greater personalization, such as: improving and personalizing your experience on websites; improve our offers; provide you with marketing communications where you have opted-in to receiving such communications. Within the limits set by the law or the contract you have signed with us, we may be allowed to share your information with affiliated companies within the Genius Yield ecosystem, third party service providers, business partners, judicial bodies or regulators. Information that we collect and maintain may be transferred to, or controlled and processed inside or outside of the European Economic Area (“EEA”). In particular, our service providers might be based in Europe, Asia and North America. We only collect the minimum amount of data needed and use anonymised data in our profiling activities. We will retain your information for as long as needed to provide you with our services or as long as your account is active. We may also retain and use your information in order to comply with our legal obligations, resolve disputes, prevent abuse, and enforce our agreements.

Your rights

Access to your information, correction and erasure:

Upon your request, we will send you a copy of the information that we hold about you. This will be provided to you without undue delay in a structured, commonly used and machine readable form. We want to make sure that your personal information is accurate and up to date. You may ask us to correct or remove information you think is inaccurate. If we hold personal information about you and you want it to be removed from our database or inactivated, please contact us at privacy@geniusyield.co.

Object to processing and right to opt-out of marketing communications:

You have the right to ask us not to process your personal data. You can exercise your right to object by contacting us at privacy@geniusyield.co. If you wish to opt out of marketing, our emails will also have an ‘unsubscribe’ option.

Links to other websites:

Our website may, from time to time, contain links to and from other websites. If you follow a link to any of these websites, please be aware that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

Complaints:

You always have a right to lodge a complaint with a supervisory authority or directly to us by sending an e-mail to privacy@geniusyield.co.

Cookies

What are cookies?

Cookies are small text files placed on your computer, smartphone or other device when you visit our website. They allow us to distinguish you from other users, which helps us give you an enhanced website experience. Cookies allow you to do many things such as log on to your account, apply for products and services online and use financial tools.

What cookies do we use?

We use three types of cookies on our website: essential cookies, performance cookies and tailored content cookies. Essential cookies enable you to operate vital functions of our website and trading platform. If these are disabled, you may not be able to access the platform or other significant parts of the website. Performance cookies allow us to recognise and count the number of visitors and to see how visitors move around the website when they are using it. This helps us to improve the way our website works, for example by making sure users are finding what they need easily. Tailored content cookies allow us to tailor the content of our website to suit you and link with other websites, such as social media websites. For example, instead of displaying promotional messages about products you already have, they let us show you other services you might be interested in. We only use tailored content cookies subject to your prior opt in to that effect and as set by our trusted business partners to provide you with Genius Yield products and services and will only show you Genius Yield branded advertisements on our website. For more information about cookies, visit allaboutcookies.org.

How do you disable cookies?

When you visit our website, we will ask for your permission to use cookies. If you wish to disable all cookies, you can do this through your browser settings. However, please be aware that cookies are often used to enable and improve certain functions on our website. If you choose to opt-out of certain cookies, it is likely to affect how our website works. For more information about how to disable cookies, including instructions on how to amend your cookie settings for a variety of browsers and how to delete existing cookies from your device, visit allaboutcookies.org.

Data security and retention

In order to keep your personal data secure, we have implemented a number of security measures, including: securing our operating environments that are only accessible to our employees, agents and contractors on a need-to know basis; encrypting each and every sensitive financial information processed to carry out transactions over our websites; verify your identity before you can access, use or make changes to your account so as to prevent any unauthorized access. Please note that these protections do not apply to personal data you choose to share in public areas such as on community websites. We will only retain your personal data for as long as it is necessary for the stated purpose, taking into account also our need to answer queries or resolve problems, provide improved and new services, and comply with legal requirements under applicable laws. This means that we may retain your personal data for a reasonable period after your last interaction with us. When the personal data that we collect is no longer required in this way, we destroy or delete it in a secure manner.

Changes to our privacy and cookies policy

We keep our Privacy & Cookies Policy under regular review and consequently, it may change at any time in the future. We will place any updates on our website.

How to contact us

If you have any other questions about this policy please contact our privacy team at privacy@geniusyield.co or write to us via postal mail at Genius Yield Association, Bösch 73, 6331 Hünenberg/ZG, Switzerland.

Overview

The information provided in this page is intended for security researchers who want to report discovered security vulnerabilities to our internal security team.

At Genius Yield, we are taking the security of our users very seriously. If you believe you have discovered a potential security vulnerability within the program scope, please help us fix it as quickly as possible by reporting your findings to us in accordance with our guidelines described below.

Security is taken extremely seriously at Genius Yield, that is why our Security team investigates all reported vulnerabilities.

Program Scope

The scope of this program is limited to the following websites :

• www.geniusyield.co

• www.genius-x.co

• academy.geniusyield.co

The scope of this program does not include any information or results published by our customers regarding our platform or services. Since we do not own these assets, we are unable to authorize testing of any such systems or domains, in accordance with our Safe Harbor statement.

Program Guidelines

At Genius Yield, we recognize the important role of security researcher to help us build a more secure future.

• Please share the security issue with us before making it public

• Please wait until we notify you that the vulnerability has been resolved before you disclose it publicly. Some vulnerabilities can take longer than others to resolve.

• Avoid any violation of privacy, manipulation or destruction of data, degradation to user experience, and system or platform disruptions including, but expressly limited to automated scanners that generate high traffic volume, exploiting an identified security vulnerability beyond the extent necessary to confirm the finding.

• Please provide full details of the security issue, including Proof-of-Concept (POC), steps to reproduce the issue and the details of the system where the tests were conducted.

• To receive credit, you must be the first to report the vulnerability, and you must provide us a reasonable amount of time to remediate before you disclose the issue publicly.

Eligible vulnerabilities

We encourage the disclosure of the following Web vulnerabilities that could affect the confidentiality, integrity and availability of our services :

• Authentication/Authorization bypass

• Cross-site scripting (XSS)

• Cryptography

• Cross-site request forgery (CSRF) in a privileged context

• Directory traversal

• HTTP response splitting

• Injection vulnerabilities

• Sensitive information leakage

• Server-side code execution/remote code execution

• Significant security misconfiguration

• URL redirector abuse

• XML attacks

• Server-Side Request Forgery (SSRF)

Exclusions

While we welcome information about any potential issue that can affect the security of Genius Yield or our customers, we exclude the following issues from this program unless you demonstrate that the issue can be exploited :

• Bugs that do not pose any security risk

• User enumeration and Brute Force attacks

• Denial of Service attacks

• CSRF in actions that are non-significant (e.g., logout) or do not require authentication (or a session) to exploit

• CSV Injection

• Framing and clickjacking vulnerabilities without a documented series of clicks that produce a real security impact

• Insecure cookie settings for non-sensitive cookies

• Invalid or missing SPF (Sender Policy Framework) records

• Issues relating to Password Policy

• Lack of security mechanism or inconsistency with best practices without demonstrating a real security impact (e.g., lack of security headers)

• Non-sensitive information disclosure (such as product version, path, etc.)

• Missing HTTP Headers

• "Scanner output" or scanner-generated reports

• Security issues in services that are not operated by Genius Yield

• Self-XSS without demonstrating a real impact for users

• Spam or Social Engineering techniques

• SSL/TLS misconfigurations (e.g., weak cipher-suites)

• Vulnerabilities requiring physical access to the victim's unlocked device

• Vulnerabilities that only affect users of outdated or unpatched browsers

Reporting a vulnerability

To make the review process effective and efficient, we suggest you to include the following information :

• A brief description of the issue found and the impact

• Proof-of-Concept and the information of affected parameter

• Detailed steps to reproduce the vulnerability

• Possible attack scenario and/or description how the vulnerability could be exploited

Safe Harbor

All activities which are conducted with good intentions in accordance with this program will be considered authorized conduct. Genius Yield will not initiate any legal action against you for conducting such activities. In case that legal action is taken by a third party against you in relation to the activities conducted under this program, Genius Yield will take commercially reasonable actions to make it known to the third party that your actions were authorized and conducted in compliance with this Program.

General

Genius Yield reserves the right to change or discontinue the terms and conditions of this Reasonable Vulnerability Disclosure Program at any time without notice. Genius Yield also reserves the right of making the final decision on the interpretation of the terms and conditions of this Responsible Vulnerability Disclosure Program.

All data and information on this website are provided “as is” and exclusively for informational purposes. The Genius Yield Association does not guarantee the completeness or accuracy of the data or information displayed on this website. The information on this website neither constitutes financial, investment, tax, legal, accounting, or other advice, nor does it create any legal relationship of whatsoever nature, such as a mandate, with the Genius Yield Association.

Genius Yield Association will not be liable for any errors, omissions, other defects, delays, or interruptions in any data or for any actions taken in reliance thereon. The users shall evaluate all information regarding potential token purchase or other disposition with the token with financial advisors and legal counsel.

Certain services may not be available to persons from restricted countries, including the U.S. For additional information, restrictions, disclaimers, and limitations of liability, please see our Terms and Conditions.

Genius Yield association

Bosch 73

6331 Hunenberg, Switzerland

CH-166.108.692

Scope

To access and use the Services, you ("User") must agree to and abide by these Terms. These Terms incorporate by reference explicitly mentioned provisions available on the Platform and constitute a legally binding agreement ("Agreement") between GYA and the User (each separately "Party" and together "Parties").

You shall not access the Platform and use the Services if you do not agree to these Terms.

• Registration & Access to the Services

The Platform and Services will be accessible to the User in their then-current version and according to these Terms. An overview of provided Services, fees, and specific instructions on how to use the Services can be found once the User registers for the Services. The User must register and pass the GYA know-your-customer process, if any, to access the Platform and use the Services. All information provided by the User must be complete, accurate, and truthful at all times. If any of the User's information changes, the User must update such information immediately.

The Services solely provide the Platform and the interface to facilitate the interaction with the staking mechanism. However, in order to stake, the User must create a staking vault ("Staking Vault") by connecting their Cardano wallet. The User may create multiple Staking Vaults.

• Staking

After creating a Staking Vault, the User may deposit GENS or other Tokens as available for the particular project (together "Staking"). Users can decide how long the Tokens will be locked in the Staking Vault ("Lock Period"). The Staking Vaults and the Staking is governed by a decentralized smart contract system, and GYA does not have access to the tokens deposited in the Staking Vault (i.e., does not have the power of disposal over the collected funds) and does not use the deposited tokens in any way. It is the User's sole responsibility to keep the access keys to their Cardano wallet linked to the Staking Vault safe. A loss of the access keys results in the loss of all staked Tokens and GYELD has no possibility of recovering such Tokens.

Once the Lock Period is over, the User may unstake the Staking and withdraw their rewards or stake the reward back to the Stacking Vault. Rewards are paid in GENS tokens and will be transferred immediately upon unstaking to the User's wallet. The Annual Percentage Yield is based on the Lock Period of the Staking.

• Rights & Obligations of GYA

GYA uses reasonable care and skill in the performance of the Services and in keeping the Services free from viruses and other malicious software programs.

GYA reserves the following rights:

• Right to engage subcontractors or third-party service providers for delivering parts of the Services;

• Right to amend the Terms, including the applicable fees, from time to time at its sole discretion by publishing an updated version of the Terms on the Platform. Such changes will be effective from the date of publication.

• Rights & Obligations of the User

The access and use of any Services and Staking Vaults is entirely at the User’s own risk and could lead to substantial or complete loss of funds. To assess the viability, risks, and suitability of the Staking Vaults lies is the User's sole responsibility.

The Platform and Services may only be used by persons that are at least the age of majority (and in any case at least eighteen years old) and have the full right, power, and authority to enter into and comply with the terms and conditions of these Terms.

The User represents that the access and use of the Services will fully comply with all applicable laws and regulations, and that the User does not access or use the Services to conduct, promote, or otherwise facilitate any illegal activity. The User further represents that the User is not a resident of any country which accessing or using the Services Protocol is or may be prohibited (“Prohibited Jurisdictions”).

The User agrees to use the Services in compliance with the Terms and legal and moral obligations applicable in the territory where they are located.

The User is personally responsible for its use of the Services and for entering and maintaining any data and information in the course of the use of the Services.

The User must protect any account credentials and may not share them with any third person. The User must immediately inform GYA of all circumstances within its sphere that might endanger or may be relevant to the providing the Services and all misuses or suspicions of misuse of the Services or User's credentials. For the avoidance of doubt, GYA can reinstate the User's access to the Platform but not to the Staking Vault. It is the sole responsibility of the User to keep the private key for its Cardano wallet safe.

In addition to other restrictions set forth in these Terms, the User is expressly restricted from:

• modifying, copying, distributing, reproducing, or using in any other way any information or other content, text, graphics, images, or software obtained from the Services for commercial or public purposes without GYA's prior written permission;

• engaging in any data mining or any other similar activity in relation to the Services;

• accessing the Services via any automated system or taking any action that may impose an unreasonable load on our infrastructure;

• bypassing the measures that GYA may use to prevent or restrict access to or use of the Services, including by hacking into secured areas of the Services, circumventing any geo-blocking mechanisms, or otherwise;

• attempting to reverse engineer any part of the Services, derive the source code, or create any derivative works or materials of any kind using the content provided via the Services;

• exploiting the Services to access unauthorized information.

The User bears the sole responsibility to determine if its participation in the Staking or any other action or transaction related to the Services has tax implications for the User.

The User should check the Terms regularly, and if any changes to the Terms have been made, only use the Services upon acceptance of the changes to the Terms. The User's continued use of the Services following any amendments indicates acceptance of the changes to the Terms.

• Fees & Payment

The use of Services and claiming rewards may be subject to payment of the fees as indicated on the Platform or in the respective project. The exact fees will be clearly communicated to the User at the time of Staking, resp. claiming reward. The fees are charged automatically and, except where prohibited by law, non-cancellable and non-refundable. Fees are generally stated exclusive of VAT and other taxes, if any.

The User acknowledges that other fees not imposed by GYA, such as the Cardano transaction fee, may apply.

• Term & Termination

The Agreement between the Parties remains in full force and effect for the duration of the Services or until terminated by one of the Parties.

Either Party may terminate the Agreement at any time. Termination does not affect any rights, obligations, or liabilities of either Party that have accrued before or are intended to stay effective beyond the termination, including the obligation to pay any outstanding fees for Services delivered up to the effective termination date.

GYA reserves the right to stop providing Services, and terminate the Agreement in case the User provided false or incorrect information, breached the Agreement, or uses the Services in a breach of law, or for an illegal purpose.

For the avoidance of doubt, User can directly interact with the Staking Vault set up by GYA independently of the Platform in case of termination or bankruptcy of GYA.

• Intellectual Property

GYA retains all rights, titles, and interests to its own intellectual property, including all copyrights, inventions, trademarks, designs, domain names, know-how, trade secrets, data, and other intangible property and other rights in the Platform, Services, or any part of it.

• No Warranty & Limited Liability

The Platform and Services, together with all content, data, information, and materials contained therein, are provided 'as is' and 'as available' without warranties or representations of any kind. GYA regularly carries out maintenance or improvements to the Platform and its infrastructure but does not guarantee that the Services will function without any interruption or disruption. The User acknowledges that this may result in temporary delays and interruptions from time to time.

The User further acknowledges and agrees that GYA is not representing or warranting any particular feature of the Platform and will not be held liable for any incompatibility of the information published on the Services with the specific objectives that the User is hoping to achieve or any damages arising from it. Neither the Services nor any information or data contained therein constitute financial, investment, tax, legal, accounting, or other advice.

The User herewith waives any claim related to misrepresentations or breaches of warranties it may have under the applicable law.

The Services may contain statements that constitute "forward-looking statements." GYA is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, and makes no warranty regarding the accuracy of such statements.

To the extent permitted by applicable law, the liability of GYA, its affiliates, or any of its directors, employees, contractors, service providers, or agents is limited to willful misconduct, gross negligence, and personal injury. Any further liability of the GYA under any title is explicitly excluded.

The User agrees to fully indemnify GYA from and against any liability, costs, demands, causes of action, damages, and expenses arising in any way related to the User's breach of any of the provisions of the Agreement.

• Data Protection

The User authorizes GYA to use, process, and store relevant data for the performance of the Agreement and to use anonymized data to improve its services or for analysis purposes.

• Miscellaneous

Notices: Notices must be given in text form and need to be communicated:

• To GYA's attention: via email to: support@geniusyield.co, or as a registered letter to: Genius Yield Association GmbH, Bösch 73, 6331 Hünenberg, Switzerland;

• To the User's attention: by publishing on the Platform.

No Assignment: The User may not assign any of its rights, obligations, or claims under the Agreement without the previous consent of GYA.

Severability: If any provision of these Terms (in whole or part) is held to be illegal, invalid, or otherwise unenforceable, the other provisions will remain mutatis mutandis in full force and effect.

Conflict with Additional Terms: Certain web pages or parts of the Services may be governed by specific terms. In case of a conflict between these Terms and any specific terms, the specific terms prevail.

Links: The Services may contain third-party content or links to third-party websites. GYELD does not assume any responsibility for and does not make any warranties or representations as to any third-party content or websites, including but not limited to the accuracy, subject matter, quality, or timeliness.

Governing Law & Jurisdiction: The Agreement, and all claims based upon, arising out of, or in relation to the Agreement are governed by and construed in accordance with the substantive laws of Switzerland, excluding its conflict of law provisions and the United Nations Convention on Contracts for the International Sale of Goods (CISG). The ordinary court at the seat of GYA has exclusive jurisdiction for all disputes arising from or in connection with the Terms.