ETH Staking User Agreement
Last updated: 30 August 2023
1.1 The ETH Staking Service (the “Service” or “Services”) is offered by Aux Cayes FinTech Co. Ltd. (“OKX”) that allows one obtain yield by staking Ethereum (ETH) as agreed digital assets, with redemption be allowed, pursuant to certain terms and conditions. OKX is responsible for the product design management and the operation of the Service. In order to use the Service, you should read and abide by this ETH Staking User Agreement (this “Agreement”). Please be sure to read carefully, fully understand and agreed to the terms of this Agreement.
1.2 Unless you have read and accepted all the terms of this Agreement, you are not authorized to or should not use the Services. Your acceptance of this Agreement and your use of the Services represents that you have read, understood and agreed to this Agreement and that this Agreement is legally binding on you.
1.3 This Agreement shall supplement our OKX Terms of Service. In the event of any conflict or inconsistency of any term or provision set forth in this Agreement, our OKX Terms of Service, such conflict or inconsistency shall be resolved by giving precedence first to this Agreement. All other provisions of our OKX Terms of Service not modified by this Agreement shall remain in full force and effect.
2.1. Ethereum (ETH) is a proof-of-work (PoW) blockchain network. ETH, or Ethereum, is the proof of stake (PoS) version of the Ethereum mainnet, which introduced the sharding technology. It consists of 4 phases, Phase 0 (beacon chain), Phase 1 (sharding), Phase 2 (smart contract), Phase 3 (chain storage), Phase 4 (sharding smart contract), etc.
2.2 The Service, ETH Staking, is the solution to realize the PoS mechanism of Ethereum.
2.3 “Service Fee” refers to the fees a user may pay to OKX when redeeming or withdrawing the staked ETH.
2.4 Other definitions relating to the Services include:
- T Day: A nature day based on Hong Kong time (UTC+8).
- Staking: In this Service, User will stake a certain amount of ETH (the “Digital Asset”) and receive liquidity tokens as the proof of stake. After staking, the User will still be able to trade the liquidity tokens via the spot trading market. For avoidance of doubt, by holding the liquidity tokens, BETH, users are staking the Digital Asset under this Service.
- Redemption: The redemption of the staked Digital Asset takes several days to deliver to transfer to the User’s Account.
- Eligibility to Use the Service
3.1 You agree and confirm:
a. OKX stakes your Digital Assets, in whole or in part;
b. OKX acts as a validator on an applicable network; and
c. You delegates any voting rights to OKX, that are attached to your staked Digital Assets.
d. OKX may specify, from time to time, in relation to the Service,
- minimum amounts of staked Digital Assets that are required to subscribe to the Service;
- any redemption period; and/or
- any subscription limits.
3.2 You also understand and confirm:
- You have agreed to abide by our OKX Terms of Service, and that you are eligible and not being prohibited from using the Services defined therein;
- If you are registering the Service in your personal capacity, in order to effectively accept this Agreement, you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to sign this Agreement. Once accepted and executed, it is binding on you;
- If you are registering to use the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf.
- You have the experience and risk tolerance of using the Service, and have the experience and knowledge to invest in non-guaranteed digital currency products;
- In order to use the Service, you have the ability to perform operations on the Internet;
- This Agreement does not conflict with the laws of your country or region, and you promise that you will comply with the laws of your country or region;
- You are the legal owner of all the digital assets in your OKX Account and guarantee that the sources of these digital assets are legal.
3.3 You further agree and promise:
- You will not use the Service for any illegal purposes, or conduct, initiate or promote any forms of market manipulation, price manipulation, insider dealing, market distortion or any other malicious wrongdoings to the market, including but not limited to illegal gambling, money laundering, fraud, extortion, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by the law.
3.4 You understand and accept the risks that may arise to you and the related losses you may suffer from using the Service, including but not limited to:
- The risks you may suffer from the risks associated with the inability to trade the liquidity tokens. You are willing to bear the funding risks and potential financial losses caused by holding the liquidity token and subscribing to the Service;
- The expected yield displayed on OKX website is an estimate of yield instead of the actual yield guaranteed or promised by OKX. The actual yield may vary from the expected yield. Your final yield will be based on the actual yield you receive. OKX may deduct the cost, fees, and expenses related to the operation of Staking (including but not limited to the server fees, electricity fees, etc.) as well as the handling fees for Staking from your actual yield of Staking to determine your final yield. OKX does not make any guarantee or promise to the actual yield that you may receive;
- High price fluctuations of digital assets and their derivatives may cause significant or total losses in a short period of time;
- Technical anomalies may occur, which may delay or prevent you from using the Service or performing related transactions and result in losses of your digital assets;
- Market anomalies may occur, which may result in losses of your digital assets;
- In order to maintain the overall health of the market, OKX is required to add, remove, or change the policies, the terms of this Agreement or other relevant service agreements or terms from time to time. Such behaviour may benefit or harm individual customers like you.
- Use of the Service
4.1 You can make commands, such as staking, redeem, etc. through the OKX User page. Once the command is set, you will not be able to cancel, revoke or edit it.
4.2. When your Digital Assets are successfully staked, you agree to entrust and authorize OKX as an intermediary to perform certain actions to certain amount of Digital Assets in your account, including but not limited to node voting and Digital Asset gain.
4.3 Once the Digital Assets have been staked or locked up, OKX shall issue you the liquidity tokens in the form of BETH at the ratio of ETH: BETH at 1:1. The liquidity tokens, BETH, shall be used at the OKX Platform, for spot trading or as collaterals. The use of BETH shall be subject to the rules and terms published by OKX at the OKX Platform from time to time, and OKX shall reserve its sole discretion to allow, consider, modify or cancel any use of the BETH for any purpose at any time at OKX Platform.
4.4 Staking rewards shall:
a. start accruing from the day after you subscribe the Service (“Reward Calculation Day”). Staking rewards will accrue from day to day and will be calculated on the basis of the number of days elapsed and a 365-day year. You do not earn any staking rewards for the first day that you subscribe;
b. be distributed to your funding account daily, the day after each Reward Calculation Day, before 3:30 UTC;
c. be calculated by reference to the Variable Staking Rate on the day the staking rewards accrue. For avoidance of doubt, such “Variable Staking Rate”, which is the APY that may vary every day on an on-chain earning situation, shall be published on the OKX Platform and may change from time to time;
d. be applied each day to liquidity token only, nor at redemption;
e. be distributed in the form of liquidity token, BETH; and
f. be calculated and rounded down to 8 decimal places.
For avoidance of doubt, OKX may retain some on-chain rewards. This amount may be different from staking rewards. OKX does not guarantee that you will receive staking rewards at the Variable Staking Rate shown at the time you subscribe. Any representation concerning possible return at the time you subscribe (i) is an indicative estimate only and not guaranteed, (ii) is based on the Variable Staking Rate, which may change, and (iii) may be more or less than the on-chain rewards.
4.5. Redemption of ETH with BETH
a. OKX shall provide you with the ability to redeem ETH with BETH on a 1:1 basis within a reasonable time after the redemption request is submitted (the “Redemption Date”).
b. On or after the Redemption Date, OKX may only permit a limited quantity of ETH to be redeemed each day.
c. Once you have submitted the redemption request, you will no longer earn any staking rewards in relation to the portion of the BETH that you have requested to redeem ETH with BETH. For avoidance of doubt, a redemption of ETH with BETH shall not be eligible for any staking rewards. Once the order of such redemption has been placed and/or confirmed, such order cannot be cancelled, revoked or edited.
d. You shall be able to receive the ETH within a reasonable time upon making a redemption request.
e. All redemption requests shall be handled by OKX on a first-in first-out (FIFO) basis, and they shall be processed by OKX at the end of the day (close of business at UTC+8).
e. OKX reserves the right to charge a Service Fee for processing a redemption of ETH with ETH, and such Service Fee shall be published on the OKX Platform, and may be modified by OKX, from time to time.
4.6 You will be able to view your account history on the OKX Platform. You must review your account history carefully and let OKX know if you see any entries or transactions that you do not recognize or you think are incorrect as soon as possible. OKX may rectify any error in your account history at any time, and reserve the right to void or reverse any transaction:
a. involving or deriving from a manifest error (that is, any error, omission, or misquote (whether an error of OKX or any third party) which is manifest or palpable, including a misquote by any representative of OKX taking into account the current market and currently advertised quotes, or any error of any information, source, official, official result or pronunciation); or
b. to reflect what we reasonably consider to be the correct or fair details of the transaction.
4.7 OKX may be required under Applicable Laws and Regulations to share information about your accounts and use of the OKX Platform with third parties. You acknowledge, agree and consent that we are entitled to disclose such information.
- Suspension or cancelling your subscription of the Service
5.1. Subject to our OKX Terms of Service, OKX may stop, suspend or cancel your access to the OKX Platform, impose limits to any OKX accounts, suspend or cancel your ability to participate in the Service, or delay certain transactions where:
a. you do not provide additional information to verify your identity or source of funds as requested by OKX;
b. OKX is required to do so by court order, to comply with any Applicable Laws and Regulations (including anti-money laundering or sanctions laws);
c. OKX is required to do so to comply with any direction or instruction from a government body or agency;
d. OKX reasonably determines that any information you have provided to OKX is wrong, untruthful, outdated or incomplete; or
e. you do not provide additional information that we request to our reasonable satisfaction or in a timely manner.
6.1 You agree and accept that the User’s estimated yield displayed on OKX website is an estimation but not a guaranteed or promised actual yield. The actual yield may not meet or may be lower than the estimated yield. Your final yield will be based on your actual yield. OKX does not promise or guarantee your estimated yield or actual yield you will receive.
6.2 You agree and accept that when you redeem your assets, the time it takes for the Digital Assets to arrive at your account may vary and the arrival on displayed on the website is final. OKX shall not be liable for any losses caused by the Digital Asset arrival time difference.
6.3 You agree and accept that OKX reserves the right to amend the content of this Agreement anytime in its sole discretion. OKX shall not be liable to any losses due to your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.
6.4 You agree and accept that if the OKX Platform cannot function properly or the Service is interrupted due to the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, OKX shall not be liable to any losses. These circumstances include but limited to:
- Service suspension for maintenance as announced by OKX;
- System failure to transmit data;
- Force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, plague, power outage, war, turmoil, government actions, terrorist attacks, etc., that lead to the suspension of the OKX Platform;
- Service interruption or delay due to hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure due to government regulations, etc.;
- Service interruption or delay caused by the computer system being damaged, defective or unable to perform normally;
- Losses due to technical problems that cannot be predicted or solved by existing technical forces in the industry;
- Losses to you or other third parties due to the fault or delay of the third party;
- Losses to you or other third parties due to changes in any Applicable Laws and Regulations, or government, regulatory or law enforcement orders;
- Losses to you or other third parties due to force majeure or accidents caused by other unforeseeable, unavoidable and unsolvable objective circumstances.
You agree and accept that the above reasons may lead to abnormal transactions, market interruptions and other possible abnormal circumstances, OKX reserves the right to refuse to execute your commands based on the actual circumstance. You understand and agree that OKX shall not be liable to any of your losses (including but not limited to direct or indirect losses, actual losses or loss of possible yield, etc.).
6.5 You agree and accept that OKX shall not be liable for any losses caused by the risks described in Section 3 of this Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).
- Technology disclaimers
7.1 OKX may, from time to time, suspend access to your OKX accounts, the OKX Platform, the Service and/or any other OKX services, for both scheduled and emergency maintenance. OKX will make reasonable efforts to ensure that transactions on the OKX Platform are processed in a timely manner, but OKX makes no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors outside of our control.
7.2 Although OKX makes reasonable efforts to update the information on the OKX Platform, OKX makes no representations, warranties, or guarantees, whether express or implied, that the content on the OKX Platform, including information in relation to the Services and any other OKX services, is accurate, complete, or up to date.
7.3 You are responsible for obtaining the data network access necessary to use the Services or any other OKX services. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Service, any OKX services, the OKX Platform, and any updates thereto. OKX does not guarantee that any of the OKX services, or any portion thereof, will function on any particular hardware or devices. OKX services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.
- Mandatory Measures
You agree and accept that OKX strictly prohibits unfair trading practices. OKX reserves the right to exercise control over your account or shut down your account if you perform the following actions:
- Market manipulation, price manipulation, insider dealing, market distortion, or any other malicious wrongdoings or behaviours;
- Harming other Users or OKX using the loopholes of the Service or other unreasonable means;
- Participation in any activities that OKX regards as harmful to the market;
- Violation of law and regulations.
In order to eliminate any adverse effects on the overall market, OKX reserves the right to take the following measures at its sole discretion, including but not limited to the closing down of your account, restricting or cancelling your commands. You understand and agree that OKX shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred by you in connection with the above measures.
9.1 You shall take every possible measure to protect OKX from any damages arising out of your use of the Service or other actions related to your OKX account, otherwise you should be liable to OKX.
9.2 You hereby agree to defend, indemnify and hold OKX harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against OKX due to or arising out of your breach of this Agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your OKX account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
10.1 The contents of this Agreement also include OKX's various system specifications, other agreements or rules in the annex to this Agreement, and other relevant agreements and rules regarding the Service that OKX may issue from time to time. Once the above content is officially released, it is an integral part of this Agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.
10.2 OKX reserves the right to unilaterally modify this Agreement (including the above contents) if necessary. Such modification could happen at any time without prior notice. If any changes are made, the revised contents shall be posted on OKX's website immediately. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the Services.
10.3 You should carefully read the Agreement, and any document referred to in Section 10.1 and 10.2 of this Agreement that constitute the contents of this Agreement. If there is anything that you do not understand in the Agreement and any document referred to herein, you should contact OKX and seek for clarification. Unless otherwise instructed by OKX, any formal communication and document transfer between you and OKX should be undertaken through email. You are also able to contact OKX telephonically as informal communication. Any formal communication between you and OKX should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.
To OKX: Email: service@OKX.com
10.4 If any provisions of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired in any way. However, if any provisions of this Agreement shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality or enforceability of such provision in any other jurisdiction.
10.5 The failure of our enforcement of any right or provision of this Agreement will not be deemed a waiver of such right or provision.
10.6 This Agreement, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of this Agreement, directly or indirectly, shall be governed by, and construed in accordance with the laws of England and Wales without regard to the principles of conflicts of laws thereof.
10.7 Dispute Resolution
(i) You acknowledge and agree that in the event of any dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of the Terms or any dispute arising out of or relating to the Terms (“Dispute”), the parties shall first refer the Dispute to proceedings at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with HKIAC’s Mediation Rules in force for the time.
(ii) If the Dispute has not been settled upon the signing of a settlement agreement within ninety (90) days following the filing of a request for mediation set forth in above paragraph (i) of Clause 10.7, such Dispute shall be referred to and finally resolved by arbitration administered by the HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be the laws of the Hong Kong Special Administrative Region of People’s Republic of China (“Hong Kong”).
(iii) You agree that the seat of arbitration shall be Hong Kong. The number of arbitrators shall be three(3). OKX shall appoint one (1) arbitrator and you shall appoint one (1) arbitrator. The third arbitrator shall be appointed by the Chairman of the HKIAC. Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The arbitration proceedings shall be conducted in English.
(iv) You agree that OKX shall not be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant and material to the outcome of the Dispute.
(v) Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.
10.8 You shall not transfer, novate or assign this Agreement, and the rights and obligations hereunder, in whole or in part, without the prior written consent of OKX. OKX has the right to transfer, novate or assign any rights or obligations under this Agreement by serving written notice on you, which takes effect upon the delivery of such notice.
10.9 The headings of all the terms of this Agreement are for convenience only and have no actual meaning and cannot be used as a basis for interpretation of the meaning of this Agreement.
10.10 OKX shall have the sole and final discretion to interpret this Agreement.