Loading...

Terms & Conditions

Last updated: 28 January 2021

1. General Conditions

1.1These Terms of Service (hereinafter Terms) govern Your access and use of the Services available via the Website and App. The Terms constitute the legal agreement between You and StakeWise.1.2You should read these Terms carefully before You use the Services.1.3By opening an account or commencing the use of the Services, You confirm that You fully agree to all the terms and conditions set out in these Terms. If You do not agree to the terms and conditions set out in these Terms, then You may not use the Services.1.4In case any personal data will be processed by StakeWise, StakeWise will inform you and provide you with a privacy policy, describing the processing activities. Such privacy policy will be part of these Terms.

2. Definitions

2.1Terms that are written in these Terms in the upper case first letter will hereinafter be used in the following meanings, unless the context indicates a different meaning:2.1.1“App” means StakeWise App;2.1.2“The Beacon Chain” means the Ethereum 2.0 chain that represents the upgrade to Ethereum. The Beacon Chain will serve as the connecting point between the 64 shards and will coordinate their simultaneous work, whereby all shards will be connected to each other through the Beacon Chain.2.1.3“Content” means text, design, data, video content or other intellectual property, content or information, made available to You by StakeWise;2.1.4“Ethereum 2.0” is an upgrade to the Ethereum blockchain;2.1.5“Party” means each one of You and StakeWise and “Parties” means You and StakeWise collectively;2.1.6“Platform” is a system provided by StakeWise via the Website and App;2.1.7“Pool Contract” is a transaction contract provided by StakeWise which is intended to automatically execute, control and document the staking by the user and deposits deposited by the users into the StakeWise Pool;2.1.8“Services” means the services provided by StakeWise to You which consist of a digital platform for the ETH 2.0 staking for Customers who can receive newly minted ETH by participating in the Proof-of-Stake consensus mechanism;2.1.9“StakeWise Pool” is a network of validators created and operated by StakeWise on behalf of stakers using ETH deposited into the Pool;2.1.10“StakeWise Solo” is a non-custodial staking service where users provide the public part of their withdrawal key and blocks of 32 ETH for StakeWise to create and manage validators on their behalf;2.1.11“StakeWise”, “us”, “we” or “our” means StakeWise Foundation (in formation), email address: [email protected];2.1.12“Wallet” means the cryptocurrency wallet where we store Your crypto funds and that can be accessed via the Website or App;2.1.13“Website” means the Website accessible at https://stakewise.io, including its subdomains, programming code, related technologies, know-how, databases, design and Content therein;2.1.14“You” or “Your” or “User” or “Users” means a person using the Website, App and/or Services provided by StakeWise.

3. General Service Description

3.1StakeWise Solo3.1.1To create a Solo validator, user must submit their withdrawal credentials and deposit at least 32 ETH via StakeWise Solo Deposit interface in the App. The withdrawal credentials are something that the user must generate on their own before creating a validator. Guide on how to do that can be found at https://docs.stakewise.io/how-to/generate-credentials.3.1.2Once the user submits the withdrawal credentials and confirms the deposit transaction, the operator running in a cluster will provision validator keys, start a validator node, and submit the deposit data into the Validator Registration Contract (VRC) through the Solos smart contract.3.1.3Once the VRC receives the deposit data, it registers a new validator in the Beacon Chain. Following an obligatory activation stage, this validator starts participating in the consensus mechanism and earns staking rewards for the user.3.1.4User earnings are tracked within a dedicated dashboard in the Validators section of StakeWise Website/App.3.1.5Withdrawal of the validator balance will be natively allowed by the ETH2 specs upon Phase 2. Solo validator owners will use their withdrawal keys to request withdrawals to the address that they specify. The staking fee will continue accruing until the validator has fully exited from the network, which may take a few days from the moment of submitting an exit request.3.1.6If a bill for the user’s validator(s) is not paid within two months, StakeWise will automatically request an exit for their validators.3.2StakeWise Pool3.2.1StakeWise Pool is a network of validators created and operated by StakeWise on behalf of stakers, using ETH deposited into the Pool. For each new block of 32 ETH collectively deposited by the users, a new validator is created and added to the StakeWise Pool to earn rewards. All rewards and penalties generated by the StakeWise Pool are distributed among stakers pro-rata according to their share of deposits in the Pool. The balance of ETH deposits and rewards is reflected in sETH2 (staking ETH) and rETH2 (reward ETH) tokens minted to stakers at a 1:1 ratio.3.2.2The earnings from staking in the Pool can be tracked by looking at the amount of accrued rETH2 or by consulting the dashboard within the StakeWise Pool section of the App.3.2.3sETH2 (staking ETH) and rETH2 (reward ETH) are tokens that are issued to stakers in StakeWise Pool. Built on the ERC-20 standard, these tokens represent the growth of one's stake when they are held and can be transferred or exchanged for other tokens to exit from staking or utilize yield opportunities in DeFi protocols.3.2.4You can deposit any amount of ETH into the StakeWise Pool. Deposited ETH first goes to the Pool Contract, where it sits with other small deposits until it collects a total of 32 ETH required for a new validator.3.2.5Once the Pool Contract collects 32 ETH, it sends them to the validator registration contract (VRC). VRC registers a new validator entity on the Beacon Chain. Simultaneously, StakeWise Pool adds the new validator to its network. After progressing through an activation stage in the Beacon Chain, the newly created validator starts earning rewards for stakers in the StakeWise Pool. For every ETH earned as a reward by the Pool, StakeWise mints an equal amount of rETH2. It is accrued to the holders of sETH2 every 24 hour.

4. Restrictions and Obligations

4.1You agree that You will not do any of the following while using or accessing the Services:4.1.1Impersonate or misrepresent Your affiliation with any person or entity or otherwise commit fraud;4.1.2Reproduce, modify, adapt, prepare derivative works based on, perform, display, publish, distribute, transmit, broadcast, sell, license or otherwise exploit the Website or App;4.1.3Use the Website, App or Services in a commercial manner;4.1.4Circumvent, disable or otherwise interfere with security related features of the Website, App or Services, or features that prevent or restrict use or copying of any Content;4.1.5Interfere with or disrupt (or attempt to interfere with or disrupt) any web pages available on the Website, servers or networks connected to the Website, or the technical delivery systems of our providers or disobey any requirements, procedures, policies or regulations of networks connected to the Website or App;4.1.6Attempt to probe, scan or test the vulnerability of any our system or network or breach or impair or circumvent any security or authentication measures protecting the Website, App and Services;4.1.7Attempt to decipher, decompile, disassemble or reverse engineer any of the software used to provide the Website, App and Services;4.1.8Attempt to scrape, parse, access, search or meta-search the Website or App with any engine, software, tool, agent, device or mechanism other than software and/or search agents provided by StakeWise or other generally available third-party web browsers;4.1.9Use the Website or App to send altered, deceptive or false source-identifying information;4.1.10Use the Website, App or Services in any manner not permitted by these Terms;4.1.11Encourage or instruct any other individuals to do any of the foregoing or to violate these Terms.4.2You will not assign these Terms or assign any rights or delegate any obligations hereunder, in whole or in part, whether voluntarily or by operation of law, without our prior written consent. Any purported assignment or delegation by You without our appropriate prior written consent will be null and void.4.3We may assign these Terms or any rights hereunder without Your consent.

5. Geographical and Other Restrictions

5.1The Platform may not be available or appropriate for use in all jurisdictions. By accessing or using the Platform, you agree that you are solely and entirely responsible for compliance with all laws and regulations that may apply to you. You further agree that we have no obligation to inform you of any potential liabilities or violations of law or regulation that may arise in connection with your access and use of the Interface and that we are not liable in any respect for any failure by you to comply with any applicable laws or regulations.5.1.1StakeWise does not allow usage of the Platform to users from the following jurisdictions: Belarus, Burundi, Crimea and Sevastopol, Cuba, Democratic Republic of Congo, Iran, Iraq, Libya, North Korea, Somalia, Sudan, Syria, Venezuela, Zimbabwe or any other country to which the United States, the United Kingdom or the European Union embargoes goods or imposes similar sanctions5.1.2You must be of legal age in the jurisdiction in which You reside but not younger than 18 years old, and You have the legal capacity to enter into the Terms and be bound by them.5.3If the Customer is a legal entity then You accept the Terms on behalf of the legal entity, You must have the legal authority to accept the Terms on that entity’s behalf, and You confirm that the legal entity has been established lawfully and acts according to the law.

6. Intellectual Property

6.1Unless otherwise clearly stated, all copyright and other IP rights present in the Services or displayed in connection with the Services and on the Website or App, registered or not, are owned by or licensed to StakeWise. The foregoing also applies towards any software solutions or parts of it, programs and code present in the Service.6.2Subject to Your compliance with these Terms, we give You a personal, worldwide, royalty-free, non-assignable and non-exclusive license to access and use the Website, App and Services for Your own personal use. This license is for the sole purpose of enabling You to use and enjoy the benefits of the Website, App and Services in the manner permitted by these Terms.6.3The right to access our Services and our Platform will automatically terminate upon the closing of the Account.6.4Any other use of the Website, App and Services that not the intended according to this Terms requires our prior written consent.6.5The Website, App and Services may be used and accessed for lawful purposes only. You agree to abide by all applicable local, state, national and foreign laws and regulations in connection with Your use of the Website, App and Services.

7. No Warranties

7.1The Services are provided on an “as is” and “as available” basis, without any warranty or representation expressed or implied. StakeWise does not make any representations or give warranties that the access to the Platform or use of the Services will be continuous, uninterrupted, timely or error-free.7.2StakeWise does not warrant the accuracy of the data gathered by using the Platform.7.3StakeWise does not assume any obligation to and does not warrant that it will create or include additional features or functionality for the Services besides the existing ones.7.4StakeWise does not warrant that access to the Platform will be uninterrupted or error-free, neither does it warrant that the Content will be permanently stored totally or partially in the cloud software, without modifications or alterations, because although StakeWise will do its best to adopt adequate security measures to preserve Content accuracy and integrity, as well as the Your access to your data, security measures on the Internet are not impenetrable.

8. Fees

8.1For StakeWise Pool we apply a 10% commission on rewards that the Pool generates. The fees for Pool staking are deducted from the amount of earned rewards.8.2For StakeWise Solo we charge a fee of 10 DAI ($) per validator per month. The fees for Solo are paid monthly via direct transfer from the user’s address to StakeWise address.

9. Tax Payments

9.1StakeWise is not liable for any tax payments in the name of the user (you).9.2This is users’ obligation to make Tax payments in accordance to their country’s law.

10. Liability

10.1StakeWise does not offer professional advice in relation to investments. It is the user’s responsibility to seek professional investment-related advice before and during using the Services and engaging in staking.10.2StakeWise is not liable for any damage connected with the temporary impossibility of accessing the Website or using the Services.10.3You must take into account all the risks related to the nature of the Services (including the risk of slashing). StakeWise will not be liable in case such risks materialise.10.4StakeWise may not be held responsible for the Content disseminated by any user that could infringe the rights of other users or third parties.10.5StakeWise assumes no liability for any damages caused by third parties or by circumstances outside the control of StakeWise (force majeure).

11. Other

11.1StakeWise may make amendments to these Terms and the Privacy Policy by informing the You of the amendments at least 60 calendar days prior to the amendments entering into force. If the user does not object to the amendments, then it shall be considered that the user has accepted the amendments.11.2If any of the provisions of these Terms is found to be null and void or otherwise invalid, this shall not have an effect on the validity of the other provisions of these Terms.