AscendEX Yield Farming Agreement
This Yield Farming Agreement (“Agreement”), constitutes a legal agreement between you (“Farmer” or “you”) and BMXDM Technology PTE Ltd. (“AscendEX” or “we” or “us”) and shall be effective as of the Effective Date (as defined herein). This Agreement specifies the terms under which you may deposit or delegate your Tokens and earn a share of Net Yield Farming Rewards. AscendEX will deposit the Tokens that Farmers designate for the Yield Farming Services to relevant decentralized finance smart contracts (“DeFi”) on the applicable network. If you do not agree to be bound by this Agreement, please do not use or access our Yield Farming Services.
Please read this Agreement carefully before delegating your Tokens or acknowledging your agreement to the terms of this Yield Farming Agreement. By clicking “I Agree”, Farmer agrees to be bound by the terms of this Agreement and AscendEX’s Terms and Conditions. If Farmer accepts this Agreement on behalf of a company, Farmer represents that he or she is an authorized representative of the company capable of binding the company to this Agreement, and the company shall be deemed the Farmer for the purposes of this Agreement.
The definitions for some of the defined terms used in this Agreement are set forth below:
1.1 “Party” means “you” or “we” or “us”, as applicable, and “Parties” means “you” and “we” or “us” collectively.
1.2 “Effective Date” means the date that you deposit your Tokens.
1.3 “T Day” means trade date based on Coordinated Universal Time you delegate your Tokens.
1.4 “Yield Farming Rewards” means any rewards that we actually receive in exchange for the Service, including, without limitation, transaction fees, interests or token incentives.
1.5 “Actual Yield” means the quantity of rewards earned by the user.
1.6 “Estimated Yield” means the estimate of rewards that the user may or may not earn.
1.7 “Net Yield Farming Rewards” or “Rewards” means Yield Farming Rewards minus any Service fees. See AscendEX Website for details related to Net Yield Farming Rewards for each Supported Project.
1.8 “N Day” means the trade date based on Coordinated Universal time you undelegate your Tokens.
1.9 “Yield Farming Period” means the time period for you to delegate Tokens. If you delegate your Tokens on T Day and undelegate it between 0:00 to 24:00 on T+N day, your Yield Farming period is N-1 days.
1.10 “Service” means our provision of deposit to and withdrawal from DeFi smart contracts on the applicable network of Supported Projects.
1.11 “Yield Farming Service” means activities that help deposit assets to and withdraw from DeFi smart contracts, and collect Yield Farming Rewards on behalf of Farmers.
1.12 “Unbonding Period” means a parameterized period of time upon which all Farmers, must wait for their deposited Tokens to become fully unbonded and liquid.
1.13 “Supported Projects” means any DeFi projects for which AscendEX is able to perform the Service. The list of Supported Projects is available on the AscendEX Website.
1.14 “Token” means any tokens that you have delegated properly to us, as described on the Website.
1.15 “Website” means https://ascendex.com and https://asdexcn.net .
2. USE OF SERVICE.
2.1 You can make instructions, such as deposit and withdraw through the Website. Once the instructions are received, the system will record the instructions and you will not be able to cancel or edit it. If you click Deposit, then you’re free to click Redemption immediately, but the system will have a record of your previous instructions. If you click Redemption, then you’ll be unable to unwind the previous Redemption instructions.
2.2 When your Tokens are successfully delegated, you agree to authorize AscendEX to perform the Service and collect Yield Farming Rewards on your behalf.
2.3 Unless otherwise set forth in thisAgreement: (i) the maximum number of Tokens in delegation to qualify for Rewards is posted on the Website and vary by Supported Project; (ii) the minimum number of Tokens in delegation to qualify for Rewards is posted on the Website and vary by Supported Project; (iii) you may delegate or undelegate your Tokens at any time; provided, however, you agree to the Unbonding Period set by Supported Project posted on the Website.
3. OBLIGATIONS AND DUTIES.
3.1 Our Obligations and Duties. During the Term (as defined below), we shall: (i) perform the Service in a professional manner; (ii) distribute your share of Net Yield Farming Rewards to you as set forth in Section 4 of this Agreement; and (iii) provide you the data or reports that show your share of Net Yield Farming Rewards.
3.2 Your Obligations and Duties. During the Term, you shall delegate your Tokens, as you elect from time and time, and you shall pay your taxes applicable as set forth in Section 4.3 herein.
4. ECONOMIC TERMS.
4.1 Calculation and distribution of Net Yield Farming Rewards. We shall calculate and distribute to you Net Yield Farming Rewards directly attributable to your Tokens and you shall receive Net Yield Farming Rewards only for the duration of your Yield Farming Period. The calculation of Net Yield Farming Rewards, the estimated size of Net Yield Farming Rewards, and the timing of such distribution: (i) are posted on the Website; (ii) vary by Supported Project; (iii) change periodically; and (iv) are governed by the information posted on the Website on the date a distribution to you is due (not the date on which you delegated the Tokens to us).
4.2 Taxes. You are solely responsible for the payment of any applicable taxes with respect to your share of Net Yield Farming Rewards and for any other taxes resulting from the transactions contemplated herein. Neither AscendEX nor any of its affiliates or agents shall provide any advice or guidance with respect to the tax obligations of the Farmer. You are strongly encouraged to seek advice from your own tax advisor regarding the potential tax consequences of entering into this Agreement and the receipt of any Net Yield Farming Rewards.
4.3 Rewards Distribution Destination. Any transfer of Net Yield Farming Rewards to you shall be made directly to the corresponding wallet address on AscendEX.
5. TERM, AND TERMINATION OF THE AGREEMENT
5.1 Term. The term of this Agreement (the “Term”) commences on the Effective Date and shall continue in effect until terminated in accordance with Section 5.2.
5.2 Termination. Either Party may terminate this Agreement without notice to the other Party at any time for any reason. Upon termination of this Agreement: (i) you will cease delegating Tokens to AscendEX; and (ii) AscendEX will promptly distribute to you any Net Yield Farming Rewards that are currently due and owing.
6. LIMITATION OF LIABILITY.
6.1 Yield Farming Reward. You agree and accept that the estimated reward yield displayed on the AscendEX Website is an estimation and not a guaranteed or promised Actual Yield. The actual yield you receive may be lower than the Estimated Yield. AscendEX does not promise or guarantee the Actual Yield or Net Yield Farming Reward you will receive.
6.2 Undelegation of Token. You agree and accept that when you undelegate your Tokens, the time it takes to arrive at your account may vary and the arrival displayed on the Website is final. AscendEX shall not be liable for any losses caused by the Tokens arrival time difference.
6.3 You acknowledge and agree that AscendEX has the right to reject your participation in Yield Farming if you are unable to fulfill your identity verification requirements or for any other suspicious activity detected while participating in the Yield Farming Services provided by AscendEX.
6.4 You acknowledge and agree that AscendEX does not assume liability for losses incurred due to DeFi smart contract vulnerability and only acts as a service provider.
6.5 You acknowledge and agree that AscendEX reserves the right to amend this Agreementat anytime, and in its sole discretion. AscendEX shall not be liable for any losses due to your misunderstanding of this Agreement, or your delay in reading the amendments to this Agreement.
6.6 You acknowledge and agree that if AscendEX cannot provide the Yield Farming Service properly or the Yield Farming Service is interrupted due to the following conditions, such that you are unable to use the Yield Farming Services or cannot make instructionss or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, AscendEX shall not be liablefor any losses you may have incurred. These circumstances include but are not limited to:
6.6.1 Service suspension for maintenance as announced by AscendEX;
6.6.2 System failure to transmit data;
6.6.3 Force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, pandemic, plague, power outage, war, turmoil, government actions, terrorist attacks, or any other unforeseeable, unavoidable and unsolvable objective circumstances that lead to the suspension of the service;
6.6.4 Service interruption or delay due to hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure due to government regulations, etc.;
6.6.5 Service interruption or delay caused by the computer system being damaged, defective or unable to perform normally;
6.6.6 Losses due to technical problems that cannot be predicted or solved by existing technical forces and solution in the industry;
6.6.7 Losses to you or other third parties due to the smart contract vulnerabilities or hacking;
6.6.8 Losses to you or other third parties due to changes in laws and regulations or government orders;
You acknowledge and agree that the above circumstances may lead to abnormal transactions, market interruptions and other possible abnormal market situations. and that AscendEX reserves the right to refuse to execute your instructionss at its sole discretion. You further acknowledge and agree that AscendEX shall not be liable for any of your losses (including but not limited to direct or indirect losses, incidental, consequential, special, punitive, or liquidated damages).
7. REPRESENTATIONS AND WARRANTIES
7.1 Each Party represents and warrants that: (i) this Agreement constitutes a valid, enforceable, and binding obligation of the Parties; and (ii) this Agreement and its obligations and rights hereunder: (a) does not conflict with or violate in any material manner, any applicable law; and (b) does not in violate, breach or conflict with or constitute a default under, any other contract, agreement, or commitment binding upon such Party.
7.2 You represent and warrant that: (i) you will not use the Yield Farming Service for any illegal purposes, including, without limitation, illegal gambling, money laundering, fraud, extortion, , data breaches, terrorist financing, and any other violent activities or any businesses prohibited by applicable laws; (ii) you will not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including, without limitation, illegal gambling, money laundering, fraud, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by applicable laws; (iii) you have the experience and risk tolerance for using the Yield Farming Service, and have the experience and knowledge to invest in non-guaranteed digital currency products; and (iv) If you are registering to use the Yield Farming Service on behalf of a legal entity, such legal entity is legally established and valid in accordance with applicable laws and you are duly authorized by the legal entity to have the right to act on their behalf.
AscendEX does not provide any financial, investment, business, accounting, tax, legal, or other advice to you. All transactions are executed automatically, based on your Instructions, and you are solely responsible for determining whether any investment, investment strategy, or transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance.
Each Party (in such capacity, the “Indemnifying Party”) shall defend, indemnify, and hold harmless the other Party and the other Party’s officers, directors, managers, and employees from any and all liabilities, damages, costs, and expenses (including reasonable attorneys’ fees) incurred by such indemnified parties in connection with any third-party action, claim, or proceeding (each, a “Claim”) arising from the Indemnifying Party’s breach of its representations and warranties in Section 7; provided, however, that the foregoing obligations shall be subject to the indemnified Party: (i) promptly notifying the Indemnifying Party in writing of the Claim; (ii) providing the Indemnifying Party, at its expense, with reasonable cooperation in the defense of the Claim; and (iii) providing the Indemnifying Party with sole control over the defense and negotiations for a settlement or compromise.
10. APPLICABLE LAW & DISPUTE RES0LUTION
10.1 This Agreement shall be governed by and construed in accordance with the laws of Singapore.
10.2 Where any dispute arises between both parties hereto in connection with the execution or performance of this Agreement, the parties hereto shall first seek to resolve such dispute through amicable negotiations by and between themselves. If the negotiation fails to produce an agreement, either party hereto may submit the dispute to the Singapore International Arbitration Center for arbitration in accordance with the arbitration rules in force at the time of the application for arbitration. The result of the arbitration shall be final and shall be binding on both parties.
11. LEGALLY BINDING AGREEMENT
You acknowledge and agree to be legally bound by the terms and conditions set forth in this Agreement and that this Agreement governs your use of AscendEX and the Yield Farming Services we provide. By clicking "I AGREE," you acknowledge and agree to be legally bound by the terms and conditions of this Agreement and you further agree to AscendEX’s Terms of Services (https://ascendex.com/terms-of-service). You acknowledge that you have received the disclosures set forthAscendEX Terms of Services. In addition, you represent and warrant that you have the authority to act on behalf of yourself and any entity or individual you represent. If you do not agree to be legally bound by this Agreement or by AscendEX’s Terms of Services, do not click "I AGREE" and please do not visit, access, or use AscendEX in any capacity or manner.
FARMER ACKNOWLEDGES THAT FARMER HAS READ THIS AGREEMENT, UNDERSTANDS IT, AND AGREES TO BE BOUND BY ITS TERMS AND CONDITIONS.