Terms of Service
Terms of Service for DePhaser and JPYT Users
Effective Date: September 12, 2024
Introduction
Welcome to DePhaser, a decentralized finance platform that enables users to mint JPYT, a stablecoin pegged 1:1 to the Japanese Yen, by locking in USDT. These Terms of Service ("Terms") govern your access to and use of our platform, services, and associated products (collectively, the “Services”).
By accessing or using DePhaser, you agree to comply with and be bound by these Terms. If you do not agree to these Terms, you should not use the Services.
Eligibility
To use our Services, you must:
Be at least 18 years old, or the age of majority in your jurisdiction.
Have the legal authority to enter into a binding contract.
Use a Web3 wallet that is compatible with our platform. By using DePhaser, you represent and warrant that you meet all eligibility requirements.
Services Overview
DePhaser allows users to lock in USDT and mint JPYT, a stablecoin pegged to the Japanese Yen. The key features of the platform include:
Minting JPYT: Users can lock in USDT and receive JPYT based on the real-time market value of the Yen, as provided by an external oracle.
Dynamic Lock-In Exchange Rate: Users who return JPYT to unlock USDT will do so at an exchange rate calculated as the average across all locked-in positions, which may differ from the rate at the time of minting.
On-Chain Transparency: All transactions are processed and recorded on the blockchain for full transparency.
User Responsibilities
You agree to:
Provide accurate and complete information when using the platform.
Safeguard your Web3 wallet and private keys. We do not store your wallet credentials and cannot recover lost keys.
Ensure that your use of the platform complies with all applicable laws and regulations.
You are responsible for all transactions conducted through your Web3 wallet, including any losses resulting from unauthorized access to your account or wallet.
Minting and Redemption of JPYT
Minting JPYT
To mint JPYT, you will lock in a certain amount of USDT based on the real-time conversion rate provided by the external oracle. The amount of JPYT minted will be proportional to the current Yen market value.
Redeeming USDT
When you decide to return JPYT and unlock your USDT, the exchange rate used will be recalculated at the time of redemption based on the average Lock-In Exchange Rate across all positions on the platform. This may result in receiving a different amount of USDT compared to the initial lock-in amount.
Transaction Fees
You acknowledge that blockchain transactions may incur gas fees, which are determined by network congestion and paid by the user.
Prohibited Activities
You agree not to:
Use the platform for any unlawful activities, including money laundering, fraud, or financing of terrorism.
Engage in any behavior that would disrupt the platform or harm other users.
Attempt to exploit vulnerabilities in the system or manipulate the platform’s functionality.
We reserve the right to suspend or terminate your access to the Services if you engage in any prohibited activities or violate these Terms.
Risks
By using the DePhaser platform, you acknowledge and accept the following risks:
Blockchain and Smart Contract Risks: Transactions conducted on decentralized networks are irreversible. You are responsible for ensuring that your transactions are correct and secure.
Volatility Risks: The market value of JPYT and other digital assets may fluctuate. While JPYT is pegged to the Japanese Yen, fluctuations in USDT and other market conditions may affect your holdings.
Regulatory Risks: Digital assets and decentralized platforms may be subject to legal and regulatory scrutiny in different jurisdictions. You are responsible for complying with local laws.
Intellectual Property
All intellectual property related to the DePhaser platform, including its name, logo, content, and code, is owned by DePhaser or its licensors. You may not use, copy, or modify any part of the platform without our prior written permission.
Limitation of Liability
To the maximum extent permitted by law, DePhaser shall not be liable for:
Any loss or damage arising from your use of the Services, including, but not limited to, loss of funds, unauthorized access to your account, or system errors.
Any indirect, incidental, special, or consequential damages.
You agree to indemnify and hold DePhaser harmless from any claims arising from your use of the platform, violation of these Terms, or breach of any law or regulation.
Changes to the Terms
We may update these Terms from time to time. When we do, we will notify users by updating the "Effective Date" at the top of this document and posting the updated Terms on our platform. It is your responsibility to review these Terms periodically.
Continued use of the platform after any changes constitutes your acceptance of the updated Terms.
Termination
We may terminate or suspend your access to the Services at any time if we believe you have violated these Terms or engaged in illegal or harmful behavior. Upon termination, you will no longer have access to your account, but any outstanding obligations related to locked-in positions will remain enforceable.
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