Navigating the world of Web3 and decentralized finance (DeFi) requires a clear understanding of the platforms you use. The OKX Web3 Ecosystem provides a suite of tools for interacting with the decentralized web, and its Terms of Service outline the rules of engagement, your responsibilities, and the inherent risks involved.
This guide breaks down the key components of these terms to help you understand your rights and obligations when using these non-custodial services.
Core Principles of the OKX Web3 Ecosystem
Before diving into the specifics, it's crucial to grasp the fundamental nature of the services provided. OKX acts as a software service provider, offering a platform for you to discover and interact with third-party decentralized applications (DApps) and blockchains.
It is not a broker, financial institution, or custodian. OKX does not hold your digital assets, initiate transfers on your behalf, or act as your financial advisor. All transactions are initiated and controlled by you, the user. The platform does not host or maintain the third-party DApps you interact with and makes no warranties about their content or services.
Key Definitions and Interpretations
The Terms establish a common language to ensure clarity. Key definitions include:
- Digital Assets: This encompasses cryptocurrencies, non-fungible tokens (NFTs), and other digital goods based on cryptographic protocols. It includes any derivative or forked asset, each treated as distinct.
- User Content: Any text, images, data, or other materials you generate or make available through the services.
- Third-Party Platforms: Any platforms, websites, or applications owned and operated by entities other than OKX.
- Losses: A broad term covering all forms of damages, including direct, indirect, and consequential financial losses.
- Force Majeure: Events beyond OKX's control that could prevent it from fulfilling its obligations, such as natural disasters, acts of war, cyber-attacks, or sudden changes in law.
Understanding these definitions is essential for interpreting your responsibilities and the platform's limitations.
Overview of Services Provided
The OKX Web3 Ecosystem is a decentralized platform comprising several integrated services:
- OKX Web3 Wallet: A non-custodial wallet allowing you to store digital assets and connect to DApps.
- OKX Web3 Marketplace: A decentralized platform for creating, trading, and displaying NFTs and other digital collectibles.
- OKX Web3 Trade: An aggregator that allows users to swap digital assets across various blockchain networks.
- OKX Web3 Yield Tool: A staking platform for earning yield on digital assets through third-party protocols.
- OKX Web3 Discover: An aggregator providing access to a wide array of third-party DApps, including blockchain games.
- OKX Web3 Build: A suite of tools and services for developers to create their own Web3 products.
These services also include a dashboard for viewing assets across multiple DeFi protocols and blockchains like Ethereum and OKC.
User Eligibility and Responsibilities
To use the services, you must be at least 18 years old and not be a resident of a prohibited jurisdiction. You represent that you have the full legal capacity to enter into this agreement and that your use of the platform complies with all applicable laws in your region.
You are solely responsible for securing your wallet's private keys and mnemonic phrase. Losing this information will result in a permanent, irreversible loss of access to your digital assets. You are also responsible for any fees, including network gas fees, incurred while using the services or interacting with third-party platforms.
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Comprehensive Risk Disclosure
Using the OKX Web3 Ecosystem involves significant and substantial risk. The Terms provide a non-exhaustive list of potential risks, which include:
- Market Volatility: Digital asset prices are highly volatile and can fluctuate dramatically, potentially resulting in total loss.
- Technology Risks: The ecosystem relies on blockchain technology, which may be subject to hacking, phishing attacks, network congestion, and smart contract vulnerabilities.
- Regulatory Uncertainty: The legal status of digital assets is unsettled and varies by jurisdiction. Regulatory changes can adversely affect the value and legality of your assets.
- Third-Party Risks: OKX does not control third-party platforms, DApps, or the terms of NFT purchases. You bear full responsibility for verifying the legitimacy of any third party you interact with.
- Irreversible Transactions: Transactions on a blockchain are typically final and cannot be reversed if made in error or due to fraudulent activity.
You are strongly advised to carefully consider these risks and seek independent professional financial and legal advice before using the services.
Fees, Taxes, and Content
OKX may charge service fees for using its platform, which will be disclosed at the time of use. You are also responsible for any third-party fees, such as blockchain gas fees. It is your sole responsibility to determine what taxes apply to your transactions and to report them to the appropriate authorities.
Regarding content, you retain ownership of any User Content you create. However, you grant OKX a broad license to use this content to operate and provide its services. OKX respects intellectual property rights and has a process for handling copyright infringement claims under the DMCA.
Limitations of Liability and Indemnification
OKX's liability to you is expressly limited. Its aggregate liability shall not exceed the total amount of fees it received from you in the 12 months prior to the event giving rise to the claim.
You agree to indemnify and hold OKX harmless from any losses arising from your use of the services, your breach of the Terms, or your User Content. This means you are responsible for any costs or damages OKX incurs because of your actions.
Governing Law and Dispute Resolution
These Terms are governed by the laws of Singapore. Any dispute must first be referred to mediation at the Singapore International Mediation Centre. If mediation is unsuccessful within 90 days, the dispute will be settled by binding arbitration in Singapore under the rules of the Singapore International Arbitration Centre (SIAC).
You agree to resolve disputes on an individual basis and waive your right to participate in a class action lawsuit or class-wide arbitration.
General Provisions
OKX reserves the right to modify these Terms at any time. Your continued use of the services after such changes constitutes acceptance of the new terms. The Terms represent the entire agreement between you and OKX, superseding any prior communications.
Frequently Asked Questions
What is the OKX Web3 Ecosystem?
The OKX Web3 Ecosystem is a suite of non-custodial, decentralized tools that allows users to interact with the world of Web3. It includes a wallet for storing digital assets, a marketplace for NFTs, a swap aggregator for trading tokens, and portals for discovering decentralized applications (DApps) and earning yield. It is designed for self-custody, meaning you alone control your private keys and assets.
What are the biggest risks of using this platform?
The primary risks include the high volatility of digital asset prices, which can lead to significant financial loss. There are also security risks like hacking, phishing, and the irreversible nature of blockchain transactions. Furthermore, the platform provides access to third-party DApps and services over which OKX has no control, and the regulatory environment for digital assets is constantly evolving and uncertain.
Who is not allowed to use OKX's Web3 services?
Residents of certain prohibited jurisdictions are not allowed to use the services. This list includes, but is not limited to, the United States, Cuba, Iran, North Korea, Syria, the Crimea region, and Bangladesh. The services are also restricted for individuals on international sanctions lists or who are under the age of 18.
How does OKX make money from these services?
OKX may charge service fees for various actions within its ecosystem, which are disclosed to users at the point of use. It's important to note that users are also responsible for paying all third-party network fees (gas fees) required to process transactions on the underlying blockchains.
What happens if I lose my private key or seed phrase?
If you lose your private key or recovery seed phrase, you will permanently lose access to your digital wallet and all assets held within it. OKX is a non-custodial service provider and does not store or have access to your keys; therefore, it cannot recover them or restore access to your wallet under any circumstances.
How are disputes with OKX resolved?
Disputes are governed by Singaporean law. The required process begins with mediation in Singapore. If mediation fails, binding arbitration in Singapore is the next step. Crucially, the terms require that all disputes be resolved on an individual basis, meaning you waive your right to participate in a class action lawsuit against OKX.