Earn DeFi User Agreement
1. GENERAL
1.1. Parties
This Earn Defi Services Agreement, together with any annexes, (“Agreement”) is electronically entered into by and between OKX Teknoloji Anonim Şirketi (“OKX TR”) and the user (“User”) (hereinafter individually referred to as “Party” and together as “Parties”) to govern the User’s access to and use of the Services provided on the Platform.
OKX TR is responsible for product design management and operation. In order to use this Service, you (“you” or “User”) shall read and abide by the Agreement. Please read carefully, fully understand the terms and conditions of this Agreement, and choose to accept or not accept this Agreement.
This Agreement forms part of the User Agreement. This Agreement, together with OKX TR’s User Agreement, constitute the entire agreement and understanding regarding the use of any or all of the Services, and any manner of accessing them, between: You and OKX TR, depending on your location, nationality, services used, and your level of KYC completed.
1.2. Acceptance. Unless you have read and accepted all the terms of this Agreement, you are not authorized to use this Service and its corresponding Services. Your acceptance of this Agreement and your use of the Service represents that you have read and agreed to this Agreement and that this Agreement is legally binding on you. Please read all the contents of the terms of service, Privacy Notice and relevant transaction and operation rules (as amended from time to time) on the Third Party DeFi Platform carefully, and use this Service only after you have read, understood and agreed to all the contents.
1.3. Similar to any asset, the value of Digital Assets may fluctuate significantly, and there is a huge risk of loss of Digital Assets, which means that you may suffer economic losses when buying, selling, holding Digital Assets and engaging related transactions. Your use of OKX TR’s Services means that you confirm and agree: (1) You understand the risks associated with Digital Assets and related transactions; (2) You agree to bear all risks and losses associated with the use of OKX TR’s Services and engaging transactions involving Digital Assets; (3) OKX TR shall not be responsible for any such risks or losses or adverse consequences.
1.4. Applicability
i) 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.
ii) 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.
iii) Unless otherwise defined in this Agreement, any capitalized terms used in the User Agreement shall have the same meaning in this Agreement.
iv) 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.
2. DEFINITIONS
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, consolidated, substituted and/or re-enacted from time to time.
DeFi Platform or “Third Party DeFi Platform”: means the third party DeFi platforms through which Users can use the Digital Assets in their Account to invest and gain rewards through OKX TR, including without limitation, the Compound Platform, Tokenlon Platform, Apecoin Staking and Maker DAO.
Digital Assets: means 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.
Service(s): means the Earn DeFi service, provided by OKX TR on the Platform, to allow the users to earn Digital Assets through the Third Party DeFi Platform.
Staking: The User will freeze a certain amount of digital assets as agreed in the User’s Account. After staking, the User will not be able to trade the staked digital asset in the Account.
T Day: means a calendar day based on Istanbul time (IST).
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.
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 Services, you acknowledge that you have read and understood the risks associated with your use of the Services.
3.2. You understand and acknowledge that:
You have agreed to abide by the “OKX TR User Agreement” and you are eligible and are permitted to use the Services defined therein.
If you are registering the Service in your personal capacity, in order to effectively accept this Agreement, you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to enter this Agreement. Once entered, it is binding on you.
If you are registering for the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf.
You have the experience and risk tolerance required to use the service, and have the experience and knowledge necessary to invest in non-guaranteed Digital Assets products.
You should carefully consider and use clear judgment to evaluate your financial condition and the above-mentioned risks before making any decision to use this Service, and bear all the losses arising therefrom.
You are the legal owner of the Digital Assets in your OKX TR Account and guarantee that the sources of these Digital Assets are legal.
3.3. You agree and undertake that:
You shall 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.
You shall not conduct, initiate or promote any forms of illegal conduct, including but not limited to illegal gambling, money laundering, fraud, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by the law.
3.4. You understand and accept the risks that may arise to you and the related losses you may suffer from using the Service, including without limitation:
Any loss you may suffer from the risks associated to the inability to trade the frozen Digital Assets arising from your use of this Service. You are willing to bear the risks and potential losses caused by freezing of the Digital Assets.
The expected reward displayed on OKX TR website is the theoretical estimate of reward; they are not actual reward guaranteed or promised by OKX TR. Actual reward may vary from the expected reward. Your final reward will be based on the actual reward you receive. OKX TR will deduct the cost, fees, and expenses related to the operation of this Service (including but not limited to the server fees, etc.) as well as the handling fees for this Service from your actual reward of this Service to determine your final reward. OKX TR does not make any guarantee or promise to the actual reward that you may receive.
Fluctuations in Digital Assets and other products being subject of the Services 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 changes may benefit or harm individual customers like you.
4. USE OF SERVICE
4.1. Process of Service
i) On the On-chain Earn page, you may choose the currency of the Digital Assets you intend to buy. Different Third Party DeFi Platform may be supported for buy for different currency of the Digital Assets. Users can buy certain Digital Assets to different Third Party DeFi Platform offered on this page. Each time a User chooses to buy Digital Assets into a Third Party DeFi Platform offered on this page, an order will be generated. OKX TR will transfer the Digital Assets under all orders accumulated from T time of the previous day to T time of the current day to the corresponding Third Party DeFi Platform at an indicated time each day. After the User successfully places an order, the principal already transferred or to be transferred to the Third Party DeFi Platform will be displayed on the user’s Accoun[2] t, and the estimate rewards (if applicable) accrued will be displayed and updated in the funding Account. The Users can view the rewards accrued each day in the On-chain Earn order management tool in the Account. But the Users cannot withdraw such rewards. The reward will only be distributed and deposited to the User's Account after the User's order is successfully redeemed. The rewards will be distributed to your Account each day.
ii) No redemption shall be allowed during the on-chain transfer process. Once the transfer is completed, Users may redeem at any time. After the User places a redemption instruction on the On-chain Earn product, OKX TR will redeem all orders accumulated from T1 on the previous day to T1 on the current day from the blockchain of the corresponding Third Party DeFi Platform at certain time each day. OKX TR will calculate the rewards which a User could earn pro rata based on the proportion of amount bought by the User , and will distribute the reward into User’s Account, and transfer the principal in your Account to User’s funding Account. The rewards will be distributed to your Account each day. OKX TR shall have the right to request User to open different sub accounts within the Platform and transfer the rewards of the Digital Assets to different accounts for operational purposes. [3]
4.2. On-Chain Transfer and Redemption Time
i) OKX TR will transfer the Digital Assets bought by the User to the Third Party DeFi Platform at 11:00 a.m. (IST) each day. Specifically, for the Digital Assets under all orders accumulated from 11:00 a.m. (IST) of the previous day to 11:00 a.m. (IST) of the current day, OKX TR will transfer all the Digital Assets bought by all Users to the Third Party DeFi Platform at 11:00 a.m. (IST) that day. The Digital Assets bought by the User will only begin to bring rewards after the on-chain transfer operation is completed successfully. If the User completes the order after 11:00 a.m. (IST), the actual on chain time of the User’s Digital Assets will be around 11:00 a.m. (IST) of the next day, and the actual time to start to gain reward on the Digital Assets will be the time when the funds are actually transferred to the blockchain of the Third Party DeFi Platform successfully the next day.
ii) The redemption time will be similar to the on chain time. OKX TR will redeem all the orders from the blockchain collectively at 11:00 a.m. (IST) each day for all the redemption orders accumulated from 11:00 a.m. (IST) of the previous day to 11: 00 a.m. (IST) of the current day.
4.3. Return of principal and distribution of rewards
i) After the User redeems the order, after OKX TR redeems collectively from the blockchain at the daily fixed on-chain time or redemption time set out in Clause 4.2 above, the User’s principal will be released and transfer from the accounts between the Users. At the same time, OKX TR will distribute the User's rewards pro rata based on the User's investment proportion and transfer to the one of the User's Account.
ii) In relation to the Apecoin Staking:
You'll start earning reward after your APE is staked. You can redeem it anytime, and OKX TR will redeem your Digital Assets and distribute the principal together with any reward to your Account.
For example, your earnings will be calculated the same day when the subscription is completed and added to the smart contract. You will stop getting reward once your redemption is completed and added to the smart contract.
OKX TR will help user upchain and offchain once a day.
iii) In relation to the Maker DAO:
You'll start earning reward after your DAI is staked. You can redeem it anytime, and OKX TR will redeem your Digital Assets and distribute the principal together with any reward to your Account.
For example, your earnings will be calculated the same day when the subscription is completed and added to the smart contract. You will stop getting reward once your redemption is completed and added to the smart contract.
OKX TR will help user upchain and offchain once a day.
iv) In relation to the Token lon Platform:
You'll start earning rewardafter your LON is staked and the 7-day lock-up term begins. At the end of the term, OKX TR will redeem your Digital Assets and distribute the principal together with any rewardto your funding Account.
For example, your earnings will be calculated the same day when the subscription completed and added to the smart contract. Your Digital Assets will be automatically redeemed at the end of the term and returned to your funding Account within 48 hours. You may cancel the subscription at any time before it's added to the smart contract.
Once you stake your LON, your LON will be locked during the term and can't be redeemed early.
For the avoidance of doubt, the general rule for reward distribution would be: reward shall be paid to you on a daily basis, while reward shall be paid at redemption. There may be exceptions for some products, including but not limited to APE and GMX, whose rewards may be paid on a daily basis, or otherwise as specified by OKX TR from time to time. You should read carefully about the details during the subscription of each product at any Third Party De-Fi Platform.
4.4. Update of rewards earned by Users and reward calculation formula
i) The rewards earned by Users investing in Digital Assets will be calculated and accrued in accordance with the relevant rules of the Third Party DeFi Platform.
ii) The rewards displayed in the User Account will be calculated and updated each hour, and the User's order management tool will update the rewards accrued by each User's order each hour.
iii) In relation to the Apecoin Staking, the formula for reward update is:
The net reward accrued on the chain= number of Tokens staked *APR;
The APR shall be determined in accordance with the applicable rules of the Third Party DeFi Platform;
The reward earned by the Users= (number of token of the User/the sum of token on chain)*Net Rewards.
iv) In relation to the Maker DAO, the formula for reward update is:
The net rewards accrued on the chain= Ctoken * Exchange Rate-number of Tokens;
The Exchange Rate shall be determined in accordance with the applicable rules of the Third Party DeFi Platform;
The rewards earned by the Users= (number of Ctoken of the User/the sum of Ctoken on chain)*Net Rewards;
Ctoken means the proof of stake generated when the User's principal is deposited into the MakerDao Platform contract.
v) In relation to Compound Platform, the formula for reward update is:
The net rewards accrued on the chain= Ctoken * Exchange Rate-number of Tokens;
The Exchange Rate shall be determined in accordance with the applicable rules of the Third Party DeFi Platform;
The reward earned by the Users= (number of Ctoken of the User/the sum of Ctoken on chain)*Net Reward ;
Ctoken means the proof of stake generated when the User's principal is deposited into the Compound Platform contract.
4.5. Update of User's rewards and rewards calculation formula
i) The User's rewards are calculated and updated each hour, and the User's order management tool will update the User's rewards accrued for each order each hour.
In relation to Compound Platform, the formula for calculating the number of Comp awarded is:
The total rewards accrued per hour on the chain=Net Comp=CompT1-CompT0 (T1 is the current rewards, T0 is the previous hour's rewards);
The User’s rewards updated per hour = the sum of the rewards accrued each hour on the chain * (number of ctoken of the User/the sum of ctoken on chain);
The rewards redeemed by the User should be equal to the sum of the User's rewards in each time period.
ii) In relation to the Apecoin Staking, the formula for calculating the number of APE awarded is:
The total rewards accrued per hour on the chain=Net APE=APE T1-APE T0 (T1 is the current rewards, T0 is the previous hour's rewards);
The User’s rewards updated per hour = the sum of the rewards accrued each hour on the chain * (number of APE of the User/the sum of APE on chain);
The rewards distributed to the User should be equal to the sum of the User's rewards in each time period.
iii) In relation to the Maker DAO, the formula for calculating the number of DAI awarded is:
The total rewards accrued per hour on the chain=Net DAI=DAIT1-DAIT0 (T1 is the current rewards, T0 is the previous hour's rewards);
The User’s rewards updated per hour = the sum of the rewards accrued each hour on the chain * (number of ctoken of the User/the sum of ctoken on chain);
The rewards redeemed by the User should be equal to the sum of the User's interests in each time period.
iv) In relation to the Tokenlon Platform:
The formula for calculation of rewards at the end of the 7-day term = the total amount of xLON at the end of the lock-up term * Exchange Rate - the number of LON tokens invested by the User;
xLON means the proof of stake generated when the User's principal is deposited into the Tokenlon Platform contract.
You understand and agree that the Digital Assets are in the status of being redeemed after you place the redemption instruction and before the actual receipt, and there is no earns. You will not be able to make operation instructions for such Digital Assets such as making transfer. You understand and accept that the time for receipt of certain Digital Assets may be different, and the actual receipt time displayed on the currency page shall prevail.
4.6. Service Fees
i) During the Service, all gas fees generated on all Third Party DeFi Platform on chain under this Service will be borne by OKX TR, which will not be borne by Users. OKX TR may charge you certain service fee ("Service Fee") for providing this Service to you. The Service Fee charged by OKX TR may be 3% of your actual rewards earned under this Service, unless otherwise stated at OKX TR Platform. [5] No Service Fee will be charged by OKX TR for Services in relation to the Compound Platform, Apecoin Staking, Maker DAO and TokenIon Platform. OKX TR may deduct the applicable Service Fee from your actual rewards as the payment method for such Service Fee.
ii) You hereby agree and authorise OKX TR that OKX TR shall have the right to deduct the Service Fee payable from your assets in your any account, otherwise OKX TR has the right not to provide the Services to you under this Agreement.
iii) When a User redeems the Digital Assets invested, OKX TR will first deduct the handling fee charged by the Third Party DeFi Platform from the User's principal and rewards, and then deposit the redeemed principal and rewards into the User's Account.
5. LIABILITIES
5.1. You agree and accept that the User’s estimated reward displayed on OKX TR website 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 will calculate the User's actual rewards based on the actual rewards you earned under the transactions under this Service minus the Service Fees payable to OKX TR. OKX TR does not promise or guarantee your estimated reward or actual reward you will receive.
5.2. You agree and accept that when you redeem your assets, the time it takes for you to receive the Digital Assets in your Account may vary and the assets received displayed on the website shall be final. OKX TR shall not be liable for any losses caused by time difference for receipt of Digital Assets.
5.3. You agree and accept that the aggregate liability of OKX TR shall not exceed the Service Fee OKX TR received from you when this Agreement is terminated.
5.4. 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 arising from your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.
5.5. You agree and accept OKX TR’s access to Third Party DeFi Platform projects. OKX TR only provides project display and revenue distribution and other related services. OKX TR 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 Platform or project sponsors or other potential risks. You agree to bear all the relevant risks set out in this Clause and all the losses you may suffer as a result of the abovementioned risks. If you suffer any loss as a result of occurrence of the abovementioned risks, you agree that the corresponding part of funds you lost frozen in your funding Account will not be unfrozen.
5.6. The reward you earned on the Third Party DeFi Platform will be calculated based on the ratio of the proof of stake on the blockchain to the Digital Assets. The fluctuation of such ratio may cause losses suffered by the Users, and OKX TR shall not be responsible for any liabilities arising from such losses.
5.7. You agree and accept that if the OKX TR Platform or the Third Party DeFi Platform cannot function properly or the Service is interrupted arising from the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, OKX TR shall not be liable to any losses. These circumstances include but not limited to:
The Third Party DeFi Platform suspends, discontinues, and terminates its business, closes down, and abnormally suspends or stops trading;
Service suspension for maintenance as announced by the Third Party DeFi Platform or OKX TR;
System failure to transmit data;
Force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, plague, strikes, lockouts, failures arising from telecommunication infrastructure, nationwide or regional internet outages, power outage, war, turmoil, government actions, terrorist attacks, pandemic, epidemic, etc., that lead to the suspension of the OKX TR Platform or the Third Party DeFi Platform;
Service interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure arising from government regulations, etc.;
Service interruption or delay caused by the computer system of the Third Party DeFi Platform or OKX TR being damaged, defective or unable to perform normally;
Losses arising from technical problems that cannot be predicted or solved by existing technical forces in the industry;
Losses suffered by you or other third parties arising from the fault or delay of the third party;
Losses suffered by you or other third parties arising from changes in laws and regulations or government orders;
Losses suffered by you or other third parties arising from 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.).
5.8. You agree and accept that OKX TR shall not be liable for any losses caused by the risks described in Section 3.3 of this Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).
6. MANDATORY MEASURES
You agree and accept that OKX TR strictly prohibits unfair trading practices. OKX TR reserves the right to exercise control over your Account or close your Account if you perform the following actions:
Market manipulation, price manipulation, insider dealing, market distortion, or any other malicious market wrongdoings or behaviors;
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 laws 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 canceling 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.
7. NO FINANCIAL ADVICE
OKX TR is not your broker, dealer, agent or consultant. In any transactions or other decisions or activities which you use OKX TR services, OKX TR does not have a fiduciary relationship or fiduciary duty with you. Any communication or information provided by OKX TR to you shall not be considered or interpreted as investment advice, financial advice, trading advice or any other type of advice. You shall determine whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial condition and risk tolerance, and you shall be responsible for any and all losses or liabilities. Regarding your specific situation, you shall consult a legal or tax professional for advice. OKX TR does not recommend to you to buy, acquire, sell or hold any Digital Assets. Before making a decision to buy, sell or hold any cryptocurrency, you shall conduct due diligence and consult your financial advisor before making any investment decision. OKX TR shall not be responsible for your decision to buy, sell or hold Digital Assets based on the information provided by OKX TR.
8. THIRD PARTY WEBSITE DISCLAIMER
Any links of third party websites in OKX TR services do not mean that OKX TR endorses any products, services, information and disclaimers provided therein, and OKX TR does not guarantee the accuracy of the information contained therein. OKX TR shall not be liable for any losses caused by your use of such third party products and services. In addition, since OKX TR has no control over the terms of use or privacy policies of third party websites. Once you use this Service, it means that you know, understand and agree to all the terms of service, Privacy Notice and relevant transaction and operation rules (as amended from time to time) on the Third Party DeFi Platform or other third party websites. OKX TR and each Third Party DeFi Platform are independent legal entities, and this Agreement shall not constitute any form of agency, partnership or cooperative relationship between the parties. OKX TR and each Third Party DeFi Platform shall be responsible for their respective claims, debts and disputes arising from the performance of their respective contracts and agreements.
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 except for events arising from the gross fault.
9.2. 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
9.3. 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:
i) we will not be liable to you for any losses you incur as a result of your use of the Services;
ii) you are and will remain compliant with all Applicable Law including any VARA Rules that apply to Staking Services.
9.4. Payments.
i) Any payments to be made under this Agreement, including fees and tax, are due immediately upon demand.
ii) Once demanded, you must pay these amounts to us and we reserve the right to automatically deduct these amounts from your Account.
9.5. Amendment.
i) This Agreement may be amended in the same manner provided for under the User Agreement.
ii) An amendment to this Agreement does not automatically amend any other agreement that you may have with us including the User Agreement.
9.6. Termination.
i) 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.
ii) 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.
iii) We reserve the right to terminate this Agreement in our absolute and sole discretion for any reason whatsoever.
9.7. The contents of this Agreement also include OKX TR's various system specifications, other agreements or rules in the connection with this Agreement, and other relevant agreements and rules regarding the Service that OKX TR may issue from time to time. Once the above content is officially released, it is an integral part of this Agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.
9.8. Applicable Law.
i) This Agreement is governed by the laws of the Republic of Türkiye.
ii) 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.