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Staking Service Terms
Last updated at 11:32 AM UTC • May 25, 2022

Staking Service Terms

These Staking Service Terms and Conditions apply to you if you are using ChangeNOW’s Staking Service. Staking is optional. These Terms and Conditions describe staking policies and rewards and company’s liability. Please read them before using ChangeNOW’s Staking Service.
Document's contents
  • 1. General provisions
  • 2. Our Staking service
  • 3. Staking reward
  • 4. No guarantee and limitation of Liability
  • 5. Modification
  • 6. Miscellaneous

The following terminology applies to these Annex:

  • “NOW Token” refers to internal currency on ChangeNOW products and services. It is a utility token, providing holder with a right to use a ChangeNOW products and services with special advantages. NOW Tokens both issued on the Ethereum Network (ERC-20 Standard) and based on the Binance Chain (BEP-2 Standard). More information about NOW Token and NOW Token emission You can find here.
  • “Staking” refers to the process of holding funds in a cryptocurrency wallet or smart contract.
  • “Staking service” refers to additional service provided by ChangeNOW that allows Users to “freeze” NOW Tokens in their wallets for a certain period of time and get a Staking reward according to the fixed rate.
  • “Staked tokens” refers to NOW Tokens that have been “freezed” in the User’s wallet or deposited to the staking smart contract for a certain period according to the conditions set out herein.
  • “Staking reward” refers to the User’s earnings generated via Staking of NOW Tokens in accordance with the conditions hereof.
  • “Stakeholder” refers to the User’s earnings generated via Staking of NOW Tokens in accordance with the conditions hereof.
  • “ROI” refers to ratio used by ChangeNOW to calculate the profitability of Staking depending of the amount and duration of Staking.

All other term shall have the definition specified in Terms or shall be construed according to the applicable legislation.

1. General provisions

1.1. When You hold NOW Tokens You may be given the option to “stake” these assets via Staking services, provided by ChangeNOW. Using Staking services, You accept the terms for such services as set out in this Annex.

1.2. The Staking service is available to You only if the staking is not legally prohibited in Your country and You are entitled to get such services according to applicable legislation. You must not apply to take a stake if You are resident of Prohibited jurisdiction (as it described by Section 10 of Terms). Users shall hereby ensure that the sources of assets hold for Staking are legal and compliant to applicable laws and regulations.

1.3. User shall be responsible for payment of all applicable taxes, if any, to which the Staking reward might be subject and any and all other taxes which may apply to User; We make no representations in this regard. You are agreed to indemnify and hold ChangeNOW harmless against any taxes, including penalties, duties and interest levied by any government on the Staking rewards.

1.4. If We are unable to provide You with Staking service for any reason, We will inform You of this and will not process You stake.

1.5. You acknowledge that You have not relied on any statement, promise or representation or assurance or warranty that is not set out in this Annex or Terms.

1.6. STAKING SERVICE IS OPTIONAL. YOU ARE NOT REQUIRED TO STAKE WITH US AND YOU ARE ENTITLED TO OPT-OUT OF STAKING SERVICE AT ANY TIME.

2. Our Staking service

2.1. The minimum amount of stake – 10 (ten) NOW.

2.2. The maximum limit for stake – 100 000 (one thousand) NOW for one User. You are able to stake more than 100 000 NOW, but the accrual of Staking reward shall be made for 100 000 NOW at most.

2.3. The minimum duration of Staking service is 1 (one) week, the maximum period of staking shall not be limited.

2.4. The staking (“freezing”) transaction shall be made by the User through the Website interface or from the User’s wallet directly.

2.5. The transaction fee (for “freeze” or “unfreeze” transactions) shall be payable by the User himself. The transaction fees are displayed on the confirmation screen.

3. Staking reward

3.1. The Staking reward shall be charged to Stakeholders on a weekly basis, according to the network snapshot, which is done at 12:00 UTC every Wednesday.

3.2. The Staking reward shall be equal to 22,5% of Staked tokens per annum with weekly capitalization of interests (which amounts to 25% of Staked tokens per annum in case of continuous Staking).

3.3. Every 1 500 000 NOW tokens distributed ChangeNOW is entitled to make halving of Staking reward.

3.4. Binance Chain

3.4.1. Binance Chain

The weekly Staking Reward for BEP2 shall be calculated as follows:

X=S*(1.00431506849315n-1*0.00431506849315), where

X – the weekly Staking Reward;

S – the amount of Staked Tokens (BEP2);

N - the number of weeks.

3.4.2. Those Tokens (BEP2) shall be considered Staked to relation of which the “freeze” transaction has been conducted.

3.4.3. ChangeNOW shall transfer the Staking reward to the Stakeholder within 2 (two) working days from the date of the networkʼs snapshot made in accordance with clause 3.1. hereof. The abovementioned term may be changed according to exceptional circumstances outside of Our control.

3.4.4. To obtain the aforementioned Staking reward the Stakeholder undertakes not to reduce the amount of stake within the payroll period. If the amount of stake was reduced (“unfreezed”) within the correspondent payroll period, such period shall be reset to zero and interest capitalization shall not apply. The increase of the staked amount could be made without loss of capitalized interest.

3.5. Ethereum Network

3.5.1. The weekly Staking Reward for ERC20 shall be calculated as follows:

X=S*0.00431506849315, where

X – the weekly Staking Reward;

S – the amount of Staked Tokens (ERC20) at the beginning of the correspondent week.

3.5.2. Tokens (ERC20) shall be considered Staked, when such Tokens being imported to the contract (0x2eab9f28bf00d27fee60bb889f23fc1551ec3c79) by the way of “Stake” method request.

3.5.3. The Staking Reward shall be transferred directly to the abovementioned contract at 12:00 UTC every Wednesday.

3.5.4. The ownership of Staked Tokens and accrued interest shall be confirmed by NOW-STAKE tokens, which shall be issued at the moment of “Stake” method request and specify the Stakeholder’s ownership ratio of staking contract. The Stakeholder is entitled to receive the amount of NOW Tokens staked and accrued interest by the way of “Reclaim” method request, when this occurs, the NOW-STAKE tokens burn.

3.5.5. You bear sole responsibility for the safety of NOW-STAKE tokens and access to the wallet where NOW-STAKE tokens are stored. In case of NOW-STAKE tokens are accidently lost (burned by Yourself, the access to the wallet was lost or tokens were transferred to the incorrect or inactive wallet address) the correspondent amount of staked NOW Tokens and accrued interest are non-refundable and We bear no responsibility for such accidental losses. In case You transfer NOW-STAKE tokens to another wallet address, only the owner of that wallet will be able to receive a corresponding amount of Staked Tokens and interest.

3.5.6. Due to the peculiarities of calculation in the Ethereum Network and limitations of the token’s divisibility, the acceptable error limit in the course of interest calculation or staked amount withdrawal may be 0,0000001 NOW Tokens.

3.5.7. Tokens transferred to the staking contract in contravention of Stake method are non-refundable; such tokens will be prorated between actual holders of NOW-STAKE tokens and We bear no responsibility for such accidental transfers.

4. No guarantee and limitation of Liability

4.1. Subject to this clause, We will not be liable to You, whether in tort (including negligence or perceived misrepresentation), for breach of statutory duty, or otherwise, arising under or in connection with Staking service for:

( a ) loss of profits;

( b ) loss of anticipated rewards;

( c ) loss of Staked tokens (or any part thereof);

( d ) loss due to changes in this Annex or Terms;

( e ) loss due to the volatility of the NOW Token;

( f ) loss due to exchange delisting(s) or any consequence thereof;

( g ) loss due to the lack of liquidity of the NOW Token;

( h ) loss due to the volatility of the Staked token during staking;

( I ) loss due to the period of staking;

( j ) loss due to the inability to sell the Staked token during staking period;

( k ) loss of sales or business;

( l ) loss of agreements or contracts;

( m ) loss of anticipated savings;

( n ) any indirect or consequential loss;

4.2. Subject to Clause 4.1. hereof, Our total liability to You arising under or in connection with Staking service will be limited to the Staking reward We deem are due to You.

5. Modification

5.1. We are entitled to make changes to the Terms and to this Annex from time to time. If We do make changes, We will update the Terms on the Website.

5.2. Your continued usage of Staking service is evidence of Your adherence to the Terms and this Annex following the effective date of such changes and constitutes Your acceptance of such changes.

6. Miscellaneous

6.1. This Annex is an integral part of Terms and shall be construed in addition to those Terms.

6.2. If any provision of this Annex is determined to be unenforceable or void by a court of competent jurisdiction, that provision will be severed from the Annex and shall not affect other terms that will remain in full force and effect.

6.3. In everything else that is not regulated by this Annex, You shall be governed by provision of Terms.

6.4. To obtain the Staking reward the Stakeholder undertakes not to reduce the amount of stake within the payroll period. If the amount of stake was reduced (“unfreezed”) within the correspondent payroll period, such period shall be reset to zero.

6.5. ChangeNOW shall transfer the Staking reward to the Stakeholder within 2 (two) working days from the date of network’s snapshot made in accordance with clause 3.1. hereof. The abovementioned term may be changed according to exceptional circumstances outside of Our control.

6.6. Every 1 500 000 NOW tokens distributed ChangeNOW is entitled to make halving of Staking reward.

For more information about Our Staking service, please contact Our customer support support@changenow.io

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