Risk & Security
Please be aware that the use of KLAYswap has the following risk factors.
• KLAYswap is a blockchain decentralized protocol without a central entity.Users participate in transactions through liquidity pools on the blockchain created by other users at their own responsibility and judgment. This may lead to users being unable to receive recovery support from someone or KLAYswap for the results of an user's mistake, so it is always recommended to test with a small amount first to manage the risk caused by mistakes(mistransfers, etc.).
• All assets and asset liquidity pools identified on the Klayswap website are tokens on the Klaytn chain that are self-registered by users without going through individual screening, and their safety is not guaranteed by the Klayswap team.
• Based on the nature of the AMM (Automated Market Maker) method, the asset price applied to the user at that point may fluctuate significantly depending on the swap size, the amount(ratio) of assets currently waiting in the pool(percentage), and the changes to pool's real-time supply and removal of liquidity.
• Asset price fluctuations may cause assets to be supplied or removed from the pool at prices or ratios that users did not expect. Also, if there is a price change from the price at the time of supplying in the pool, you may incur a loss when removing, compared to the case that you simply hold the asset.
• All Figures displayed on the website are estimated information provided to help users make decisions, and do not guarantee the timeliness, suitability or accuracy of the data.
• A normal KLAYswap website never asks for the user's personal wallet private key, mnemonic key, and seed phrase to be entered.
• For other risk factors, precautions, and conditions of use, please check below.
1. Abstract
KLAYswap is a decentralized application (DApp) based on Klaytn Chain which is developed by a third party. KLAYswap is designed to provide users with an easy-to-use interface such as KLAYswap website(https://klayswap.com)(Hereinafter KLAYswap and KLAYswap website are collectively referred to as the “KLAYswap”) to the decentralized protocol that integrates directly with Klaytn blockchain wallet of a user, to swap various digital assets and to provide liquidity.
NOTICE: This guideline contains the terms and conditions by which you may access and use the KLAYswap. Please read this guideline carefully. By accessing or using the KLAYswap after you check this guideline, you signify that you have read, understand, and agree to be bound by the terms and conditions in its entirety.
2. Revision terms of this document
The contents of this document can be revised at any time for the purposesreasons such as change, addition, deletion, supplementation, user protection, and error correction of KLAYswap. If the content of this document is revised, the revision will take effect from the time the changed contents is posted. However, if the content to be changed is unfavorable to the user or is a significant change, it will be posted 30 days before the effective date. If the user checks the revised document after the effective date and continues to use KLAYswap, it is deemed that such user has read, understood and agreed to the revision.
3. Eligibility
• To use KLAYswap, an user must be at least the age of majority in civil terms in his/her country (ex: 21 years of age in Singapore). Also, a user must be able to make a statement that you have full rights and authority to enter into and comply with civil agreements on behalf of yourself or any legal entity that you represent.
• An user must be able to make a statement that a user is (i) not subject to any economic or trade sanctions by any governmental authority (including, but not limited to, the Office of Foreign Assets Control of the U.S. Department of the Treasury, etc.); (ii) is not citizens or residents of any jurisdiction subject to comprehensive economic sanctions by the United state, and will not use KLAYswaps for the purpose of illegal activity conduction, promotion, or designing.
4. Precautions when using KLAYswap
4.1. General Precautions
For reliable network/service while using KLAYswap, please read the following guideline carefully.
• It is recommended that you access the service with only one instance/tab.
• The service may be limited if you use multiple instances/tabs for prolonged period of time, using a public/shared IP access point and/or there is an excessive amount of connection requests.
• If you are having difficulty with connectivity for whatever reason, please close all instances/tabs and access the service after at least 1 hour before re-connecting.[O1]
4.2. Asset Supply and Removal
4.2.1. Asset Supply and Removal
Users should be aware of the following when suppling and removing assets.
• To request a transaction, the user must have a Klaytn wallet to hold Klaytn-based assets, along with a minimum amount of Klaytn (KLAY) to use for transaction fees.
• Liquidity on the Klaytn chain is provided with Klaytn-Compatible Tokens (KCTs) issued on the Klaytn chain. iHence, assets that are not Klaytn-Compatible Tokens (KCTs) and based on other blockchains (such as, but not limited to, Ethereum, Ripple, Binance Smart Chain etc.), must be converted into a Klaytn-compatible format (k-asset) through bridge websites.
Transfer Guide for each token (Link)
4.2.2. Asset mis-transfer
Users must accurately check the asset type and address when when transferring assets between wallets. If a user transfers a type of asset that is not supported by Klaytn Chain, or if the required transfer address is not entered or entered incorrectly, such transfer may not be properly processed and assets may be irreversibly lost.
Please refer to the link below for more information regarding mis-transfer of assets.
• Even for some assets (e.g., Ripple, XRP) that are heterogeneous chain’s assets from Klaytn, which can be transferred between wallets directly through the KLAYswap interface without going through the bridge site, the user must accurately enter the transfer address and destination tag assigned to each wallet. If the transfer address or destination tag is not entered or entered incorrectly, such supply may not be properly processed and assets may be irreversibly lost.
• KLAYswap is a decentralized application in which the private key of user assets is not managed by a central entity. KLAYswap has such structure in which asset recovery or/and technical support from a central entity are impossible for the consequences from users' mistake or negligence including but not limited to wrong supplies described above. This structure is designed so that if a user transfers an asset incorrectly, no one, including KLAYswap, can access the asset. Due to the decentralized nature like this, capabilities and responsibilities of KLAYswap team for mis-transfer may not be similar to the support of many centralized exchanges(e.g., Upbit, Bithumb, Coinone, ect.) for technical and structural reasons.
• To prevent losing assets, we recommend that users test with a small amount of assets prior to transferring a larger amount.
* For supply and mis-transfer occurring as a result of using Orbit Bridge, please refer to the respective site’s policies.
4.3. Providing Liquidity, Removing Liquidity, Swap
You can act as a Liquidity Provider by providing liquidity to a Liquidity Pool(e.g., Single, existing pair, and plus pair) in KLAYswap; however, you must carefully evaluate and consider the risk before proceeding with the transaction, and take responsibility for your own actions and judgments.
4.3.1. Price
KLAYswap works based on the AMM(Automated Market Maker) method. Price of each token within KLAYswap is determined by the liquidity pool ratio of tokens within the relevant Smart Contract. As automated Smart Contract makes adjustment to price as per the formula (x*y=k), the price shown on KLAYswap interface may not be the same as prices shown at other exchanges, and cannot be guaranteed for accurate or appropriate market prices.
[Article] How AMM predicts prices
Please refer to the link below for more information regarding price
• Each token price at the time a user supplies, removes, or swaps assets is determined by the above price measurement method (exchange ratio of token pairs), and the price is not directly proportional to the exchange quantity.
• In addition, as the exchange rate of token pairs momentarily changes due to the real-time participation of various participants, the price displayed on the KLAYswap website right before the transaction may change at the time of the transaction, and the price applied at the time of the actual transaction may vary. (e.g., Transactions occur in token pairs, asset supply and removal of token pairs, etc.)
• The KLAYswap Protocol has a stabilization measure so that the request can be executed only within a certain range of the exchange rate to be applied by the user in order to minimize the loss that may occur due to the large change in the current exchange rate, but you should precisely check and confirm the exchange rate applied to the time of transactions when proceeding liquidity supplies, removals and swaps.
4.3.2. Estimation of expected yield and Utilization cost
All rates of returns displayed on the KLAYswap interface, including returns from supply, KSP distribution, airdrop, transaction fee, and staking, and the "Utilization cost" paid by a plus depositor in return for utilizing a single pool asset are based on annual estimates of distributed rewards and do NOT guarantee fixed rates.
For more details regarding rates of returns displayed, Please refer to below link
In particular, at 9 a.m. (KST) every day, the KSP APR of each liquidity pool is updated reflecting the KSP Mining rate aggregated from the user pool vote and the KSP buyback quantity per pool. At this time, the figure that indicates KSP distribution APR includes the quantity allocated to the vKSP Holder(5%), development team (5%), Treasury(5%), Partner(5%) and the rewards that users actually receive is the amount that the quantity allocated for the team is excluded.
KLAYswap strives to provide accurate information in real time as much as possible, but the expected APR displayed in the screen may vary from the actual APR due to price fluctuations of distributed tokens, changes in liquidity pool size, and delays in transaction processes.
For details on calculating the expected APR, please refer to the relevant documentation on the Klayswap website.
4.4. Provision for Each Liquidity Providing Method
4.4.1. Supply & Borrow (Single pool liquidity)
4.4.1.1 Provision and Removal of assets
Users can supply assets to the Supply pool to earn rewards generated from the pool while also borrowing the supplied assets as collateral to borrow additional assets. To borrow the supplied assets, users must pay a borrow fee, which is allocated to liquidity providers and used for governance token buybacks and maintaining protocol stability.
If the utilization rate of the Supply pool becomes excessively high, the removal of supplied assets may experience delays. In such cases, an automated smart contract dynamically adjusts the supply reward rate (%) and borrow fee (%) based on the current supply and borrow status of the pool. This system encourages additional asset supply and the return of borrowed assets to restore normal removal functionality effectively.
Parameters such as supply reward rate, borrow fee, and collateral ratios are determined based on the characteristics of each asset and market conditions. These parameters can be modified through governance votes on KLAYwap, with adjustments managed by automated contracts. Until governance through staking is fully implemented, the development team may adjust these variables in cases of significant events, such as large-scale hacks or drastic declines in asset value.
Users can supply a single type of asset on KLAYswap to earn KSP rewards and supply rewards.
[Reference] View Asset Parameters
4.4.1.2 Borrowing and Restoring Assets
Users can temporarily borrow assets supplied by other users in the pool (referred to as “borrowed assets”) by using their supplied assets (referred to as “collateral assets”) as collateral. The maximum borrowing limit is determined by the USD equivalent value (as measured by the Price Oracle) of the collateral assets. The specific range of assets that can be borrowed is not fixed but is determined by governance, taking into account each pool’s status and market conditions. [Reference: Supply & Borrow Guide]
Except in special circumstances noted in this guide or Supply & Borrow terms (including cases of auto-return), users can terminate their asset supply or borrowing at any time. When restoring borrowed assets, users may repay them with the same asset type or using aTokens obtained from supplying assets to the pool.
aTokens are liquidity tokens issued to users when they supply assets to the pool. They serve as a representation of the supplied asset and earn real-time rewards, maintaining a 1:1 value ratio with the supplied asset. When users restore aTokens, they can remove the equivalent value of the original asset from the pool.
Users can release part of their collateral assets up to the borrow fee and automatic return (referred to as “auto-return”) threshold. Once all borrowed assets are fully repaid, all collateral assets can be released.
Important Considerations for Supply & Borrow
Users must be aware of potential risks, including reduced expected returns or asset losses:
(1) Each asset has an auto-return threshold. When borrowing from the pool, the user's Health Factor is calculated as the ratio of the total value of borrowed assets (including fees) to the total value of collateral assets (including supply rewards), weighted by the auto-return thresholds of the supplied assets.
(2) If the market price of collateral or borrowed assets significantly fluctuates compared to their value at the time of borrowing, or if the pool's utilization rate becomes excessively high, causing a sharp increase in borrow fees, the user's Health Factor may fall below 1. In such cases, without prior notice, confirmation, or approval, the user's total collateral assets may be restored to repay the borrowed assets. (Automatic auto-return fees, as specified, will apply.) The user's profit or loss at the time of auto-return will be finalized, with a possibility of significant loss. [For auto-return formulas and thresholds, refer to the Supply & Borrow Guide.]
(3) When borrowing other users' assets supplied to the pool, borrow fees are accumulated in real time based on the pool's borrow fee conditions. These accumulated fees must be repaid along with the borrowed assets during repayment.
(4)Users must fully understand the principles and risks outlined in this document, including the characteristics of blockchain and virtual assets, and consider potential changes in expected costs or asset losses.
Note: Due to the structural complexity and high risk of asset loss, the Supply & Borrow feature is not recommended for users with limited experience in decentralized exchange (DEX) protocols or t
[Reference] Supply & Borrow Guide
4.4.1.3 Automatic Return(Auto-return)
To mitigate the risk of unreturned borrowed assets during Supply & Borrow usage (including market price volatility of virtual assets), auto-return may occur without prior notice, confirmation, or approval if preset conditions, as specified in the auto-return formula, are met. During this process, not only the borrowed assets but also the user's collateral assets may be returned to repay the borrowed assets.
Auto-return is triggered when the user's Health Factor falls below 1, calculated as the ratio of the total borrowed asset value (including fees) to the total collateral asset value (including supply rewards), weighted by the auto-return thresholds of the supplied assets.
Once triggered, the protocol liquidates part or all of the collateral assets to repay the borrowed assets. Auto-return fees apply and vary by asset. In extreme cases, such as rapid market price fluctuations, the entire collateral may be liquidated, leaving no remaining assets for the user.
To prevent auto-return, 1) users should maintain their Health Factor above 1 by supplying additional collateral assets or 2) restore part of the borrowed assets to reduce their position.
Auto-return Formulas
1) Auto-return Threshold:
Threshold= Total borrowed Asset Value (Including Fees) / Total Collateral Asset Value (Including Rewards)
2) Health Factor:
Health Factor= (Total Value of Supplied Assets * Weighted Average Auto-Return Threshold) / Total Value of Borrowed Assets
3) Trigger Condition:
Health Factor<1.0
4) Post-Liquidation Position:
Collateral Remaining=Total Collateral−[Returned Asset Value×(1+Auto-return Fee)]
Auto-return fees vary by asset. Refer to [Fee Documentation Link] for details
4.4.1.4 Price Oracle
The Price Oracle provides external price data used by KLAYswap. All decisions regarding asset supply, collateral valuation, borrowing limits, removals, and auto-return are based on the Price Oracle. The prices may differ from KLAYswap’s internal pool exchange rates.
Stablecoins (e.g., USDT, USDC, DAI) are valued at a fixed rate of USD 1.0. However, in cases of significant stability issues, appropriate actions may be taken.
Other Assets are valued based on liquidity and a median price derived from centralized exchanges (e.g., Binance, Upbit, Bithumb) and KLAYswap’s internal pool exchange rates (TWAP).
4.4.2. Provision of liquidity for Pair Pool
Users can earn returns from KSP rewards, asset supply distribution rewards, and token airdrop by supplying two types of assets (pairs) on KLAYswap.
There may be delays when supplying pair liquidity. You can find out more details in the link below.
In the event that the market price of an asset that a user supplies changes significantly from its price at the time of supply, the user is more likely to receive a lower reward than if the asset was not supplied, and even incur a mark-to-market loss. These losses, however, become permanent when a user removes their assets from the pool (due to this nature, we refer to these losses as impermanent losses, see the link below for more information), and if the price difference between the price of the user's assets in the self-supply state before the user removes user's assets and the price when the user supplied user's assets to the pool is restored, then the actual loss may be reduced. Moreover, users' overall rewards should be calculated taking into account both KSP rewards and pool fee rewards. For more information on impermanent losses, please refer to the links below.
[Article] What is Impermanent Loss? (Link)
4.5. KSP Staking
• KSP staking is neither an act of custody nor entrusting KSP to another entity. It is to lock up users' KSP asset by signing of users so that the KSP is not remitted or traded according to the consented terms agreed by the user themselves (e.g., staking period, etc.). Therefore, it is impossible to cancel, remove, or change the removal wallet that violates these terms.
• In the case of staking with 8x efficiency, the staking continues without a fixed unstacking period. In the case of 4x or less staking efficiency, the unstaking information will be guided by pop-up for 30 days before the end of the staking contract. During these 30 days, you can either extend the staking period or remove the staked assets.
• If unstaking is not conducted within the 30 day waiting period, the new staking contract will automatically proceed based on the longest period of the previous contract (4/8/12 months) and the automatically re-contracted staking cannot be canceled.
• Once a staking contract is executed, it is not possible to cancel, remove, or change the removal wallet, before the end of the contractual staking period. Therefore, please carefully review the staking policy below and the guide on termination of the contract before making a staking decision.
KLAYswap staking policy and the guide on termination of the contract (Link)
4.6. Provision of KLAYswap Governance Voting
Those who hold voting rights (vKSP) by staking KSP tokens can participate in the KLAYswap governance voting according to the KLAYswap governance voting policy.
Please refer to the link below for the KLAYswap governance voting policy.
KLAYswap Governance Voting Policy (Link)
5. Additional Notes on KLAYswap V3
5.1. Concentrated Liquidity
KLAYswap V3 (Version 3) has a Concentrated Liquidity function. This notice refers to the liquidity pool with centralized liquidity as the 'V3 pool' and to the liquidity pool with the previous features as the 'V2 pool'.
Due to its principle of operation, the V3 pool provides users with more freedom and choice for centralizing liquidity supply and designating a supply section and, therefore, may hold higher reward expectations and greater loss risks than the V2 pool.
The V3 pool liquidity providing risks compared to the V2 pool liquidity providing are as follows. The narrower the designated price range becomes, the higher the chance of (i) a rise in the risk of impermanent loss (IL; Impermanent Loss), (ii) a rise in the risk of changing the composition ratio and value of supplied assets (There is also the possibility that the ratio of the two assets is fixed at 100:0 at the time of removal), (iii) a rise in the likelihood of not being able to obtain supply rewards when the token's price departs from the user's specified range, (iv) a rise in the risk of loss due to price range migration (V3 to V3 migration) when the price is out of the price range. For more information, please refer to the link below.
Concentrated liquidity introduction, background and precautions (Link) V2 to V3 Migration Guide (Link) V2 to V3 Migration Details Policy (Link) V3 Pool Supply Guide (Link) V3 Pool Supply Details Policy (Link) V3 to V3 Migration Guide (Link) V3 to V3 Migration Details Policy (Link) V3 Pool Removal Guide (Link) V3 Pool Removal Guide Details Policy (Link)
As the V3 pool liquidity providing has high structural complexity and is difficult to predict the risk of asset loss (particularly when the liquidity is provided in a narrow price range), it is not recommended for users with little experience in investing in virtual assets and the personality that cannot handle the possibility of loss. Users must carefully evaluate and consider the risks of concentrated liquidity before supplying and managing liquidity to liquidity pools.
5.2. V2 to V3 Migration
Users can use the V2 to V3 Migration feature to move liquidity from a V2 pool to a V3 pool. However, when V2 to V3 migration is executed, (i) since the supply occurs in the V2 pool, the pool's current imperative loss is confirmed, and (ii) swapping between assets may result in transaction fees and slippage losses when entering the price range selected by the user in the V3 pool. For more information, please refer to the link below.
V2 to V3 Migration Precautions (Link)
6. Prohibited Acts
Users must comply with this guide's precautions and not engage in the following actions.
• Activities that harm or disrupt the sound trading order of KLAYswap
• Activities that disrupt or negatively affect the operation of KLAYswap (including but not limited to KLAYswap interfaces, KLAYswap protocols, etc.) through automated or other fraudulent methods such as Agents, scripts, spiders, spyware, toolbars, etc.
• Activities that defame the KLAYswap team or interfere with their work
• Providing inaccurate, incorrect, or misleading information while using KLAYswap
• Activities of taking the assets of KLAYswap users or engaging in taking the authority of the user's wallet without justifiable cause
• Activities that use proceeds directly or indirectly related to all forms of criminal activity (e.g., terrorism activity, tax evasion, etc.) when using KLAYswap
• Impersonating someone other than yourself during the communication with KLAYswap support team
• Other illegal acts in violation of any applicable laws and regulations
7. NO WARRANTIES AND LIMITATION OF LIABILITY
• KLAYswap is a web-app interface that allows users to use their Klaytn blockchain wallet to communicate with a decentralized protocol to swap assets and to provide liquidity. This means KLAYswap wields no control over individual Liquidity Pools, or the trust of a swap. It is the user’s responsibility to carefully consider the benefits and risks related, by taking into consideration token price ratio at the moment of swap, and all the necessary information to evaluate such risks.
• Expected return rate, token price and all other information provided by KLAYswap interface serve to help users make informed decisions for providing liquidity, removing liquidity, swapping, and should not be used to make financial decisions. KLAYswap makes reasonable effort to provide accurate information, but does not guarantee the timeliness or accuracy of the information.
• KLAYswap is not responsible for user loss of assets, and for generating profit that is less than projected profit, resulting from the use of KLAYswap.
• KLAYswap does not guarantee the continuity of KLAYswap service, and of the functions within. Any service or functions provided within KLAYswap can be added or deleted permanently, and KLAYswap itself may be stopped or changed. (In the case of a permanent stoppage of KLAYswap service, users that may be affected will be given a reasonable period (30days or more) and notifications/guide.)
• KLAYswap does not guarantee the reliability of Klaytn blockchain platform used by KLAYswap Protocol, as well as any other third party services.
● There is no responsibility or authority on the part of KLAYswap for the contract execution technology set by a third party. Token issuing individuals or foundations that own the wallet (Deployer) with the corresponding authority, may stop, change, or suspend the execution of the token contract, and such changes may affect and limit the ability to supply or remove assets from the liquidity pool (LP) within KLAYswap. Thus, the inability to remove assets due to the execution of a specific token contract authority is unrelated to the functionality provided by KLAYswap (supplying and removing assets from autonomously created pools). Since KLAYswap does not have independent control over the user's private cryptographic keys, it is not structurally possible for KLAYswap to arbitrarily access, control, or intervene in the assets held in the liquidity pool, such as sending them to a specific address, which requires the action of the token contract holder's wallet associated with the liquidity pool pair causing the issue.
• Developers, operators and governance participants of KLAYswap do not endorse, guarantee, or assume responsibility in any way for any and all part of KLAYswap to the fullest extent permitted by law.
• Due to the complexity of software code and the nature of technology, the perfect integrity of the code cannot be guaranteed. Smart Contract codes used in KLAYswap may be susceptible to vulnerabilities which cannot be prevented by due diligence in the industry, and risks of asset loss exist(e.g., hackings or flash loan exploits utilizing those vulnerabilities).
• There is a continuous effort to maintain the block sync between KLAYswap and Klaytn network; however, KLAYswap interface may be stopped without prior notice due to problems in the network resulting from transaction congestion, computer system errors and software attacks and other factors, such as natural events. KLAYswap is not guaranteed to work at all times.
• In aforementioned situations and more, there may be errors in the values/information displayed on the interface, as well as stoppage of service connection. User requests for swap, supply, removal and other transactions may be delayed or fail.
• KLAYSWAP, OUR DEVELOPERS, EMPLOYEES, OFFICERS, OPERATORS, AFFILIATES, AND GOVERNANCE PARTICIPANTS(HEREINAFTER, REFERRED TO AS THE “WE” OR “US” IN THIS AND NEXT SUBSECTIONS), MAKE NO WARRANTIES, EXPRESS OR IMPLIED, GUARANTEES OR CONDITIONS WITH RESPECT TO YOUR USE OF KLAYSWAP. YOU UNDERSTAND THAT USE OF KLAYSWAP IS AT YOUR OWN RISK AND THAT WE PROVIDE KLAYSWAP ON AN "AS IS" BASIS AND "AS AVAILABLE." YOU BEAR THE ENTIRE RISK OF USING KLAYSWAP. YOU ACKNOWLEDGE THAT COMPUTER, SOFTWARE, TELECOMMUNICATIONS SYSTEMS, AND BLOCKCHAIN SYSTEM ARE NOT FAULT-FREE.
• YOU UNDERSTAND AND AGREE THAT WE SHALL NOT BE LIABLE TO YOU FOR: ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL CONSEQUENTIAL OR EXEMPLARY DAMAGES WHICH MAY BE INCURRED BY YOU, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY.. THIS SHALL INCLUDE, BUT NOT BE LIMITED TO, ANY LOSS OF PROFIT (WHETHER INCURRED DIRECTLY OR INDIRECTLY), ANY LOSS OF GOODWILL OR BUSINESS REPUTATION, ANY LOSS OF DATA SUFFERED, COST OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, OR OTHER INTANGIBLE LOSS. UNDER NO CIRCUMSTANCES SHALL WE BE LIABLE TO YOU FOR ANY CLAIMS, PROCEEDINGS, LIABILITIES, OBLIGATIONS, DAMAGES, LOSSES, OR COSTS IN THE AMOUNT EXCEEDING THE ABOUNT YOU PAID US IN EXCHANGE FOR ACCESS TO AND USE KLAYSWAP, OR USD$100.00, WHICHEVER IS GREATER. THIS LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.
8. Protection of rights and cooperation with law enforcement agencies
In the following cases, the measures to user's access information (e.g., wallet address, access information, etc.) to the KLAYswap website may be taken as reasonably necessary, such as being provided to a regulatory authority or judicial authority.
• When there are reasonable grounds to believe that the relevant asset is involved in hacking, money laundering, or other criminal activity
• When requested by a regulatory or judicial authority based on the applicable laws and regulations
9. Dispute
Any dispute arising out of or in connection with these terms including any question regarding its existence, validity or termination and any dispute arising out of or in connection with users’ access or use of KLAYswap, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Seoul or Singapore. The Tribunal shall consist of one arbitrator. The language of the arbitration shall be English.
10. Safety and Security
KLAYswap team has received professional security audits on KLAYswap from credible professionals in the industry, and is in its continuous effort to improve security and to minimize vulnerabilities.
Read the Smart Contract Audit Reports here (Link)
11. User Notice
Besides commercially reasonable means of communication (e.g., social media links posted on the KLAYswap website), KLAYswap can send out notices or inform its users through other commercially reasonable methods. Notices provided by KLAYswap using public communication means are effective immediately
This revision regarding the service will be effective from June 14th, 2023.
Service Agreement Change History
June 18th, 2021 : Initially declared
Dec 27th, 2021 : First revision (Inclusion of contents regarding the provision of liquidity in single, existing pair, plus pair)
Oct 25th, 2022 : Second revision (Inclusion of contents regarding the provision of position deposit)
Jun 14th, 2023 : Third revision (Inclusion of contents regarding the provision of V3 pair deposit)
Jun 4th, 2024 : Fourh revision (Inclusion of contents regarding the new version of KLAYswap)
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