Staking Services Agreement

Published on Apr 2, 2024Updated on Jun 3, 202423 min read

1. GENERAL

1.1. Parties.

This Staking Service Agreement, together with any annexes (“Agreement”), is electronically entered into by and between OKX Teknoloji 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.

OKX TR 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 Agreement. Please be sure to read carefully, fully understand and agree to the terms of this Agreement.

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 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.

  • Reward Calculation Day: has the meaning in Section 4.4(a).

  • Service(s) or Staking Services: means the services provided on the Platform by OKX TR, with the aim of allowing the User to earn rewards by staking the Digital Assets, with redemption be allowed, pursuant to certain terms and conditions hereunder. OKX TR shall be entitled to authorize its affiliates for ancillary services to perform the staking Services hereunder.

  • 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.

  • Service Fee: means the fees that a User may pay to OKX TR when subscribing, redeeming or otherwise participating in the Service, including but not limited to the commission to validator(s), gas fee etc.

  • Staking: means the process of locking Digital Assets on a Staking Protocol in order to obtain rewards which may be in the form of Digital Assets.

  • Staking Protocol: means the Smart Contract listed by OKX TR for the provision of Staking to clients.

  • Staking Rewards: means the Digital Assets that are distributed to you in accordance with the Staking Protocol.

  • 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.

  • Variable Staking Rate: has the meaning in Section 4.4(c) and as shown and referenced on OKX TR Platform during the subscription of Service by Users.

3. RISK DISCLOSURE

3.1. Incorporation by Reference

a) The risks set out in the User Agreement are incorporated by reference in this Agreement.

b) You should carefully review the risk disclosure statement set out herein and in the User Agreement. By using the Staking Services, you acknowledge that you have read and understood the risks associated with your use of the Staking Services.

c) In addition to the risks set out in the User Agreement, Staking carries with it specific risks which are described below.

Smart Contract Risk

  • Staking Protocols rely entirely on so called “Smart Contracts”. These are contracts that operate on a blockchain network where the terms of the contract are carried out automatically using technology.

  • Smart Contracts are new and untested technology. Any bug or coding error either within the Smart Contract or in the blockchain network underlying the Smart Contract may result in a loss of your Digital Assets.

Liquidity Risk

  • Whilst your Digital Assets are locked into a Staking Protocol, you will not have access to them. You will not be able to transfer or sell them for as long as they are staked.

  • Subject to the relevant Staking Protocol, you may not be able to immediately withdraw or redeem your Digital l Assets. If the relevant Staking Protocol allows you to withdraw or redeem early, you may be subject to a penalty as determined by such Staking Protocol.

Slashing Risk

  • Certain Staking Protocols may impose a penalty if you breach the rules of the Staking Protocol or validate an invalid block on the underlying blockchain as a result of participating in the Staking Protocol. This penalty is commonly referred to as “slashing”.

  • In the event that you are subject to slashing, we will not replace your lost Digital Assets and you will have lost your Digital Assets.

No Guarantee of Staking Rewards

  • The payment of and amount of Staking Rewards is entirely dependent on the Staking Protocol. The staking Protocol may change its payment rules at any time without notice.

  • Past performance of a Staking Protocol is not in any way a guarantee or predictor of current or future Staking Rewards.

3.2. By becoming party to this Agreement, you agree and confirm:

a) OKX TR stakes your Digital Assets, in whole or in part;

b) OKX TR acts as a validator on an applicable network; and

c) OKX TR 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;

  • any redemption limits; and/or

  • any subscription limits.

3.3. By becoming party to this Agreement, you also understand and confirm:

  • You have the experience and risk tolerance of using the Service, and have the experience and knowledge in non-guaranteed digital currency products.

  • You are the legal owner of all the Digital Assets in your Account and guarantee that the sources of these Digital Assets are legal.

3.4. By becoming party to this Agreement, you further agree and promise thatou will not use the Service for any illegal purposes, including but not limited to illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by the law.

3.5. 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 Digital Assets. You are willing to bear the funding risks and potential losses caused by subscribing to the Service.

  • high price fluctuations of Digital Assets 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 TR 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 behavior may benefit or harm individual customers like you.

4. STAKING

4.1. Accessing Staking Services

You may access Staking Services through the Platform.

a) For each Staking Protocol that we make available to you as part of the Staking Services, we will provide details of the:
(1) relevant Digital Asset;
(2) name of the underlying blockchain;
(3) estimated annual percentage rate of return provided by the relevant Staking Protocol; and
(4) term of the Staking Protocol.

b) You will stake your Digital Assets by selecting ‘Stake’ or ‘Subscribe’ for the relevant Staking Protocol and choosing the amount of Digital Assets you wish to stake.

c) Once your Digital Assets have been staked, they will be locked into the Staking Protocol and custodied on that Staking Protocol. Your Digital Assets will not be held or controlled by us for as long as they are locked into a Staking Protocol.

d) Once the Digital Assets have been staked or locked up, OKX TR shall issue you rewards in the form of the token or digital asset distributed by the respective blockchain. The use of the Digital Asset shall be subject to the rules and terms published by OKX TR on the OKX TR Platform from time to time, and OKX TR shall reserve its sole discretion to allow, consider, modify or cancel any use of the Digital Asset for any purpose at any time on OKX TR Platform.

4.2. Accrual of Staking Rewards:

a) Staking Rewards will start accruing according to the specific Staking Protocol's accruing time, which may vary depending on the blockchain or network you are staking with. The accrual of rewards will commence from the day after you subscribe to the Service (referred to as the "Reward Calculation Day") and will align with the Staking Protocol's designated accruing schedule. Staking Rewards will be calculated based on the number of days that have elapsed over a 365-day year. Please note that you will not earn any Staking Rewards for the first day that you subscribe to the Service; your rewards will begin accruing from the second day onward, consistent with the Staking Protocol's determined daily accruing time.

b) Staking Rewards will be distributed to your funding Account in accordance with the specific Staking Protocol's distribution schedule, which may vary depending on the blockchain or network you are staking with. These rewards will be credited to your funding Account on the day after each Reward Calculation Day, provided that it aligns with the Staking Protocol's designated distribution time. Please note that the timing and frequency of distributions are subject to the rules established by the Staking Protocol.

c) Staking Rewards 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 annual percentage rate at which Staking Rewards are earned by you, that may vary every day on an on-chain earning situation, shall be published on the OKX TR Platform and may change from time to time.

d) be calculated and rounded down to 8 decimal places.

OKX TR does not guarantee that you will receive Staking Rewards at the Variable Staking Rate shown on OKX TR Platform at the time you subscribe to the Service. Any representation concerning possible return at the time you subscribe to the Service (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.

4.3. Redemption Rules

a) The arrival of redeemed Digital Assets at the User's Account is subject to the Staking Protocol's redemption rules, and the exact timing may vary. Please note that the timeframe can differ depending on the token type. Between the redemption time and the actual arrival time, you will not be able to make any returns, transfers or other commands to the redeemed Digital Assets.

b) On or after the redemption date, OKX TR may permit a limited quantity of Digital Assets 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 staked Digital Asset. For the avoidance of doubt, a redemption of staked Digital Asset 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) The redemption of the staked Digital Asset may take several days to deliver and/or transfer to the User’s Account. You shall be able to receive the Digital Asset within a reasonable time upon making a redemption request.

e) All redemption requests shall be handled by OKX TR on a first-in first-out (FIFO) basis, and they shall be processed by OKX TR at the end of the day (close of business at GMT+3).

f) You understand and accept that the actual time for the redeemed Digital Assets to arrive at your Account may vary. The arrival time shown on the website is final. For the avoidance of doubt, historical returns are not indicative of future returns. Any representation concerning possible return at the time you subscribe to the Service is an indicative estimate only and not guaranteed. OKX TR shall not be liable for any losses caused by the Digital Asset arrival time difference.

g) You understand and acknowledge that you do not receive Staking Rewards during the redemption period.

4.4. You will be able to view your Account history on the OKX TR Platform. You must review your Account history carefully and let OKX TR know if you see any entries or transactions that you do not recognize or you think are incorrect as soon as possible. OKX TR 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 TR or any third party) which is manifest or palpable, including a misquote by any representative of OKX TR 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

4.5. Service Fees

a) OKX TR reserves the right to charge a Service Fee for providing access to the Staking Services. The Service Fee charged by OKX TR may be a percentage of your actual yields (including rewards, if applicable) earned under this Service, unless otherwise stated at OKX TR Platform. OKX TR may deduct the applicable Service Fee from your actual yields as the payment method for such Service Fee. The Service Fee shall be published on the OKX TR Platform, and may be modified by OKX TR, from time to time, to the extent permitted by the Applicable Law

b) You hereby agree and authorize OKX TR that OKX TR shall have the right to deduct the Service Fee payable from your assets in your Account, otherwise OKX TR has the right not to provide the Services to you under this Agreement.

c) The Staking Protocol may also charge a fee to you. Any fees charged by the relevant Staking Protocol may vary from time to time and without notice. We do not have any control over the fees that are charged to you by the Staking Protocol and you are responsible for familiarizing yourself with the fee schedule of the relevant Staking Protocol you stake your Digital Assets in.

d) Subject to Applicable Law, if we charge you any fees, we may also be required to charge you any applicable tax. By using the Staking Services you also agree to incur such taxes, as applicable.

5. SUSPENSION OR CANCELING OF THE SERVICE

Subject to our User Agreement, OKX TR may stop, suspend or cancel your access to the OKX TR Platform, impose limits on any OKX TR account, 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 TR;

b) OKX TR is required to do so by court order, to comply with any Applicable Laws (including anti-money laundering or sanctions 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 determined that the Service is used by the User for illegal purposes or if a suspicious transaction is detected;

e) OKX TR reasonably determines that any information you have provided to OKX TR is wrong, untruthful, outdated or incomplete; or

f) you do not provide additional information that we request to our reasonable satisfaction or in a timely manner.

6. LIABILITIES

6.1. You agree and accept that the User’s estimated reward displayed on OKX TR Platform is an estimation but not a guaranteed or promised actual reward. The actual reward may not meet or may be lower than the estimated reward. Your final reward will be based on your actual reward. OKX TR 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 reward of staking to determine your final reward.

6.2. You agree and accept that OKX TR reserves the right to amend the content of this Agreement anytime in its sole discretion. OKX TR shall not be liable to any losses due to your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.

6.3. You agree and accept that if the OKX TR Platform cannot function properly or the Service is interrupted due to the following conditions except for the gross fault circumstances, 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 TR shall not be liable to any losses. These circumstances include but not limited to:

  • service suspension for maintenance as announced by OKX TR;

  • system failure to transmit data;

  • force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, plague, pandemics, epidemics, strikes, lockouts, failures arising from telecommunication infrastructure, nationwide or regional internet outages, power outage, war, turmoil, government actions, terrorist attacks, etc., that lead to the suspension of the OKX TR 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 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, 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 TR reserves the right to refuse to execute your commands based on the actual circumstance. You understand and agree that OKX TR shall not be liable to any of your losses (including but not limited to direct or indirect losses, actual losses or loss of possible reward etc.).

6.4. 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 Account, the OKX TR Platform, the Service and/or any other OKX TR services, for both scheduled and emergency maintenance. 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 processing, which is dependent upon many factors outside of our control.

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.

8. MANDATORY MEASURES

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;

  • harming other Users or OKX TR using the loopholes of the Service or other unreasonable means;

  • 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 law and regulations.

In order to eliminate any adverse effects on the overall market, OKX TR 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 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.

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.

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/help

9.4. Representations, Warranties And Undertakings.

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.