OKX, a prominent cryptocurrency exchange and Web3 technology provider, has announced a new mining event through its OKX Jumpstart platform. This initiative allows users to earn ZK tokens from the Polyhedra Network by staking Bitcoin (BTC) or Ethereum (ETH).
What Is OKX Jumpstart Mining?
OKX Jumpstart Mining is a platform feature that enables users to earn new tokens by staking existing cryptocurrencies. It provides early access to promising blockchain projects without direct financial investment, using a staking model instead.
The current event focuses on Polyhedra Network’s ZK token. A total of 6 million ZK tokens are allocated for distribution to participants who stake BTC or ETH during the mining period.
How to Participate in ZK Token Mining
Participating in the ZK token mining event is straightforward. Users need to stake BTC or ETH from their OKX funding account. The maximum staking limits are set at 0.3 BTC or 3.5 ETH per user.
Here’s a step-by-step guide to get started:
- Transfer BTC or ETH to your OKX funding account.
- Log into the OKX mobile application.
- Navigate to the 'Grow' section and select 'Jumpstart'.
- Once the event is active, click 'Stake' and enter the amount you wish to commit.
- Confirm the transaction to begin earning ZK rewards.
Users can unstake their assets at any time during the event. The tokens are automatically returned to the funding account upon unstaking.
Understanding Polyhedra Network and ZK Tokens
Polyhedra Network is building cross-chain infrastructure using advanced zero-knowledge (ZK) proof technology. Its flagship product, zkBridge, enables secure and trustless communication between different blockchain networks, including both Layer 1 and Layer 2 solutions.
The ZK token is the native asset of the Polyhedra Network. It is used to secure the network, facilitate governance, and pay for transaction fees within its ecosystem.
The technology underpinning the network offers robust security without relying on external trust assumptions. It also significantly reduces the cost of on-chain verification, making cross-chain interactions more efficient and affordable.
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Benefits of Participating in Token Mining Events
Token mining events, like OKX Jumpstart, offer several advantages for cryptocurrency users:
- Early Access: Gain exposure to new tokens before they are listed on public exchanges.
- Reward Earnings: Earn potential rewards by utilizing assets you already hold.
- Network Support: Contribute to the security and decentralization of new blockchain projects.
- Flexibility: Most events allow for unstaking at any time, providing liquidity and control.
These events are a cornerstone of the decentralized finance (DeFi) ecosystem, promoting broader distribution and community engagement for new projects.
Important Event Details and Dates
The mining period for the Polyhedra Network ZK token is a limited-time event. It began on March 15, 2024, at 6:00 AM UTC and is scheduled to conclude on March 19, 2024, at 6:00 AM UTC.
It is crucial to ensure your assets are in your funding account before you intend to stake. All rewards are distributed directly to participants' accounts after the event concludes based on their proportional stake and the duration of their participation.
Frequently Asked Questions
What is OKX Jumpstart?
OKX Jumpstart is a platform feature that allows users to earn rewards from new blockchain projects by staking existing cryptocurrencies like BTC or ETH. It provides a way to gain exposure to innovative tokens through a simple process.
How do I unstake my assets on OKX Jumpstart?
Unstaking is a simple process. Within the OKX app, navigate to the Jumpstart section for the ongoing event and click the 'Unstake' button. Your originally staked assets and any unrewarded earnings will be immediately returned to your funding account.
What is the Polyhedra Network?
Polyhedra Network is a project developing cross-chain infrastructure using zero-knowledge proof technology. Its zkBridge product allows different blockchains to communicate securely and efficiently without needing trusted intermediaries.
Are there any risks involved in token mining?
The primary risk involves the market volatility of the staked assets (BTC/ETH) and the new token being earned. The value of rewards can fluctuate. However, since you retain ownership of your staked assets, you are not directly risking their loss outside of market price changes.
What is the maximum amount I can stake?
For this specific ZK token mining event, the maximum staking amount per user is capped at 0.3 Bitcoin (BTC) or 3.5 Ethereum (ETH). You can choose to stake either asset or a combination, up to these individual limits.
Can I stake other cryptocurrencies besides BTC and ETH for this event?
No, this particular mining event only accepts staking in Bitcoin (BTC) or Ethereum (ETH). Other cryptocurrencies held in your account are not eligible for earning ZK tokens through this campaign.