ETH 2.0 Staking Vault Service Agreement
Last updated
Last updated
Disclaimer: Translations of any materials into other languages are intended solely as a convenience to the public, but slight differences may exist. The English version is a translation of the original in Chinese and for information purposes only. In case of a discrepancy, the Chinese original will prevail.
The ETH 2.0 Staking Vault Service Agreement (hereinafter referred to as the "Agreement") is a supplement to the user agreement of TP Wallet () (hereinafter referred to as the "Platform"). The user agreement and other terms from this platform continue to apply to all its users. Before you proceed to the next step through this platform, please read carefully and thoroughly understand this agreement. If you proceed to the next step through this platform, or use the platform services in any way, it is deemed that you have carefully read, understood, and agreed to this agreement.
This agreement can be modified, changed, or updated by the platform at any time without prior notice to users. You should check frequently to confirm that your copy and understanding of this agreement are up to date and accurate. After the effective date of any modification, change, or update, if you continue to use any of the services on the platform, it shall be deemed as your acceptance of the newly revised, changed, or updated agreement. All content on this website is provided in multiple languages intended solely as a convenience to the public. The English version is a translation of the original in Chinese and for information purposes only. In case of a discrepancy, the Chinese original will prevail.
Cyptocurrency has a high risk. Eth2.0 Staking Vault only simplifies the staking, and does not encourage or encourage you to purchase eth coins for staking.
1. Definition
1.1. Ethereum (ETH) is a proof-of-work (POW) blockchain network. ETH 2.0, or Ethereum 2.0, is the proof of stake (PoS) version of the Ethereum mainnet, which introduced the sharding technology. It consists of 4 phases, Phase 0 (beacon chain), Phase 1 (sharding), Phase 2 (smart contract), Phase 3 (chain storage), Phase 4 (sharding smart contract), etc.
1.2 Eth 2.0 Staking is the solution to realize the Proof of Stake mechanism of Ethereum 2.0. On Beacon Chain, users are required to stake 32 ETH to become a validator. In Phase 0, validators only need to manage Beacon Chain. Starting from Phase 1, validators need to manage 1024 shards apart from Beacon Chain. Beacon Chain and every shard produce blocks basing on Casper FFG. FFG is a Proof of Stake mechanism that involves penalty (Slashing, i.e. reduce one’s staking) for evil doings on the chain. The 32 ETH staked by validators cannot be withdrawn until Phase 2.
1.3. The ETH 2.0 Staking Vault is a simplified service based on the ETH 2.0 staking system. In the ETH 2.0 Staking Vault, the 32 ETH staking is no longer mandatory, and a unlocking mechanism for the staked ETH is implemented.
1.4. Service fee refers to the fees the platform charges for operating the ETH 2.0 nodes on behalf of users. The platform will charge 15% of the node rewards as a service fee.
1.5. Handling fee refers to the fees the user must pay to the platform when withdrawing the staked ETH.
2. ETH 2.0 Staking Vault rules
In using this platform you are deemed to have carefully read, understood, and agreed to the following terms and conditions:
1. The minimum investment is 0.1ETH and the maximum investment is 32000 ETH. The initial allocation is 32000 ETH.
2. Starting date of the activities, that is, operation of the node on behalf of the user and calculation of rewards, is expected to be on December 7, 2020, and calculation of rewards will start on T+1, that is, users are expected to receive the first batch of staking rewards on December 8.（"T+1" will be used in the calculation of user reward. Users who participated before December 1 are expected to receive their first reward on December 8. Special note: There are too many nodes waiting for activation, and the activation time is estimated to be “T+8”. The specific reward time is related to the node activation time. The earlier you stake, the earlier you get reward.）
3. For users who stake before 22:00, the stake will be recorded as day T’s stake.
For users who stake after 22:00:00, the stake will be recorded as day T+1’s stake and rewards will be generated after 22:00:00 of T+2.
Note: The actual reward time is set by the activation of the nodes. If there are a large number of nodes queuing, it may be rescheduled.
4. After the unstake function is launched, users will only be able to withdraw the stake from phase 1.
For the stakes from phase 2, TP Wallet will adopt other ways to provide a mechanism for the withdrawal of the rewards.
5. The amount of ETH to be withdrawn every day is uncertain, and a certain fee is required to use the withdrawal function.
The ETH received by the end-user = the amount of ETH allowed to withdraw - handling fees of the operation - transfer fees (Gas).
6. TP Wallet will charge 15% of the user's staking rewards as a service fee. The daily rewards that users will receive has already included the 15% service fee.
7. Estimated annual yield: 5% to 20%, and actually determined by the actual stake of ETH 2.0 mainnet.
8. The slash (node penalty) caused by improper operation of TP Wallet shall be borne by TP Wallet.
Slash caused by the official ETH 2.0 node running client or ETH 2.0 contract bugs from official sources are not within the scope of responsibility.
9. The lock-up time depends on the progress of the Ethereum project and has nothing to do with the platform. It is expected to be 1-2 years. Please be aware of the risks.
10. The staking rewards are settled every epoch (theoretically every 6.4 minutes).
11. The platform provides two mechanisms to alleviate the long-term lock-up of the funds.
Liquidity funds: The platform will integrate industry resources and provide a certain amount for early redemption for the users in multiple installments.
● Rewards generated during staking belong to the user. However, after the redemption, the redeemed ETH will no longer generate staking rewards.
● Only the redemption of the principal is supported. Early redemption of staking rewards is not supported.
● The commission for early redemption is related to the redemption time.
● The total amount for the first phase of the liquidity fund is 1000 ETH, and a maximum of 10% of the total amount will be released each day.
On-exchange trading: The ETH staked by users and the rewards can be freely traded on the exchange. ETH participating in pending orders are not eligible.
12. Early redemption fee rate: (0.05 - 0.04 * t/T) * amount
● amount = the total amount of ETH staked by users;
● T = 730 (that is, the total number of days in two years is 365*2), from 2020-12-01;
● t = the number of days the user's ETH has been staked, since December 1, 2020.
t is a theoretical distance, and the actual amount will be determined by the mainnet launch time.
3. Disputes settlement
3.1. If the user loses the private key, mnemonic phrase, password, or leaks the account private key, etc., and loses absolute control of the account, being unable to withdraw or receive rewards, the losses caused shall be borne by the users themselves.
3.2. In the case of appeals for interests that are not covered within the rules, the platform has the right to reject the application if the user does not understand what is ETH 2.0 or fails to read the agreement carefully, which leads to a misunderstanding of the product rules.
3.3. The actual incomes are related to the stake of the ETH 2.0 mainnet and development progress. If a major loophole in the ETH 2.0 mainnet or development stagnation may result in damage or losses to the user, the user shall bear the loss.
4. Liability waiver
4.1. The platform only provides you with ETH 2.0 custodial node operation services. You fully understand the possible risks and flaws of the ETH 2.0 and ETH 2.0 staking mechanism. This platform will guarantee the revenues through the most stable possible node operation service. At the same time, due the long period required for the development of ETH 2.0, there may be a variety of risks, you should be cautious about this.
4.2. Due to the particularity of digital assets, there are strong fluctuations in the price of these assets. They are relatively less used in retail and commercial markets and trading of these assets are extremely risky. They are traded uninterrupted throughout the day and have no restrictions on fluctuations. Prices are susceptible to large fluctuations due to the influence of market makers and global government policies; the losses that may be caused by the price fluctuation of digital assets is the full responsibility of the user.
4.3. It is forbidden to use this platform to engage in all illegal transactions or illegal acts such as money laundering, smuggling, commercial bribery, and any other illegal transactions or activities. If any suspected illegal transactions or illegal acts are found, the platform will take action with various available methods, including but not limited to freezing accounts, notifying relevant authorities, etc. We do not assume any responsibility arising from this behavior and reserve the right to hold relevant parties accountable.
4.5. Digital asset trading is extremely risky and is not suitable for most people. You understand that this investment may result in partial or total loss, so you should decide the amount of investment based on the degree of loss you can bear. You understand that digital assets will generate derivative risks, so if you have any questions, it is recommended to seek the assistance of a financial advisor first. In addition, in addition to the risks mentioned above, there will also be unpredictable risks. You should carefully consider and use clear judgment to evaluate your financial situation and the above risks before making any decision to buy or sell digital assets, and bear all the losses arising therefrom. The platform does not bear any responsibility for this.