How to stake on Pool-X? KuCoin's Staking Pool Review
By Inkarias - 2020-03-15
What is Pool-X?In August 2019, KuCoin officially launched Pool-X as an independent subsidiary incubated by KuCoin. Pool-X is the next generation PoS mining pool supporting lockup crypto transactions. With the objective to power the future development of the PoS ecosystem, Pool-X offers services including but not limited to liquidity trading market, node integration, and operational solutions for the investors and the community to build a passive income.
Introduction to Pool-XPool-X is a state-of-art trading platform where investors can take part in staking pools and operate nodes easily in a few clicks. Unlike numerous other staking platforms, users on Pool-X are free to un-stake their tokens at any time. This system is functioning through the use of liquidity certificates, which essentially represent ownership of a certain amount of staked tokens and can be traded with others in order to receive the tokens. The Pool-X ecosystem was created as a means to facilitate the development of the staking market as a whole. Services such as the node supermarket, where users can find and join nodes, or the multi-currency wallet, which allows users to store their tokens, make the platform much more convenient and user-friendly to use even for the non-technical users.
Various liquidity-focused servicesPool-X’s has multiple liquidity-focused services helping the platform to operate smoothly and allowing users to withdraw staked tokens at any time and in a simple way. However, two major services are quite important in order to use the platform. The liquidity evaluation system which measures the liquidity of each cryptocurrency that is integrated with each Pool-X node. This system adjusts the allocation from staked mining, specifying the liquidity of the asset and forming the index parameters through reading the open order price and depth on the target exchanges. Secondly, the liquidity trading market which represents a liquidity matching mechanism for users who hold staked tokens on the platform. It is through this trading market that investors are able to redeem tradable cryptocurrencies in the short term by placing an order. Once the order is met, it is then possible to exchange the assets with the user paying an additional fee in POL on top.
Native Pool-X token POL and future use cases[caption id="attachment_8663" align="aligncenter" width="1208"] POL Working Process, https://pool-x.io/pol_introduction[/caption]
POL is the TRC20 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.
POL tokens are used throughout the whole Pool-X processes. POL is mainly a payment method of the liquidity marketplace being paid by the liquidity bidder to the liquidity provider. In this marketplace, liquidity certificates, which record the number of tokens being staked by a user, are freely traded with others in the case that a user wants to withdraw their staked tokens.
A second use case is as a payment method for technical services. As the platform begins to mature and the technology improves, Pool-X will offer full-set tech and operational solutions for new nodes joining the platform. With this, Pool-X will be a step closer to becoming a full-service platform for the staking ecosystem, providing a trusted source for these services. Finally, the last use case of the currency is for the POL Public-chain Interoperability. Following the launch of the POL mainchain, at a time where the technology has developed and matured, this system will record and validate the transactions of certificates across various chains. POL, as the native coin of the chain, will be used as the incentive for this.
How to get POL tokens
Investors can get POL tokens through multiple methods. The first possibility is to take part in the LockDrop activity, which involves depositing tokens to a specified LockDrop address and holding it for a certain period of time. For taking part in the staking activities, investors are also able to earn a LockDrop allocation representing 50% of the daily POL allocation. Furthermore, by staking assets on Pool-X, investors also receive some POL as a reward and can earn more via the participation to the voting of POL nodes. Finally, as we stated in the previous section, POL is also paid as a fee in the liquidity trading market. A referral program also allows to earn slightly more over time. The interface below is available directly through user profile -> obtain POL credits.The first step in using the Pool-X platform services is to have an account associated with Kucoin. If you already have one, you can directly connect to the platform to discover its services. Otherwise, you can now create your own account on the Kucoin platform by following this link: https://www.kucoin.com. (or you can support us and use our referral link > register)Once logged on the platform, the homepage brings you directly to two major features offered: The simulator and the list of coins/tokens supported on the platform.[caption id="attachment_8665" align="aligncenter" width="1568"] https://pool-x.io/[/caption]The simulator allows you to prepare the future staking by simulating the amount and the duration of the lockup period, depending on the type of service chosen, fixed or flexible deposits. Flexible Staking means that users can obtain rewards by staking anytime. User can withdrawal anytime while staking too. If a user places an order in the Liquidity Trading Market, the staking share will get frozen immediately. At the opposite, Fixed Staking means that users can choose to stake for a fixed period. Users can subscribe to the project with a certain amount of shares, and the system will lock the amount accordingly. Users can't withdraw shares during the staking period but can trade the ownership of shares in the Liquidity Trading Market to obtain funds. At the moment, the only flexible asset supported on the platform is the ATOM token. After the subscription period of a Fixed or Flexible product has ended, investors are still able to buy the product from other users in the liquidity trading market. After successfully purchasing the product, they can obtain all the remaining rewards it provides, including the Staking rewards and POL mining rewards. It is important to note that withdrawal from Pool-X is not available. Investors must first transfer their assets to their main Kucoin account in order to be able to withdraw. The transfer between the two accounts is completely free.[caption id="attachment_8666" align="aligncenter" width="1019"] Coins with a fixed deposit (including duration and minimum amount)[/caption]
By clicking on the “Stake now” button, investors can directly begin the staking process after filling some information and agreeing to the terms of services.
The platform has associated fees for using the services. The POL Mining fee is 8%.
For example, when "user A" gets 100 POL by staking “ATOM-Flexible“ on Pool-X on a particular day, and so the POL mining fee paid by "user A" for this would be 100 POL*8%, which is 8 POL. User A will get 92 POL in their Pool-X account for that day.You can join the Pool-X experience at https://pool-x.io (if you want to support us use our ref link > register)