Bitget Unveils Bitget Token On PoolX, Enabling Users To Stake BTC, ETH, And USDT For BGB Mining
In Brief
Crypto exchange Bitget has introduced its upgraded token, Bitget Token (BGB), on PoolX, featuring a total reward pool of 600,000 BGB.
Cryptocurrency exchange Bitget introduced its upgraded token, Bitget Token (BGB), on the newly launched stake-to-mine platform, PoolX. The platform enables users to stake BTC, ETH, and USDT to earn BGB through mining activities, offering a total reward pool of 600,000 BGB.
To align with the development of its platform, BGB has modified the application rights previously associated with the original platform token BFT (Bitget Defi Token). Notably, the ongoing event is specifically targeted at Chinese-speaking regions.
The staking limits are defined as follows: Individuals can stake up to 2 BTC, 14 ETH, or 100,000 USDT. The BTC and ETH Staking Mining Pools each have a total of 150,000 BGB allocated, while the USDT Staking Mining Pool is allocated 300,000 BGB.
The mining activity is slated to commence at 10:00 (UTC+8) on June 14th and will continue until 10:00 (UTC+8) on June 21st.
Bitget Token (BGB) is the exchange’s native token. The distribution and release plan for BGB encompasses a total of 2 billion tokens. Of these, 25% of the supply has been swapped with BFT holders. Out of the remaining 75%, 15% will be allocated for community and user buybacks, 15% for branding and growth initiatives, 15% for ecosystem investment funds, 20% for core team incentives, and 10% for the investor protection fund. These allocations will be gradually released over time.
Bitget Unveils PoolX, Opens BWB And IO Tokens For Mining
Bitget is recognized as a prominent derivatives exchange known for its substantial trading volumes and boasts a global user base surpassing 19 million.
PoolX is Bitget’s newly launched platform designed for individuals to stake specific coins in exchange for various tokens. Each project on PoolX offers one or more mining pools, allocating token rewards hourly based on the staking amounts contributed by users.
Recently, Bitget launched Bitget Wallet on PoolX, allowing users to participate in mining BWB tokens until June 21st from a total reward pool of 2 million BWB. Furthermore, io.net’s IO token has been added to PoolX, with mining opportunities open until June 22nd.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
