Website terms & conditions

1. Introduction

These Website Standard Terms and Conditions (the Terms) of this webpage shall manage your use of this website. These Terms will be applied fully and affect users and visitors (users)of this Website. By using said Website, you accept all terms and conditions  herein and abide by them. 

Minors or people below 18 years old are not allowed to use this Website.

Read Insula’s Website’s Business Compliance Policy.

2.  Intellectual Property Rights

Insula owns all the intellectual property rights and materials contained in this Website apart from the content owned by its users as per these Terms. In reference to the above, users are granted a limited license only for purposes of viewing the material contained on this Website.

This site contains registered trademarks Insula Investment Management™ & Insula™. The Trademarks are protected by Trademark Laws. Nothing on this site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use the Trademark, without the written permission of the Trademark owner.

© 2022 Insula Investment Management™ & Insula™. 

3. Restrictions

Under these Terms, users are specifically restricted to engage in the following:

publishing any of the Website’s material on any other media, network, website or any other platform accessible to the public;

selling, sublicensing and/or otherwise commercializing any of the Website’s material;

publicly performing and/or showing any of the Website’s material;

using this Website in any way that is or may be damaging to the reputation of its Website;

using this Website in any way that impacts user access to this Website;

using this Website contrary to applicable laws and regulations, or in any way may cause harm to the Website, or to any person or business entity;

engaging in any data mining, data harvesting, data extracting or any other similar activity in relation to this Website;

using this Website to engage in any advertising or marketing of any sort.

Certain areas of this Website have a restricted access which can be enhanced for a specific user by Insula Investment Managementat any time and in absolute discretion. Any user ID and password that have been given for the use of this Website are to remain confidential. The identities of users are to remain confidential as well.

4. Your Content

In these Website Standard Terms and Conditions, “Your Content” shall refer to any audio, video text, images or any other material you choose to display on this Website. By displaying Your Content, you hereby grant Insula Investment Management a non-exclusive, worldwide, irrevocable, sub-licensable license to use, reproduce, adapt, publish, translate and distribute in any and all media, network, website or any other platform accessible to the public.

Your Content is to be your own and must not invade any third-party’s rights. Insula Investment Management  reserves the right to remove or modify any of Your Content at any time and without notice.

5. No warranties

This Website is provided “as is,” with all faults, and Insula Investment Management expresses no representations or warranties of any kind in relation to this Website or the materials it contains. Furthermore, nothing contained on this Website shall be interpreted as providing an advisory service.

6. Limitation of liability

In no event shall Insula Investment Management, nor any of its officers, directors and employees, be held liable for anything arising out of or in any way connected to your use of this Website whether such liability is under contract.

Furthermore, Insula Investment Management as well as its officers, directors and employees shall not be held liable for any indirect, consequential or special liability arising out of or in any way related to your use of this Website.

7. Indemnification

You hereby agree to indemnify to the fullest extent. Insula Investment Management from and against any and/or all liabilities, costs, demands, causes of action, damages and expenses arising in any way related to your breach of any of the provisions of these Terms.

8. Severability

If any provision of these Terms is found to be invalid under any applicable law, such provisions shall be deleted without affecting the remaining provisions herein.

9. Variation of Terms

Insula Investment Management is permitted to revise these Terms at any time. Users are therefore expected to be aware of such revisions

10. Assignment

Insula Investment Management is allowed to assign, transfer, and subcontract its rights and/or obligations under these Terms without any notification. However, users are not permitted to assign, transfer, or subcontract any of your rights and/or obligations under these Terms.

11. Entire Agreement

These Terms constitute the entire agreement and therefore supersede any and all prior agreements and understandings users may have with Insula Investment Management.

12. Governing Law & Jurisdiction

These Terms and any non-contractual obligations arising out or in connection with it shall be governed and construed in accordance with the laws of the United Kingdom. 

Users irrevocably agree that the Courts of the United Kingdom are to have exclusive jurisdiction to settle any dispute which may arise out of or are in connection with these Terms.

Disclaimer Notice:

​At the moment, Insula is solely focused on its decentralised activity, research activity and its website development setup. This means that no centralised investments or custody services are currently available.

In case of doubt, please ensure that you are eligible by reading our Website’s Business Compliance Policy. 

Disclaimer concerning the eligibility to browse Insula’s website: 

​Important Information for website users and visitors:

​The information or documents herein are not intended for general distribution or use in the United States or for U.S. citizens. ​

​​At the moment, Insula is solely focused on its decentralised activity, research activity and its internal setup.This means that no centralised investments (off chain), custody services, nor advisory on regulated investments are currently  available. Only our Decentralised Finance (Defi) /unregulated activity is currently up and running.

GDPR & Cookies Policy disclaimer:

​Use of cookies:

We use cookies and other tracking technologies to improve your browsing experience on our website, to analyse our website traffic, and to understand where our visitors are coming from. By browsing our website, you consent to our use of cookies.

​Marketing Exemptions Disclaimer:

Nothing on the Website or in the above Terms constitutes an offer to sell, or the solicitation of an offer to buy any securities or tokens.

Insula enables capital connection and managing using smart contracts which are open source.

Insula does not take custody of tokens and is only a collaborative hub for investors and managers.

Insula is not a licensed bank, broker-dealer, investment advisor or an exchange. Insula uses partner protocols (UniSwap, 0x) to power its own ecosystem.

This project is in beta. The use of any products in relation with or provided by Insula Investment Management is at the user’s own risk and any loss or damage arising out or in connection with this usage cannot be held against Insula Investment Management.

​​Insula puts significant efforts into informing its users of its legal duties and the existing risk of cryptocurrency.

​Insula cannot be held responsible of any misleading communication or to have failed to provide investors with information regarding its token (ISLA) and Insula Investment Management business operations, financial condition, risk factors, and management.

Crypto Tax disclaimer:

​1) Concerning InsulaDAO users (individuals). (IMPORTANT INFORMATION FOR ALL DAO MEMBERS).

Insula’s users are responsible for paying their own tax and performing any other duties they may have to complete in the investment lifecycle, and more especially during withdrawal. 

Whether it is capital gains, transfer tax or any other duty, Insula’s users shall always make sure to duly report and declare their crypto-asset holdings and gains in accordance with their respective local government tax laws. InsulaDAO works structurally on a do it yourself (DIY) basis down to the individual scale, private tax reporting included.


​We invite you to visit HMRC’s website in order to learn more about crypto-assets tax policy in the United Kingdom:

Cryptoassets: tax for individuals

Cryptoassets: tax for businesses

Insula (ISLA) Utility Token Disclaimer:

​Disclaimer: Insula Token (ISLA) is not a regulated investment, and is not a derivative of any kind. 

Insula Investment Management only directly deals with exchange and utility tokens. Insula does not deal at all with derivatives and security tokens.

​Insula Token falls outside of the Financial Conduct Authority’s perimeter, which means that investors in Insula Token will NOT have access to Financial Ombudsman Service and Financial Services Compensation Scheme if things go wrong. 

​Investors in Insula Token may lose some or all of their investments.

​Please seek independent professional advice if you are in any doubt about the potential risk and returns involved.

If your adviser is not able to clearly explain the nature of the underlying investment and risk to you, then consider whether you fully understand what you are willing to invest in.

​Please note: Insula Token (ISLA), is a cryptocurrency (a utility token).

It is used in limited supply within Insula Blockchain Ecosystem.

​Insula’s present and future funds prototypes, or decentralised funds are strictly different products than Insula’s cryptocurrency, that is an Ethereum ERC20 Token called Insula (ISLA).

​​Insula puts significant efforts into informing its users of its legal duties and the existing risk of cryptocurrency.

Insula cannot be held responsible of any misleading communication or to have failed to provide investors with information regarding ISLA and Insula Investment Management business operations, financial condition, risk factors, and management.

Generic Cryptocurrency Risk Investment Disclaimer:

Insula Investment Management™ & Insula™ are a software ONLY and do not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds.

You are fully and solely responsible for evaluating your investments, for determining whether you will exchange blockchain assets based on your own, and for all your decisions as to whether to transfer blockchain assets with your own wallet. In some cases, blockchain assets you exchange based on your research may not increase in value; instead, they may lessen in value. Similarly, blockchain assets you exchange based on your research may increase in value after your exchange. Please, bear in mind that the past performance is not indicative of the future results. Any investment in blockchain assets involves the risk of loss of part or all of your investment. Be aware that the value of the blockchain assets you exchange is subject to market and other investment risks.

​Cryptocurrency Risk Disclaimer

In deciding to trade in crypto currencies, you should be aware of the following points:

  • Understand that the market for crypto currency is still new, uncertain and partly unregulated. Whether the market will move up or down, or whether a particular crypto currency will lose all or substantially all of its value, is unknown. This applies both to trades that are going long and to trades that are shorting the market.
  • Markets for crypto currencies have varying degrees of liquidity. Lack of liquidity can amplify volatility. There is never a guarantee that there will be an active market for one to sell, buy, or trade a specific crypto currency. Furthermore, any market for tokens may abruptly appear and vanish.
  • In addition to liquidity risks, values in any crypto currency marketplace are volatile and can shift quickly. Participants in any crypto currency market are warned that they should pay close attention to their position and holdings, and how they may be impacted by sudden and adverse shifts in trading and other market activities.
  • Understand that the legal status of specific crypto currencies may be uncertain. This can mean that the legality of holding or trading them is not always clear. Whether and how one or more crypto currency constitute property, or assets, or rights of any kind may also seem unclear. Know that you are responsible for knowing and understanding how crypto currency will be addressed, regulated, and taxed under applicable law.
  • Understand the nature of crypto currencies, the technology involved and the extent of my exposure to market and liquidity risk.
  • Make sure that the product is suitable for you in the light of your circumstances and financial position.
  • If trading in crypto currencies, you may sustain a total loss of the deposited funds and/or stored crypto currency.
  • You agree to hold harmless Insula Investment Management and its operators from any liability arising out of the website performance to the fullest extent permitted by law for operator of the website, except to the extent of the website negligence or wilful misconduct.



Disclaimer on AML & KYC:

Special attention is given to AML and KYC during customer onboarding via Transak module’s KYC check:,of%20you%20with%20your%20ID

​Insula Investment Management  does not accept Specified Investments at the moment.

 Special attention is given to AML and KYC during fiat customer on-boarding: customers are checked by trusted third parties (fiat to crypto exchanges KYC systems) that have full KYC procedures i.e passport checks.


Disclaimers on cryptocurrency wallets and private keys:

Prior to using this Website, please make sure to acknowledge and follow:

1. Metamask basic Safety & Security tips:

2. Insula’s terms & conditions:

You are fully and solely responsible for evaluating your investments and ensuring security of your wallets.




Disclaimer on wallet security:

 You are responsible for the security of your wallet information.

Disclaimers on smart contract security: 


Disclaimer: Not all the smart contract Insula uses were audited. The audit of a smart contract does not give any warranties on the security of the code. One audit cannot be considered enough. We always recommend proceeding to several independent audits and a public bug bounty program to ensure the security of the smart contracts.

Technical runtime disclaimer: Smart contract build on the top of Ethereum blockchain means that a lot of features could be covered by tests, but Turing completeness of Solidity programming language realization leaves some space for unexpected runtime exceptions.


There is no direct recourse against exploits of bugs in smart contracts. As such, smart contract risk is a major factor to assess when using blockchains with such capabilities.

Disclaimer: This document presents the findings of a security review of the smart contracts under scope of audits. As a time-boxed and best effort exercise, it does not guarantee there are no other security issues in the smart contracts. The results of smart contract audits should not be read as an investment advice.

Risks and Nuances for Smart Contract depositors:

24/7 Redemption: Caveats

Generally speaking, you are always in control of the shares you buy in Enzyme products and can redeem them at any time. Occasionally however, some edge cases arise because of the way that some DeFi protocols work. For example, Synthetix typically uses a delayed settlement time of 180 seconds. Further complicating matters, this settlement time is an adjustable parameter by Synthetix governance. In the scenario that a subscriber tries to redeem shares from an Enzyme product that’s just made a trade on Synthetix but before that trade has settled, they will not be able to.

If guaranteed 24/7 redeemability is a condition required for you to invest into a product, you should check the product configurations on the product’s page to make sure that Synthetix is on the adapter blacklist (ie. Portfolio Manager can never trade on Synthetix). It is important to check that this condition still holds at the time when any upgrade is signaled by a Portfolio Manager.

In an extreme edge case, a Portfolio Manager might be trading Synthetix heavily in which case you will might not have the chance to redeem as often as they would like. If this concerns you,  you should look to invest in products which have a Guaranteed Redemption policy. More information can be found on this policy in the Redemptions section. Note that it is your responsibility to check this policy still holds during an upgrade period.

External positions risk

It is important to note that a vault which is able to interact with external positions is no longer trustless and it is possible some or all of your funds could get temporarily or permanently locked in the vault. We strongly recommend that you do not deposit into any public that are allowed to hold external positions unless you know and trust the manager. It is possible for a manager to upgrade a vault to allow external positions. This would entail a seven day cool-off period before the new changes take effect. We recommend you check the settings regularly to ensure this is not possible. We will be introducing automated notifications to alert users of such changes in the near future.


Enzyme is constantly adding new features and integrations with external decentralised finance protocols. Occasionally, these features will require a new release of the core Enzyme contracts. Investors should be aware that at every new Enzyme release, Portfolio Managers can opt in to upgrade their product from the previous version to the new version. This process gives Portfolio Managers an opportunity to change their original product configurations (eg. fees, rule-sets, etc). Once the product configurations are updated and the Portfolio Manager has signaled their intent to migrate to the new Enzyme version, the Portfolio Manager is restricted from accessing the upgrade for 48 hours. This time period gives investors an opportunity to opt out of the product by redeeming their shares. 

At every release cycle, investors should regularly check the product configurations they are subscribed to in order to make sure they still agree to them.

In order to make this monitoring of events more user friendly, we will be releasing notification services for users in the coming months. In the meantime, any Enzyme upgrades will be well-publicised here, here, and here.

Smart Contract Risk

Enzyme takes security very seriously. Any publicly-available Enzyme code has been thoroughly audited; the results are available for anyone to read here. However, when interacting with any smart contract protocol, there is always some degree of risk that an edge case or code vulnerability can result in funds being lost. Investing funds into an Enzyme product is an acknowledgement and acceptance of this risk.

For any questions about these risks, our team is always happy to help.

Oracle Risk

Enzyme relies on oracles to calculate the GAVs of any investment product. If these oracles are compromised in any way, they can provide attack vectors to users which could lead to a loss of funds.

Asset Risk

It is the Portfolio Manager to stay on top of any nuances surrounding tokens. The available asset universe is not intended to be any list of endorsement. Things to look out for could include the risk of token migrations, deviations from the ERC-20 standard, the degree of centralised custodial risk (eg. USDT) and how prices are derived (for example, we use the BTC/ETH rate for WBTC). 

Farming rewards

Make sure you are using a Vault manager who understands the nuances of farming. When a Vault manager has unclaimed tokens, that Vault potentially becomes a target for arbitrageurs (at the expense of other depositors in the Vault). Typically its a good idea to make sure that a Vault which does farm, uses some kind of preventative measure (eg. a whitelist or an entrance fee) to deter such behaviour.

Making an Investment

Depositing to Enzyme Vaults

Once you’ve settled on a Vault, you’ll need to connect your Ethereum wallet to the Enzyme app. Click on the Connect Wallet button in the top right corner and choose your connection provider. If you do not see your preferred provider, please leave us feedback. We are actively integrating new wallets. 

Once you’re connected, make sure you’ve got some ETH to pay for gas, then click the Invest button in the top right corner of the Vault’s page. 

A Vault by definition has a Denomination Asset. This is the asset against which all benchmarks are measured for the Vault’s fees, and it’s the asset with which you’ll need to invest. In the case above, the Vault’s Denomination Asset is WETH. Choose the amount of the asset you’d like to invest and click Continue. Your connection provider will pop up asking for permission for to spend your tokens. Click Confirm and the next modal will pop up.

Clicking Submit will bring up your connection provider again and you’ll be prompted to confirm the contract interaction. Once you’ve done that, and the transaction is successfully mined, you are officially a token-holder. The app will take a moment to reflect the changes.

Ownership in Enzyme Vault’s is represented by an ERC-20 token that enables you to redeem your shares. You can see an example of one of these tokens here.

Investment in an Enzyme Vault only occurs through this two step process. Do not, under any circumstances, send assets directly to the fund contracts. While they will appear in the fund, you will not have a claim on them to redeem.

We strongly warn against investing into an Enzyme vault which is allowed to invest in external positions unless you know and trust the manager. This can potentially lead to locked up or lost funds. We recommend you check the policies section on a vault regularly to ensure that no external positions are allowed. We will be introducing automated notifications to alert users of such changes in the near future.


As a depositor into a Vault, you are entitled to withdraw your pro-rata share of that Vault’s assets at any time*. There is an important nuance to note here, however. Your shares do not entitle you to your pro-rata share of the Vault’s assets in the denomination currency. When you redeem shares, you will receive a slice of every asset the Vault holds.  

Let’s look at an example. Say you own 1% of the shares outstanding in an Enzyme Vault that’s denominated in WETH. Its total assets under management equal 100 WETH, and its portfolio is divided evenly between WETH, WBTC, YFI, and UNI. If you were to redeem your shares, you would receive WETH, WBTC, YFI, and UNI in equal proportions that add up to a total value of 1 WETH. You would not just receive 1 WETH.

To redeem shares, login to your Ethereum connection provider and click into the Vault’s info page. In the top right corner of that page, click the Redeem button. This will launch a modal showing your current balance and an input field for you to choose an amount to redeem. 

Once you’ve chosen an amount of shares to redeem, click Continue . On the transaction modal that pops up next, you can choose your gas price and then Submit. This will bring up your connection provider asking you to confirm the transaction. Once that’s been done, the transaction will mine and the appropriate token balances will be sent to your Ethereum wallet.

If redeeming from a vault that holds external positions, note that redemption in kind can lead to a loss of funds. This option should be disabled on our user interface. If you are unable to redeem from a vault holding external positions, please contact us to discuss other possibilities.