OKEx Jumpstart Mining Steams Ahead With 2 More DeFi Protocols: MixTrust & Flamingo
VALLETTA, Malta, Sept. 24, 2020 /PRNewswire/ -- OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is steaming ahead with its popular OKEx Jumpstart Mining initiative, launching two more promising DeFi projects this week. Mining of its third project, decentralized synthetic asset issuance protocol MixTrust, will begin at 6:00 am UTC on Sept. 24, while Flamingo, an interoperable, full-stack decentralized finance protocol built on the Neo blockchain, starts at 1:00 pm UTC on Sept. 25.
Holders of OKB, OKEx's adopted global utility token, can stake OKB to mine MXT tokens for a 14-day period with no lockup required. For FLM, the mining period begins on Sept. 25 and runs until Oct. 10. Spot trading of MXT will be available from 6:00 am UTC on Sept. 24, while spot trading of FLM will be available from Sept. 28. For both projects, the individual staking limit is 2,000 OKB and KYC level 2 certification is required. Staking rewards in MXT and FLM are calculated in real time and can be withdrawn at any time.
The MixTrust protocol is based on Ethereum, and provides a decentralized cross-chain trading platform for synthetic assets, as well as seamless asset synthesis, decentralized cross-chain transactions and cross-chain mortgage lending. Users can also benefit from liquidity mining on the platform by pledging their synthetic assets to receive benefits in MXT's product ecosystem.
Among some of MixTrust's most distinguishing features is the fact that the protocol supports different types of DeFi products for cross-chain collaborative interaction, as well as supporting blockchain developers to complete the development of different business systems with an open DeFi underlying protocol network. MixTrust also enables open basic modules in various distributed financial scenarios to meet various business application requirements.
Flamingo, on the other hand, is a decentralized financial protocol built on the Neo blockchain, comprising five main components. These include Wrapper, a cross-chain asset gateway; Swap, an on-chain liquidity provider; Vault, a one-stop asset manager; Perp, an AMM-based perpetual contract trading platform; and DAO, a decentralized governance mechanism.
The Flamingo project has been incubated by Neo Global Development, underscoring Neo's vision to build the Smart Economy, of which decentralized finance is a crucial component. NGD will facilitate the early stage development of the Flamingo project, and the governance mechanism will gradually transition from proof-of-authority to DAO, making Flamingo eventually run by the community.
"We are delighted to see so much continued innovation coming out of the DeFi space and development forging ahead in this sector. MixTrust is really raising the bar for DeFi projects with a high focus on interoperability and cross-chain transactions, and Flamingo, as a full-stack protocol incubated by Neo, highlights the need for comprehensive DeFi projects that cater to more users' needs. We're thrilled to offer such high-quality, cutting-edge products on OKEx Jumpstart and look forward to watching their progress in the space," said OKEx CEO Jay Hao, adding:
"We continue to support the DeFi economy as well as the needs of our customers, offering them access to the best projects as well as the chance to earn rewards through OKEx Jumpstart Mining. So far, our flexible initiative that allows users to stake and unstake at any time has proven very popular, and we continue to have high expectations for this."
Detailed rules of MXT staking
- Token staked: OKB
- Token earned: MXT
- The total amount of mineable tokens: 250,000,000 MXT
- Mining period: 14 days
- Staking limit per person: 0–2,000 OKB
- Upper limit of total staking: None
- Staking rules: 6:00 am–10:00 am UTC Sept. 24 (4 hours)
- KYC requirement: KYC 2
- Time for opening the trading of the token mined: 6:00 am UTC on Sept. 25
For more information on the rules of MXT staking, please visit here.
Detailed rules of FLM staking
- Token staked: OKB
- Token earned: FLM
- The total amount of mineable tokens: 2,500,000 FLM
- Mining period: From 1:00 pm UTC on Sept. 25 to 1:00 pm UTC on Oct. 5
- Staking limit per person: 0–2,000 OKB
- Upper limit of total staking: None
- Staking rules: Stake and unstake at any time
- KYC requirement: KYC 2
- Time for opening the trading of the token mined: Sept. 28
For more information on the rules of FLM Staking, please visit here.
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.
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