In keeping with the planned release timeline of its native token POL, Pool-X, a POS Mining Pool incubated by KuCoin, has launched the LockDrop activity, where 2% of the total POL supply will be distributed.
The activity kicked off on November 5, 2019, and will continue over a period of three weeks. The LockDrop will cover a total of six rounds, each allowing users 24 hours to deposit and lock TRC20 USDT tokens for a period between one and four weeks, for which they will earn a certain amount of POL. The LockDrop is amongst the only ways in which users can obtain the POL token at this time ahead of its planned listing on KuCoin.
“We have a clear vision of how we aim to serve the staking market by empowering both the project and those involved with the staking. Pool-X is designed to develop this mutually beneficial relationship and unleashes the potential of the growing ecosystem of POS blockchain projects. The LockDrop offers a way for users to access and play a role in the development of this new ecosystem.” says Top, co-founder of KuCoin and head of Pool-X, “I am also excited for our collaboration with TRON in utilizing their blockchain for POL, as there is a clear overlap in our goals to develop a truly decentralized platform.”
POL is the TRON-based token that plays a central role in the Pool-X ecosystem, being used as the benchmark asset of liquidity pricing on the platform, as well as the medium for liquidity certificate records, amongst other use cases. The token was built on the TRON public chain based on feedback by the Pool-X community and TRON userbase, who cited the benefits of the blockchain including high TPS of up to 2000 transactions per second and zero transaction fees as a key factor in the decision.
Cryptocurrency exchange KuCoin recently launched Pool-X with the aim to improve and promote participation in staking-based cryptocurrency projects. KuCoin incubated and oversaw the development of the platform, which is set to revolutionize the blockchain landscape by building an ecosystem focused on empowering digital asset staking.
Billed as the next generation POS Mining Pool, Pool-X builds on the premise of KuCoin’s own Soft Staking program by offering more functionality relevant to the staking ecosystem. This includes a node supermarket and node integration solutions, helping mining pools get access to their target users and enabling them to develop an industry-class PAAS (Pool As A Service). Ultimately, unlike with other staking platforms, users on Pool-X are free to withdraw their tokens at any time, providing an opportunity to adapt to the changing market conditions
Going live as of August 30th, the platform has been making strides in building up a community before the official launch of its PoS Mining Pool services. Pool-X saw initial success with its KCS Lockup activity, which saw users lock up 500 KCS for 24 hours over 4 rounds in order to receive a share of $40,000 worth of POL.
Projects utilizing staking-based consensus mechanisms such as PoS/DPoS are amongst the fastest growing in the crypto market, representing a clear opportunity for Pool-X to make an impact. The platform will initially support the most popular mainstream cryptocurrencies including Bitcoin, with plans to gradually expand support to multiple altcoins based on user demands.
TRON is dedicated to accelerating and the decentralization of the internet through blockchain technology and decentralized applications. Founded in September 2017 by Justin Sun, the company has delivered a series of achievements, including MainNet launch in May 2018, network independence in June 2018, and TRON Virtual Machine launch of August 2018. July 2018 also marked the acquisition of BitTorrent, a pioneer in decentralized services boasting approximately 100M monthly active users.