> For the complete documentation index, see [llms.txt](https://docs.marinade.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.marinade.finance/marinade-protocol/legal/risks.md).

# Risks

## Overview

Using the Services involves significant risk. The summary below highlights the main categories. It is not exhaustive.

{% hint style="warning" %}
Staking and using the Services can result in the loss of some or all funds. The full risk disclosures are set out in the [Terms of Use](https://marinade.finance/terms-of-use), which are the authoritative and binding version.
{% endhint %}

#### Protocol and Smart Contract Risk

* **Smart contract risk:** The Protocol relies on smart contracts that may contain vulnerabilities, exploits, or failures.
* **Network risk:** Solana network congestion, outages, or consensus issues can delay or disrupt transactions.
* **Validator risk:** Validators may underperform, go offline, or be subject to penalties or slashing that reduce rewards or principal.
* **MEV and front-running:** On-chain activity may be exposed to MEV, front-running, or slippage.

#### Asset and Market Risk

* **Price volatility:** Digital asset values can be highly volatile and may decline significantly.
* **De-peg risk:** The market value of a wrapped asset such as mSOL may diverge from the underlying staked SOL. Price, redemption parity, and liquidity are not guaranteed.
* **Liquidity constraints:** Unstaking timing and amounts received vary with network conditions and available liquidity.
* **No guaranteed yield:** All yields and APY figures shown are estimates only and may be lower, or result in loss of principal.

#### Third-Party and Vault Risk

* **Third-party protocols:** Some Services, including the Vault, may route assets to third-party protocols not controlled or custodied by Marinade.
* **Oracle and data feed risk:** The Services may rely on oracles and external data feeds that can be delayed, inaccurate, or manipulated.

#### Regulatory and Jurisdictional Risk

* **Regulatory uncertainty:** The regulatory status of digital assets and staking is unsettled and subject to change.
* **Jurisdictional availability:** The Services may not be available in certain jurisdictions. Users are responsible for ensuring their use complies with applicable local law.

#### User Responsibility

* **Non-custodial:** Marinade does not hold or control user funds or private keys. Wallet and key security is the user's responsibility.
* **No professional advice:** Nothing in the Services constitutes financial, investment, legal, or tax advice.
* **Tax:** Users are responsible for determining and meeting any tax obligations arising from their use of the Protocol.


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