OKExs Jumpstart mining project, which allows users to stake OKB tokens 14 days ahead of the launch of a new project on Jumpstart to earn “high rewards and staking incentives,” has seen users stake $53.9 million in only six minutes on its first project.
According to a press release the firm published, on September 10 OKEx Jumpstart mining started for ZYRO for 14 days, and in only six minutes users had staked 10 million OKB tokens, each trading at $5.39 at press time, to receive ZYRO rewards.
The press release details OKEx Jumpstart mining requires no lock-up period and allows participants to stake and unstake their tokens at any time during the mining period, with the yield being calculated by the minute. Per the exchange, this helps users “maximize capital flexibility while reducing the risk of capital occupation.”
ZYRO is the governance token of the Zyro.finance protocol, and empowers its holders with the right to vote on the future roadmap of the protocol and the way it manages its assets. Staking OKB during this 14-day period means users can mine ZYRO tokens.
ZYRO uses the high-performance blockchain Zilliqa and is “able to increase efficiency while lowering transaction fees.” Zyro.finance, it’s worth noting, is a decentralized trading protocol.
Commenting on the initiative’s success OKEx CEO Jay Hao said OKEx Jumpstart mining was designed to allow OKB holders to move their tokens without affecting their yields, and added:
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 exchange’s press release notes that the success of OKEx Jumpstart Mining could mark a change in the way tokens are now issued. While initial coin offerings (ICOs) became unsustainable and were dropped after the 2017 bubble, initial exchange offerings (IEOs) have been losing popularity this year.
Per the exchange, the mining project may be the answer, as it keeps costs low, is flexible for users. ZYRO’s listing on Jumpstart, for example, saw private sale investors get 2% of the tokens, while miners will receive as much as 75%. To get them users don’t have to spend OKB, only stake their tokens.
Hao added that “OKEx will never stop exploring new models that will drive innovation forward.”
Featured image via Pixabay.