# Terms of Service

Lemma is a decentralized spot exchange protocol built on third party decentralized derivatives exchanges. There is currently only a single version of the Lemma Protocol; it is made of free, public, open-source or source-available software including a set of smart contracts that are deployed on the Ethereum blockchain. Use of the Lemma Protocol involves [various risks](/concepts-overview/additional-risks.md), including, but not limited to, losses due to the forced settlement of the underlying perpetual markets and losses due to funding rate payments, slippage and other fees (eg. gas, exchange...). Before using the Lemma Protocol, users should review all relevant documentation to make sure they understand how the Lemma Protocol works. Users are responsible for doing their own diligence and understanding the fees and risks of the protocol.

LEMMA PROTOCOL IS PROVIDED ”AS IS”, AT YOUR OWN RISK, AND WITHOUT WARRANTIES OF ANY KIND. The Lemma team developed much of the initial code for the Lemma protocol, it does not provide, own, or control the Lemma protocol, which is run by smart contracts deployed on the Ethereum blockchain. Upgrades and modifications to the protocol will increasingly be managed in a community-driven way. In using the Lemma Protocol, you agree that no developer or entity involved in creating the Lemma protocol will be liable for any claims or damages whatsoever associated with use, inability to use, or interaction with other users of the Lemma protocol, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, cryptocurrencies, tokens, or anything else of value.


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