Crypto Exchange OKEx Enables OKB Mining On Its IEO Platform

OKEx Jumpstart, the token sale platform of cryptocurrency exchange OKEx, has enabled mining on its platform.

Jumpstart serves similarly to the initial coin offering (ICO) model, allowing firms to sell tokens to finance early-stage projects. The key difference, however, is that both the project developer and the investors facilitate their transactions through a third party – a reliable exchange. The exchange acts as a guarantor and conduct a project due diligence check on the project team, which would bring about widespread publicity and a quicker listing process.

OKEx Jumpstart Mining will reportedly allow OKB holders to participate for high yields from OKB staking and – unlike other existing protocols – there is no lock-up period necessary. 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.

OKEx said that the goal of the Jumpstart Mining initiative is 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.

“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,” said Jay Hao, CEO of OKEx. “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.”