Terms and Conditions
RISK WARNING: The Grow feature in the SWEAT Wallet carries a risk of loss to your SWEAT capital. There is a material risk that you could lose some or all of the SWEAT you have placed in a Jar and not be able to recover it. This might happen for a few reasons, including but not limited to:
- A malicious actor gains access to our systems;
- A malicious actor gains access to your SWEAT Wallet;
- We are declared bankrupt or otherwise financially unable to repay the SWEAT locked in a Jar or the interest you earned; or
- We are prohibited by applicable regulations from repaying your SWEAT or the interest you earned.
We take appropriate precautions to protect your SWEAT from these risks but we do not guarantee you will be able to recover all of your SWEAT. By creating a Jar you accept these risks. In addition, you accept and understand that The Sweat Foundation Limited is not a bank and your crypto assets in your SWEAT Wallet or in any Grow Jars that you create are not insured by any governmental insurance plan nor are they covered by any compensation scheme (including FSCS).
Your SWEAT Wallet is not a bank account, deposit account, savings accounts, checking account or any other type of asset account and should not be characterised as a banking product or service. Any references in these Grow Terms or the Terms to ‘account’, ‘account balance’, ‘withdraw’ or any similar language does not imply and in no circumstances shall it establish or be taken to suggest that any form of custody relationship exists between us and you. The Grow feature is purely a reward programme only.
Before using the Grow feature to create a Jar, you should consider carefully whether doing so is appropriate for you taking into account all of the circumstances.
- These terms of service particular to the Grow Feature within the SWEAT Wallet (‘Grow Terms’) are supplemental to the SWEAT Wallet Terms (the “Terms”). By opting into Grow via the SWEAT Wallet or any other means made available to you via the Services, you accept to be bound by these Grow Terms.
- The purpose of these Grow Terms is to set out the relationship between The Sweat Foundation Ltd and you. These Grow Terms incorporate the Terms by reference in their entirety and form one agreement with those Terms. To the extent that these Grow Terms conflict with the Terms, the Terms shall prevail.
- You may not access or use any Services including Grow unless you agree to abide by all of the terms and conditions in the Grow Terms as if they were part of the Terms.
Using the Grow Feature
- The Grow feature allows you to earn rewards by locking your SWEAT for a defined period of time in order to earn a return on your SWEAT (a ‘yield’). In the Service, this transaction is described as ‘locking’ your SWEAT and each time you lock your SWEAT you create a jar (each ‘Jar’).
- Each Jar will have its own yield and duration. The yield is the reward you will earn for locking your SWEAT(also described as ‘creating the Jar’). The duration is the period of time for which you have agreed to lock your SWEAT to earn the yield.
- It will not be possible to unlock your Jar before the end of the duration in order to receive your SWEAT back into your SWEAT Wallet. This means that you will not be able to access your SWEAT that have been locked in a Jar until the duration of that Jar is complete.
- You will receive the reward advertised in respect of the relevant Jar at the time you signed up for the Jar, subject to Section 3.
- The Sweat Foundation Ltd will allow users to earn rewards on their SWEAT when they lock their SWEAT in their SWEAT Wallet.
- Once locked, your SWEAT will be moved to Grow Jars for the duration of the locking period and held in a segregated manner (SWEAT are allocated to each user’s blockchain address). You will be unable to access your SWEAT during the locking period.
- The Sweat Foundation Ltd does not guarantee any particular rewards, reward rate, or locking period duration. You understand that Grow rewards are rewarded and the locked SWEAT are returned entirely at the Sweat Foundation Ltd’s discretion. You further understand and agree that you have no claim against the Sweat Foundation Ltd. for any rewards, tokens or access to the locked SWEAT during and after the locking period.
- The only way to create a Jar is to follow the process set out in the SWEAT Wallet app.
- Each Jar will terminate automatically at the end of the agreed duration (the “Termination Date").
- On the Termination Date, The Sweat Foundation Ltd shall transfer the relevant amount of SWEAT contained in the Jar, along with any accrued but unpaid yield, to the SWEAT Wallet associated with the relevant Jar.
- You shall not be entitled to terminate a Jar prior to the expiry of its duration for any reason.
- Nothing in these Grow terms shall prevent The Sweat Foundation Ltd from suspending your access to the SWEAT Wallet in accordance with the Terms.
If your access to the SWEAT Wallet is suspended, or you terminate your SWEAT Wallet account for any reason, then:
- The Sweat Foundation Ltd will not be obliged to continue paying the yield for the duration of the Jar;
- you may not receive any SWEAT lent to The Sweat Foundation Ltd prior to the end of the agreed duration of the Jar;
- if you no longer have a Near Wallet, The Sweat Foundation Ltd may give you fourteen day’s notice via the Service or the most recent email address used with the Service to provide the address of a Near Wallet. If no such address details are received within 14 days of that notice being given to you, then The Sweat Foundation Ltd will hold the SWEAT balance for a further 90 days to allow you time to claim the balance, after which it shall be entitled to dispose of the SWEAT balance as it sees fit at its sole discretion.
- By creating Jars using the Grow feature, your SWEAT Wallet may become eligible for certain rewards.
- Rewards are offered to SWEAT Wallets associated with Jars that meet the relevant entry requirements for the selected rewards, for example, specific rewards may be available to SWEAT Wallets with balances in Jars over a certain threshold.
- The criteria for entry required of any specific rewards will be clearly stated alongside the details of the reward.
- SWEAT may withdraw any reward at any time with no liability to any SWEAT Wallet holder at its sole discretion.
Last Updated: 9 February 2023