OKEx Jumpstart Mining Opens New Revenue Generation Avenues for OKB Holders, ZYRO Becomes First Staking Project
OKEx Jumpstart, the cryptocurrency project accelerator operated by global crypto spot and derivatives exchange OKEx now supports mining on its platform. According to the announcement, the feature will allow OKB token holders to stake their tokens 14 days before the listing of a new Jumpstart project for a chance to gain rewards and staking incentives.
For this new project slated to be launched on Jumpstart, users can stake their tokens two weeks before the launch and fulfill a 24-hour waiting period before they can start trading. Designed to offer high staking yields, the program has individual limits in place which is set at a minimum of 100 OKB and goes up till 5000 OKB along with an overall staking cap of 8 million tokens.
Zyro has become the first Jumpstart staking project to be listed on the platform, starting at 9:00 AM UTC on September 10, 2020. Zyro is a decentralized trading protocol on Zilliqa. As a part of Jumpstart Mining, 15,000,000 ZYRO governance tokens are now available for mining over a 14-day period against OKB stakes. OKEx has released a detailed guide for participation in ZYRO mining, which includes instructions to transfer OKB to the funding account for staking, activate staking, the procedure to unstake, and calculation rules.
Unlike other staking programs, Jumpstart Mining yields are calculated by the minute and do not have any lock-up period. It means token holders are free to unstake their OKB tokens at any time while benefiting from the yields generated over the entire duration of the staking period. Such a mechanism provides token holders with the flexibility of deciding the best way to put their OKB to use so that they can squeeze maximum returns out of it.
Announcing the latest feature addition, CEO of OKEx Jay Hao commented, “We are really excited by this latest initiative, as it deepens our commitment to OKB holders to continue to drive value and utility for the token. Now, they can stake their OKB and earn high rewards in a safe way that lets them unstake their tokens at any time, as the yield is calculated every minute. This gives them an alternative to practices like yield-farming in DeFi where they can earn rewards for locking up their tokens without exposure to some of the risks on current protocols.”
The flexible OKEx Jumpstart Mining program is expected to garner more interest for the promising blockchain projects listed on the cryptocurrency project accelerator program. It will also expand the scope of usage of OKB tokens beyond the existing options, further incentivizing token holders in the process.
Currently, OKEx has over 76 partnerships in place to allow the use of OKB tokens outside its ecosystem. These collaborative efforts allow the community to use OKB token as a mode of payment for a range of products and services including loans, mortgages, tourism, travel, entertainment, C2C services, trading services and social networking, states the company.
Apart from its usage as a mode of payment, OKB also offers users with additional privileges in the form of discounted trading fees and early investment access in Jumpstart projects, etc., on the OKEx platform. Meanwhile, OKEx concluded its 9th Buy-Back and Burn round for OKB tokens to reach a historic burn volume of $21 million. The continued Buy-Back and Burn program will restrict the token supply over a period of time, which will in-turn result in proving more value to token holders.