In a brand new statement, Kucoin exchange just announced the launch of Pool-X – a multi-currency and multi-node trading platform that will provide users with quick access to select high-quality staking pools and nodes. It also promises to establish a competitive system that will offer a high liquidity trading market, node integration and operational solutions.
This is the latest addition to Kucoin Exchange on top of their many layers of exciting crypto incentives (such as games, constests and numerous airdrops). It’s called Pool-X and it promises to bring you mining rewards for staking tokens such as KCS (the Kucoin native token), TRX, XTZ or ATOM.
The official press release by Kucoin states that this will be a way for bagholders to put their holdings into good use while waiting for the bear market to end.
Are your tokens still lying in the wallet due to the bear market?
Come to POOL-X, wake up your sleeping tokens and EARN DOUBLE REWARDS!
Let’s see what exactly Pool-X is and how it will work (it’s just been launched so I am using the information available rather than personal experience in this instance.)
In short, users are able to stake any number of tokens they wish for a 12%(annual) reward (in other words, an interest that will be accumulated and paid out throughout this period). The maximum staking period is a year and the rewards are being paid out in a new token called POL.
What is POL?
POL, abbreviated from Proof Of Liquidity, is a decentralized zero-reservation credit issued by Pool-X mining pool based on TRON’s TRC-20 protocol. The token is yet to be launched so currently I don’t have any price data for it but there is a white paper available here.
There’s also a calculator available on their homepage where you can make a quick estimate on the amounts of POL tokens you get for the chosen amount of tokens you will stake. Currently there’s fixed deposits on TRX, KCS and XTZ and flexible deposits available on ATOM. More details you will find on their website but the rewards seem to be the same: 12% annual rate and staking period of your choice.
Here’s what other information is available to us at this point:
“Compared with other staking products, Pool-X is the world’s first pioneer that created Staking Mining. During the staking period, you can obtain double rewards, including the staking rewards and the mining rewards(denominated in POL), which will be distributed to your Pool-X account everyday.
What is the flexible staking product?
What is the fixed staking product?
How can users redeem my flexible/fixed staking product?
What is the fastest way for redeeming my flexible/fixed staking product?
What is the frequency for distributing rewards of the flexible/fixed staking products?
|Total Supply||1,000,000,000 POL|
|LockDrop||2% of the total credit amount|
|Mining||78% of the total credit amount|
|Budget System||20% of the total credit amount|
|Total lockup amount||3,000,000 USDT|
|Acquisition Method||Lockup drop|
|Maximum Lockup Amount Per Person||2,000 USDT|
|Minimun Lockup Amount Per Person||500 USDT|
|Accepted Coins for Lockup||USDT|
|Lockup Period||1 week(s), 2 week(s), 3 week(s), 4 week(s)|
|USDT Vesting Period||All the lockup USDT will be returned to the original address once the lockup period expires.|
|POL Vesting Period||20% will be unlocked when POL is listed on the market. 80% will be unlocked in other services.|
Whether you are a bagholder who is looking to put your tokens into a staking plan for some time or you are an investor looking to get an extra interest on your tokens, I feel that this incentive will be beneficial to you since you are not required to buy anything or be tied up in a long-term contract. This is going to be a win-win scenario for holders of the tokens listed above.
I have been a user and proponent of Kucoin Exchange since it launched and you can find my tutorials about the exchange platform in my previous posts.
I hope this information will be of value to you and will help you make an informed decision as to how to make a good use of your token holdings.
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