Markets News Report Technology
June 28, 2024

Crypto Exchange Bitget Introduces Blast On Its PoolX Platform, Allowing To Earn By Staking BLAST

In Brief

Crypto exchange Bitget introduced Blast, on its stake-to-mine platform, PoolX, allowing users to earn popular tokens by staking BLAST.

Crypto Exchange Bitget Introduces Blast On Its PoolX Platform, Allowing To Earn By Staking BLAST

Cryptocurrency exchange Bitget introduced the Ethereum Layer 2 scaling solution, Blast, on its stake-to-mine platform, PoolX, allowing users to earn popular tokens by staking BLAST.

The total allocation of BLAST tokens for PoolX participants is 4.1 million, with a maximum staking limit of 20.5 million BLAST. This staking event has already begun and will continue until 15:00 UTC on July 7th.

The PoolX token rewards will be allocated to stakers on an hourly basis, determined by their staking volume. The exchange will take hourly snapshots of each user’s stake to calculate their share of the incentives and distribute rewards correspondingly. Additionally, stakers have the flexibility to redeem their funds from the mining pool at any time. Once the mining period concludes, the staked assets will be returned to the staker’s account.

Blast provides native yields for stablecoins and ETH via Real World Asset (RWA) protocols and ETH staking. Individuals have the opportunity to earn returns of 4% on ETH and 5% on stablecoins. This setup creates new incentives and income opportunities for users, with all transactions conducted on Ethereum.

Established by Tieshun Roquerre, the creator of Blur, Blast started functioning in early access mode in November. This launch was supported by a $20 million investment from Paradigm, Standard Crypto, among other investors. The platform launched its mainnet in February. According to DeFiLlama, at present Blast holds over $1.53 billion in total value locked (TVL).

Blast Initiates BLAST Airdrop And Secures Listings On Major Crypto Exchanges

Earlier this week, Blast opened the claiming window for its token and announced BLAST listing on several major cryptocurrency exchanges, including Bitget, Bybit, Gate.io, HTX, and KuCoin, among others.

Currently, BLAST is also available on Bitget for individuals aiming to earn airdrop rewards by completing various activities on the platform. The total prize pool for this event is $50,000 worth of BLAST, and the activity is open until July 2nd. In addition, the project has partnered with the cryptocurrency wallet OKX Web3 Wallet, allowing participants to explore decentralized applications (dApps) on Blast and earn rewards.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Alisa Davidson
Alisa Davidson

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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