yPrism
Issuer / Operator: Block Labs Limited (the “Issuer”, “YieldFi”) Governing law: British Virgin Islands law Document hierarchy: These Token Terms supplement and form part of the Product Documentation. Capitalised terms not defined here have the meanings in the General Terms.
0) Series Snapshot
Series ID / Ticker: yPrism
Product type: Market Neutral
Series objective: Deploy Series Assets into market-neutral, delta-neutral positions (e.g., private LP deals, hedged carry, basis, and funding-rate spreads across whitelisted DeFi protocols and/or hedged venues) to target yield primarily from net financing and fee spreads while seeking to minimise directional exposure to the underlying asset price.
Settlement currency: USDC
Deposit asset(s): USDC / USDT / USD0
Target redemption SLA: T+2
Fees:
Management fee: 0.00% p.a.
Performance fee: 20.00%
Mint fee: none
Redemption fee: none (other than network gas fees
Transferability: Fully transferable
Leverage permitted: Yes
Jurisdiction / eligibility: See Eligibility Criteria Section.
1) Token Character and Series-Limited Structure
1.1 Token character. Tokens are blockchain-based contractual certificates evidencing Series-limited rights under the Product Documentation. Tokens are not equity and confer no governance rights in the Issuer.
1.2 Series-limited, limited recourse. Any payment/redemption amount in respect of this Series is payable solely from Series Assets after application of the Series Waterfall, subject to Applicable Law (including any non-excludable law).
1.3 No ownership of assets. Tokenholders do not own Series Assets or any Underlying; they hold only contractual rights as described in the Product Documentation.
2) Eligibility, Access and Transfer Controls
2.1 Investor eligibility. Tokens may be minted, held, redeemed, or transferred only by persons meeting: (a) KYC/AML / Greenlisting requirements (if applicable); and (b) jurisdictional/eligibility restrictions: see eligibility criteria section.
2.2 Transfer restrictions.
Transfer status: Fully transferrable
2.3 Sanctions & screening. Wallet screening may be applied at mint, transfer (if enabled), and redemption.
3) Supported Network, Token Contract, and Admin Controls
3.1 Network(s). Ethereum, BSC Network etc.
3.2 Token contract address(es). See Smart Contract Addresses
3.3 Admin / upgrade controls. Upgradeability, pausing, and emergency controls (if any) are described in product docs, and are subject to the General Terms (smart contract administration / material adverse change notice).
4) Series Wallets / Accounts (Segregation Disclosure)
4.1 Designated Series Wallets / Accounts.
Refer Product Factsheet
4.2 Deposit routing requirement. Deposits sent to non-designated addresses/accounts may be irrecoverable and may not be credited.
4.3 Series segregation. Series Assets are intended to be held and tracked separately from other Series and from Operational Assets, as further described in Schedule 2.
5) Roles and Permitted Activities
5.1 Operator (Issuer). The Issuer operates the Series, maintains the token contract(s), sets and administers Token Terms, and manages service provider relationships.
5.2 Curator / strategy manager (if applicable).
Name: Clearstar
Role: Strategy execution, Rebalancing, DeFi deployment, Exchange execution, Hedging
Authority model: Curator executes via MPC quorum.
5.3 Service providers (if applicable).
MPC / custody: ForDeFi
Exchanges / prime broker: N/A
Oracles / pricing: Chainlink etc
Audit / security: See Audits section
5.4 Permitted activity set. See transparency page.
6) Deposits and Minting
6.1 Deposit window. Deposits accepted: 24/7
6.2 Minimum / maximum.
Min deposit: n/a
Max deposit per address: n/a
Max Series capacity (soft/hard): n/a
6.3 Mint price / issuance. Tokens are minted at:
Issue price basis: NAV-based
Mint formula: Tokens minted = (Net deposit amount in Settlement Currency) / (Token NAV per Token) where “Net deposit amount” is after applicable mint fees (if any) and properly attributable costs.
6.4 Mint fees. None.
6.5 Failed or reversed deposits. Handling for banking rejects, chain reorgs, stablecoin blacklisting, or compliance blocks: See product docs.
7) NAV, Valuation Methodology, and Pricing
7.1 NAV definition. “Token NAV per Token” means: (Series Assets – Series Liabilities) / Tokens outstanding, determined as of the valuation time.
7.2 Valuation frequency. Minimum twice per week.
7.3 Valuation sources.
On-chain assets: Chainlink or equivalent asset oracle
CEX positions: n/a
Off-chain assets: n/a
FX (if relevant): n/a
7.4 Market disruption fallback. If standard sources are unavailable, Issuer uses a reasonable fallback consistent with market practice and the General Terms, including execution-based realisation values.
7.5 Publication. NAV is published via update to the vault NAV value.
8) Redemptions and Settlement
8.1 Redemption method. Redemption is initiated via:
Onchain redemption request
8.2 Redemption windows & SLAs.
Cutoff: n/a
Processing target: T+2
Maximum timeframe (best efforts): T+2 Delays may occur due to Market Disruption, illiquidity, compliance, or operational constraints.
8.3 Redemption pricing.
Redemption price basis: min of NAV at {redemption request, redemption processing}
Redemption Amount = Tokens redeemed × Redemption NAV per Token − fees − properly attributable costs
8.4 Redemption fees. 0% [except gas fees].
8.5 Settlement mechanics. Paid in:
Stablecoin: USDC to wallet provided by Tokenholder; or
Fiat: bank transfer to verified account; Subject to compliance verification and sanctions screening.
8.6 In-kind redemption (optional). Disabled
8.7 Redemption source and limited recourse. Redemptions are funded solely from Series Assets after applying the Series Waterfall.
9) Fees, Expenses, and Series Waterfall
9.1 Fee schedule.
Management fee: 0% per annum
Performance fee: 20% of net profits with high-water mark model, crystallised at NAV distribution.
Other fees: gas fees at processing redemptions.
9.2 Pass-through expenses. Series pays properly attributable third-party costs: custody/MPC, exchange fees, prime broker fees, gas, oracle/data, audit/security allocated to the Series (if any), banking fees, legal/admin costs allocated to the Series.
9.3 Series Waterfall. Unless otherwise specified:
Series costs/expenses;
fees;
Tokenholder redemptions/payments.
10) Risk Limits and Portfolio Constraints
10.1 Exposure constraints.
Directional exposure: <1% delta
Leverage cap: n/a
Single counterparty concentration: n/a
Single protocol concentration: n/a
Stablecoin concentration: n/a
Duration cap (if fixed income): n/a
Borrowing permitted: Yes.
10.2 Collateral and margin.
Margin buffers: n/a
Liquidation policies: n/a
Rebalancing frequency: n/a
10.3 Prohibited activities. unwhitelisted protocols, unsecured lending, long-only risk, etc.
11) Points, Airdrops, Rebates, and Incentives (If Applicable)
11.1 Treatment policy. Any points/airdrops/rebates attributable to Series activity are treated as:
retained by Series and reflected in NAV / or
distributed to Tokenholders under a disclosed program
11.2 Disclosure. Method and timing of recognition in NAV: As and when realised.
12) Reporting and Transparency
12.1 Standard reporting. Issuer provides:
NAV history and current NAV
Holdings/exposure summary
Performance metrics: APY
Material events: security incidents, counterparty failures, wind-down events
12.2 Frequency. At least twice per week on best effort basis
12.3 Audit/attestation (optional). proof-of-reserves attestation
13) Series Wind-Down and Termination
13.1 Triggers. As per General Terms (Series Wind-Down Events) plus any Series-specific triggers.
13.2 Process. Issuer may suspend mint/redemption/transfers (if enabled), unwind positions, realise Series Assets, determine final realisation value, and distribute Series Assets (if any) pro rata after Series Waterfall.
13.3 No top-up. No obligation to contribute Operational Assets or other Series assets unless expressly stated.
14) Conflicts, Discretion, and Material Changes
14.1 Conflicts. n/a
14.2 Issuer discretion. Issuer discretion is limited to reasonable actions consistent with Product Documentation, especially during market disruption or wind-down.
14.3 Material adverse changes. Material adverse changes follow the General Terms notice framework (with emergency exception for security/compliance).
15) Risk Disclosures
As detailed in General Risk Disclosures
16) Notices and Contact
Official notices channel: Discord / Telegram
Support contact: Discord / Telegram
Effective date of these Token Terms: From the date of smart contract deployment
Version: n/a
17) Execution Blocks
Minimum ticket: n/a
Operational onboarding: n/a
Settlement instructions: n/a
Cutoff times: n/a
Redemption cadence: n/a
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