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A summary on what Floor Protocol offers
Floor Protocol has rebuilt $FLC into an Index Token reflecting major price shifts across blue-chip NFT collections. $FLC offers simplified exposure for investors seeking participation in top-tier projects through a single avenue.
$FLC provides a straightforward view into the dynamic NFT market by tracking the performance of established blue chip collections as well as emerging projects with strong trajectory. It encapsulates the sector's evolution from early experiments to premier status.
Owning $FLC eliminates the need to research unfamiliar new protocols or speculate on unproven project roadmaps. The index constitutes projects exceeding high marks across metrics like trade volume, unique holder count, ROI benchmarks and volatility.
As prominent collections appreciate, $FLC consistently accrues indirect value aligned to their dominance. This calibrated methodology provides accessibility at all capital levels to partake in the historic NFT transformation currently unfolding.
μTokens are NFT fragments which are backed by over $124,000,000 in TVL. Invest in collections like Cryptopunks, BAYC and Pudgy Penguins which are normally inaccessible to most investors. Trade μTokens with minimal spread on or various CEXes.
By listing μTokens of prominent collections on top centralized crypto exchanges, Floor Protocol envisions simplifying access for mainstream investors in just a few clicks.
Teams can also share in their NFT projects' successes through integrated μToken incentives. We look to position NFTs as the most vibrant and inclusive asset class by lowering barriers to entry through $FLC and μTokens.
NFTs have cultivated vibrant communities and seen tremendous growth recently. As native blockchain assets, they represent a multifaceted landscape - canvases for artists, personas for influencers, viral experiments, rare collectibles, exotic investments, and more.
While ecosystem has evolved from its infancy, many imbalances still remain. One such imbalance is that Top-tier NFTs can be prohibitively expensive, excluding many while some collections are relatively undervalued despite their immense social impact.
Floor Protocol aims to address this divide by making NFTs more liquid to increase accessibility. Our mission is establishing balance by lowering barriers to entry.
We believe NFTs should be the premier speculative assets available to all. By fragmenting and democratizing access, we maximize intrinsic value. Our goal is positioning NFTs as the most vibrant and inclusive asset class.
This GitBook provides comprehensive technical details on all aspects of the Floor Protocol platform and ecosystem. It serves as an in-depth reference guide.
Use the left navigation panel to browse through specific sections. We hope this guide provides a comprehensive insight into the Floor Protocol platform.
Let's begin to explore Floor Protocol.
In the future, Floor Protocol aims to list fractional μTokens representing prominent NFT collections on top centralized crypto exchanges.
For example, users could directly buy and sell μAzuki, μBAYC, μPudgy and other fractional tokens on these exchanges.
This integration with trusted mainstream platforms would enable easy onboarding into premier NFT projects in just a few clicks. New users could gain exposure simply by purchasing μTokens on familiar and secure centralized exchange sites they already understand and use.
By bridging fractional NFT ownership to popular centralized venues, Floor Protocol can bypass many of the friction points that currently impede newcomers. Trading along-side conventional crypto assets streamlines entering the NFT ecosystem for millions globally, then truly capturing the value of social impact NFTs have on the space.
We also aim to develop novel mechanisms for teams to share in their NFT projects' success using μTokens. Additionally, providing compelling incentives for liquidity providers facing risks is a goal, achieved by integrating with Uniswap V3 to direct fees to them on top of our comprehensive Liquidity Mining Program.
Ultimately, Floor Protocol envisions a future enabling anyone to partake in the upside of cultural NFT shifts. Open ecosystems lead to exponential creativity. Democratization is just the beginning.
The $FLC token is the native currency that powers the Floor Protocol ecosystem. It unlocks and fuels customized platform utilities for all users.
Enabling Safeboxes
By staking $FLC in their Flooring Account, users can create personalized Safeboxes to reserve NFTs for custom time periods. Higher $FLC stakes allow longer max durations and greater benefits.
Unlocking VIP Perks
Staking $FLC also determines a user's VIP status tier. Higher tiers unlock exclusive perks tailored to strategies from swift cash-outs to long-term stability and collector retention. Incentivizing Liquidity Providers
The protocol rewards liquidity providers who add to $FLC and μToken exchange pools with $FLC mining rewards proportional to their share of the pool. These incentives robust liquidity vital for ecosystem growth.
Managing the Treasury Reserve
The protocol treasury accumulates a portion of all $FLC expenditures like fees and bids. These reserves help fund ongoing development, provide collateral, and maintain $FLC value stability. The treasury may also provide Eco-system contributor grants to worthy contributors and projects.
Maintaining Protocol Stability
Random Vault redemptions normally have no fees. But if reserves dip too low, a in $FLC applies. This disincentivizes excessive withdrawals during periods of volatility.
Facilitating Events
$FLC is required to initiate protocol events like auctions and raffles. As the platform's native currency, $FLC also serves as a discounted bidding option during these events.
Auctions: Users can utilize $FLC tokens to place their bids on a wide selection of exclusive NFTs.
[Coming Soon]
[Coming Soon]
In summary, $FLC constructs Floor Protocol's economic framework by incentivizing beneficial platform interactions. This enables a dynamic, utility-driven marketplace.
Getting optimal exposure to high-potential NFTs historically demanded extensive research, technical know-how and risky speculation on unvetted ventures.
Owning $FLC allows charting the ever changing NFT sector through a straightforward yet credible format, similar to how ETFs, by design, only contain proven and successful companies.
Similar to how the Market Capitalization of top companies in the stock market influences the trend of US indexes such as S&P500, the Total Value Locked (TVL) of NFT pools also affect the performance of $FLC.
The higher the Volume & TVL that a collection has, the more it affects the price of $FLC. For example, at the current moment, $FLC index would be affected most by large collections such as BAYC, Pudgy Penguins, and Azuki's price movements, while smaller collections have proportionately smaller impact.
Rewards to Strengthen Smart Routing Pathways
Floor Protocol offers sizable liquidity mining rewards for trading pairs bridging $FLC to both ETH and fractional tokens of elite NFTs. For example:
µBAYC/$FLC
$FLC/ETH
This spotlighted incentive focus enhances trading efficiency by concentrating liquidity strategically to construct common routing pathways via $FLC.
As a result, when investors spend ETH to purchase µTokens, order flows follow low friction pathways like:
ETH → $FLC → µBAYC
Rather than directly swapping ETH for µTokens, transactions get guided through algorithmic incentives to route via intermediate $FLC pairs - automatically embedding price impact.
The value of $FLC is locked into μTokens when there is buy pressure of NFTs. It is only reversed when μTokens are sold off.
BT404 takes the core features of ERC404 and enhances them with additional functionalities that focus on NFT safety, liquidity, and holder experiences. These enhancements include:
Lock NFTs: Avoid losing your favorite NFT(s) being transferred away as ERC20.
Unlock NFTs: Ability to exchange your unlocked NFT with another unlocked NFT in the P2P Marketplace, whilst earning a share of fees from Seeding.
Users should renew Safebox keys before they expire. More distant renewal dates require greater staked $FLC amounts.
If the renewal requirement is less than or equal to the current stake, no extra $FLC is needed. If the requirement exceeds the current stake, additional $FLC must be locked during renewal.
Example 1:
Alice originally staked 30,000 $FLC to lock her NFT for 30 days. When she renewed for another 30 days, the requirement was only 24,000 $FLC. Since her stake already exceeded that, no additional $FLC was needed.
Example 2:
Bob originally staked 30,000 $FLC to lock his NFT for 30 days. When he renewed for 60 more days, the requirement increased to 48,000 $FLC. So he had to stake an additional 18,000 $FLC to meet the new requirement.
Example 3:
Carol originally staked 4,000 $FLC to lock her NFT for 5 days. When she renewed for another 5 days, the requirement had increased to 6,000 $FLC due to high demand. She had to add 2,000 $FLC to her stake to meet the new requirement, even though her renewal period was the same.
In summary, users should watch for changing staking requirements when renewing Safebox keys based on the renewal duration and current marketplace demand.
We are thrilled to announce that Floor Protocol has successfully completed a comprehensive smart contract security audit by Halborn, a top blockchain security auditing firm.
With over 5 years of experience auditing complex DeFi protocols and securing billions in crypto assets, Halborn is renowned for its rigorous audit processes and exceptional technical capabilities. Their extensive audit provides the highest assurance of the security and correctness of our smart contracts.
Over the past several months, Halborn's expert team reviewed our core codebase and architecture, conducted vulnerability scans, manual analyses, and sophisticated penetration tests to identify any flaws. Halborn found Flooring Protocol's contracts to follow best practices and contain no critical issues and all other risks were considered resolved after careful fixes engineered by our developers.
The Reserve Ratio represents the proportion of NFTs readily available for redemption relative to the total number deposited into the protocol. It provides insight into the protocol's capacity to redeem outstanding μ-Tokens.
A higher ratio indicates the vault holds sufficient reserve NFTs to cover μ-Token redemptions.
To maintain a healthy Reserve Ratio, redemption fees and Safebox rental rates are dynamically adjusted based on the current ratio. This deters excessive redemptions and encourages restoring the ratio when it declines. This ratio is the key to stability.
uses concentrated liquidity and custom price ranges. Liquidity providers (LPs) deposit an equal value of tokens into a pool, supplying liquidity at specific price ranges. This is different from V2 where liquidity is spread evenly across all price ranges.
For $FLC, liquidity pools with it and a paired token like ETH would be created. Liquidity Providers deposit $FLC and ETH in a 50/50 ratio into the pool of their chosen price range.
When users swap between FP tokens and ETH, they pay a 0.3% fee. As an LP, you earn a portion of this fee proportional to your share of the pool. The more liquidity you provide, the higher your fee share.
For liquidity mining, the Flooring Protocol would distribute additional $FLC rewards to Liquidity Providers on top of the swap fees if they stake their LP Tokens on flooring.io. This incentive is to attract LPs to support the $FLC/ETH and μ-Tokens/ETH pools on Uniswap V3.
The use of blockchain hashes for generating random numbers is often criticized due to the potential for manipulation. This manipulation could come not only from miners but also from sophisticated attackers who could leverage techniques similar to flash loans to avoid paying $FLC redemption fees when the redemption outcome is undesirable. Despite this, we believe the use of block hashes for random number generation in our project is adequate due to the following reasons:
NFT Value near Floor Price: The NFTs stored in the vault are primarily near the floor price of the collection. The variance in the value of redeemable NFTs is relatively small, reducing the incentive for miners and sophisticated attackers to manipulate the outcome.
Gas Fees for Unsuccessful Redemption: Even with flash loan-like tactics, exploiters would still need to pay the gas fees for every unsuccessful redemption attempt. The potential cost in terms of wasted gas fees serves as a deterrent against manipulation.
Interact with NFTs in a revolutionary new way through μ-Tokens. These ERC-20 tokens represent fractional shares of an NFT from a specific collection. When an Azuki is deposited into Floor Protocol, you receive 1,000,000 µ-Tokens corresponding to that specific NFT collection. µAzuki tokens represent 1/1,000,000 of an NFT in Azuki collection. 1,000,000 µAZUKI = Azuki Floor Price.
Trading and Liquidity
With µ-Tokens, the NFT market becomes far more liquid and versatile. These tokens can be bought, sold, and traded like any other cryptocurrency. It is also significantly cheaper to trade with, avoiding the massive buy/sell spreads and platform fees associated with NFTs. Whether you're interested in cashing in on a portion of your NFT assets or diversifying your NFT collection holdings, µ-Tokens offer the fluidity and adaptability you require.
Safebox Keys serve as unique identifiers and grant holders exclusive access to Safeboxes anywhere from 3 days to an indefinite amount of time.
Identification: Each Safebox is assigned a distinct Key when created, providing access and control over that specific Safebox.
Exclusive Access Privilege: The Safebox Key enables the holder sole ability to unlock and redeem the NFT inside until expiration. No one else can access the contents during this period.
Facilitating Ownership Transfers
A Safebox is subject to an expiry date, which is set when the Safebox is created or extended. Once the Safebox expires, the following events can occur:
Expired Safebox Auction: Within the first 24 hours after a Safebox expires, any user can initiate an Expired Safebox Auction by submitting a bid. This auction lasts for 24 hours and the currency for bidding is $FLC tokens. The highest bidder will become the new owner of the Safebox key. Expired Safeboxes incur a 20% fee on Protocol-Initiated Auction proceeds.
Grace Period: After an Expired Safebox Auction concludes, there's a 24-hour grace period for the new owner to unlock the NFT from the Safebox or extend its duration.
To comply with regulatory requirements and embargoes, Floor Protocol has implemented certain regional restrictions on the availability and use of our services.
Floor Protocol provides two methods to fragment NFTs into 1 million μTokens - the Vault and Safeboxes.
The Vault is a straightforward public option. By depositing NFTs into the Vault, users relinquish ownership but gain immediate liquidity through freely tradable μTokens. The Vault method is convenient and accessible.
For those wishing to maintain ownership, Floor Protocol offers Safeboxes. This exclusive method requires staking $FLC tokens first. Users can then deposit NFTs into a personal Safebox, receiving a unique Safebox Key verifying ownership in addition to 1 million μTokens.
Safeboxes separates your NFT Premium and Floor Price.
Launch Pools enable fair initial NFT distribution to loyal communities. Projects allocate portions of exclusive supply to $FLC holders through presale allotments priced in the governance token.
Presale ($FLC Pools)
Together with projects, Floor Protocol will decide supply segmentation will determine:
One of the most exciting innovations of BT404 is the development of a native Peer-to-Peer (P2P) marketplace. This marketplace functions as a dashboard where users can manage their profile and buy, sell, lock, and unlock (seed) their BT404 NFTs.
Unlocked NFTs create a diversified pool of listings available for purchase directly from wallets. Each transaction incurs a small premium, which is shared amongst all participants who have unlocked their NFTs, incentivizing the holding and sharing of NFTs.
User Actions to Optimize Redemption: Even without specialized tooling, users are able to repeat the deposit and redemption process in an attempt to secure a desired NFT. A small fee is added to redemption to discourage this behavior, yet it is acceptable within our system as it does limited harm to the overall health of the platform.
Short Window for High-value NFTs: In the rare scenario where a significantly high-value NFT enters the vault, it is likely to be acquired by someone who repeatedly redeems in bulk within a short period. The short time window makes it difficult for both miners and sophisticated attackers to manipulate the outcome effectively.
In conclusion, while the use of block hashes for generating random numbers is not entirely manipulation-proof, the specifics of our platform design and the dynamics of our user behavior make this approach sufficiently secure for our application. We believe that the benefits of simplicity and cost-effectiveness outweigh the potential risks, which are mitigated by the factors mentioned above.
1M µtokens
So auctions let you buy keys to get specific NFTs - not random ones.
Auctioning Safebox Keys allows isolating exposure to specific rare and in-demand traits.
Owners can choose to auction Keys for their NFTs with the most promising attributes poised for appreciation.
As a bidder, you can target Keys tied to traits you believe will become more scarce and valuable over time.
If a bid exceeds the previous bid by a significant amount, the auction can extend up to 24 hours. This gives more users globally a chance to evaluate and participate.
Power Bidding enhances accessibility, competitiveness, and price discovery. The highest bidder wins the Safebox Key, granting redemption rights over the auctioned NFT.
Auctions bring transparency and efficiency to obtaining ownership of Flooring Protocol's most elite NFTs.
Redemption Using µ-Tokens: If no one initiates an Expired Safebox Auction within the first 24 hours after a Safebox expires, any user can unlock the Safebox and redeem the NFT by using 1,000,000 µ-tokens.
By allowing multiple possibilities after a Safebox expires, we give our users flexibility and opportunity in the platform, creating a dynamic NFT ecosystem.
At present, residents and citizens of Mainland China and the United States are strictly prohibited from using any services provided by Floor Protocol. This restriction is in place to ensure compliance with the relevant laws and regulations governing these territories.
Floor Protocol employs various methods to determine your geographic location, such as analyzing your IP address. Based on this information, access to our platform may be denied or restricted to ensure compliance with the applicable restrictions.
By using Floor Protocol, you acknowledge that it is your responsibility to ensure that you are not accessing or using our services from any jurisdiction where doing so would be considered illegal or in violation of any applicable laws or regulations, whether local, state, national, or international in nature.
Please note that Floor Protocol reserves the right to modify, update, or amend these restrictions at any time, without prior notice. To ensure that you remain compliant with the most current version of these terms, we strongly advise you to review this section periodically.
Price per NFT Mint in terms of $FLC tokens
Duration of Launch Pool and subsequent claim phases
Presale Participation
$FLC holders subscribe for allotments during the active window by transferring the amount of $FLC amount into the automated pool contract. The amount they can subscribe to is uncapped and will increase the chances of minting more NFTs in this phase.
Subscribed amounts above the Minting Cost will be refunded to Launch Pool participants.
Claim Phase
Once the presale concludes, the claim phase opens for minting NFTs into wallet custody using the allotments. Unclaimed allocations expire after the duration, refunding subscribers.
Secondary Distribution
The remaining supply enters public sale channels which includes the Floor Protocol Vaults. You will be able to buy NFTs from Vaults with either μTokens or ETH.
Continued Retention Incentives
Many projects tie ongoing holder rewards into their launch economy, with payout structures based on metrics like ownership duration.
The $FLC rewards can come from the protocol's treasury, portion of revenues, inflation, etc. The reward rate may be adjusted over time based on needs.
LPs would be able to claim these $FLC mining rewards frequently, on top of their earned swap fees which accumulate in real-time into the pool tokens they hold.
You would have to stake the Uniswap V3 $FLC or μ-Tokens LP Tokens on fp.io to be eligible for the $FLC liquidity mining rewards in addition to swap fees.
The more liquidity you provide, and the longer you provide it for, the more mining rewards you can earn. This incentivizes long-term provision of liquidity in the $FLC and μ-Tokens pools on Uniswap V3.
Arbitrage ensures μ-Token prices remain aligned with the broader NFT market.
Safebox rental rates and redemption fees fluctuate based on the current Reserve Ratio. Lower ratios increase rental rates and fees, discouraging redemptions while the protocol restores reserves. This maintains system stability.
Collection-Specific: Each µ-Token is tied to a particular NFT collection. This means that µBAYC tokens are distinct from, say, µAzuki tokens, each representing fractional ownership in their respective collections.
Liquidity Access: Convert your NFT holdings from a specific collection into µ-Tokens to unlock immediate liquidity.
Trading Flexibility: Enjoy the freedom to trade µ-Tokens and capitalize on market trends.
Platform Involvement: Deploy µ-Tokens for a diverse set of activities and opportunities within the Floor Protocol ecosystem.
By offering a blend of liquidity, targeted investment opportunities, and enhanced platform features, µ-Tokens revolutionize how you can engage with NFTs.
Extending Access Duration: Holders can lengthen the period of access by staking the required $FLC token fee to extend the key's expiration date.
Safebox Keys provide exclusive temporary access to the NFTs locked within the Safebox by the holder. They uniquely identify each Safebox while facilitating ownership transfers through featured auctions.
Ownership: Vault requires relinquishing it, Safeboxes use Keys to retain it
Accessibility: Vault is public and redeemable by all, Safeboxes have staking prerequisites and can only be unlocked by Keys corresponding to Specific NFTs
Privileges: Safebox Keys are bestowed with special rights like redeeming specific NFTs from Safeboxes
Tradability: Safebox Keys can be traded through auctions and other various tools coming in the near future.
In essence, the Vault provides easy liquidity by fractionalizing NFTs publicly, while Safeboxes fragment them privately to uphold ownership privileges. Both serve important purposes for different needs and strategies.
The distribution of $FLC tokens is as follows:
40% to Community Supporters
25% to Reserve Treasury
20% to Core Contributors
5% to Strategic Investors
5% to DEX AMM Liquidity Pools
5% to CEX Market Making
The portion allocated for Community Supporters represents the commitment of Floor Protocol to build a user-centric ecosystem. This allocation is further broken down as follows:
50% to µ-Token liquidity providers: Rewarding those who support the µ-Token market liquidity, which is vital for the robustness and stability of the platform.
35% to $FLC token liquidity providers: Incentivizing users to ensure the liquidity of $FLC token, which is important for its market functions.
10% to Advisors, influencers, and early adopters: Recognizing the early supporters who contribute with their experience, influence, and trust.
5% to Promotion events: Engaging the community and attracting more participants into the ecosystem.
20% of the total supply is reserved for the core contributors, who are the key members contributing to the success of the Floor Protocol. These tokens are subject to a 3-year vesting period with a 6-month cliff. This structure ensures long-term commitment and aligns the interests of the core team with the health and growth of the protocol.
The Development Treasury holds 25% of the total supply. The tokens in this category will be used for future developments, ensuring the protocol's ability to innovate and adapt to changing market conditions. The allocation is as follows:
40% to Stage 2 development (leverage trading)
40% to Stage 3 development (launch pad)
20% to Eco-system contributor grants: Maintains the health of the ecosystem by providing grants to worthy contributors, encouraging ongoing development and innovation.
5% of the total supply will be allocated to the DEX AMM liquidity pool and another 5% to CEX market making. This allocation ensures healthy market liquidity for the $FLC token and smooth transactions for all participants.
Please note that the distribution and usage of the tokens are subject to the mission and strategic planning of Floor Protocol. They may be subject to changes in response to the evolving ecosystem.
To begin earning, users just need to approve and stake their μTokens for as short or as long as they want. There are no complex strategies required.
Withdrawals can be initiated instantly without waiting periods, allowing flexible liquidity access.
With strong yields, diversification, and ease of use, μToken staking offers an attractive way to put your NFT fractions to work earning yield. The more active the market, the higher your potential returns.
By staking their μTokens in the protocol's staking contract, users can earn a share of Dynamic Vault Redemption Fees based on their proportional stake.
For example, if the total staked μTokens is 100M, and you have staked 10M μTokens, you would earn 10% of the redemption fees generated in the Vault.
When market conditions lead to increased redemptions, the associated fees are directed straight to those staking μTokens as yield. During high activity periods, yields can become very compelling.
This presents a passive income opportunity on fractionalized blue chip NFT holdings, hedging against downside over a longer investment horizon.
Floor Protocol is proud to introduce BT404
BT404 combines the best aspects of ERC20, ERC721, ERC404, and DN404 protocols to create a powerful new standard that revolutionizes NFT accessibility and liquidity.
ERC404 is a token standard that bridges the gap between ERC721 (NFTs) and ERC20 (fungible tokens). By allowing NFTs to be traded on decentralized exchanges (DEXes) through liquidity pools of fungible tokens, ERC404 eliminates the barrier of high unit costs that often hinders NFT trading while also supporting the unique properties of NFTs.
Key features and benefits of ERC404 include:
Liquidity: ERC404 solves the problem of illiquidity and price discovery for NFTs by enabling them to be traded on DEXes in form of ERC20 Tokens.
Flexibility: The combination of ERC721 and ERC20 features allows for more diverse and creative token designs and applications.
Volume: The removal of high unit costs as a barrier to entry allows for the easy onboarding of capital into the NFT market.
BT404 takes the core features of ERC404 and enhances them with additional functionalities that focus on NFT safety, liquidity, and holder experiences. These enhancements include:
Lock NFTs: Avoid losing your favorite NFT(s) being transferred away as ERC20.
Unlock NFTs: Ability to exchange your unlocked NFT with another unlocked NFT in the P2P Marketplace, whilst earning a share of fees from Seeding.
Seed NFTs: Unlocked NFTs can be used to seed the P2P Marketplace.
P2P Marketplace: Trade, buy, and sell NFTs directly from others.
One of the most exciting innovations of BT404 is the development of a native Peer-to-Peer (P2P) marketplace. This marketplace functions as a dashboard where users can manage their profile and buy, sell, lock, and unlock (seed) their BT404 NFTs.
Unlocked NFTs create a diversified pool of listings available for purchase directly from wallets. Each transaction incurs a small premium, which is shared amongst all participants who have unlocked their NFTs, incentivizing the holding and sharing of NFTs.
The Vault is a core component of Floor Protocol, serving two primary functions:
NFT Fragmentation: The Vault allows users to deposit NFTs and receive fractional μTokens in return. This provides accessible tokenization of NFTs.
Value Maintenance: The Vault stores NFT collateral that provides intrinsic value to μTokens. Its reserves guarantee redemption ability.
Whether you are trading NFTs casually or investing long-term, the Vault improves your capabilities through:
Liquidity from fragmentation
Stability from redemption reserves
Accessibility for traders of all capital sizes
By fragmenting NFTs and maintaining collateral value, the Vault enhances Floor Protocol ecosystem for traders and collectors alike.
The Vault is vital for preserving the intrinsic value of μTokens. It does this by storing ample NFT collateral that backs every μToken with a redeemable asset. This guarantees users can exchange their μTokens for Vault NFTs when desired.
Knowing each token is reliably redeemable for real assets instills confidence in the underlying value of μTokens. Their value is not abstract but backed by the tangible contents of the Vault.
By maintaining robust reserves and enabling consistent redemptions, the Vault gives μTokens inherent worth and stability. Users can trust their tokens represent fractional ownership that can be made whole when the time is right.
The Vault offers a convenient pathway for fragmenting your NFTs and is accessible to all without the need for staking $FLC tokens. However, once an NFT is placed in the Vault, it becomes exclusive to the Floor Protocol. Only µ-Token holders have the opportunity to redeem these NFTs.
The Vault is not just a storage facility; it's an integral part of the Floor Protocol system, offering you liquidity, value maintenance, and the choice between ease-of-use and privileged access. Through the Vault, we empower you to engage with NFTs and µ-Tokens on your own terms.
Redemption fee is in μtokens and scales with the Reserve Ratio. Normal Vault Redemptions becomes unavailable when Reserve Ratio of a collection is below 20% and only way to redeem will be by bidding on a specific NFT.
Dynamic Redemption Fees, levied in μtokens, are a feature of the Floor Protocol designed to regulate redemptions from the Vault and mitigate the risk of its exhaustion. The introduction of these fees serves several key purposes:
Maintaining Stability: The dynamic fees act as a financial deterrent to slow down mass redemptions, particularly when the Reserve Ratio is low. This ensures the protocol remains stable and robust.
Risk Mitigation: The fee structure is crucial for preventing a rapid depletion of the Vault, reducing the risk of its exhaustion.
Incentive for Protocol Maintenance: When the Reserve Ratio drops below a critical level of 20%, the normal vault redemptions will be unavailable. This provides a strong financial incentive for the Flooring Protocol team to purchase NFTs from external marketplaces and refill the Vault, thereby stabilizing the system.
The table below details the Dynamic Redemption Fees based on the Reserve Ratio:
$FLC tokens play a crucial role in fostering liquidity and incentivizing active participation within the Floor Protocol ecosystem:
μToken Liquidity Mining
Users who add μTokens to decentralized exchange liquidity pools earn trading fees and $FLC rewards. This incentive encourages a healthy and liquid trading environment for µ-Tokens and strengthens the stability of the token's value.
$FLC Liquidity Mining
Users who add $FLC tokens and a paired token to a decentralized exchange's liquidity pool foster a robust market for $FLC tokens. For this contribution, they are rewarded with $FLC tokens, promoting a liquid and healthy trading environment for the native utility token of Floor Protocol. Users can benefit from these strong incentives while simultaneously strengthening Floor Protocol's ecosystem. Robust token liquidity enhances operational effectiveness and the user experience.
We're excited to announce Floor Protocol has completed a comprehensive smart contract audit by the respected firm OtterSec.
Over several weeks, OtterSec's expert team thoroughly analyzed our core protocol contracts. Given their immense experience securing complex DeFi systems, we believe their deep scrutiny of our code was the obvious choice for our company.
OtterSec identified some subtle issues which we promptly addressed, implementing fixes to further strengthen protections. Completing this top-tier audit demonstrates our steadfast commitment to user security.
Passing OtterSec's rigorous evaluation provides tremendous confidence in Flooring Protocol as we prepare for the mainnet launch. OtterSec found Flooring Protocol's contracts to follow best practices and contain no critical issues and all other risks were considered resolved after careful fixes engineered by our developers.
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Redemption
The NFT Redemption feature in Floor Protocol allows users to redeem a non-specific NFT from a particular collection by burning 1,000,000 µ-Tokens. For example, if a user has 1,000,000 µBAYC tokens, they can redeem an NFT from the Bored Ape Yacht Club collection. Upon redemption, these µ-Tokens are permanently burned, and a randomly selected NFT from the BAYC Vault is transferred to the user's wallet.
The feature incorporates an element of anticipation by randomizing the NFT that users receive upon redemption. Similar to the experience of minting NFTs, it introduces elements of surprise and excitement into the Flooring Protocol experience.
A Floor Account is similar to a personal digital asset portfolio, holding and managing various digital assets in a secure and organized manner.
A Flooring Account is automatically created when a user initially interacts with the Flooring Protocol. Each wallet corresponds to a unique Flooring Account, ensuring individual control and security for every user.
Overview
This Privacy Policy explains how Flooring Lab and its affiliates ("we," "our," or "us") may collect, use, and disclose information about you when you use our website, applications, integrations, communities and other services (collectively, our "Services"), or otherwise interact with us.
As part of our Services, we provide access to the Floor Protocol, a decentralized platform that fractionalizes NFT ownership to increase accessibility. The Floor Protocol consists of smart contracts on the blockchain and related software development kits (collectively, the “Smart Contracts”). Users can interact with these Smart Contracts to fractionally trade, lend against, and manage NFTs in a decentralized manner.
Please review this policy so you understand our privacy practices. We may make changes to this policy, and if we do, we will notify you by revising the date at the top. Your continued use of our Services confirms your acceptance of any changes.
Collection of Information
a. Information You Provide
When you create an account, we collect your wallet address along with any other information you provide, such as profile details. If you request Flooring Lab swag, we collect your mailing address. We also collect information when you participate in polls, surveys, promotions, events, apply for grants, submit content or otherwise engage with us.
The Reserve Ratio plays a pivotal role in the Floor Protocol, ensuring the stability of the value of µ-Tokens. To understand its significance, it's vital to see how it's derived. Drawing parallels to a fractional reserve banking system, the Reserve Ratio is given by:
Where:
This ratio provides insight into the proportion of total NFTs readily available for redemption. When the Reserve Ratio falls below a predetermined threshold, both the demands on $FLR staking for utilizing the safebox feature and the fees linked with redeeming NFTs from the vault experience an uptick.
Personalizing your experience based on your behavior
Random redemption provides users an opportunity to exchange their deposited NFT for a potentially more desirable one from the Vault.
Redemption fee is in μtokens and scales with the Reserve Ratio, the fee increases as the Reserve Ratio % decreases, aiming to sustain the system's viability. However, when the Reserve Ratio of the Vault falls below 20%, redeeming from the vault becomes unavailable.For specific fee rates, please refer to the Dynamic Fees Page.
The randomized redemption process encourages a diversified pool of NFTs within the Vault. By ensuring that the redeemed NFTs are randomly selected, it prevents the potential for the monopolization of specific, high-demand traits and promotes a more balanced and diversified ecosystem.
Accumulate Vault Contribution Quota whenever you deposit an NFT of that specific collection in the vault which expires every 5 days and extends whenever you vault one.
These Vault Contribution Quota can be used to waive redemption fees. For specific breakdown, please refer to Dynamic Fees.
30% -> 100%
1
20% -> 29%
2
10-> 19%
4
1 -> 9%
8
When RR is below 20%, normal redemptions are paused and users have to bid in µTokens to redeem NFTs from the Vault.
< 20%
1 Auction / 3 Hour
< 15%
1 Auction / 6 Hour
< 10%
1 Auction / 12 Hour
< 5%
1 Auction / 24 Hour
A Flooring Account securely houses the following components:
Safebox Keys: These unique identifiers serve as proofs of ownership for individual safeboxes within the Flooring Protocol.
Staked $FLC Tokens: Users can stake their $FLC tokens within their Flooring Account, granting access to exclusive features such as the Safebox and various other VIP benefits.
µ-Tokens: When users deposit their NFTs into the Flooring Protocol, they are awarded µ-Tokens. These tokens are directly deposited into their Flooring Account rather than their wallet.
Users maintain full control over their Floor Accounts, including the ability to deposit $FLC tokens and µ-Tokens, as well as withdraw these assets back into their personal wallets.
To sum up, the Flooring Account serves as a secure and centralized location for managing assets associated with the Floor Protocol, allowing users to effectively navigate and make the most of the system's various features.
b. Information We Collect Automatically
When you use our Services, we may collect certain technical information by automated means, such as cookies, web server logs, web beacons and similar technologies. The information we collect automatically may include your IP address, device and browser type, operating system, referral URLs, device IDs, pages visited and other usage data.
c. Information from Other Sources
We may obtain information about you from third parties. For example, we may collect blockchain data to detect fraudulent transactions or protect user accounts. We also may use analytics providers like Google Analytics subject to their terms and privacy policies.
Use of Information
We use your information for purposes like:
Providing, improving and developing our Services
Enabling you to access and use the decentralized Flooring Protocol
Monitoring and analyzing platform usage and trends
Performing analytics and conducting customer surveys
Communicating with you about our Services
Providing support
Protecting user accounts and platform security
We process your information for the purposes above based on our legitimate interests in operating and improving our Services. If we process your data for other purposes, we ask for your consent in advance.
Sharing of Information
We will not sell your personal information. However, we may share your information in limited scenarios, including:
With third party service providers to help operate our Services
If required to comply with legal obligations or asserting legal claims
If necessary to protect Flooring Lab, our users, or the public's interests
In connection with corporate transactions like a merger or sale of assets
We may also share aggregated or anonymized data that cannot identify you.
Ads and Analytics
We will not run targeted ads or analytics on our website. We may work with third-party analytics providers who collect usage data to analyze trends and improve our Services.
Your Choices and Rights
You can opt out of non-essential communications from us by following the unsubscribe instructions. Where required by law, we honor requests to access, update, delete or restrict our use of your data. Contact us for any requests.
Contact Us
If you have any questions, contact us at [email protected].
To stabilize the value of µ-Tokens, the Flooring Protocol harnesses the power of arbitrage opportunities. These opportunities manifest under two conditions:
When the value of 1,000,000 µ-Tokens overshadows that of the cheapest NFT on an external marketplace by a certain margin. In this scenario, individuals can buy the NFT, introduce it to the Flooring Protocol, and subsequently sell the equivalent µ-Tokens.
If the highest NFT bid on an external marketplace eclipses the aggregate value of 1,000,000 µ-Tokens and related fees, individuals can purchase µ-Tokens, extract an NFT from the Flooring Protocol, and vend the NFT to the highest bidder.
These arbitrage actions ensure that the price of µ-Tokens remains within a range defined by the highest bids and the lowest asks across all NFT marketplaces. Yet, the efficacy of this mechanism hinges on maintaining a substantial cache of redeemable NFTs in the vault.
The amount of $FLC you need to stake to extend the rental period of your Safebox by an extra day varies depending on the current Reserve Ratio of the Floor Protocol. The staking requirement is set at 2,000 $FLC per extra day when the Reserve Ratio is above 60%. When the ratio drops below this threshold, the staking requirement starts to increase progressively.
The cost in $FLC for redeeming an NFT from the vault also fluctuates based on the Reserve Ratio. Redemption is free when the Reserve Ratio is above 40%. However, once the Reserve Ratio falls below this threshold, redemption fees are applied, and these fees scale aggressively as the ratio decreases.
Determining the true current market value of an NFT is complex. Prices fluctuate rapidly and different NFTs within a collection carry varying premiums based on traits, history, and other factors.
Having an accurate valuation helps users make informed decisions when picking between our Vault and Safebox fragmentation methods.
For near-floor NFTs, the Vault provides easy liquidity by relinquishing unique ownership.
For NFTs with significant premiums, Safeboxes allow maintaining ownership rights.
Reliable valuations assist users in selecting the ideal fragmentation method for their specific NFTs.
DeepNFTValue has developed advanced machine learning models trained on historical sales data, listings, traits, and other sources to generate real-time price estimates for NFT collections.
We provide the ability for users to get DeepNFTValue oracle estimates for their NFTs before depositing into Floor Protocol.
These valuations help determine whether an NFT warrants the added ownership benefits of Safeboxes or can be conveniently fragmented in the public Vault.
Retrieving DeepNFTValue estimates is seamlessly integrated into our fragmentation user flow.
Users simply connect their wallet holding the NFT. The NFT's key attributes are used to instantly fetch and display the DeepNFTValue valuation.
Having quick access to trusted pricing estimates makes it easy to decide whether to pick Vaults or Safeboxes based on the NFT's premium.
We're excited to leverage DeepNFTValue's institutional-grade pricing models to empower informed user decisions when fragmenting NFTs on Floor Protocol
Profit Sharing: Fees earned generated by P2P marketplaces are shared by those that unlock (seed) their NFTs.
40,000
8
≥ 20% (Normal Vault Redemptions Disabled)
N.A
N.A
50% -> 100%
10,000
1
40% -> 49%
20,000
2
30% -> 39%
30,000
4
20% -> 29%
Safeboxes uniquely allow fragmenting NFTs while maintaining ownership rights. They require a balance of $FLC staked to initiate. While using Safeboxes, $FLC is locked for the rental duration.
When a user deposits an NFT into a Safebox, they receive:
1M μTokens representing the floor value of that NFT's collection
A Safebox Key capturing the premium value of their specific NFT
For example:
BAYC floor is 30 ETH
The user's rare BAYC is worth 40 ETH
Depositing into a Safebox would:
Generate 1M μBAYC = 30 ETH floor value
This segmentation unlocks instant liquidity through μTokens while the Key retains upside exposure.
To create a Safebox, users select an NFT and set a deposit duration. Longer durations require staking more $FLC.
Upon depositing, they receive 1M μTokens and the exclusive Safebox Key.
Only users are able to create Safeboxes; to become a VIP.
Maintain ownership of rare NFTs
Unlock floor value in liquid tokens
Retain premium value in Key
Tradable Keys
Deposit an NFT to receive μTokens representing the floor value. Sell some μTokens to realize this liquidity.
Still hold the Safebox Key to control access to the NFT and capture future premium appreciation.
Loans
Safebox Keys can serve as collateral for loans from knowledgeable collectors who deeply understand the value of rare traits and premiums. This allows borrowers to access capital without fully relinquishing ownership.
At Floor Protocol, we recognize the diverse needs of our users and have tailored our VIP tiers to suit a range of preferences and investment strategies. Our VIP system is designed to offer increasing benefits and features based on the amount of $FLC staked, allowing users to realize the full Flooring Protocol experience.
Ideal for individuals looking to swiftly cash out their NFTs via auctions.
Learn how VIP Tiers affect Safebox use
Staking FLC endows you with VIP tiers that provide with you increasingly convenient benefits when interacting with Safeboxes. Stake more to break limitations.
The Key would be worth ~10 ETH premium
Customizable durations
N.A
VIP 2
8
2
80%
N.A
VIP 3
16
4
70%
5%
VIP 4
32
8
60%
10%
VIP 5
64
16
50%
15%
VIP 6
128
32
40%
20%
VIP 7
256
64
30%
25%
VIP 1
4
1
90%
These tiers cater to users with short to mid-term liquidity needs, allowing them to access liquidity against their NFTs in Safeboxes for durations spanning weeks to months.
For the seasoned collectors who prioritize long-term capital efficiency. Shielded from price volatilities, members of these tiers can store their NFTs in Safeboxes for extensive durations, unlocking the liquidity typically tied up by floor prices.
VIP1
30K
3 days
VIP2
100K
15 days
VIP3
300K
60 days
VIP3
80%
4,000 FLC
VIP4
70%
8,000 FLC
VIP5
60%
16,000 FLC
When Reserve Ratio is > 80%, VIP3 and above are able to lock their NFTs indefinitely regardless of RR fluctuation in the future.
Staked $FLC The number of tokens to be locked in the user account to maintain the VIP level.
Max Safebox Duration The maximum period of time that can be booked when renting or extending a Safebox.
Rental Discount The discount applied to the Safebox rental staking requirement.
Flooring Protocol's VIP tier structure ensures that every user finds a level that matches their strategy, whether they're making quick trades, seeking short-term liquidity, or investing for the long haul.
With the advent of Floor Protocol, the traditional method of liquidating NFTs, i.e., selling to the highest bid in a marketplace, has an innovative alternative. Instead of subjecting your NFT to the often-inefficient marketplace bids, you can now fragmentize your NFT into µ-Tokens and liquidate them via Uniswap V3 Pools. This alternative approach offers more efficiency and control over the liquidation process.
In traditional NFT marketplaces, sellers are often subjected to the highest bid for their assets. The average spread between the highest bid and the floor price is approximately 1.0%. Alongside an added 0.5% in royalties, sellers can expect a total trading overhead of around 1.5%. Simply put, if you want to sell your NFT quickly, you could face a slippage of 1.5%.
In contrast, Floor Protocol introduces a different method of liquidation. Suppose you own an NFT and aim for swift selling. You can fragmentize your NFT into µ-Tokens and then sell these µ-Tokens on Uniswap V3 Pools.
Calculating the expected slippages on Uniswap V3 can be intricate, so let's start with Uniswap V2 for simplicity. Based on the renowned Uniswap Swap formula, x * y = k, when you sell △x amount of tokens, you receive △y = y - k / (x + △x). Using this formula, we conducted a series of simulations to analyze the potential slippage when selling 1,000,000 µ-Tokens. For this simulation, we assumed a spot price of 10 ETH across pools of different sizes. Here are the results:
The result shows that when considering a 0.3% fee to liquidity providers, the Floor Protocol approach shows advantages when the pool contains µ-Tokens equivalent to 100 NFTs.
Uniswap V3, with its high capital and trading efficiency, further enhances the Flooring Protocol method. V3 allows liquidity providers to specify their capital deployment within certain price ranges, resulting in an immense capital efficiency boost.
Here are some approximate capital efficiency multipliers for varying price ranges:
Assuming a modest average price range of [P / 2, P *2], the new method's trading efficiency starts to surpass traditional methods when the pool contains µ-Tokens equivalent to 30 NFTs. When the µ-Token count reaches the equivalent of 300 NFTs, the total trading overhead reduces to below 0.4%.
In conclusion, Flooring Protocol offers a superior alternative to traditional NFT liquidation methods, particularly with large µ-Token pools and the superior capital efficiency of Uniswap V3. For NFT owners seeking swift, efficient liquidation, this innovative approach provides an optimal pathway.
Utilizing Safebox within the Floor Protocol necessitates the staking of $FLC tokens.
Setting the Locking Period When creating a Safebox, you set the locking periods incrementally based on your needs. For instance, short periods work for auctions while longer ones is more suited for improving personal liquidity.
Understanding the Reserve Ratio The staking requirement fluctuates based on the reserve ratio - the number of Vault NFTs divided by total NFTs overseen. High ratios imply robust redemption reserves. Below a threshold, the staking requirement rises to maintain token stability.
Benefits of Staking Ample $FLC Staking ample $FLC allows reserving lengthier periods. Large holders gain flexibility in renewing keys, avoiding low ratio periods.
VIP Levels and Safebox Durations Your VIP tier determines the max Safebox duration. The top tier accesses the coveted infinite variant - no expiry, catering to the most loyal collectors.
Lastly, the correlation between the reserve ratio and the required staking amount is depicted below:
VIP4
1M
180 days
VIP5
3M
360 days
VIP6
10M
540 days
VIP7
30M
720 days
VIP6
50%
32,000 FLC
VIP7
30%
64,000 FLC
5.05%
50,000,000
500
2.25%
100,000,000
1,000
1.29%
150,000,000
1,500
0.96%
200,000,000
2,000
0.8%
250,000,000
2,500
0.7%
500,000,000
5,000
0.5%
1,000,000,000
10,000
0.4%
2,000,000,000
20,000
0.35%
5,000,000,000
50,000
0.32%
[P / 1.01, P * 1.01]
201.5x
5,000,000
50
16.92%
10,000,000
100
9.36%
20,000,000
[P / 4, P * 4]
2x
[P / 2, P * 2]
3.41x
[P / 1.2, P * 1.2]
11.48x
[P / 1.1, P * 1.1]
21.49x
[P / 1.05, P * 1.05]
41.49x
200
≥ 60%
400
< 60%
440
< 58%
480
< 56%
520
< 54%
560
< 52%
600
< 50%
This table highlights that the staking requirement stays constant at 2000 $FLC until the reserve ratio reaches 60%. From this point onwards, the requirement escalates progressively as the reserve ratio increases.
640
< 48%
680
< 46%
720
< 44%
760
< 42%
800
< 40%
880
< 38%
960
< 36%
1040
< 34%
1120
< 32%
1200
< 30%
1360
< 28%
1520
< 26%
1680
< 24%
1840
< 22%
2000
< 20%
2320
< 18%
2640
< 16%
2960
< 14%
3280
< 12%
3600
< 10%
7200
< 8%
14400
< 6%
28800
< 4%
57600
< 2%
115200
Please do not access this Site (as defined below) where such access is prohibited by applicable law. Please carefully read these terms of use before using the Site. These Terms (as defined below) apply to any person or entity accessing the Site and by using the Site, you agree to be bound by them. The Terms contain a mandatory individual arbitration and class action/jury trial waiver provision that requires the use of arbitration on an individual basis to resolve disputes, rather than jury trials or class actions. If you do not want to be bound by these Terms, you should not access the Site. By using the Site in any capacity, you agree that you have read, understood, and agree to be bound by the Terms.
Overview
This Terms of Use Agreement (these “Terms” or this “agreement”) covers the fp.io website and mobile user-interfaces (collectively, the “Site”) provided by Flooring Lab (“we,” “our,” or “us”), at times in conjunction with others. As part of the Site, we provide access to the decentralized finance application (the “Floor Protocol”) managed and operated by holders of the $FLC governance token (the “Community”). The Floor Protocol is comprised of certain smart contracts deployed on the Ethereum blockchain and related software development kits (collectively, the “Smart Contracts”) on which traders of ERC-20 tokens and NFTs (collectively, “Digital Assets”) can transact on a peer-to-peer basis. In addition to the Site, you can access the Floor Protocol through a number of third-party web or mobile user-interfaces that we do not own, administer or control (“UIs”).
These Terms apply to you (“you” or “your”) as a user of our Site, including, without limitation, all the products, services, tools and information made available on the Site. Our Privacy Policy and Cookies Policy also apply to your access and use of the Site.
You must be able to form a legally binding contract online either as an individual or on behalf of a legal entity. You represent that, if you are agreeing to these Terms on behalf of a legal entity, you have the legal authority to bind that entity to these Terms and you are not indirectly or directly included on any sanctions list and at least 18 years old or the age of majority where you reside, (whichever is older) can form a legally binding contract online, and have the full, right, power and authority to enter into and to comply with the obligations under these Terms.
You are advised to periodically review these Terms so you understand any changes. We reserve the right, in our sole and absolute discretion, to make changes to our Terms. If we make changes, we will notify you by revising the “Last Updated” date at the beginning of these Terms accordingly. Changes are binding on users of the Site and will take effect immediately upon posting. As a user, you agree to be bound by any changes, variations, or modifications to our Terms and your continued use of the Site shall constitute acceptance of any such changes, revisions, variations, or modifications. By continuing to use the Site, you also acknowledge and agree that we have provided you with sufficient notice of such changes.
Use of the Site
By using the Site, you expressly acknowledge and agree that:
a. use of the Floor Protocol and/or Smart Contracts may require that you pay a fee, such as network fees and other charges needed to perform a transaction;
b. your use of the Floor Protocol and/or Smart Contracts involves various risks, including, without limitation, risks of (a) losses while Digital Assets are being supplied to the Floor Protocol and (b) losses due to fluctuating prices of Digital Assets in trading pairs or liquidity pools;
c. before using the Floor Protocol and/or Smart Contracts, you should review the relevant documentation to make sure you understand how the Flooring Protocol and Smart Contracts work;
d. you are responsible for doing your own diligence on the various UIs through which you access the Floor Protocol and/or Smart Contracts to understand the fees and risks they present;
e. the Community has no control over any transactions conducted through the Floor Protocol and/or Smart Contracts;
f. you must ensure that you have a sufficient balance of the applicable Digital Assets stored at your compatible Digital Asset wallet address to complete any transaction on the Floor Protocol, Smart Contracts, or the Ethereum network before initiating such transaction; and
g. no individual or entity involved in creating the Floor Protocol or Smart Contracts will be liable for any claims or damages whatsoever associated with your use, inability to use, or your interaction with other users of, the Floor Protocol or Smart Contracts, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, Digital Assets, or anything else of value.
Access / Disclaimer of Warranties
ACCESS TO THIS SITE AND THE PRODUCTS HEREIN ARE PROVIDED ON AN 'AS IS' AND 'AS AVAILABLE' BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. NO WARRANTY IS PROVIDED THAT THE SITE OR ANY PRODUCT WILL BE FREE FROM DEFECTS OR VIRUSES OR THAT OPERATION OF THE PRODUCT WILL BE UNINTERRUPTED. YOUR USE OF THE SITE AND ANY PRODUCT AND ANY MATERIAL OR SERVICES OBTAINED OR ACCESSED VIA THE SITE IS AT YOUR OWN DISCRETION AND RISK, AND YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE RESULTING FROM THEIR USE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.
We do not guarantee or promise that the Site, or any content on it, will always be available, functional, usable or uninterrupted. From time to time, access may be interrupted, suspended or restricted, including because of a fault, error or unforeseen circumstances or because we are carrying out planned maintenance or changes.
We reserve the right to limit the availability of the site to any person, geographic area or jurisdiction in our sole discretion and/or to terminate your access to and use of the site, at any time and in our sole discretion. We may suspend or disable your access to the Site for any reason and in our sole discretion, including for any intentional or unintentional breaches of these Terms. We may remove or amend the content of the Site at any time. Some of the content may be out of date at any given time and we are under no obligation to update or revise it. We do not promise or guarantee that the Site, or any content on it, will be free from errors or omissions.
We will not be liable to you for any issue, loss or damage you may or have suffered as a result of the Site being unavailable at any time for any reason. You will comply with all applicable domestic and international laws, statutes, ordinances, rules and regulations applicable to your use of the site (“Applicable Laws”).
As a condition to accessing or using the Site, you agree and represent that you will:
Only use the Services and the Site for lawful purposes and in adherence with these Terms;
Ensure that all information that you provide on the Site is current, complete, and accurate; and
Maintain the security, privacy and confidentiality of access to your Digital Asset wallet address.
As a condition to accessing or using the Site or the Services, you will not:
Violate any Applicable Law;
Use the Site for any purpose or conduct that is directly or indirectly unlawful;
Export, reexport, or transfer, directly or indirectly, any technology belonging to us or the Floor Protocol in violation of applicable export laws or regulations;
Infringe on or misappropriate any contract, intellectual property or other third-party right, or commit a tort while using the Site;
You acknowledge that the Site and your use of the Site present certain risks, including without limitation the following risks:
Losses while digital assets are being supplied to the Floor Protocol and losses due to the fluctuation of prices of tokens in a trading pair or liquidity pool. Prices of digital currencies, tokens and/or other digital assets fluctuate day by day or even minute by minute. The value of your available balance could surge or drop suddenly. Please note that there is a possibility that the price of tokens could decrease to zero. Prices of tokens are prone to significant fluctuations, for example, due to announced proposed legislative acts, governmental restrictions, news related to cyber crimes or other factors causing potentially excessive market enthusiasm, disproportionate loss in confidence, or manipulation by others in the market.
Risks associated with accessing the Floor Protocol through third party UIs. You are responsible for doing your own diligence on those UIs to understand and accept the risks that use entails. You are also responsible for doing your own diligence on those interfaces to understand and accept any fees that those interfaces may charge.
You are solely responsible for understanding and complying with any and all Applicable Laws in connection with your acceptance of these Terms and your use of any part of the Site, including but not limited to those related to taxes as well as reporting and disclosure obligations.
This list of risk factors is non-exhaustive, and other risks, arising either now or in the future, could additionally be relevant and applicable to you in making an informed judgment to accept, or continue to accept, these Terms and/or use, or continue to use the Site.
Accordingly, you expressly acknowledge and agree that:
a. you assume all risk in connection with the specific risks identified above;
b. you assume all risk in connection with your access to and use of the Site, the Floor Protocol and the Smart Contracts;
c. that you expressly waive and release us, the Floor Protocol and the Community from any and all liability, claims, causes of action, responsibility or damages arising from or in any way related to your use of the Site, the Floor Protocol or the Smart Contracts;
d. upgrades and modifications to the Floor Protocol are managed in a community-driven way by holders of the Floor Protocol governance token; and
e. no individual or entity involved in creating the Floor Protocol will be liable for any claims or damages whatsoever associated with your use, inability to use, or your interaction with other users of, the Floor Protocol, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, Digital Assets, cryptocurrencies, tokens, or anything else of value.
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Copyright Infringement
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Reporting Claims of Copyright Infringement
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Counter-Notification Procedures
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Your physical or electronic signature;
An identification of the material that has been removed or to which access has been disabled and the location at which the material appeared before it was removed or access disabled;
Adequate information by which we can contact you (including your name, postal address, telephone number, and, if available, email address);
Completed Counter-Notices should be sent to [email protected]
The DMCA allows us to restore the removed content if the party filing the original DMCA Notice does not file a court action against you within ten business days of receiving the copy of your Counter-Notice.
Please be aware that if you knowingly materially misrepresent that material or activity on the Site was removed or disabled by mistake or misidentification, you may be held liable for damages (including costs and attorneys’ fees) under Section 512(f) of the DMCA.
Repeat Infringers
It is our policy in appropriate circumstances to disable and/or terminate the accounts of users who are repeat infringers.
Limitation of Liability
UNDER NO CIRCUMSTANCES SHALL WE OR ANY OF OUR OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, AFFILIATES, OR SUBSIDIARIES BE LIABLE TO YOU FOR ANY INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING (BUT NOT LIMITED TO) DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE PROPERTY, ARISING OUT OF OR RELATING TO ANY ACCESS OR USE OF THE SITE, INCLUDING THE USER-INTERFACE, NOR WILL WE BE RESPONSIBLE FOR ANY DAMAGE, LOSS, OR INJURY RESULTING FROM HACKING, TAMPERING, OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SITE INCLUDING THE USER-INTERFACE OR THE INFORMATION CONTAINED WITHIN IT.
WE ASSUME NO LIABILITY OR RESPONSIBILITY FOR ANY: (A) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT; (B) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM ANY ACCESS OR USE OF THE SITE, INCLUDING THE USER-INTERFACE; (C) UNAUTHORIZED ACCESS OR USE OF ANY SECURE SERVER OR DATABASE IN OUR CONTROL, OR THE USE OF ANY INFORMATION OR DATA STORED THEREIN; (D) INTERRUPTION OR CESSATION OF FUNCTION RELATED TO THE SITE; (E) BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE THAT MAY BE TRANSMITTED TO OR THROUGH THE SITE; (F) ERRORS OR OMISSIONS IN, OR LOSS OR DAMAGE INCURRED AS A RESULT OF THE USE OF, ANY CONTENT MADE AVAILABLE THROUGH THE SITE; AND (G) THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD PARTY.
UNDER NO CIRCUMSTANCES SHALL WE OR ANY OF OUR OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, AFFILIATES, OR SUBSIDIARIES BE LIABLE TO YOU FOR ANY CLAIMS, PROCEEDINGS, LIABILITIES, OBLIGATIONS, DAMAGES, LOSSES, OR COSTS IN AN AMOUNT EXCEEDING $100.00. THIS LIMITATION OF LIABILITY APPLIES REGARDLESS OF WHETHER THE ALLEGED LIABILITY IS BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR ANY OTHER BASIS, AND EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH LIABILITY. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF CERTAIN LIABILITIES, BUT YOUR ACCEPTANCE OF THESE TERMS CONSTITUTES AN AGREEMENT TO LIMIT THE LIABILITY OF FLOORING LAB, ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AND AGENTS TO THE MAXIMUM EXTENT POSSIBLE UNDER ANY APPLICABLE LAWS.
Disclaimers
We do not guarantee that the Site will be secure or free from bugs or viruses.
You are responsible for configuring your information technology, computer programs and/or platform in order to access the Site. You should use and deploy your own virus protection and security software. We cannot promise that the use of the Site, or any content taken from the Site, will not infringe the rights of any third party.
The content and materials available on the Site are for informational purposes only and are not intended to address your particular requirements or needs. In particular, the content and materials available on the Site do not constitute any form of advice, referral or recommendation by us, should not be regarded as an offer, solicitation, invitation or recommendation to buy or sell tokens or any other financial services and is not intended to be relied upon by you in making any specific decision to buy or sell a token. We recommend that you seek independent advice from financial, legal and tax advisors before making any such decision particularly in light of the risks associated with digital assets.
Nothing included in the site constitutes an offer or solicitation to sell, or distribution of, investments and related services to anyone in any jurisdiction.
From time to time, reference may be made to data we have gathered. These references may be selective or, may be partial. As markets change continuously, previously published information and data may not be current and should not be relied upon.
Indemnification
You agree to indemnify and hold us and all of our officers, directors, council members, employees, contractors, agents, affiliates, and subsidiaries harmless from any claim or demand, including attorneys’ fees and costs, made by any third party due to or arising out of (a) your use of the Site, the Flooring Protocol, or the Smart Contracts or (b) this agreement.
General
We may perform any of our obligations, and exercise any of the rights granted to us under these Terms, through an affiliated or unaffiliated third-party. We may assign any or all our rights and obligations under these Terms to any third-party.
If any clause or part of any clause of these Terms is found to be void, unenforceable or invalid, then it will be severed from these Terms, leaving the remainder in full force and effect, provided that the severance has not altered the basic nature of these Terms.
No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
If any of the provisions in these Terms are found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
All disclaimers, indemnities and exclusions in these Terms shall survive termination of the Terms and shall continue to apply during any suspension or any period during which the Site is not available for you to use for any reason whatsoever.
These Terms and the documents referred to in them set out the entire agreement between you and us with respect to your use of the Site, the Flooring Protocol, the Smart Contracts and the services provided via the Site and supersede any and all prior or contemporaneous representations, communications or agreements (written or oral) made between you or us.
Any dispute, controversy, or claim arising out of or in relation to these Terms, including the validity, invalidity, breach or termination thereof, shall be settled by arbitration iin accordance with the rules of the London Court of International Arbitration (LCIA), as may be amended from time to time, which is in force on the date when the Notice of Arbitration is submitted in accordance with these Rules. The number of arbitrators shall be one or three; the seat of the arbitration shall be determined by the arbitrator(s); the arbitral proceedings shall be conducted in English. The applicable law shall be Seychelles law or another choice of law determined in our sole discretion.
With respect to all persons and entities, regardless of whether they have obtained or used the site for personal, commercial or other purposes, all disputes, controversies or claims must be brought in the parties’ individual capacity, and not as a plaintiff or class member in any purported class action, collective action or other representative proceeding. This waiver applies to class arbitration, and, unless we agree otherwise, the arbitrator may not consolidate more than one person’s claims. You agree that, by entering into this agreement, you and us are each waiving the right to a trial by jury or to participate in a class action, collective action, or other representative proceeding of any kind.
Force Majeure
There is a risk that transactions effected through the Site may be affected by system failures resulting from adverse events, natural disasters, pandemics and other emergencies, as well as unforeseen significant changes in the external environment. With regard to opportunity loss (e.g., loss of opportunity to place a payment instruction, resulting in loss of profits which could have been obtained) due to occurrences such as emergency situations and force majeure events, we are under no obligation to take any corrective action or measure and shall no under circumstances be liable for any lost profits or other trading losses.
Contact Us
Please contact us if you have any questions about these Terms or other topics, by sending an email to [email protected]
Misrepresent, with omission or otherwise, the truthfulness, sourcing or reliability of any content on the Site;
Use the Site in any manner that could interfere with, disrupt, negatively affect, redirect or inhibit other users from fully enjoying the Site or the Floor Protocol, or that could damage, disable, overburden, or impair the functioning of the Site or the Floor Protocol in any manner;
Attempt to circumvent or disable any content filtering techniques or security measures that Flooring Lab employs on the Site, or attempt to access any service or area of the Site that you are not authorized to access;
Introduce or use any malware, virus, Trojan horse, worm, logic bomb, drop-dead device, backdoor, shutdown mechanism or other harmful material into the Site;
Post content or communications on the Site that are, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable;
To the extent applicable, post content on the Site containing unsolicited promotions, commercial messages or any chain messages or user content designed to deceive, induce or trick the user of the Site; or
Encourage or induce any third party to engage in any of the activities prohibited under these Terms.
Although we do not have access to your assets, you are reminded and acknowledge that at any time, your access to your Digital Assets through third-party Digital Asset wallet services, unrelated to the Site, may be suspended or terminated or there may be a delay in your access or use of your Digital Assets, which may result in the Digital Assets diminishing in value or you being unable to complete a Smart Contract.
You are reminded of the inherent risks with digital assets and decentralized finance including the fact that tokens are not legal tender and are not backed by any government. Unlike fiat currencies, which are regulated and backed by local governments and central banks, tokens are based only on technology and user consensus, which means that in cases of manipulations or market panic, central governments will not take any corrective actions or measures to achieve stability, maintain liquidity or protect their value. There is a possibility that certain transactions cannot be settled or may be difficult to settle, or can be completed only at significantly adverse prices depending on the market situation and/or market volume. Transactions may be irreversible, and, accordingly, potential losses due to fraudulent or accidental transactions are not recoverable. Some blockchain transactions are deemed to be completed when recorded on a public ledger, which is not necessarily the date or time when you or another party initiated the transaction.
The regulatory frameworks applicable to blockchain transactions in connection with tokens are still developing and evolving. It is possible that your transactions or funds are, or may be in the future, subject to various reporting, tax or other liabilities and obligations. Legislative and regulatory changes or actions at the country or international level may materially and adversely affect the use, transfer, exchange, and value of your tokens. Certain jurisdictions may treat groups of users as a general partnership or some other type of unincorporated association, which may result in a theory of collective liability that could heighten your risks of liability for events or occurrences outside your control.
The Site and/or Floor Protocol may be wholly or partially suspended or terminated for any or no reason, which may limit your access to your Digital Assets.
A statement that you have a good faith belief that use of the copyrighted material is not authorized by the copyright owner, its agent, or the law;
A statement that the information in the written notice is accurate; and
A statement, under penalty of perjury, that you are authorized to act on behalf of the copyright owner.
A statement that you will consent to the jurisdiction of the Federal District Court for the judicial district in which your address is located (or if you reside outside the United States for any judicial district in which the Site may be found) and that you will accept service from the person (or an agent of that person) who provided the Site with the complaint at issue.