A. Acceptance of these Terms
1. By Subscribing to On-chain Yields Services, you acknowledge and agree that you will be bound by and will comply with these on-chain yields service terms (“On-chain Yields Terms”), as updated and amended from time to time. By accessing and/or using the On-chain Yields Services, you agree that you have read and understood these On-chain Yields Terms, together with any additional documents or terms referred to in these On-chain Yields Terms. If you do not understand and accept these On-chain Yields Terms in their entirety, you should not use the On-chain Yields Services.
B. Scope of these Terms and Changes
2. These terms specifically govern your access to and use of the Digital Asset “On-chain Yields” service and any ancillary services made available by Binance (“On-chain Yields Services”) in accordance with these On-chain Yields Terms.
3. These On-chain Yields Terms are supplemental to and shall be read together with the Binance Terms of Use available here (“Terms of Use”) and the provisions set out in the Terms of Use shall continue to apply. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these On-chain Yields Terms. These On-chain Yields Terms constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the On-chain Yields Terms contemplated hereunder. In the event of any conflict or inconsistency between these On-chain Yields Terms and the Terms of Use, these On-chain Yields Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
4. Binance may make changes to these On-chain Yields Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.
C. Disclosure and Consent
5. By Subscribing to an On-chain Yields Offer you can earn On-chain Yields Rewards, in exchange for providing DeFi Projects with your Subscribed Assets, through Binance. On-chain Yields Rewards are not guaranteed or fixed, and the rates and timing of On-chain Yields Rewards may vary.
6. You understand and agree that by electing to participate in On-chain Yields Services; (i) Binance (or any of its staking operators) has the authority to put your Subscribed Assets into DeFi protocols or smart contracts owned by Applicable Networks, and (ii) once this is done, your Subscribed Assets may no longer be held with Binance or a Binance Affiliate, and Binance may have little or no control over them. Consequently, you acknowledge and accept the risks and liability set out in Section H and the Risk Warning.
7. The use of Subscribed Assets for On-chain Yields Services may be subject to various risks. In exceptional circumstances these risks could negatively impact the ability of Binance to return your Subscribed Assets in full or at all. Please refer to the risk factor statement for a summary overview of some (but not all) of the risks that may result from subscribing Digital Assets to a On-chain Yields Offer, including risks that may arise from delegating Subscribed Assets to Applicable Networks such as protocol risk.
8. No Binance Group Entity makes any representation or warranty that On-chain Yields is appropriate (a) for any user or in any location, or (b) that the transactions and services described in these On-chain Yields Terms are (or will continue to be) available or appropriate for any user or in any location. You are strongly encouraged to carefully review these On-chain Yields Terms and seek independent professional advice as to whether On-chain Yields Services are appropriate for you having regard to your personal circumstances and objectives, financial position and risk tolerance.
9. By accepting these On-chain Yields Terms, you hereby unconditionally and irrevocably; (a) confirm that you understand, accept and assume full responsibility for participating in On-chain Yields together with any and all associated risks with your subscription to an On-chain Yields Offer, including without limitation the risks described in the risk factor statement, (b) explicitly consent to, and grant Binance Group Entities all necessary rights for, Binance Group Entities using your Subscribed Assets as described in these On-chain Yields Terms and any associated risks, and (c) have carefully assessed whether, and determined that, On-chain Yields Services are appropriate for you.
C. How to participate in Onchain Yields
10. The Binance On-chain Yields Service is a Service that, among other things, provides you with:
a. a means by which you are able to participate in DeFi Projects; and
b. On-chain Yields Rewards at a frequency agreed with Binance.
11. In consideration for providing you with On-chain Yield Services in these On-chain Yield Term, Binance will charge a commission fee which will be published by Binance.
12. When you Subscribe to an On-chain Yields Offer, you will be prompted to agree with some or all of the following terms on the Platform:
a. the Locked Duration;
b. the Applicable Network;
c. the Subscribed Assets;
d. the On-chain Yields Reward;
e. the Reward Calculation Frequency;
f. whether you can Early Redeem
g. the distribution methodology for the rewards; and
h. the Reward Currency.
13. Binance may specify (at any time):
a. minimum amounts and/or maximum amounts of Subscribed Assets that are required to Subscribe to an On-chain Yields Offer; and/or
b. any Subscription Limits.
D. Dealing with Subscribed Assets
14. When you Subscribe, you instruct Binance,a Binance Affiliate or staking operator to transfer your Subscribed Assets to a DeFi Project.
15. Unless otherwise specified, Subscribed Assets will be returned to your Spot Account two days after the Settlement Date, unless you have elected to Auto-Subscribe. The time between the Settlement Date and when your Subscribed Assets are returned to your Spot Account do not form part of the Locked Duration. You do not earn On-chain Yields Rewards during this time. For protocols that offer early redemption, redemption will be executed according to the redemption time specified by Binance.
E. Onchain Yields Rewards
16. Onchain Yields Rewards:
a. subject to clause 21, start accruing from the day after you Subscribe. Onchain YieldsRewards will accrue from day to day and will be calculated on the basis of the number of days elapsed and a 365-day year. You do not earn any Onchain Yields Rewards for the first day that you Subscribe;
b. subject to clause 19, will be distributed to your Spot Account the day after each Reward Calculation Day, between 00:00 UTC to 08:00 UTC. This means that if the Reward Calculation Frequency is conducted daily, On-chain Yields Rewards will not be distributed to your Spot Account until the third day after you Subscribe;
c. is applied each day to Subscribed Assets only, and not to any On-chain Yields Rewards;
d. is distributed in a Reward Currency specified on the Platform at the time of Subscription;
e. are calculated by reference to the DeFi Rate;
f. may be subject to a commission fee and a spread/margin; and
g. are rounded down to 8 decimal places.
17. The DeFi Rate may be published on the Website, and may change from time to time. You acknowledge and accept that some DeFi Projects will not have any estimated DeFi Rate available for your consideration.
18. BINANCE DOES NOT GUARANTEE THAT YOU WILL RECEIVE ON-CHAIN YIELDS DEFI REWARDS AT THE DEFI RATE SHOWN AT THE TIME YOU SUBSCRIBE. ANY REPRESENTATION CONCERNING POSSIBLE RETURN AT THE TIME YOU SUBSCRIBE (I) IS AN ESTIMATE ONLY AND NOT GUARANTEED, (II) IS BASED ON THE DEFI RATE, WHICH MAY CHANGE, AND (III) MAY BE MORE OR LESS THAN THE ONCHAIN YIELDS REWARDS
19. In certain circumstances, On-chain Yield Rewards may be distributed directly to a wallet address provided by you or your Binance Web3 wallet. In such circumstances, Binance will request your wallet address before distributing the rewards to you on a distribution date and frequency as determined by Binance. You acknowledge and agree that it is your responsibility to provide an accurate and genuine wallet address that you exclusively control. Binance assumes no responsibility for any delay to your distribution or for any losses resulting from the incorrect distribution of rewards due to an inaccurate or invalid wallet address provided by you.
F. Auto-Subscribe
19. You may elect to automatically Subscribe to a new On-chain Yields Offer at the Settlement Date using the Subscribed Assets and any available On-chain Yields Rewards from the preceding On-chain Yields Offer (“Auto-Subscribe”).
20. The new On-chain Yields Offer will have the same Locked Duration, Applicable Network, Reward Calculation Frequency, and Reward Currency as the preceding On-chain Yields Offer.
21. On-chain Yields Rewards begin to accrue from the day that you Auto-Subscribe.
22. You can amend your Auto-Subscribe instructions at any time up before 23:50 UTC on the day before the Settlement Date of the preceding On-chain Yields Offer.
23. Binance reserves the right not to act on your instructions to Auto-Subscribe. It may refuse to act on these Instructions for any reason, including but not limited to, that the Subscription Limit for a On-chain Yields Offer has been reached.
G. Early Redemption
24. Binance may, in its sole discretion, permit you to Early Redeem. Your right to Early Redeem may be withdrawn at any time.
25. If you Early Redeem your Subscribed Assets before the Settlement Date, you:
a. are not entitled to any On-chain Yields Rewards; and
b. authorize Binance to deduct all On-chain Yields Rewards arising from your Subscription, from your Subscribed Assets.
26. Should you Early Redeem, it may take up to 72 hours before Subscribed Assets will be returned to your Spot Account.
H. Risks & Liability
27. In addition to the risks identified in the Risk Warning, you must also consider carefully all the risks arising out of participating in a Onchain Yields, including but not limited to:
a. the risk that the Digital Assets you used to Subscribed may be lost because, among other things:
i. you are putting your Digital Assets into smart contracts owned by Applicable Networks and not operated by Binance;
ii. Subscribed Assets are outside of Binance, and any Binance Affiliate, control and neither Binance or any Binance Affiliate can guarantee the return of Subscribed Assets; and
iii. events may occur at the protocol level (including, but not limited to, hacks, exploits, or poor economic models), which are outside of Binance and any Binance Affiliate’s control;
b. the inherent risks of each DeFi Project, including, but not limited to, the rules of the smart contract, the protocol, and the use of your Digital Assets; and
c. whether the Applicable Network suspends, discontinues, and terminates its business, closes down, suspends, or stops trading.
28. In no event will Binance or any Binance Affiliates be responsible or liable to you or any other person or entity for any direct or indirect losses (including loss of profits, business or opportunities), damages, or costs arising out of or in connection with any risk identified in these On-chain Yields Terms. This limitation of liability is in addition to the limitation of liability contained in the Terms of Use.
I. Definitions
Unless otherwise defined, capitalised words used in these On-chain Yields Terms shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these On-chain Yields Terms, except that references to clauses are to clauses in these On-chain Yields Terms, unless otherwise stated.
Applicable Networks means third-party networks selected by Binance from time to time.
Auto-Subscribe has the meaning given to it in clause 19.
Defi Project means a smart contract, or any blockchain-based decentralised protocol or application owned by an Applicable Network.
DeFi Rate means the annual percentage rate at which On-chain Yields Rewards are calculated, as published on the Platform.
Early Redeem means when you instruct Binance to transfer Locked Asset to your Spot Account before the Settlement Date.
Locked Duration means the agreed period that Subscribed Assets must be delegated to Binance in order for you to be entitled to On-chain Yields. The agreed period can be by reference to a time or an event.
On-chain Yields means the Binance service identified as “On-chain Yields” on the Platform, allowing you to participate in DeFi Projects in accordance with these Terms.
On-chain Yields Offer means an offer by Binance to stake Digital Assets on an Applicable Network using the Platform, in accordance with these Onchain Yields Terms.
On-chain Yields Rewards means the Reward Currency that is provided to you as consideration for Subscribing to an On-chain Yields Offer, in accordance with these On-chain Yields Terms.
On-chain Yields Services has the meaning given to it in clause 2.
On-chain Yields Terms has the meaning given to it in clause 1.
Platform means the digital platform that we or any of the Binance Affiliates may make accessible to you via a website, mobile app, a Binance API, or by such other means as Binance Affiliates may prescribe from time to time for the use of Binance services.
Reward Calculation Day means 00:00 UTC on the day which Binance calculates the amount of On-chain Yields Rewardsit will distribute to your Spot Account, in accordance with the On-chain Yields Offer and the Reward Calculation Frequency.
Reward Calculation Frequency means the frequency in which Binance calculates DeFi Rewards (e.g. daily).
Reward Currency means rewards or benefits of any kind, including but not limited to Digital Assets, provided by Applicable Networks that will be provided to you.
Risk Warning means the general risk warning published on the Platform as amended from time to time.
Settlement Date means the 00:00 UTC on the final day of the Locked Duration.
Spot Account means the Binance Account that you use for spot transactions.
Subscribe means subscribing to an On-chain Yields Offer.
Subscribed Assets means the Digital Assets used by you to Subscribe.
Subscription Limits means the maximum or minimum amount of Subscribed Assets, users, or the quantity of any other matter that Binance may determine its sole discretion from time to time, that may be used to Subscribe to an On-chain Yields Offer.
RISK WARNING DISCLAIMER:
Onchain Yields The use of Subscribed Assets for On-chain Yields Services may be subject to various risks, including protocol risks. Events may occur at the protocol level (such as hacks, exploits, or poor economic models) that are outside of Binance's control. In exceptional circumstances, these risks could negatively impact the ability of Binance to return your Subscribed Assets in full or at all. The Digital Assets you use to Subscribe may be lost because they are put into smart contracts owned by Applicable Networks and not operated by Binance. Subscribed Assets are outside of Binance's control, and neither Binance nor any Binance Affiliate can guarantee the return of Subscribed Assets. Binance does not guarantee that you will receive On-chain Yields DeFi Rewards at the DeFi Rate shown at the time you Subscribe. Any representation concerning possible returns at the time you Subscribe is an estimate only and not guaranteed.
No Binance Group Entity makes any representation or warranty that On-chain Yields is appropriate for any user or in any location. Binance does not provide any due diligence assurances on the protocols themselves. You are strongly encouraged to carefully review these On-chain Yields Terms and seek independent professional advice as to whether On-chain Yields Services are appropriate for you, considering your personal circumstances and objectives, financial position, and risk tolerance. Always do your own research.
