OKEx Head of Pool Alina Yao discussed “Staking Economy in Crypto” on IOST International Telegram Group. Here is a recap of the AMA session.
Alright, let’s meet @AlinaYau
Alina: Hello everyone. I am Alina, the head of OKExPool
Hello Alina! Welcome to the IOST community :blush: we are very happy to have you here and thank you very much for sharing your time with us in this AMA session
Alina: sure, I feel so glad to join this AMA, nice to meet you guys
Zhen: Alright, before we start the show, could you tell us a little bit about yourself? We would love to hear a brief introduction about OKEx pool as well, so the users know more about you.
Alina: haha, sure. I am Alina, the head of OKExPool. People call me SisA. OKEx Pool is a leading comprehensive mining pool built upon the world’s famous cryptocurrency exchange OKEx, offering a one-stop mining and trading experience for users.
Currently, OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant cryptocurrencies.
Zhen: Alright so here we go, let’s begin!
Q1. What is staking?
Alina: Interesting question! The concept of staking is closely related to the Proof of Stake (PoS) mechanism, which used in many blockchains that are based on PoS or one of its many variants.
In the Proof of Stake protocol, the user takes part in the consensus mechanism and the wallets that work as staking pools, share a part of their rewards, according to your stake with them. Staking is the process where a cryptocurrency PoS (Proof of Stake) wallet stakes a sum of coins when broadcasting to the network that the transaction they are processing is true and not malicious.
If the network agrees on the verdict, the verifying wallet will receive a reward in the form of coins on the associated blockchain network. In other words, you will make more money if your staked coins are larger as a percentage of the total staked coins.
Q2. Why is staking important for OKEx?
Alina: very important for usOKEx is the world’s leading digital asset trading platform with a wealth of product lines such as spot trading, margin trading, futures, options, earn, cryptographic asset tools, colleges and so on we provide one-stop services around digital assets for 20 million users around the world.
Staking is one of the easiest ways to get the yield arguably. And staking is also recognized as one of the safest ways to obtain passive earnings of digital currency.
The OKEx pool is an innovative pool that provides users with safe, stable, and transparent multi-currency and multi-type mining services. We encourage users to participate in staking and get a higher yield.
Q3. How to stake IOST in OKEx?
Alina: We provide 4 staking period: flexible, 30 days, 60 days, 90 days, users can choose according to their own situation. The Est. Ann. Yield : flexible-3.35%, 30 days- 4.57%, 60 days-5.71%, 90 days-7.03%.
Users can use this (https://www.okex.com/pool/lock/process) link to access the IOST staking page of OKEx Pool.
Users can stake IOST on OKEx official website or APP.
Step 1: open Open the OKEx APP and go to “Pool”;
Step 2: go to “staking”, select “IOST”;
Step 3: Enter the amount you want to stake and select a staking period. A friendly reminder, users need to transfer their asset to their Mining/Staking Account before staking.
Q4. What is the difference between OKEx pool and OKEx staking?
Alina: I will say more details about us! OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant assets. We continuously enhance the overall safety and stability of our mining pool, while streamlining the process of miner management to offer a better user experience.
We also provide personalized customer support to resolve your issues using our services at once. We support the mining of a plethora of PoS and PoS-variant assets, including IOST, EOS, ATOM, ONT, XTZ, VSYS, CRO, DAI, and YOU. We constantly excavate quality projects. On the basis of ensuring node security and efficient and stable operation of blockchain network, OKEx Pool has endowed quality projects and deeply cultivated and prosperous community ecology.
We also offer PoW mining services of BTC, BCH, BSV, ETH, ETC, LEC, DASH, DCR, ZEC, XMR, CKB, BTM, BTG, RVN. We provide safe, stable, efficient, and low-cost pool services for miners, with daily settlement to ensure that miners can flexibly deal with market price fluctuations and obtain stable income.
Moreover, OKEx Pool supports a maximum hedging period of 180days. Miners can estimate their future output based on the hash rate, sell the tokens at the present price in advance, and return the tokens at a later time.yes！All you have to do is deposit a certain amount of USDT as collateral and set your hedging amount, and the lowest hedging price, then you will be good to go.very convenient！
And about the benefits of staking with OKEx and the staking periods, could you tell us more about that?
Alina: As mentioned before, we provide 4 staking periods for user to meet different users’ needs. For the staking yield, OKEx Pool distributes the revenue to users daily. We are continuing to launch a product promotion campaign to increase users’ yield. OKEx Pool launched the promotion campaign “Staking IOST Double Yield” in this Feb.
We offered all IOST staking orders opened during the promotion period a double yield. The highest Est Ann. Yield reached 14.06%.！Last but most important, OKEx Pool is an innovative mining pool built upon the world’s leading digital asset exchange OKEx, which is the most trusted cryptocurrency exchange.
OKEx offers Secure wallet technology: Cold and hot wallet technology developed by the world’s top security team. Coin loss has never occurred; and full range of products: Supports spot and derivatives trading, onchain wallets, mining pools. Your entry into the world of cryptocurrencies.
Q6. Will there be any special events for IOST users?
Alina: Of course. We take users’ choices very seriously. In the past, we continue to offer promotion events as mentioned before. In this season, we will bring something new for IOST users. Our collogues are working on it. Please stay tuned. In addition, we will continue to contribute to the IOST community.
We will continue to optimize our staking products to increase the participation of users and voting enthusiasm; we will continue to contribute to IOST ecosystem by attracting more community members and increasing the world’s influence by high quality online and offline activities and proactive promotion.
We will listen to the community and work with community members to contribute to the IOST ecosystem.
If you people have good suggestions, please contact us with no hesitation Welcome to follow my Twitter https://twitter.com/alinayao4ever
—-Community Questions—-
How will OKEX target and educate people who don’t know about blockchain and crypto?
That’s a good question! We have been committed to user education! Users can log into our OKEx College to learn all about blockchain. I will share you the link
@typhucrypto What message do you want to send to community through AMA to day ? Does I need KYC to staking on Okex Pool?
a good question We want to express our friendship to the IOST community. It is our duty and obligation to listen to users’ opinions. At the same time, we also believe that listening to users’ opinions can help us become better.Of course you need KYC to staking on OKEx Pool. KYC is good for both of us.KYC makes us safer. Users are also more willing to choose a safe exchange to trade. That makes you to have funds guaranteed.
What do you this of iost brand logo and colors used. Does iost need to refresh the brand? by chase the milliondollars
I think the brand is cool. I love the big S and black background. Modern and very technological. What do other people of the community think? Their opinions are very important.
During Covid-19, how many #OKEx projects were affected and what were the measures to overcome?
OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant cryptocurrencies. So we are more affected in the PoW project, or you can say Bitcoin mining. Home quarantine restrictions significantly impacted the daily operations of many mining farms and mining machine manufacturers. Deliveries were delayed and mining rigs went unserviced. But now, things is getting better and better. People can go out to eat at restaurant and work in their companies. hope you guys keep safe in your country! wash your hands and wear masks! Love you!
Margin trading is hot trend now, not only crypto but also forex, stock, commodity, etc. So will Okex have any plan to expand more trading pair?
As the world’s leading exchange, this is of course our future strategy.More trading pairs are also expected by users.But we are responsible for the users, so we will mainly focus on security.But there is no doubt that we will generally try our best to satisfy our users. So, if you have any needs and suggestions, please contact us.
Could you please disclose the cooperation between IOST and OKEX in the future?
It will definitely go deeper and closer. We will carry out in-depth cooperation in all aspects and will also hold various events. Please stay tuned!
What regions of the world is OkEx pool focusing on right now? Do you have plans for global adoption, especially Africa?
We are now mainly focusing on China and southeast Asia. Of course, we want to expand overseas markets! Africa is an emerging market. We are very much looking forward to the African market!