AGREEMENT FOR WEB3 EARN
1. This “Agreement” governs your use of Web3 Earn (as defined below) and related services entered into by and between you (the “User” or “you”, “your” or the “Participant”) and Bybit Technology Limited (the “Bybit”, “we”, “us” or “our”). This Agreement forms a binding agreement between Bybit and you and serves to supplement our Terms of Service found at https://www.bybit.com/app/terms-service/information (the “Service Agreement”). If you do not agree to any terms or conditions of this Agreement, you must immediately cease using Web3 Earn (as defined below). By using Web3 Earn you agree to be legally bound by this Agreement, the Service Agreement and all other terms and conditions and rules relating to Web3 Earn that we may publish from time to time, including those without prior notice to you.
2. In the event of conflict or inconsistency between a term or provision in this Agreement and the Service Agreement, such conflict or inconsistency shall be resolved by giving precedence to this Agreement. All other provisions of our Service Agreement not modified by this Agreement shall remain in full force and effect.
3. The User acknowledges and fully understands the risks involved in depositing of cryptocurrencies and unconditionally accept the potential risks and benefits of his or her own investment decisions. You also further understand and confirm that you have the experience and knowledge necessary to invest in non-guaranteed digital currency or assets products. In particular you should understand the risks in the technology.
4. Our Site and Platform are not intended to provide tax, legal, insurance or investment advice, and nothing on the Site or Platform should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or crypto asset by Bybit. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.
5. Risk Disclosure. You understand and accept the risks that may arise from using the Web3 Earn service and the Losses (as defined below) that you may suffer from using the Web3 Earn service, including but not limited to:
5.1 Smart contract risks. Technologies such as Protocols and smart contracts on the blockchains involve cyber security and technology-related risks. Accordingly, there are risks when you interact with Protocols or smart contracts in Web3 Earn, such as contract vulnerabilities, bugs, hacking incidents, malfunctions, cyberattacks, changes to blockchains or extreme fluctuations, among other risks. We assume no responsibility or liability for any such risks.
5.2 Disclaimer of Platform Use. We do not assume any responsibilities or liabilities for your use or access of our platform. We cannot and are not obligated to guarantee the outcomes of your use or access of our platform. You agree and accept that you shall solely bear all losses, expenses, costs, damages, liabilities, penalties, charges (“Losses”) as a result of your use of our platform, and we shall not be liable for any Losses in connection with your use or access of the DApps, including without limitation, any transactions you dispute.
5.3 Fees. When you access the DApps, the third-party developed smart contracts or Third Party Operators may charge you handling fees, third-party protocol fees and/or service fees. Any information displayed on Web3 Earn relating to such fees are for your reference only, as we cannot and do not guarantee its accuracy, applicability, reliability, integrity or appropriateness, nor shall we be liable for any Losses that may be caused directly or indirectly by your use of these contents.
5.4 Security of Assets. You understand and acknowledge that when you invest or Stake your Assets in DApps (whether through the Web3 Earn platform or on the DApps Platform), your Assets are invested in DApps over which we have no control or influence. We are under no obligation to, and do not (i) monitor or guarantee the security of your invested or Staked Assets; and (ii) ensure or guarantee the redemption of your Assets, as the DApps are services owned, controlled, or operated by Third Party Operators, not us. You agree and accept that we shall not be liable for any Losses you may suffer as a result of using the DApps on Web3 Earn, including but not limited to loss of your Assets or inability to Redeem your Assets from the DApps.
5.5 Third Party Terms. You may be subject to terms directly between the DApps / DApps Platforms / Third Party Operators and you with respect to your use or access of the DApps or DApps Platforms (“Third Party Terms”). Any such Third Party Terms are solely between you and the DApps / DApps Platforms / Third Party Operators. We are not a party to any such Third Party Terms, and we disclaim any and all responsibility and/or liability arising from such Third Party Terms. You and the DApps / DApps Platforms / Third Party Operators are entirely responsible for communicating, agreeing to, and enforcing the Third Party Terms. You are solely responsible for reviewing such Third Party Terms before using or accessing any of the DApps or DApps Platforms.
5.6 Funding Risks. You may suffer Losses from the risks associated with the inability to trade Assets while your Assets are invested or Staked in the DApps. You are willing to bear the funding risks and potential financial Losses caused by Staking the Assets and using the Web3 Earn service.
5.7 Price Fluctuations. Price fluctuations of Assets should be expected.
5.8 Technical Anomalies. Technical anomalies may occur, which may delay or prevent you from using the Web3 Earn service or performing related transactions and result in losses of your Assets.
5.9 Market Anomalies. Market anomalies may occur, which may result in losses of your Assets.
5.10 Changes to the Terms. To maintain an orderly market, we are required to add, remove, or change the policies, the terms of this Agreement or other relevant service agreements or terms from time to time without notice to you. Any changes may benefit or harm individual customers like yourself.
5.11 Our Relationship with You. We are not your broker, dealer, intermediary, agent, or advisor. You acknowledge and agree that we do not have a fiduciary relationship with or fiduciary duty towards you in connection with any transactions, decisions, or other activities you undertake when using the Web3 Earn services. We do not provide investment or financial advice of any kind, and no communication or information provided to you by us is intended as, or should be construed as, advice of any kind. All transactions are executed based on the parameters of your order instructions. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation, and you alone shall be solely responsible for any Losses therefrom.
6. Save as defined below, all terms and references used in this Agreement shall have the meaning given to them in the Service Agreement.
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Address |
Means a programable digital folder maintained on Blockchain Network Architecture that enables you to receive and store crypto currencies and process transfers out of the digital folder subject to certain conditions such as the presentation of Private Key(s) to the Protocol. |
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Affiliate |
Means any person, directly or indirectly controlling, controlled by or under direct or indirect common control with another person, where control may be by management authority, equity interest or otherwise. |
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Assets |
Means cryptographic or digital assets or currencies. |
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Blockchain Network Architecture or BNA |
Means a network of decentralized nodes maintaining Addresses and processing transaction in relation to Addresses in accordance with the rules set out in their respective Protocols. |
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Bybit Custodial Wallet |
Means a custodial wallet for which we hold and manage the Private Key on behalf of you. |
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Bybit Wallet |
Means your Seed Phrase Wallet, MPC Wallet, or Bybit Custodial Wallet. |
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Catalogue |
Means the listings of DApps available on the Web3 Earn platform. |
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DApps or Decentralized Applications |
Means apps that are operated by a decentralized Protocol and Blockchain Network Architecture. |
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Encrypted Key Shares or EKS |
Means the encrypted version of the Key Shares. |
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Encryption Key |
Means the encryption code used to decrypt the Encrypted Key Shares. |
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MPC Private Key |
Means a set of two key shares in two which are required to be produced to generate the Private Key in a secure multi computation environment and to sign a transaction. |
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MPC Wallet or Keyless Wallet |
Means a self-custody wallet provided by us: (a) which divides the Private Key into two EKS, both of which need to be presented and decrypted to generate the Private Key in a secure multi-party computation environment and to sign a transaction; and (b) of which you maintain control over your MPC Private Key. |
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Personal Cloud Store or PCS |
Means an online storage maintained by you to store and contain one EKS and the Encryption Key |
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Private Key or PK |
Means a string of alphanumeric characters used to digital sign and validate a Transaction Package. |
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Protocol |
Means the operating system that governs the rules and the functionality of the respective Blockchain Network Architecture. |
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Seed Phrase Wallet |
Means a self-custody wallet provided by us: (a) that uses a set of randomly generated keywords (“Seed Phrase”) whose sequence provides access to your Private Key; and (b) of which you maintain control over your Seed Phrase and Private Key. |
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Third Party Operators |
Means the third-party operators who own, control, or otherwise operate the DApps. |
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Third Party Wallet |
Means a wallet provided by a third-party technology provider (“Third Party Wallet Provider”). |
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Transaction Package |
Means a digital validated data package containing instructions on how to treat its respective Address transmitted to the Protocol for processing on the BNA. |
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Web3 Earn |
Means an investment platform that allows you to access and invest in certain investment products through DApps. |
7. Third-Party DApps. Web3 Earn provides a platform which presents on-chain investment and financial projects, which are third-party DApps offered by Third Party Operators on the public blockchains. These DApps are not assessed, managed, or operated by us. Many of them are autonomous, i.e. they operate in a pre-determined condition set out by the Protocol or its source code. We are not affiliated with, and do not endorse these DApps, and we make no representation and/or warranty in relation to these DApps. You should conduct your own independent assessment and due diligence on the DApps before connecting.
8. Direct Relationship with DApps. We allow you to access DApps via the Web3 Earn service platform. Any action to Stake your Assets is entirely your own and we will only facilitate the Staking service at your request and instruction. Please note that when you Stake your Assets, your relationship on the Staked Assets is directly with the DApps and/or the Third Party Operators.
9. Catalogue.
9.1 Web3 Earn presents you with the Catalogue where you may choose to invest in any of the DApps therein. When you access the Catalogue, you may encounter two types of listings:
9.1.1 Aggregator-Operated Listings: Certain listings within the Catalogue are operated by us acting as an Aggregator (“Aggregator-Operated Listings”). For the purpose of this clause, an “Aggregator” refers to our role in gathering and presenting information from the DApps within the Catalogue.
9.1.2 Direct Link Listings: Other listings are provided solely as links to the DApps platform or website (“DApps Platform”), for which when you click on such links, you will be directed to the respective DApps Platform (“Direct Link Listings”).
9.2 Third-Party Functionality. Certain listings within the Catalogue may require you to access third-party functionality that cannot be processed by us. This may include but is not limited to interactions with external Protocols or DApps.
9.3 DApps Information Disclaimer. Please be advised that the information related to the DApps and the information available on the DApps Platforms (collectively, “DApps Information”) may or may not be synced with the Catalogue and/or Web3 Earn platform. The DApps Information is sourced from the Third Party Operators and may not always be up-to-date or accurate. We do not have any control over the DApps Platforms and/or the DApps Information, nor do we endorse any product, service information, or disclaimer provided thereon. As such, we make no representation or warranty regarding the accuracy, timeliness, or completeness of any of the DApps Information, even if any such DApps Information is synced with or displayed within the Catalogue and/or Web3 Earn platform.
9.4 Disclaimer of Liability. We shall have no liability for any inaccuracies, errors, or omissions in the DApps Information accessed through the Catalogue and/or Web3 Earn platform. You should not rely solely on the DApps Information presented within the Catalogue and/or Web3 Earn platform. You acknowledge and agree that:
9.4.1 you access and use such DApps Information at your own risk;
9.4.2 it is your responsibility to independently conduct your own due diligence and checks before engaging with any Protocols or DApps listed in the Catalogue; and
9.4.3 we shall not be liable for any Losses arising from or in any way related to your reliance on the DApps Information.
10. Staking.
10.1 You may invest Assets from your own wallet with the DApps (“Stake”) by selecting a DApp from the Catalogue.
10.2 When you select a DApp from the:
10.2.1 Aggregator-Operated Listings: you may Stake your Assets with the DApp through the Web3 Earn platform.
10.2.2 Direct Link Listings: you will be redirected to the DApps Platform, where you may Stake your Assets with the DApp.
10.3 To Stake your Assets, you will need to connect your Bybit Wallet or Third Party Wallet with the DApp.
10.3.1 Bybit Wallet:
(a) Bybit Custodial Wallet
i. When you connect your Bybit Custodial Wallet with a DApp to Stake your Assets, you authorize and instruct us to sign the Transaction Package on your behalf, which may involve the transfer of Assets from your Bybit Custodial Wallet to the DApp.
ii. You acknowledge and agree that by signing the Transaction Package, we are merely executing instructions from you to interact with DApps, including to transfer the Assets in your Bybit Custodial Wallet to the DApps. We are not responsible or liable for any Losses which may arise from interacting with DApps.
iii. When you connect a Bybit Custodial Wallet with DApps, you agree to waive and release us from any and all claims, liabilities, causes of action, responsibilities, damages, and Losses you may suffer when you connect a Bybit Custodial Wallet with the DApps, including any risks related to the signing of transactions, interactions with the DApps, or the transfer of your Assets from the Bybit Custodial Wallet to the DApps.
(b) Seed Phrase Wallet / MPC Wallet
i. When you connect a self-custody wallet provided by us (i.e. a Seed Phrase Wallet or an MPC Wallet) with a DApp to Stake your Assets, you will authorize and sign the Transaction Package yourself, which may involve the transfer of Assets from your Seed Phrase Wallet or MPC Wallet to the DApp.
10.3.2 Third Party Wallet:
(a) When you connect a Third Party Wallet with a DApp to Stake your Assets, you will authorize and sign the Transaction Package yourself, which may involve the transfer of Assets from your Third Party Wallet to the DApp.
10.4 Broadcasting of Transaction Packages.
10.4.1 If you connect your Bybit Wallet to Stake your Assets, you acknowledge and agree:
(a) that we will broadcast your Transaction Packages to the BNA;
(b) that the transfer of Assets is governed by and executed according to the Protocols, over which we have no control. We merely connect you by broadcasting your Transaction Packages to the BNA. We are simply a bridging function;
(c) that we bear no responsibility and are not liable for any Losses you may suffer when you Stake your Assets with the DApps, including any risks related to the transfer of the Assets; and
(d) to waive and release us from any and all claims, liabilities, causes of action, responsibilities, damages, and Losses arising from or in any way related to the broadcasting or transmission of the Transaction Packages to the BNA.
10.4.2 If you connect a Third Party Wallet to Stake your Assets, you acknowledge and agree that:
(a) we are not responsible for broadcasting your Transaction Packages to the BNA;
(b) the Third Party Wallet Provider is responsible for broadcasting your Transaction Packages to the BNA; and
(c) we therefore bear no responsibility and are not liable for any Losses you may suffer when you connect a Third Party Wallet to you Stake your Assets with the DApps.
10.5 The duration for processing your Staked Assets is subject to and will be confirmed by the DApps.
10.6 After you have successfully Staked your Assets, you will see an overview of your total Staked Assets in each DApp on the Web3 Earn platform. Please note that this function is only applicable to Assets invested through the Aggregator-Operated Listings, and not Assets invested through the Direct Link Listings.
11. Returns.
11.1 When you Stake your Assets with DApps, you may earn potential rewards granted by the DApps or the relevant Protocols (“Returns”).
11.2 Returns are derived from the Protocols. Protocols are environments to which we exercise no control over. We therefore do not dictate or have any control on Returns. You should conduct your own independent due diligence and risk assessment before Staking your Assets, in particular you should review information relating to distributions of Returns, including any information on the actual annual percentage yield (“APY”), rewards, incentives, or any other service terms of the DApps or DApps Platforms.
11.3 All contents relating to Returns displayed on the Web3 Earn platform are provided by the Third Party Operators. We therefore do not make any representations or warranties regarding any such content visible through our Web3 Earn service. You acknowledge and agree that:
11.3.1 these contents are reflected on the Web3 Earn platform for your reference only, and the display of any of these contents is in no way a guarantee or confirmation that you will actually receive such Returns or such amount of Returns;
11.3.2 all contents relating to Returns are under the DApps' and Third Party Operators' responsibility;
11.3.3 actual APY, rewards, incentives and other service terms may vary at the Third Party Operators' discretion; and
11.3.4 we shall not be liable for any Losses arising from or connected with the Returns or changes to the Returns.
12. Redemption
12.1 You may choose to unstake all or a portion of your Staked Assets from the DApp by initiating a redemption request (“Redeem”) on the Web3 Earn platform. For Assets Staked through the:
12.1.1 Aggregator-Operated Listings: You may request to Redeem your Staked Assets on the Web3 Earn platform.
12.1.2 Direct Link Listings: You may request to Redeem your Staked Assets on the DApps Plat