This document outlines the terms and conditions (“Terms”) governing the use of the Staking services (“Services”) offered by Cryptology (“we” or “us”). By using the Services, users (“User”, “Users” or “you”) agree to be bound by these Terms. The Services allow Users to stake supported digital assets on Cryptology's platform and earn rewards based on the terms set out herein. These Terms are designed to ensure clarity and transparency in our relationship with you and to provide a clear understanding of the processes, rewards, risks, and responsibilities associated with the Services.
STAKING SERVICES ARE NOT SUBJECT TO ANY LICENSING OR ANY OTHER AUTHORIZATION REQUIREMENTS UNDER APPLICABLE LAW. AS A RESULT, THE PROVISION OF STAKING SERVICES UNDER THESE TERMS AND CONDITIONS IS NOT SUBJECT TO SUPERVISION BY ANY SPECIFIC SUPERVISORY AUTHORITY. AS A CONSEQUENCE, REGULATORY PROTECTIONS ASSOCIATED WITH FINANCIAL SERVICES SUBJECT TO AUTHORIZATION, SUCH AS INVESTOR OR DEPOSIT PROTECTION SCHEMES, ARE NOT AVAILABLE TO YOU IN RELATION TO THE SERVICES SUBJECT TO THESE TERMS AND CONDITIONS.
Cryptology reserves the right to update these Terms from time to time. It is your responsibility to review them periodically to stay informed about any changes. Before using the Services, we urge you to read these Terms carefully and ensure you understand them. If you do not agree with any part of these Terms, you should refrain from using the Services.
- Automatic Restaking: A feature wherein Users can elect to have their Earned Rewards automatically reinvested, effectively adding them to the existing Staked Amount without manual intervention.
- Bonding Period: A predetermined period post initiation of a Staking Transaction, during which a User's Digital Assets are locked and become eligible to accrue Rewards. No rewards are accrued during this phase.
- Cryptology Account: The unique user account established upon successful registration on the Cryptology platform, granting the User access to the suite of services, including the Staking services.
- Digital Asset: Represents a digital representation of value, such as cryptocurrencies or tokens, that are available for staking on the Cryptology platform.
- Earned Rewards: The rewards that have been accrued by a User from staking their Digital Assets up to the current moment, determined based on the applicable APR and the duration the assets were staked.
- Estimated APR: A projected annual percentage rate provided by Cryptology, illustrating the potential rewards a User might earn from staking a specific Digital Asset.
- Fixed Staking: A Staking Option to which an Unbonding Period applies. This option typically offers a higher APR than Flexible Staking.
- Flexible Staking: A Staking Option to which no Unbonding Period applies. The Staked Amount is credited to the User's Spot Wallet on the same business day when the Unstaking Transaction is initiated by a User.
- Force Majeure Event: Shall have the meaning ascribed to it in Clause 7.3 hereof.
- Reward: Represents the remuneration or returns earned by a User in exchange for staking their Digital Assets.
- Services: The suite of staking-related functionalities offered by Cryptology, enabling Users to lock their Digital Assets in a staking mechanism of various blockchain networks to earn rewards.
- Reward Accrual Period: This term refers to the specific time interval that begins from one Reward Distribution Date (or following the completion of the Bonding Period for newly staked Digital Assets) and ends on the next Reward Distribution Date (or immediately upon the initiation of the Unstaking Transaction for unstaked Digital Assets). During this period, Rewards accumulate on the Staked Amount.
- Reward Distribution Date: A recurring weekly timestamp, specifically every Thursday at 12:00 UTC, when Cryptology performs the calculation and distribution of the Earned Rewards to Users.
- Slashing: Shall have the meaning ascribed to it in Clause 8.2 hereof.
- Spot Wallet: The dedicated digital wallet within a User's Cryptology Account.
- Staked Amount: Represents the total quantity of a Digital Asset that a User has committed and locked into the staking mechanism via Cryptology's platform.
- Staking Option: Refers to the choice presented to Users between Flexible Staking and Fixed Staking, each with its distinct terms, unbonding periods, and potential rewards.
- Staking Period: It means the time interval during which Digital Assets are being held and locked in a staking mechanism of the underlying blockchain network, commencing at the completion of a Bonding Period and extending until the initiation of an Unstaking Transaction. Throughout the Staking Period, Rewards are accumulated in accordance with the network's staking protocols and Cryptology’s reward distribution schedules.
- Staking Transaction: Refers to the action taken by a User to allocate and lock its Digital Assets into the proof-of-stake consensus staking mechanism of the corresponding blockchain network to generate a certain level of rewards, subject to the specific terms and protocols of that blockchain network.
- Unbonding Period: The predetermined period post initiation of an Unstaking Transaction, during which the Staked Amount remains locked and inaccessible. No rewards are accrued during this phase.
- Unstaked Amount: The quantity of a Digital Asset that a User has retrieved from the staking mechanism. This amount is credited to the User's Spot Wallet once the unstaking process is complete.
- Unstaking Transaction: Refers to the action taken by a User to retrieve its Digital Assets from the proof-of-stake consensus staking mechanism of the corresponding blockchain network, subject to the specific terms and protocols of that blockchain network.
- ELIGIBILITY AND PARTICIPATION
- Cryptology offers its Users the possibility to stake eligible Digital Assets in accordance with the rules of underlying blockchain networks and earn Rewards for locking Digital Assets to support the operations of the relevant blockchain network.
- Users can access the Services via the Grow section on the Cryptology official website.
- To access the Services, you must have an active Cryptology Account.
- Users shall have successfully completed the necessary verification (KYC) procedure in compliance with Cryptology’s established policies.
- The Services may not be accessible from all countries. Cryptology retains the right to define and modify the eligibility criteria at its sole discretion.
- By accessing the Services, you confirm that these Terms and your use of the Services do not conflict with the laws of your country or region.
- You understand and agree that Cryptology may, at any time, at its sole and absolute discretion, without liability to you: (i) refuse your request to use the Services; (ii) change the conditions for use of the Services; (iii) suspend the provision of the Services or part of the Services; (iv) act as a validator or assign a third party with the staking of your Digital Assets; (v) keep all or part of the on-chain rewards; (vi) exercise or omit to exercise any voting rights associated the Digital Assets; or (vii) change, update, remove, cancel, suspend, disable or discontinue any feature, component, content, incentive or referral plan of the Services.
- The Services do not constitute any financial and/or investment product, and any action, notice, communication, message, decision, managerial act, or omission of the mentioned is not investment advice and/or an investment recommendation and shall not be understood or interpreted as such.
- Users must acknowledge and agree to the risks inherent to the Services. It's strongly recommended that Users consult with a financial or legal adviser before accessing the Services. By accessing the Services, you expressly confirm your understanding and acceptance of all associated risks.
- By accessing the Services, you confirm that you meet all the conditions and criteria set out above.
- Eligible Digital Assets. The Services are available for specific Digital Assets where staking functionality is incorporated by the underlying blockchain networks and Cryptology decides to offer such Services. Cryptology provides a dynamic list of supported Digital Assets, which may be updated periodically based on market conditions, technical integrations, and other factors. Users are advised to regularly check this list before initiating any Staking Transactions.
- Inaccessibility. Please be informed that while your Digital Assets are being locked in the staking mechanism, they are deemed a Staked Amount and cannot be transferred, traded, accessed, or used for any other activity on the Cryptology platform until you successfully complete the Unstaking Transaction.
- Staking Transaction. By initiating a Staking Transaction for Digital Assets held in Cryptology, the User instructs Cryptology to stake such Digital Assets in accordance with the rules of the relevant underlying blockchain network. Cryptology may engage third-party staking providers to facilitate the Services. Any liability arising from such third-party engagements is expressly excluded to the maximum extent permitted by law.
- Staking Options. Users holding Digital Assets in their Cryptology Accounts can submit a request to allocate a desired amount of these Digital Assets to a staking mechanism by choosing from two Staking Options – Fixed or Flexible Staking.
- Fixed Staking. Fixed Staking generally offers a higher Estimated APR. However, when Users choose to unstake, their Digital Assets undergo the Unbonding Period. The Unstaked Amount will be credited to your Spot Wallet only after the completion of the Unbonding Period.
- Flexible Staking. Flexible Staking generally offers a lower Estimated APR. The advantage, however, is the absence of the Unbonding Period for any Unstaking Transaction. This means that the Unstaked Amount will be credited to your Spot Wallet on the same business day you initiate the Unstaking Transaction.
- Bonding Period. Each Digital Asset has an associated Bonding Period. Rewards commence accruing on the Staked Amount only after this Bonding Period has lapsed. The Bonding Period applies to both Fixed and Flexible Staking Options.
- Automatic Restaking. Users have the option to enable the Automatic Restaking feature. If you activate the Automatic Restaking, the system will automatically reinvest your Earned Rewards, effectively adding them to the existing Staked Amount on a weekly basis. Earned Rewards that are subject to the Automatic Restaking do not undergo a separate Bonding Period.
- Irreversibility. Prior to confirming the Staking Transaction, Users are provided with comprehensive details about their proposed staking activity, which include necessary information like the Estimated APR, the Staking Option, the Bonding and Unbonding Periods, the Automatic Restaking feature, and any associated terms and conditions. After you confirm the Staking Transaction, it is deemed irreversible and final, and you cannot amend or cancel it.
- Execution. Cryptology strives to execute your Staking Transaction within 24 (twenty-four) hours upon your confirmation. However, various circumstances above Cryptology control, including technical errors, third-party issues, blockchain network failure, or market conditions, might impact the execution. In such events, Cryptology shall not be held liable for any delays or failures in the execution of your Staking Transaction.
- Staking Management. You can manage your staking preferences via your Cryptology Account at any time. This includes enabling and disabling the Automatic Restaking for each active Staking Transaction. Additionally, a comprehensive dashboard provides Users with a clear view of their staking activities. This dashboard details your total investments, a breakdown of individual Staking Transactions, accumulated Earned Rewards, and a history of your staking performance.
- Limitations. While Users possess the discretion to stake and unstake their Digital Assets at any time, Cryptology reserves the right to impose certain restrictions and limitations at its sole and absolute discretion. This may include but is not limited to, setting minimum and maximum staking amounts, limiting available Staking Options for specific Digital Assets, determining additional requirements for accessing the Services, or imposing other restrictions and limitations.
- Unstaking Transaction. Users can unstake either a part or the entire Staked Amount at any time by initiating an Unstaking Transaction.
- By initiating an Unstaking Transaction, the User instructs Cryptology to retrieve the Staked Amount locked in the staking mechanism in accordance with the rules of the relevant underlying blockchain network.
- Fixed Unstaking. In case you initiate the Unstaking Transaction relating to the Fixed Staking, your Unstaked Amount will be subject to the indicated Unbonding Period which is specific for each Digital Asset. During the Unbonding Period, the Digital Assets remain locked and inaccessible to Users. Upon the completion of the Unbonding Period, your Unstaked Amount will be credited to your Spot Wallet.
- Unbonding Period. In no event shall the Unbonding Period be deemed a Staking Period, and therefore, no Rewards are generated during this phase. The Unbonding Period is determined by the rules of the relevant underlying blockchain network and Cryptology has no control over it.
- Flexible Unstaking. In case you initiate the Unstaking Transaction relating to the Flexible Staking, your Unstaked Amount will not be subject to any Unbonding Period and will be credited to your Spot Wallet on the same business day.
- Irreversibility. Please be aware that once you confirm the Unstaking Transaction, it is deemed irreversible and final, and you cannot amend or cancel it.
- Execution. Cryptology strives to execute your Unstaking Transaction within 24 (twenty-four) hours upon your confirmation. However, various circumstances above Cryptology control, including technical errors, third-party issues, blockchain network failure, or market conditions, might impact the execution. In such events, Cryptology shall not be held liable for any delays or failures in the execution of your Unstaking Transaction.
- REWARDS AND FEES
- Estimated APR. The Estimated APR provided by Cryptology serves as a projected illustration of the potential Rewards a User might earn from staking a specific Digital Asset via the Cryptology platform. You understand and agree that the Estimated APR is merely an estimation, and it does not guarantee a fixed percentage return on the staked Digital Assets. The actual Rewards you receive can fluctuate based on a multitude of factors beyond Cryptology's control. This includes but is not limited to, market conditions, overall network staking participation, changes in network protocols, and the total value staked on the network. Each Digital Asset operates within its unique blockchain ecosystem, with its own set of rules and dynamics. Changes or decisions within these blockchain networks can influence the Rewards.
- Reward Accrual. Rewards begin accruing on the Staked Amount upon completion of the Bonding Period and continue until a User initiates the Unstaking Transaction. The Bonding Period is specific to each Digital Asset and is determined by the rules of the relevant underlying blockchain network. Cryptology has no control over the Bonding Period.
- Under no circumstances shall the Bonding Period be deemed a Staking Period, and therefore, no Rewards are generated during this phase.
- Reward Distribution Schedule. Rewards are calculated and distributed by Cryptology on a weekly basis, with the Reward Distribution Date occurring every Thursday at 12:00 UTC. On each Reward Distribution Date, the Earned Rewards will be calculated and distributed to the User’s Spot Wallet, unless the User has opted for the Automatic Restaking option.
- Automatic Restaking. If the Automatic Restaking Rewards is enabled, the system will automatically restake the Earned Rewards on the same conditions, adding them to the Staked Amount on a weekly basis on the Reward Distribution Date. If this feature is disabled, the Earned Rewards will be transferred to the User's Spot Wallet on the Reward Distribution Date. Users can manage this option at any time via their Cryptology Accounts.
- Early Unstaking. Please be aware that if you decide to unstake the Staked Amount before the upcoming Reward Distribution Date, the Earned Rewards for the current Reward Accrual Period, which is calculated from the preceding Reward Distribution Date (or following the completion of the Bonding Period for newly staked Digital Assets) until the date when the Unstaking Transaction is initiated, will be credited to your Spot Wallet on this upcoming Reward Distribution Date.
- Fees. Cryptology reserves the right to impose fees for the Services provided. Any applicable fees will be clearly communicated to the User prior to the initiation of a Staking Transaction. Cryptology also reserves the right to modify, waive, or introduce new fees from time to time, subject to providing Users with prior notice.
- You hereby authorize us to deduct from your funds held with Cryptology any applicable fees that you owe to Cryptology.
- The fee structure, including the types of fees and the amounts, will be available on the Cryptology website. Users are encouraged to review the fee structure regularly. Any fees applicable to the Services will be automatically deducted from the Staked Amount or your balance on the Cryptology Account, as specified in the fee structure.
- Cryptology commits to maintaining transparency in its fee structure. All fees related to the Services, if any, will be explicitly stated and shown to the User prior to confirming any Staking Transaction.
- REPRESENTATION AND WARRANTIES
By accessing and using the Services, you represent and warrant that:
The Digital Assets you stake via the Cryptology platform are not derived from any illegal or criminal activities, including but not limited to money laundering, terrorist financing, or fraud.
You will comply with all applicable laws, regulations, tax obligations, and any court or government agency orders while using the Service.
You have provided complete, correct, up-to-date, and accurate information to Cryptology and have not engaged in any misrepresentation, fraud, or malicious activities.
You have conducted your own due diligence and have sufficient knowledge and expertise in blockchain technology, staking, and the specific blockchain network protocols of the Digital Assets you choose to stake.
You are aware of and accept the various risks associated with staking, including but not limited to those indicated in Section 8 hereof, and accept responsibility for any losses that may occur due to these risks.
You have not relied upon any representation or warranty, express or implied, written or oral, made by or on behalf of Cryptology in connection with the Services.
You will not interfere, intercept, or expropriate Cryptology's network, system, data, or information.
You will not transmit or upload any virus or other malicious software or program, nor will you try to gain unauthorized access to other Users’ accounts, website, or software relating to the Services.
You will not decompile, reverse engineer, or disassemble any of Cryptology's programs, systems, or products, nor will you in any way infringe the intellectual property rights of Cryptology or its partners.
You will not cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of Cryptology's programs, systems, or products, or unduly burdening or hindering the operation and functionality of the Services.
- You understand and accept all the terms and conditions of these Terms and acknowledge and agree that you are using the Services entirely at your own risk.
- While Cryptology endeavors to facilitate rewarding staking opportunities, you acknowledge and accept that Cryptology does not guarantee or warrant any specific level of Rewards. The Estimated APR provided is for illustrative purposes only, and does not represent a binding commitment or any form of warranty. The actual Rewards you receive may fluctuate based on various factors, including but not limited to changes in the underlying blockchain network's staking mechanism and market dynamics. You understand that the Rewards distributed by Cryptology to Users may be different from the actual rewards Cryptology receives from the staking activity.
- Cryptology endeavors to offer a diverse range of Digital Assets for staking. However, we make no representation, warranty, or guarantee regarding the continuous availability of any specific Digital Asset for staking purposes. Cryptology reserves the unilateral right to initiate, suspend, discontinue, or modify the Services for any Digital Asset at any time, based on our assessment of market conditions, technical capabilities, or other relevant factors. Our decisions in this regard will be guided by our commitment to maintaining a robust and secure staking environment.
- Cryptology is committed to providing reliable Services and will use commercially reasonable efforts to ensure accessibility and minimize disruptions. Nevertheless, due to the inherent complexities of digital asset networks and the potential for unforeseeable technical challenges, Cryptology cannot provide an absolute guarantee of uninterrupted or error-free service. We will endeavor to promptly address any service interruptions, but it's important to understand that certain issues may be beyond our immediate control.
- LIMITATION OF LIABILITY AND INDEMNIFICATION
- THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY, EXCEPT AS EXPLICITLY PROVIDED IN THESE TERMS. CRYPTOLOGY EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, MADE TO YOU, YOUR AFFILIATES, OR ANY THIRD PARTY. THIS DISCLAIMER INCLUDES, BUT IS NOT LIMITED TO, ANY IMPLIED WARRANTIES OF QUALITY, SUITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT, AS WELL AS ANY WARRANTIES ARISING FROM THE COURSE OF DEALING, USAGE, OR TRADE PRACTICE. THIS DISCLAIMER APPLIES TO THE SERVICES AND ANY OTHER SERVICES PROVIDED INCIDENTAL TO THEM UNDER THESE TERMS.
- CRYPTOLOGY'S LIABILITY WITH RESPECT TO REPRESENTATIONS AND WARRANTIES THAT CANNOT BE LEGALLY EXCLUDED IS LIMITED, AT CRYPTOLOGY'S SOLE AND ABSOLUTE DISCRETION, TO EITHER:
- RE-SUPPLYING, REPLACING, OR REPAIRING THE SERVICES IN RESPECT OF WHICH THE BREACH OCCURRED; OR
- COVERING THE COSTS OF RE-SUPPLYING, REPLACING, OR REPAIRING THE SERVICES IN RESPECT OF WHICH THE BREACH OCCURRED.
- NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THESE TERMS, CRYPTOLOGY, ITS REPRESENTATIVES, AFFILIATES, OR PARTNERS SHALL NOT BE LIABLE FOR ANY LOSSES, DAMAGES, OR CLAIMS ARISING OUT OF OR IN CONNECTION WITH:
- UNUSUAL OR UNFORESEEABLE EVENTS OUTSIDE OUR REASONABLE CONTROL, INCLUDING BUT NOT LIMITED TO FORCE MAJEURE EVENTS SUCH AS ACTS OF GOD OR PUBLIC ENEMY, WAR, TERRORIST ATTACK, INSURRECTION OR RIOT, FIRE, FLOOD, EXPLOSION, EARTHQUAKE OR LABOR DISPUTE CAUSING CESSATION, SLOWDOWN OR INTERRUPTION OF WORK, NATIONAL EMERGENCY, ACT OR OMISSION OF ANY GOVERNING AUTHORITY OR AGENCY THEREOF (INCLUDING GOVERNMENTS OR SUPRA-NATIONAL AUTHORITIES, WHETHER OFFICIALLY DECLARED OR NON-OFFICIALLY IMPOSED INCLUDING ANY LIMITATIONS, BANS OR RESTRICTIONS ON THE USE OF THE INTERNET AND OR MESSENGERS OR OTHER TECHNOLOGIES AND/OR MEANS OF COMMUNICATIONS), INABILITY AFTER REASONABLE ENDEAVORS TO PROCURE EQUIPMENT, DATA OR MATERIALS FROM SUPPLIERS (THE “FORCE MAJEURE EVENTS”);
- ANY DELAY, SUSPENSION, DISCONTINUATION, OR INTERRUPTION OF THE SERVICES;
- ANY FAILURE OR INTERRUPTION IN PUBLIC OR PRIVATE TELECOMMUNICATION NETWORKS, COMMUNICATION CHANNELS, OR INFORMATION SYSTEMS;
- ACTS OR OMISSIONS OF THIRD PARTIES FOR WHOM CRYPTOLOGY IS NOT RESPONSIBLE;
- DELAY, FAILURE, INTERRUPTIONS, OR UNAVAILABILITY OF THIRD-PARTY SERVICES;
- REJECTION OR REVERSAL OF A TRANSACTION FOR ANY REASON;
- YOUR INABILITY TO PERFORM ANY TRANSACTION DUE TO SYSTEM MAINTENANCE, BREAKDOWN, OR NON-AVAILABILITY OF THE SERVICES;
- MISUSE OR UNAUTHORIZED USE OF THE SERVICES;
- ACTS OR OMISSIONS PERFORMED BY CRYPTOLOGY REQUIRED TO COMPLY WITH ANY APPLICABLE LAW, COURT ORDERS, OR ACTS OF ANY GOVERNMENTAL AUTHORITY;
- HACKING, TAMPERING, COMPUTER VIRUS TRANSMISSION, OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR CRYPTOLOGY ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN.
- UNDER NO CIRCUMSTANCES SHALL CRYPTOLOGY, ITS RESPECTIVE OWNERS, OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES, AGENTS, AND CONSULTANTS BE HELD LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR RELATING TO THE SERVICES AND THESE TERMS. THIS INCLUDES, BUT IS NOT LIMITED TO, LOSS OF PROFITS, BUSINESS INTERRUPTION, TRADING LOSSES, REGULATORY FINES AND PENALTIES, LOSS OF PROGRAMS OR INFORMATION, OR SIMILAR DAMAGES. THIS APPLIES IRRESPECTIVE OF THE LEGAL THEORY UNDER WHICH SUCH LIABILITY MAY BE ASSERTED, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER THEORY, AND EVEN IF CRYPTOLOGY HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
- IN NO EVENT WILL CRYPTOLOGY'S AGGREGATE LIABILITY FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH THE SERVICES AND THESE TERMS EXCEED THE FEES YOU PAID TO CRYPTOLOGY FOR YOUR USE OF THE SERVICES DURING THE 12-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY, IF ANY. THE ABOVE SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY THE APPLICABLE LAW.
- CRYPTOLOGY SHALL NOT BE LIABLE FOR ANY ERRORS, OMISSIONS, OR FAULTS ATTRIBUTABLE TO THIRD-PARTY SERVICE PROVIDERS ENGAGED BY CRYPTOLOGY. IN INSTANCES INVOLVING THIRD-PARTY SERVICE PROVIDERS, CRYPTOLOGY'S LIABILITY SHALL BE CONFINED TO EXERCISING REASONABLE DILIGENCE IN THE SELECTION, ENGAGEMENT, AND DIRECTION OF SUCH PROVIDERS. THIS LIMITATION DOES NOT EXTEND TO ANY SUBCONTRACTORS OR OTHER THIRD PARTIES THAT THESE SERVICE PROVIDERS MAY UTILIZE.
- CRYPTOLOGY AGREES TO COMPENSATE YOU FOR ANY SLASHING PENALTIES INCURRED DURING YOUR USE OF THE SERVICES, UNLESS SUCH PENALTY IS THE RESULT OF (I) YOUR ACT OR OMISSION, (II) MAINTENANCE, A BUG, OR AN ERROR OF THE UNDERLYING BLOCKCHAIN NETWORK OR DIGITAL ASSET, (III) ACTS BY A MALICIOUS ACTOR OR HACKER, (IV) BREACHES OF THESE TERMS, WHETHER BY YOU OR ANY OTHER PERSON OR ENTITY, OR (V) FORCE MAJEURE EVENTS.
- NOTHING IN THESE TERMS SHALL BE CONSTRUED TO LIMIT OR EXCLUDE ANY LIABILITY ARISING FROM FRAUDULENT ACTIVITIES OR GROSS NEGLIGENCE.
- THE USER WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION, OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR RELATED TO THE SERVICES PROVIDED UNDER THESE TERMS, OR THE ENFORCEMENT OF THESE TERMS. THE USER ACKNOWLEDGES THAT THIS WAIVER IS MADE KNOWINGLY, WILLINGLY, AND VOLUNTARILY, WITHOUT DURESS, AND AFTER THOROUGH CONSIDERATION OF THE CONSEQUENCES OF THIS WAIVER WITH LEGAL COUNSEL.
- THE USER WAIVES ANY RIGHT TO ASSERT CLAIMS AGAINST CRYPTOLOGY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED AGAINST PUBLIC POLICY. IN THE EVENT THAT THE USER IS PERMITTED BY LAW OR A COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST CRYPTOLOGY, THE FOLLOWING CONDITIONS SHALL APPLY: (1) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS' FEES OR COSTS ASSOCIATED WITH PURSUING THE CLASS OR REPRESENTATIVE ACTION, IRRESPECTIVE OF ANY OTHER PROVISION IN THESE TERMS; AND (2) THE USER WHO INITIATES OR PARTICIPATES AS A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR PARTICIPATE IN ANY RECOVERY OBTAINED THROUGH THE CLASS OR REPRESENTATIVE ACTION.
- YOU AGREE TO INDEMNIFY, DEFEND, AND HOLD HARMLESS CRYPTOLOGY, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND SUCCESSORS FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, DEFICIENCIES, CLAIMS, ACTIONS, JUDGMENTS, SETTLEMENTS, INTEREST, AWARDS, PENALTIES, FINES, COSTS, OR EXPENSES OF WHATEVER KIND, INCLUDING REASONABLE ATTORNEYS' FEES, ARISING FROM OR RELATING TO YOUR USE OR MISUSE OF THE SERVICES, YOUR BREACH OF THESE TERMS INCLUDING ANY REPRESENTATIONS, WARRANTIES, OR COVENANTS HEREIN, YOUR VIOLATION OF THE RIGHTS OF ANOTHER PARTY INCLUDING BUT NOT LIMITED TO INTELLECTUAL PROPERTY RIGHTS, AND YOUR CONDUCT IN CONNECTION WITH THE SERVICES. YOU FURTHER AGREE TO PROVIDE PROMPT, FULL, AND EFFECTIVE COOPERATION WITH CRYPTOLOGY IN THE DEFENSE AND SETTLEMENT OF ANY CLAIM THAT FALLS WITHIN THE SCOPE OF THIS INDEMNIFICATION.
- RISK DISCLOSURE
- By participating in the Services, you acknowledge and agree that there are numerous risks associated with staking Digital Assets via the Cryptology platform and engaging with the staking mechanism of relevant blockchain networks underlying such Services. You hereby assume all such risks, including, but not limited to, the risks outlined herein.
- Slashing Risk. Slashing is a punitive protocol mechanism employed by certain blockchain networks to discourage dishonest or disruptive behavior by participants engaged in staking activities (“Slashing”). Slashing penalties are enforced by the underlying blockchain protocol and not by Cryptology. It is important to recognize that the penalties for Slashing can differ significantly depending on the specific rules and conditions set by each blockchain network. This may range from the forfeiture of expected Rewards to the more severe, including a substantial or complete loss of your Staked Amount. In engaging with the Services, you must acknowledge that Slashing is an integral risk factor that can lead to financial losses. Cryptology endeavors to align with reputable and compliant validators to mitigate the risk of Slashing; however, Users should be aware that not all risks can be anticipated or controlled.
- Market Risk. The cryptocurrency market is known for its high volatility, which can lead to dramatic changes in the value of Digital Assets within short timeframes. Market dynamics, such as supply and demand, regulatory news, and broader economic factors, can significantly influence the price of Digital Assets. As a staking participant, you should be prepared for the possibility that the underlying value of your staked assets could decrease, potentially offsetting the financial benefits of the staking rewards you earn. This market risk persists regardless of the performance of the staking activities themselves.
- Liquidity Risk. Digital Assets involved in staking may not be immediately accessible or liquid. Unstaking Transaction typically requires an Unbonding Period, and market conditions may change during this period, impacting your ability to sell assets at a favorable price or to use them in other investment opportunities. This could result in a financial disadvantage.
- Regulatory Risk. The legal and regulatory environment for Digital Assets is still developing and is subject to significant uncertainty. Changes in laws, regulations, or government policies, especially concerning tax laws, securities regulations, or other financial rules, could negatively impact the legality and financial viability of staking activities. It is essential to recognize that participation in staking could be affected by new regulations or interpretations of existing laws, which might impose additional compliance requirements or constraints.
- Technology Risk. Blockchain and staking depend on complex technology systems that carry inherent risks. These include disruptions due to internet connectivity problems, vulnerabilities to cyber-attacks, potential software bugs, and unexpected changes in blockchain protocols. Any such technological issues can disrupt the staking service's operations, potentially leading to financial losses for staking participants.
- Third-Party Risks. In providing the Services, Cryptology may rely on third-party platforms or service providers. While we strive to work with reputable partners, any operational failures, security breaches, or disruptions faced by these third parties can adversely impact the staking services and, consequently, your staked assets.
- Performance Risk. The actual performance of the underlying blockchain protocols may differ from expectations due to a range of factors, including but not limited to technical issues with the blockchain, changes in consensus algorithms, or variations in network activity. These discrepancies could influence the frequency and size of staking rewards.
- Operational Risk. Operational risks refer to the potential for disruptions arising from Cryptology's internal processes, staff, technology infrastructure, or other systems. Additionally, external events outside of Cryptology's control could impact the infrastructure's operation, potentially leading to service outages, performance degradation, or other interruptions.
- Fraud Risk. It encompasses the possibility of encountering deceptive or dishonest activities within the staking environment or broader crypto ecosystem. This could stem from internal or external actors engaging in fraudulent schemes, including but not limited to, the manipulation of staking operations, misrepresentation of staking rewards, or the misappropriation of staked assets through security breaches or other fraudulent means.
- Taxation Risk. The taxation of staking rewards is not standardized globally and may be subject to diverse interpretations by tax authorities. You bear the responsibility for assessing and fulfilling all tax obligations relevant to your staking rewards as per the laws of your jurisdiction. Tax laws may change, potentially retroactively, and you should stay informed about such changes to remain compliant.
- Changes to Staking Terms. The specific terms governing staking activities, including reward mechanisms, staking periods, and other pertinent details, are subject to modification by the underlying blockchain networks. These changes can happen with little notice and could affect the returns you expect from staking. It's crucial to stay updated on these terms to manage your staking strategy effectively.
- You represent that you have sufficient knowledge, market sophistication, professional advice, and experience to make your own evaluation of the merits and risks of any transaction conducted via the Cryptology platform.
- By using the Services, you agree that Cryptology is not responsible for the aforementioned risks and that you participate in staking at your own risk. You are advised to perform your own due diligence and consult with financial, legal, and tax advisors before making decisions regarding staking.
- This Risk Disclosure does not purport to disclose or discuss all of the risks associated with the staking of Digital Assets. The dynamics of market conditions and the evolution of blockchain technology may give rise to additional risks not currently foreseeable or discussed herein.
- Termination. Cryptology may at any time and for any reason at its sole discretion unilaterally terminate these Terms with you by giving you the respective notice. Cryptology shall incur no liability or obligation for the termination of these Terms with you irrespective of the reason for termination. Cryptology will transfer your Staked Amounts and the respective amounts of the Rewards, accumulated up to the date of termination to your Spot Wallet. You may terminate these Terms by unstaking all your Staked Amounts, withdrawing all your funds from the Cryptology platform, and closing your Cryptology Account. Termination by the User shall be effective upon Cryptology confirming that the User's Cryptology Account has been closed and that all funds have been withdrawn.
- Amendments. Cryptology may amend these Terms at any time by providing notice to the Users. Continued use of the Services after any such changes shall constitute your consent to such changes.
- Assignment. You may not assign or transfer any rights, obligations, or privileges that you have under these Terms without the prior written consent of Cryptology. Cryptology may assign its rights and obligations under these Terms to an affiliate, or in connection with a merger, acquisition, corporate reorganization, or sale of all or substantially all of its assets without notice.
- Severability. If any provision in these Terms is deemed to be or becomes invalid, illegal, void, or unenforceable under applicable laws, such provision will be deemed amended to conform to applicable laws so as to be valid and enforceable, or if it cannot be so amended without materially altering the intention of the parties, it will be deleted, but the validity, legality, and enforceability of the remaining provisions of these Terms shall not be impaired or affected in any way.
- Governing Law. These Terms shall be governed by and construed in accordance with the laws of the jurisdiction in which Cryptology operates, without regard to its conflict of law rules.
- Dispute Resolution. Any disputes arising out of or related to these Terms will be resolved through confidential binding arbitration in accordance with the rules of the jurisdiction in which Cryptology operates.
- Entire Agreement. These Terms constitute the entire agreement between you and Cryptology regarding the use of the Services and supersede all prior or contemporaneous communications and proposals, whether electronic, oral, or written between you and Cryptology.
- No Waiver. Any failure or delay by Cryptology to require compliance by a User with any of the terms, or exercise any right or remedy, provisions, warranties, covenants, or conditions of these Terms will in no way affect Cryptology's right to enforce the same, nor will any waiver by Cryptology of any breach of any term, provision, warranty, covenant or condition of these Terms constitute a waiver of any succeeding breach.