Terms and Conditions

El Dorado Gana

These terms and conditions describe the conditions of use of the El Dorado Gana product on the El Dorado platform (“SuperApp”), a relationship between you (“User”) and any holding company, subsidiary, or entity belonging to the El Dorado group of companies (“El Dorado”). Hereinafter, we will refer to each separately as a “Party,” when we refer to the two together, we will refer to each other as the “Parties.”

You express your consent and acceptance by using the product and by electronically and expressly accepting these terms and conditions. You also agree that these terms and conditions may be updated or modified without prior notice.

If you do not agree to the terms and conditions of use, you cannot access this site or use the service El Dorado offers.

El Dorado Gana may contain third-party features and/or services governed by separate terms and conditions. You agree and acknowledge that you have read and accepted such third-party terms before using any El Dorado Gana Platform services.

1. Definitions

1. APY: Figure representing the actual amount of interest generated on investments and savings.

2. Wallet: A crypto wallet is a software or physical device that allows users to store, send, and receive crypto assets.

3. United States Treasury Bonds: The United States government-issued debt instruments.

4. Earnings: This refers to the rate of return an investor can expect to earn from their investments in crypto assets or DeFi products. The yield is typically expressed as an annual percentage, known as the Annual Percentage Rate (APY).

5. Digital Asset Exchange ("Swap"): A procedure that allows one cryptocurrency to be exchanged for another within the same blockchain or between different cryptocurrencies directly and rapidly, leveraged on Smart Contracts. This definition includes the definition of Bridge, which consists of a procedure allowing cryptocurrency exchange from one blockchain to another.

6. Applicable Law: Means any laws, statutes, regulations, ordinances, treaties, guidelines, policies, and laws issued by any governmental or regulatory authority of El Salvador.

7. Mountain Protocol: A financial protocol that offers a stablecoin called USDM, fully collateralized by US Treasury bonds.

8. Peer-to-peer (P2P): Peer-to-peer (P2P) refers to the technology and processes that enable the direct transfer of digital assets between two parties without the intervention of a centralized intermediary.

9. Platform: El Dorado APP.

10. Available Protocol(s): Any software and/or code, including but not limited to smart contracts, wallets, DeFi Protocols, DEX Aggregator Protocols, or any other similar protocol built on a compatible blockchain network.

11. Blockchain Networks: Blockchain networks are digital infrastructures that enable the creation and maintenance of immutable records of transactions.

12. Self-Custodial Wallet: Digital wallet in which only the holder owns and controls the private keys. As a User, you are solely responsible for the security and access to your assets.

13. USDT: Tether is a stablecoin widely used in the crypto asset ecosystem. It is linked to the value of the US dollar.

14. Yields: Refer to the profits generated from investing in digital assets. In other words, users can deposit their assets and receive interest or returns, denominated in tokens or crypto assets, as a return on participation.

2. What is El Dorado Gana?

El Dorado Gana is a SuperApp product consisting of an intermediation service whose sole purpose is to facilitate the User's transfer of resources to the available Protocols by providing them with a Self-Custodial Wallet that connects with the available Protocols to generate profits.

The Self-Custodial Wallet allows users to connect with the available Protocols. This product will leverage a commercial alliance through which El Dorado acts as an intermediary to offer third-party Protocols. Users can enter their USDT or stablecoins into the decentralized wallet to make a profit.

Our product allows you to exchange your stablecoins for other crypto assets. Depending on the protocols to which they belong, these assets may have different characteristics.

The latter is done through a specific mandate contract (“Mandate”) to issue orders; an agreement is established that allows El Dorado to carry out one or more operations on your behalf and follow your instructions in detail. This includes adopting all the necessary measures to carry out the Swap, which may imply that by clicking accept, this constitutes the main order regulated by this contract.

Additionally, it means that El Dorado will never be able to use the resources at its discretion; we will only help you access protocols in case you wish to do so, facilitating the exchange of Stablecoins and being providers of the Self-Custodial Wallet.

Backup of the Account:

Account backup will be done by generating a private key in encrypted form in cloud storage services, such as Google Drive or iCloud. This method ensures that the private keys are safe and accessible only to the user, allowing account recovery in case of device loss.

  1. When the user creates an account, the private key needed to sign transactions in a smart contract is automatically generated.
  2. The private key will be saved to your Google Drive or iCloud.

Account Recovery:

If the user loses all his devices, he can recover them by downloading the encrypted file from a cloud service (Google Drive or iCloud). This file will allow the signing of a new transaction to add a new device to the smart contract, thus reestablishing access to the account.

  1. If the user loses all their devices, the recovery process will begin by accessing the encrypted file stored in the cloud.
  2. The user will download the encrypted file from the cloud to a new device.
  3. Using the downloaded file, the new device will sign a transaction to add it to the smart contract, restoring access to the account. This process avoids needing a recovery phrase like the traditional 12, 18, or 24-word ones.

Thus, through this contract, El Dorado carries out the following tasks (also understood as “the service(s)”):

  1. Receive the funds, i.e., the stablecoins, agreed upon by the parties.
  2. Carry out the necessary activities so the stablecoins can be sent to the Protocol of your choice and their withdrawal when you wish.
  3. Exchange Stablecoins with El Dorado as a market maker or a third party with the Stablecoins necessary to access the Available Protocols.

In other words, our business alliances allow you to access third-party services. These opportunities are at your fingertips!

3. What is the relationship between El Dorado and the Protocols?

Thanks to El Dorado, you can access new third-party services or Protocols.

However, you should be aware that El Dorado has no control over these Protocols, external websites, features, and their content.

El Dorado is not responsible for any of these Protocols, which are linked from the El Dorado website, regarding the information, opinions expressed, advice or statements, advertising material, accessibility, or any possible consequences of using these third-party sites, such as damages, losses, failures, and problems.

Through this service, you, as a user, allow El Dorado to exchange a stablecoin in your El Dorado wallet for a stablecoin in a Protocol. However, El Dorado functions solely and exclusively as a communication bridge so that you can participate in the Protocol. REMEMBER THAT EL DORADO HAS NO INFLUENCE WITH THE PROTOCOL!

Each Protocol has separate terms of use and policies.

Therefore, before accessing the Protocol, its services, content, information, or any other material from these external websites, you must review their policies, rules, terms, and regulations. You are solely responsible for taking the necessary precautions to ensure you wish to use third-party services.

4. How do you create an account, and what are its implications?

You do not need to create a separate account from your El Dorado account. The El Dorado Gana product is within your account. You only need to accept the creation of the Self-Custodial Wallet and the specific Mandate contract, select the protocol you wish to connect it to, and we will provide you with access to it.

You can make deposits using the payment methods available at El Dorado. Thanks to our connection with our partners, you can see the daily earnings of these third parties' products. Remember that the minimum deposit amount is 20 USDT.

To complete this process, you must issue an Instruction indicating the orders to enter funds into a protocol. The Instructions carried out through the platform must include all the information required to develop the process (the instructions are generated with the acceptance of the specific mandate contract). Additionally, we will help you gather as much information as possible to make your decisions most informedly. HOWEVER, THIS DOES NOT MEAN THAT THE INFORMATION PRESENTED IN THE PROTOCOL IS IN OUR CONTROL SINCE, ALTHOUGH WE WILL TRY TO KEEP IT UP TO DATE, IT WILL BE YOUR SOLE RESPONSIBILITY TO MAKE THE DECISION TO ENTER FUNDS INTO A THIRD-PARTY PROTOCOL.

Based on the information in the instruction, El Dorado will carry out the SWAP and subsequently deposit funds in the Protocol. If El Dorado cannot complete the placement in whole or in part for any reason attributable to the third party, it will notify you as soon as possible.

In any case, the Parties declare that they accept and understand that El Dorado will not be liable for any penalty, additional cost, fine, or damage that may be caused as a consequence of a total or partial placement that could not be carried out or cannot be carried out on time due to errors in the Information contained in the instruction or for reasons beyond El Dorado's control and attributable to the third-party owners of the Protocols.

5. How can I withdraw my funds from my Self-Custodial Wallet?

You must locate the Withdraw button within the product and indicate the amount you wish to withdraw. Please note that the minimum withdrawal amount is the equivalent of 10 USDT, and the corresponding commission value will be additionally deducted.

Remember that the characteristics vary depending on the Available Protocol. Therefore, you must understand which service is being offered to you before accepting any protocol. For example, some protocols will have different earnings, times to be reflected, settlement times of the asset underlying the crypto asset, etc.

El Dorado clarifies that when you withdraw stablecoins, you have complete freedom and autonomy to decide what to do with them. You are in no way obliged to liquidate them in fiat with El Dorado or with a third party indicated by us.

6. Compliance

We want you to be calm because we care about preventing money laundering and terrorist financing risks. To see our policies, you can consult our general terms and conditions, which are available here: El Dorado P2P Terms and Conditions.

What applies to compliance will also apply to the El Dorado Gana product.

7. Commissions

To perform the Brokerage Service you are accessing, we may charge a commission for stablecoin brokerage. The percentage or specific amount will be disclosed to you as you navigate through the SuperApp before entering into a transaction with a third party's Protocol. Initially, you will not have any commissions for deposits or withdrawals; however, remember that the minimum deposit amount is USDT 20, and the minimum withdrawal amount is USDM 10.

8. What happens if the Platform falls?

Please note that each Protocol is an independent service from El Dorado owned by a third party. THEREFORE, EL DORADO IS NOT RESPONSIBLE FOR THE ACTIVITIES THAT OCCUR IN THE PROTOCOL. We allow you to access that Protocol, but we do not control it, so we have no activity or responsibility for it.

For the above reasons, El Dorado is responsible if our tool does not allow you to access the Protocol, but it is not accountable for what happens in the Protocol at any time.

If you need any help with the Platform, you can send us a communication to support@eldorado.io indicating the problem, and we will do our best to help you solve it.

El Dorado is not responsible for any damage, harm, or loss caused by failures in the Platform arising from the server or the Internet. El Dorado will also not be responsible for any virus that may infect the Users' equipment due to access to or use of the Platform or any transfer of data, files, images, texts, or audio contained therein. El Dorado does not guarantee continued or uninterrupted access to and use of the Platform.

The Platform may occasionally be unavailable due to technical difficulties, Internet failures, or any other reason; in such cases, an attempt will be made to restore it as quickly as possible without any liability being attributed to El Dorado. El Dorado will not be liable for any errors or omissions made by Users within the Platform.

9. What are your responsibilities under these terms and conditions?

  1. Security: Users are responsible for maintaining the security of their devices and private keys. This includes, but is not limited to:
    • Use strong and unique passwords to access the El Dorado App.
    • Ensure your devices are protected from malware and other cyber-attack types.
    • Make the backup indicated by the El Dorado Gana product in the cloud of your choice (e.g., iCloud, Drive). If you lose your device, you can only access it through this backup.
  2. You must understand that El Dorado is not a party to any transaction on the blockchain networks underlying the available Protocols; WE DO NOT HAVE POSSESSION, CUSTODY, OR CONTROL OVER ANY CRYPTOASSET OR ANY USER'S FUNDS.
  3. You understand that when you interact with the available Protocols, you always maintain control over your crypto assets.
  4. Legal Compliance: Users must comply with all laws and regulations for using El Dorado Gana.
  5. Due Diligence: Users should conduct their research and due diligence before using the Self-Custodial Wallet and connecting to the available Protocols. This includes, but is not limited to:
    • Evaluate the risks associated with investing in crypto assets that have US Treasury bonds as their underlying.
    • Verify the legitimacy and security of the available Protocols with which they connect.
    • Stay informed about updates and changes to available Protocols and the Self-Custodial Wallet.
  6. Responsible Use: Users must use the Wallet responsibly and ethically. This includes, but is not limited to:
    • Do not attempt to hack or compromise the security of the Wallet or cryptoasset protocols.
    • Do not use the Wallet for activities that may damage the platform's reputation or other users.
    • Report any vulnerabilities or security issues in the Wallet to the platform administrators.

10. How should you back up your account?

We care about the security of your account and offer you a way to back up your El Dorado Gana product:

  1. Cloud Backup: Recovery Phrase Encryption: Use a Google Drive or iCloud backup account to encrypt your recovery phrase before uploading it to the cloud.
  2. Cloud Storage: Storage is automatically generated in the selected cloud.
  3. Recovery: If your primary device is lost, you can download the encrypted copy from the cloud and decrypt it to restore your private keys.

11. What are El Dorado's responsibilities under this agreement?

  1. Security and Data Protection: El Dorado is committed to implementing appropriate security measures to protect users' personal and financial data. This includes using encryption technologies and other security practices to prevent unauthorized access.
  2. Transparency and Communication: The Company is committed to providing clear and transparent information about the operation of the Self-Custodial Wallet, including any changes to the terms and conditions, privacy policies, and applicable fees. The Company will notify users of any critical updates through established communication channels.
  3. Technical Support: The Company will provide technical support to users to resolve issues related to using the Self-Custodial Wallet. This includes troubleshooting and answering general queries.
  4. Service Integrity: The Company is committed to maintaining the integrity and availability of the Self-Custodial Wallet, performing necessary maintenance and updates to ensure its proper functioning. In the event of service interruptions, the Company will endeavor to restore the service as quickly as possible and minimize any inconvenience to users.
  5. Legal Compliance: The Company will comply with all laws and regulations applicable to the operation of the Self-Custodial Wallet and the management of cryptoassets under Applicable Law. This includes cooperation with authorities in the event of legal investigations and implementing measures to prevent illegal activities, such as money laundering and terrorist financing.
  6. Limited Liability: Although El Dorado strives to provide a safe and reliable service, it will not be liable for any loss or damage resulting from events beyond its control, such as technical failures, cyber-attacks, or user investment decisions.
  7. Due to the technology's non-custodial and decentralized nature, we are not a broker, agent, advisor, or custodian. We have no fiduciary relationship or obligation to you regarding any other decisions or activities you make when using our Services.
  8. You acknowledge that we only have information about some transactions on the Available Protocols beyond what is publicly available through the Blockchain. However, we may collect information about users of the Services by our Privacy Policy.

12. Disclaimer

El Dorado will not be liable for any loss or damage arising from using the Protocol, including, but not limited to, losses resulting from user errors, technical failures, or fraudulent activities.

You acknowledge that we have no control over the Protocols available beyond what is publicly available through the Blockchain. However, we may collect information about users of the Services by our Privacy Policy.

13. What do you do if you have a complaint?

Any complaint related to the Platform Services may be filed through the El Dorado website using the complaints and claims button.

Upon prior identification, users or a third party representing them may submit direct claims free of charge.

El Dorado will register and individualize the claim by assigning a number to your claim, which we will inform you of through any appropriate communication channel.

El Dorado may transfer the PQRSDF to a third party when it concerns information or service not provided directly by El Dorado.

If the response corresponds to El Dorado, we will respond within fifteen (15) business days of receiving it.

14. How do we protect Intellectual property?

The Platform, its solutions and designs, graphics, texts, images, distinctive signs, source code, object code, and other content to which you have access are the property of El Dorado and are protected by intellectual and industrial property.

Access to the Platform granted by El Dorado does not imply any transfer of industrial property rights and/or copyright over the Platform. You must refrain from modifying, disassembling, decompiling, or reverse-engineering the Platform; if you do so, you will indemnify El Dorado for any damages this may cause.

15. How will we handle your personal data?

During the execution of the Services, El Dorado will ask you for certain personal data, for which you must accept El Dorado's personal data processing policy, available at:

El Dorado is committed to complying with data protection regulations, especially the Applicable Law.

16. How long does this Agreement last, and when can it be terminated?

This Agreement will remain in effect as long as you use the Services. If you wish to terminate it, you must stop using the Services and cancel your account on the Platform, and if you want us to delete your information from our database, you must send us a communication stating this. In any case, we cannot delete some of your personal data due to legal requirements.

El Dorado may only provide its Services to you and suspend your access to the Platform if you comply with these terms and conditions or if it determines that you do not comply with its security policies.

17. What law will apply to this agreement?

The Applicable Law of El Salvador governs this agreement.

18. Where will the Parties receive notifications?

You will receive notifications to the email or cell phone number you registered in the registration form.

El Dorado will receive notifications at support@eldorado.io.

19. How will we resolve disputes arising from this Agreement?

When there is a dispute between El Dorado and You about this Agreement, it will be subject to a direct settlement phase between El Dorado and You for thirty (30) calendar days counted from the notice of the existence of the dispute by one of the parties to the other.

After thirty (30) calendar days have elapsed without reaching an agreement, the controversy will be resolved by the judges of the ordinary jurisdiction of El Salvador.

20. How are these Terms and Conditions modified?

El Dorado may change the terms and conditions whenever necessary. Five (5) business days before making the changes, El Dorado will notify you through notification channels.

We will assume you have accepted the changes if you continue using the Services.

This is a total agreement!

These Terms and Conditions and any annexes to them shall prevail over any other prior agreement, verbal or written, concerning the subject matter of the Agreement.

ANNEX A

Available Protocols

Name of the ProtocolCryptoassetUnderlying AssetWebsiteWhitepaperAPY
Mountain ProtocolUSDMUnited States Treasury BondsUSDM - Mountain ProtocolGetting Started | Mountain Protocol4.5% per year

General Description:

Mountain Protocol is an innovative protocol designed to offer stability and security in the stablecoin ecosystem. Based on a US Treasury-backed asset framework, this protocol facilitates the issuance of a stablecoin, USDM, that seeks to be a safe haven against market volatility.

Main Features:

  1. Stablecoin - USDM:
    • Backed by Real Assets: The USDM stablecoin is backed by T-Bills – short-term government securities issued by the US Treasury that are part of the “USDM Reserves.” T-Bills are generally considered the safest asset in US dollars and are widely used by institutions to manage their own Treasury bills.
    • Transparency: All assets backing USDM are regularly audited and published to ensure maximum transparency.
    • Low Volatility Risk: Being backed by safe assets, USDM provides a stable alternative in a typically volatile cryptocurrency market.
  2. Decentralized Governance:
    • Community Participation: USDM holders can participate in crucial protocol decisions, including parameter adjustments and improvement proposals.
    • Transparency and Security: All decisions are recorded on the blockchain, ensuring they are immutable and accessible to all participants.
  3. Interoperability:
    • Multichain Compatibility: Mountain Protocol supports multiple blockchains, allowing users to move USDM between different platforms frictionlessly.
    • Expandable Ecosystem: Integration with DeFi applications, decentralized exchanges, and other financial services that allow maximizing the use of USDM across multiple platforms.
  4. Security and Compliance:
    • Regulatory Compliance: Mountain Protocol operates under a framework that complies with international financial regulations, guaranteeing the security and legality of its operations.
    • Audits and Stress Testing: The protocol is regularly subjected to independent audits and stress testing to ensure its robustness and reliability.

How USDM Works:

USDM is a US dollar-pegged stablecoin issued under the Mountain Protocol. It is designed to provide liquidity and stability within the ecosystem.

  1. USDM Support:
    • Backing Assets: USDM is backed by T-Bills – short-term government securities issued by the US Treasury that form part of the “USDM Reserves.”
    • Liquidation: Subject to liquidity availability, users can liquidate their USDM through exchanges for USDC or other supported assets.
  2. Withdrawal Mechanism:
    • Liquidity Availability: USDM liquidity is backed by tangible assets and a USDC credit line, allowing for conversion and withdrawal of USDM at any time under normal market conditions.
    • Liquidity Restrictions: If the withdrawal volume exceeds the available liquidity, withdrawal times may be extended to T+2 business days. This means that funds may be temporarily blocked in scenarios of high withdrawal demand or liquidity issues until this period is met.
    • Withdrawal Transparency: Users will be notified of any potential withdrawal delays, and the protocol ensures transparency in liquidity management and waiting times.
  3. Associated Risks:
    • Risk of Temporary Blocking: In situations of high demand, withdrawals may not be immediate, exposing users to the risk of temporarily blocking their funds.
    • Credit Line Dependency: USDM backing is highly dependent on the USDC credit line, which could entail additional risks if credit market conditions change.

Benefits for Consumers: