Terms ofService

These Terms of Service ("Terms") constitute a legally binding agreement between you ("User," "you," or "your") and BitNile Prediction Market ("Company," "we," "us," or "our") governing your access to and use of the BitNile Prediction Market platform, including any associated websites, applications, smart contracts, and services (collectively, the "Platform").

By accessing, browsing, or using the Platform, you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree to these Terms, you must immediately discontinue use of the Platform.

We reserve the right to modify these Terms at any time. Material changes will be communicated through the Platform or via email. Your continued use of the Platform following any changes constitutes acceptance of the modified Terms.

To use the Platform, you must:

• Be at least 18 years of age or the age of majority in your jurisdiction, whichever is greater
• Have the legal capacity to enter into binding contracts
• Not be a resident of, located in, or citizen of any jurisdiction where prediction market trading is prohibited or restricted
• Not be subject to any sanctions imposed by OFAC, the United Nations, the European Union, or any other applicable governmental authority
• Not be a Restricted Person as defined in our Integrity Framework with respect to specific markets
• Complete all required identity verification (KYC) and anti-money laundering (AML) procedures

To access certain features of the Platform, you must create an account and connect a compatible cryptocurrency wallet. When creating an account, you agree to:

• Provide accurate, current, and complete information during the registration process
• Maintain and promptly update your account information to keep it accurate and complete
• Maintain the security and confidentiality of your login credentials and wallet private keys
• Accept full responsibility for all activities that occur under your account
• Immediately notify us of any unauthorized access or use of your account

You are solely responsible for maintaining the security of your wallet and private keys. We do not have access to your private keys and cannot recover them if lost. Loss of private keys may result in permanent loss of access to your funds and positions.

BitNile Prediction Market operates an RFQ-powered prediction market platform that enables users to:

• Browse and research prediction markets across various categories
• Submit Requests for Quote (RFQs) to request firm pricing from competing market makers
• Receive and compare quotes from multiple registered market makers
• Execute RFQs to acquire position contracts (ERC-1155 tokens) on market outcomes
• Hold, transfer, and redeem position contracts
• Participate in market resolution through the evidence-based dispute mechanism
• Apply to become a registered market maker

The Platform operates on the Base L2 blockchain. All RFQ executions are settled atomically through audited smart contracts. We do not custody your funds; all collateral backing position contracts is held in smart contracts and verifiable on-chain.

We reserve the right to modify, suspend, or discontinue any aspect of the Platform at any time, with or without notice. We shall not be liable to you or any third party for any modification, suspension, or discontinuance of the Platform.

When trading on the Platform, you agree to the following rules:

RFQ Process

• RFQs are binding requests for firm quotes; once submitted, they may only be cancelled before quotes are received
• Accepted quotes result in immediate atomic on-chain settlement with no slippage
• All RFQ executions are final and cannot be reversed once settled on-chain
• Market makers must honor quoted prices and sizes for the specified validity period (TTL)
• Position contracts (ERC-1155 tokens) are issued immediately upon settlement

Position Limits

• Maximum position sizes may apply to individual markets to prevent manipulation
• Concentration limits may restrict exposure across correlated markets
• We reserve the right to adjust position limits based on market conditions

Market Integrity

• Trading on markets where you possess material non-public information is prohibited
• Wash trading, market manipulation, and collusive behavior are strictly forbidden
• Violation of integrity rules may result in position liquidation, account suspension, or forfeiture of funds

The following fees apply to Platform usage:

• Taker fees are volume-tiered; higher trading volume qualifies for lower fees
• Maker rebates are based on Maker Quality Score (MQS)
• All fees are denominated and collected in USDC
• Blockchain gas fees for transactions are paid separately by users
• We reserve the right to modify the fee structure with 30 days advance notice

Market resolution is governed by the following principles:

Resolution Process

• Markets are resolved based on objective data sources specified at market creation
• An evidence package is created and stored immutably on IPFS
• Proposed resolutions are subject to a 48-hour freeze window for bonded disputes
• Winning position contracts are redeemable for $1.00 USDC each after finalization

Dispute Mechanism

• Any user may dispute a proposed resolution by posting a bond
• Disputes are reviewed by neutral stewards based on evidence
• Valid disputes result in resolution correction and bond return plus reward
• Invalid disputes result in bond forfeiture

Void Markets

Markets may be voided in cases of manipulation, ambiguous resolution criteria, or force majeure events. In such cases, all participants receive pro-rata refunds of their invested capital.

You agree not to engage in any of the following prohibited activities:

All intellectual property rights in the Platform, including but not limited to the software, design, trademarks, logos, and content (excluding user-generated content), are owned by or licensed to BitNile Prediction Market.

You are granted a limited, non-exclusive, non-transferable, revocable license to access and use the Platform for its intended purpose. This license does not include the right to:

• Modify, adapt, or create derivative works of the Platform
• Reverse engineer, decompile, or disassemble any aspect of the Platform
• Remove or alter any proprietary notices or labels
• Use our trademarks without prior written consent
• Scrape, harvest, or extract data from the Platform for commercial purposes

Smart contract code deployed on public blockchains is subject to open-source licenses as specified in the respective repositories.

To the maximum extent permitted by applicable law:

• We disclaim all warranties, including merchantability, fitness for a particular purpose, and non-infringement
• We do not warrant that the Platform will be uninterrupted, error-free, or secure
• We are not responsible for any losses resulting from smart contract bugs, blockchain network issues, or oracle failures
• We are not liable for any indirect, incidental, special, consequential, or punitive damages
• Our total liability shall not exceed the fees paid by you in the 12 months preceding the claim

You acknowledge that prediction market trading involves substantial risk of loss. You should only trade with funds you can afford to lose. Past performance does not guarantee future results.

Any dispute, controversy, or claim arising out of or relating to these Terms or the Platform shall be resolved as follows:

Informal Resolution

Before initiating formal proceedings, you agree to contact us at [email protected] to attempt to resolve the dispute informally within 30 days.

Binding Arbitration

If informal resolution fails, disputes shall be resolved through binding arbitration administered by a mutually agreed arbitration institution. The arbitration shall be conducted in English, and the arbitrator's decision shall be final and binding.

Class Action Waiver

You agree to resolve disputes on an individual basis only. You waive any right to participate in class actions, collective actions, or representative proceedings.

Governing Law

These Terms shall be governed by and construed in accordance with the laws of the applicable jurisdiction, without regard to conflict of law principles.

We reserve the right to suspend or terminate your access to the Platform at any time, with or without cause, and with or without notice. Grounds for termination include, but are not limited to:

• Violation of these Terms or any applicable laws
• Engaging in prohibited activities
• Failing to complete required identity verification
• Providing false or misleading information
• Requests from law enforcement or government agencies
• Extended periods of inactivity

Upon termination, you retain the right to withdraw any funds and redeem any winning position contracts held in your wallet, subject to ongoing legal obligations and market resolution timelines. Provisions relating to intellectual property, limitation of liability, dispute resolution, and other terms that by their nature should survive, shall survive termination.