Term and Condition
Effective Date: August 1st, 2024 Last Updated: Augest 16th, 2024
Welcome to Flaex.io. By accessing, using, or participating in any services provided by Flaex.io (the "Platform"), you acknowledge and agree to comply with and be bound by these Terms and Conditions (the "Terms"). If you do not agree to these Terms, you are prohibited from using the Platform and must discontinue use immediately.
1. Definitions
In these Terms and Conditions:
"Flaex.io," "we," "us," or "our" refers to Flaex, the operator of this decentralized perpetual exchange platform.
"User," "you," or "your" refers to any individual or entity accessing or using the Platform.
"DEX" refers to Decentralized Exchange.
"Perpetual Contracts" refers to the derivative contracts that allow users to speculate on the price of assets without an expiration date.
"Capital Providers" are users who deposit assets into the liquidity pool to earn yield.
"Yield" refers to the return generated by capital providers for providing liquidity.
"Trading Fees" are the charges applied for transactions and services on the Platform.
2. Eligibility
By accessing and using the Platform, you represent and warrant that:
You are at least 18 years old or the legal age of majority in your jurisdiction.
You have full legal capacity to enter into these Terms.
You comply with all applicable laws, regulations, and restrictions within your jurisdiction, including cryptocurrency and financial trading regulations.
You are not a resident or citizen of any country or territory where cryptocurrency use or DEX trading is restricted or banned (e.g., U.S. citizens or residents of countries on sanction lists).
3. Services Offered
Flaex.io offers decentralized perpetual trading services. Below is a detailed breakdown of the key features:
3.1 Perpetual Contracts
Flaex.io provides decentralized perpetual contracts allowing users to trade without expiration dates.
Positions can be held indefinitely, subject to proper collateralization, without liquidation penalties common in other platforms.
3.2 Native Yield
Capital Providers on Flaex.io can earn between 6% to 18% annualized yield, depending on market conditions, asset liquidity, and overall platform volume.
Yield is generated via a combination of trading fees, interest earned through the platform’s lending mechanics (similar to Aave), and additional protocol rewards.
Yield is not guaranteed and may fluctuate based on liquidity demand, trading activity, and other external factors. Past performance does not predict future results.
3.3 Low Fees
Flaex.io charges three times lower trading fees compared to competitors such as GMX.
Fee breakdown includes:
Trading Fees: A nominal fee on every trade, subject to change based on market activity.
Liquidation Fees: Only applicable if a user's collateral drops below maintenance margin requirements.
Withdrawal Fees: Minimal fees for withdrawing liquidity or rewards from the platform.
Users are responsible for any network fees (gas) incurred when interacting with smart contracts on the blockchain.
3.4 Unique Trading Model
Flaex.io’s architecture combines Uniswap’s flash-swap functionality and Aave’s lending protocols, enabling users to earn passive yield without needing to actively manage positions.
This model mitigates common issues such as high trading fees, liquidations, and low liquidity.
4. Risk Disclosure
Trading on Flaex.io involves significant risks. You should not use the Platform unless you are fully aware of the risks involved, including but not limited to:
4.1 Market Risk
Cryptocurrency and perpetual contract markets are highly volatile, and prices can change rapidly. You may experience significant gains or losses.
Liquidity levels and price slippage may affect trade execution.
4.2 Liquidity Risk
Flaex.io's liquidity pools are subject to the availability of assets provided by Capital Providers. There may be times of low liquidity, which could impact the execution of trades or withdrawals.
4.3 Smart Contract Risk
The Platform operates on decentralized smart contracts. There is no centralized control or guarantees. Any malfunction, exploit, or bug in the smart contract code could result in partial or total loss of assets.
4.4 Yield Risk
Yield returns are variable and may decrease over time. Flaex.io does not guarantee a minimum or fixed yield, and capital providers may experience periods of low or no yield.
4.5 Regulatory Risk
Cryptocurrency regulations vary by jurisdiction and may be subject to changes that impact the legality of using Flaex.io or the tax obligations related to trading activities.
5. User Responsibilities
By using Flaex.io, you agree to the following responsibilities:
5.1 Wallet and Security
Flaex.io operates without custodial control over user assets. You are responsible for securing your own wallet, private keys, seed phrases, and authentication credentials.
Flaex.io will not be responsible for any loss or unauthorized access resulting from user negligence or third-party breaches.
5.2 Compliance with Laws
Users are required to ensure that their participation on Flaex.io complies with all applicable laws in their jurisdiction, including tax obligations, reporting, and regulatory requirements.
5.3 Prohibited Activities
Engaging in illegal activities, including but not limited to fraud, money laundering, terrorist financing, or market manipulation, is strictly prohibited.
Users must not use the platform for unauthorized access, denial of service attacks, or other malicious activities that harm the integrity of the platform or its users.
6. Fees and Charges
Fees charged by Flaex.io include, but are not limited to:
Trading fees: Collected as a percentage of each trade and may vary based on market conditions.
Withdrawal fees: Fees for withdrawing funds or assets from the platform.
Liquidation fees: Charged if a position is liquidated due to insufficient collateral.
Flaex.io reserves the right to adjust the fee structure, which will be communicated via the platform or official announcements. It is the user’s responsibility to stay informed about applicable fees.
7. Limitation of Liability
To the maximum extent permitted by law, Flaex.io and its affiliates, employees, or partners shall not be liable for:
Loss of funds, profits, or any other financial damages arising from your use of the Platform.
Technical issues, delays, or disruptions in platform access caused by network congestion, external cyber-attacks, or third-party service interruptions.
Unauthorized access to your account due to your failure to maintain adequate security for your private keys or access credentials.
8. Privacy Policy
Flaex.io is committed to protecting your privacy. The Platform may collect and store non-personally identifiable data for the purposes of improving user experience, security, and compliance with applicable laws. Personal data, if collected, will be handled in accordance with our Privacy Policy, which is available Privacy Policy.
9. Amendments to the Terms
Flaex.io reserves the right to amend or update these Terms and Conditions at any time. Amendments will be effective immediately upon posting to the Platform or official communication channels. Users are encouraged to regularly review these Terms, and continued use of the Platform constitutes acceptance of the amended Terms.
10. Governing Law and Dispute Resolution
These Terms and Conditions are governed by and construed in accordance with the laws of Singapore. Any disputes arising out of or related to these Terms or your use of the Platform shall be settled through arbitration in Singapore.
11. Contact Information
For any inquiries, support, or questions regarding these Terms, please contact us at [email protected] or visit our Support Team at https://discord.gg/flaex.
Last updated