These General Terms and Conditions ("TnC") stipulate the terms and conditions relevant to the terms, procedures, and conditions for participating in the Staking Program provided by PT Indodax Nasional Indonesia ("INDODAX") as part of INDODAX General Terms and Conditions;
Before taking part in Staking, you are advised to read the entire contents of this TnC carefully. By accessing or utilizing our website, mobile application, software development tools, API, or other products or programs related to these Terms and Conditions, You hereby declare that you have READ, UNDERSTOOD, ACKNOWLEDGED, OBSERVED, AGREED, and ACCEPTED all terms and the provisions contained in this TnC that become effective and legally binding;
INDODAX shall be entitled to amend and/or replace this TnC from time to time. The amended versions will become effective on the publication date, and it is your responsibility to review this TnC from time to time. Unless you decide to cancel the Staking registration, you are deemed to understand and agree to the amendment and replace the TnC. If you disagree with the change and/or replacement of this TnC, you must cancel the Staking registration. INDODAX is not responsible for any prices and/or price fluctuations of each crypto asset and the approval of changes and/or replacements for this TnC.
These Staking Terms and Conditions are as follows:
I. DEFINITIONS
1. INDODAX earn is an INDODAX program for INDODAX Members/Verified Members, which can be used to generate passive income from owned crypto assets.
2. INDODAX TnC is the INDODAX General Terms and Conditions contained in the link below:
3. Crypto Asset Prices are exchange rates/rates of crypto assets on the INDODAX platform, which fluctuate, with values according to supply and demand in the market.
4. A Crypto Asset address is a Crypto Asset wallet address belonging to a Member/Verified Member, explicitly created for Member/Verified Member, and can be used multiple times as a Crypto Asset wallet provided on the platform. Regarding technical factors, Crypto Asset addresses have a role or function for receiving and sending Crypto Assets.
5. Staking is delegating or locking Crypto Assets by Verified Members on a platform owned by INDODAX in the network determined by INDODAX for a certain period by getting Staking Rewards.
6. Proof of Stake (PoS) is a consensus mechanism used in the blockchain to verify and validate Crypto Asset transactions.
7. Staking Rewards are crypto assets distributed by supported Networks as compensation for "Staking" minus staking fees and Slashing Penalties.
8. Staked Assets are crypto assets in a certain amount chosen by Members for a specific time to be staked to get Rewards.
9. Bonding is a status stating that the asset is in the Staking queue and waiting to enter the Earning stage. (the transition from bonding to earning is done every 14.00 WIB)
10. Unbounding is a status stating that the asset that has been staked has entered the unstaking queue and has stopped generating rewards (the transition from Unbonding to Unstaking is carried out every 12.00 WIB)
11. Earning is the stage where the crypto asset that is staked gets a Staking Reward;
12. Finished Indicates that the asset has been successfully unstacked, and your Staking balance has been returned to your Wallet.
Unless stated otherwise, definitions and/or references will remain subject to the INDODAX General Terms and Conditions and shall have the same meaning as given to this TnC.
II. HOW TO PARTICIPATE IN INDODAX EARN
1. When you subscribe, you agree to the following:
a. Stack Your crypto assets, wholly or partly, in the INDODAX system;
b. Declare INDODAX as a validator on the Applicable Network; And
c. Delegating any voting rights to INDODAX relating to the Staking Assets.
2. INDODAX can determine:
a. The minimum amount of crypto assets required to Subscribe to Staking Offers and/or Subscription Limits;
b. The list of crypto assets in the Staking program is DOT, POL, BNB, SOL, ETH, and ADA.
3. The scenario of Using the INDODAX Earn Program:
a. You must choose the number of assets you want to Stake before you Stake;
b. The staked asset will enter a Bonding period (queue) to enter the validator network at different times depending on the type of Crypto asset. At this period, you have not yet received the Staking Reward for the Staked Asset;
c. After the Bonding period, the Staked Assets will enter the Earning period. During this period, the staked assets will receive a Staking reward with the terms of the period determined for each crypto asset.
d. You have the right to withdraw the Staked Assets ("unstaking") at any time in the following way
i. Member submits Unstaking of the Stacked Assets, then will automatically enter the Unbounding period.
ii. During the Unbonding period, you will not get a Staking Reward.
iii. When the Unbonding period ends, then your staking status will become 'Finish' and you will immediately regain your assets.
4. Your consent to this SKU is irrevocable.
III. REPS AND WARRANTY
1. Security Account. In the INDODAX Staking Program, you are responsible for always maintaining your account's security and private key. INDODAX will never ask for a private key under any circumstances. INDODAX will not hold your private keys or act as a custodian of your funds. You will "stake" and "unstack" crypto assets to one or several Validators operated by INDODAX. Staking crypto assets must be carried out while remaining aware of the fluctuations of each crypto asset, crypto assets that are Staking will be subject to the rules and conditions of the supported Network Protocol. This includes but is not limited to bonding, locking, blocking, freezing periods, ineligibility to receive Staking Rewards for a partial period, and the required minimum balance.
2. Knowledge & Expertise. You have fully read and understood, and agreed to the supported Network Protocols and have sufficient knowledge and expertise regarding distributed ledger/blockchain technology, Staking, accounts, keys, and details of supported networks and Supported Network Protocols;
3. Due diligence. You have carried out your own independent, thorough, and positive due diligence on the Staking Program provided by INDODAX, Supported Networks, crypto assets, and other matters considered in this SKU in deciding to use the Staking Program;
4. Staking Risk. You understand and agree that Staking may be affected by several risks, such as liquidity risk, market risk, withholding risk, blockchain risk, and/or other operational risks, in each of the scenarios mentioned above;
5. Lawful. You will not violate any law, regulation, decision or legal restriction, tax regulation or obligation, or any order or decision of any court or other government agency when using this Staking Program;
6. Tax. You will be responsible for payment of all taxes, fees, surcharges, or other fees determined, imposed on/or based on the use of the Staking Program and the Staking Rewards earned by the use of the Staking Program. Neither INDODAX nor its Employees will provide any advice or guidance regarding Member tax obligations. You are strongly encouraged to seek the advice of your tax adviser to discuss the potential tax consequences of the Staking Program and acceptance of any Staking Rewards
IV. DISCLAIMER
The INDODAX Staking Program is provided 'as is' and without any representations or warranties, express or implied, except as expressly provided in these general provisions, to the extent permitted by applicable law. The information in these Terms and Conditions is generally provided without obligation and for informational purposes only. This publication is not intended to and should not be construed as an offer, recommendation, solicitation, or advice to buy or sell any investment product and may not be submitted, disclosed, copied, or relied upon by anyone for any purposes. These Terms and Conditions are an integrated and a part of INDODAX General Terms and Conditions contained in the link below:
And shall apply mutatis mutandis to the provisions of this TnC.