cLFi Terms & Condition
Last updated : 8 April 2023
- 1.ABOUT OUR TERMS
1.1 These cLFi Token Terms and Conditions (Terms) govern how you may use the LFi platform (Platform) and its functionalities including but not limited to and its functionalities including but not limited to the hardware devices, the software, applications, and other services to conduct Minting of LFi tokens (Services).
1.2 These Terms apply between LFi (we, us or our) and you, the person accessing or using the Site (User, you or your).
1.3 The scope of these Terms set out the main terms and conditions for the purchase or lending of cLFi Token (Collateral). In addition to the Terms, we have regulated and will regulate some aspects of our Services in separate terms and conditions which apply to our Users, such as the Minting Terms and Conditions available at <link>, Website Terms and Conditions available at <link>, and the Privacy and Cookies Policy, available at <link>, which are deemed to be incorporated into this Agreement by reference.
1.5 If you do not agree to the Terms or it would be unlawful for you to use our Services, you should not provide your consent and you are not entitled to use our Services.
1.6 In the Agreement, we refer to LFi’s Whitepaper and we may publish other similar papers in the future that describe the concepts and policies we apply in providing our Services. We disclose them for information purposes only and they are not directly part of these Terms and may be updated and changed, at our discretion, without prior notice to you.
2.1. “cLFi Token” refers to the utility token that represents the collateral that is mandatory for the Minting of the LFi tokens.
2.2. “LFi Hardware” refers to the LFi One Smartphone or the LFi XMiner (1000 or 5000)
2.3. “LFi Token” refers to the native token that is minted using the LFi Hardware, NFT License and the cLFi Token.
2.4. “NFT License” refers to proof of your digital purchase, which can be verified in LFi scan.
- 3.Scope of the cLFi Tokens
3.1. The cLFi Tokens can only be used as collateral for the minting of LFi tokens.
3.2. Users must hold a minimum amount of cLFi Tokens in order to mint the LFi tokens. The minimum amount of cLFi Tokens is variable upon the other requirements of the minting process which includes, but is not limited to the LFi Hardware and the NFT License. LFi reserves the right to change the minimum amount of cLFi Tokens required to conduct the minting process at its sole discretion, without prior notice to you.
3.3. The base amount for each NFT License will be 125 cLFi Tokens. LFi reserves the right to change this base amount as per its discretion, in accordance with external variables.
- 4.HOW TO OBTAIN cLFi Tokens
4.1. cLFi Tokens can be obtained by both purchasing and borrowing methods- separate conditions apply to each method, as explained in these Terms.
4.2. Purchasing cLFi Tokens
4.2.1. cLFi Token can be purchased directly on the market place from listed exchanges or portal.lfi.io after the registration..
4.3. Borrowing cLFi Tokens
4.3.1. cLFi Tokens can be borrowed from other Users in the peer-to-peer market at portal.lfi.io (Borrower).
4.3.2. Once the cLFi Tokens have been successfully purchased or borrowed, the cLFi Tokens will be visible in the User’s dashboard and will commence the Minting process automatically.
- 5.SELLING AND LENDING cLFi Tokens
5.1. Selling cLFi Tokens
5.1.1. A User that owns cLFi Tokens can sell it on any listed exchange, for the market value (Seller).
5.2. Lending cLFi Tokens
5.2.1. A User who already owns cLFi Tokens can also lend their cLFi Tokens (Lender) at portal.lfi.io.
5.2.2. Lenders are entitled to a percentage of the reward generated by Borrowers from the lended cLFi Tokens.
5.2.3. Lenders can set the percentage of the reward they want in exchange for lending the cLFi Tokens.
5.2.4. Borrowers will automatically start borrowing starting from the lowest percentage of rewards first.
6.1. Should you choose to purchase cLFi Tokens in accordance with clause 4.2, the rewards from the production of Minting will be 100% yours.
6.2. Should you choose to borrow cLFi Tokens in accordance with clause 4.3, the rewards from the production of Minting will be shared with the Lender in the split share for which you borrowed the cLFi Tokens.
- 7.REMOVING cLFi Tokens
7.1. The User acknowledges that should they decide to remove the cLFi Tokens, the percentage of production will reduce based on the Collateral Index Formula (CI) for every other user.
7.1.1. The Collateral Index Formula is as follows:
7.2. cLFi Tokens can be unplugged from the NFT at any time or in any situation at the sole discretion of the User.
- 8.ASSOCIATED RISKS
8.1. Upon purchasing or lending cLFi Tokens, a smart contract is entered into. Smart contracts are vulnerable to certain risks by nature, including but not limited to: interference, hacking, malfunctions, and cyber-attacks.
8.2. LFi are not liable for any loss or damage caused as result of the foregoing or unprecedented events related to smart contracts.
8.3. By engaging in the Services of the Platform, and/or purchasing or lending cLFi Tokens, you acknowledge and accept that you do so at your own risk.
8.4. We do not guarantee the success or viability of any minting efforts while using the cLFi Tokens, nor do we assume responsibility for any losses, damages, or liabilities arising from such efforts. Any information with respect to the Lenders are not reliable indicators of your performance with respect to the cLFi Tokens.
8.5. We do not represent or guarantee that you will achieve any profits or losses in choosing to either buy or borrow the cLFi Tokens. We also do not represent or guarantee that the risk score of a cLFi Tokens borrowed from a Lender will accurately reflect the risk of their future performances.
- 9.MINTING PROCESS AND RELATED RISKS
Full details of the Minting process and associated risk can be found in our Minting Terms and Conditions at https://docs.lfi.io/legal-documents/minting-terms-and-condition.
10.1. The fees of cLFi Tokens are variable depending on the method of obtaining (buying or lending), and the market place itself.
10.2. LFi bears no responsibility for the fees of cLFi Tokens, nor do we make any representations or warranties regarding such fees.
11.1. LFi do not warrant that (i) the Services will function uninterrupted, secure or available at any particular time or location, or will be error-free or free of harmful components; (ii) any errors or defects will be corrected; (iii) the application or software is free of viruses or other harmful components; (iv) any content and data, including your data, will be secure or not otherwise lost or damaged; (v) the results that may be obtained from the use of the Services will be accurate or reliable; or (vi) the results of using the Services will meet your requirements or expectations.
11.2. Your use of the Services and its content is at your sole risk.
You also agree to indemnify and to hold us and our Agents harmless from and against any losses, save for losses arising directly from our or their gross negligence, fraud or wilful default, which we or they may suffer or incur in connection with the token Minting activities.
- 13.AMENDMENTS TO THESE TERMS
13.1. We are continuously working to develop and enhance the Platform and Services. We are also aware that We also know that the regulatory environment for virtual assets and virtual asset service providers and expectations by the supervisory authorities are changing.
13.2. We reserve ourselves the discretion to amend, limit the access to, or terminate any of the functionalities and Services on the Platform.
13.3. We reserve the right to unilaterally, at any time without notice, amend or update these Terms. Your continued use of the Services after any such modifications shall constitute your acceptance of the modified Terms.
- 14.OWNERSHIP, USE AND INTELLECTUAL PROPERTY RIGHTS
14.1. The intellectual property rights on the Platform and in any text, images, video, audio or other multimedia provisions, software or other information or material submitted to or accessible from the Devices and Services are owned by us and our licensors.
14.2. We and our licensors reserve all our intellectual property rights (including, but not limited to, all copyright, trade marks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind) whether registered or unregistered anywhere in the world. This means, for example, that we remain owners of them and are free to use them as we see fit.
14.3. Nothing in these Terms grants you any legal rights other than as necessary for you to use it for the purposes mentioned in these Terms.
- 15.NO THIRD PARTY RIGHTS
No one other than us or you have any right to enforce any of these Terms.
- 16.DISPUTE RESOLUTION
16.1. We will try to resolve any disputes with you quickly and efficiently. If you would like to raise a complaint with us, please contact us as soon as possible at [email protected]
16.2. If a dispute cannot be resolved using our complaint handling procedure or you are unhappy with the outcome, you may want to use alternative dispute resolution (ADR).
16.3. 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 resolved by arbitration under the applicable London Court of International Arbitration (LCIA) Rules.
16.4. The number of arbitrators shall be a sole neutral arbitrator. The seat of arbitration shall be London. The language of the arbitration shall be English.
- 17.GOVERNING LAW
The laws of the British Virgin Islands apply to these Terms.
Last modified 1mo ago