1.1 The Earn Service (the “Service”) is offered by OKCoin to eligible users to earn yield by transferring digital assets to certain Third Party DeFi Platforms. OKCoin provides product design management, digital assets on-chain deposit and redemption, and other relevant services for users to participate in the yield associated with Third Party DeFi Platforms. This Earn Service Terms (this “Agreement”) governs the use of any and all of the Service, including any manner of accessing the Service between you (“you” or “User(s)”) and the entity servicing you based on where you reside in accordance with OKCoin’s Terms of Services (“OKCoin”).
The Service is only available to Users who meet the eligibility requirements under OKCoin’s Terms of Service and may not be available to Users in all jurisdictions.
1.3 The value of digital assets may fluctuate significantly and there is risk of significant economic loss when buying, selling, holding, or investing in digital assets and engaging in their related transactions. Your use of the Service means that you confirm and agree: (1) you understand the risks associated with digital assets and their related transactions; (2) you shall bear all risks and losses associated with the use of this Service and engaging in transactions involving digital assets; and (3) OKCoin shall not be responsible for any such risks, losses, or adverse consequences you may incur. Please see Section 3.1 for a more detailed risk disclosure.
1.4 This Agreement is hereby incorporated into OKCoin's Terms of Service and made a part thereof. In the event of a conflict between this Agreement and OKCoin’s Terms of Services, the contents of this Agreement shall take precedence and control. Unless otherwise provided in this Agreement, the terms used in this Agreement shall have the meaning provided in OKCoin's Terms of Service. Except as expressly amended or modified hereby, all terms, covenants, and provisions of OKCoin's Terms of Service are and shall remain in full force and effect and all references therein to such Terms of Service shall henceforth refer to OKCoin's Terms of Service as modified by this Agreement.
2.1. T-Time: means 11:00 am (Hong Kong Time) on a given day, which is subject to change or delay due to operations of the protocol of the applicable networks. This is an approximation of the time when OKCoin will initiate its daily transfer of the Principal invested by the Users on chain to the Third Party DeFi Platforms, or redemption of the same therefrom.
2.2. Third Party DeFi Platform(s): means the third party DeFi platforms into which Users can invest digital assets available in their accounts and earn Yield through this Service.
2.3. Interest: means the interest accrued on the Principal and payable by the Third Party DeFi Platform(s).
2.4. Principal: means the original amount of the digital assets deposited to the Third Party DeFi Platforms by the Users, on which the Users may earn Interest and Rewards.
2.5. Rewards: means the incentive compensation that the Third Party DeFi Platform may distribute, in addition to the Interest.
2.6. Yield: means the profits earned by the Users as a result of using this Service, which shall include any and all Interest and Rewards.
3. Risk Disclosure
3.1 You understand and accept the following risks that may arise and the related losses you may incur from using the Service, including without limitation:
(1) The inability to trade or withdraw the Principal that is transferred out from your account to the Third Party DeFi Platforms due to your use of this Service;
(2) High price fluctuations of digital assets and their derivatives can result in significant losses in a short period of time;
(3) Technical anomalies may occur, which may delay or prevent you from using the Service or performing related transactions, resulting in losses; and
(4) Market anomalies and unforeseen events may occur, which may result in losses.
3.2 You hereby warrant that you have the necessary experience and knowledge to use the Service, and understand and acknowledge the potential risks of investing in digital asset products. You should carefully consider and use clear judgment to evaluate your financial condition along with the above-mentioned risks before making any decision to use this Service.
4. Use of Service
4.1 You may choose the type(s) of digital assets to invest in the various Third Party DeFi Platforms. After you place an order, the Principal will be frozen in your account and be transferred to the Third Party DeFi Platform according to clause 4.2(1) below. The Principal as well as the estimated Interest and Rewards accrued are available for you to examine through the Earn order management tool on OKCoin. The Principal and Interest will not be available for withdrawal until they are redeemed successfully in accordance with Section 4.2(2), while the Rewards will be distributed to the User’s OKCoin account every day and available for withdrawal at any time.
4.2 On-chain Deposit and Redemption
(1) OKCoin will make a one-time on-chain transfer on the Ethereum network from OKCoin to the respective Third Party DeFi Platforms at T-Time each day, to deposit the underlying digital assets from all orders placed by the Users between current T-Time and the previous T-Time one day before into the relevant Third Party DeFi Platform (the “On-chain Deposit”). The digital assets invested by a User will only begin to accrue Yield after the On-chain Deposit is completed successfully. If an order is placed after T-Time on a given day, the underlying digital assets for that order will be scheduled for On-chain Deposit at T-Time of the next day, and there will be no Yield accrued before such On-chain Deposit is completed successfully.
(2) OKCoin will also make a one-time on-chain transfer on the Ethereum network at T-Time each day, to redeem all underlying digital assets and its Yield from the respective Third-Party DeFi Platforms, in accordance with redemption instructions received from its Users between current T-Time and the previous T-Time one day before and deposit them into the Users’ account (the “On-chain Redemption”). If a User places a redemption instruction after T-Time on a given day, the actual redemption time of such User’s digital assets will be scheduled at T-Time of the next day, and the Interest accrued thereon shall be calculated through the time the On-chain Redemption is completed successfully. You understand and agree that after you place the redemption instruction, the Principal will be in the status of “being redeemed”, and will not be changed to “available” for withdrawal or trading until it is successfully redeemed by OKCoin.
(3) For the purpose of this Agreement, T-Time refers to a daily specific time when OKCoin initiates the On-chain Deposit or On-Chain Redemption, which may be different from the actual time when such On-chain Deposit or On-Chain Redemption is completed. You understand and accept that the actual completion time of On-chain Deposit and On-chain Redemption may be subject to change or delay due to operations of the protocols of the applicable networks. You further acknowledge and agree that OKCoin shall have no liability for any delay in or failure of the On-chain Deposit or On-Chain Redemption in connection with or as a result of the operations of the protocols of the applicable network, the malfunction in the operation of the Third Party DeFi Platforms, downtime or disruptions of OKCoin’s service providers, or any other reasons that are beyond OKCoin’s control.
4.3. Interest and Rewards
(1) The Interest and Rewards earned by Users are determined by and subject to the rules of the Third Party DeFi Platforms, which may be changed or modified by such Third Party DeFi Platforms at their sole discretion. OKCoin has no control over nor will OKCoin be liable for any change by any Third Party DeFi Platforms.
(2) Unless otherwise specified in this Agreement or other disclosure on OKCoin’s website, the User’s Interest and Rewards are usually calculated and updated every hour, which will be reflected in the User's order management tool, with certain exceptions including Curve platform whose Interest information will not be available until the digital assets are redeemed successfully. Please refer to the OKCoin Earn Service product page for specific Interest and Rewards information for each Third Party DeFi Platform.
(1) OKCoin agrees to cover the gas fee incurred as a result of the On-chain Deposit and On-chain Redemption. In consideration of the Service rendered by OKCoin, OKCoin will charge a service fee at the rate of 3% of your actual Yield earned under this Service (the “Service Fee”), unless promotional rates apply.
(2) Third Party DeFi Platforms may charge you a handling fee at the time of deposit and/or redemption based on the digital assets invested. OKCoin has no control over nor will it be liable for such fees charged by the Third Party DeFi Platforms. Please refer to the Third Party DeFi Platform’s website for details regarding the specific handling fee they charge.
(3) You hereby agree and authorize OKCoin to deduct the relevant Service Fee, handling fee charged by the Third Party DeFi Platforms, and any other cost, fees, and expenses related to the operation of this Service from your Principal and Yield before distributing and depositing the redeemed Principal and final Yield into your account.
(4) You understand and agree that the expected Yield displayed on the OKCoin website are estimated amounts and for reference only. The final Yield you will receive may vary and change over time and may be lower than the expected Yield, which is subject to deduction of the Service Fee, handling fee charged by the Third Party DeFi Platforms, and any other cost, fees, and expenses related to the operation of this Service. OKCoin makes no guarantee or promise to the actual and final Yield that you may receive. Please refer to the Third Party DeFi Platform’s website for details regarding the current Yield for each digital asset.
5.1.Stacking (defined below) may also be offered as part of the Service. Stacks 2.0 blockchain enables Stacks (STX) holders to participate in consensus and earn Bitcoin (BTC). This process of locking STX to earn BTC rewards from the protocol is called Stacking (“Stacking”). Notwithstanding anything to the contrary in this Agreement, the following terms under this clause will apply specifically to Stacking:For the purposes of Stacking, the functions of the Third Party DeFi Platform will be conducted primarily by the STX protocol.
5.2.The Rewards for Stacking are determined and paid by the STX protocol. All eligible STX assets which User designates for Stacking through OKCoin will be retained in the User’s account but locked from use for the duration of the Reward Cycle. “Reward Cycle” means a protocol-specified lockup period where designated STX assets are locked from withdrawal or transfer for a predetermined amount of time.
5.3.Locked STX assets will be unlocked after the Reward Cycle concludes.
5.4.Stacking Rewards from each Reward Cycle will be distributed to users who participated in said Reward Cycle once the Stacking Rewards are received by OKCoin from the STX protocol.
5.5.All quoted Stacking Rewards shown by OKCoin are estimates and may vary from the final amount at the time of payout.
5.6.No Stacking Rewards payout is guaranteed, and User expressly assumes the risk of and waives any and all claims it may have against OKCoin with respect to any price fluctuation or non-receipt of the Stacking Reward.
6. Limitation of Liabilities
6.1 You agree and accept that when you redeem your digital assets, the time it takes for you to receive the digital assets in your account may vary and the digital assets received displayed on the website shall be final. OKCoin shall not be liable for any losses caused by the time difference for the receipt of digital assets.
6.2 You agree and accept that the aggregate liability of OKCoin shall not exceed the Service Fee OKCoin received from you when this Agreement is terminated.
6.3 You agree and accept that OKCoin only provides limited services, including Earn product management, Yield distribution, and other related services as contemplated in this Agreement hereunder. OKCoin has no control over nor shall OKCoin be liable for the underlying yield-generating programs provided by the Third Party DeFi Platforms. OKCoin shall not be responsible for any losses incurred as a result of contract vulnerabilities, hacking incidents, or suspension, discontinues, or termination of business, bankruptcy, abnormal suspension or cessation of trading of Third Party DeFi Platforms or project sponsors or other potential risks. You agree to bear all the relevant risks associated with the Third Party DeFi Platforms and all the losses you may incur as a result of the abovementioned risks. If you incur any loss as a result of the occurrence of the abovementioned risks, you agree that the corresponding part of frozen funds you lost in your account shall be forfeited to the extent of the damage or loss so caused.
6.4 The Yield you earn from the Third Party DeFi Platforms will be calculated based on the rate of annual percentage yield (“APY”) as determined by the Third Party DeFi Platforms. The APY is applied on the Principal, minus any applicable Service Fee, handling fee charged by the Third Party DeFi Platforms, and any other cost, fees, and expenses related to the operation of this Service. The fluctuation of such APY rate may cause losses to you, and OKCoin shall not be liable for any such losses.
6.5 You agree and accept that if any part of the Service provided by OKCoin or the Third Party DeFi Platforms are not accessible or are interrupted due to the following circumstances, OKCoin shall not be liable for any of your or any third parties’ losses (including but not limited to any direct, indirect, or possible loss of profits) as a result therefrom:
- Third Party DeFi Platforms’ suspension, discontinuity, closedown or termination of its business;
- Service suspension for maintenance as announced by the Third Party DeFi Platforms or OKCoin;
- System failure in transmitting data;
- Force majeure or other accidents caused by unforeseeable, unavoidable, and unsolvable circumstances, such as typhoon, earthquake, tsunami, flooding, plague, power outage, war, turmoil, government actions, terrorist attacks, etc., that lead to the suspension of OKCoin or the Third Party DeFi Platforms;
- Service failure, interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure arising from government regulations, etc.;
- Service failure, interruption, delay, no system response, or delayed system response caused by the computer system of the Third Party DeFi Platforms or OKCoin being damaged, defective or otherwise unable to perform normally;
- Abnormal technical problems that cannot be predicted or solved by existing technical forces in the industry;
- The fault or delay of any third parties;
- Changes in any applicable laws, regulations, or government orders; or
- Circumstances where OKCoin reasonably suspects there may be fraud, money laundering and/or other risks associated with your account and activities to the extent that OKCoin will suspend your account and activities for investigation, upon which OKCoin may make the determination to reactivate or potentially terminate your account.
- Third Party DeFi Platforms’ suspension, discontinuity, closedown or termination of its business;
You further agree and accept that the occurrence of the above circumstances may lead to abnormal transactions, market interruptions, and other possible abnormal circumstances, and OKCoin reserves the right to refuse to execute your transaction at its sole discretion.
6.6. You agree and accept that OKCoin shall not be liable for any losses caused by the risks described in Section 3.1 of this Agreement (including but not limited to any direct or indirect losses, or possible loss of profits).
7.1. You should take all possible measures to protect OKCoin from any damages arising out of your use of the Service or other actions related to your account and may be liable to OKCoin for any damages arising out of your use of the Service and other actions related to your account.
7.2. You hereby agree to defend, indemnify and hold OKCoin and its affiliates, and each of its or their respective employees, officers, directors, affiliates, subsidiaries, contractors, agents and successors harmless from any claims or demands (including reasonable legal fees) made or incurred by any third parties against OKCoin arising from or arising out of your breach of this Agreement, your improper use of the Service, your violation of any laws 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 OKCoin 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.
8. Account Closure
You agree and accept that OKCoin strictly prohibits unfair trading practices. OKCoin reserves the right to monitor your account or close your account if you perform the following actions:
- Price manipulation or any other malicious market behaviors;
- Fraud, money laundering or other types of activities that are deemed risky to OKCoin;
- Harming other Users or OKCoin through any unintended use of the Service or other means, as determined in OKCoin’s sole discretion;
- Participation in any activities that OKCoin regards, in its sole discretion, as harmful to the market; or
- Violation of applicable laws and regulations.
In order to eliminate any adverse effects on the overall market, OKCoin reserves the right to take the following measures at its sole discretion, including but not limited to, the closing down of your account and restricting or canceling your orders. You understand and agree that OKCoin shall not be liable for any losses (including but not limited to any direct or indirect losses, or losses of possible profits) incurred by you in connection with the above measures.
9. No Financial Advice
You understand and agree that OKCoin is not your broker, dealer, agent, or consultant. In any transaction or other activity which you use OKCoin’s services, you understand and agree that OKCoin holds no fiduciary duty to you to act for your benefit or otherwise. Any communication or information provided by OKCoin to you shall not be considered or interpreted as investment advice, financial advice, trading advice, or any other type of advice. You alone shall determine whether any investment, investment strategy, or related transaction is appropriate for you based on your own personal investment objectives, financial condition, and risk tolerance, and you alone shall be responsible for any and all losses or liabilities that result therefrom. We suggest you consult a legal or tax professional for advice regarding your specific situation. OKCoin does not make any recommendations to buy, acquire, sell or hold any digital assets. Before deciding to buy, sell, or hold any digital assets, we suggest you conduct your own due diligence and consult your own financial advisor before making any investment decisions. OKCoin shall not be responsible for your decision to buy, sell, or hold digital assets based on any information provided by OKCoin.
10. Third Party Website Disclaimer
11. Governing Law
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 and regulations of the jurisdiction where the entity servicing you based on where you are resided is incorporated, without regard to the conflict of laws principles.
12. Jurisdiction and Dispute Resolution
12.1. 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 Agreement or any dispute arising out of or relating to the Agreement (“Dispute”), you will notify us of any Dispute within 30 days of when it arises, and attempt informal resolution prior to any demand for arbitration in jurisdiction where the applicable party (being the entity servicing you based on where you are resided) is incorporated. You and the applicable party also agree that the courts in jurisdiction where the applicable party (being the entity servicing you based on where you are resided) is incorporated have exclusive jurisdiction over any appeals of an arbitration award and over any suit between the parties not subject to arbitration, and that arbitration will be conducted confidentially by a single arbitrator. In any arbitration, the parties will not seek discovery from each other, and the arbitrator shall not allow parties to engage in discovery; rather, each party shall disclose the evidence supporting their positions at some mutually agreeable time and date prior to the final hearing. Other than class procedures discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court.
12.2. Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.
12.3. TO THE EXTENT PERMISSIBLE BY LAW, ALL DISPUTES MUST BE BROUGHT IN A PARTY’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE ACTION OR REPRESENTATIVE PROCEEDING. THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS OR ENGAGE IN ANY CLASS ARBITRATION. YOU ACKNOWLEDGE THAT, BY AGREEING TO THIS AGREEMENT, YOU AND OKCOIN ARE EACH WAIVING THE RIGHT TO A JURY TRIAL AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION.
13.1. The contents of this Agreement also include OKCoin's various system specifications, other agreements or rules in the connection with this Agreement, and other relevant agreements and rules regarding the Service that OKCoin may issue from time to time. Once such content is officially released, it constitutes an integral part of this Agreement, and you are required to abide by it. In the event of any conflicts between such content and this Agreement, this Agreement shall prevail.
13.2. OKCoin 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 OKCoin'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 your acceptance of those changes. If you do not accept the revised content, you should stop using the Service.
13.3. You should carefully read the Agreement, and any documents referred to in Section 13.1 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 OKCoin and seek for clarification by email to email@example.com.
13.4. If at any time, under any laws of any jurisdictions, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity or enforceability of the other provisions or the legality, validity or enforceability of other provisions under the laws of other jurisdictions is not affected or impaired.
13.5. Neither the failure nor any delay by OKCoin in exercising any right or remedy under this Agreement shall operate as a waiver thereof. No single or partial exercise of any such right or remedy shall preclude any other or further exercise of the same, or the exercise of any other right or remedy.
13.6. The headings of all the terms of this Agreement are for reading convenience only and have no actual meaning and cannot be used as a basis for the interpretation of the meaning of this Agreement.
13.7. This Agreement may be posted in various languages. If there are any discrepancies, the English version shall prevail.
13.8. OKCoin has the sole and final discretion in the interpretation of this Agreement.