Terms & Conditions

General Terms and Conditions of Use

1. Preamble

These General Terms and Conditions of Use (the "Terms") govern access to and use of the Platform accessible at the Elytra Protocol website, including the User Interface.

The Platform provides information about the fundamentals of the decentralised non-custodial, over-collateralised liquid restaking protocol, consisting of open-source self-executing Smart Contracts that are deployed on Third-Party Blockchain Network.

These Terms constitute a legally binding agreement between the User and the Platform Operator. The Platform Operator may update or amend these Terms from time to time, as outlined in Section 13.

If the Users don't agree with these Terms, the Users may not use the Platform and should not visit the Site or otherwise engage with the Platform.

Important: These Terms include an arbitration clause outlined below. The Users agree that any disputes related to the Platform will be resolved through mandatory binding arbitration. By agreeing, the Users waive the right to a jury trial and the ability to participate in a class-action lawsuit.

1.2 Professional Use Only

The Platform is intended for use exclusively by professional and knowledgeable Users acting in a business or professional capacity. It is not intended for use by individual consumers or companies which are not acting in their capacity as a professional. Accordingly, consumer protection laws do not apply to the use of the Platform.

By accepting these Terms, the User certifies that they have sufficient expertise to understand and assess the legal and financial issues related to the use of the Platform. Users accessing the Platform represent and warrant that they are acting in a business or professional capacity. The User acknowledges and agrees that it is their responsibility to ensure their own competence, and if not, they must seek the advice of a qualified professional before proceeding with the use of the proposed services on the Platform.

1.3 Nature of the Platform

The Platform operates as an automated, decentralised, over-collateralised liquid restaking protocol through autonomous Smart Contracts deployed on a Third-Party Blockchain Network.

The Platform Operator provides access to the Platform via the User Interface but does not:

  • Issue liquid restaking tokens or any other Utility Tokens.
  • Custody User funds or private keys.
  • Intervene in Token Transactions conducted through the Smart Contracts.
  • Guarantee the stability, value, or performance of liquid restaking tokens or any other digital assets.

All Token Transactions on the Platform are executed directly between Users through the Smart Contracts. The Platform Operator has no control over these transactions once they are submitted to the Third-Party Blockchain Network.

1.4 Registration and Wallet Connection

To access the Platform, Users must connect a compatible blockchain wallet through the User Interface. Users need to be aware that their compatible blockchain wallet is provided by a third-party entity and is generally governed by separate terms and conditions set by the respective third-party service provider.

By connecting their wallet, Users acknowledge and agree to the following:

  • Acceptance of Terms: The act of connecting a wallet constitutes acceptance of these Terms including full awareness and understanding of associated risks.
  • Understanding of Risk Disclosure: Users confirm that they have read and understood the Risk Disclosure outlined in Section 9.
  • Self-Custody Responsibility: Users are responsible for securing their blockchain wallets, private keys, and recovery phrases. The Platform Operator does not control the wallets, manage or recover lost credentials.

1.5 No Financial, Legal, or Tax Advice

The Platform Operator does not provide financial, legal, or tax advice. All information provided through the User Interface is for informational purposes only and should not be construed as advice of any kind.

2. Definitions

For the purpose of these Terms, the following capitalised terms shall have the meanings set forth below. These definitions apply consistently throughout this document, regardless of whether the terms are used in a singular or plural form.

2.1
Arbitral Award refers to the final and binding decision issued by an arbitrator in accordance with the Arbitration Rules of the Cayman International Mediation and Arbitration Centre Ltd (CIMAC), as outlined in Section 12.
2.2
Applicable Laws refers to the laws of the Cayman Islands and legal requirements that govern the use of the Platform, including but not limited to financial regulations, anti-money laundering (AML) laws, tax obligations, and data protection laws.
2.3
Collateral refers to the digital assets (ETH and other supported assets) deposited by Users into the Smart Contracts to participate in liquid restaking and earn rewards.
2.4
Liquid Restaking Tokens refers to the protocol-generated tokens that represent a User's staked position in the liquid restaking protocol. These tokens serve as proof of stake and can be used within the Platform ecosystem.
2.5
Platform refers to the Elytra protocol, a decentralised liquid restaking system that enables Users to stake, restake, and manage their positions through autonomous Smart Contracts. The Platform operates independently of any central authority or intermediary, and its functionality is governed by the rules encoded within the Smart Contracts deployed on a Third-Party Blockchain Network.
2.6
Platform Operator refers to the entity responsible for providing and maintaining the User Interface that facilitates access to the Platform. The Platform Operator does not control the Smart Contracts, custody user funds, or intervene in Token Transactions executed on the Third-Party Blockchain Network.
2.7
Smart Contracts refers to self-executing programs deployed on a Third-Party Blockchain Network that govern the operations of the Platform. These programs automate the Platform's core functionalities, including liquid restaking, reward distribution, and position management. Smart Contracts operate autonomously and cannot be modified or deleted by the Platform Operator once deployed.
2.8
Third-Party Blockchain Network is a decentralised public blockchain infrastructure that hosts the Platform's Smart Contracts and processes Token Transactions. The network validates blocks, executes transactions, and enforces the rules encoded in the Smart Contracts. The Platform Operator has no control over the operation, maintenance, or performance of the Third-Party Blockchain Network.
2.9
User refers to any professional individual or entity acting in a business or professional capacity with sufficient expertise to understand and assess the legal and financial issues related to the use of the Platform, and accesses or interacts with the Platform through a connected blockchain wallet.
2.10
User Interface is the front-end web application and is an independent interface that allows Users to interact with the Smart Contracts. The User Interface simplifies interactions by enabling wallet connections, transaction submissions, and position monitoring, but it does not execute or control any Token Transactions on the Third-Party Blockchain Network.

3. Platform Description

The Platform is an automated, decentralised liquid restaking protocol that enables Users to participate in restaking activities while maintaining liquidity. The Platform operates through autonomous Smart Contracts deployed on a Third-Party Blockchain Network and is designed to function without intermediaries, custodians, or centralised control.

The Platform Operator provides access to the Platform through a User Interface but does not control, modify, or intervene in the execution of Token Transactions.

3.1 Decentralisation and Autonomy

The Platform is designed to operate without reliance on any centralised party:

  • Autonomous Smart Contracts: All transactions on the Platform are governed by Smart Contracts deployed on a Third-Party Blockchain Network. These contracts execute automatically based on predefined rules and conditions.
  • No intermediary role: The Platform Operator does not act as an intermediary in Token Transactions. Users interact directly with the Smart Contracts, assuming full responsibility for their transactions.

3.2 Core Components of the Platform

The Platform consists of several key components that work together to ensure the functionality of the liquid restaking system:

  • Liquid Restaking Tokens: Tokens created and managed through the Platform's Smart Contracts, representing Users' staked positions and enabling liquidity while maintaining staking rewards.
  • Collateral: Digital assets accepted by the Platform for liquid restaking activities. The Platform supports various assets to provide Users with flexibility in their staking strategies.
  • Smart Contracts: Autonomous programs deployed on a Third-Party Blockchain Network that govern all transactions on the Platform, including staking, reward distribution, and position management.

4. User Obligations and Responsibilities

Users assume full responsibility for securing their wallets, managing their positions, and ensuring compliance with legal and regulatory requirements in their jurisdiction.

4.1 Security and Wallet Management

Users are responsible for securing their blockchain wallets, private keys, recovery phrases, and other credentials required to access the Platform. Loss of these credentials may result in permanent loss of access to Utility Tokens or Collateral held within the Platform.

5. Risk Disclosure

Users acknowledge and accept that using the Platform involves significant risks. These risks are inherent to decentralised finance protocols and digital assets and may result in financial losses, loss of access to funds, or other adverse outcomes.

Important Risk Notice: The Platform Operator disclaims all liability for any losses arising from these risks, and Users agree to assume full responsibility for managing their risk exposure.

5.1 Market Risks

  • Volatility of staked assets and liquid restaking tokens
  • Fluctuations in staking rewards and yields
  • Market conditions affecting token values

5.2 Technical Risks

  • Smart contract vulnerabilities or bugs
  • Blockchain network congestion or failures
  • Protocol upgrades or changes

6. Limitation of Liability

Users acknowledge that they assume full responsibility for their interactions with the Platform and agree to the following limitations on the Platform Operator's liability.

The Platform Operator disclaims all liability for any losses or damages arising from Token Transactions initiated by Users on the Platform, including but not limited to market volatility, technical failures, or user errors.

7. Governing Law and Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of the Cayman Islands. Any dispute arising from or related to these Terms shall be resolved through arbitration in accordance with the Arbitration Rules of the Cayman International Mediation and Arbitration Centre Ltd (CIMAC).

8. Amendments to the Terms

The Platform Operator reserves the right to amend, modify, update, or replace these Terms at any time. Such amendments shall become effective upon publication of the updated Terms through the User Interface or another official communication channel.

9. Contact Information

For questions regarding these Terms, please contact us through our official communication channels or join the Elytra Discord community.