🗒️Terms of Use

Effective Date: 12 December 2024

1. AGREEMENT TO TERMS

These Terms of Use constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“you”) and BIMA PROTOCOL LIMITED (“we,” “us,” or “our”), concerning your access to and use of the https://Bima.money website as well as any other media form, media channel, mobile website or mobile application related, linked, or otherwise connected thereto (collectively, the “Site” and the “Services”).

The Bima Protocol is a decentralized financial protocol consisting of autonomous smart contracts on various public blockchains. The Site provides an interface to access and interact with the protocol.

BY USING THE SITE OR THE SERVICES, YOU AGREE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY ALL OF THESE TERMS OF USE. IF YOU DO NOT AGREE WITH ALL OF THESE TERMS OF USE, THEN YOU ARE EXPRESSLY PROHIBITED FROM USING THE SITE AND THE SERVICES AND YOU MUST DISCONTINUE USE IMMEDIATELY.

2. THE BIMA PROTOCOL SERVICES

The Services are provided on an "as is" and "as available" basis. The Bima Protocol itself is a set of autonomous, non-custodial smart contracts. Our Site provides one of many ways to access and interact with these on-chain contracts.

The core Services of the Bima Protocol include, but are not limited to:

(a) Creating Collateralized Positions: You may open an individual borrowing position by depositing approved digital assets as collateral into the protocol's smart contracts.

(b) Minting $USBD: From your collateralized position, you may mint (borrow) the protocol's native stablecoin, $USBD. You are solely responsible for managing your position and maintaining a sufficient collateralization ratio to avoid liquidation.

(c) Participating in the Stability Pool: You may deposit your $USBD into the Stability Pool to help secure the protocol by providing liquidity for liquidation events. In exchange, you may earn rewards from liquidated collateral.

(d) Using Yield Vaults: You may deposit assets into various "Vaults," each of which is a smart contract that employs a specific, automated on-chain strategy designed to generate yield. Each Vault strategy carries its own unique risks.

You acknowledge that all transactions using the Services are executed on-chain, are irreversible, and are publicly visible. We do not control the on-chain protocol and cannot reverse, modify, or refund any transactions.

3. INTELLECTUAL PROPERTY RIGHTS

Unless otherwise indicated, the Site and the Services are our proprietary property and all source code, databases, functionality, software, website designs, audio, video, text, photographs, and graphics on the Site (collectively, the “Content”) and the trademarks, service marks, and logos contained therein (the “Marks”) are owned or controlled by us or licensed to us, and are protected by copyright and trademark laws.

You are granted a limited license to access and use the Site for your personal, non-commercial use only. You may not copy, reproduce, aggregate, republish, upload, post, publicly display, encode, translate, transmit, distribute, sell, license, or otherwise exploit any part of the Site, Content, or Marks for any commercial purpose whatsoever, without our express prior written permission.

4. USER REPRESENTATIONS AND RESPONSIBILITIES

By using the Services, you represent and warrant that:

(a) You are of legal age to form a binding contract and are not barred from using the Services under any applicable law.

(b) You will not access the Services through automated or non-human means, whether through a bot, script or otherwise, except as may be permitted by any API we provide.

(c) You are not located in, or a national or resident of, any jurisdiction subject to comprehensive U.S. sanctions or other applicable sanctions list (including but not limited to Cuba, Iran, North Korea, Syria, or the Crimea, Donetsk, or Luhansk regions of Ukraine).

(d) Your use of the Services will not violate any applicable law or regulation.

(e) You are solely responsible for the security of the self-custodial wallet you use to interact with the Services. You understand that losing access to your private keys means you will permanently lose access to your digital assets, and we cannot recover them for you.

(f) You are responsible for all decisions you make, including monitoring your collateralized positions to avoid liquidation and understanding the specific risks of any Vault or Stability Pool participation.

5. PROHIBITED ACTIVITIES

You may not access or use the Services for any purpose other than that for which we make the Services available. The Services may not be used in connection with any commercial endeavors except those that are specifically endorsed or approved by us.

As a user of the Services, you agree not to:

(a) Systematically retrieve data or other content from the Site to create or compile, directly or indirectly, a collection, compilation, database, or directory without written permission from us.

(b) Use the Services for any illegal or unauthorized purpose, including money laundering, terrorist financing, or violating sanctions.

(c) Engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.

(d) Interfere with, disrupt, or create an undue burden on the Site or the networks or services connected to the Site.

(e) Attempt to impersonate another user or person or use the username of another user.

(f) Use any information obtained from the Site in order to harass, abuse, or harm another person.

(g) Engage in any activity which attempts to manipulate or exploit the economic model of the Bima Protocol. This includes, but is not limited to, oracle manipulation, wash trading to generate artificial volume or rewards, engaging in flash loan attacks, or performing Sybil attacks to gain disproportionate rewards or governance influence.

(h) Introduce any viruses, trojan horses, worms, or other material which is malicious or technologically harmful to the Site or the underlying protocol smart contracts.

6. THIRD-PARTY WEBSITES AND CONTENT

The Site may contain links to other websites ("Third-Party Websites") as well as articles, photographs, text, graphics, pictures, designs, music, sound, video, information, applications, software, and other content or items belonging to or originating from third parties ("Third-Party Content"). Such Third-Party Websites and Third-Party Content are not investigated, monitored, or checked for accuracy, appropriateness, or completeness by us, and we are not responsible for any Third-Party Websites accessed through the Site or any Third-Party Content posted on, available through, or installed from the Site.

7. PRIVACY POLICY

We care about data privacy and security. Your use of the Services is also subject to our Privacy Policy, which is incorporated into these Terms of Use by this reference. Please review the Privacy Policy to understand our practices.

8. TERM AND TERMINATION

These Terms of Use shall remain in full force and effect while you use the Services. WITHOUT LIMITING ANY OTHER PROVISION OF THESE TERMS OF USE, WE RESERVE THE RIGHT TO, IN OUR SOLE DISCRETION AND WITHOUT NOTICE OR LIABILITY, DENY ACCESS TO AND USE OF THE SERVICES (INCLUDING BLOCKING CERTAIN IP ADDRESSES OR WALLET ADDRESSES), TO ANY PERSON FOR ANY REASON OR FOR NO REASON, INCLUDING WITHOUT LIMITATION FOR BREACH OF ANY REPRESENTATION, WARRANTY, OR COVENANT CONTAINED IN THESE TERMS OF USE OR OF ANY APPLICABLE LAW OR REGULATION.

9. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms of Use and your use of the Services are governed by and construed in accordance with the laws of the British Virgin Islands, without regard to its conflict of law principles.

Binding Arbitration: 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 finally resolved by arbitration in the British Virgin Islands in accordance with the rules of the International Chamber of Commerce (ICC). You agree that arbitration is your sole remedy for disputes.

Class Action Waiver: All disputes must be resolved on an individual basis. You irrevocably waive any right to bring or participate in any class action, collective action, or representative action against us or our affiliates.

10. DISCLAIMERS AND ASSUMPTION OF RISK

THE SERVICES ARE PROVIDED ON AN AS-IS AND AS-AVAILABLE BASIS. YOU AGREE THAT YOUR USE OF THE SERVICES WILL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE SERVICES AND YOUR USE THEREOF, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

WE MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE SITE’S CONTENT OR THE CONTENT OF ANY WEBSITES LINKED TO THE SITE AND WE WILL ASSUME NO LIABILITY OR RESPONSIBILITY FOR ANY (1) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT AND MATERIALS, (2) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF THE SERVICES, OR (3) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH THE SITE BY ANY THIRD PARTY.

You expressly acknowledge, accept, and assume the following risks:

(a) Risk of Smart Contract Vulnerability: The Bima Protocol's smart contracts are the core of the Services. While we may procure third-party audits, smart contracts can have undiscovered vulnerabilities, bugs, or exploits. An exploit could result in the total and irreversible loss of your digital assets.

(b) Risk of Liquidation: This is a core mechanic of the protocol. If the value of your collateral drops below the required threshold, your position will be automatically liquidated by the smart contracts. This process is immediate, irreversible, and may result in the complete loss of your collateral. You are solely responsible for monitoring your position's health.

(c) $USBD Peg Stability Risk: $USBD is a decentralized stablecoin aiming for a $1.00 value. Its stability is not guaranteed and depends on complex economic incentives and algorithms. Severe market volatility, a sharp decline in collateral values, or protocol exploits could cause $USBD to lose its peg, and its value could fall significantly below $1.00.

(d) Oracle Risk: The protocol relies on third-party oracle services to provide price data for collateral assets. If these oracles provide inaccurate, delayed, or manipulated data, it can cause wrongful liquidations or fail to liquidate positions when needed, posing a systemic risk to the protocol and your funds.

(e) Stability Pool and Vault Risks: When participating in the Stability Pool or Vaults, your assets are subject to the specific risks of those smart contracts. In the Stability Pool, your deposited $USBD is used to absorb bad debt, and the collateral you receive in return may have declined in value. In Vaults, your funds are subject to the success and risks of the underlying automated strategy, which could result in losses.

(f) Multi-Chain and Bridge Risk: The Bima Protocol may operate on multiple blockchains. Moving assets between these chains requires using third-party bridges, which are a primary target for hackers. A bridge exploit could lead to the total loss of any assets you are transferring.

(g) Regulatory Risk: The legal and regulatory landscape for decentralized finance is uncertain. Changes in laws or regulations could materially and adversely affect the Services, the value of $USBD, and your ability to use the protocol.

(h) No Fiduciary Duty: We do not owe you any fiduciary duties. Our relationship is governed solely by these Terms. Our interests may differ from yours, and we have no obligation to act in your best interests.

11. LIMITATION OF LIABILITY

IN NO EVENT WILL WE OR OUR DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFIT, LOST REVENUE, LOSS OF DATA, OR OTHER DAMAGES ARISING FROM YOUR USE OF THE SERVICES, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, OUR LIABILITY TO YOU FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION, WILL AT ALL TIMES BE LIMITED TO THE AMOUNT PAID, IF ANY, BY YOU TO US.

12. NATURE OF BLOCKCHAIN; ASSUMPTION OF RISK; WAIVER OF CLAIMS

Blockchains, crypto-assets and their related technologies and functionalities are still emerging innovations that carry a relatively high amount of foreseeable and unforeseeable risk from security, financial, technical, political, social, and personal safety standpoints. The mere access to and interaction with blockchains requires high degrees of skill and knowledge to operate with a relative degree of safety and proficiency. Crypto-assets are highly volatile in nature due to many diverse factors, including without limitation use and adoption, speculation, manipulation, technology, security, and legal and regulatory developments and application. Further, the speed and cost of transacting with cryptographic technologies, such as blockchains like those underlying the Website, is variable and highly volatile. Moreover, the transparent nature of many blockchains means that any interactions the User has with any blockchain may be publicly visible and readable in human form.

By accessing and using the Website or the Services, the User acknowledges the foregoing, and agrees and represents that it understands such and other risks involved with blockchains, DeFi and related technologies (including without limitation any specific technical language used in this Agreement). The User further represents that it has all knowledge sufficient to work, and is informed of all foreseeable risks, and the possibility of unforeseeable risks, associated with blockchains, crypto-assets, Web3 Utilities, smart contracts, the Interface, APIs, and the Services. The User further acknowledges, and assumes all risk related to the possibility, that any information presented via the Website, Interface, or Services may be inaccurate, possibly due to another party’s malicious activities and possibly to the User’s severe harm or detriment. The User agrees that we are not responsible for any of these or related risks, do not own or control any blockchain itself, cannot guarantee the safe or accurate functioning of the Services, and shall not be held liable for any resulting harms, damages, or losses incurred by or against the User experiences while accessing or using the Website or the Services. Accordingly, the User acknowledges the foregoing, represents its understanding of the foregoing, and agrees to assume full responsibility for all of the risks of accessing and using the Website and interacting with the Services, whether mentioned in this Section or otherwise. The User further expressly waives and releases us from any and all liability, claims, causes of action, or damages arising from or in any way relating to the User’s use of the Website and the User’s interaction with the Services.

If the User is a California resident, the User expressly and explicitly waives the benefits and protections of California Civil Code § 1542, which states: “[a] general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”

13. ADDITIONAL DISCLAIMER

The User is responsible for its use of the Services, the functionalities they enable, transactions engaged through the Website (if any), and the use of the information derived thereof. The User is solely responsible for complying with all Applicable Laws related to its transactions and activities that directly or indirectly incorporate our provision of the Services, including, but not limited to, the Commodity Exchange Act and its regulations as overseen by the U.S. Commodity Futures Trading Commission (“CFTC”), and the federal securities laws and its regulations overseen by the U.S. Securities and Exchange Commission (“SEC”). The User acknowledges its understanding that the Company is not registered nor licensed with, nor have our Website or Services (or the software contained therein) been reviewed by the CFTC, SEC, or any other financial or banking regulator.

14. NO PROFESSIONAL ADVICE

All information or content provided or displayed by the Website (including, without limitation, on the Interface) is for informational purposes only and should not be construed as professional advice (including, without limitation, tax, legal, or financial advice). The User should not take, or refrain from taking, any action based on any information or content displayed or provided on the Website, on the Interface, or through the Services. The User should seek independent professional advice from an individual licensed and qualified in the area appropriate for such before the User makes any financial, legal, or other decisions where such is considered prudent. The User acknowledges and agrees that, to the fullest extent permissible by law, it has not relied on the Company, the content on the Website, the Interface, or the Services for any professional advice related to its financial or legal behaviors.

15. NO FIDUCIARY DUTIES

These Terms of Use, and the provision of the Website and the Services, are not intended to create any fiduciary duties between us and the User or any third party. The Company never takes possession, custody, control, ownership, or management of any crypto-assets or other property you may transmit using the Interface. To the fullest extent permissible by law, the User agrees that neither the User’s use of the Website or of the Services causes us or any Participant to owe fiduciary duties or liabilities to the User or any third party. Further, the User acknowledges and agrees to the fullest extent such duties or liabilities are afforded by law or by equity, those duties and liabilities are hereby irrevocably disclaimed, waived, and eliminated, and that we and any other Participant shall be held completely harmless in relation thereof. The User further agrees that the only duties and obligations that we or any Participant owes the User, and the only rights the User has related to this Agreement or the User’s use of the Website or the Services, are those set out expressly in this Agreement or that cannot be waived by law.

16. NO INSURANCE

Your crypto accounts are not checking or savings accounts, and we do not provide any kind of insurance to you against any type of loss, including (without limitation) losses due to decrease in value of assets, assets lost due to a cybersecurity failure, or from your or other individuals’ errors or malfeasance. In most jurisdictions crypto-assets are not legal tender, and most crypto-assets are not backed by any government. Your crypto-asset balances are not covered by Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) protections.

17. INDEMNIFICATION

The User agrees to defend, indemnify, and hold harmless the Company, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to: (1) the User’s violation of these Terms of Use; (2) the User’s use of the Website or the Services, Including, but not limited to, the User’s interactions with the Interface or other features which incorporate the Services, use of or reliance on the Website’s content, services, and products other than as expressly authorized in these Terms of Use; (3) the User’s use or reliance on of any information obtained from the Website; or (4) any other party’s access and use of the Website or Services with the User’s assistance or by using any device or account that the User owns or controls.

18. LIMITATION ON TIME TO FILE CLAIMS

ANY CAUSE OF ACTION OR CLAIM THE USER MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR ITS USE OF THE WEBSITE MUST BE COMMENCED WITHIN SIX (6) MONTHS AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.

19. MISCELLANEOUS

These Terms of Use and any policies or operating rules posted by us on the Site or in respect to the Services constitute the entire agreement and understanding between you and us. Our failure to exercise or enforce any right or provision of these Terms of Use shall not operate as a waiver of such right or provision. These Terms of Use operate to the fullest extent permissible by law. We may assign any or all of our rights and obligations to others at any time. If any provision or part of a provision of these Terms of Use is determined to be unlawful, void, or unenforceable, that provision or part of the provision is deemed severable from these Terms of Use and does not affect the validity and enforceability of any remaining provisions. No waiver by the Company of any term or condition set out in these Terms of Use shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure of the Company to assert a right or provision under these Terms of Use shall not constitute a waiver of such right or provision. The Terms of Use, the Privacy Policy, and any other document incorporated by reference herein constitute the sole and entire agreement between the User and the Company regarding the Website and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Website.

20. CONTACT US

In order to resolve a complaint regarding the Services or to receive further information regarding use of the Services, please contact us at [email protected]