TIRIO / LEGAL

Risk Disclosure

Last updated

Trading digital assets is risky and you can lose everything you trade. Read this page before you use Tirio. It is not a complete list of risks, and nothing here is advice. The Terms of Use apply.

Beta software

Tirio is in public beta. The website, the app, the API and the order keeper can contain bugs, show wrong prices or stop working. The API runs on a single server and reads the chain through free public RPC endpoints. There is no service level agreement and no status page.

Smart contracts

  • No external audit. The Router, Executor and Orders contracts are tested with fuzz, invariant and mainnet-fork tests, and the Orders contract went through three internal reviews, but none of them has been audited by a third party. There is no bug bounty programme. A bug could lead to the loss of funds that are in a transaction or held by a contract, including open orders.
  • Owner control. The contracts have one owner, the externally owned account 0x81994324E1E82A8c02B2C608994Ba6AaD46a3F32, which is also the Tirio treasury. There is no multisig and no timelock: owner actions take effect as soon as they are mined. The owner can raise the Router's protocol fee up to 100 bps and the order fee up to 100 bps, change the fee shares, exempt addresses from fees, replace the Executor that runs swap routes, replace the order keeper and stop new orders. If the owner key were lost or stolen, these powers would be in someone else's hands. The owner cannot move escrowed order tokens, and every swap and order fill is still bounded by the minimum output and floor you signed.
  • Approvals. Approving a token to Permit2 or to the Router lets them move that token within the limits of the approval. An unlimited approval stays in force until you revoke it, and a Permit2 signature for the Router stays valid for up to 30 days.

Execution

  • MEV. Your swap goes from your wallet to the public mempool. Tirio provides no MEV protection and no private submission. Bots can trade ahead of and behind your transaction and push your result down to your minimum received.
  • Slippage and price impact. Prices move between the quote and the block your transaction lands in. A higher slippage setting makes a swap more likely to succeed and leaves more room for a worse result. Large trades move pool prices.
  • Positive slippage is asymmetric. On every exact-in swap whose output token has no transfer tax, if the swap delivers more than the quote, Tirio keeps the excess up to 1 % of the quoted output. If it delivers less, the loss is yours, down to your minimum received.
  • Quotes are not guarantees. The price shown while you type is indicative and not simulated. The quote you sign is simulated on chain at the latest block, but the next block can be different. In rare cases a quote cannot be simulated and is marked as such. Some legs of a route are estimated by interpolation.
  • Failed transactions cost gas even though nothing is swapped.

Liquidity coverage

Tirio does not read every pool on the chain and does not integrate PMM or RFQ market makers. A new pool can take from a few minutes to an hour to appear. For some pairs Tirio finds no route, or a worse route than another service.

Tokens

Anyone can create a token. Tokens can charge transfer taxes, block sales, change their rules, be paused or lose their value. Tirio detects transfer taxes where it can measure them, but it cannot detect every malicious token. On four.meme, Tirio only buys on the bonding curve: a token that has not graduated cannot be sold through Tirio. Pasted, unlisted tokens carry the highest risk.

Third-party protocols

Routes run through pools, hooks, market makers and launchpads operated by others. Their contracts can have bugs, be paused, be upgraded, charge fees that depend on the sender or be exploited. Tirio simulates each route before you sign, but cannot guarantee how third-party contracts behave.

Orders

  • Single keeper. Orders are filled by one keeper run by Tirio as a single instance. If it stops, stop-loss orders and DCA slices wait until it is back, so a stop may not sell while the price falls. After 15 minutes without the keeper, anyone can fill limit orders and take-profit legs at no less than their floors, and the price improvement can go to whoever fills them.
  • No oracle. Triggers and fills use the routes Tirio finds on chain. A sustained move in thin pools can trigger a stop. In a fast market a stop can sell well below its stop price, down to its worst price, or not at all if the price gaps below the worst price.
  • Floors are the worst case. A fill can pay you exactly your floor. Set limit prices, worst prices and DCA price protection to values you accept.
  • Escrow. Tokens in an open order are held by the Orders contract until the order fills, expires or you cancel it.

Wallets and keys

You alone control your wallet. Lost keys, a compromised device, a malicious browser extension or a phishing site can cost you your assets. Always check that a transaction targets the Tirio Router (0x000000000927913A80FCBC84E6e1F8f8a9614f2E) or the Orders contract (0x0000000008BCCFD5793B6dEA2FEFCDd2320f8a4b) on BNB Chain.

Data

Charts, trades and market data come from Tirio's own recording and from third-party market data. They can be delayed, incomplete or wrong.

Law and tax

The legal and tax treatment of digital assets differs between countries and can change. You are responsible for complying with the laws that apply to you and for any taxes on your trades.