Last Updated: May 15, 2025
IMPORTANT NOTICE: THIS AGREEMENT IS SUBJECT TO BINDING ARBITRATION AND A WAIVER OF CLASS ACTION RIGHTS AS DETAILED IN SECTION 11. PLEASE READ THE AGREEMENT CAREFULLY.
This Terms of Service Agreement (the “Terms,” “Terms of Use,” or “Agreement”) is entered into by and between you (“you,” “your,” or “User”) and the BSD Protocol Development Team (hereinafter referred to as the “BSD Dev Team,” “we,” “us,” or “our”). The BSD Dev Team is the initial developer of the BSD/Based Protocol (the "Protocol"), a decentralized lending protocol for borrowing BSD using sBTC as collateral on the Stacks blockchain.
The BSD Dev Team hosts a website located at bsd.money (the “Site”), which provides information and an interface for interacting with the Protocol. These Terms govern your access to and use of the Site and any related services, tools, features, or information provided by the BSD Dev Team through the Site (collectively, the “Site Services”).
Please read these Terms carefully before using the Site or the Site Services. By accessing or using the Site, clicking a button or checkbox to accept or agree to these Terms where that option is made available, or by otherwise interacting with the Site Services, you (1) accept and agree to be bound by these Terms and any additional terms, rules, and conditions of participation issued by the BSD Dev Team from time to time that may be incorporated herein by reference; and (2) consent to the collection, use, disclosure, and other handling of information as described in our Privacy Policy (which will be linked here once available).
If you do not agree to these Terms or any of our policies, you must not access or use the Site or the Site Services.
You represent to us that you are lawfully able to enter into contracts. If you are entering into this Agreement for an entity, such as a company you work for, you represent to us that you have legal authority to bind that entity. Please see Section 14 for definitions of certain capitalized terms used in this Agreement.
In addition, you represent to us that you are (1) not subject to sanctions or otherwise designated on any list of prohibited or restricted parties, including but not limited to the lists maintained by the United Nations Security Council, the U.S. Government (i.e., the Specially Designated Nationals List and Foreign Sanctions Evaders List of the U.S. Department of Treasury and the Entity List of the U.S. Department of Commerce), the European Union or its Member States, the United Kingdom, or other applicable government authority and (2) not located in any country subject to a comprehensive sanctions program implemented by the United States.
1.1. Generally. You may access and use the Site Services only in accordance with this Agreement. You agree to comply with the terms of this Agreement and all laws, rules, and regulations applicable to your use of the Site Services. The Site provides an interface to the BSD/Based Protocol, a decentralized finance application. The BSD Dev Team does not act as a financial institution, custodian, broker, advisor, or counterparty to any transaction you may engage in when interacting with the Protocol. All transactions are peer-to-protocol and executed on the Stacks blockchain.
1.2. Site Services Description. The Site Services provide an interface and information that may allow you to, among other things:
1.3. Third-Party Content and Services. The Site or Site Services may display, include, or make available content, data, information, applications, or materials from third parties (“Third-Party Content”) or provide links to certain third-party websites or services (“Third-Party Services”), including but not limited to blockchain explorers or wallet providers.
You acknowledge and agree that the BSD Dev Team is not responsible for examining or evaluating the content, accuracy, completeness, timeliness, validity, copyright compliance, legality, decency, quality, or any other aspect of such Third-Party Content or Third-Party Services.
Your reliance on any Third-Party Content and use of Third-Party Services is at your own election and risk and will generally be subject to separate terms and conditions set forth by the applicable third-party provider.
We do not warrant or endorse and do not assume and will not have any liability or responsibility to you or any other person for any Third-Party Content or Third-Party Services. Third-Party Content and links to Third-Party Services are provided solely as a convenience to you.
1.4. Support. The BSD Dev Team may provide general information or technical support regarding the Site Services via channels such as email or community forums. All such support is provided "AS IS" and for informational purposes only. We do not make representations or warranties as to its accuracy or completeness. You are responsible for your own actions and use of the Site Services. You acknowledge that customer support efforts may be impersonated by malicious third parties, and you agree that we are not responsible for the actions of such impersonators.
2.1. Conditions of Use. As a condition to accessing or using the Site Services, you represent and warrant to the BSD Dev Team the following:
2.2. Acknowledgments. As a condition to accessing or using the Site or the Site Services, you acknowledge, understand, and agree to the following:
The Site or Site Services may be inaccessible or inoperable for any reason, including equipment malfunctions, periodic maintenance, causes beyond our reasonable control, disruptions to underlying blockchain infrastructure, or unavailability of third-party service providers.
We reserve the right to modify or disable access to the Site or Site Services at any time if we reasonably believe you have breached these Terms or that any of your representations or warranties are untrue or inaccurate. We will not be liable for any losses you suffer as a result of such inaccessibility or modification.
The Site Services may evolve. The BSD Dev Team or third parties may apply changes, replace, or discontinue (temporarily or permanently) access at any time in their sole discretion.
Any pricing information or other data provided on the Site is for informational purposes only and does not constitute an offer, solicitation, or financial advice. The BSD Dev Team does not act as a broker or advisor for you.
You are solely responsible for your use of the Site Services, including all transfers of digital assets and interactions with the Protocol.
To the fullest extent not prohibited by Applicable Law, we owe no fiduciary duties or liabilities to you or any other party. To the extent any such duties or liabilities may exist at law or in equity, you hereby irrevocably disclaim, waive, and eliminate them.
You are solely responsible for reporting and paying any taxes applicable to your use of the Site Services and interactions with the Protocol.
We have no control over, and no liability for, the delivery, quality, safety, legality, or any other aspect of any digital assets you may transfer to or from a third party, or for any transactions you conduct using the Protocol. We are not responsible for ensuring that any entity with whom you transact completes the transaction or is authorized to do so. If you experience a problem with any transactions in digital assets using the Site Services or the Protocol, you bear the entire risk.
You may not, and may not allow any third party to:
You represent and warrant to us on the date of your acceptance of these Terms and each day on which you utilize or access the Site or Site Services, as follows:
5.1. To the Site Services. We may change or discontinue any or all of the Site Services or change or remove functionality from time to time. We will use commercially reasonable efforts to communicate any material discontinuation of a Site Service through the Site or public communication channels.
5.2. To this Agreement. We reserve the right, at our sole discretion, to modify or replace any part of this Agreement (including any Policies incorporated by reference) at any time. We will notify you by updating the “Last Updated” date at the top of these Terms and maintaining a current version on the Site. We may also endeavor to communicate material changes through other channels. It is your responsibility to check this Agreement periodically for changes. Your continued use of or access to the Site Services following the posting of any changes to this Agreement constitutes acceptance of those changes.
6.1. Use of Site Services. Except to the extent caused by our breach of this Agreement, (a) you are responsible for all activities that occur with respect to your use of the Site Services, whether authorized by you or undertaken by you, your employees, or a third party; and (b) we and our Affiliates are not responsible for unauthorized access to your accounts or Digital Wallets, including any access that occurred as a result of fraud, phishing, or other criminal activity perpetrated against you by third parties. You will ensure your use of the Site Services does not violate any Applicable Law.
6.2. Your Security and Backup. You are solely responsible for properly configuring and using the Site Services and taking appropriate action to secure, protect, and backup your accounts, Digital Wallets, private keys, secret recovery phrases, and any content related to your use of the Site Services. This includes recording and securely maintaining any passwords or secret recovery phrases. You acknowledge that storing secret recovery phrases digitally increases the risk of compromise. You will not share your private keys or secret recovery phrases with us or any third party. We take no responsibility for any theft or loss of private keys or secret recovery phrases.
6.3. Log-In Credentials. To the extent we provide any log-in credentials for any ancillary service, they are for your use only and you will not sell, transfer, or sublicense them.
7.1. General. We reserve the right, at our sole discretion, from time to time and with or without prior notice to you, to modify, suspend, or disable (temporarily or permanently) the Site or Site Services, in whole or in part, for any reason, including for maintenance, security, or if we suspect a breach of these Terms. Upon termination of your access, your right to use the Site Services will immediately cease. We will not be liable for any losses suffered by you resulting from any such modification, suspension, or termination.
7.2. Temporary Suspension. We may suspend your right to access or use any portion or all of the Site Services immediately if we determine:
8.1. Term. The term of this Agreement will commence on the Effective Date and will remain in effect until you stop accessing or using the Site Services, or until terminated by us.
8.2. Termination. Termination for Convenience by You. You may terminate this Agreement for any reason by ceasing all use of the Site Services.
Termination for Cause:
By Either Party. Either party may terminate this Agreement for cause if the other party is in material breach and such breach remains uncured for 30 days from receipt of notice.
By Us. We may also terminate this Agreement immediately if (A) we have the right to suspend under Section 7.2, (B) our relationship with a third-party partner providing technology we use for the Site Services expires or terminates, or (C) to avoid undue risk of violating the law.
8.3. Effect of Termination. Upon the Termination Date: all your rights under this Agreement immediately terminate; each party remains responsible for any obligations incurred through the Termination Date; and relevant provisions of this Agreement (including, but not limited to, disclaimers, limitations of liability, indemnification, governing law, arbitration, and definitions) shall survive.
9.1. Your Content. You may provide data or content to us in connection with your use of certain Site Services (e.g., support requests) (“Your Content”). Except as provided in this Section, we obtain no rights under this Agreement from you to Your Content. You consent to our use of Your Content to provide the Site Services to you and for related purposes.
9.2. Site Services License. We or our licensors own all right, title, and interest in and to the Site Services, and all related technology and intellectual property rights. Subject to the terms of this Agreement, we grant you a limited, revocable, non-exclusive, non-sublicensable, non-transferable license to access and use the Site Services solely in accordance with this Agreement. You obtain no other rights under this Agreement from us, our Affiliates, or our licensors to the Site Services. Some content may be provided under a separate open-source license, which will prevail in case of conflict.
9.3. License Restrictions. Neither you nor any End User will use the Site Services in any manner or for any purpose other than as expressly permitted. You will not attempt to (a) modify, distribute, alter, tamper with, repair, or create derivative works of any Content included in the Site Services (unless such Content is provided under a separate license permitting derivative works), (b) reverse engineer, disassemble, or decompile the Site Services or derive source code, (c) access or use the Site Services to avoid incurring fees or exceeding usage limits, or (d) resell or sublicense the Site Services unless agreed in writing. You will not use Our Marks without prior written consent, nor misrepresent or embellish the relationship between us and you.
9.4. Suggestions. If you provide any suggestions for improvements to the Site Services (“Suggestions”) to us or our Affiliates, we and our Affiliates will be entitled to use the Suggestions without restriction. You hereby irrevocably assign to us all right, title, and interest in and to the Suggestions.
10.1. General. You will defend, indemnify, and hold harmless us, our Affiliates and licensors, and each of their respective members, employees, officers, directors, and representatives from and against any Losses arising out of or relating to any claim concerning: (a) your breach of this Agreement or violation of Applicable Law; or (b) a dispute between you and any third party arising from your use of the Site Services or the Protocol. You will reimburse us for reasonable attorneys’ fees and expenses associated with such claims.
10.2. Process. We will promptly notify you of any claim subject to indemnification, provided that our failure to do so will not affect your obligations unless such failure materially prejudices your ability to defend the claim. You may not agree to any settlement of any claim without our prior written consent, which will not be unreasonably withheld.
11.1. Governing Law. This Agreement and any dispute, claim, suit, action, or proceeding arising out of or related to it (including non-contractual disputes) are governed by, and shall be construed in accordance with, the laws of the Cayman Islands, without regard to its conflict of laws principles.
11.2. Binding Arbitration. PLEASE READ THIS SECTION CAREFULLY – IT MAY SIGNIFICANTLY AFFECT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A CLAIM IN COURT. All claims, disputes, and controversies arising from or in connection with this Agreement, or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall, at our option, be subject to binding arbitration to be held in the Cayman Islands. The arbitration shall be administered by a single arbitrator agreed upon by you and us or, in the absence of such agreement, appointed by the President of the Cayman Islands Law Society (or any successor association). The arbitration will be conducted in English and in accordance with the London Court of International Arbitration (LCIA) Rules then in effect. The arbitrator’s award shall be final and binding and may be entered in or enforced by any competent court. If court action has been initiated by you against us at or prior to the time we elect to refer the issue to arbitration, such action shall be discontinued, unless the arbitrator determines that we have waived the right to such discontinuance by participating in the action without having raised or reserved our rights under this provision. The prevailing party in any arbitration or litigation shall be entitled to recover its reasonable legal fees, expenses of litigation and/or arbitration (including expert witness fees), and costs, in addition to any other relief to which that party may be entitled.
11.3. Class Action Waiver. YOU AND WE AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY ON AN INDIVIDUAL BASIS AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE ACTION OR PROCEEDING. YOU AND WE EXPRESSLY WAIVE ANY RIGHT TO FILE A CLASS ACTION OR SEEK RELIEF ON A CLASS BASIS. Unless both you and we agree otherwise, the arbitrator may not consolidate more than one person's claims and may not otherwise preside over any form of a representative or class proceeding. The arbitrator may award injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim.
11.4. Severability of Arbitration Clause. If a court decides that applicable law precludes enforcement of any of this Section 11's limitations as to a particular claim for relief, then that claim (and only that claim) must be severed from the arbitration and may be brought in court, subject to the exclusive jurisdiction of the courts of the Cayman Islands. If any court or arbitrator determines that the class action waiver set forth in this paragraph is void or unenforceable for any reason or that an arbitration can proceed on a class basis, then the arbitration provision set forth above shall be deemed null and void in its entirety and the parties shall be deemed to have not agreed to arbitrate disputes.
11.5. 30-Day Right to Opt Out. You have the right to opt-out and not be bound by the arbitration and class action waiver provisions set forth above by sending written notice of your decision to opt-out to admin@bsd.money with the subject line “ARBITRATION AND CLASS ACTION WAIVER OPT-OUT.” The notice must be sent within 30 days of your first use of the Site Services. Otherwise, you shall be bound to arbitrate disputes as we may elect in accordance with these terms and will be deemed to have agreed to waive any right to pursue a class action. If you opt-out of these provisions, we also will not be bound by them.
12.1. DISCLAIMER OF WARRANTIES. THE SITE, THE SITE SERVICES, THE BSD/BASED PROTOCOL, AND ANY CONTENT OR INFORMATION PROVIDED IN CONNECTION THEREWITH ARE PROVIDED “AS IS” AND “AS AVAILABLE.” EXCEPT TO THE EXTENT PROHIBITED BY LAW, OR TO THE EXTENT ANY STATUTORY RIGHTS APPLY THAT CANNOT BE EXCLUDED, LIMITED, OR WAIVED, WE AND OUR AFFILIATES AND LICENSORS (A) MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE REGARDING THE SITE SERVICES, THE PROTOCOL, THIRD-PARTY CONTENT, OR THIRD-PARTY SERVICES, AND (B) DISCLAIM ALL WARRANTIES, INCLUDING ANY IMPLIED OR EXPRESS WARRANTIES (I) OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR QUIET ENJOYMENT, (II) ARISING OUT OF ANY COURSE OF DEALING OR USAGE OF TRADE, (III) THAT THE SITE SERVICES, PROTOCOL, THIRD-PARTY CONTENT, OR THIRD-PARTY SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, OR FREE OF HARMFUL COMPONENTS, AND (IV) THAT ANY CONTENT WILL BE SECURE OR NOT OTHERWISE LOST OR ALTERED.
12.2. NO GUARANTEE OF REWARDS, RETURNS, OR VALUE. YOU ACKNOWLEDGE THAT INTERACTIONS WITH DECENTRALIZED FINANCE PROTOCOLS LIKE THE BSD/BASED PROTOCOL CARRY SIGNIFICANT FINANCIAL RISK. THE BSD DEV TEAM DOES NOT GUARANTEE THAT YOU WILL EARN ANY REWARDS, ACHIEVE ANY SPECIFIC RETURN RATE, OR THAT THE BSD STABLECOIN WILL MAINTAIN ITS PEG TO THE USD. THE VALUE OF BSD, SBTC, AND ANY REWARDS (E.G., FROM THE STABILITY POOL) CAN FLUCTUATE SIGNIFICANTLY AND MAY BE SUBJECT TO TOTAL LOSS. PROTOCOL MECHANISMS, INCLUDING BUT NOT LIMITED TO INTEREST RATES, LIQUIDATION RATIOS, REDEMPTION RATES, AND REWARD DISTRIBUTION, ARE SUBJECT TO THE RULES OF THE PROTOCOL AND MARKET DYNAMICS AND ARE NOT GUARANTEED BY THE BSD DEV TEAM. ANY POTENTIAL FEE REBATES OR PROMOTIONAL OFFERS ARE PROVIDED AT OUR SOLE DISCRETION, ARE NOT GUARANTEED, AND MAY BE MODIFIED OR DISCONTINUED AT ANY TIME WITHOUT NOTICE.
12.3. PROTOCOL RISKS. THE BSD/BASED PROTOCOL RELIES ON EMERGING TECHNOLOGIES, INCLUDING THE STACKS BLOCKCHAIN, SBTC (WRAPPED BITCOIN), SMART CONTRACTS, ORACLES, AND KEEPERS.
12.4. YOUR RESPONSIBILITY. YOU REPRESENT THAT YOU ARE FINANCIALLY AND TECHNICALLY SOPHISTICATED ENOUGH TO UNDERSTAND THE INHERENT RISKS ASSOCIATED WITH USING CRYPTOGRAPHIC AND BLOCKCHAIN-BASED SYSTEMS AND THE BSD/BASED PROTOCOL. YOU HAVE A WORKING KNOWLEDGE OF THE USAGE AND INTRICACIES OF DIGITAL ASSETS SUCH AS SBTC AND STABLECOINS LIKE BSD. YOU ARE SOLELY RESPONSIBLE FOR ANY APPROVALS OR PERMISSIONS YOU PROVIDE BY CRYPTOGRAPHICALLY SIGNING BLOCKCHAIN MESSAGES OR TRANSACTIONS. YOU EXPRESSLY ASSUME FULL RESPONSIBILITY FOR ALL OF THE RISKS OF ACCESSING AND USING THE SITE SERVICES AND INTERACTING WITH THE BSD/BASED PROTOCOL.
13.1. LIMITATION OF AMOUNT. IN NO EVENT SHALL THE AGGREGATE LIABILITY OF THE BSD DEV TEAM AND OUR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE SITE SERVICES (WHETHER IN CONTRACT, TORT, OR UNDER ANY OTHER THEORY OF LIABILITY) EXCEED THE GREATER OF (A) THE AMOUNT OF FEES PAID BY YOU TO US FOR THE SITE SERVICES IN THE TWELVE MONTHS PRECEDING THE FIRST INCIDENT OUT OF WHICH THE LIABILITY AROSE, OR (B) IF NO SUCH FEES HAVE BEEN PAID BY YOU TO US, TWENTY-FIVE THOUSAND U.S. DOLLARS ($25,000).
13.2. EXCLUSION OF CONSEQUENTIAL AND RELATED DAMAGES. IN NO EVENT WILL THE BSD DEV TEAM OR OUR AFFILIATES HAVE ANY LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ANY LOST PROFITS, REVENUES, GOODWILL, OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, COVER, BUSINESS INTERRUPTION, OR PUNITIVE DAMAGES, WHETHER AN ACTION IS IN CONTRACT OR TORT AND REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF A PARTY OR ITS AFFILIATES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR IF A PARTY’S OR ITS AFFILIATES’ REMEDY OTHERWISE FAILS OF ITS ESSENTIAL PURPOSE. THE FOREGOING DISCLAIMER WILL NOT APPLY TO THE EXTENT PROHIBITED BY LAW.
15.1. Assignment. You will not assign or otherwise transfer this Agreement or any of your rights and obligations under this Agreement without our prior written consent. Any assignment or transfer in violation of this Section will be void. We may assign this Agreement without your consent (a) in connection with a merger, acquisition, or sale of all or substantially all of our assets (or the assets of the entity that may in the future own or operate the Site); or (b) to any Affiliate or as part of a corporate reorganization.
15.2. Entire Agreement. This Agreement, including all documents and policies incorporated by reference, is the entire agreement between you and us regarding the subject matter of this Agreement. This Agreement supersedes all prior or contemporaneous representations, understandings, agreements, or communications between you and us, whether written or verbal, regarding the subject matter of this Agreement.
15.3. Force Majeure. Neither party nor their respective Affiliates will be liable for any delay or failure to perform any obligation under this Agreement where the delay or failure results from any cause beyond such party’s reasonable control, including acts of God, labor disputes or other industrial disturbances, electrical or power outages, utilities or other telecommunications failures, earthquake, storms or other elements of nature, blockages, embargoes, riots, acts or orders of government, acts of terrorism, or war.
15.4. Export and Sanctions Compliance. You will comply with all applicable import, re-import, sanctions, anti-boycott, export, and re-export control laws and regulations. You are solely responsible for compliance related to your use of the Site Services and the Protocol.
15.5. Independent Contractors; No Agency. We and you are independent contractors, and this Agreement will not be construed to create a partnership, joint venture, agency, or employment relationship.
15.6. Eligibility; Minors. If you are under the age of majority in your jurisdiction, you may use the Site or Site Services only with the consent or supervision of your parent or legal guardian. NOTICE TO PARENTS AND GUARDIANS: BY GRANTING YOUR MINOR PERMISSION TO ACCESS THE SITE OR SITE SERVICES, YOU AGREE TO THESE TERMS ON BEHALF OF YOUR MINOR AND ARE RESPONSIBLE FOR SUPERVISING THEIR ONLINE ACTIVITIES.
15.7. Language. All communications and notices made or given pursuant to this Agreement must be in the English language. If we provide a translation of the English language version of this Agreement, the English language version will control if there is any conflict.
15.8. Notice.
To You. We may provide any notice to you under this Agreement by: (i) posting a notice on the Site; (ii) sending a message to an email address then associated with your account (if any); or (iii) using public communication channels. Notices we provide by posting on the Site or using public communication channels will be effective upon posting, and notices by email will be effective when we send the email. It is your responsibility to keep any email address current.
To Us. To give us notice under this Agreement, you must contact us by email at admin@bsd.money.
15.9. No Third-Party Beneficiaries. This Agreement does not create any third-party beneficiary rights in any individual or entity that is not a party to this Agreement.
15.10. No Waivers. The failure by us to enforce any provision of this Agreement will not constitute a present or future waiver of such provision nor limit our right to enforce such provision at a later time. All waivers by us must be in writing to be effective.
15.11. Severability. If any portion of this Agreement is held to be invalid or unenforceable, the remaining portions will remain in full force and effect. Any invalid or unenforceable portions will be interpreted to effect the intent of the original portion. If such construction is not possible, the invalid or unenforceable portion will be severed, but the rest of the Agreement will remain in full force and effect.
15.12. Copyright Infringement Claims. If you believe that your copyright has been infringed by any content on the Site, please provide written notice to admin@bsd.money with the subject line "Copyright Infringement Notification" and include: