This HTX USDe Minting & Rewards User Agreement (“Agreement”) is entered into by and between the HTX Platform (hereinafter referred to as the “Platform”) and you, the user (“User”, “you” or “your”), governing your participation in the USDe Minting and Rewards service (the “Product”). By visiting and logging in to the Platform (including the API, mobile application, and other client devices of the Platform), using the Product, or checking “Read and Agree”, you confirm that you have read, understood, and accepted all the terms and conditions stipulated herein and all the terms and conditions stipulated in the HTX Platform Service Agreement, User Agreement and Privacy Policy. If you do not agree to any of the terms or conditions of this Agreement and/or the aforementioned HTX agreements or the Privacy Policy, please stop visiting the Platform and using the services provided by the Platform and/or the Product. If you continue to visit the Platform and use the services provided by the HTX platform or the Product, you shall be deemed to unconditionally agree to the entire contents of this Agreement and the related HTX agreements and Privacy Policy. This Agreement is written in Chinese. For user convenience, it may be translated into various languages, which are for reference only. However, in case of any discrepancies between the translated versions and the original Chinese version, the Chinese version shall prevail. HTX reserves the right to interpret, modify, or update this Agreement at any time without prior notice.

 

Scope and Application of the Agreement

This Agreement is a supplementary agreement to the HTX Platform User Agreement. In case of any inconsistency between this Agreement and the HTX Platform User Agreement, this Agreement shall prevail. Matters not expressly provided herein shall be governed by the HTX Platform User Agreement.

 

Agreement Modifications

The Platform shall reserve the right to decide, modify or alter this Agreement at any time in its sole discretion. Any and all modifications or alterations to this Agreement shall become effective immediately after they are published on the Platform or sent to the User. Therefore, by continuing to use the Product on the Platform, you accept the revised agreements and rules. If you do not agree to any modification to this Agreement, please immediately stop using the Product or using the services provided by the Platform.

 

Voluntary Act

Your usage of the Product on the Platform is your voluntary act conducted in accordance with your own financial situation and with your understanding of the relevant risks you face, and shall have no connection with the Platform or any third party.

 

Risk Reminder

When using the Product on the Platform, you may obtain high investment returns, but at the same time, there are great investment risks. In order for you to better understand the risks involved, in accordance with the relevant laws and regulations, administrative rules, and relevant national policies, we hereby remind you of the risks in and of the Product, and you should read this carefully - the risks in your usage of the Product on the Platform include, but are not limited to:

(1) Risks associated with digital assets: Holding or using USDe could expose holders to risks including but not limited to market volatility, liquidity risk, and price deviations. The digital asset market is new and unconfirmed, and will not necessarily expand. At present, digital assets are largely used by speculators and rarely used by retail and commercial markets. As a result, prices of digital assets are prone to fluctuations, which in turn may have an adverse impact on digital assets investment. The digital assets market does not have a price limit mechanism like the stock market, and trading is open 24 hours a day. Digital assets are susceptible to significant price fluctuations because the fundamental characteristics of digital assets are different from traditional investments, and because of the influence of a variety of market forces and regulatory policies that are still undergoing regulatory normalization in many jurisdictions. Therefore, you must understand and agree that you shall bear all the economic losses caused to you by the digital assets themselves.

(2) Risks related to the Minting / Redemption functionality: The User shall fully understand and agree that the USDe minting and redemption functions provided by the HTX platform are neutral, intermediary technical services solely to facilitate transactions between the User and the relevant issuer or redeeming counterparty. The issuance, redemption, settlement, payment, stability, usability, authenticity, and all post-issuance obligations of USDe are the sole responsibility of the issuer Ethena or its designated entities and are not provided nor guaranteed by the HTX platform. The HTX platform is not the issuer, redeeming counterparty, or performing party of USDe and makes no express or implied representations, warranties, or guarantees regarding the success, timeliness, asset security, value stability, asset availability, or execution outcomes of on-chain contracts related to minting or redemption. The User should independently assess the relevant risks and make informed decisions based on their risk tolerance.

(3) Reward risks: USDe rewards are not guaranteed, and actual returns are subject to market conditions and the operational decisions of HTX. The User shall assess the relevant risks based on their individual circumstances. HTX does not guarantee the value, performance, or rewards of USDe.

(4) Policy risks: Due to the formulation or revision of laws, regulations, and normative documents concerning digital assets in various countries, trading in digital assets may be suspended or prohibited at any time. You must understand and agree that you shall bear all the financial losses caused by the suspension or prohibition of trading in digital assets due to the formulation or revision of national laws, regulations, and normative documents.

(5) Internet and technical risks: The Platform does not guarantee that all the information, programs, texts, etc contained therein are completely safe and free from interference and destruction by any malicious programs such as viruses and Trojans. Therefore, your decision to log in, participate in the Product, use any platform services, or download and utilize any programs, information, and data is made at your own discretion. You shall personally bear all risks and any potential losses arising therefrom. Meanwhile, there are risks in using the trading system on the Internet, including but not limited to the failure of software, hardware, and Internet links. As the Platform cannot control the reliability and availability of the Internet, the Platform shall not bear any responsibility for any distortion, delay, or link failure.

(6) Force majeure risks: The Platform shall not be responsible for any failure or delay of service and any loss caused to you due to information network equipment maintenance; information network connection failure; failure of computers, communication, or other systems; power failure; hacker attacks; weather conditions; accidents; strikes; labor disputes; riots; insurrection; disturbances; insufficient productivity or means of production; fire; flood; storm; explosion; war; reasons attributable to banks or other partners; digital assets market collapse; act of the government; orders of judicial or administrative organs; other acts beyond the control of the Platform; or reasons attributable to any third party. HTX is not liable for losses of assets you've enabled for the Product, resulting from abnormal risk events such as hacker incidents, smart contract vulnerabilities, suspension or termination of services by third-party platforms, business closures, or bankruptcy.

(7) Market condition risks: The Platform does not guarantee the correctness and applicability of market condition analysis and market evaluation. The Platform cannot control, support, or guarantee the accuracy or completeness of trading for the information or suggestions you have obtained or will obtain from the referrer or any other organization or employee, and all the risks or consequences arising therefrom shall be borne by you and have no connection with the Platform.

(8) Risks of account blocking and freezing: When a competent authority presents corresponding investigation documents and requires the Platform to cooperate with the investigation of your account, assets, or trading data on the Platform, or takes measures to account block, freeze or transfer your account, the Platform shall assist in providing your corresponding data or performing corresponding operations as required by the competent authority, and the User shall assume full responsibility for the privacy disclosure, inability to operate the account, losses, etc. arising therefrom.

(9) Other risks: You shall be solely liable for any loss in the following circumstances: (a) losses caused by losing your account, forgetting your password, your improper operation and wrong investment decisions, etc.; (b) losses caused by online entrustment, failure to exit in time after hot key operation, malicious operation by others; (c) losses caused by the leveraged trading by others on your behalf on the Website; and (d) losses caused by any other accident and not attributable to the Platform.

Note: If you participate in the Product on the Platform, you shall evaluate the value and risks of digital assets investment and your own financial conditions and risk tolerance, and be aware of the risks of investing in digital assets. When you invest in digital assets, there is both the possibility of you making a profit and the possibility of you making a loss. The risk disclosure herein does not reveal all the risks in the Product. Please be sure to have a clear understanding of the foregoing. There are risks in the market; be cautious in investment.

Eligibility

1. The Product is available only to HTX users who successfully complete KYC verification.
2. Institutional users are eligible to participate.
3. To qualify for rewards, users must maintain a minimum account balance of 0.1 USDe.
4. Users must comply with applicable local laws and regulations to enjoy the Product services. HTX may restrict participation eligibility based on jurisdiction or user status.

Product Term

1. The Product shall become available on the HTX platform from the date of announcement and remain available until further notice.
2. HTX reserves the right to modify, suspend, or terminate the Product at any time without advance notice.

How to Participate

1. The User must deposit USDe, purchase USDe on the HTX spot market, or mint USDe through the designated minting page provided by HTX, in order to be eligible for rewards.
2. Rewards will begin accruing only after the User has held at least 0.1 USDe for more than 24 hours.
3. USDe held in the following type of account shall be counted toward rewards:
   1. Spot accounts (including sub-accounts)
4. USDe held in the following types of accounts shall not be counted towards rewards:
   1. Earn accounts
   2. Custodial accounts such as Fireblocks, BitGo and Ceffu
   3. Liquidity Boost account
   4. Other non-spot accounts

Reward Rules

1. Rewards are calculated daily based on each user’s minimum eligible USDe balance recorded in the prior day’s snapshots.
2. The calculation formula is as follows:

Daily reward = Minimum USDe balance in the prior day's snapshots * APY / 365

3. Daily snapshots shall be randomly taken within the time frame of 00:00 - 23:59 (UTC) each day.
4. Rewards shall be issued in USDe to users' spot accounts every Saturday at 03:00 (UTC).
5. The APY is determined independently by HTX based on market conditions, risk management considerations, and product sustainability, and may be adjusted periodically.

Reward Distribution and Liability Limitation

1. Rewards will be automatically distributed with no manual claim required.
2. HTX shall not be liable for any delays or failures in reward distribution caused by network latency, technical issues, or force majeure events, but reasonable efforts shall be made to resolve such issues.

User Conduct and Disqualification

1. The User must comply with the HTX Service Agreement, User Agreement, and all applicable Platform policies.
2. HTX reserves the right to disqualify and revoke rewards of (or take further actions against) any user engaging in malicious or abusive behaviors including but not limited to:
   1. Exploiting rule loopholes for profits;
   2. Exploiting technical vulnerabilities or program defects, including but not limited to modifying HTX platform code or using malicious software to disrupt normal platform operations;
   3. Using fraudulent, illegal or malicious methods to manipulate outcomes;
   4. Engaging in abusive reuse of on-chain funds or any other behavior deemed illegal, fraudulent or materially harmful.
3. HTX reserves the right of final interpretation and determination with respect to any such violations.

Agreement Modification and Product Termination

1. The HTX platform reserves the right to modify, suspend or terminate the Product due to regulatory, technical, risk control, product optimization or other reasons, without further notice.
2. In case of any conflict between this Agreement and the HTX's general terms of use, the provisions of this Agreement applicable to the Product shall prevail.

Others

1. Delay, suspension, termination or unexpected execution of the HTX services may occur due to network delays, computer system failures and other force majeure. HTX shall exercise reasonable effort to ensure, but does not guarantee, that HTX's service execution system runs stably and effectively. HTX shall bear no responsibility where the outcome of execution does not match your expectations due to the above factors.
2. Any notice, consent or other correspondence required or permitted by this Agreement shall be in writing and shall be deemed to have been legally served if: (1) sent as a message within the HTX platform; (2) sent via email or SMS, in which case the time of sending shall be the time of delivery.
3. This Agreement is in the form of an electronic agreement, and the User shall carefully read, acknowledge and agree to the terms and conditions of this Agreement before operation. If any provision of this Agreement violates the relevant laws and regulations, that provision shall be deemed invalid; however, such invalid provision shall not affect the validity of other provisions of this Agreement.
4. For any questions regarding the Product rules, please contact the HTX Customer Support team.