Stake OKB to earn TONCOIN via Jumpstart Mining
Published on 8 Nov 20214 min read
Dear valued customers,
The OKX Jumpstart Mining will commence at 9:00 am UTC on Nov. 10, 2021. OKB holders can stake OKB to mine TONCOIN tokens in return.
I. Staking Rules
| Token staked | OKB |
| Token earned | TONCOIN |
| Total amount of mineable tokens | 1,000,000 TONCOIN |
| Mining period | 9:00 am UTC on Nov. 10, 2021 - 9:00 am UTC on Nov. 12, 2021 |
| Minimum staking per person | None |
| Maximum staking per person | 1,000 OKB |
| Upper limit of total staking | None |
| Staking period | Stake and unstake at any time |
| Identity verification (KYC) | Level 2 required |
| Opening time for mined token trading | Nov. 12, 2021 until further notice |
II. Calculation of staking rewards
1. The staking rewards will be TONCOIN tokens acquired by participating in OKX Jumpstart Mining. The staking rewards are calculated in real-time and can be withdrawn at any time.
2. Hourly user rewards equate to the amount of personal OKB staked / the total amount of OKB staked * newly released tokens per hour. For example: If the amount of a user's OKB staked is 100 and the total amount of OKB staked at that time is 100,000, with the amount of TONCOIN released per hour being 10,000, then the user's hourly rewards equal 100 / 100,000 * 10,000, which equates to 10 TONCOINS.
3. When the project confirms the time of the TONCOIN on-chain transfer, OKX will release a new announcement concerning the times for depositing, withdrawing and trading TONCOIN.
III. Staking and unstaking directions
1. Staking process
Step 1: Before mining starts, transfer your OKB to your funding account.
Step 2: Log in to the OKX official website, go to the Finance section and click Jumpstart.
Step 3: After mining starts, click Stake, enter your desired amount of OKB and confirm. After completing these three steps, you will start mining TONCOIN!
2. Unstaking process
Step 1: Click Harvest to get your staking rewards, which will be distributed to your funding account.
Step 2: Click Unstake to release your OKB at any time, and the OKB unstaked will be automatically returned to your funding account.
3. You’ll receive the staked crypto and rewards in your funding account within 1 hour after the mining event ends.
IV. What is TON?
TON is a fully operational Layer-1 proof-of-stake blockchain. TON is designed to naturally grow to handle millions of transactions per second and accommodate billions of users, smart-contracts and decentralized applications — thanks to its unlimited horizontal scalability.
TON can incorporate other blockchains and link them with each other through a technology called Hypercube routing.
TON Storage, TON Sites and TON DNS will finalize the structure of the network, in which blockchains are not only able to easily communicate with each other but also access files and websites from the internet.
The goal of TON is to create a Web 3.0 internet — which includes decentralized storage, I2P network, instant payments and user-friendly dApps.
Telegram launched the network in 2019 after two years of development but discontinued its involvement in June 2020. Since then, the network has been supported by the open-source TON Community.
For more details of the project, please refer to About TONCOIN.
V. Others
1. Only OKB in your funding account can be used for staking. Please transfer your OKB to your funding account in advance. The OKB staked will be frozen but can be unstaked at any time. Unstaked OKB can be seen in your funding account.
2. After the mining is complete, any remaining OKB that is staked will automatically be unstaked and unfrozen. Rewards that are not harvested will be automatically transferred to your funding account.
3. Sub-accounts cannot participate in this event.
Regards,
OKX
Nov. 9, 2021 (UTC)
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