Before you start

Crypto prices change with supply and demand, regulatory developments, news, and other factors, and can move sharply in a short time.

The prices of the assets you supply keep changing during liquidity provision. If prices fall, the value of your assets may drop significantly, resulting in a loss.

While the price is within the set range, the position normally contains both assets, and their proportions change as the price moves.

As a result, your assets may be worth less than if you had simply held them. This is called impermanent loss. With concentrated liquidity, the narrower the range, the larger the effect tends to be.

When the market price moves outside your price range, the position is said to be "out of range." During that time, the position is not used for swaps and does not generate swap fees.

In addition, when the price moves outside the set range, the position as a rule holds only one of the two assets. Holding only one asset does not mean that its value is preserved; the position remains exposed to that asset's price changes.

A smart contract is a program that runs on the blockchain according to predefined rules. Smart contracts are used in AXIS Vaults and in external protocols such as Uniswap.

If a program has bugs or vulnerabilities, or is attacked by a third party, some or all of your assets could be lost.

Wallets such as MetaMask are managed by you. You must also keep your private key and seed phrase (the set of words used to restore your private key) safe yourself.

Loss, leaks to third parties, phishing scams, and similar incidents may cause you to lose assets or be unable to recover them. Never share your private key or seed phrase with anyone.

Operations on the blockchain require network fees (gas). Swapping assets may also involve swap-related costs and price differences from the expected price (slippage).

These costs may apply separately from the system usage fee and vary with network congestion and other conditions.

Stablecoins such as USDC are designed to track the price of a fiat currency or other reference, but they may lose that link (de-peg) depending on the issuer's situation and market conditions.

They may also be affected by freezes imposed by the issuer or by regulatory changes.

If outages or congestion occur on blockchains such as the Base network, on Uniswap, on wallets, or on other related services, transactions and operations may be delayed or temporarily unavailable.