Staking Services Agreement
Updated: 20 December 2024
1. GENERAL
1.1 Parties
This Staking Service Agreement, together with any annexes (“Agreement”), is electronically entered into by and between OKX TR Kripto Varlık Alım Satım Platformu Anonim Şirketi (“OKX TR”) and the user (“you” or “User”) (hereinafter individually referred to as “Party” and together as “Parties”) to govern the principles regarding the User’s access to and use of the services provided on the Platform (“Services”).
This Agreement supplements the OKX TR Terms of Service. In the event of any conflict or inconsistency between any term or provision set forth in this Agreement and the OKX TR Terms of Service, such conflict or inconsistency shall be resolved by giving precedence to this Agreement. All provisions, including definitions, of the OKX TR Terms of Service not modified by this Agreement shall remain in full force and effect. Terms not defined here are defined in the OKX TR Terms of Service.
1.2 Scope
This Agreement applies to all Staking Services that we offer to you through the Platform. The Staking Services that we offer are set out and described below.
1.3 Applicability
a) This Agreement, as amended from time to time, supplements and is in addition to the User Agreement. It is intended to be read in conjunction with the User Agreement.
b) The provisions set out in the User Agreement apply to this Agreement and are incorporated by reference and shall be deemed to have the same force and effect as if set out in full in this Agreement.
c) Unless otherwise defined in this Agreement, any capitalized terms used in the User Agreement shall have the same meaning in this Agreement.
d) In the event of any conflict or inconsistency between this Agreement and the User Agreement, this Agreement will prevail to the extent of the conflict or inconsistency.
1.4 Suitability
a) OKX TR does not provide staking recommendations. We execute your instructions in selecting your chosen staking protocol, including the withdrawal of your Digital Assets from the Platform and forwarding it to the selected staking protocol.
b) Staking Protocols may only be offered to qualified retail and institutional clients. To qualify, you must have passed KYC and other onboarding requirements of the Platform, agree to this Agreement, and abide by the requirements prescribed by the Staking Protocol You would like to participate in.
1.5 Acceptance
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.
2. DESCRIPTION OF STAKING SERVICES and OTHER DEFINITIONS
2.1 On Chain Earn
a) On Chain Earn Staking Protocols allows you to lock or stake your Digital Assets in certain Staking Protocols offered by third parties in exchange for a reward.
b) These Staking Protocols will be proof of stake mechanisms.
c) Proof of stake mechanisms are operated by distributed ledger technology or blockchain networks that issue Digital Assets. These networks provide Staking Rewards to participants of their Staking Protocols. These Staking Rewards may be a portion of the transaction fees associated with validating new nodes on the network paid in Digital Assets.
d) None of the ‘On Chain Earn’ Staking Protocols are operated, owned or controlled by us.
e) A list of the available ‘On Chain Earn’ Staking Protocols and the associated Digital Assets relevant to these protocols is available on our Platform.
2.2 Other definitions relating to the Services
Account: means your general OKX TR account that you use to deposit and withdraw Digital Assets.
Applicable Law: means the laws, regulations and rules of any competent authority that apply to OKX TR and/or its users, as enacted, replaced, amended, extended and/or re-enacted from time to time.
Digital Assets: mean any digital representation of value expressed as a cryptocurrency or stablecoin that we make available for trading on the Platform.
Platform: means the platform maintained by us and that we make available to you for trading Digital Assets.
Principal: means the amount of Digital Assets being deposited in the User's Account for the purpose of using the Service.
Smart Contract: means self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. They essentially automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
User Agreement: has the meaning of Platform User Agreement and Platform User Agreement for Institutional Clients for the subscription to OKX TR Platform, as amended by OKX TR from time to time.
Estimated Rewards: a currently estimated rate or amount of Rewards. Actual Rewards may be higher, lower or the same as Estimated Rewards.
Fast Redemption: an ability to Redeem Digital Assets without waiting for the period of time after which they can be released from a Staking Protocol. Fast Redemption may not be available, depending on the Staking Protocol chosen and market conditions.
Liquid Staking Token (LST): a type of off-chain token representing a receipt for assets staked on certain Staking Protocol(s) through the Service.
Order Quantity: the amount of Digital Assets which are subject to a single Staking order.
Rewards: rewards or benefits that Users may receive by Staking and Redeeming Digital Assets in the Service.
Redeem/Redemption: the closing of a position in the Service and subsequent return of Staked Digital Assets into a User’s account.
Service Fee: the charges paid to OKX TR by a User for use of the Service, payable to OKX TR at the time of distribution of Rewards. OKX TR deducts such charges from Rewards payable to the User, prior to distribution.
Stake/Staking: an opening of a position through the Service, which results in Digital Assets being locked in a Staking Protocol. Such opening can be carried out either by the User manually opening a position on the On-chain Earn product page on the Platform, or by opting into Auto-Earn described below in 4.1.
Staking Protocol: third-party blockchain network(s) to which Digital Assets may be staked, including native staking protocol(s). The Bitcoin protocol is not a Staking Protocol.
3. ELIGIBILITY TO USE THE SERVICE
3.1 You agree that OKX TR may:
Hold, Stake, and/or Redeem your Digital Assets, in whole or in part for the duration of the Service in order to fulfill its obligations under the Service;
Acts as a validator on a Staking Protocol;
Exercise any voting rights attached to the Staked Digital Assets, which rights are delegated by you to OKX TR; and
Perform discretionary actions to your Digital Assets in your account for providing the Service.
3.2 You also understand and confirm that:
You have agreed to abide by the OKX TR Terms of Service, and are eligible and permitted to use the Services specified therein;
Any cryptocurrency of your Digital Assets and the associated Staking Protocol(s) may be subject to delisting and applicable terms and rules of OKX TR;
If you use the Service, this Agreement is binding on you;
You have the experience and risk tolerance required to use the Service, and have the experience and knowledge necessary to invest in non-guaranteed digital asset products;
You have the ability to perform operations on the Internet;
This Agreement and your use of the Service does not conflict with the laws of your country or region, and you agree to comply with the laws of your country or region;
You accept and declare to be the legal and beneficial owner of all the Digital Assets in your OKX TR account and that the sources of your Digital Assets and fiat currency are not from illegal activities.
3.3 You further agree that:
You will not use the Service in connection with any Prohibited Businesses (as defined in the OKX TR Terms of Service), including without limitation illegal purposes such as money laundering, terrorist financing, or fraud, or any other activities or any businesses prohibited by the law;
You will not use the Service in connection with any forms of price manipulation, insider dealing, market manipulation, market distortion or any other malicious wrongdoings to the market.
3.4 You understand and accept the risks that may arise to you and the related losses you may suffer from using the Service, as set out in the OKX TR Terms of Service. Those risks and losses include but are not limited to:
Any loss you may suffer from the risks associated with the inability to sell or convert Digital Assets deposited into the Service into a preferred alternative asset immediately or where conversion is possible but at a loss. You are willing to bear the risks and potential financial losses caused by depositing Digital Assets into the Service;
Any loss you may suffer from the risks associated with the inability to trade, sell or convert any LST (if provided to you, based on the Staking Protocol you choose) into a preferred alternative asset or where conversion is possible but at a loss. You are willing to bear the risks and potential financial losses caused by receiving any LST;
Any loss you may suffer from the risks associated with the inability to Redeem the Staked Digital Assets or withdraw the unstaked Digital Assets or Rewards at a particular timing or where Redemption or withdrawal is possible but at a loss. You are willing to bear the risks and potential financial losses caused by depositing Digital Assets into the Service;
Historical returns are not indicative of future returns. The Estimated Rewards displayed on the OKX TR Platform are theoretical estimates. They are not actual or guaranteed Rewards promised by OKX TR . OKX TR does not guarantee or promise any Reward. Actual Rewards may vary from the Estimated Rewards. Actual Rewards may be more or less the rewards if you stake your Digital Assets directly to the corresponding Staking Protocol. Rewards shall be calculated and distributed by OKX TR in its sole discretion. OKX TR may deduct cost, fees, and expenses related to the operation of the Service from your actual Rewards, to determine the final amount payable to you;
Price fluctuations of Digital Assets and their derivatives may cause significant or total loss in a short period of time;
The nature of Digital Assets means that technological difficulties experienced by OKX TR may prevent your access to, or use of, your Digital Assets;
Market risks may occur, which may result in losses of your Digital Assets;
OKX TR may have to add, remove, or change its terms or policies, including the terms of this Agreement, from time to time, while you are using the Service. Any such actions may benefit or harm users like you.
4. USE OF THE SERVICE
4.1 You may create an opening of a position through the Service by two ways detailed below.
4.1.1 At the time of order placement by way of a manual order on the Platform, you are required to select: (i) a Staking Protocol; and (ii) a Digital Asset quantity. The Platform will show an Estimated Reward, and a minimum Digital Asset Staking quantity for each Staking Protocol. Your Staked Digital Assets may not earn Rewards at a rate equivalent to or better than the Estimated Reward shown at the time of order placement. Once the order has been placed, you may not be able to cancel, revoke or edit the order.
4.1.2 As an alternative to inputting a manual order on the Platform, you may opt into a functionality whereby idle assets in your funding account are automatically used to create a subscription order in the Service for Staking, on the terms set out below (“Auto-Earn”).
By default, Auto-Earn is not enabled in your account. In order to enable Auto-Earn, you must opt-in on the Platform.
At the time of opting into Auto-Earn or thereafter, the Platform may show a Staking Protocol corresponding to each cryptocurrency of the Digital Assets in the your funding account to review. The Order Quantity for Auto-Earn is not-fixed and depends on the available idle Digital Assets in the funding account. The Platform may show a range of Estimated Rewards, and a minimum Digital Asset Staking quantity for each Staking Protocol. Your Staked Digital Assets may not earn Rewards at a rate equivalent to or better than the Estimated Reward shown at the time of order placement. Once you review and confirm the above, you may opt into the Auto-Earn subscription.
Upon opting into Auto-Earn, all Digital Assets in your funding account which (i) are of a cryptocurrency which has not been transacted in (whether by way of deposit, withdrawal, transfer or trading of such cryptocurrency from the funding account) for the preceding six hours; (ii) are supported by the Service, (iii) exceed the minimum amount for Auto-Earn eligibility and do not exceed the maximum Auto-Earn subscription amount in the Service (both as displayed on the Platform from time to time), may automatically be used to create an Auto-Earn subscription order to Staking, subject to other conditions described herein.
Auto-Earn subscriptions are not created in real time upon a relevant Digital Asset meeting the above criteria. Instead, OKX TR scans all users’ funding accounts for potential creation of Auto Earn subscriptions several times a day. Once the Auto-Earn order has been captured by OKX TR, you may not be able to cancel, revoke or edit the order, but you may opt out of Auto-Earn.
Upon opting-out of Auto-Earn, further Auto-Earn subscription orders to Staking will no longer be created. Redemptions of any Digital Assets already deposited into the Service through Auto-Earn must be carried out manually.
4.2 Once your order has been placed, OKX TR shall attempt to stake or allocate to you Digital Assets staked on the selected Staking Protocol, in an amount equivalent to a whole or a part of your Order Quantity. Depending on the Staking Protocol chosen (whether through manual selection or Auto-Earn) and market conditions, your order may not be successfully placed and you will not earn any Rewards. You will not earn any Rewards until the amount equivalent to a whole or a part of your Order Quantity is successfully staked to the chosen Staking Protocol and all applicable conditions of the Staking Protocol are satisfied (“Reward Calculation Day”). The Reward Calculation Day may not be the same day when you placed your order at the OKX TR Platform.
At any time while your Auto-Earn subscription is active, for future idle Digital Assets in your funding account subject to the subscription, OKX TR may request you to accept switching to a different Staking Protocol. If your acceptance is not received by the due date set by OKX TR, you agree that OKX TR may terminate your Auto-Earn subscription at OKX TR’s sole discretion. Upon termination of Auto-Earn, further Auto-Earn subscription orders to Staking will no longer be created. Redemptions of any Digital Assets already deposited into the Service through Auto-Earn must be carried out manually. OKX TR is not responsible for any loss in connection with such termination of your Auto-Earn subscription.
4.3. For certain Staking Protocol(s), if selected by you, OKX TR may issue you with LSTs in an amount proportionate to your Order Quantity. LSTs can be used for Redemption after the Redemption period. You acknowledge and undertake the risk that there may not be a market for LSTs, LSTs may not be tradeable at all, LSTs may be usable only on OKX TR for limited purposes specified by OKX TR, LSTs cannot be withdrawn from the Platform and / or LSTs may not have an equivalent value to the native token of the Staking Protocol.
4.4 Rewards shall:
Start accruing from the Reward Calculation Day. Rewards will accrue every day and will be calculated on the basis of the number of days elapsed and a 365-day year. You do not earn any Rewards for the first day on which you place an order. The frequency at which Rewards will be distributed to your account will depend on the Staking Protocol chosen and market conditions;
For certain Staking Protocol(s) that OKX TR issues LSTs: accrue in LSTs;
For all other Staking Protocols: accrue in the Digital Asset Staked, unless otherwise specified on the OKX TR Platform;
Accrue at a rate to be determined by the Staking Protocol chosen. Such rate can vary frequently. It can also vary based on the mechanics of the Staking Protocol, market conditions, and other factors depending on the Staking Protocol chosen;
Not accrue if your order is not successful.
4.5 In order to Redeem your Staked Digital Assets, you must enter a Redemption request into the OKX TR Platform. Partial Redemptions may not be permitted, and you may be required in any Redemption request to Redeem your complete Order Quantity. Once you have entered a Redemption request, you will no longer earn any Rewards in relation to the Digital Assets which are the subject of your Redemption request. Once a Redemption request has been placed, you may not be able to cancel, revoke or edit the request. The speed at which any Redemption request may be satisfied will vary and depend on market conditions. You agree and accept that when you Redeem your Digital Assets, the time it takes for the Digital Assets to arrive at your account may vary (e.g., by days or weeks). OKX TR shall not be liable for any losses caused by the difference between estimated and actual Digital Asset arrival time.
4.6 OKX TR may provide users with a “Fast Redemption” feature in the Service. Such feature is selected by default but is available only if there is sufficient liquidity in the Service to provide users with Fast Redemption. Fast Redemption is not guaranteed, it may not be available (with or without notice) and users may need to await standard Redemption (as described in the preceding clause) in order for their Redemption request to be satisfied. Liquidity to provide Fast Redemption is sourced from Users’ Order Quantity. You agree that a portion of your Order Quantity may be used for such liquidity. OKX TR reserves the right to suspend Fast Redemption without notice at any time at its sole discretion.
4.7 OKX TR reserves the right to charge a Service Fee for providing you with any part of the Service. Such Service Fee shall be published on the OKX TR Platform, and may be modified by OKX TR, from time to time. The Service Fee may contain fee(s) charged by the corresponding Staking Protocol.
4.8 OKX TR reserves the right to introduce, impose, adjust or remove any Staking or Redemption limit on the corresponding amount or time period in its sole discretion, while you are using the Service. Master accounts and sub-accounts may share any limits or periods.
5. SUSPENSION OR CANCELLING OF THE SERVICE
OKX TR may suspend, cancel or terminate the Service, or your use of the Service at any time at its sole discretion. OKX TR may suspend or remove any Staking Protocol from the Service (or add a previous or new Staking Protocol to the Service). The OKX TR Terms of Service set out the circumstances in which OKX TR may suspend, cancel or terminate the Service. Without prejudice to the generality of the foregoing, those circumstances may include situations where:
a) you do not provide additional information to verify your identity or source of funds as requested by OKX TR;
b)OKX TR is required to do so by court order, to comply with Applicable Laws
c) OKX TR is required to do so to comply with any direction or instruction from a government body or agency;
d) OKX TR reasonably determines that any information you have provided to OKX TR 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. LIABILITIES
6.1 The OKX TR Terms of Service set out situations in which you may incur losses or liabilities and OKX TR assumes no liability. Without prejudice to those terms, those situations include:
Service suspension for maintenance;
Inability to use the Service or make commands or perform trading operations due to failure, delay, interruption, lack of system response, delayed system response, or other abnormal circumstances;
To transmit data;
Force majeure events or accidents, such as typhoon, earthquake, tsunami, flooding, plague, power outage, war, economic and political turmoil, government actions, terrorist attacks, pandemic, epidemic, or other such acts;
Service interruption or delay due to hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure due to government regulations, or other such matters;
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;
Losses due to third parties;
Losses due to changes in any Applicable Laws and Regulations, or government, regulatory or law enforcement orders.
You agree and accept that the above and any reasons may lead to abnormal transactions, market interruptions and other possible abnormal circumstances.
6.2 You agree and accept that OKX TR 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) except for the gross fault circumstances.
7. TECHNOLOGY DISCLAIMERS
7.1. OKX TR may, from time to time, suspend access to your OKX TR accounts, the OKX TR Platform, the Service and/or any other OKX TR services, for both scheduled and emergency maintenance or upgrade. You authorize OKX TR to move your Digital Assets from/to Staking Protocol(s) and between Digital Wallets to the extent necessary for performing such maintenance or upgrade. OKX TR will make reasonable efforts to ensure that transactions on the OKX TR Platform are processed in a timely manner, but OKX TR makes no representations or warranties regarding the amount of time needed to complete any such maintenance or upgrade.
7.2. Although OKX TR makes reasonable efforts to update the information on the OKX TR Platform, OKX TR makes no representations warranties, or guarantees, whether express or implied, that the content on the OKX TR Platform, including information in relation to the Services and any other OKX TR 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 TR services. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Service, any OKX TR services, the OKX TR Platform, and any updates thereto. OKX TR does not guarantee that any of the OKX TR services, or any portion thereof, will function on any particular hardware or devices. OKX TR services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.
7.4 Despite our efforts to ensure the security of your data and transactions, the risk of unauthorized access, hacking, data loss, or other breaches cannot be completely eliminated. You acknowledge that you bear the risk of any unauthorized access to your account information and any loss of Digital Assets resulting from such security breaches.
7.5 The field of digital assets is rapidly evolving, and changes in technology may require adjustments to the Services or how you interact with the OKX TR Platform. OKX TR reserves the right to modify the technology used, the features provided, or the Service requirements based on technological advancements or regulatory changes without prior notice.
8. MANDATORY MEASURES
8.1 OKX TR strictly prohibits unfair trading practices. OKX TR 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;
participation in any activities that OKX TR regards as harmful to the market;
use of the Service for illegal purposes or conduct of suspicious transactions;
violation of any Applicable Laws and regulations.
8.2 In order to eliminate any adverse effects on the overall market, OKX TR reserves the right and sole discretion to suspend or terminate your account, use of the Service, or refuse to execute or cancel your commands. OKX TR 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 in connection with the above measures.
8.3 You understand and agree that OKX TR 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. MISCELLANEOUS
9.1. Limitation of Liability and Indemnification
In addition to the limitation of liability provisions in the User Agreement, the Services under this Agreement are provided to you on an “as is” basis. We disclaim any and all liability whatsoever for any loss you incur from your use of the Services.
OKX TR reserves the right and sole discretion to refuse to execute or cancel your commands.
You shall take every possible measure to protect OKX TR from any damages arising out of your use of the Service or other actions related to your OKX TR account.
You agree to indemnify, hold harmless and promptly defend OKX TR from and against any and all losses arising from or in connection with any claims, losses, liabilities, damages, judgments, penalties, fines, costs and expenses of whatever kind (including professional fees and reasonable attorney’s fees) which may be suffered or incurred by any of the OKX TR arising out of or related to your use of the Service or other circumstances set out in the OKX TR Terms of Service.
9.2. No Advice
a) We are not permitted to advise you in relation to the Services we make available to you.
b) Any materials or information that we provide to you regarding Services through our website, the Platform or any other means shall not constitute investment advice or a recommendation of the Services we make available to you. You should not rely on this when making any decisions regarding the Services.
9.3. Complaints
If you are dissatisfied or otherwise wish to complain about the Services made available to you under this Agreement, you may file a complaint through our Customer Service Support Center.
https://tr.okx.com/tr/help
9.4. Representations, Warranties And Undertakings
a) In addition to the representations, warranties and undertakings you have made to us in the User Agreement, you additionally represent, warrant and undertake that:
a) we will not be liable to you for any losses you incur as a result of your use of the Services;
b) you are and will remain compliant with all Applicable Law that apply to Staking Services.
9.5. Payments
a) Any payments to be made under this Agreement, including fees and tax, are due immediately upon demand.
b) Once demanded, you must pay these amounts to us and we reserve the right to automatically deduct these amounts from your Account.
9.6. Amendment
a) This Agreement may be amended in the same manner provided for under the User Agreement.
b) An amendment to this Agreement does not automatically amend any other agreement that you may have with us including the User Agreement.
9.7. Termination
a) This Agreement may be terminated in the same manner provided for under the User Agreement and will have the same effect as provided for under the User Agreement.
b) The termination of this Agreement does not impact any other agreement you have with us, including the User Agreement. You acknowledge and agree that if this Agreement is terminated, it will not automatically terminate any other Agreement you have with us.
c) We reserve the right to terminate this Agreement in our absolute and sole discretion for any reason whatsoever.
9.8. Applicable Law
a) This Agreement is governed by the laws of the Republic of Türkiye.
b) Istanbul (Çağlayan) Courts and enforcement offices shall have authority to settle all disputes arising out of or in connection with this Agreement.
9.9. Prevailing Version
If there is a conflict between the Turkish version of this Agreement and the translated version in other languages, the Turkish version shall prevail.