VALLETTA, Malta, Sept. 11, 2020 /PRNewswire/ -- OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, kicked off its inaugural OKB staking initiative on its cryptocurrency project accelerator, OKEx Jumpstart, with Zyro.finance (ZYRO), a next-generation protocol for automated liquidity that is built on the high-performance public blockchain Zilliqa. Within six minutes of the project's launch, more than 10 million OKB had been staked, revealing its popularity among OKB holders.
The first OKEx Jumpstart Mining project started at 9:00 am UTC on Sept. 10 and will last for 14 days. Spot trading of ZYRO will be available 24 hours later, beginning at 9:00 am UTC on Sept. 11. Unlike other token-staking initiatives, OKEx Jumpstart requires no lock-up, allowing participants to stake and unstake at any time during the mining period, and the yield is calculated by the minute. This helps users maximize capital flexibility while reducing the risk of capital occupation — an all-too-common issue in many staking protocols today.
As the governance token of the Zyro.finance protocol, ZYRO empowers holders with the rights to vote on the future roadmap of the protocol and the way it manages its assets. Participants can mine ZYRO in the way that best suits their needs — by providing liquidity, trading, promoting or even simply holding. Using the high-performance chain Zilliqa, ZYRO is able to increase efficiency while lowering transaction fees, making frictionless, high-frequency trading possible.
According to OKEx CEO Jay Hao:
"Taking into account users' demands for financial flexibility and more efficient management of risk, we designed a mechanism that allows OKB holders to unstake their tokens at any time without affecting their yield. With over 10 million OKB staked in just six minutes from launch, it's clear that this model is extremely popular among our users."
The success of OKEx Jumpstart Mining could mark a sea change in the way that tokens are issued from now on. While ICOs took the world by storm in 2017, this form of token issuance has proven to be unsustainable. IEOs began to take their place from the start of 2019, but their popularity has also been diminishing throughout 2020. OKEx Jumpstart Mining may just provide the answer, offering lower costs, more flexible use of funds and fairer token distribution more in line with the needs of current traders.
A closer look at the ZYRO Jumpstart, for example, reveals that private sale investors only accounted for 2% of the total tokens, while ecosystem mining could account for as much as 75%, allowing ZYRO holders to stand on the same starting line as private and institutional investors, calming concerns of token dumping. What's more, participants don't have to spend OKB to buy ZYRO, thereby significantly reducing the cost.
"We are thrilled to bring innovative new models to the industry while giving back to OKB holders at the same time. The blockchain arena is evolving fast and, as an industry pioneer, OKEx will never stop exploring new models that will drive innovation forward," Jay added.
Detailed Rules of Staking
Token staked: OKB
Token earned: ZYRO
The total amount of mineable tokens: 15,000,000 ZYRO
Mining period: 14 days
Staking limit per person: 0–5,000 OKB
Upper limit of total staking: None
Staking rules: Stake and unstake at any time
KYC requirement: None
Time for opening the trading of the token mined: 24 hours after mining begins
For more information on the rules, please visit here.
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.