The On-chain Earn User Agreement outlines the terms and conditions under which users can participate in staking digital assets through the OKX platform to earn rewards. This comprehensive agreement ensures transparency, defines user responsibilities, and clarifies the rights and obligations of both OKX and its users. Designed with clarity and legal precision, this document supports a secure and informed experience for all participants engaging in on-chain yield generation.
Overview of the On-chain Earn Service
The On-chain Earn Service (the “Service”) enables users to stake their digital assets via third-party staking protocols accessible through the OKX platform. By participating, users may earn rewards based on the performance of the underlying blockchain networks or decentralized finance (DeFi) protocols.
This On-chain Earn User Agreement governs your use of the Service. By accessing or using the Service, you confirm that you have read, understood, and agreed to these Terms. Your continued use constitutes a legally binding acceptance of this Agreement.
In the event of any conflict between this Agreement and other OKX policies or terms, this Agreement takes precedence. However, all unmodified provisions from referenced documents remain in full force and effect.
Key Definitions
Understanding the core terminology is essential for informed participation:
- DeFi Protocol: A third-party decentralized financial application built on blockchain technology.
- Estimated Rewards: Projected earnings from staking; not guaranteed and subject to change based on market dynamics.
- Fast Redemption: A feature allowing early withdrawal of staked assets without waiting for standard unstaking periods—availability depends on liquidity.
- Liquid Staking Token (LST): An off-chain token representing staked assets; may be used within OKX but not always transferable or tradable externally.
- Order Quantity: The amount of digital assets committed in a single staking transaction.
- Rewards: Earnings generated from staking activities, distributed according to protocol rules and service terms.
- Redemption: The process of withdrawing staked assets back into your account after the lock-up period.
- Service Fee: A charge deducted by OKX from earned rewards before distribution.
- Staking: The act of locking digital assets into a supported protocol to earn returns.
- Staking Protocol: The blockchain network or DeFi system where assets are staked; excludes non-stakable networks like Bitcoin.
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Eligibility and User Responsibilities
To use the On-chain Earn Service, you must meet specific eligibility criteria and accept associated responsibilities:
User Confirmations
You affirm that:
- You comply with all applicable OKX terms and regional regulations.
- You are legally permitted to engage in digital asset services in your jurisdiction.
- You own the digital assets in your account and that their sources are合法合规 (lawful and compliant).
- You possess sufficient knowledge and risk tolerance to participate in non-guaranteed yield-generating products.
Prohibited Uses
You agree not to:
- Use the Service for illegal activities such as money laundering, fraud, or terrorist financing.
- Engage in market manipulation, insider trading, or any form of malicious behavior affecting market integrity.
Risk Acknowledgment
You understand and accept the following risks:
- Liquidity Risk: Staked assets may not be redeemable immediately; delays can last days or weeks.
- Market Volatility: Price fluctuations may result in significant losses despite earning rewards.
- Technology Risks: System failures, hacks, or network issues could temporarily prevent access to your assets.
- Estimate Variability: Estimated rewards are projections only—actual returns may differ due to protocol mechanics and market conditions.
- Policy Changes: OKX reserves the right to modify terms, add/remove protocols, or suspend services at any time.
You also acknowledge that Liquid Staking Tokens (LSTs), if issued, may lack external market value, cannot be withdrawn from OKX, or may only serve limited internal functions.
How to Use the On-chain Earn Service
There are two primary ways to begin earning through staking:
1. Manual Staking
When placing a manual order:
- Select a supported Staking Protocol.
- Specify the Order Quantity of digital assets.
- View the displayed Estimated Reward and minimum staking requirement.
Once submitted, orders cannot be canceled or edited. Rewards begin accruing only after successful allocation on the chosen protocol.
2. Auto-Earn (Automatic Staking)
Auto-Earn allows idle funds in your funding account to be automatically staked:
- Enabled manually via opt-in on the OKX platform.
- Applies to assets inactive for at least six hours.
- Subject to minimum and maximum thresholds set by OKX.
OKX scans accounts multiple times daily for eligible assets. After activation, new idle funds may be auto-staked periodically. While you can opt out at any time, existing staked positions must be redeemed manually.
⚠️ Note: OKX may request user consent to switch Auto-Earn to a different Staking Protocol. Failure to respond may lead to automatic termination of your Auto-Earn subscription.
Reward Calculation and Distribution
Rewards accrue starting from the Reward Calculation Day—the day your assets are successfully allocated to the Staking Protocol. Accrual begins the day after placement; no rewards are earned on the initial deposit day.
Key Details:
- Rewards are calculated daily using a 365-day year basis.
- For protocols issuing LSTs: rewards accrue in LST form.
- For others: rewards are paid in the original staked asset unless otherwise specified.
- Accrual rates vary based on protocol performance, network conditions, and participation levels.
- Unsuccessful orders do not generate rewards.
OKX deducts the Service Fee from your rewards prior to distribution. Fees may include costs passed down from the underlying Staking Protocol.
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Redemption Process
To redeem staked assets:
- Submit a redemption request via the OKX platform.
- Partial redemptions may not be supported—you might need to withdraw your entire position.
- No further rewards accrue once redemption is initiated.
Processing times vary depending on the protocol and market conditions. Standard redemptions can take several days or weeks. While Fast Redemption offers quicker access when liquidity permits, it is not guaranteed and may be suspended at OKX’s discretion.
You acknowledge that delays in asset return are inherent to blockchain operations, and OKX is not liable for losses arising from timing differences.
Service Modifications and Termination
OKX reserves the right to:
- Suspend, cancel, or terminate the Service or your access at any time.
- Add or remove supported Staking Protocols.
- Impose staking or redemption limits (shared across master and sub-accounts).
Such actions may occur due to:
- Legal or regulatory requirements.
- Suspicious or incomplete user information.
- System maintenance or emergency upgrades.
Users will be notified of major changes via updates posted on the OKX website. Continued use after such updates constitutes acceptance.
Liability and Risk Disclaimers
OKX assumes no liability for losses resulting from:
- Technical failures, system outages, or delayed transactions.
- Force majeure events (e.g., natural disasters, wars, pandemics).
- Hacking attempts, viruses, or third-party breaches.
- Changes in laws or government actions.
Additionally:
- OKX may refuse or cancel transactions at its sole discretion.
- No compensation is provided for losses tied to risks outlined in this Agreement.
Users bear full responsibility for securing their accounts and understanding technological limitations inherent in blockchain systems.
Frequently Asked Questions (FAQs)
Q: What happens if I don’t opt into Auto-Earn?
A: Nothing changes—you retain full control over your idle assets. Only users who manually enable Auto-Earn will have funds automatically staked.
Q: Can I lose money even if I earn rewards?
A: Yes. If the price of your staked asset drops significantly during the staking period, overall losses can occur despite receiving yield.
Q: Are Estimated Rewards guaranteed?
A: No. These are projections based on current data. Actual rewards may be higher or lower due to fluctuating network conditions.
Q: Can I withdraw my LSTs from OKX?
A: Generally, no. LSTs are typically non-withdrawable and usable only within OKX’s ecosystem for specific purposes.
Q: Why was my Fast Redemption request denied?
A: Fast Redemption depends on available liquidity. If insufficient funds exist in the pool, requests are processed through standard redemption timelines.
Q: Who controls voting rights for my staked assets?
A: You delegate voting rights to OKX when using the Service. OKX may exercise these rights on your behalf within supported protocols.
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Final Provisions
This Agreement includes all supplementary materials issued by OKX, such as system guidelines and product documentation. In case of conflict, this Agreement prevails.
OKX may update these Terms at any time without prior notice. Continued use after changes are posted constitutes acceptance. The English version governs over any translations.
If any provision is found invalid, the remainder remains enforceable. Disputes will first undergo mediation through the Hong Kong International Arbitration Centre (HKIAC), followed by binding arbitration if unresolved within 90 days.
OKX holds sole discretion in interpreting this Agreement and managing user participation.
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