Terms of Service

Last updated: 28 August 2026.

These Terms of Service are an agreement between you and the operators of ast (“ast”, “we”, “us”). They apply to everything you do on this site: browsing, connecting a wallet, launching a token, trading, redeeming a leveraged token, or claiming anything. If you do not agree with them, do not use the platform.

We have written these in plain language on purpose. The headings are part of the terms, not decoration.

1. What ast is

ast is a website for launching and trading tokens on BNB Chain. Every token launched here is sold on a bonding curve whose reserve is a leveraged token (“LT”): an on-chain vault that tracks a leveraged perpetual position at a target leverage, long or short, on a crypto or stock market. When a curve reaches its threshold, the token graduates to a PancakeSwap V2 pool paired with that same leveraged token, and the pool's liquidity is locked.

Most of what happens on ast happens on the blockchain, executed and signed by your own wallet. Some of it — the hedging of the leveraged tokens, price posting for stock markets, and the redemption queue described in section 4 — involves accounts and services we operate. These terms tell you exactly which is which, because the difference matters.

2. We are not your adviser

Nothing on this site — listings, charts, prices, market caps, NAVs, fee figures, buyback figures, or anything we or other users write — is investment, financial, legal, or tax advice, or a recommendation to buy, sell, or hold anything. We are not your broker, adviser, or fiduciary, and using the site does not make us one. Decisions are yours; make them with your own advisers.

3. Trading is self-custodial

When you buy or sell a token on ast, the transaction is built in your browser, signed by your wallet, and submitted to BNB Chain. We never hold your private keys. Confirmed transactions are irreversible — by anyone, including us. We cannot recover funds you send to a wrong address, sign into a phishing site, or lose to a compromised wallet or extension. Check every transaction before you approve it; the security of your keys and seed phrase is entirely on you.

4. Where our accounts and services are involved

Leveraged tokens are the one place where ast is not purely on-chain, and we say so plainly:

• Hedging. The USDT deposited into a leveraged token is split between the vault contract (kept idle to pay instant redemptions) and a perpetual-futures account on a third-party exchange that we operate through an automated service (the “keeper”). That account holds the positions the vaults track. This is a custodial component: the exchange and our operation of the account are things you have to trust. Their failure — insolvency, hack, operational error, ours or theirs — can reduce or wipe out a vault's value.
• Prices. Crypto markets are priced from on-chain oracle feeds. Stock markets have no such feed; the keeper signs the exchange's index price and the site attaches that signature to your transaction, where the contracts verify it. When no fresh signed price exists, stock-backed vaults do not mint or redeem, and the tokens on them cannot be bought or sold, until it returns.
• Redemption queue. When a vault's idle USDT does not cover a redemption, the leveraged token can be queued and is paid out by the keeper once funds are moved back on-chain. Queued redemptions can take time and are not guaranteed to be served on any schedule.

None of this makes us a bank, exchange, broker, or deposit-taker. We do not hold account balances for you and there is nothing to “withdraw” from us; outside the flows above, your assets never touch anything we operate.

5. Fees

You always see the exact cost before you sign. Currently:

• Curve trading fee — a percentage of every buy and sell on the curve, shown in the trade panel, split between the token's creator and the protocol.
• Leveraged-token fees — a redemption fee proportional to leverage when a vault pays out USDT, and a streaming fee accrued over time on the vault's value, both shown on the docs pages.
• Pool fee after graduation — the standard PancakeSwap V2 pool fee, accruing to the locked liquidity.

We can change protocol fee levels for future trades and launches at any time, within the limits set in the contracts. We cannot change the fee configuration of a graduated pool.

6. Leveraged tokens are not deposits, and can go to zero

A leveraged token is a claim on the value of a leveraged position, nothing more. It has no guaranteed value, no fixed redemption price, and no capital protection. Leverage multiplies losses as well as gains; a vault whose position loses its entire collateral is liquidated and its tokens become worthless — permanently. Funding costs, fees, price gaps, and oracle behaviour all affect its value. Deposit caps and other limits may apply and may change without notice. If you are buying a token because you expect to profit from our efforts in operating the vaults, do not buy it.

7. Buybacks and our own trading

Accounts we operate transact on the platform in the ordinary course: hedging, moving funds between the vaults and the exchange, posting prices, paying redemptions, and managing treasury. We may hold tokens launched on the platform, including our own.

Portions of platform revenue have been used to buy and burn the official token. Any such purchases described on this site are historical only. They are not a commitment to future purchases, may be started, stopped, or changed at any time without notice, and may have the effect of supporting the token's market price above where it would otherwise be. The official token does not represent a right to revenue, buybacks, or any distribution. Do not rely on past purchases as an indication of future ones.

8. Stock-backed tokens are not stock — or any other instrument

“Stock-backed” means a token's reserve is a leveraged token tracking a perpetual contract on a stock's price. It describes the reserve and nothing else. Such a token is not stock, and it is not a derivative of stock in any legal sense: it is not collateralized by, redeemable for, or a claim on any share or company; it confers no ownership, dividend, voting, or other right against anyone; and it does not promise to track any stock's price. Perpetual contracts trade around the clock and can diverge from, and gap against, the price of the underlying stock.

We are not affiliated with any exchange, public company, broker-dealer, or index provider. A token's name, ticker, or image is chosen by its creator and means nothing about what the token legally is.

9. Listings, and what we can do about them

Anyone can launch a token here. We do not vet, audit, or endorse tokens, creators, or their claims, and a listing on ast is not evidence that a project is genuine or safe. Scams, impersonation, and rug pulls are known risks of permissionless launch platforms. Verify independently before you transact.

That said, we control which markets and leveraged tokens are eligible, and we reserve the right to hide or remove any listing from the site, pause minting on any vault, or refuse any launch — at our discretion, particularly for suspected fraud, impersonation, market manipulation, or legal risk. Hiding a listing does not remove anything from the blockchain; curves and pools exist on chain regardless of whether we display them.

10. Your content

When you launch a token you supply its name, ticker, image, description, and links. You grant us a worldwide, royalty-free license to display, reproduce, and distribute that content in operating and promoting the platform. Images and metadata are published to public, permanent storage and cannot be deleted by us afterwards. You promise you have the rights to everything you submit, and that it does not impersonate any person or organization or infringe anyone's trademark, copyright, or other rights.

To report content that infringes your rights or impersonates you, contact us through the platform's official channels. We may hide reported content and terminate access for repeat infringers.

11. What you can't do

Do not use ast to break the law. Do not manipulate markets — including wash trading, coordinated buying to corner a token's supply, exploiting price feeds or their timing, or launching tokens designed to deceive buyers. Do not attack, probe, or attempt to exploit the platform, its contracts, its keeper, or its integrations. Do not use the platform to evade sanctions or launder money. We can restrict or terminate access for any of this, and these terms do not obligate us to warn you first.

12. Eligibility

You can use ast only if you are of legal age where you live and only where doing so is lawful. You may not use the platform if you are located in, incorporated in, or a resident of any jurisdiction subject to comprehensive sanctions, or if you appear on any sanctions or restricted-party list. We may restrict access from any jurisdiction at any time, with or without notice.

Whether a token, a leveraged token, or a trade is lawful for you — including whether it is treated as a security, derivative, or leveraged product under your local law — depends on where you are, and you are responsible for knowing. If leveraged or stock-linked products are not available to people in your jurisdiction, do not use them here.

13. Token risks

Tokens launched here — especially new ones — can be extremely volatile and illiquid. Their reserve is itself leveraged, so they move more than the market they are tied to, in both directions. Prices can go to zero fast, with no warning and no recovery. Early-stage liquidity means even small trades can move prices violently. Only risk what you can afford to lose entirely.

The platform also depends on infrastructure we do not control: BNB Chain, PancakeSwap, oracle networks, the perpetual exchange, RPC and data providers. Any of it can have bugs, exploits, outages, or errors, and so can we — the contracts are unaudited beta software. Displayed prices, NAVs, charts, and stats can be delayed or wrong; do not trade on them as if they were guaranteed accurate.

14. Disclaimers and limits on our liability

The platform and everything on it are provided “as is” and “as available”, without warranties of any kind — express, implied, or statutory — including merchantability, fitness for a particular purpose, and accuracy.

To the fullest extent the law allows, we accept no liability to you at all arising from the platform, any leveraged token, or any token launched or traded on it — including direct losses, lost funds, lost profits, lost data, and indirect, incidental, special, consequential, or punitive damages — however caused, even if we were advised of the possibility.

Some jurisdictions do not allow some of these exclusions, so parts of this section may not apply to you. Nothing in these terms excludes liability that cannot legally be excluded — including for fraud or willful misconduct — or limits any consumer right you have that the law says cannot be waived.

15. Indemnity

If we get sued or fined because of your token, your content, your trading, or your breach of these terms or the law, you will defend us and cover the losses and reasonable legal fees. “Us” here includes our entity, operators, employees, and contributors.

16. Changes to these terms

When we change these terms we will update the date at the top, and for material changes we will post a notice on the site. Changes apply from when they are posted, not retroactively. If you keep using the platform after a change takes effect, the new terms apply to you; if you do not agree with a change, stop using the platform.

17. The rest

If part of these terms is found unenforceable, the rest stands. Our not enforcing a term is not a waiver of it. You cannot assign these terms; we can, to a successor of the platform. Sections that by their nature should survive (4 through 8, 14, and 15) survive termination. These terms, together with the Privacy page, are the whole agreement between us about the platform.