Basic is a decentralized, non-custodial, lending protocol deployed on the IoTeX blockchain.

Depositing funds into Basic

This guide provides a straightforward method for depositing funds into Basic, making it accessible for both new and experienced users. It outlines the necessary steps to connect your Web3 wallet and navigate the platform efficiently.

By following this guide, you can easily manage your assets and explore borrowing options, enhancing your experience with Basic.

Basic Tutorial

• Navigate to https://basic.loans

• Click "Launch App"

• Click "Connect Wallet"

Use your Web3 wallet to connect (MetaMask, WalletConnect, etc.)

• Change IoTeX network if you see "Wrong network" displayed

• Click "MetaMask" and connect the app in the wallet pop-up

• Click "Supply and Borrow" for the asset you wish to deposit

• Click the amount field

• Enter your deposit amount

• Click "Supply and Borrow" and confirm the transaction

• Click "OK"

• Click "Close"

If you wish to borrow against your deposited assets then you need to enable collateral for each asset you wish to use for borrowing against

• Click the collateral checkbox and confirm the transaction

Your supplied assets are shown in your Basic dashboard.

Technical and guidance information about the Basic lending and borrowing protocol - a modified Compound fork.

Basic provides audited smart contract DeFi opportunities for users to earn deposit interest (lenders) and to release liquidity for those wishing to maintain deposited asset positions (borrowers).

As a self-custodial protocol it is the users' responsibility to manage their strategies and risk.

Find us here:

X: https://x.com/imBasicLoans​​

Telegram: https://t.me/basicloans​

What is fToken?

All assets on Basic are integrated through a token contract which represents the IoTeX ERC20 compatible account balance provided to the protocol. By minting fTokens, users can perform the following operations:

1. Users can earn interests through fToken's conversion rate

2. Users can use fToken as collateral.

fToken is the major way to interact with Basic protocol. When users mint, redeem, borrow, repay, liquidate or forward fTokens, it will use fToken contracts to enable these operations.

What is the exchange rate between fTokens and tokens?

The exchange rate between the original assets and fToken is not constant. fToken is more like a fund quota. The assets exchanged back from fToken may increase because of the interests. Generally, users can get a return of up to 50 times of the deposits in fToken. But the interest may also impact the amount of fToken.

How to use fToken

Users will receive fXXX token after depositing their asset. Import these ftoken into your wallet to check the amount you hold.

What are the risks in the use of fToken

fToken is a certificate of deposit. After an ftoken is transferred to other platforms, the deposit in the account decreases and the loan utilisation rate increases. Users need to verify their loan limit before they can participate in other platforms. Recently, prices have fluctuated sharply, and it is recommended to keep loan utilisation rates low, to avoid liquidation.

Is the fToken deposited in Basic and not available to the user?

Those holding fTokens get Basic income. If a cooperative IoTeX project supports fToken mining, Basic will enter its contract and the cooperative project will make the secondary distribution rules.

When the ratio of loans to collateral in a user's account exceeds a certain limit, the Basic protocol will trigger liquidation, in which the user's collateral is put into the liquidation market and anyone can participate in the liquidation as a liquidator.

Liquidation Threshold

Liquidation threshold refers to the value that can be granted when an asset is used as collateral. Since the price of encrypted assets fluctuates greatly, it is impossible to grant the collateral with the full value at real-time prices. For example, if the liquidation threshold for ETH is 85%, then the ETH of $10,000 can be credited as $8,500. In other words, the user can borrow $8,500 by collaterising ETH of $10,000.

Loan Utilisation Ratio

Please note that it is better to have your loan utilisation ratio below 80% to decrease the liquidation risk due to price fluctuations. If the loan utilisation ratio is close to 100%, liquidation may result.

Terms

Liquidation Threshold: According to the liquidity and security of different assets, different liquidation threshold are granted. For example, the liquidation threshold of BTC is 85%.

Loan limit: The loan limit that can be granted for the current account, the market value of the collateralised asset * liquidation threshold = the loan limit, when 100% of the loan limit is used, the collateralised asset will be liquidated and a 10% penalty will be charged.

Safety line: When 100% of the the user's loan limit is used, liquidation will be triggered. In order to avoid the liquidation risk caused by the daily price fluctuation of your assets, the system has set a safety line of 85%. The safety line is for all assets.

Example

10000BTC，10000USDT

There is 10000-USDT BTC and 10000 USDT collateralised in your account.

17500USDT（10000 * 85% +10000 * 90%= 17500）

Loan Limit: 10000 * 85% +10000 * 90%= 17500

14875USD（17500 * 85% = 14875）

The recommended loan: 17500 x 85% = 14875

$2625 is reserved as a buffer for the price fluctuation.

In the end, what everyone needs to pay attention to is the percentage of loan utilisation. Once it approaches 100%, the risk of liquidation will increase.

Once you have deposited funds in Basic you can take out loans against your deposits. Your deposits are used as collateral to secure you loan.

Why?

If you feel your deposited assets will rise in value then you don't want to sell these assets. But if they are held in a wallet (HODL strategy) they are inert and can't be used. By borrowing against them you can free your liquidity for other purposes, including spending or further speculative actions, and the underlying assets can remain as collateral while appreciating in value (or depreciating).

If the collateral assets appreciate in value then the liquidation of your deposit to repay the loan becomes less likely (your initial deposit is now worth more), and should the collateral deposit reduce in value then the likelihood of liquidation increases (your initial deposit is worth less).

How to take out a loan

1. Visit basic.loans.

2. Deposit collateral and enable collateral - .

3. Choose the asset you wish to borrow and select "Borrow".

1. Choose how much to borrow. The interface will show you the "Max. Safe Borrow" value. Anything above this is at high risk of liquidation. Perhaps instantly!

1. Click "Borrow" and complete the transaction in your wallet.

You are now borrowing against your deposited assets.

(Updated October 2024)

A ledger with real-time transaction settlement

This is a ledger that can settle the transactions in real-time using smart contracts. The premise of the real-time settlement of the transactions in the ledger is that the transactions are carried out one by one in a specific processing sequence and reliable transaction time. Blockchain meets these requirements and provides a basis for automatic transaction settlement.

When a transaction occurs, the ledger settles the transaction for the corresponding account and updates the interest into the account balance. When the next transaction occurs, the same process is triggered again to update the account balance.

Interest Model

A simple banking model is used to generate income from loans, which is used as the interest for deposit users. It doesn't offer floating loan interest or consider profits, but ensures the balance of borrowing and lending.

According to the above equation,

1. When the loan is 0, no profit will be generated and then deposit interest is 0.

2. When the total loan increases, the profit will increase and then deposit interest will increase.

3. When the total loan remains unchanged and the total deposit increases, the deposit interest will decrease

Conclusion: The deposit interest rates change with changes in total loans and total deposits.

Changes in the ledger

Here are 4 different transaction events: deposit, withdraw, borrow, repay.

If there are no transaction events, the total amount of deposits and loans will not change and interest rates will remain unchanged during this period. If any transaction events occur, the total amount of deposits and loans will change, and then the interest rate will also change.

Assuming that the borrowing interest rate is 0.05, the circles in the diagram below indicate the status of the ledger and interest rates, and the arrows indicate transaction events:

​

Circle a: Deposit is 100. Loan is 0. Loan interest rate is 5%. No interest earned.

Transaction 1: borrow 50

​The ledger resulted from event 2 and 3 can also be calculated according to the above equation.

Conclusion: Transaction events result in changes in interest rates

Relationship between income and time

The status change as showed above doesn't include transaction settlement. In fact, incomes (interests) will be generated over time.

For deposits:

New total deposit = total deposit + (total deposit * deposit interest rate * time)

For loans:

New total loan = total loan + (total loan * loan interest rate * time)

Assuming that the loan interest rate is 5% (an usurious loan is used just for easy calculation), the settlement with time value should be as follows:

Yellow arrows represent the duration of the previous status. After a new event occurs, the status will be updated into the next time period.

As shown in the above diagram, the changes in interest rates become more complex after considering the relationship between income and time, but this calculation is still very clear.

Status a lasts 1 day. Since the loan is 0 and the interest rate is 0, the deposit doesn't change after settlement for event 1. But the total loan increases after event 1. The deposit interest rate is updated to 0.025 after event 1.

Status b lasts 2 days until event 2 occurs. Here is the calculation of the new total deposit and total loan before settlement for event 2:

## Settlement ##

New total deposit = 100 +（100 * 0.025 * 2）= 105

New total loan = 50 +（50 * 0.05 * 2） = 55

After settlement for event 2, the total deposit will be 105 + 50 = 155.

According to the new deposit of 155 and the new loan of 55, the new interest rate is 0.01774.

Status c lasts 1 day until event 3 occurs.

## Settlement ##

New total deposit = 155 +（155 * 0.01774 * 1) = 157.75

New total loan = 55 + (55 * 0.05 * 1) = 57.75

Because 20 is repaid, total loan changes to 57.75 - 20 = 37.75

Then the new interest rate is 0.012.

Conclusion: The settlement is conducted when any transaction events occur. After settlement, the account balance will be adjusted, which leads to a change in the interest rate.

Each Itemised account

The calculation as discussed above is complicated, but it is clear that the status change is triggered by events. In reality, the total amount of deposits and borrowings is generated by the aggregation of countless accounts rather than one single account. For example, Alice deposits 50, Bob deposits 30, and the total deposit is 80. Because Alice and Bob deposit at different times, their interest rates are different. All these factors bring more complexity to the process. The same goes for borrowing. Therefore, each account must be settled separately, and their interest rates vary according to changes in the general ledger quota.

We classify the total deposit 100 in status a as other deposits. After 2 days, Alice deposits 50, and other deposits are updated to 105 after settlement. Alice's deposit increases the total deposits to 155, and the new deposit interest rate is updated to be 0.01774.

One day later, Bob also deposits 50. By the time before Bob's event, the settlement for Alice's deposit and other deposits uses the interest rate of 0.01774.This calculation results are shown in status c.

As analysed above, we can find that every account balance needs to be settled when an event occurs, . In this way, as the number of deposit/borrowing users increases, there will be more and more accounts, and the calculation workload for each settlement will also increase. In fact, it is not necessary to settle all the accounts as long as the historical interest rate is recorded. We can directly calculate the state c as shown in the diagram above based on the initial status of each account:

Other Deposits = 100 +（100 * 0.025 * 2）+（（100 +（100 * 0.025 * 2））* 0.01774 * 1）

Alice's deposit = 50 + (50 * 0.01774 * 1)

Bob's deposit = 50

Where 100 is the initial amount of other deposits, and 50 is the initial amount of Alice's deposit. 0.025 is the interest rate for the first period, and 0.01774 is the interest rate for the second period. It can be found that as long as there is a record of historical interest rates, the balance of each account can be calculated through iterative computation. Therefore, when the settlement is performed, only the account of the event needs to be settled, and other accounts can be temporarily not settled until any events apply to them.

Conclusions: Each settlement is only for accounts whose balances are affected and the general ledger is updated. There is no need to settle other accounts before new events occur.

This part of the description is compiled from the Internet, thanks to the original author, outprog.

Link:

Introduction

Basic is a lending and borrowing project based on smart contracts on IoTeX.

With IoTeX being DePIN-centric we noticed DeFi was underrepresented on IoTeX and believe that robust DeFi is necessary for DePIN to flourish as the space matures.

Interest Rate Model

APR, Nominal Interest Rate, Actual Interest Rate

Traditional financial platforms mostly use the day as the time unit. By comparison, Basic uses the block time (~5 seconds) as the time unit.

The interest rate on traditional financial platforms is constant during the life cycle of a mortgage. However, the interest rate on Basic fluctuates based on supply and demand. Both the borrowing interest rate and the supply interest rate might vary in different blocks. Therefore, Basic's borrowing interest rate/ supply interest rate refers to the rate of each block.

In traditional financial platforms, the interest rate includes nominal interest rate and actual interest rate. Generally speaking, the interest rate that the borrower is informed of is the nominal interest rate, but the actual interest rate is used in accordance with the compound interest when calculating interest.

In Basic:

Nominal interest rate = Actual interest rate

Annual percentage rate (APR) = interest rate * blocks per year

Blocks Per Year = 10 512 000 = 60/3 * 60 * 24 * 365

Exchange Rate

When lenders deposit HUSD into the money market, it should convert HUSD into fHUSD based on the real-time exchange rate on the platform. This process is named Mint Token.

Lenders can terminate the loan at any time without waiting for the borrowed asset to be returned. When lenders take back their principals and redeem the interest, fUSD that the lenders hold is converted into HUSD based on the real-time exchange rate on the platform.

Where:

exchangeRate = (totalCash + totalBorrows – totalReserves) / totalSupply

And:

totalCash: the amount of DAI that the lender has deposited into the protocol but has not been borrowed yet

totalBorrows: The amount of HUSD that the borrower should repay ( principle + interest)

totalReserves: The total amount of reserves on the platform （Part of the loan interest is retained as platform reserve)

totalSupply: The total amount of cDAI that the lenders can receive

Utilisation Rate

Ua = Borrowsa / (Casha + Borrowsa)

Utilisation rate is a measure that reflects the efficiency of the assets on the platform. That is the percentage of loans in the entire asset pool of the money market.

BorrowingInterestRatea = 2.0% + Ua ∗ 10%

SupplyInterestRatea = BorrowingInterestRatea ∗ Ua ∗ (1−S)

Where 2.0% is the base interest rate and 10% is the multiple factor.

The borrowing interest rate will be dynamically adjusted according to the utilisation rate. S is the pumping ratio of the Basic platform. For different assets, these interest rate models can be adjusted and configured.

Reserves

In traditional finance, the risk reserve should be derived from the interest income of each loan for any bank/p2p lending.

Comparatively, the reserve is also derived from the interest income of each loan based on the specific reserve factor on Basic.

That is: totalReservesNew = interestAccumulated * reserveFactor + totalReserves

Borrow Rate

There are two versions of borrow rate on Basic. Version 1.0 is a linear interest rate model and Version 2.0 is a segmented interest rate model. Version 1.0 is actually a special case of version 2.0.

Version 2.0:

Here is the logic for Version 2.0: When the utilisation rate exceeds Kink, segmented interest model will be applied; otherwise, Version 1.0 is applied.

Currently Basic adopts a segmented interest rate for HFIL

When utilisationRate <= kink

BorrowRate=BaseRate+UtilisationRate∗Multiplier

When utilisationRate >= kink

BorrowRate=BaseRate+UtilisationRate∗Multiplier+(UtilisationRate−Kink)∗JumpMultiplier

(Kink can be understood as the marginal interest rate, utilisationRate-kink can be understood as the overflow interest rate.)

The above formula can be translated as:

When utilisation rate <= marginal interest rate: Borrowing interest rate = base interest rate + utilisation rate * utilisation rate multiplier

When utilisation rate > marginal interest rate: Borrowing interest rate = base interest rate + utilisation rate * utilisation rate multiplier + marginal interest rate * marginal interest rate multiplier

Where baseRate = The base interest rate.

AGREEMENT TO TERMS

These Terms of Use constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“you”) and Basic Labs, doing business as Basic ("Basic," “we," “us," or “our”), concerning your access to and use of the https://basic.loans website as well as any other media form, media channel, mobile website or mobile application related, linked, or otherwise connected thereto (collectively, the “Site”). You agree that by accessing the Site, you have read, understood, and agreed to be bound by all of these Terms of Use. IF YOU DO NOT AGREE WITH ALL OF THESE TERMS OF USE, THEN YOU ARE EXPRESSLY PROHIBITED FROM USING THE SITE AND YOU MUST DISCONTINUE USE IMMEDIATELY.

Supplemental terms and conditions or documents that may be posted on the Site from time to time are hereby expressly incorporated herein by reference. We reserve the right, in our sole discretion, to make changes or modifications to these Terms of Use from time to time. We will alert you about any changes by updating the “Last updated” date of these Terms of Use, and you waive any right to receive specific notice of each such change. Please ensure that you check the applicable Terms every time you use our Site so that you understand which Terms apply. You will be subject to, and will be deemed to have been made aware of and to have accepted, the changes in any revised Terms of Use by your continued use of the Site after the date such revised Terms of Use are posted.

The information provided on the Site is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Site from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.

The Site is intended for users who are at least 18 years old. Persons under the age of 18 are not permitted to use or register for the Site.

INTELLECTUAL PROPERTY RIGHTS

Unless otherwise indicated, the Site is our proprietary property and all source code, databases, functionality, software, website designs, audio, video, text, photographs, and graphics on the Site (collectively, the “Content”) and the trademarks, service marks, and logos contained therein (the “Marks”) are owned or controlled by us or licensed to us, and are protected by copyright and trademark laws and various other intellectual property rights and unfair competition laws of BVI, international copyright laws, and international conventions. The Content and the Marks are provided on the Site “AS IS” for your information and personal use only. Except as expressly provided in these Terms of Use, no part of the Site and no Content or Marks may be copied, reproduced, aggregated, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted, distributed, sold, licensed, or otherwise exploited for any commercial purpose whatsoever, without our express prior written permission.

Provided that you are eligible to use the Site, you are granted a limited license to access and use the Site and to download or print a copy of any portion of the Content to which you have properly gained access solely for your personal, non-commercial use. We reserve all rights not expressly granted to you in and to the Site, the Content and the Marks.

USER REPRESENTATIONS

By using the Site, you represent and warrant that: (1) you have the legal capacity and you agree to comply with these Terms of Use; (2) you are not a minor in the jurisdiction in which you reside; (3) you will not access the Site through automated or non-human means, whether through a bot, script, or otherwise; (4) you will not use the Site for any illegal or unauthorized purpose; and (5) your use of the Site will not violate any applicable law or regulation.

If you provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate your account and refuse any and all current or future use of the Site (or any portion thereof).

PROHIBITED ACTIVITIES

You may not access or use the Site for any purpose other than that for which we make the Site available. The Site may not be used in connection with any commercial endeavors except those that are specifically endorsed or approved by us.

As a user of the Site, you agree not to:

1. Use any robot, spider, crawler, scraper, or other automated means or interface not provided by us, to access the Site to extract data.

2. Trick, defraud, or mislead us and other users, including (but not limited to) providing any false, inaccurate, or misleading information in order to unlawfully obtain the property of another.

3. Circumvent, disable, or otherwise interfere with security-related features of the Site, including features that prevent or restrict the use or copying of any Content or enforce limitations on the use of the Site and/or the Content contained therein.

ASSUMPTION OF RISK

By accessing and using the Site, you represent that you understand the inherent risks associated with using cryptographic and blockchain-based systems, and that you have a working knowledge of the usage and intricacies of digital assets such as bitcoin (BTC), ether (ETH), and other digital tokens such as those following the Ethereum Token Standard (ERC-20). You further understand that the markets for these digital assets are highly volatile due to factors including (but not limited to) adoption, speculation, technology, security, and regulation. You acknowledge that the cost and speed of transacting with cryptographic and blockchain-based systems such as Ethereum are variable and may increase dramatically at any time. You further acknowledge the risk that your digital assets may lose some or all of their value while they are supplied to the Protocol. If you borrow digital assets from the Protocol, you will have to supply digital assets of your own as collateral. If your collateral declines in value such that it is no longer sufficient to secure the amount that you borrowed, others may interact with the Protocol to seize your collateral in a liquidation event. You further acknowledge that we are not responsible for any of these variables or risks, do not own or control the Protocol, and cannot be held liable for any resulting losses that you experience while accessing or using the Site. Accordingly, you understand and agree to assume full responsibility for all of the risks of accessing and using the Site.

THIRD-PARTY WEBSITE AND CONTENT

The Site may contain (or you may be sent via the Site) links to other websites ("Third-Party Websites") as well as articles, photographs, text, graphics, pictures, designs, music, sound, video, information, applications, software, and other content or items belonging to or originating from third parties ("Third-Party Content"). Such Third-Party Websites and Third-Party Content are not investigated, monitored, or checked for accuracy, appropriateness, or completeness by us, and we are not responsible for any Third-Party Websites accessed through the Site or any Third-Party Content posted on, available through, or installed from the Site, including the content, accuracy, offensiveness, opinions, reliability, privacy practices, or other policies of or contained in the Third-Party Websites or the Third-Party Content. Inclusion of, linking to, or permitting the use or installation of any Third-Party Websites or any Third-Party Content does not imply approval or endorsement thereof by us. If you decide to leave the Site and access the Third-Party Websites or to use or install any Third-Party Content, you do so at your own risk, and you should be aware these Terms of Use no longer govern. You should review the applicable terms and policies, including privacy and data gathering practices, of any website to which you navigate from the Site or relating to any applications you use or install from the Site. Any purchases you make through Third-Party Websites will be through other websites and from other companies, and we take no responsibility whatsoever in relation to such purchases which are exclusively between you and the applicable third party. You agree and acknowledge that we do not endorse the products or services offered on Third-Party Websites and you shall hold us harmless from any harm caused by your purchase of such products or services. Additionally, you shall hold us harmless from any losses sustained by you or harm caused to you relating to or resulting in any way from any Third-Party Content or any contact with Third-Party Websites.

SITE MANAGEMENT

We reserve the right, but not the obligation, to: (1) monitor the Site for violations of these Terms of Use; (2) take appropriate legal action against anyone who, in our sole discretion, violates the law or these Terms of Use, including without limitation, reporting such user to law enforcement authorities; (3) in our sole discretion and without limitation, refuse, restrict access to, limit the availability of, or disable (to the extent technologically feasible) any of your Contributions or any portion thereof; (4) in our sole discretion and without limitation, notice, or liability, to remove from the Site or otherwise disable all files and content that are excessive in size or are in any way burdensome to our systems; and (5) otherwise manage the Site in a manner designed to protect our rights and property and to facilitate the proper functioning of the Site.

TERM AND TERMINATION

These Terms of Use shall remain in full force and effect while you use the Site. WITHOUT LIMITING ANY OTHER PROVISION OF THESE TERMS OF USE, WE RESERVE THE RIGHT TO, IN OUR SOLE DISCRETION AND WITHOUT NOTICE OR LIABILITY, DENY ACCESS TO AND USE OF THE SITE (INCLUDING BLOCKING CERTAIN IP ADDRESSES), TO ANY PERSON FOR ANY REASON OR FOR NO REASON, INCLUDING WITHOUT LIMITATION FOR BREACH OF ANY REPRESENTATION, WARRANTY, OR COVENANT CONTAINED IN THESE TERMS OF USE OR OF ANY APPLICABLE LAW OR REGULATION. WE MAY TERMINATE YOUR USE OR PARTICIPATION IN THE SITE OR DELETE ANY CONTENT OR INFORMATION THAT YOU POSTED AT ANY TIME, WITHOUT WARNING, IN OUR SOLE DISCRETION.

If we terminate or suspend your account for any reason, you are prohibited from registering and creating a new account under your name, a fake or borrowed name, or the name of any third party, even if you may be acting on behalf of the third party. In addition to terminating or suspending your account, we reserve the right to take appropriate legal action, including without limitation pursuing civil, criminal, and injunctive redress.

MODIFICATIONS AND INTERRUPTIONS

We reserve the right to change, modify, or remove the contents of the Site at any time or for any reason at our sole discretion without notice. However, we have no obligation to update any information on our Site. We also reserve the right to modify or discontinue all or part of the Site without notice at any time. We will not be liable to you or any third party for any modification, price change, suspension, or discontinuance of the Site.

We cannot guarantee the Site will be available at all times. We may experience hardware, software, or other problems or need to perform maintenance related to the Site, resulting in interruptions, delays, or errors. We reserve the right to change, revise, update, suspend, discontinue, or otherwise modify the Site at any time or for any reason without notice to you. You agree that we have no liability whatsoever for any loss, damage, or inconvenience caused by your inability to access or use the Site during any downtime or discontinuance of the Site. Nothing in these Terms of Use will be construed to obligate us to maintain and support the Site or to supply any corrections, updates, or releases in connection therewith.

GOVERNING LAW

These Terms shall be governed by and defined following the laws of BVI. Basic Labs, and yourself irrevocably consent that the courts of BVI shall have exclusive jurisdiction to resolve any dispute which may arise in connection with these terms.

DISPUTE RESOLUTION

Informal Negotiations

To expedite resolution and control the cost of any dispute, controversy, or claim related to these Terms of Use (each "Dispute" and collectively, the “Disputes”) brought by either you or us (individually, a “Party” and collectively, the “Parties”), the Parties agree to first attempt to negotiate any Dispute (except those Disputes expressly provided below) informally for at least thirty (30) days before initiating arbitration. Such informal negotiations commence upon written notice from one Party to the other Party.

Binding Arbitration

Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity, or termination, shall be referred to and finally resolved by the International Commercial Arbitration Court under the European Arbitration Chamber (Belgium, Brussels, Avenue Louise, 146) according to the Rules of this ICAC, which, as a result of referring to it, is considered as the part of this clause. The number of arbitrators shall be three (3). The seat, or legal place, of arbitration shall be BVI. The language of the proceedings shall be English. The governing law of the contract shall be the substantive law of BVI.

Restrictions

The Parties agree that any arbitration shall be limited to the Dispute between the Parties individually. To the full extent permitted by law, (a) no arbitration shall be joined with any other proceeding; (b) there is no right or authority for any Dispute to be arbitrated on a class-action basis or to utilize class action procedures; and (c) there is no right or authority for any Dispute to be brought in a purported representative capacity on behalf of the general public or any other persons.

Exceptions to Informal Negotiations and Arbitration

The Parties agree that the following Disputes are not subject to the above provisions concerning informal negotiations and binding arbitration: (a) any Disputes seeking to enforce or protect, or concerning the validity of, any of the intellectual property rights of a Party; (b) any Dispute related to, or arising from, allegations of theft, piracy, invasion of privacy, or unauthorized use; and (c) any claim for injunctive relief. If this provision is found to be illegal or unenforceable, then neither Party will elect to arbitrate any Dispute falling within that portion of this provision found to be illegal or unenforceable and such Dispute shall be decided by a court of competent jurisdiction within the courts listed for jurisdiction above, and the Parties agree to submit to the personal jurisdiction of that court.

CORRECTIONS

There may be information on the Site that contains typographical errors, inaccuracies, or omissions, including descriptions, pricing, availability, and various other information. We reserve the right to correct any errors, inaccuracies, or omissions and to change or update the information on the Site at any time, without prior notice.

DISCLAIMER

THE SITE IS PROVIDED ON AN AS-IS AND AS-AVAILABLE BASIS. YOU AGREE THAT YOUR USE OF THE SITE AND OUR SERVICES WILL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE SITE AND YOUR USE THEREOF, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. WE MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE SITE’S CONTENT OR THE CONTENT OF ANY WEBSITES LINKED TO THE SITE AND WE WILL ASSUME NO LIABILITY OR RESPONSIBILITY FOR ANY (1) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT AND MATERIALS, (2) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF THE SITE, (3) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (4) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM THE SITE, (5) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH THE SITE BY ANY THIRD PARTY, AND/OR (6) ANY ERRORS OR OMISSIONS IN ANY CONTENT AND MATERIALS OR FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF ANY CONTENT POSTED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE SITE. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A THIRD PARTY THROUGH THE SITE, ANY HYPERLINKED WEBSITE, OR ANY WEBSITE OR MOBILE APPLICATION FEATURED IN ANY BANNER OR OTHER ADVERTISING, AND WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND ANY THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. AS WITH THE PURCHASE OF A PRODUCT OR SERVICE THROUGH ANY MEDIUM OR IN ANY ENVIRONMENT, YOU SHOULD USE YOUR BEST JUDGMENT AND EXERCISE CAUTION WHERE APPROPRIATE.

LIMITATIONS OF LIABILITY

IN NO EVENT WILL WE OR OUR DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFIT, LOST REVENUE, LOSS OF DATA, OR OTHER DAMAGES ARISING FROM YOUR USE OF THE SITE, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, OUR LIABILITY TO YOU FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION, WILL AT ALL TIMES BE LIMITED TO THE AMOUNT PAID, IF ANY, BY YOU TO US. CERTAIN US STATE LAWS AND INTERNATIONAL LAWS DO NOT ALLOW LIMITATIONS ON IMPLIED WARRANTIES OR THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES. IF THESE LAWS APPLY TO YOU, SOME OR ALL OF THE ABOVE DISCLAIMERS OR LIMITATIONS MAY NOT APPLY TO YOU, AND YOU MAY HAVE ADDITIONAL RIGHTS.

INDEMNIFICATION

You agree to defend, indemnify, and hold us harmless, including our subsidiaries, affiliates, and all of our respective officers, agents, partners, and employees, from and against any loss, damage, liability, claim, or demand, including reasonable attorneys’ fees and expenses, made by any third party due to or arising out of: (1) use of the Site; (2) breach of these Terms of Use; (3) any breach of your representations and warranties set forth in these Terms of Use; (4) your violation of the rights of a third party, including but not limited to intellectual property rights; or (5) any overt harmful act toward any other user of the Site with whom you connected via the Site. Notwithstanding the foregoing, we reserve the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify us, and you agree to cooperate, at your expense, with our defense of such claims. We will use reasonable efforts to notify you of any such claim, action, or proceeding which is subject to this indemnification upon becoming aware of it.

MISCELLANEOUS

These Terms of Use and any policies or operating rules posted by us on the Site or in respect to the Site constitute the entire agreement and understanding between you and us. Our failure to exercise or enforce any right or provision of these Terms of Use shall not operate as a waiver of such right or provision. These Terms of Use operate to the fullest extent permissible by law. We may assign any or all of our rights and obligations to others at any time. We shall not be responsible or liable for any loss, damage, delay, or failure to act caused by any cause beyond our reasonable control. If any provision or part of a provision of these Terms of Use is determined to be unlawful, void, or unenforceable, that provision or part of the provision is deemed severable from these Terms of Use and does not affect the validity and enforceability of any remaining provisions. There is no joint venture, partnership, employment or agency relationship created between you and us as a result of these Terms of Use or use of the Site. You agree that these Terms of Use will not be construed against us by virtue of having drafted them. You hereby waive any and all defenses you may have based on the electronic form of these Terms of Use and the lack of signing by the parties hereto to execute these Terms of Use.

Contact Us

In order to resolve a complaint regarding the Site or to receive further information regarding use of the Site, please contact us at:

• X: ​​

• Telegram: