Terms of Service
Article 1 Objective and Application Scale
These Terms of Service aim to define the rights and responsibilities of the User and the Service Provider, WEMIX PTE. LTD. (hereinafter referred to as the "Company"), in relation to any service (as specified in Article 2, Section 1, henceforth known as "EKONOMY") offered by the Company. The terms apply to the use of the Company's services provided via third-party websites or platforms.
By utilizing EKONOMY, you affirm that you are a legally competent adult, able to use the Services, and that you have fully read, understood, and agreed to these Terms of Service. If you lack legal capacity to use the Services or disagree with these Terms of Service, you must discontinue all access to and use of the Services.
In employing EKONOMY, you acknowledge and agree that all services may be subject to discontinuation or modification at any time, based on changes in the blockchain network, technology, environment, and other related factors. By using EKONOMY or services directly associated with EKONOMY, you are considered to have consented to the stipulations outlined in this document.
Article 2 Definition of Terms
In these Terms, the following definitions apply:
"EKONOMY" refers to the services provided by KLEVA(KLEVA.io), Kurrency(kurrency.io), and Konverter(konverter.finance). These services include:
KLEVA, a DeFi protocol that primarily offers Leveraged Yield Farming opportunities
Kurrency, a DeFi protocol that primarily issues crypto dollars based on Collateralized Debt Positions (CDPs).
Konverter, a DeFi protocol that primarily offers swap services and investment opportunities through liquidity provision and staking.
"User" or "Member" refers to any individual utilizing EKONOMY services such as KLEVA, Kurrency, and Konverter by connecting wallets such as Metamask, Kaikas, or Klip.
"Wallet" refers to an online service for digital asset self-management, accessed via web or application.
"Digital Assets" refers to all blockchain-based digital data, which includes, but is not limited to cryptocurrencies, game tokens, coins, Non-fungible Tokens(NFTs), and other digital assets created using blockchain technology.
"Cryptocurrency" refers to coins (cryptocurrencies issued based on independent blockchain network mainnet) and tokens (cryptocurrencies issued on a mainnet such as a public chain, not having an independent blockchain network mainnet), both developed using blockchain technology.
"Non-fungible Token (NFT)" refers to a unique digital asset on a blockchain, which cannot be replaced by another token.
"DeFi (Decentralized Finance)" refers to financial service that are executed on blockchain network without involving centralized financial institutions. Examples of DeFi including KLEVA, Kurrency and Konverter.
"Leveraged Yield Farming“ refers to service that provides users with transaction fee as reward for depositing pair of tokens on Decentralized Exchanges(DEX) with leverage.
"CDP(Collateralized Debt Position)" is a strategy where the amount of crypto dollars that can be minted depends on the collateral supplied by user.
"Crypto Dollar" is a type of cryptocurrency pegged to a specific value, and minted based on CDP via Kurrency.
"Swap" refers to the act of exchanging one form of cryptocurrency for another.
"Liquidity Provision" is the process by which users provide their asset as liquidity to the market. Liquidity Provision is critical for maintaining market stability and smooth swap condition.
"Staking" is the act of depositing cryptocurrency into a specific protocol in exchange for rewards.
Article 3 EKONOMY
The Company offers a variety of services which may include purchasing, trading or exchange contents. To interact with our Staking and Swap Services, a user must have a registered wallet of Metamask, Kaikas or Klip. Product or service information listed in EKONOMY are subject to change at all times.
1. Service-specific Detailed Feature Guide Terms
Prior to using EKONOMY, please carefully read Terms of Service. Proper use of Service and precaution will be provided for user. Digital assets may be required for use of some services and fees may occur depending on the service use. When the user uses the Service, please be aware that the user agrees to the precautions, detailed guide terms and more, that the Service provides. Due to the characteristics of blockchain technology, used digital assets, such as transactions occurred with purchase, cannot be returned.
2. KLEVA, Kurrency, Konverter
KLEVA, Kurrency, and Konverter are services that allow digital asset holders to utilize Decentralized Finance.
KLEVA provides Deposit service where users can earn reward by staking digital asset or depositing into Pool, Leveraged Yield Farming service where users can invest with leverage for greater reward, Dashboard service that provides digital asset status, My Asset service that provides status of each user’s digital asset, and more.
Kurrency provides WCD mint service where members can mint WCD by providing their digital assets as collateral, WCD Earn service that provides reward for depositing WCD, PSM service that allows users to exchange WCD for certain digital assets, and Dashboard service that provides digital asset status.
Konverter provides Liquidity Provision service where users can earn reward by depositing digital asset to Pool, Swap service that allows users to exchange digital asset to another, and Dashboard service that provides status of digital asset on Konverter.
Users can expect rewards by freely participating and using the services. When user participates in Company’s Service, it is deemed that the user agrees that the Company provides financial service using the user’s digital asset. Service is optional and user can reject or suspend the service anytime. Some services can receive rewards using digital assets and may receive a specified penalties when canceling currently participating service. The Company, in any circumstances, does not guarantee the value fluctuation of digital asset of services provided in Service. Expected rewards of Service may occur according to rules such as blockchain contract etc. The Company, under fixed conditions, may change or suspend Service content by enacting or reforming the ‘Company’. The Company may provide detailed content about Service use at separate service page. When using the Service, user agrees that each service content may change according to blockchain network, technology, and environment etc. It is deemed that user agrees to the Terms of Service specified in this document when using the service directly connected to the Service. THE TAX TREATMENT OF DIGITAL ASSET TRANSACTIONS IS UNCERTAIN, AND IT IS THE USER’S RESPONSIBILITY TO DETERMINE WHAT TAXES, IF ANY, ARISE FROM THESE TRANSACTIONS. USERS ARE SOLELY RESPONSIBLE FOR REPORTING AND PAYING ANY APPLICABLE TAXES ARISING FROM COMPANY’S SERVICE AND ALL RELATED TRANSACTIONS, AND ACKNOWLEDGE THAT THE COMPANY DOES NOT PROVIDE INVESTMENT, LEGAL, OR TAX ADVICE TO A USER IN CONNECTION WITH SUCH ELECTION TO PARTICIPATE. USERS SHOULD CONDUCT THEIR OWN DUE DILIGENCE AND CONSULT ADVISORS BEFORE MAKING ANY INVESTMENT DECISION INCLUDING WHETHER TO PARTICIPATE IN SERVICE AND RELATED TRANSACTIONS.
Article 4 Use of EKONOMY Service
1. Terms of Service : Validity and Amendments
The Company, if deemed necessary, can modify these Terms of Service to the extent that it does not violate the relevant laws and regulations. Any modified contents shall be announced or notified by Company via electronic methods, including, but not limited to : electronic notice in the Service or pop-up message. Please note that a user acknowledges and accepts that these Terms of Service and/or the Service may be amended, modified, or altered at any time without a notice at discretion of the Company.
If a user does not agree to the revised Terms of Service, the user may terminate the Service Agreement through discontinuation of use of Service at any time. Continued use of the Service after any modifications of these Terms of Service shall constitute the user or members consent and acceptance of any such changes, modifications, or alterations. The date of the most recent modifications will be indicated at the top of these Terms of Service.
2. User’s Consent and Negligence
By using the Company’s Service, user agrees with following conditions under applicable law :
User has all necessary knowledge to deal with digital items and/or Blockchain-based systems, have a full understanding of their framework, are aware of all the merits, risks and any restrictions associated with digital assets.
User will neither use the Service for any illegal activity nor shall be engaged in any illegal activity.
User solely controls their credentials(private key, password or other information provided for the purpose of the Service use) and does not act on behalf of any third party.
To provide better Service, the Company may display in the Service Page or send out via email various information including notices, admin messages and other advertisements regarding use of the Service. If a user does not wish to receive such email, please contact our community channel
3. Warranty
THE SERVICE MAY CONTAIN CONTENTS OF THE COMPANY’S PARTNERS AND/OR LINKS TO THIRD-PARTY WEBSITES AND SERVICES. SUCH SERVICES AND/OR LINKS ARE PROVIDED FOR USERS’ CONVENIENCE, AND THE COMPANY DOES NOT GUARANTEE, SUGGEST OR IMPLY THE SAFETY OF ANY THIRD-PARTY WEBSITE OR THE LEGALITY OR CONFORMITY OF ANY SUCH THIRD-PARTY SERVICE.
THE COMPANY IS NOT RESPONSIBLE FOR MAINTAINING ANY MATERIALS REFERENCED FROM ANOTHER SITE, AND MAKES NO WARRANTIES, NOR ENDORSEMENT FOR THAT SITE OR RESPECTIVE SERVICE. THE COMPANY ASSUMES NO OBLIGATIONS IN THE EVENT OF ANY DAMAGE OR LOSS, OR ANY OTHER IMPACT, DIRECTLY OR INDIRECTLY RESULTING FROM THE USE OF ANY CONTENT, GOODS OR SERVICES AVAILABLE ON OR THROUGH ANY SUCH THIRD-PARTY SERVICES AND RESOURCES. PLEASE ALSO NOTE THAT THESE SERVICES MAY HAVE THEIR OWN POLICIES. THE COMPANY IS NOT RESPONSIBLE NOR LIABLE IN ANY WAY TO YOU OR ANY THIRD PARTY IN RESPECT OF THOSE POLICIES.
4. Updates
The Company may deploy or provide patches, updates, upgrades, content or other modifications to the Services for reasonable purposes. These updates may result in the Services being temporarily unavailable. In certain circumstances, we may suspend, withdraw or disable the Service for longer periods while we deploy these updates. Service suspension due to any of the causes shall be notified or announced through pop-up message from the Service. Any causes that the Company is unable to predict, nor control shall be an exception of prior notification or announcement. However, even for such exceptional causes, the Company shall exert its utmost effort to recover the Service at the earliest possible time.
5. Naming Policy
Naming Policy is applicable to all names selected by users in communities and dashboards provided by the Company. Generally, all IDs can be created without any restriction. However, the names that violate the naming policy shown below can be arbitrarily suspended or deleted at the sole discretion of the Company.
Any form of name that is offensive to others (including, but not limited to, abuse, slander, criticism, violent words)
A name that is anti-social and contrary to applicable laws
A name related to illegal activities
A name that slanders or defames specific group, race or religion
A name that may invade the trademark rights of other third parties
A similar name that impersonates another user
A name deemed to have advertising intent (including the purpose of promotion and profit of a specific organization)
A name related to Service or Company, including EKONOMY(A name that may mislead service provision of the Company.)
A name that slanders or defends a specific politician or political party.
Other names that may impede healthy Service operation.
The Company may take prompt action in accordance with the Naming Policy on names that may not be on the list above, but may cause discomfort to other users.
6. Fraud Policy
Fraudulent activity within the service refers to any activity that intentionally deceives other users for profit. The Company may restrict fraudulent users to create a healthy EKONOMY Service environment. Recovery measures for damages incurred by fraudulent activity are not provided, for such damage is caused by personal carelessness and negligence.
7. Account Theft Policy
Account theft refers to any activity that damages a member's account information (including, but not limited to, private key, recovery phrase, asset, etc.) by extortion of information registered in the account.
Account theft is a violation of applicable laws and regulations, and the Company is not responsible for any civil or criminal actions that may occur internally or externally to users in such violation. In addition, if it is confirmed that the personal information of another user has been used illegally without consent of the user, the use of Service of all accounts related to account theft may be restricted.
IN THE CASE OF ACCOUNT THEFT, RECOVERY MEASURES FOR INCURRED DAMAGES ARE NOT PROVIDED, FOR SUCH ACCOUNT THEFT IS FULLY ATTRIBUTABLE TO THE USER WHO HAS FAILED TO FULFILL OWN OBLIGATION TO PROTECT PERSONAL INFORMATION.
8. Failure Recovery Policy
Digital assets that have been lost due to technical errors or bugs while using the Service will be recovered to the extent to which the Service is not overwhelmed, after record confirmation. However, changed data attributed to personal carelessness and negligence of the user cannot be recovered.
9. Protection and Use of Personal Information
The Company, pursuant to the related law, strives to protect user’s personal information, and complies with the related law and Company’s Privacy Policy regarding protection and use of Personal Information. On the contrary, excluding the Service provided by the Company, the Company’s Privacy Policy does not apply to the linked services and such linked services are bound to the service provider’s Privacy Policy.
Pursuant to the characteristics of the Service, introductory information which are irrelevant to the user’s personal information may be disclosed.
The Company does not provide user’s personal information without consent of the account holder unless requested by the national institutions to abide by the related law.
The Company is not responsible for damage done with exposure of personal information due to attributable reasons of the user.
Article 5 Obligations of Contracting Parties
1. The following activities are prohibited
When using the Service, the User must refrain from each of the following actions:
Misappropriating other users' wallet addresses and private keys or using them inappropriately.
Posting explicit material in publicly accessible areas such as the company's community spaces, or linking to explicit websites.
Infringing upon the Company's or a third party's rights, including copyrights.
Actions that cause malfunction of service-related equipment, or lead to the destruction or confusion of information.
Collecting, storing, or disclosing other users' personal information.
Distributing false information with the intent of obtaining financial benefits for oneself or others, or causing harm to others.
Transmitting or posting information, including computer programs, that is prohibited by applicable laws and regulations.
Impersonating an employee or administrator of the Company or an affiliate, or misappropriating the identity of another.
Engaging in other illegal activities or actions that disrupt the operation of the Service.
The user bears the responsibility for managing and safeguarding all personal data related to the service, including but not limited to private keys, private key passwords, and secret phrases (collectively referred to as "generated information"). Users must not permit third parties to use this information.
If the user's generated information is stolen, leaked, lost, or damaged, the Company is unable to provide any assistance due to the inherent nature of the decentralized service.
If the user loses access to the generated information and has not stored a backup, leading to loss of access to all relevant digital assets, the user assumes sole responsibility for any resulting consequences. The Company is not liable for such circumstances.
Lost digital assets cannot be recovered.
If a user fails to comply with applicable laws, the terms of the Company, or any policies, the Company reserves the right to investigate the breach. The Company may temporarily or permanently suspend the user's access to the service as a result.
Inappropriate or unjustifiably use of other user’s wallet address and private key.
Upload lewd materials, disparaging or inappropriate materials, or connect (link) such websites on community or any public space of the Service.
Violate or infringe other rights of the Company or a third-party including copyright.
Cause malfunction of equipment, and/or destroy and disrupt information related to the Service.
Collect, store and/or disclose other user’s personal information.
Circulate false information to provide oneself or others with proprietary benefits, or to damage others.
Publish any information (including computer program) prohibited by the relevant laws and regulations.
Impersonate any officer or administrator of the Company or Partners, or illegally use another user’s name.
Other Illegal acts or any act that impedes operation of the Service.
The management and responsibility of protection of the private key, private key password, and recovery phrase (collectively “generated information”) related to the Service, such as digital asset transfer, swap etc. is with the user. It should not be used by a third party.
If the user’s generated information has been stolen, exposed, lost, or damaged, the Company can’t provide any help as per characteristics of decentralized service
If the user has lost an access to their generated information and did not separately save it in the backup and lost access to all previously accessed digital asset, the responsibility of such result is solely with the user and acknowledge and agree that the Company is not responsible for it.
The lost digital asset cannot be returned.
Unless a user abides by the relevant laws and regulations, these Terms of Service and all policies of the Company, his/her use of the Service and online activities may be investigated; his/her use of the Service may be temporarily or continuously suspended.
2. Suspension on Use of Service
| Activity | Description | Level of Penalty | Level of Penalty | Level of Penalty | Level of Penalty |
|---|---|---|---|---|---|
1st | 2nd | 3rd | 4th | ||
Contents Abuse / Use of Bug | The act of seriously impacting the system and EKONOMY Service operation through abusing abnormal contents and bugs in EKONOMY Service | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Inappropriate Chat | Abusive language / Spamming in chat | Warning | 3 days Account Suspension | 10 days Account Suspension | 30 days Account Suspension |
Inappropriate Chat | Commercial advertising, dissemination of false information, leakage of personal information, antisocial or unethical contents in chat | Warning | 3 days Account Suspension | 10 days Account Suspension | 30 days Account Suspension |
Impersonating WEMIX Team and member of the Company | The act of confusing other users or any such attempt through impersonation | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Fraudulent Activity | The act of deceiving other users to gain improper advantage. Any clearly identified attempt for such purposes | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Account Theft | Accounts that have traded or hold assets reported for account theft | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
False Report | The act of falsely reporting account theft and fraudulent activity/defective users with false information | 10 days Account Suspension | 30 days Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Naming | The act of creating name/ID in WEMIX Service that includes : content that is contrary to the applicable laws and social order, abusive language and obscenity | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Use and Dissemination of Illegal Programs | The act of impacting WEMIX through use of illegal programs and software/hardware not provided by WEMIX Service. Any clearly identified dissemination of method for such act | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Abnormal Service Access | Abnormal access confirmed by monitoring and system | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension | Permanent Account Suspension |
Interfering with Operation and Use of Service | Any act of disregarding warnings of the Company or interfering with WEMIX Operation | 3 days Account Suspension | 10 days Account Suspension | 30 days Account Suspension | Permanent Account Suspension |
Interfering with Operation and Use of Service | Any act not listed above, that deliberately/repetitively interferes with Service Use of other users by abusing WEMIX PLAY contents | 3 days Account Suspension | 10 days Account Suspension | 30 days Account Suspension | Permanent Account Suspension |
The application of the above suspension may be adjusted at the discretion of the Company depending on the nature of each case.
In the case of violations of multiple policies, the highest penalty of the violations, or the aggravation of penalties can be applied.
Second or higher levels of penalty may be applied to users who are conducting uncivil behaviors in EKONOMY or interfering with the order of the Service.
IN CASES THAT ARE NOT SPECIFICALLY STATED IN THE ABOVE SUSPENSION, IF AN ACT IS DETERMINED TO CAUSE/POSSIBLY CAUSE SERIOUS ISSUES IN/OUTSIDE OF EKONOMY, THE USE OF THE SERVICE MAY BE RESTRICTED IN ACCORDANCE WITH THE COMPANY’S TERMS OF SERVICE
3. Use Restrictions in High-Risk regions
To prevent illegal activities, including money laundering, while using EKONOMY Services, the Company reserves the right to designate high-risk regions in accordance with international guidelines such as OFAC Sanctioned Countries, and restrict access to EKONOMY Services in those regions. The following regions have been designated as high-risk regions and access to EKONOMY Services is restricted in those regions. This list may be subject to change to comply with international guidelines or regulations.
Cuba, Iran, North Korea, Russia, Syria, Belarus, Burma(Myanmar), Central African Republic, Congo, Ethiopia, Iraq, Lebanon, Libya, Sudan, Venezuela, Yemen, Zimbabwe
Article 6 Copyright
1. Property of Copyright
The copyright and the other intellectual property of the entire EKONOMY and contents in the Service made by the Company belongs to the Company.
The user must not use information belonging as an intellectual property of the Company or a provider acquired during service use provided the Company by replicating⋅transmitting etc. (includes editing, publishing, performing, distributing, broadcasting, writing derivative content etc.) for profit or make other use it without prior consent by the Company or the provider.
The Company, with the below methods and conditions, permits the user to use communication, image, sound, and all materials and information (the “User Contents”) including chat texts related to the Service or displayed in the Service uploaded or sent by other user through the Service.
Using, changing in form of editing and modifying such User Contents (can be used in any kind of form such as publicating, replicating, performing, transmitting, distributing, broadcasting, writing derivative content etc. and has no restriction of use period or location)
Shall not do acts such as selling, renting, and transfering User Contents for the purpose of trading without prior consent of the user who created the User Content.
The Company, with its discretion, can delete or transfer posts uploaded or submitted in community or dashboard of the Company by the user without prior notice if it is confirmed as a violation of Article 5 Obligations of Contracting Parties and may reject its application.
The user whose profit has been invaded legally due to posted information in community, bulletin operated by the Company can submit a deletion of such information or refutation to the Company. The Company shall promptly act with necessary action and notify the applicant.
2. Obligation of the User
The user can not replicate, transmit, distribute, use the Service or all materials included without written prior consent of the Company and can not use the Service or all materials included for the commercial purpose of an individual. Thus, the user can not lease, sell below license, transfer the Service or inclusive materials. The user is prohibited from deleting, hiding, or editing content, property, intellectual property or any or all rights related to the Service.
During use of the service, the user must not display the third party’s product or the Service such as the Company or third service provider’s name, brand, etc or have the same display with the third party’s business or generate or use similar display.
This article remains in effect during the service operation of the Company and applies constantly after end of service use.
Article 7 Indemnification and Immunity
1. Indemnification for Damage
The Company or user have a responsibility to indemnify the damage if one violates the terms and does damages to the other party unless it was intentional or negligence. If the Company signed a partnership with a separate service provider and provides the separate service to the user or the user agrees with the terms and conditions of this separate service and if the separate service provider does damage to the individual with intention or by negligence, the separate service provider has responsibility for the damage occurred.
2. Company’s Immunity
The Company is not responsible for not being able to provide service due to natural disaster or force majeure of such level.
The Company is not responsible for damages caused by other reasons such as remuneration, replacement, regular inspection, and construction of service facilities unless it was the company's intentional or negligence.
The Company is not responsible for the failure of using the service due to the intentional or negligence of the user or member unless the user has an inevitable or legitimate reason.
The Company is not responsible regarding the reliability and accuracy of information and data etc. published by the user in relation to the service unless intentional or with negligence.
The Company is not obliged to intervene in transactions or disputes caused by the user or others, and is not responsible for damages.
The Company is not liable for damages incurred to the users regarding the use of the services provided. Unless, it is the company's intentional or negligence.
The Company is not responsible when users did not earn expected profit or loss while using the Service.
The Company is not responsible for the price fluctuations of digital assets etc. of the user.
The Company is not responsible for issues occurring with personal information management such as private key, recovery phrase etc. due to negligence of the user.
The Company is not responsible if the function of the service cannot be used due to changes in electronic devices such as PCs and mobile devices, changes in mobile number, changes in the operating system (OS) version, changes in overseas roaming, and telecommunications company, unless it is the company's intentional or negligence.
The Company is not responsible if the user or the member deleted the account information provided by the Company, unless it is the company's intentional or negligence.
The Company is not responsible for the loss occurred during the service use by a guest who is not a member, unless it is the company's intentional or negligence.
Article 8 Others
1. Governing Law and Jurisdiction
These Terms of Service shall be governed by Singapore law and shall be interpreted, governed and construed accordingly. In the event of any disputes arising in relation to these Terms of Service or Privacy Policy, User consents to mutual efforts between the parties to resolve such disputes. User can request resolution of such disputes via email at comms.wekonomy@wemade.com. Should the disputes not be resolved despite such efforts, User further consents to designate the courts of Singapore as the competent court for any disputes or lawsuits.
2. Language
User agrees that even in the event that the translated version of the English Terms of Service is provided, the translated version is provided only for convenience of the user, and solely the English Terms of Service shall apply to the relation between the user and the Company.
In the event of discrepancies between the English Terms of Service and any translated version of the Terms of Service, the English Terms of Service shall be prioritized.
3. Possibility of Separation
If any part of these Terms of Service is found illegal, invalid, or unprecedented in relevant local laws or jurisdictions of related courts, the relevant provisions are abolished and the remaining terms and conditions are continuously valid.
Date of Announcement: June 2, 2023 Effective Date: June 9, 2023
Last updated