BitMax Staking Agreement
This Delegation (“Staking”) Agreement (“Agreement”), constitutes a legal agreement between you (“Delegator” or “you”) and BMXDM Technology PTE. Ltd. (“BitMax” or “we” or “us”). This Agreement specifies the terms under which you may delegate (also referred to as “stake” or “staking”) your Tokens and earn a share of Net Staking Rewards. BitMax will stake the Tokens that Delegators designate for Staking services through third-party validators on the applicable network for the Digital Asset being staked. If you do not agree to be bound by this User Agreement, please do not use or access our Services.
Please read this Agreement carefully before delegating your Tokens. By doing so or otherwise manifesting assent to this Agreement, Delegator agrees to be bound by the terms of this Agreement. If Delegator is accepting this Agreement on behalf of a company, Delegator represents that he or she is an authorized representative of the company capable of binding the company to this Agreement, and the company shall be deemed the Delegator for the purposes of this Agreement.
1. DEFINITIONS. The definitions for some of the defined terms used in this Agreement are set forth below:
1.1 “Party” means “you” or “we” or “us”, as applicable, and “Parties” means “you” and “we” or “us” collectively.
1.2 “Effective Date” means the date that you delegate your Tokens.
1.3 “T Day” means a nature day based on Coordinated Universal Time.
1.4 “Staking Rewards” means any rewards that we actually receive in exchange for the Service, including, without limitation, block rewards, endorser rewards, and transaction fees.
1.5 “Actual Yield” means the quantity of rewards earned by the user.
1.6 “Estimated Yield” means the estimate of rewards that the user may or may not earn.
1.7 “Net Staking Rewards” means Staking Rewards minus any Slashing Penalties and Validator fees. See Website for details related to Net Staking Rewards for each Supported Blockchain.
1.8 “Staking Period” means the time period for you to stake Tokens. If you delegate your Tokens on T Day and undelegate it between 0:00 to 24:00 on T+N day, your staking period is N-1 days.
1.9 “Service” means our provision of delegation to and undelegation from Validators that provides Validation Services to Supported Blockchains.
1.10 “Validation Service” means activities that help secure the network, including, without limitation, producing and validating new blocks, endorsing and processing transactions.
1.11 “Unbonding Period” means an on-chain parameterized period of time upon which all delegates, including validators, must wait for their staked Tokens to become fully unbonded and liquid.
1.12 “Instant Unbonding” means a function provided by BitMax to bypass the Unbonding Period associated with the undelegation process and claim the staked Tokens right away from a Reserved Liquidity Pool of Tokens underlying.
1.13 “Slashing Penalties” means any penalty assessed by the Supported Blockchain for failure to perform the Service.
1.14 “Supported Blockchain” means any blockchain for which BitMax is able to perform the Service. The list of Supported Blockchains is available on the Website.
1.15 “Token” means any tokens that you have delegated properly to us, as described on the Website.
1.16 “Website” means https://bitmax.io and https://btmx.io/.
1.17 “Reserved Liquidity Pool” means a pool of Tokens underlying reserved by BitMax or other third parties for the purpose of enabling instant liquidity of staked Tokens when you choose to undelegate Tokens.
2. USE OF SERVICE.
2.1 You can make commands, such as delegate, undelegate and instant unbonding etc. through the Website. Once the command is received, the system will record the command and you will not be able to cancel or edit it. If you click Stake, then you’re free to click Unstake immediately, but the system will have a record of your previous command. If you click Unstake, then you’ll be unable to unwind the previous unstaking command. If you click Instant Unbonding, then a fee would already be taken, and there is no way to receive a refund.
2.2 When your Tokens are successfully delegated, you agree to authorize BitMax to perform the Service and collect Staking Rewards on your behalf. BitMax maintains sole discrepancy in choosing Validators of Supported Blockchains.
2.3 Unless otherwise set forth in the Applicable Terms: (i) there are no maximum number of Tokens you may delegate to us; (ii) the minimum number of Tokens in delegation to qualify for rewards is posted on the Website and vary by Supported Blockchain; (iii) you may delegate or undelegate your Tokens at any time; provided, however, if you agree to the Unbonding Period set by Supported Blockchain posted on the Website; (iv) you may use the Instant Unbonding function to bypass Unbonding Period with a fee as set forth in Section 4.4; and (v) Instant Unbonding function may be suspended if there’s not enough Tokens underlying in the reserved liquidity pool.
3. OBLIGATIONS AND DUTIES.
3.1 Our Obligations and Duties. During the Term (as defined below), we shall: (i) perform the Service in a professional manner; (ii) distribute your share of Net Staking Rewards to you as set forth in Section 4; and (iii) provide you the data or reports that show your share of Net Staking Rewards.
3.2 Your Obligations and Duties. During the Term, you shall delegate your Tokens, as you elect from time and time, and you shall pay your taxes applicable as set forth in Section 4.3.
4. ECONOMIC TERMS.
4.1 Calculation and distribution of Net Staking Rewards. We shall calculate and distribute to you Net Staking Rewards directly attributable to your Tokens and you shall receive Net Staking Rewards only for the duration of your Staking Period. The calculation of Net Staking Rewards, the estimated size of Net Staking Rewards, and the timing of such distribution: (i) are posted on the Website; (ii) vary by Supported Blockchain; (iii) change periodically; and (iv) are governed by the information posted on the Website on the date a distribution to you is due (not the date on which you delegated the Tokens to us). Unless otherwise set forth on the Website, all distributions to you shall be in the same cryptocurrency in which the Tokens are denominated.
4.2 Taxes. You are solely responsible for the payment of any applicable taxes with respect to your share of Net Staking Rewards and for any other taxes resulting from the transactions contemplated herein. Neither BitMax nor any of its agents shall provide any advice or guidance with respect to the tax obligations of the Delegator. You are strongly encouraged to seek advice from your own tax advisor to discuss the potential tax consequences of entering into this Agreement and the receipt of any Net Staking Rewards.
4.3 Rewards Distribution Destination. Any transfer of Net Staking Rewards to you shall be made directly to the corresponding wallet address on BitMax.
4.4 Instant Unbonding Fee. If you choose to undelegate your Tokens and use the Instant Unbonding function, a fee is applicable. The Instant Unbonding fees: (i) are posted on the Website; (ii) vary by Supported Blockchain; (iii) change periodically and (iv) are governed by the information posted on the Website on the date when you undelegate the Tokens.
5. TERM, AND TERMINATION OF THE AGREEMENT
5.1 Term. The term of this Agreement (the “Term”) commences on the Effective Date and shall continue in effect until terminated in accordance with Section 5.2.
5.2 Termination. Either Party may terminate this Agreement without notice to the other Party at any time for any reason. Upon termination of this Agreement: (i) you will cease delegating Tokens to BitMax; and (ii) BitMax will promptly distribute to you any Net Staking Rewards that are currently due and owing.
6. LIMITATION OF LIABILITY.
6.1 Staking Reward Yield. You agree and accept that the estimated reward yield displayed on the BitMax Website is an estimation but not a guaranteed or promised Actual Yield. The actual yield you receive may not meet or may be lower than the Estimated Yield. BitMax does not promise or guarantee the Actual Yield or Staking reward you will receive.
6.2 Undelegation of Token. You agree and accept that when you undelegate your Tokens, the time it takes to arrive at your account may vary and the arrival displayed on Website is final. BitMax shall not be liable for any losses caused by the Tokens arrival time difference.
6.3 You agree and accept that BitMax holds the right to reject your participation in Staking, if you are unable to fulfill your identity verification requirements or for any other suspicious activity detected while participating in the services provided by BitMax.
6.4 You agree and accept that BitMax reserves the right to amend the content of this Agreement anytime in its sole discretion. BitMax shall not be liable for any losses due to your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.
6.5 You agree and accept that if BitMax cannot provide the Service 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, BitMax shall not be liable to any losses. These circumstances include but are not limited to:
6.5.1 Service suspension for maintenance as announced by BitMax;
6.5.2 System failure to transmit data;
6.5.3 Force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, plague, power outage, war, turmoil, government actions, terrorist attacks, etc., that lead to the suspension of the Service;
6.5.4 Service interruption or delay due to hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure due to government regulations, etc.;
6.5.5 Service interruption or delay caused by the computer system being damaged, defective or unable to perform normally;
6.5.6 Losses due to technical problems that cannot be predicted or solved by existing technical forces and solution in the industry;
6.5.7 Losses to you or other third parties due to the fault or delay of third parties, including, without limitation, Validation Service providers we work with;
6.5.8 Losses to you or other third parties due to changes in laws and regulations or government orders;
6.5.9 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, BitMax reserves the right to refuse to execute your commands based on the actual circumstance. You understand and agree that BitMax shall not be liable for any of your losses (including but not limited to direct or indirect losses, actual losses or loss of possible yield, etc.).
7. REPRESENTATIONS AND WARRANTIES
7.1 Each Party represents and warrants that: (i) this Agreement constitutes a valid and binding obligation and is enforceable against it in accordance with the terms of this Agreement; and (ii) Agreement by it and the performance of its obligations and exercise of its rights hereunder: (a) will not conflict with or violate in any material manner, any applicable law; or (b) are not in violation or breach of, and will not conflict with or constitute a default under, any contract, agreement, or commitment binding upon it.
7.2 You represent and warrant that: (i) you will not use the Service for any illegal purposes, including, without limitation, illegal gambling, money laundering, fraud, extortion, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by applicable laws; (ii) you will not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including, without limitation, illegal gambling, money laundering, fraud, extortion, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by applicable laws; (iii) 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; and (iv) If you are registering to use the Service on behalf of a legal entity, such legal entity is legally established and valid in accordance with applicable laws and you are duly authorized by the legal entity to have the right to act on their behalf.
8.1 BitMax does not provide any financial, investment, business, accounting, tax, legal, or other advice to you. All Transactions are executed automatically, based on your Instructions, and you are solely responsible for determining whether any investment, investment strategy, or Transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance.
9.1 Each Party (in such capacity, the “Indemnifying Party”) shall defend, indemnify, and hold harmless the other Party and the other Party’s officers, directors, managers, and employees from any and all liabilities, damages, costs, and expenses (including reasonable attorneys’ fees) incurred by such indemnified parties in connection with any third-party action, claim, or proceeding (each, a “Claim”) arising from the Indemnifying Party’s breach of its representations and warranties in Section 7; provided, however, that the foregoing obligations shall be subject to the indemnified Party: (i) promptly notifying the Indemnifying Party in writing of the Claim; (ii) providing the Indemnifying Party, at its expense, with reasonable cooperation in the defense of the Claim; and (iii) providing the Indemnifying Party with sole control over the defense and negotiations for a settlement or compromise.
10. APPLICABLE LAW & DISPUTE RES0LUTION
10.1 This Agreement shall be governed by and construed in accordance with the laws of Singapore.
10.2 Where any dispute arises between both parties hereto in connection with the execution or performance of this Agreement, the parties hereto shall first seek to resolve such dispute through amicable negotiations by and between themselves. If the negotiation fails to produce an agreement, either party hereto may submit the dispute to the Singapore International Arbitration Center for arbitration in accordance with the arbitration rules in force at the time of the application for arbitration. The result of the arbitration shall be final and shall be binding on both parties.
11. LEGALLY BINDING AGREEMENT
11.1 You agree and understand to be legally bound by the terms and conditions set forth in these Terms and that these Terms governs your use of BitMax and the services we provide. By clicking "I AGREE," you agree and understand to be legally bound by the terms and conditions of this Agreement and you agree to BitMax’s Terms of Services (https://bitmax.io/terms-of-service). You understand that you have received the disclosures set forth herein. In addition, you represent and warrant that you have the authority to act on behalf of yourself and any entity or individual you represent. If you do not agree to be legally bound by the terms and conditions of these Terms, do not click "I AGREE" and please do not visit, access, or use BitMax in any capacity or manner.
DELEGATOR ACKNOWLEDGES THAT DELEGATOR HAS READ THIS AGREEMENT, UNDERSTANDS IT, AND AGREES TO BE BOUND BY ITS TERMS AND CONDITIONS.