Date: 17.03.2025
DegenPrime
Terms of Use
Important information
Prior to obtaining access to the Site or DeFi Protocol (as defined below), please read the following information carefully and ensure that you understand each provision. These Terms comprise an agreement between the end-user (“You” or “User”) and DegenPrime. By using this Site or DeFi Protocol, you confirm that you have read, understood, and you accept all of the terms and conditions contained in these Terms. These Terms apply to every territory where DegenPrime is available except the United States.
IF YOU DO NOT AGREE TO THE TERMS OF USE OF THIS SITE OR YOU ARE UNABLE TO COMPLY WITH THESE TERMS, YOU MUST DISCONTINUE THE USE OF THE SITE NOW. IN THIS CASE, DISCONTINUING THE USE TERMINATES THE AGREEMENT BETWEEN YOU AND DEGENPRIME. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE APPLICABLE LAWS OR REGULATIONS.
1. Preliminary provisions
1.1. These terms of use (“Terms”) apply to the rights and obligations of the entities using the service available at https://degenprime.io (“Site”), as well as the rights and obligations of the entity authorized to administer the Site. In these Terms, “DegenPrime”, “we," and "us" refer to Prime Labs Distributed Ltd., with its registered office at Intersphere Chambers, Road Town, Tortola, British Virgin Islands, registered with the Registrar of Corporate Affairs under the company number 2092351 (“DegenPrime”). We own and administer the Site, which acts as a front-end interface layer allowing you to interact with a decentralized finance protocol (“DeFi Protocol”).
1.2. Availability of the Site for users residing outside the territory of the British Virgin Islands may be limited in whole or in part. The list of countries with limited access to the Website can be found in the Restricted Territories document available at restricted territories.
1.3. You must be able to form a legally binding agreement online, either as an individual or on behalf of a legal entity. You represent that if you are agreeing to these Terms on behalf of a legal entity, you have the legal authority to bind the company or other legal entity to these Terms, and you are at least 18 years old or the age of majority where you reside, whichever is older, can form a legally binding agreement online, and have the full, right, power, and authority to enter into and to comply with the obligations under these Terms. By using the Site, you declare that you meet the required age criteria. None of the Site or DeFi Protocol are intended for persons under 18 years of age.
1.4. If a given service offered by DegenPrime requires separate regulation, or if it results from its specificity (e.g., promotions or trading competition), its terms and conditions may be specified in additional terms, other than these Terms, which, together with the List of Fees (referred to in section 7.3) will constitute an integral part of these Terms.
2. Risk Disclosure
2.1. Using certain areas of the Site or DeFi Protocol carries some risk. Before using our Site or DeFi Protocol, you must familiarize yourself with the risks associated with dealing on the Site or DeFi Protocol as set out in the relevant Risk Disclosure documents available at risk disclosure documents.
2.2. Important: the list of risks (in the Risk Disclosure documents) is not complete nor does it identify all possible risks. There are other risks that are not indicated on the list. There may also be new or other risks that are not known at this time.
2.3. We do not assume any of the risks associated with your use of our services.
3. The roles in the process
3.1. DegenPrime does not act as the seller or buyer of the digital assets to Users through DeFi Protocol as well as does not offer any kind of the custody of digital assets, meaning that DegenPrime does not hold in safekeeping digital assets on behalf of the User. Only You have access to your digital assets deposited in the DeFi Protocol. The interaction between the DeFi Protocol and you is autonomous and automatic, without any engagement of the DegenPrime side. You acknowledge and agree that DegenPrime has no control over any transactions, the method of payment of any transactions, or any actual payments of transactions and that DegenPrime does not provide any services in connection to the transfer of the digital assets (understood as conducting the transaction on behalf of another person, including the User, that moves a digital asset from one virtual asset address or account to another) or to exchange between one or more forms of the digital assets.
3.2. Under no circumstances should you nominate DegenPrime as your agent or broker for settlement purposes, and DegenPrime will not be your designated agent. Users act as buyers or sellers of digital assets and purchase or sell digital assets through DeFi Protocol in their own name. You can also deposit or borrow digital assets using the DeFi Protocol. The description of the DeFi Protocol, as well as all and any of its functionality or limitations has been presented on https://github.com/DeltaPrimeLabs. By accessing and using the DeFi Protocol, you agree that you have read and understood the DeFi Protocol description and you accept its features and limitations.
4. No advice
4.1. The information provided on the Site does not constitute any sort of advice, and you should not treat any of the site’s content as such. DegenPrime is not directly affiliated with or responsible for any cryptocurrency, token, or other digital asset and cannot be held liable with respect to either the price or features of such assets or your losses of them. Trading in and/or exchanging digital assets may involve risk. DegenPrime as software provider does not recommend that any asset be bought, sold, or held by you and the content and materials available on the Site should not be regarded as an offer, solicitation, invitation or recommendation to buy or sell investments, securities or any other financial services and is not intended to be relied upon by you in making any specific investment or other decisions. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. You understand that blockchain technologies and other associated and related technologies are new, untested and outside of our control and may depend on adverse changes in market forces or the technology. You understand the risks associated with blockchain systems; and warrant that you have an understanding of the usage and specifics of blockchain-based software systems.
4.2. From time to time, reference may be made to data we have gathered. These references may be selective or may be partial. As markets change continuously, previously published information and data may not be current and should not be relied upon.
5. Our liability
5.1. Both Site and DeFi Protocol are continuously developed during the prototyping stage, thus access to the Site and DeFi Protocol is provided on an “as is” and “as available” basis only and we do not guarantee an error-free process. Every effort is made to keep the Site and DeFi Protocol up and running smoothly. However, DegenPrime takes no responsibility for, and will not be liable for, the Site or DeFi Protocol becoming temporarily unavailable, especially due to technical issues beyond our control, nor will we accept any responsibility for money or tokens being lost because of transactions working improperly or a systems failure. The possibility of performing transactions may be temporarily unavailable in case of liquidity issues for which we take no responsibility. The amounts of expected returns or profits (APYs, APRs, ROIs, etc.) shown on the Site may temporarily differ from the returns or profits actually received, especially due to technical issues beyond our control resulting in the amounts being outdated or incorrect, for which DegenPrime is not responsible and not liable. Additionally, we accept no responsibility for and cannot guarantee the reliability of either the payment services provider or digital assets wallet provider that a user chooses in order to use DeFi Protocol.
5.2. DegenPrime shall not be liable in any way to you or to any other person for the truthfulness, completeness, reliability, and accuracy of account information or any other information or data it receives from third parties, including you and your payment service providers or digital assets wallet providers. We shall not be required to make any verification into and shall be entitled in good faith without incurring any liability to assume (without requesting evidence thereof) the validity, authenticity, and veracity of any documents, information, declarations or notices received with respect to the Site or DeFi Protocol. In this respect, we fully rely on the data we obtain and are not obliged to verify the information we receive independently. To the maximum extent permitted by applicable law, we exclude all representations, warranties, and conditions relating to the Site and the use of the Site.
5.3. DegenPrime shall not be liable in any way to you or any other person with respect to any claim arising in relation to these Terms, save in the case of grossly negligent actions or omissions. DegenPrime will under no circumstances be liable to you for indirect punitive or consequential loss of any kind whatsoever (including but not limited to loss of profits, business, goodwill, or opportunity), whether or not foreseeable, even if advised of the possibility of such loss or damage and regardless of the form of action.
5.4. Site and DeFi Protocol are provided "as is", without warranty of any kind, express or implied, including but not limited to the warranties of merchantability, fitness for a particular purpose, and non-infringement. In no event shall the authors or copyright holders be liable for any claim, damages or other liability, whether in an action of contract, tort or otherwise, arising from, out of or in connection with Site and DeFi Protocol or the use or other dealings in Site and DeFi Protocol.
6. Your rights and obligations
6.1. By accessing Site or DeFi Protocol, you confirm and oblige the following:
6.1.1. you are, as a person over 18 years old, eligible to enter into the agreement and use the Site or DeFi Protocol in accordance with these Terms;
6.1.2. these Terms are valid, binding on you, and enforceable against you;
6.1.3. if you are agreeing to these Terms on behalf of a legal entity, you have the legal authority to bind the company or other legal entity to these Terms;
6.1.4. you will comply with all terms and conditions of these Terms;
6.1.5. your jurisdiction allows you to use DeFi Protocol, and you are neither a citizen nor a resident of (including tax residency), nor are you currently located in any of the states or territories, or any entity formed under the laws of the country which prohibits interacting with DeFi Protocol;
6.1.6. you are neither on any of the U.S. Treasury Department’s Office of Foreign Asset Control’s sanctions lists, the U.S. Commerce Department’s Consolidated Screening List, the EU consolidated list of persons, groups or entities subject to EU financial sanctions, nor do you act on behalf of a person sanctioned thereunder or a U.S.-, EU-, or UN-sanctioned state, nor are you or do you act on behalf of a person sanctioned by any other international body or organization;
6.1.7. you will ensure that all information that you provide on the Site (if any) is correct, current, complete, and accurate;
6.1.8. you are aware of the fact that the Internet is public and the use of Site and DeFi Protocol provided by electronic means may involve the risk of obtaining and modifying Users' data by unauthorized persons; therefore, Users should use appropriate technical means to minimize these risks, especially you will maintain the security and confidentiality of access to your digital asset wallet address; In particular, the use of antivirus programs by Users is justified;
6.1.9. any smart contracts you interact with are entirely your own responsibility and liability, and that DegenPrime is not party to the DeFi Protocol or any other smart contract solution; we have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any digital assets that you may transfer to or from a third party, and that we are not responsible for ensuring that an entity with whom you transact actually completes the transaction or is authorized to do so. If you experience a problem with any digital assets purchased from or sold to a third party through the DeFi Protocol, you bear the entire risk.
6.1.10. at any time, your access to your digital assets may be suspended or terminated or there may be a delay in your access or use of your cryptocurrency assets which may result in the digital assets diminishing in value or you being unable to complete a transaction; this does not mean that DegenPrime will take over your digital assets; but, for example, even a temporary inability by you to access your account may cause you not to open an expected transaction at the expected time (and during this time the value may increase and you have no open transaction) or not to close a transaction at the expected time (and during this time the value may decrease and you have an open transaction).
6.1.11. if you are a borrower of digital assets and if your collateral declines such that your collateral is no longer sufficient to secure your borrowed digital assets, other users may seize your collateral to close out your borrowed cryptocurrency asset balance;
6.1.12. site and/or application may be suspended or terminated for any or no reason, which may limit your access to your digital assets.
6.2. you are prohibited from interacting with the Site or DeFi Protocol in cases where your jurisdiction disallows our exclusions of liability or applies mandatory laws overriding the Terms or any of its provisions. You are responsible for compliance with all of the applicable laws and regulations applicable to you.
7. Prohibited Use
7.1. By using the Site or DeFi Protocol, you confirm that you will not use the Site or DeFi Protocol to do any of the following:
7.1.1. violate any applicable law, including, without limitation, any relevant and applicable anti-money laundering and anti-terrorist financing laws and any relevant and applicable privacy and data collection laws, in each case as may be amended;
7.1.2. use the Site or DeFi Protocol for any purpose that is unlawful;
7.1.3. export, reexport, or transfer, directly or indirectly, any DegenPrime technology in violation of applicable export laws or regulations;
7.1.4. infringe on or misappropriate any contract, intellectual property, or other third-party right, or commit a tort while using the Site or DeFi Protocol;
7.1.5. misrepresent the truthfulness, sourcing, or reliability of any content on the Site;
7.1.6. use the Site in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Site or the DeFi Protocol or that could damage, disable, overburden, or impair the functioning of the Site or the DeFi Protocol in any manner;
7.1.7. attempt to circumvent any content filtering techniques or security measures that DegenPrime employs on the Site, or attempt to access any service or area of the Site that you are not authorized to access;
7.1.8. use, design, or assist in designing any robot, spider, crawler, scraper, cheats, exploits, hacks, mods or other automated means or interface not provided by us, to access the Site to extract data;
7.1.9. introduce any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism, or other harmful material into the Site;
7.1.10. post content or communications on the Site that are, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable;
7.1.11. post content on the Site containing unsolicited promotions, commercial messages, or any chain messages or user content designed to deceive or trick the user of the Site; or
7.1.12. use the Site in any way that engages in any of the activities prohibited under these Terms.
7.2. The specific types of use listed above are representative but not exhaustive. If you are uncertain whether or not your use of the Site or DeFi Protocol involves the abovementioned prohibited use, or have questions about how these requirements apply to you, please contact us at contact@degenprime.io.
7.3. Fees
7.3. DegenPrime introduced the following types of fees that can be collected from the Users:
7.3.1. swap/minting/redeeming fees – the fees collected in case of the transaction made on the Site;
7.3.2. interest fees – the fees collected as part of the interest paid by the borrowers;
7.3.3. liquidation fees – the fees collected in case of liquidation, understood as automatic repayment in order to protect Your deposit funds from being lost, incurred in Your account in case the minimum collateral ratio is not reached;
7.3.4. paid features fees – access to higher leverage, notification system, or other features.
7.4. The above-listed kinds of fees account for a specific % of the transaction, interest, or liquidation value. The detailed amounts of the fees are presented in our List of Fees available (" List of Fees ").
8. Intellectual Property Rights
8.1. The “DegenPrime” name, the DegenPrime logo, and the web domains and URLs, as well as the material published on them, are property of Prime Labs Distributed Ltd (BVI). Using our Site or DeFi Protocol does not give you ownership of any proprietary intellectual property rights in our Site or DeFi Protocol or the content you access. You may not use proprietary content from our Site or DeFi Protocol unless you obtain permission from its owner or are otherwise permitted by law. These Terms do not grant you the right to use any branding or logos used in our Site or DeFi Protocol. You may not remove, obscure, or alter any legal notices displayed in or along with our Services.
9. Security
9.1. We use industry-standard encryption methods to ensure the security of your data in accordance with applicable laws and regulations, but we cannot guarantee the full security of any data transmitted to payment service providers or DegenPrime. We take reasonable precautions to ensure that your data is not lost, misused, accessed, disclosed, altered, or destroyed.
9.2. You are solely responsible for safekeeping your wallet and private information, including your private key, and you recognise and agree to use DeFi Protocol at your own risk.
9.3. DegenPrime will never ask you to provide your payment account password. You should ensure that your computer is free from and shall not introduce into the Site or DeFi Protocol any malicious software. Prior to using our application, you are required to install up-to-date, industry-standard, and comprehensive anti-virus software to prevent the introduction of any malicious software into Site or DeFi Protocol.
10. Cookies and logs
10.1. The Site does not automatically collect any information except for information contained in cookies. When using the Site, our servers automatically record information sent by a browser when you view the Site. The server logs may contain such information as network request, IP address, browser type, browser language, date and time of the request and one or more cookies.
10.2. Cookies (so-called “cookies”) are IT data, in particular text files, which are stored in the User’s terminal equipment and are designed to use the Site’s functionality. Cookies usually contain the name of the Site from which they come, the time they are stored on your terminal equipment, and a unique number.
10.3. Cookies are used by us for this purpose:
10.3.1. adjusting the content of the Site’s functionality to the User’s preferences and optimizing the use of the Site; in particular, these files allow to recognize the User’s device and to display the Site properly, adjusted to your individual needs,
10.3.2. create statistics that help to understand how Users use the sub-pages of this Site, which allows them to improve their structure and content,
10.3.3. maintaining the User’s session (e.g., after logging in, if required), thanks to which the User does not have to log in again on each subpage of the Site.
10.4. The Site may use two basic types of cookies: “session” cookies (session cookies) and “persistent” (persistent cookies). “Session” cookies are temporary files which are stored in the User’s terminal device until logging out (if this function is available), leaving the Site, or turning off the software (web browser). “Persistent” cookies are stored in the User’s terminal equipment for the time specified in the parameters of cookies or until they are deleted by the User.
10.5. The following types of cookies are used in the Site:
10.5.1. “necessary” cookies, enabling the use of services available within the Site, e.g., authentication of cookie files used for services requiring authentication within the Site,
10.5.2. cookies used to ensure security, e.g., used for detecting authentication abuse within the Site,
10.5.3. “performance” cookies, enabling the collection of information on how to use the Site’s functionality,
10.5.4. “functional” cookies, enabling “remembering” the settings selected by the User and personalizing the User’s interface, e.g., in terms of the selected language or region from which the User comes from, font size, the appearance of the Site, etc.,
10.5.5. “advertising” cookies, which allow to provide Users with advertising content more suited to their interests.
10.6. In many cases, the software used to browse the web pages (web browser) by default allows storing cookies in the User’s device. Users can change the settings for cookies at any time. These settings can be changed in particular in such a way as to block the automatic handling of cookies in the settings of your web browser or inform about their placement in your device each time. Detailed information about the possibilities and ways of handling cookies is available in the software settings (Internet browser).
10.7. DegenPrime informs you that restrictions on the use of cookies may affect some functionalities available on the Site.
11. Crypto assets
11.1. The DeFi Protocol only permits borrowing and lending of specific crypto assets, which can be verified at app.degenprime.io/#/pools.
11.2. DegenPrime is not an issuer of any tokens.
11.3. DegenPrime recognizes the features and utilities of the $PRIME token.
11.4. A detailed list of the features and utilities of the $PRIME within DegenPrime is available at docs.degenprime.io.
12. Updates
12.1. The current Terms are available at terms of use.
12.2. The Terms, as well as the List of Fees, may be regularly reviewed and updated as required. Each document comprising the Terms will include information on when it was last reviewed. You are advised to check these Terms periodically to familiarize yourself with any changes to the Terms. Please observe what version of the Terms apply to you before you visit the Site or enter into any transaction using DeFi Protocol.
12.3. The DegenPrime, in its sole discretion, reserves the right to make changes to the Terms and the List of Fees or to issue new Terms or the List of Fees in the course of the agreement with the User, in particular, due to changes in the applicable law or due to changes in the functionality of the Site or DeFi Protocol in order to provide its Users with more convenient terms of using both the Site and DeFi Protocol or in case of occurrence of other important reasons, including reasons of technological nature of the Site or DeFi Protocol functioning. Changes in the amount of fees presented in the List of Fees will be additionally communicated to the Users in the form of announcements on the Site.
Changes are binding on users of the Site and will take effect immediately upon posting. As a User, you agree to be bound by any changes, variations, or modifications to our terms of service, and your continued use of the Site shall constitute acceptance of any such changes, variations, or modifications.
12.4. Unless a representation, which may be subject to change without notice from time to time, is expressed to be given at a specific date, each representation is deemed to be repeated by you each time you access the Site. When a representation is repeated, it is applied to the circumstances existing at the time of repetition. You accept that DegenPrime does not hold an obligation to verify your status with respect to your representations or obligations under the Terms.
12.5. These Terms are governed by British Virgin Islands law.
13. Jurisdiction and Governing Law
13. Jurisdiction and Governing Law
13.1. Any dispute between the Users and DegenPrime shall be submitted to the exclusive jurisdiction of the competent courts of the British Virgin Islands, with the exclusion of any other jurisdiction or arbitration. This Disclaimer shall be governed by, construed, and interpreted in accordance with the substantive laws of the British Virgin Islands, excluding the British Virgin Islands conflict of law rules. The United Nations Convention for the International Sales of Goods is excluded.
14. Contacting Us
14.1. Should you have any questions about these Terms, or wish to contact us for any reason whatsoever, please do so by sending us an email at contact@degenprime.io.
