These terms cover the Dormo website (dormo.family) and the Dormo web app (dormo.family/app), together “Dormo”. By using Dormo you agree to them. If you do not agree, do not use Dormo.
1. Who we are
Dormo is made and run by Dormo (“Dormo”, “we”, “us”). You can reach us at hello@dormo.family.
2. Who can use Dormo
You must be at least 18 and able to enter a binding contract where you live. Dormo is only for people who may lawfully use it where they live. You must not use Dormo where the law forbids it. You must not be on a sanctions list, act for someone who is, or use a VPN or other tool to hide where you are. Tokenised stocks are not offered to persons in the United States. You are responsible for making sure that using Dormo is legal for you.
3. What Dormo does
Dormo is software. The app is an interface to the Dormo program on Solana (7aTUJBoNkSK5YWmeuys6rpZ8EFnog3hfLawWH4DnKJ2m).
- Deposits. You deposit USDG into the pool and receive pool shares. Your shares grow with the interest borrowers pay, and move with the pool’s result as the counterparty to trades.
- Loans. You can borrow up to 50% of your deposit’s value. The loan is posted straight away as margin on a trade; it never leaves the pool. Interest accrues on it at the pool’s rate.
- Trades. You can go long or short on a tokenised stock at 1× to 3×. Profit is capped at four times the margin. When you close, the result repays your loan first and the rest is added to your deposit.
- Prices. Prices are read from each stock’s Solana pool. A trade fills at the worse of the current price and the 30-minute average.
4. Who holds the funds
The pool’s USDG is held by the Dormo program, in a token account that only the program controls, and moves only by the program’s rules. We do not hold your funds or your keys. Your wallet’s keys stay with you; we never see them and cannot recover them.
5. Withdrawals and timing
You can withdraw any time, as long as what stays behind still covers your loan at the borrow limit and the pool has enough free cash that isn’t reserved for open trades. We do not promise that any action happens at an exact moment; Solana, the pools and RPC providers can be slow or down. Transactions on Solana are final. We cannot reverse a transaction you sign.
6. Fees
Trades pay 0.08% of their size to the pool when opened and again when closed. Loans pay interest to the pool at 2% a year plus 20% × utilisation. Liquidators receive 1% of a liquidated trade’s margin, or 3% of a settled loan. You also pay Solana network fees and account rent. Dormo itself takes no fee today; any future fee is posted here before it starts.
7. Liquidation
If a trade’s equity falls to 1% of its size, anyone may close it and its margin goes to the pool; your loan stays on your account. If your loan grows past 80% of your deposit, anyone may settle it from your deposit. You can lose part or all of your deposit.
8. No advice
Nothing on Dormo is investment, financial, legal or tax advice, an offer to sell or a solicitation to buy. Examples and figures on the site, other than live values read from Solana in the app, are illustrative.
9. Acceptable use
Don’t misuse Dormo: no attempts to break, overload or manipulate it or the pools it reads, no false information and nothing unlawful. We may block the website or app for anyone who does.
10. Third parties
Dormo relies on Solana, USDG (Paxos), xStocks, Raydium and Orca pools, wallets and RPC providers that we do not run. Their terms apply when you use them. References to any stock or token are descriptive and do not imply affiliation or endorsement.
11. No warranty and limited liability
Dormo is provided “as is”, unaudited. To the extent the law allows, we make no warranties and are not liable for any loss arising from your use of Dormo, including losses from bugs, price moves, liquidations, network problems or actions of third parties.
12. Changes
We may update these terms. The date at the top shows the latest version. Continuing to use Dormo after a change means you accept it.
13. Contact
Questions about these terms: hello@dormo.family.