Terms & Conditions of DeFiScale
(operative since 20th of January 2021)
Section I – Initial provisions
1. Terms & Conditions of DeFiScale (hereinafter: “T&C”) regulate the operational rules of the Company’s project, the rules, and conditions of staking on the Website, the operational rules of the Company’s affiliate program, and the ways of usage of the Website.
2. The Website belongs to and is governed by DeFi Services Ltd. with its registered office in Victoria, Seychelles, address: Crystal Offices, OT Centre, Victoria Mahe, Seychelles, registered number: 225862, e-mail: email@example.com (hereinafter “DeFiScale” or “the Company”).
3. DeFiScale offers staking the chosen stable coins or tokens on the Website, in exchange of fixed daily rewards paid out in DFC token (hereinafter: “the Services”).
4. The user accepts the present T&C by starting usage of the Website. The Company may modify the provisions of the T&C at any time. The registered Users will be informed about the modifications by e-mail. Regardless of the present provision, each User should peruse the T&C on an ongoing basis.
5. The capitalized terms enumerated hereunder and used in the present T&C have the following meaning:
5.1. Affiliate – a user registered on the Website who earns profits or undertakes actions in order to earn profits on offering the Company’s product to the other customers;
5.2. Applicable law – a jurisdiction to which the present T&C are subjected, and according to which the present T&C shall be interpreted;
5.3. APR – a percentage established for a given Staking offer that reflects the amount of daily rewards granted for staking, calculated on the basis of the staked amount;
5.4. Assets – any belongings in cryptocurrencies used by the User on the Website (i.e. transferred to the Deposit or staked);
5.5. Company – DeFi Services Ltd with its registered office in Victoria, Seychelles, address: Crystal Offices, OT Centre, Victoria Mahe, Seychelles, registered number: 225862, e-mail: firstname.lastname@example.org which conducts the project called “DeFiScale”, i.e. the business described and regulated in the Website and the present T&C;
5.6. Customer – any natural person corporate body who benefit from the Company’s offer according to Section V and VI of the present T&C or to whom the Company’s offer is addressed;
5.7. Staking duration – the time when the given staking offer binds both the User and the Company and when the User receives daily rewards according to the chosen offer
5.8. Deposit – an internal wallet on the User’s account on the Website;
5.9. DFC – a multi-purpose token of DeFiScale which is used to grant daily rewards in exchange of staking and to reward the Affiliates;
5.10. Flex – the offer concerning the assets that are stored in the User’s Deposit but are not staked;
5.11. Stable coin – type of currency available to stake on the Website which market value pegs to some external references (for example: USDT, USDC);
5.12. Staking offer – the offer of storing stable coins, or tokens on the Website under the particular conditions (including particular Staking Duration, and amount of received rewards) established by the Company;
5.13. Token – type of cryptocurrency available to stake on the Website that is not a Stable coin (one of them is DFC – a token of DeFiScale itself);
5.14. User – a physical person or corporate body who uses the Services of DeFiScale or uses the Website in another way;
5.15. Website – the site and platform functioning under domain https://defiscale.io/ including all its subdomains held and governed by DeFi Services Ltd.
Section II – Registration on the website
1. Registration on the Website is possible by:
1.1. setting up a new account based on the existing e-mail address;
1.2. connecting the existing crypto-wallet.
2. In case of registration by connecting a crypto-wallet additional features, such as MetaMask installation may be required. Those requirements may be changed by the Company due to the current needs and it shall not be considered a change of the T&C.
3. By registration the User declares that he or she:3.1. fulfils the conditions of registration stipulated in the T&C;
3.2. is entitled to possess the assets that he or she transfers to the Company’s system in any way;
3.3. is aware and accepts a risk connected to making transactions on blockchain assets.
4. The User who registers on the Website should be of age according to the jurisdiction applicable to this user. In any case, the persons who are under the age of 18 are not allowed to use the Services.
5. The Company’s offer is not available to the Users who live or are based in any of the counties enumerated hereunder. By registration, the User declares that he or she does not fall under the laws of any of these countries.
- American Samoa
- Islamic Republic of Iran
- Democratic People’s Republic of Korea
- Northern Mariana Islands
- Puerto Rico
- Saint Barthelemy
- Saint Martin (French part)
- Sint Maarten (Dutch part)
- South Sudan
- United Kingdom
- United States Minor Outlying Islands
- Virgin Islands US
- Western Sahara.
6. The Company may for any reason and without notice refuse registration of the given User.
Section III – Personal data provision
1. During the process of registration and usage of the Website, with the aim to assure proper accessibility to the Company’s offer, the Company may collect and process the Users’ personal data, such as e-mail address and any other requested by the Company.
Section IV – The usage of the Website
1. Regardless of the professional care in maintaining the Website, the Company is not capable of predicting every possible event which may cause interruptions in the website’s normal functioning. Therefore the website may be subjected to some unpredictable malfunctions, malicious software, or other intrusive factors. The Company is not liable in any manner for the User’s losses caused by possible intrusive factors preventing from which was beyond the scope of the Company’s capabilities.
2. With regard to point 1 Section IV above, the Company is not liable in any manner for the User’s possible losses caused by theft or hacker attack.
3. The Company does not guarantee that the Website is accessible in every country or under every jurisdiction.
4. The User agrees to use the website only for its intended purpose and shall not attempt to:
4.1. make commercial use of the Website or any of its content without the Company’s permission;
4.2. hack, make unauthorized alterations to, gain unauthorized access to, or introduce any kind of malicious code to the Website by any means;
4.3. reverse engineer or decompile (whether in whole or in part) any software available through the Website;
4.4. make copies, modify, reproduce, transmit, alter or distribute all or any part of the Website or any material or information contained in it, without the Company’s permission;
4.5. use the Website for any purpose that is unlawful;
4.6. use the Website to simulate communications from the company or another service or entity in order to collect identity information, authentication credentials, or other information (known as ‘phishing’);
4.7. use the Website in any manner that disrupts its operation.
4.8. disguise or interfere in any way with the IP address of the computer you are using to access the Website or otherwise take steps to prevent us from correctly identifying the actual IP address of the computer you are using whilst accessing the Website.
Section V – Staking and running a Deposit
1. The Services are available only through the Website and exclusively to the registered Users.
2. The User uses the Services by staking selected Stable coins or Tokens for a chosen fixed Staking duration.
3. The Company may modify the scope of available Staking offers, including available Stable coins or Tokens, available Staking durations, minimum and maximum amounts that are available to stake, and the amount of received rewards at any time. Those modification shall not be considered a change of the T&C.
4. Staking offers are available provided that the User transferred his or her assets to the Deposit. Using the Staking offer directly from an external cryptocurrency wallet is not possible.
5. While transferring the assets to the Deposit the User choses a source currency (the coin that the User transfers) and target currency (the coin that the User choses to run his or her Deposit in). The system of DeFiScale calculates the amount of source currency to the target currency according to the current exchange rate. The scope of available source currencies and target currencies may be modified by the Company and it shall not be considered a change of the present T&C.
6. Due to transfer of assets to the Deposit, the Company may charge the User an operation fee, that includes the current gas fees and other transaction cost if applicable. The exact amount of an operation fee depend mostly on the current gas fees and is no lower than 10 USDT for each transfer if applies.
7. The assets that are stored in the Deposit but not staked bring the User daily rewards within the framework of Flex. Flex does not bind for any fixed time, therefore the assets stored within the framework of Flex can be withdrawn any time on the working days, according to the provisions of Section VI point 5-7 of the T&C.
8. The User can chose and benefit from an unlimited number of Staking offers.
9. Each Staking offer binds both the User, and the Company for the entire Staking Duration. Before the end of Staking Duration, the staked assets cannot be withdrawn, nor the Company can reduce the Staking offer.
10. When the Staking offer stops to bind, the staked assets are automatically turned back to the User’s Deposit.
11. Each Staking offer is automatically prolonged, unless the User claims otherwise via the Website on the User’s account before the end of Staking Duration.
Section VI – Rewards and withdrawals
1. Each Staking offer entitles the User to fixed rewards that are paid out daily in DFC token, directly to the User’s Deposit. This provision also applies to the rewards granted within the framework of Flex.
2. The rewards are granted according to the APR established for each Staking offer, and for Flex, and depend on the staked amount. The Company can change the binding APR for each Staking offer or Flex at any time and it shall not be considered a change of the present T&C.
3. Rewards within the framework of Flex are granted for every full 24 hours of uninterrupted keeping the assets in the Deposit, without any staking. Therefore, in case of any withdrawals or stakes made by the User, the rewards within the framework of Flex are counted from the lowest amount kept in the Deposit in the given 24 hours.
4. The rewards start to be paid out after 24 hours since transferring the assets to the Deposit, or beginning of staking.
5. The assets collected in the User’s Deposit can be withdrawn to an external cryptocurrency wallet after submitting a withdrawal request via the Website. The withdrawal may last 24 hours after submitting a request, taking working days on the account.
6. The Company may charge the User with an operation fee for the withdrawal, that includes in particular the amount of gas fee and other transaction costs if applicable. The operation fee depend mostly on the current amount of gas fee and is no lower than 10 USDT for each withdrawal.
7. The Company shall remain the right to refuse a withdrawal request, if the assets collected in the Deposit are not sufficient to cover an operation fee. The Company may also ban the withdrawal for a given period of time, if the operational costs, in particular the amount of gas fee, make the withdrawal significantly unfavourable for the User.
8. Regardless of an actual profit made by the User due to receiving the rewards in DFC token, the Company is not liable for the User’s profits taxation in any manner.
Section VII – Information about the risk
1. Within the scope of Services, the Company guarantees fixed rewards in exchange of staking that are paid out in DFC token. The market value of DFC is changeable and it may decrease in case of failure of one of the projects in the Company’s investment portfolio, or in case of any other unpredictable factors which are out of the Company’s scope of activity. The Company does not guarantee any market value of DFC and does not respond to DFC value decrease in any way and under any circumstances. Thereby the Company does not guarantee that the User will earn any profits or will receive any other type of benefits in any manner.
2. By registration the User declares that he or she is aware of the risk connected to investments in the live blockchain assets and cryptocurrencies and accepts that risk. Thereby the User waives any possible claims to the Company concerning possible losses incurred due to the usage of the Services, in particular if usage of the Services brought fewer benefits than previously expected, or generated an actual loss.
3. The Company does not offer any legal tender. The Company is not a bank, an investment adviser, or an investment fund. The Company does not issue bank guarantees or fiduciary guarantees.
4. Any information or materials published on the website are not professional investment advice or any guarantees in any way. The Company shall not be responsible for the decisions made by the User and based on the Company’s content. The same relates to the forecasts or statistics published on the Website.
Section VIII – Affiliate Program
1. The Company establishes an Affiliate program, that is available for each registered User.
2. Within the scope of Affiliate program, each registered User who invites a new Customer to use the Services, and whose invited Customer registered on the Website and staked, is entitled to one-off commission, and Stake Share, calculated and paid out according to the provisions of the present Section.
3. The number of one Affiliate’s invited Customers (hereinafter: “Referrals”) is unlimited.
4. The Affiliate’s one-off commission is paid out to directly to the Deposit, automatically after entering of the Referral into one of the available Staking offers. The amount of the commission depends on the amount of coins staked by the Referral and is calculated according to the fixed percentage published on the Website. The Company can change the percentages binding for the Affiliates’ commissions at any time and it shall not be considered a change of the T&C.
5. The Affiliate’s Stake Share is 20% and is calculated on the basis of the rewards received by the Referral in exchange of his or her staking. Stake Share is paid out daily, directly to the Deposit.
6. Stake Share starts to be paid out at the moment, when the Referral starts receiving the staking rewards.
7. The provisions of T&C regulating procedures of withdrawals of the assets collected in the Deposits apply also to the Affiliates’ commissions and Stake Shares.
8. Affiliation is not an agency contract nor franchise contract. Therefore the Affiliate is obliged to cover all the costs of this affiliate’s business activity at his or her own’s scope. Under the same conditions, the Affiliate is responsible for the taxation of his or her income as well as for any harm caused by the Affiliate’s own actions.
9. The Affiliate shall conduct his or her business activity concerning promoting and offering the Company’s offer with due diligence, in particular with proper care for the Company’s good name and repute. In particular, the affiliate shall not make any assurances, promises, or declarations to the third parties on the Company’s behalf which go beyond or are contrary to the Company’s publicly accessible offer.
10. The Affiliate is not entitled to conclude any contract or make any legal statements on the Company’s behalf.
11. The Company works globally in compliance with the applicable law. Therefore the Affiliate is obliged to ensure at his or her own’s scope if the Company’s offer is legal in the place of the Affiliate’s activity and if he or she is not in breach of any law. The Company is not liable for any of the illegal actions of the Affiliate in any manner and the Affiliate shall keep the Company harmless from any lawsuits if they are related in any way with the Affiliate actions or inaction or omission.
12. The Company is entitled to terminate the affiliation with the immediate effect, in case of any breach of the provisions of the present T&C by the Affiliate, in particular in case of any wrongdoing enumerated in Section IX of the T&C.
Section IX – Sanctions for breach of the T&C
1. Any violation of the provisions stipulated in the present T&C may result in a warning, suspension, or removal of the User’s account including seizure of the collected rewards. The actions undertaken depend on the scale of violation and remain at the Company’s discretion.
2. The Company may suspend or delete the User’s account, including seizure of the collected rewards, in particular in case of:
2.1. usage of the Website against its intended purpose, in particular in case of wrongdoing mentioned in Section IV point 3 of the T&C;
2.2. dissemination of fake information about the Company, the Company’s offer or its contractors and customers or any other kind of breaching the Company’s reputation;
2.3. usage of the content published on the website against the provisions stipulated in Section VIII point 12 of the T&C;
2.4. another kind of material breach of the present T&C.
Section X – Copyright provision
1. All rights to the Website, including software, functional layout, graphics, databases, and work presented, are the sole property of DeFiScale. The usage of the Website is allowed only according to the provisions stipulated in the present T&C.
2. All rights to marketing materials published on the website as well as the right to the name and logo of DeFiScale (further: ‘the Content’) is the sole property of the Company. The usage of the Content is allowed only according to the provisions stipulated in the following section of the T&C.
3. The Affiliates are free to use the Content for the purposes related to handling their own business activity concerning promoting the Company’s offer.
4. The usage mentioned in point 3 above is free of charge and includes the fields of use enumerated hereunder:
4.1. use, display, transmission, and storage regardless of format, system, or standard;
4.2. the production of copies of a work by way of using all techniques, including the printing, reprographic, magnetic storage, and digital technique;
4.3. marketing of the copies;
4.4. public performance, exhibition, presentation, communication, and distribution, including making available in such a way that members of the public may have access to it at a place and time of their choice;
4.5. distribution on the Internet and in closed networks.
5. The usage of the Content mentioned in points 3.3 – 3.5 of this Section is allowed only under the condition that the affiliate will not charge for making the content available to the third parties in any way.
6. The Affiliates are free to use the Content in order to create their own marketing materials on its base and in accordance with the Company’s branding. Creating marketing materials the Affiliate shall take reasonable care for their quality as well as for their informational and esthetical value. In particular, the Affiliate shall not:
6.1. disseminate fake or misleading information about the Company’s offer or the Company itself;
6.2. modify the name and logo of the Company in any way.
Section XI – Final provisions
1. In case of any dispute or claim arising in relation to the interpretation or implementation of the provisions of the T&C, the user agrees to resolve the case by voluntary means, in particular by bringing a case to an independent arbitration committee indicated by the Company.
2. Should one or more provisions of the T&C prove or become void and invalid in a whole or in part, this shall not affect the validity or effectiveness of the remaining provisions unless without these provisions the present T&C would be considered void and invalid in a whole.
3. By acceptance of the T&C the user agrees to communication as well as receiving end sending any documents exclusively on an electronic form.
4. The law applicable to govern and interpret the T&C is the law of Seychelles. In matters not regulated herein, the generally applicable law shall apply.
5. In case of any claims or demands arising in relation to the present T&C the user shall contact DeFiScale on e-mail: email@example.com
6. The T&C become operative on the 20th of January 2021.