Terms of Service

1. Definitions
2. Acceptance of Terms
3. Nature of Shadow Tokens
4. No Investment in Private Companies
5. Eligibility and Restricted Jurisdictions
6. Access to the Platform
7. Official Communications and Fraud Awareness
8. User Conduct
9. Risks
10. Intellectual Property
11. Third-Party References and No Affiliation
12. Fees and Transactions
13. Tax Obligations
14. Disclaimers of Warranty
15. Limitation of Liability
16. Indemnification
17. Governing Law and Dispute Resolution
18. Modifications to These Terms
19. Termination and Suspension
20. Severability
21. Entire Agreement

In these Terms of Service, the following terms have the meanings set out below:

“Platform” means the Shadow decentralised application, smart contracts, website at shadow.fi, and all associated interfaces and services.

“Shadow Tokens” means $SHADOW and all $SHADOW-prefixed tokens issued through the Shadow Protocol, including but not limited to $SHADOWSPACEX, $SHADOWSTRIPE, $SHADOWOPENAI, $SHADOWEPIC, $SHADOWDATABRICKS, $SHADOWCANVA, $SHADOWKLARNA, $SHADOWCHIME, $SHADOWREVOLUTION, and $SHADOWANDURIL.

“$SHADOW” means the native platform token of the Shadow ecosystem. The $SHADOW token is deployed on Solana at contract address: ApWouPoUxPgv2uLXbG2hbh9mpRv3q244D2i9wq6vpump.

“Protocol” means the set of open-source smart contracts deployed on a public blockchain that govern the issuance and trading of Shadow Tokens.

“User”, “you”, or “your” means any individual or entity accessing or using the Platform in any manner.

“We”, “us”, or “our” means the Shadow development team and associated entities responsible for operating shadow.fi.

“Wallet” means a compatible non-custodial cryptographic software wallet used to interact with the Protocol.

“Referenced Company” means any private, unlisted company whose name or identifier appears as a suffix in the symbol of a Shadow Token.

“Official Channels” means the shadow.fi website and the official Shadow Telegram announcement channel at @shadowfi_official, being the only two channels through which Shadow publishes authorised communications.

“Public Interest Gauge” means the function Shadow tokens serve as community-generated, on-chain signals of public conviction about Referenced Companies, as described in the Shadow Whitepaper.

By accessing or using the Platform in any way, including browsing shadow.fi, connecting a Wallet, purchasing or selling any Shadow Token, or interacting with any Shadow smart contract, you confirm that you have read, understood, and agree to be bound by these Terms of Service and the Shadow Privacy Policy, both of which are published at shadow.fi.

If you are using the Platform on behalf of a legal entity, you represent that you have authority to bind that entity to these Terms, and references to “you” include that entity.

We reserve the right to update these Terms at any time. Continued use of the Platform following publication of updated Terms constitutes acceptance. It is your responsibility to review these Terms periodically.

3.1 Community Meme Coins and Souvenir Tokens

All Shadow Tokens are community meme coins and commemorative souvenir tokens. They are speculative, community-driven digital assets whose cultural identities reference the names of private, unlisted companies. They have no intrinsic value, no guaranteed liquidity, and no underlying asset backing of any kind. They are created for cultural, community, and public interest expression purposes.

3.2 A Public Interest Gauge, Not an Investment

Shadow Tokens are designed to function as on-chain, community-generated gauges of public interest in private companies that are not accessible through any conventional financial instrument. The price of a Shadow Token reflects the aggregate conviction of its community, not the valuation, performance, or prospects of any Referenced Company. This distinction is fundamental and must be understood before any purchase is made.

The price of $SHADOWSPACEX is not a valuation of SpaceX. It is a community-generated signal about the intensity of public interest in SpaceX. These are different things. Do not conflate them.

3.3 Not Securities

Shadow Tokens are not securities, financial instruments, investment contracts, equity interests, debt instruments, or any other regulated financial product under the laws of any jurisdiction. Purchasing a Shadow Token does not give you any ownership interest, equity, profit participation, voting rights, pre-IPO allocation rights, or any claim on the assets, revenues, or future proceeds of Shadow or any Referenced Company.

3.4 Not Affiliated with Referenced Companies

Shadow Tokens reference the cultural identities of private companies through their naming convention only. No Shadow Token represents any relationship with, endorsement from, or connection to any Referenced Company. The following examples illustrate this principle, which applies equally to all Shadow Tokens:

• $SHADOWSPACEX is not SpaceX equity and has no connection to SpaceX.
• $SHADOWSTRIPE is not Stripe equity and has no connection to Stripe.
• $SHADOWOPENAI is not an interest in OpenAI and has no connection to OpenAI.

The SHADOW prefix in every token symbol is a structural design decision intended to make the unofficial, community-native nature of each token unambiguous from its first character. $SHADOWSPACEX is not SPACEX. The two have no relationship of any kind.

3.5 No Price Relationship

Shadow Tokens do not algorithmically track, follow, or replicate the valuation or performance of any Referenced Company. Token prices are determined entirely by community trading activity. Any perceived relationship between a Shadow Token's price and the commercial performance or news of a Referenced Company is incidental, not mechanical.

3.6 Risk of Total Loss

YOU MAY LOSE THE ENTIRE VALUE OF ANY SHADOW TOKEN YOU PURCHASE. ALL SHADOW TOKENS LAUNCH AT A PRICE OF ZERO AND MAY RETURN TO ZERO AT ANY TIME. THERE IS NO PRICE FLOOR, NO BUYBACK OBLIGATION, AND NO MECHANISM THAT ENSURES ANY SHADOW TOKEN WILL RETAIN ANY VALUE. DO NOT PURCHASE SHADOW TOKENS WITH FUNDS YOU CANNOT AFFORD TO LOSE IN THEIR ENTIRETY.

This section addresses a specific and material risk of misunderstanding that is unique to the Shadow platform, given that its tokens reference private, unlisted companies.

4.1 Shadow Tokens Are Not Pre-IPO Instruments

Purchasing a Shadow Token is not, in any sense, a pre-IPO investment, a reservation of IPO allocation rights, or any form of early access to the equity of any Referenced Company. No Shadow Token confers any right, benefit, or priority in connection with any future initial public offering, direct listing, acquisition, or other liquidity event involving any Referenced Company.

IF ANY REFERENCED COMPANY GOES PUBLIC, IS ACQUIRED, OR UNDERGOES ANY OTHER LIQUIDITY EVENT, SHADOW TOKEN HOLDERS RECEIVE NO BENEFIT FROM THAT EVENT WHATSOEVER. THE TOKEN AND THE COMPANY ARE ENTIRELY DISTINCT LEGAL AND FINANCIAL INSTRUMENTS. DO NOT PURCHASE SHADOW TOKENS IN ANTICIPATION OF ANY BENEFIT FROM A FUTURE IPO OR LIQUIDITY EVENT.

4.2 No Economic Exposure to Referenced Companies

Shadow Tokens provide no economic exposure to any Referenced Company. The financial performance, revenue, valuation, fundraising activity, or strategic decisions of any Referenced Company have no direct or mechanical effect on the price of the corresponding Shadow Token. Participants who wish to invest in private companies must seek appropriate investment vehicles through properly regulated channels.

4.3 The Public Interest Gauge Function

Shadow Tokens serve as community-generated, on-chain expressions of public conviction about private companies. This function is cultural and epistemic, not financial. The aggregate price of a Shadow Token reflects what a community of participants believes about a company's cultural and commercial significance. It is a form of public opinion expressed in market terms. It is not a financial instrument, a valuation tool, or an investment product, and it should not be used as the basis for any investment decision regarding any Referenced Company or any related financial instrument.

By using the Platform, you represent and warrant that:

• You are at least 18 years of age, or the age of legal majority in your jurisdiction, whichever is greater.
• You have the legal capacity to enter into a binding agreement.
• Your use of the Platform does not violate any law or regulation applicable to you.
• You are not located in, a citizen of, or resident of any jurisdiction in which access to the Platform or purchase of Shadow Tokens is prohibited, restricted, or requires regulatory approval not obtained by Shadow.
• You are not listed on any sanctions register or subject to any sanctions programme administered by any government or international body.
• You understand that Shadow Tokens are community meme coins, not investments in private companies, and that purchasing them provides no interest in or access to any Referenced Company.

We reserve the right to restrict access from certain jurisdictions at any time without notice. You are solely responsible for determining whether your participation is permitted under the laws of your jurisdiction.

6.1 Wallet Requirement

Access to the Shadow marketplace requires a compatible non-custodial Wallet. Shadow does not provide custodial wallet services and has no access to your private keys or digital assets at any time. You are solely responsible for the security of your Wallet and private keys.

6.2 No Account Registration

The Shadow Platform does not require account registration, email address submission, or identity verification to access core marketplace functionality, consistent with its permissionless design philosophy.

6.3 Platform Availability

We do not guarantee that the Platform will be available at all times. The Platform may be subject to downtime, maintenance, technical failures, or blockchain network congestion. We accept no liability for losses arising from Platform unavailability.

6.4 Protocol Immutability

Certain aspects of the Shadow Protocol are governed by immutable smart contracts. Once deployed, these contracts cannot be modified. Interacting with immutable smart contracts carries inherent technical risks which you accept by using the Platform.

7.1 Shadow Will Never Contact You Unsolicited

Shadow does not send unsolicited emails, direct messages, private Telegram messages, SMS, or any other form of proactive outreach to users. Shadow does not operate an email newsletter. Shadow does not send promotional offers, token sale announcements, airdrop notifications, or investment opportunities to individual users. If you receive any communication purporting to be from Shadow that you did not initiate, it does not originate from Shadow.

SHADOW WILL NEVER EMAIL YOU OFFERS, PROMOTIONS, OR INVITATIONS OF ANY KIND. SHADOW WILL NEVER MESSAGE YOU DIRECTLY ON TELEGRAM, TWITTER, DISCORD, OR ANY OTHER PLATFORM. SHADOW WILL NEVER CONTACT YOU TO OFFER TOKENS, REQUEST WALLET VERIFICATION, OR CLAIM TO OFFER PRE-IPO ACCESS OF ANY KIND. ANY SUCH COMMUNICATION IS FRAUDULENT AND SHOULD BE DISREGARDED ENTIRELY.

7.2 Official Channels

Shadow publishes authorised communications exclusively through the following two channels:

• shadow.fi: the only official Shadow website. Verify the exact URL on every visit. Type it directly into your browser.
• @shadowfi_official on Telegram: the official announcement channel, operating in broadcast-only mode. Shadow team members will never send you a private message.

No other website, social media account, email address, or messaging channel is authorised to communicate on behalf of Shadow.

7.3 Protecting Your Wallet

Your Wallet private key and seed phrase are the sole credentials controlling access to your Wallet and all assets within it.

SHADOW WILL NEVER ASK FOR YOUR PRIVATE KEY, SEED PHRASE, OR WALLET PASSWORD UNDER ANY CIRCUMSTANCES. NO LEGITIMATE SERVICE WILL EVER ASK FOR THESE CREDENTIALS. IF ANYONE ASKS FOR THEM, FOR ANY REASON, REFUSE IMMEDIATELY.

7.4 Recognising Fraudulent Activity

Be alert to the following tactics used by bad actors targeting digital asset users:

• Websites using domain names designed to resemble shadow.fi, such as shadow-fi.com, shadowfi.io, or getshadow.fi.
• Accounts impersonating Shadow on Telegram, Twitter/X, Discord, or other platforms.
• Messages claiming you have been selected for a token allocation, whitelist, or pre-IPO access programme.
• Messages stating your Wallet requires verification, migration, or synchronisation.
• Communications creating artificial urgency or claiming limited-time opportunities.
• Any claim that a Shadow Token provides pre-IPO access or allocation rights to any private company.

If you are unsure whether a communication is genuine, do not act on it. Navigate directly to shadow.fi by typing the address in your browser. All legitimate announcements appear on Official Channels only.

7.5 Reporting Suspected Fraudulent Activity

If you encounter a website, account, or communication you believe is impersonating Shadow, report it via the contact details published at shadow.fi. Shadow is not responsible for losses arising from interaction with fraudulent third parties but will investigate all reports.

By using the Platform, you agree that you will not:

• Use the Platform for any unlawful purpose or in violation of any applicable law or regulation.
• Attempt to manipulate token prices or trading activity through wash trading, spoofing, or any other market manipulation technique.
• Use the Platform to launder money or finance any illegal activity.
• Attempt to gain unauthorised access to any part of the Platform, its smart contracts, or any connected system.
• Deploy malicious code, bots, or scripts that interfere with the Platform's operation.
• Misrepresent the nature of Shadow Tokens to any third party, including representing them as securities, investments, pre-IPO instruments, or products affiliated with any Referenced Company.
• Claim or imply that Shadow Tokens provide any right, benefit, or priority in connection with any IPO or liquidity event of any Referenced Company.
• Use the Platform if you are prohibited from doing so under applicable sanctions regimes.
• Impersonate Shadow, any Shadow team member, or any Official Channel in any communication or on any platform.

We reserve the right to restrict or terminate Platform interface access for any user we reasonably believe is in breach of these conduct requirements.

You expressly acknowledge and accept the following risks, which are not exhaustive:

9.1 Total Loss of Capital

Shadow Token prices are highly volatile. All tokens launch at zero and have no guaranteed future value. You may lose the entire value of any token you purchase.

9.2 No Benefit from IPO or Liquidity Events

If any Referenced Company goes public, is acquired, or undergoes any other liquidity event, Shadow Token holders receive no benefit from that event. The token and the company are entirely distinct. Do not purchase Shadow Tokens in anticipation of any such benefit.

9.3 Regulatory Risk

The legal and regulatory status of meme coin tokens varies across jurisdictions and is subject to change. Regulatory action could materially affect the Platform's operation and the tradeability of Shadow Tokens.

9.4 Smart Contract Risk

Smart contracts may contain bugs or vulnerabilities. Independent security audits reduce but do not eliminate this risk. Losses arising from smart contract vulnerabilities may be unrecoverable.

9.5 Liquidity Risk

Shadow Tokens may have limited or no liquidity. You may be unable to sell tokens at any price during periods of low liquidity or adverse market conditions.

9.6 Blockchain Network Risk

Transactions on public blockchains may fail, be delayed, or incur unexpected costs due to network congestion, forks, or other technical events outside Shadow's control.

9.7 Key Loss Risk

If you lose access to your Wallet private keys or seed phrase, you will permanently lose access to all Shadow Tokens held in that Wallet. Shadow has no ability to recover lost keys or restore Wallet access.

9.8 Misunderstanding Risk

The Shadow Platform references private companies that may be the subject of significant public speculation regarding potential IPOs or other liquidity events. There is a material risk that participants will purchase Shadow Tokens based on a misunderstanding of what they represent. Shadow Tokens are community meme coins. They are not pre-IPO instruments of any kind. Participants must ensure they understand this distinction fully before making any purchase.

9.9 Third-Party Fraud Risk

Bad actors may attempt to deceive Shadow users through impersonation, fraudulent websites, and social engineering, including false claims of pre-IPO access through Shadow Tokens. Section 7 describes Shadow's communication practices and guidance on identifying fraudulent activity. Shadow is not responsible for losses arising from interaction with fraudulent third parties.

The Shadow name, wordmark, logo, platform design, and original content published at shadow.fi are the intellectual property of Shadow.fi. You may not reproduce, distribute, or create derivative works from Shadow's original intellectual property without prior written permission.

The names, brands, and identifiers of all Referenced Companies are the intellectual property of their respective owners. Shadow makes no claim to any intellectual property of any Referenced Company. The use of company identifiers as suffixes in Shadow Token symbols is solely for cultural identification purposes and does not imply any licence, affiliation, or endorsement.

The Platform references the names and identifiers of private, unlisted companies for cultural identification purposes. For the avoidance of doubt:

• Shadow is not affiliated with, sponsored by, endorsed by, or connected to SpaceX, Stripe, OpenAI, Epic Games, Databricks, Canva, Klarna, Chime, Revolut, Anduril Industries, or any other private company referenced on the Platform.
• No Shadow Token has been approved, sanctioned, or issued in collaboration with any Referenced Company.
• No Referenced Company has any knowledge of, or involvement in, the creation or operation of its corresponding Shadow Token.
• Shadow does not have access to any non-public information about any Referenced Company.
• The commercial performance, valuation, fundraising activity, or IPO plans of any Referenced Company have no direct or mechanical effect on the price of the corresponding Shadow Token.

The Shadow Protocol charges trading fees on swap transactions executed through the marketplace. Current fee rates are published at shadow.fi and are subject to change through the Platform's governance process.

In addition to Protocol fees, you are responsible for all blockchain network transaction fees associated with your on-chain activity. All on-chain transactions are irreversible. Shadow has no ability to reverse, cancel, or modify any completed transaction. You are solely responsible for verifying all transaction details, including token contract addresses, before confirming any transaction.

Before interacting with any token contract, verify the contract address against the official list published at shadow.fi. Only interact with contracts listed on the official Platform. Shadow is not responsible for losses arising from interaction with unofficial or counterfeit token contracts.

The purchase, holding, sale, exchange, or other disposal of Shadow Tokens may give rise to tax liabilities in your jurisdiction, including capital gains tax, income tax, and reporting obligations.

Shadow does not provide tax advice. You are solely responsible for determining your tax obligations and complying with them. Shadow does not withhold tax on behalf of users and does not issue tax documentation. Maintain adequate records of all Shadow Token transactions for tax reporting purposes.

THE PLATFORM AND ALL SHADOW TOKENS ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTY OF ANY KIND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SHADOW EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

SHADOW MAKES NO WARRANTY THAT: (A) THE PLATFORM WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE; (B) ANY SHADOW TOKEN WILL HAVE OR RETAIN ANY VALUE; (C) INFORMATION ON THE PLATFORM IS ACCURATE OR COMPLETE; OR (D) ANY SHADOW TOKEN PROVIDES OR WILL PROVIDE ANY BENEFIT IN CONNECTION WITH ANY IPO OR LIQUIDITY EVENT INVOLVING ANY REFERENCED COMPANY.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SHADOW AND ITS DEVELOPERS, CONTRIBUTORS, AND AFFILIATES SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS, LOSS OF DATA, OR LOSS OF DIGITAL ASSETS, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE PLATFORM OR ANY SHADOW TOKEN.

SHADOW SHALL NOT BE LIABLE FOR ANY LOSSES ARISING FROM: (A) YOUR MISUNDERSTANDING OF THE NATURE OF SHADOW TOKENS AS PRE-IPO INSTRUMENTS; (B) ANY FAILURE TO RECEIVE ANY BENEFIT FROM ANY IPO OR LIQUIDITY EVENT INVOLVING ANY REFERENCED COMPANY; OR (C) ANY ACTION OR INACTION BY ANY REFERENCED COMPANY.

IN NO EVENT SHALL SHADOW'S TOTAL AGGREGATE LIABILITY TO YOU EXCEED THE LESSER OF: (A) THE TOTAL PROTOCOL FEES PAID BY YOU IN THE TWELVE MONTHS PRIOR TO THE CLAIM; OR (B) ONE HUNDRED UNITED STATES DOLLARS (USD $100).

You agree to indemnify, defend, and hold harmless Shadow.fi and its developers, contributors, officers, and affiliates from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or in connection with: (a) your use of the Platform; (b) your breach of these Terms; (c) your violation of any applicable law or the rights of any third party; (d) any misrepresentation you make regarding the nature of Shadow Tokens, including any claim that they constitute pre-IPO instruments or investments in private companies; or (e) any tax liability arising from your Shadow Token activity.

These Terms and any dispute arising out of or in connection with them shall be governed by generally accepted principles of commercial law applicable to decentralised digital asset protocols, given the global and permissionless nature of the Shadow Platform.

Any dispute that cannot be resolved informally shall be submitted to binding arbitration in accordance with the rules of a recognised arbitration body to be agreed between the parties. Nothing in this clause prevents either party from seeking urgent injunctive relief from a competent court.

You agree that any claims against Shadow must be brought in your individual capacity. You waive any right to bring or participate in any class action or representative proceeding against Shadow.

For informal dispute resolution, contact details are published at shadow.fi as a legal requirement to facilitate this process.

We reserve the right to modify these Terms at any time by publishing updated Terms at shadow.fi. The updated Terms will be effective upon publication. Material changes will be announced through the Official Channels. Your continued use of the Platform following publication of updated Terms constitutes acceptance.

We reserve the right to restrict, suspend, or discontinue access to the Platform interface at shadow.fi at any time, with or without notice, for any reason including regulatory requirements, security concerns, or breach of these Terms.

The underlying Protocol smart contracts, once deployed, operate autonomously on the blockchain and cannot be unilaterally disabled by Shadow. Termination of access to the shadow.fi interface does not affect on-chain rights or assets already held in your Wallet.

If any provision of these Terms is found to be invalid, illegal, or unenforceable, that provision shall be modified to the minimum extent necessary to make it enforceable. The remaining provisions shall continue in full force and effect.

These Terms of Service, together with the Shadow Privacy Policy and Legal Disclaimer published at shadow.fi, constitute the entire agreement between you and Shadow with respect to your use of the Platform and supersede all prior agreements, understandings, and representations on the same subject matter.