September 8, 2020

OKEx Jumpstart to Support OKB Mining on Its Platform

VALLETTA, Malta, Sept. 7, 2020 /PRNewswire/ — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced that its cryptocurrency project accelerator, OKEx…

VALLETTA, Malta, Sept. 7, 2020 /PRNewswire/ — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced that its cryptocurrency project accelerator, OKEx Jumpstart, will now support mining on its platform. OKB holders can stake their OKB tokens 14 days before each new Jumpstart project is launched to earn high rewards and staking incentives while enjoying the secure and robust infrastructure that the OKEx exchange provides.

OKEx Jumpstart Mining will allow OKB holders to participate for high yields from OKB staking, with an individual limit of between 100 and 5,000 OKB and a total cap of 8 million OKB. Unlike other existing protocols, there is no lock-up period necessary, and users can decide to unstake at any time, as generous yields are calculated by the minute. 

Participation in Jumpstart Mining begins 14 days before the next new project is launched. 48 hours after their initial tokens are staked, trading can begin. Yield is calculated by minute dividing the total staked OKB amount by the individual’s staked total.

Through the Jumpstart Mining initiative, OKEx aims to create even wider interest for its Jumpstart projects as well as continue to drive value for its adopted utility token OKB by offering holders further incentives. OKB holders can also stake their tokens in a safe environment free from lock-up periods or some of the protocol vulnerabilities experienced in the DeFi space. 

OKEx CEO Jay Hao said:

“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.”

According to the OKB Ecosystem Report for August, holders can now take advantage of as many as 76 partnerships outside of the OKEx exchange that allow them to use the OKB token for payment for a range of services including loans, mortgages, tourism and travel, entertainment, C2C services, trading services, and social networking.

OKB holders can also enjoy increased privileges on the OKEx exchange from discounted trading fees to early investment access in Jumpstart projects. Last month, OKB registered a record high burn volume of $21 million in its ninth round of Buy-Back & Burn, further restricting supply and proving more value to its users. 

For further details, please stay tuned to OKEx’s Twitter.

About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/okex-jumpstart-to-support-okb-mining-on-its-platform-301125228.html

SOURCE OKEx