Terms of Use & Risk Disclosure
Interim, plain-language version for the testnet. This is not legal or financial advice; a counsel-reviewed version will replace it before any mainnet launch.
Testnet — no real money
Tessera currently runs on the Robinhood Chain testnet (an Arbitrum Orbit chain). Tokens, prices, and balances are test values with no monetary worth. Nothing here is an offer of a financial product, and prices are simulated (a test oracle holding last-close values), not a live market feed.
The promise — and its limits
What the protocol does, stated honestly.
Best-effort monitoring — not a service-level guarantee
The autonomous agent (“the Watcher”) re-checks positions on a loop of roughly every 10 seconds and can pre-emptively repay or alert. It runs on best-effort infrastructure that can be slow, restart, or be offline. There is no uptime SLA and no guarantee a position will be protected. Watch the in-app banner and the Status page; if it shows the Watcher is offline, manage your position yourself.
Non-custodial — you hold the keys
The protocol never takes custody of your funds. If you enable Active Protection, the agent can only call agentRepayFor to reduce your own debt, using an allowance you grant and can revoke at any time, bounded by on-chain per-transaction and per-day caps. It can never send your funds to anyone else.
Protection is conditional, not magic
Auto-repay only fires when you have pre-approved USDC available and the position is within a protectable margin. A large enough overnight or weekend price gap can still liquidate a position before protection can act. Keep a buffer and don't rely on the agent alone.
Risks you accept by using Tessera
Smart-contract risk
The contracts are unaudited on testnet. Bugs could cause loss of (test) funds. The vault is intentionally non-upgradeable; a discovered flaw is handled by pausing and migrating, not patching in place.
Oracle / price risk
Collateral is valued from an oracle. On testnet that oracle holds simulated last-close prices refreshed by a keeper; if it goes stale, price reads revert and the protocol refuses to act rather than act on a bad price. A live, licensed market feed is a mainnet gate.
Liquidation risk
If your health factor falls below the threshold, your collateral can be liquidated at a penalty. Liquidation on testnet is agent-only today; the permissionless backstop is built but disabled until mainnet.
Regulatory risk
Tokenized equities and lending against them may be regulated. Tessera is not available to US persons or to residents of sanctioned jurisdictions, and the regulatory posture for any mainnet launch is subject to legal review.