CoinEx’s First “Stake Mining” Event: Lock & Stake CET to Mine 500,000 ONES!
Not long ago, a question titled “What do you think is the most desirable way to achieve the freedom of wealth?” went viral on Quora. Under that post, someone’s personal experience has gained the most likes:
“First, buy BTC, and then stake BTC for USDT. Then with the USDT, combined with other coins, you can mine, and enjoy over 100% annualized returns. You can also spend USDT on promising coins or hot coins for day trading or even convert it into legal currencies to cover everyday consumption. While doing all this, you still own Bitcoin and will not miss its appreciation. Under such a general direction, all roads lead to Rome. When you really make it, you will feel like you are in a fresh new world. While holding BTC, you can still enjoy a steady flow of returns from mining to make ends meet as well as benefits from the rising coins. What a life!”
All these words have left us with a preliminary impression of stake mining, which, essentially, is a way of mining yet still somewhat different from Bitcoin mining and Ethereum mining as we know.
Stake Mining vs Traditional Mining
Stake mining does not require too much hashrate to run nodes in the blockchain system, but only locking and staking some tokens. After for a period of time, the locked staking tokens will generate new coins as yields.
Bitcoin, Ethereum, BCH and other digital currencies are based on Proof of Work (POW). Under this mechanism, new coins are generated by hashrate, giving rise to various mining machines.
Before we mine these digital currencies, we usually need to buy mining machines and find a computer room or host the mining machines to large mining farms for operation. The coins mined by the mining machines every day, excluding electricity and operating expenses, are the net incomes we can get.
“Staking” is another way of mining, and prevails among digital currencies based on Proof of Stake (PoS) and Delegated Proof of Stake (DPoS).
Stake mining does not require too much hashrate to run nodes in the blockchain system, but only locking and staking some tokens. After for a period of time, the locked staking tokens will generate new coins as yields.
This is equivalent to depositing money in the bank and earning a certain amount of interest every year.
Stake mining services have now become increasingly mature, and staking rules vary from platform to platform. At present, some wallet providers and exchanges, such as CoinEx, provide users with simple stake mining services, which greatly reduces the technical threshold for participating in network consensus.
From manual “mining” to stake mining, the ways of yield farming are becoming more and more advanced. However, for users with small amounts of assets, low mining efficiency has always been a headache, and thus stake mining has emerged as a new option.
CoinEx’s First “Stake Mining” Event: Lock & Stake CET to Mine 500,000 ONES!
CoinEx Chain will be upgraded to CoinEx Smart Chain (CSC) that supports smart contracts in the near future. At that time, OneSwap, a decentralized trading platform that supports multiple chains, will be the first project on CSC. Its governance token ONES (OneSwap DAO Token) will also be listed on CSC through cross-chain. To celebrate the listing, CoinEx will launch a stake mining event for CoinEx users where they can lock and stake CET to mine 500,000 ONES. This event starts from 00:00 on May 16, 2021 (UTC) and ends at 00:00 on May 26, 2021 (UTC). Details are as follows:
I. Rules
Entry to the event: https://www.coinex.com/activity/mining/stake/6
II. Rules
- Calculation of yields
During this event, all participants can share yields by locking and staking CET. CoinEx will take a snapshot of the locked staking amount of all participating users every hour, and allocate yields according to their shares of locked staking on an hourly basis.
Hourly mining yields = Your locked staking CET snapshot / Total locked staking CET * Hourly yields;
E.g.: If User A’s locked staking amount snapshot at 12:00 is 1,000 CET, the total locked staking amount at that time is 100,000 CET, and the hourly yields is 10,000 ONES, then:
User A’s mining yields at 12:00 = 1,000/100,000*10,000=100 ONES
2. Allocation of yields
Mining yields are allocated on a hourly basis. You can check your mining yields and operation records on the event page.
3. Withdrawal of yields
After mining yields are allocated, you need to withdraw them manually, and you can check them in your spot account right after that. After the event, the unwithdrawn mining yields will be automatically transferred to your spot account in CoinEx.
III. Operation Guide
- Participate in staking
Step 1: Buy CET and prepare for mining;
Step 2: Click “Stake mining” on the homepage to enter the event page;
Step 3: Click “Lock and stake CET”, enter the amount of CET and then click “Confirm locked staking”.
After the above three steps, you can start riskless stake mining.
2. Withdraw mining yields
Click “Withdraw yields”, and you can transfer mining yields to your spot account upon withdrawal.
3. Unlock staking
Click “Withdraw” on the event page to withdraw the staking CET to the spot account. The withdrawn CET will remain frozen and be unlocked in 24 hours. After the promotion, all the staking CET will be automatically unlocked, and these too will remain frozen and be unlocked in 24 hours.
IV. Transaction Information
CoinEx supports the ONES/USDT trading market and offers the automated market making (AMM) function.
V. Project Information
- About CoinEx Smart Chain
CoinEx Smart Chain: CoinEx Smart Chain (CSC) is a decentralized and highly efficient public chain created by the CoinEx public chain team for decentralized finance. It has the following characteristics:
(1) Perfect compatibility with the Ethereum ecosystem. CSC is based on the Ethereum Virtual Machine (EVM). Developers can easily migrate Dapp to CSC with mature development tools, and users can also quickly access the CSC network;
(2) Extremely high efficiency and low transaction fees. With the POS consensus protocol, CSC generates a block in seconds, supports extremely high TPS, and keeps transaction fees at a low level in the meantime;
(3) No permission required for block-generating nodes. CSC supports up to 101 block-generating nodes, which are sequenced according to the number of CET deposited. It does not require the review of centralized institutions, making the network more decentralized;
2. About OneSwap & ONES
OneSwap is a fully decentralized transaction protocol based on smart contracts. It does not require permission to list coins, and supports automated market making as well as limit orders. OneSwap is the first to combine the AMM model with the order book and rely on a market-making engine similar to UniSwap and an order book matched on the chain, which greatly improves the user experience.
With OneSwap, users can trade limit orders and execute trading strategies according to their needs in a centralized exchange; moreover, when they trade market orders, they can also enjoy the convenience brought by AMM. In addition, OneSwap can compare the AMM and the order book when processing market orders, and match orders at the best price to reduce slippage and save costs for users.
ONES is an ERC20 governance token issued by OneSwap on ETH. Holders of ONES can participate in OneSwap’s on-chain governance. Users who own more than 1% of the total number of ONES can initiate proposals, and any user who holds ONES can vote.
In addition to participating in on-chain governance, OneSwap will also spend 40% of the transaction fees on repurchasing and burning ONES. The basic value of ONES is deeply tied to the development of the platform. Early contributors can enjoy the benefits arising from the platform’s development.
After CSC is launched, OneSwap, a decentralized trading platform that supports multiple chains, will be the first project on CSC, and its governance token ONES will also be listed on CSC through cross-chain.
OneSwap’s official website: https://www.oneswap.net/
