Stable KM

If you're using a on-chain centralised product but accepting liability caps & terms of a True DeFi product, you are quite retarded. So, let's take a look at this real quick. Firstly (and to reiterate), this isn't a DeFi protocol. We have to stop calling this DeFi. This is on-chain CeFi. For a CeFi Product, this is what users have accepted via the ToS: Against Stream → arbitration ($100 cap). Against Operator → identify Operator entity (if any), sue in its jurisdiction. Stream not a party; no joint liability. Insurance → none disclosed. Now, assuming that Stream operates via a BVI Entity, I would be willing to argue that this is 95% to be classified as a Virtual Asset Service Provider as per the BVI VASP Act. This is an entirely centralised protocol at the end of the day that is the equivalent of a non-discretionary, third-party-managed separately managed account (SMA) offered through an introducing broker-dealer’s digital platform (Stream), where the client retains beneficial ownership and custody of assets via a qualified custodian, but delegates all investment discretion to an unaffiliated sub-advisor (the “Operator” in this case). Now, Stream argues that it doesn't custody user funds at any point - however, if I were a gambling man, I would gamble that they have admin/ownership key functionality over the vaults (treated as custody in many jurisdictions). That's it - that's my brain dump - thankyou and I hope users become whole - stop accepting terms (which are binding and contractual) that rug you.