Dated: January 2022
WELCOME TO THE DECENTRALIZED SHAPESHIFT PLATFORM!
THESE TERMS CONSTITUTE A LEGALLY BINDING AGREEMENT BETWEEN YOU AND THE SHAPESHIFT DECENTRALIZED AUTONOMOUS ORGANIZATION (WHO WE REFER TO IN THE FIRST PERSON IN THESE TERMS). WE ARE NOT AFFILIATED WITH SHAPESHIFT AG (OR ANY OF ITS AFFILIATES), THE PRIOR OWNER AND OPERATOR OF THE SHAPESHIFT PLATFORM. PLEASE READ THIS DOCUMENT CAREFULLY TO ENSURE THAT YOU UNDERSTAND AND AGREE TO EVERY PORTION OF THESE TERMS BEFORE USING THE PLATFORM.
How we can change these terms: We may, in our sole discretion, modify these terms at any time, so you should review this page periodically. When we change these terms, we will update the date at the top of this page. Prior versions of these terms can be found here. Your continued use of the Platform after any change to these terms constitutes your acceptance of such change. If you do not agree to any portion of these terms, then you should not use or access (or continue to access) the Platform.
Quick disclaimer on buying, selling, transferring, or really doing anything in the cryptocurrency space: We do not endorse or recommend any particular cryptocurrency, transaction, or purchasing strategy. Content on any of our websites or your communications with any member of our community should not be construed as advice. While the blockchains that you can access through our Platform are fully public, they are also fully immutable, meaning that once a transaction has been submitted it is unlikely to be reversible. Additionally, since blockchain transactions are highly technical, there are unfortunately many nefarious actors and scams still prevalent in the space. You should seek independent advice and conduct your own due diligence prior to using our Platform, or quite frankly, doing anything in the cryptocurrency space. Lastly, many cryptocurrencies remain highly volatile. All this is to say that: THE RISK OF LOSS IN BUYING OR SELLING ANY CRYPTOCURRENCY CAN BE SUBSTANTIAL, THEREFORE YOU SHOULD CAREFULLY CONSIDER WHETHER BUYING OR SELLING CRYPTOCURRENCY IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION BEFORE BUYING OR SELLING SUCH CRYPTOCURRENCY. Ok… thanks for bearing with us while we went through that.
Using the Platform: In order to use our Platform, you must connect a compatible cryptocurrency wallet to it. Follow the prompts on the Platform to do so. Once you have connected a wallet to the Platform, all of the Platform's active services will be made available to you and we in turn then grant you a nonexclusive, fully revocable, limited license to use our Platform for lawful purposes. That said, this license does not include a license to use any intellectual property associated with the Platform, including the ShapeShift tradename or any associated logos.The Platform only supports certain types of wallets, which are listed when you click "Connect a Wallet", but we are constantly working to add more compatibility. For the latest updates on the addition of new features, such as the addition of new wallets, join our discord server here; there are various channels dedicated to our product roadmap. You can disconnect your wallet at any time by clicking the "X Disconnect" button or disconnecting through your wallet software. For more information on your wallet, check with your wallet software provider who has extensive documentation and tutorials on how to use their software.
Important Note on wallets: Our Platform is fully noncustodial meaning we never take access to your wallet, your secret seed phrase, your private keys, or any related passwords. While this enables you to have full control over your cryptocurrency, it unfortunately means that we can't assist you if you lose your seed phrase or access to your wallet. Thus prior to connecting to the service and periodically afterwards, we highly recommend that you WRITE DOWN your seed phrase (yes, physically write it down… don't screen shot it, copy it into a file, or type it out…ever! Go ahead and do this now. Don't worry…we'll wait. These terms will be right here when you get back). And you thought the disclaimer about the risks of cryptocurrency above was the only one. Sorry to disappoint! Lastly, use of a software wallet involves a level of inherent risk, and you should make your own informed decision as to which one is right for you.
The ShapeShift Native Wallet: Similar to the Platform, the ShapeShift native wallet ("Native Wallet") was originally designed and operated by ShapeShift AG and has since had its codebase open-sourced. The code can be reviewed here. All references to the Platform in these terms also include the Native Wallet, meaning that the Native Wallet is provided for free, on an as-is basis, should be used at your own risk, and that the disclaimer of warranties below applies.
The Dashboard: Through our Platform's dashboard function, you can view all compatible assets currently in your connected wallet and their respective estimated value in United States Dollars. We pull this pricing information from well-known public sources. Please note that unsupported assets, including non-fungible tokens ("NFTs") may not be viewable on the Platform's dashboard.
Quick note on cryptocurrency pricing information on the Platform: Because the Platform pulls pricing information from external, publicly available sources, we make no guarantees that this pricing information will actually materialize into such value as is listed on the Platform. YOU ARE RESPONSIBLE FOR CONFIRMING AN ACCEPTABLE PRICE FOR THE TRADING, BUYING, OR SELLING OF ANY CRYPTOCURRENCY.
Trading Cryptocurrency: One of the core functions of the Platform is the trading of one type of cryptocurrency for another. The Platform itself does not conduct trades, nor are we ever a counterparty to trades on the Platform, but rather, the Platform acts as an interface for you to connect to third-party decentralized exchanges ("DEX") to complete a trade. We do not own or control any of the DEXs to which our Platform integrates. Prior to completing a trade on the Platform, we encourage you to research the DEX that will complete the trade.To initiate a trade on the Platform, utilize the trade window to input the respective information and values. Once you input the required information, we will provide an exchange rate based on which DEX has the best available publicized rate through publicly available DEX aggregation tools. If you click the "Preview Trade" button, you'll see the full details of the trade before it is finalized, including the DEX that will be used to conduct the trade (which is shown beneath the exchange rate), the miner fee (see the note below for more information on miner fees), and any other transaction fees. If you do not wish to complete the trade, simply click the back arrow. Once you confirm a trade, unless the trade errors out, there is no reversing the trade. Because of the immutable nature of the blockchain, and since we are not counterparty to any of your trades, YOU ACKNOWLEDGE THAT WE ARE UNABLE TO ISSUE REFUNDS FOR ANY TRADES CONDUCTED ON THE PLATFORM. Once your trade completes, you will be able to view it on the respective blockchain explorer by clicking the applicable link on the confirmation screen.
Quick Note on Miner Fees: Most cryptocurrency transactions incur a miner fee, which is sometimes known as a gas fee or a network fee. This fee is paid to the miners who confirm the transaction on the blockchain. Miners are an instrumental component of the blockchain technology. We do not receive any portion of any miner fee incurred using our Platform and pull estimated miner fees directly from the applicable blockchain. We do not have the ability to waive any miner fees.
Sending and Receiving Cryptocurrency: You may also send and receive cryptocurrency on the Platform. To do so, click on the "Assets" tab, and then the applicable asset that you wish to send or receive. Once on an asset's page, you'll see buttons for both send and receive functions. When inputting addresses to send or receive, we recommend only copying and pasting addresses (or utilizing the QR code) to minimize the possibility of errors or typos. We also highly encourage you to triple check any addresses before sending or receiving. Again, because the blockchain is immutable and we do not control it, we will not be liable for any errors you cause when sending and receiving.
Interactions with other smart contracts: In addition to the above functions on the Platform, you may also interact with other types of third-party smart contracts for additional functionality of your cryptocurrency. Many of these additional functions are commonly referred to as decentralized finance or "DeFi" and include functions such as earning yield on your cryptocurrency. As with trading on the Platform, these functions are entirely maintained by third-parties that are not affiliated with us, so again, please do your own due diligence before interacting with any DeFi functions on our Platform.Quick note on "APR": When you see "APR" on the Platform, it means the estimated annual percentage for a particular smart contract function. The APR for a given smart contract function on our Platform is pulled from that smart contract's publicly available data. Accordingly, you acknowledge that we are not responsible for your reliance on any APR figures that you see on our Platform. For more information on how the underlying APR is calculated, please refer to the website or documentation of the third-party who maintains the applicable smart contract.
Support of the Platform: We have no duty to support the Platform, but will try our best to do so. You can contact support by opening a support ticket here. Additionally, we have no duty to make any updates or bug fixes to the Platform.
Promotions: We may run various promotions or giveaways (each, a "Promotion") in connection with the Platform. These promotions will be communicated through official ShapeShift DAO communication mediums, including email, social media, and the ShapeShift DAO Discord server and all applicable details, including any qualification periods, entry procedures or requirements, award or selection criteria, and notification procedures will be contained therein. We are the sponsor for each Promotion, and Promotions are void where prohibited and open only to individuals who can lawfully participate in such Promotion in that individual's particular jurisdiction.
FOX Tokens: ShapeShift AG, with whom we are not affiliated, created a standard ERC-20 token on the Ethereum blockchain that can be accessed through most wallets that support Ethereum called the FOX token (each a "FOX Token"). In spring 2021, ShapeShift AG airdropped the majority of its FOX Tokens to prior users, members of various DAOs, shareholders, employees, and to fund us as a DAO. FOX Tokens are used as governance tokens for the Platform. Neither we nor ShapeShift AG have ever sold FOX Tokens. To learn more about how FOX Token holders can participate in governance of the Platform, please join or discord server here and see the channel titled "governance". The smart contract for the FOX Tokens can be found here.
Disclaimer of Warranties: As we pointed out, the Platform is being licensed to you for free, on an as-is basis, as a public good with a fully open-sourced codebase. In exchange for this, and because you can evaluate the Platform's codebase yourself (find it here, here, and here): YOU ACKNOWLEDGE THAT YOUR USE OF THE PLATFORM IS ON AN "AS IS" AND "AS AVAILABLE" BASIS, AND THAT WE MAKE NO GUARANTEES REGARDING THE PLATFORM. WE HEREBY EXPRESSLY DISCLAIM ALL IMPLIED AND STATUTORY WARRANTIES OF THE PLATFORM. YOU USE THE PLATFORM AT YOUR OWN RISK.Limitation of Liability: We will not be liable to you for any damages, regardless of the kind of damages, arising due to your use of the Platform. In no event will: we, any one of our members, any contractor of ours, or any employee of ours, be liable to you for damages arising due to your use of the Platform in an amount exceeding the greater of: (1) US$100; or (2) the amount you actually paid to us in connection with the Platform. Because we make the Platform available without consideration and fully open-sourced, this section is a material term of these terms.
Indemnification: You acknowledge and agree that you will fully reimburse: us, any one of members, any contractor of ours, or any employee of ours, for any damages sought by any person related to your use of the Platform.
Taxes: Sometimes cryptocurrency transactions incur tax liability. While we will provide certain transaction information associated with any wallet you connect to the Platform, you should only rely on the information you can actually verify on the public blockchain and conduct your own independent cost or valuation analyses, ideally with your licensed tax professional. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transaction you conduct on the Platform. We will not withhold, collect, report, or remit any amount due to appropriate tax authorities on your behalf; as we said, the Platform is noncustodial, so even if we wanted to do this for you, we couldn't. You acknowledge that we will have no liability for any taxes associated with any of your transactions completed on the Platform and that we are encouraging you to consult with your own independent tax advisors to assess whether you have any tax liability in your respective jurisdiction(s).
User feedback: If you submit any feedback or suggestions to us, be it through the link on the Platform, our discord server, or otherwise, you are doing so gratuitously to us, and we may use such information as we see fit without any promise of compensation to you. Essentially, if you submit feedback or a suggestion to us, regardless of the means of submission, we own such information outright.
How to contact us: The best way to get in touch with us regarding the Platform is through our discord server, which you can join here. There are a whole host of channels with specific uses, but the "support-for-users" channel might be your best first stop. PLEASE WATCH OUT FOR SCAMS! IF YOU JOIN OUR DISCORD SERVER, WE WILL NOT DM YOU DIRECTLY. YOU CAN REPORT SCAMS TO THE "SPAM" CHANNEL ON THE SERVER.