Terms of use

Last updated 8 October 2026

refund.fi is on a test network. Everything here uses test tokens with no monetary value. Nothing you win, buy or lose on the testnet is worth real money, and testnet balances can be reset when the auction contract is replaced.

1. About these terms

These terms cover your use of refund.fi, the website at refund.fi and the auction smart contracts it connects to (together, "refund.fi", "we" or "us"). By using refund.fi you agree to them. If you don't agree, please don't use it.

2. Who can play

You must be 18 or over.
You must be allowed to take part in paid auctions and to hold crypto tokens where you live. Some prizes, such as tokenised stocks, may not be offered in every country. It is up to you to check the rules that apply to you.
You must not be on any sanctions list, or acting for someone who is.
One person, one account. Don't use several wallets to bid against yourself, push a price up, or collect extra refunds.

3. How an auction works

Every auction is for a Prize: an amount of a crypto or stock token, shown with its value when it was listed.
Every auction starts at $0.00. Each bid adds 1¢ to the price. A bid placed with fewer than 15 seconds left puts the clock back to 15 seconds.
When the clock runs out, the last person to bid wins. The winner pays the final price to claim the Prize.
The auction contract decides the result. A bid counts only if the contract accepts it before the clock runs out. A bid that arrives late is refused, and you keep the bid credit but pay the network fee.

4. Bid credits

A bid credit costs 50¢ (in USDG) and is held for you by the auction contract.
Every bid uses one bid credit, whether or not you win. Used bid credits are not given back, except through the refunds described below.
Bid credits you bought and haven't used can be cashed in for 50¢ each at any time.
Bonus credits, which are how refunds are paid, can be used to bid but can't be cashed in. They expire 21 to 28 days after you receive them. Expired bonus credits go to refund.fi.

5. Refunds

The bids on an auction first pay for its Prize, at the value it was listed at.
Once the bids have covered that, 90% of everything extra is shared among the people who bid and didn't win, in proportion to what each of them spent. refund.fi keeps the other 10%.
No one is refunded more than they spent on that auction. If the bids never cover the Prize, there are no refunds on it.
Refunds are paid as bonus credits. You have 30 days after an auction ends to claim yours. Unclaimed refunds then go to refund.fi.
On some auctions, an amount set aside for refunds is burned instead (sent where no one can ever spend it). This happens when it is more than the losing bidders spent, or when the bids never covered the Prize. It stops anyone, including us, profiting from bidding on their own auctions.

6. Claiming a Prize

The winner has 30 days after the auction ends to claim the Prize by paying the final price. After that, refund.fi may take the Prize back.
Once claimed, the Prize is sent to the winning wallet. A transfer on a blockchain can't be reversed.

7. Auto-bid and one-click bidding

Auto-bid holds the bid credits you give it and bids for you when the clock gets low. Its bids are sent by a keeper, a program refund.fi runs (and anyone else may run). We try to fire every auto-bid on time but can't promise to. Network delays, outages or a busy chain can mean an auto-bid lands late or not at all.
One-click bidding lets you bid without a wallet pop-up. If you signed in with a wallet, it uses a bidding key kept in your browser, limited by the number of bids and the time you allowed. If you signed in with email, bids from your embedded wallet go through without a confirmation screen; anything else, such as buying or cashing in, still asks you to confirm. Anyone with access to your device and browser could use these to bid, so turn them off on shared devices.

8. Your wallet

You are responsible for your wallet, your keys and your sign-in. We can't recover a lost key, undo a transaction, or reach into your wallet.
Email sign-in is provided by Privy, which creates and secures an embedded wallet for you under its own terms.
Every transaction pays a network fee to the blockchain, not to us. Network fees are never refunded, including on bids that fail.

9. Fair play

You must not:

use more than one account, or work with others, to influence an auction or collect refunds;
exploit a bug, a pricing error or a fault in the contracts or the website, instead of reporting it;
interfere with the website, the contracts or other people's use of them;
use refund.fi for money laundering or any other unlawful purpose.

We may block access to the website for anyone who breaks these rules. The contracts themselves are public and permissionless; we can't change or undo what they record.

10. Risks

Smart contracts and blockchains can fail. Bugs, exploits, network outages, price feed errors and changes to the underlying tokens could cause losses. Prices of crypto and stock tokens move, and a Prize may be worth more or less by the time you claim it. Only bid what you are comfortable losing.

11. No guarantees

refund.fi is provided as it is and as available. To the extent the law allows, we make no promises that it will be uninterrupted, error-free or fit for any purpose, and we are not liable for indirect losses, lost profits or losses caused by things outside our reasonable control. Nothing in these terms limits any liability that can't be limited by law.

12. Changes

We may change refund.fi, replace its contracts, or update these terms. We'll change the date at the top when we do. If you keep using refund.fi after a change, you accept the new terms.

13. Contact

Questions or a bug to report? Message us on X at @refundfi.