Terms of Service for the Chi Protocol User Interface
Read our terms below to learn more about your rights and responsibilities as a user.
Last updated 4 December 2024
Welcome to the frontend user interface for the Chi protocol ("User Interface"). The following Terms of Service ("Terms") apply to all visitors of the User Interface ("you" or "your") and are entered between you and the Company.
The Terms, together with any documents incorporated by reference herein, govern your access and use of the User Interface, including all related tools, web applications, smart contracts (if any), and application programming interfaces (APIs) made available thereon.
By accessing and/or using the User Interface, you agree to be bound by these Terms. The Company reserves the right to modify these Terms at any time at its sole discretion. In this case, the Company will provide notice by changing the "last updated" date above. By continuing to access or use the User Interface, you confirm that you accept the updated Terms and all documents incorporated therein by reference. If you do not agree with these Terms, please immediately cease all use of the User Interface.
By accessing or using the User Interface, you represent and warrant that you:
The Company reserves the right to technically restrict the access to the User Interface and the content providedthereon based on your geographical location.
The Chi protocol ("Chi Protocol") is a permissionless and autonomous blockchain protocol that allows users ("Users") to mint the stablecoin USC ("USC") which aims to be the most capital-efficient, trustless and censorship-resistant stablecoin. USC is algorithmically pegged to the US dollar and maintains its peg by the Chi Protocol's autonomous dual algorithmic stability mechanism ("Dual Stability Mechanism").
To mint USC, Users can transfer Lido's Staked Ether (stETH), ETH, wrapped Etherfi ETH (weETH), wrapped ETH (wETH) [MK3] to the Chi Protocol's reserve smart contract ("Reserve Contract"). The assets in the Reserve Contract ("Reserve") are utilized by the Dual Stability Mechanism to stabilize the peg the US dollar. The Reserves belong to the Chi Protocol and are neither held by the Protocol in the name nor for the account of the Users. The Chi Protocol does not hold deposits in the form of a legal claim and does not act in any fiduciary capacity.
You understand and acknowledge that when you interact with the Chi Protocol via the User Interface or in any other way, you are not interacting with the Company, but directly with the Chi Protocol's smart contracts.
The Chi Protocol's smart contracts are immutable and fully autonomous, meaning that they have no centralized operator and do not rely on off-chain components. However, there are certain parameters that can be modified by the holders of the Chi Token which serves as the governance token of the Chi Protocol ("CHI").
The Company does not participate in the governance of the Chi Protocol, does not control the Chi Protocol and the Reserve Contract, does not act as a counterparty to the minting, staking and locking transactions described herein, and does not own, control or distribute the Reserve and the Protocol Rewards (as defined below). The Company does further not store, send, or receive your digital assets when you interact with the Chi Protocol.
The Company does not assume any responsibility or liability for the functioning and operation of the Chi Protocol, including its individual smart contracts, the algorithmic peg to the US (as defined below).The Company further makes no representations, warranties or covenants with respect to the Chi Protocol, including with regard to its technical properties and/or characteristics or performance, or its actual or potential usefulness or suitability for any particular purpose.
Holders of USC and of CHI can stake their USC and CHI on the Chi Protocol to receive rewards from the Chi Protocol ("Protocol Rewards"). Users may also stake tokens they receive from providing liquidity in the form of CHI or USC to certain third-party liquidity pools ("LP Tokens") to receive Protocol Rewards. Users may unstake their staked USC, CHI and LP Tokens from the Chi Protocol at any time following the termination of the lock period.
The Staking Rewards come from third-party arbitrageurs who are incentivized by the Dual Stability Mechanism to continuously trade USC, thereby maintaining the peg of USC to the US dollar, or from the Chi Protocol's autonomous organization ("Chi DAO").
Holders of USC and CHI can lock their USC and CHI on the Chi Protocol to receive rewards in the form of CHI ("Protocol Rewards"). Users may also lock tokens they receive from providing liquidity in the form of CHI or USC to certain third-party liquidity pools ("LP Tokens") to receive Protocol Rewards. Users may unlock their locked USC, CHI, and LP Tokens from the Chi Protocol at any time.
The Locking Rewards come from third-party arbitrageurs who are incentivized by the Dual Stability Mechanism to continuously trade USC, thereby maintaining the peg of USC to the US dollar, or from the Chi Protocol's autonomous organization ("Chi DAO").
The User Interface serves as a graphical user interface that provides an easy way to access to and interact with the Chi Protocol. The Company reserves the right to remove features from the User Interface or to discontinue the operation of the User Interface in its entirety at any time without prior notice.
Since the Chi Protocol is running on the Ethereum blockchain, it can be accessed at any time via other user interfaces or by using smart contract frameworks such as Hardhat, Brownie or Truffle ("Frameworks"). This means that usability of and accessibility to the Chi Protocol does not depend on the Company or the availability of the User Interface.
When you visit the User Interface, the User Interface will display various publicly available information that is related to the Chi Protocol, such as the following ("Network Information"):
The Network Information is automatically sourced from validator nodes of the Ethereum Blockchain via application programming interfaces (APIs) and displayed for informational purposes only. The Company does not assume any responsibility for the accuracy, completeness or actuality of the Network Information and shall not be liable for any claims or damages related to errors, inaccuracies, or delays in the display of the Network Information or any decisions, transaction, acts or omissions that you make in reliance thereon.
In order to interact with the Chi Protocol, you must first connect one of the third-party wallets listed under the "Connect" tab ("Wallet") to the User Interface. Wallets store and manage the private keys to the blockchain addresses that were created with the Wallet or manually imported into the Wallet. As these Wallets store the private keys which are required to sign transactions on-chain, they can be used to execute transactions and publish them to the Ethereum blockchain.
When you connect a Wallet, the User Interface will ask for permission to send Sign Requests (as defined in Section 3.4.2 below) to the Wallet. During this process, your Wallet will show the blockchain addresses managed by your Wallet that can be connected to the User Interface. You can modify these permissions at any time in the settings of the Wallet. Please note that you can only interact with blockchain addresses that are both managed by the Wallet and connected to the User Interface.
The use of Wallets is subject to the terms and conditions of the respective provider. The Company has no control over the blockchain addresses that are managed by your Wallet and connected to the User Interface and no ability to access any assets that are held thereon. You are solely responsible for the security of the Wallet as well as the corresponding private keys and passwords. The Company does not assume any responsibility for the connected Wallets, regardless of whether or not they are used to effectuate transactions and shall not be liable for any damages arising out of or related to your use of the Wallets or your inability to connect or use the Wallets to execute transactions.
Once you have connected a Wallet to the User Interface, you can use the User Interface to initiate transactions from your blockchain address by generating standardized transaction messages ("Sign Requests").
Sign Requests that are generated on the User Interface are sent to the connected Wallet(s) for approval. To complete the transaction, you must approve the Sign Request by signing the transaction with the connected Wallet(s). The User Interface will then display whether the transaction was successful and inform you once it is finalized.
Transactions that are signed with your Wallet are executed on the Ethereum Network without any involvement of the Company. The User Interface does not execute transactions on your behalf and does not control the execution of transactions initiated by you. You are fully responsible for all inputs you make while using the User Interface.
All interactions with the Chi Protocol, regardless of whether they are initiated on the User Interface, require the payment of a transaction fee ("Gas Fee") which is paid to the validators of the Ethereum blockchain. The Gas Fee required to execute a transaction depends on the activity on the Ethereum blockchain and is entirely outside of the control of the Company. By using the User Interface to generate Sign Requests for interactions with the Chi Protocol, you acknowledge and agree that the Gas Fees paid are non-refundable under any circumstances. [MK5]
While the rights in the User Interface are held by the Company, the Company has published the source code of the User Interface ("User Interface Code") on its public GitHub repository and released it under the MIT open-source license. You are free to use the User Interface Code to create another User Interface for any other purpose.
The Company does not guarantee that the User Interface is free from defects, errors, bugs, and security vulnerabilities or that it will be available at any time. The access to and use of the User Interface is made at your own risk. The Company gives no assurance that any functionalities of the User Interface will satisfy your requirements, provide the intended results, meet any performance or reliability standards. You understand and agree that the User Interface is provided on an "as is" and "as available" basis and that the Company expressly disclaims all warranties or conditions of any kind, whether express, implied, statutory or otherwise.
The liability of the Company is limited to direct damages arising out of acts of intent and gross negligence. Any liability for indirect damages or consequential damages, including loss of profit, and/or damages arising out of negligent conduct, is expressly excluded.
Please see our Privacy Notice to understand how we collect and use and disclose your personal data as well as our Cookie Declaration to understand how we use cookies and how you can change your consent to their use.
The Company appreciates and encourages you to provide feedback to the User Interface. If you provide feedback, you agree that the Company is free to use it and may permit others to use it without any restriction or compensation to you.
It is your sole responsibility to seek relevant tax advice to comply with any applicable tax obligations in whichever jurisdiction and to measure the tax impact of the use of the User Interface and the use of the features offered thereon.
These Terms contain the entire agreement between the Company and the Users regarding the subject matter hereofand supersedes all understandings and agreements whether written or oral. If any provision of these Terms is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other provision of these Terms or invalidate or render unenforceable such provision in any other jurisdiction. Upon such determination that any provision is invalid, illegal, or unenforceable, these Terms shall be modified to effectuate the original intent of the Parties as closely as possible.
These Terms shall be governed and construed in accordance with the substantive laws of Switzerland. The application of the United Nations Convention on Contracts for the International Sale of Goods shall be excluded. Any dispute arising out of or in conjunction with these Terms shall be submitted to the exclusive jurisdiction of the ordinary courts of the city of Zug, Switzerland.
To the fullest extent permitted by any applicable law, you waive your right to participate in a class action lawsuit or a class-wide arbitration against the Company or any individual or entity involved in the operation of the User Interface.
Welcome to the frontend user interface for the Chi protocol ("User Interface"). The following Terms of Service ("Terms") apply to all visitors of the User Interface ("you" or "your") and are entered between you and the Company.
The Terms, together with any documents incorporated by reference herein, govern your access and use of the User Interface, including all related tools, web applications, smart contracts (if any), and application programming interfaces (APIs) made available thereon.
By accessing and/or using the User Interface, you agree to be bound by these Terms. The Company reserves the right to modify these Terms at any time at its sole discretion. In this case, the Company will provide notice by changing the "last updated" date above. By continuing to access or use the User Interface, you confirm that you accept the updated Terms and all documents incorporated therein by reference. If you do not agree with these Terms, please immediately cease all use of the User Interface.
1. Eligibility and Prohibited Jurisdictions
By accessing or using the User Interface, you represent and warrant that you:
- have the right, authority, and legal capacity to accept these Terms;
- will not access and/or use the User Interface if the laws of your countries of residency and/or citizenship prohibit you from doing so in accordance with these Terms;
- are not subject to personal sanctions issued by the UN, US, EU or Switzerland;
- only access or use the User Interface for your own personal use; and
- are not accessing or using the User Interface from one of the countries embargoed or restricted by the Swiss State Secretariat for Economic Affairs (SECO), including, but not limited to: Belarus, Burundi, Central African Republic, Congo, DPRK (North Korea), Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Republic of South Sudan, Russia, Somalia, Sudan, Syria, Ukraine, Venezuela, Yemen, or Zimbabwe ("Prohibited Jurisdictions").
The Company reserves the right to technically restrict the access to the User Interface and the content providedthereon based on your geographical location.
2. Chi Protocol
2.1 Overview
The Chi protocol ("Chi Protocol") is a permissionless and autonomous blockchain protocol that allows users ("Users") to mint the stablecoin USC ("USC") which aims to be the most capital-efficient, trustless and censorship-resistant stablecoin. USC is algorithmically pegged to the US dollar and maintains its peg by the Chi Protocol's autonomous dual algorithmic stability mechanism ("Dual Stability Mechanism").
To mint USC, Users can transfer Lido's Staked Ether (stETH), ETH, wrapped Etherfi ETH (weETH), wrapped ETH (wETH) [MK3] to the Chi Protocol's reserve smart contract ("Reserve Contract"). The assets in the Reserve Contract ("Reserve") are utilized by the Dual Stability Mechanism to stabilize the peg the US dollar. The Reserves belong to the Chi Protocol and are neither held by the Protocol in the name nor for the account of the Users. The Chi Protocol does not hold deposits in the form of a legal claim and does not act in any fiduciary capacity.
2.2 Chi Protocol Is Not Operated by the Company
You understand and acknowledge that when you interact with the Chi Protocol via the User Interface or in any other way, you are not interacting with the Company, but directly with the Chi Protocol's smart contracts.
The Chi Protocol's smart contracts are immutable and fully autonomous, meaning that they have no centralized operator and do not rely on off-chain components. However, there are certain parameters that can be modified by the holders of the Chi Token which serves as the governance token of the Chi Protocol ("CHI").
The Company does not participate in the governance of the Chi Protocol, does not control the Chi Protocol and the Reserve Contract, does not act as a counterparty to the minting, staking and locking transactions described herein, and does not own, control or distribute the Reserve and the Protocol Rewards (as defined below). The Company does further not store, send, or receive your digital assets when you interact with the Chi Protocol.
The Company does not assume any responsibility or liability for the functioning and operation of the Chi Protocol, including its individual smart contracts, the algorithmic peg to the US (as defined below).The Company further makes no representations, warranties or covenants with respect to the Chi Protocol, including with regard to its technical properties and/or characteristics or performance, or its actual or potential usefulness or suitability for any particular purpose.
2.3 Staking
Holders of USC and of CHI can stake their USC and CHI on the Chi Protocol to receive rewards from the Chi Protocol ("Protocol Rewards"). Users may also stake tokens they receive from providing liquidity in the form of CHI or USC to certain third-party liquidity pools ("LP Tokens") to receive Protocol Rewards. Users may unstake their staked USC, CHI and LP Tokens from the Chi Protocol at any time following the termination of the lock period.
The Staking Rewards come from third-party arbitrageurs who are incentivized by the Dual Stability Mechanism to continuously trade USC, thereby maintaining the peg of USC to the US dollar, or from the Chi Protocol's autonomous organization ("Chi DAO").
2.4 Locking
Holders of USC and CHI can lock their USC and CHI on the Chi Protocol to receive rewards in the form of CHI ("Protocol Rewards"). Users may also lock tokens they receive from providing liquidity in the form of CHI or USC to certain third-party liquidity pools ("LP Tokens") to receive Protocol Rewards. Users may unlock their locked USC, CHI, and LP Tokens from the Chi Protocol at any time.
The Locking Rewards come from third-party arbitrageurs who are incentivized by the Dual Stability Mechanism to continuously trade USC, thereby maintaining the peg of USC to the US dollar, or from the Chi Protocol's autonomous organization ("Chi DAO").
3. User Interface Features
3.1 Overview
The User Interface serves as a graphical user interface that provides an easy way to access to and interact with the Chi Protocol. The Company reserves the right to remove features from the User Interface or to discontinue the operation of the User Interface in its entirety at any time without prior notice.
3.2 No Dependency on User Interface
Since the Chi Protocol is running on the Ethereum blockchain, it can be accessed at any time via other user interfaces or by using smart contract frameworks such as Hardhat, Brownie or Truffle ("Frameworks"). This means that usability of and accessibility to the Chi Protocol does not depend on the Company or the availability of the User Interface.
3.3 Display of Network Information
When you visit the User Interface, the User Interface will display various publicly available information that is related to the Chi Protocol, such as the following ("Network Information"):
- the estimated value of USC, ETH, CHI, and the Reserve (in US dollars);
- the estimated value of the circulating supply of USC (in US dollars);
- Estimated amount of Protocol Rewards distributed by the Chi Protocol, including the upcoming distribution cycle;
- the amount of staked tokens; and
- information regarding locked tokens
The Network Information is automatically sourced from validator nodes of the Ethereum Blockchain via application programming interfaces (APIs) and displayed for informational purposes only. The Company does not assume any responsibility for the accuracy, completeness or actuality of the Network Information and shall not be liable for any claims or damages related to errors, inaccuracies, or delays in the display of the Network Information or any decisions, transaction, acts or omissions that you make in reliance thereon.
3.4 Chi Protocol Interaction
3.4.1 Connecting Wallet to User Interface
In order to interact with the Chi Protocol, you must first connect one of the third-party wallets listed under the "Connect" tab ("Wallet") to the User Interface. Wallets store and manage the private keys to the blockchain addresses that were created with the Wallet or manually imported into the Wallet. As these Wallets store the private keys which are required to sign transactions on-chain, they can be used to execute transactions and publish them to the Ethereum blockchain.
When you connect a Wallet, the User Interface will ask for permission to send Sign Requests (as defined in Section 3.4.2 below) to the Wallet. During this process, your Wallet will show the blockchain addresses managed by your Wallet that can be connected to the User Interface. You can modify these permissions at any time in the settings of the Wallet. Please note that you can only interact with blockchain addresses that are both managed by the Wallet and connected to the User Interface.
The use of Wallets is subject to the terms and conditions of the respective provider. The Company has no control over the blockchain addresses that are managed by your Wallet and connected to the User Interface and no ability to access any assets that are held thereon. You are solely responsible for the security of the Wallet as well as the corresponding private keys and passwords. The Company does not assume any responsibility for the connected Wallets, regardless of whether or not they are used to effectuate transactions and shall not be liable for any damages arising out of or related to your use of the Wallets or your inability to connect or use the Wallets to execute transactions.
3.4.2 Sign Requests
Once you have connected a Wallet to the User Interface, you can use the User Interface to initiate transactions from your blockchain address by generating standardized transaction messages ("Sign Requests").
Sign Requests that are generated on the User Interface are sent to the connected Wallet(s) for approval. To complete the transaction, you must approve the Sign Request by signing the transaction with the connected Wallet(s). The User Interface will then display whether the transaction was successful and inform you once it is finalized.
Transactions that are signed with your Wallet are executed on the Ethereum Network without any involvement of the Company. The User Interface does not execute transactions on your behalf and does not control the execution of transactions initiated by you. You are fully responsible for all inputs you make while using the User Interface.
3.4.3 Gas Fees
All interactions with the Chi Protocol, regardless of whether they are initiated on the User Interface, require the payment of a transaction fee ("Gas Fee") which is paid to the validators of the Ethereum blockchain. The Gas Fee required to execute a transaction depends on the activity on the Ethereum blockchain and is entirely outside of the control of the Company. By using the User Interface to generate Sign Requests for interactions with the Chi Protocol, you acknowledge and agree that the Gas Fees paid are non-refundable under any circumstances. [MK5]
4. Intellectual Property Rights
While the rights in the User Interface are held by the Company, the Company has published the source code of the User Interface ("User Interface Code") on its public GitHub repository and released it under the MIT open-source license. You are free to use the User Interface Code to create another User Interface for any other purpose.
5. Disclaimers & Limited Warranty
The Company does not guarantee that the User Interface is free from defects, errors, bugs, and security vulnerabilities or that it will be available at any time. The access to and use of the User Interface is made at your own risk. The Company gives no assurance that any functionalities of the User Interface will satisfy your requirements, provide the intended results, meet any performance or reliability standards. You understand and agree that the User Interface is provided on an "as is" and "as available" basis and that the Company expressly disclaims all warranties or conditions of any kind, whether express, implied, statutory or otherwise.
6. Limitation of Liability
The liability of the Company is limited to direct damages arising out of acts of intent and gross negligence. Any liability for indirect damages or consequential damages, including loss of profit, and/or damages arising out of negligent conduct, is expressly excluded.
7. Privacy Notice and Cookie Declaration
Please see our Privacy Notice to understand how we collect and use and disclose your personal data as well as our Cookie Declaration to understand how we use cookies and how you can change your consent to their use.
8. Miscellaneous
8.1 User Feedback
The Company appreciates and encourages you to provide feedback to the User Interface. If you provide feedback, you agree that the Company is free to use it and may permit others to use it without any restriction or compensation to you.
8.2 Tax Considerations
It is your sole responsibility to seek relevant tax advice to comply with any applicable tax obligations in whichever jurisdiction and to measure the tax impact of the use of the User Interface and the use of the features offered thereon.
8.3 Entire Agreement and Severability
These Terms contain the entire agreement between the Company and the Users regarding the subject matter hereofand supersedes all understandings and agreements whether written or oral. If any provision of these Terms is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other provision of these Terms or invalidate or render unenforceable such provision in any other jurisdiction. Upon such determination that any provision is invalid, illegal, or unenforceable, these Terms shall be modified to effectuate the original intent of the Parties as closely as possible.
8.4 Governing Law and Jurisdiction
These Terms shall be governed and construed in accordance with the substantive laws of Switzerland. The application of the United Nations Convention on Contracts for the International Sale of Goods shall be excluded. Any dispute arising out of or in conjunction with these Terms shall be submitted to the exclusive jurisdiction of the ordinary courts of the city of Zug, Switzerland.
8.5 Class Action Waiver
To the fullest extent permitted by any applicable law, you waive your right to participate in a class action lawsuit or a class-wide arbitration against the Company or any individual or entity involved in the operation of the User Interface.
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