ETH Staking User Agreement

Published on Apr 2, 2024Updated on Jun 3, 202420 min read

1. GENERAL

1.1. Parties

This ETH Staking 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 principles regarding the User’s access to and use of the Services provided on the Platform.

1.2. Scope

The ETH Staking Service (the “Service” or “Services”) is offered by OKX TR that allows one obtain reward by staking Ethereum (ETH) as agreed digital assets, with redemption be allowed, pursuant to certain terms and conditions. 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 agreed to the terms of this Agreement.

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. DEFINITIONS

2.1. Ethereum (ETH) is a proof-of-work (PoW) blockchain network. ETH, or Ethereum, is the proof of stake (PoS) version of the Ethereum mainnet, which introduced the sharding technology. It consists of 4 phases, Phase 0 (beacon chain), Phase 1 (sharding), Phase 2 (Smart Contract), Phase 3 (chain storage), Phase 4 (sharding Smart Contract), etc. The Service, ETH Staking, is the solution to realize the PoS mechanism of Ethereum. OKX TR shall be entitled to authorize its affiliates for ancillary services to perform the staking Services hereunder.

2.2. Other definitions relating to the Services include:

  • 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.

  • Platform: means the platform maintained by us and that we make available to you for trading Digital Assets.

  • Reward Calculation Day: has the meaning in Section 4.2 (a).

  • 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.

  • Staking: In this Service, User will stake a certain amount of ETH (the “Digital Asset”) and receive liquidity tokens as the proof of stake. After staking, the User will still be able to trade the liquidity tokens via the spot trading market. For avoidance of doubt, by holding the liquidity tokens, BETH, users are staking the Digital Asset under this Service.

  • T Day: means a nature day based on Istanbul time (GMT+3).

  • 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 4.2 (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 Services, you acknowledge that you have read and understood the risks associated with your use of the Services.

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; 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 to invest in non-guaranteed digital currency products;

  • You are the legal owner of all the Digital Assets in your OKX TR 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 that:

  • you 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 possibilities associated with the inability to trade the liquidity tokens. You are willing to bear the funding risks and potential financial losses caused by holding the liquidity token and subscribing to the Service.

  • High price fluctuations of Digital Assets and their derivatives may cause significant or total losses in a short period of time.

  • Technical troubles 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 behaviour may benefit or harm individual customers like you.

4. ETH STAKING

4.1. Accessing Staking Services

a) You can make commands, such as staking, redeem, etc. through the OKX TR User page. Once the command is set, you will not be able to cancel, revoke or edit it.

b) When your Digital Assets are successfully staked, you agree to entrust and authorize OKX TR as an intermediary to perform certain actions to certain amount of Digital Assets in your Account, including but not limited to node Digital Asset gain.

c) Once the Digital Assets have been staked or locked up, OKX TR shall issue you the liquidity tokens in the form of BETH at the ratio of ETH: BETH at 1:1. The liquidity tokens, BETH, shall be used at the OKX TR Platform, for spot trading or as collaterals. The use of BETH shall be subject to the rules and terms published by OKX TR at 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 BETH for any purpose at any time at OKX TR Platform.

4.2. Accrual of Staking Rewards:

a) Staking rewards shall start accruing from the day after you subscribe the Service (“Reward Calculation Day”). Staking rewards will accrue from day to day and will be calculated on the basis of the number of days elapsed and a 365-day year. You do not earn any staking rewards for the first day that you subscribe.

b) Staking rewards shall be distributed to your funding Account daily, the day after each Reward Calculation Day, before 6:30 IST;

c) Staking rewards shall 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 APY 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) Staking rewards shall be applied each day to liquidity token only, nor at redemption.

e) Staking rewards shall be distributed in the form of liquidity token, BETH.

f) Staking rewards shall 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 at the time you subscribe. Any representation concerning possible return at the time you subscribe (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 of ETH with BETH

a) OKX TR shall provide you with the ability to redeem ETH with BETH on a 1:1 basis within a reasonable time after the redemption request is submitted (the “Redemption Date”).

b) On or after the Redemption Date, OKX TR may only permit a limited quantity of ETH 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 portion of the BETH that you have requested to redeem ETH with BETH. For avoidance of doubt, a redemption of ETH with BETH 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) You shall be able to receive the ETH within a reasonable time upon making a redemption request. The redemption of the staked Digital Asset takes several days to deliver to transfer to the User’s Account.

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).

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 Fee

a) OKX TR reserves the right to charge a Service Fee for processing a redemption of ETH with ETH.

b) The Service Fee charged by OKX TR may be a percentage of your actual rewards (including rewards, if applicable) earned under this Service, unless otherwise stated at OKX TR Platform.

c) 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.

d) 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.

e) 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 CANCELLING YOUR SUBSCRIPTION OF THE SERVICE

5.1. Subject to our User Agreement, OKX TR may stop, suspend or cancel your access to the OKX TR Platform, impose limits to any OKX TR accounts, 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 and regulations (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 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 for 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 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 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 when you redeem your assets, the time it takes for the Digital Assets to arrive at your Account may vary and the arrival on displayed on the website is final. OKX TR shall not be liable for any losses caused by the Digital Asset arrival time difference.

6.3. 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.

6.4. You agree and accept that if the OKX TR Platform cannot function properly or the Service is interrupted due to 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 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 and regulations, 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.).

6.5. 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).

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. 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 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 except for the circumstances of gross fault.

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 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.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.

9.9. 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.

9.10. 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.