OKX Announces Staking of BTC and ETH for Ultiverse (ULTI) Mining - Blockchain.News

OKX Announces Staking of BTC and ETH for Ultiverse (ULTI) Mining

Caroline Bishop May 30, 2024 17:31

OKX introduces staking for BTC and ETH to mine Ultiverse (ULTI) tokens starting June 3, 2024.

OKX Announces Staking of BTC and ETH for Ultiverse (ULTI) Mining

OKX has announced the launch of its new Jumpstart Mining event, which will allow users to stake Bitcoin (BTC) and Ethereum (ETH) to mine Ultiverse (ULTI) tokens. The event is scheduled to commence at 6:00 am UTC on June 3, 2024, and will run until June 6, 2024, according to OKX.

Staking Rules and Rewards

Participants can stake BTC or ETH to earn ULTI tokens, with a total of 150,000,000 ULTI tokens available in each staking pool. There are no minimum staking requirements, but the maximum allowable amount per person is 0.3 BTC or 3.5 ETH. Users can stake and unstake their tokens at any time during the event. Mined tokens will be available for trading starting June 6, 2024.

Conditions of Participation

Notably, residents of Mainland China, Hong Kong, and South Korea are ineligible to participate in this campaign. Participants must also complete identity verification to take part in the mining event.

Calculation of Staking Rewards

Staking rewards are calculated in real-time and can be withdrawn at any time. The formula for calculating rewards per minute is:

User's per minute rewards = (Amount of staked token / Total amount of staked token) * Amount of tokens released per minute.
For example, if a user stakes 0.1 BTC out of a total of 1,000 BTC staked, and the amount of tokens released per minute is 10,000, then the user's per-minute reward would be 1 ULTI token.

Staking and Unstaking Directions

The staking process is straightforward: transfer BTC or ETH to a funding account, navigate to the Grow section in the OKX app, and click Jumpstart. After the mining starts, select 'Stake,' input the desired amount, and confirm. To unstake, simply click 'Unstake' to release the tokens back to the funding account. If not unstaked early, rewards will be automatically distributed within 2 hours after the event concludes.

About Ultiverse ($ULTI)

Ultiverse aims to revolutionize the Web3 gaming landscape with its AI-driven production and publishing platform. It integrates advanced AI and blockchain technology, aiming to enhance gaming experiences and value creation. The ecosystem supports AI-powered content creation and strategic alliances, fostering Web3 adoption. Ultiverse collaborates with millions of users, hundreds of games, and thousands of content creators to maintain a dynamic and innovative ecosystem.

Project Details and Token Distribution

Token distribution is as follows:

Core Contributors17.00%
Community / Ecosystem46.00%

Terms and Conditions

Participants from certain countries, including Mainland China, Hong Kong, and South Korea, are restricted from participating. Additionally, sub-accounts are not eligible for this event. The value of prizes may fluctuate due to market conditions, and any applicable taxes or fees will be the responsibility of the prize recipient. OKX reserves the right to disqualify participants engaging in dishonest or abusive behavior.

For more details on the terms and conditions, refer to OKX's official website.

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