Side.xyz

Side.xyz Social Layer is now on Hub.xyz . All the accounts, pages and links have been migrated. Click here to access it.

Risk Disclosure

SIDE - RISK & DISCLAIMER

A. How to Interpret this Risk Warning

All capitalized terms used in this Risk Warning that are defined in the Side.xyz Terms of Use (the "Terms of Use," which includes any Product Terms) have the same meaning as in the Terms of Use.

B. Side.xyz Services and Risks

This Risk Warning highlights key risks associated with using Side.xyz services, including the Side app, token, and NFT-related risks. Each solution offered by Side.xyz comes with its own set of risks, and you should fully understand these before using them. By using the Side.xyz service and participating in any transactions, you accept all associated risks.

C. Side App Risks

Security Breaches: Unauthorized access to the Side app can lead to significant risks, including theft of sensitive data, unauthorized manipulation of user accounts, or interference with token distribution processes. Such breaches could compromise the integrity of the Side app and result in losses for users.

Smart Contract Vulnerabilities: Smart contracts, though designed to automate and secure transactions, may contain bugs or flaws. These vulnerabilities could lead to incorrect token distribution, unintended loss of tokens, or exploitation by malicious actors. There is a risk of losing assets due to technical issues inherent in decentralized apps like Side.xyz.

Data Privacy: The exposure of user data, particularly when linked to social media accounts or personal information, poses a risk of privacy violations. Misuse of this data could lead to identity theft, unauthorized actions, or other forms of exploitation. Users should be aware of the potential consequences of sharing personal information on the Side app.

Side App Downtime: Technical issues, server outages, or targeted attacks (e.g., DDoS) may disrupt access to Side.xyz services. Such disruptions can prevent users from participating in campaigns, claiming rewards, or accessing their accounts, leading to potential losses or missed opportunities.

Regulatory Compliance: The Side app must adhere to various regulations, which can change over time. New data protection laws, regulations, or other legal requirements may impact the Side app’s ability to operate, leading to restricted services or altered user access. Users should stay informed about potential legal changes that may affect their use of the Side app.

User-Generated Content Risks: Content created by users may vary in quality or appropriateness. Inappropriate or low-quality content can harm the Side app's reputation or infringe on third-party rights, leading to legal disputes or loss of user trust. Side.xyz may face challenges in moderating or removing such content effectively.

Dispute Resolution: Disputes between users, especially around content quality or fairness of token rewards, can be challenging to resolve. The decentralized nature of Side.xyz may limit the effectiveness of traditional dispute resolution methods, leading to unresolved conflicts or user dissatisfaction.

Fraud and Scams: Side.xyz may be targeted by fraudulent projects or individuals misusing the platform to distribute worthless or non-redeemable tokens. Users should exercise caution and perform due diligence before participating in any campaigns or token offerings to avoid scams.

D. Token and NFT Risks

Volatility and Liquidity: Digital tokens and NFTs can be highly volatile, with prices changing rapidly due to market conditions, speculation, and other factors. Some tokens and NFTs may have limited liquidity, making it difficult for users to exchange or convert them. This can result in significant losses, especially if a user is unable to act when needed.

Regulatory Uncertainty: The regulatory environment surrounding digital tokens and NFTs is constantly evolving. Changes in laws and regulations may impact the legal status of these assets, Side.xyz's operations, and users' ability to use or trade tokens and NFTs. Users should be aware that regulatory changes may affect the value, transferability, or legality of their assets.

Loss of Tokens/NFTs: Digital assets are stored in wallets secured by private keys. If a user loses their private key, falls victim to phishing, or makes mistakes in wallet management, they may permanently lose access to their tokens or NFTs. Unlike traditional assets, digital assets often have no recovery mechanism, making such losses irreversible.

Market Fluctuations: The value of NFTs, like tokens, can fluctuate significantly based on factors like demand, market trends, and perceived value. Users who receive or purchase NFTs may experience considerable losses if the market value of these assets decreases.

Smart Contract Risks: Ownership, transfer, and functionality of tokens and NFTs are governed by smart contracts. Any vulnerabilities or bugs in these contracts could lead to issues such as incorrect transfers, loss of ownership, or failure to execute transactions. Users must understand the risks associated with smart contracts when managing digital assets.

E. General Risks

No Personal Advice: Side.xyz does not provide financial, investment, or trading advice. Any decisions you make regarding the use of Side.xyz services, including buying, selling, or holding digital assets, are your responsibility. You should base these decisions on your personal situation, goals, and risk tolerance. Seeking independent advice is recommended.

No Monitoring: Side.xyz is not responsible for monitoring your activities to ensure they align with your objectives. The Side app does not act as a broker, intermediary, or advisor. It is up to you to assess the appropriateness of your actions, whether staking or participating in campaigns, based on your personal circumstances and goals.

No Tax or Legal Advice: You are solely responsible for understanding and meeting your tax obligations related to your activities on Side.xyz. Side.xyz does not provide tax or legal advice, and you may need to report your transactions to relevant authorities. Users should consult with professionals to ensure compliance with applicable laws.

Security and Fraud: While Side.xyz implements security measures to protect the Side app from cyberattacks and unauthorized access, no system is completely secure. Users must safeguard their account information and recognize that transactions may be irreversible. Losses from unauthorized transactions or fraud may not be recoverable.

Communication and Availability: Electronic communications, including those with Side.xyz, can be subject to delays or failures. Additionally, Side.xyz services cannot be guaranteed to be available at all times. Downtime or network issues may prevent users from accessing accounts or completing transactions, potentially leading to losses.

F. Legal and Regulatory Risks

By joining and participating in Side.xyz, you are promoting a project or ecosystem. It is your responsibility to ensure that you comply with the applicable laws and regulations relevant to your situation and that of your audience. Changes in laws and regulations may significantly impact the operations, legality, or accessibility of Side.xyz and digital assets. These changes can occur rapidly and without prior notice, potentially restricting services or altering how digital assets can be used, transferred, or traded. Users are encouraged to stay informed of regulatory developments that may affect their activities on the Side app.

G. $SIDE and SIDE $LP Staking Risks

Staking $SIDE or SIDE $LP tokens on the Side app carries significant risks. Your tokens are placed in a smart contract, which could be compromised, leading to a total loss of staked tokens. Additionally, rewards depend on a pool that may be subject to hacking or governance decisions, potentially reducing or eliminating rewards.

While Side.xyz takes measures to enhance security, no system is foolproof. By staking, you accept the risk of losing your staked tokens and any potential rewards due to security breaches or unforeseen issues.