KuCoin’s Staking Function Pool x, or pool-x for short, is a new system that gives users the opportunity to earn passive income on the KuCoin exchange. The platform works like this:
You buy tokens from pool-x on Kucoin and receive daily staking rewards based on how many tokens you own. You can also double your earnings when you buy KCS through pool-x because it has an integrated liquidity trading market feature.
What is KuCoin?
KuCoin is a cryptocurrency exchange based in Hong Kong. It was founded in 2013 by Michael Gan and a group of blockchain enthusiasts with the goal of providing users with safe, convenient, and superior customer services. KuCoin offers trading pairs such as BTC/USDT, ETH/BTC, NEO/ETH, etc.
KuCoin boasts a large number of listed digital assets (more than 600), which makes it one of the largest exchanges for trading cryptocurrencies.
The platform provides its users with many useful features including:
What is KuCoin Exchange’s Staking Function Pool – X
The Staking Function Pool X (SFX) is the second dividend-generating token on the KuCoin platform. Like KCS, holders can receive additional bonuses based on how long they keep the token on the exchange or in a wallet linked to their account.
A mining pool is an organization of cryptocurrency miners that combine their resources to improve their hashing power and returns. By doing this, they share rewards like the block reward or transaction fees and divide them among themselves.
This is where the KuCoin Staking Function Pool comes in. It was created by KuCoin to help the platform grow and do well in the future.
How does pool-x work on KuCoin?
The pool is meant to help users earn passive income by staking on the platform. KuCoin users who are interested in earning more from their tokens can now deposit them into the pool and receive rewards for staking on the platform.
This pool is special because it allows users to get a passive income in exchange for not withdrawing their bitcoins from the platform. The more coins you keep with them, the more you will earn.
The coins are also used as collateral for users who want to trade on margin, so there are plenty of reasons to hold onto your coins. Some users may even choose KuCoin Shares as a trading pair instead of bitcoin because of its superior stability and assurance that network fees will be covered on their end by the pool.
The pool pays out daily, with the percentage of earnings increasing as time goes on. Users can choose which cryptocurrency to receive for their pool earnings, including BTC and KCS.
Pool-X Key Features
1. Liquidity Trading Market
The KuCoin Liquidity Trading Market is a new KCS market that allows you to trade your KCS holdings against other cryptocurrencies on the exchange. This feature is expected to be released in 2020 but will be available in beta starting January 2019.
2. Double Earnings
When you stake Pool-X tokens, your daily staking rewards are doubled! To receive double earnings, all you have to do is deposit at least 50k USDT into KuCoin with your account and log in each day for the first week of staking using the same email address used when depositing funds.
After logging in each day during this period of time (which lasts from February 15th through February 19th), you will receive an additional bonus worth 20% of your total earnings from staking as well as any potential trading profits from buying/selling assets on the exchange with BTC or ETH (but not USDT).
3. Daily Staking Rewards
KuCoin Staking Pool-X is a KuCoin exchange token that offers daily staking rewards. You must hold at least 1 KCS in your KuCoin wallet to participate.
KuCoin Staking Pool-X is airdropped to users who hold KuCoin exchange tokens. The pool distributes 50% of its staking rewards to holders of the token on a daily basis.
What is POL or Proof Of Liquidity?
If you’ve been looking into financial instruments, you might have come across the term “Proof of Liquidity” (abbreviated to POL) and wondered what it is.
POL is a method for proving that you have liquid funds at your disposal. The idea behind it is that if you’re going to be trading in a particular financial instrument, you should be able to account for where your cash is coming from, and you should be able to provide proof of it.
The goal of POL is to ensure both uniformity and consistency. A lot of this has to do with being able to say that each participant in a market has roughly the same probability of getting involved in any given trade.
How does POL work?
If you decide to buy into POL, you are essentially buying shares of the Staking Function Pool – X (SF-X). The more people who own it and stake their coins in their SF-X account, the more dividends they will receive when they do so.
It’s important to note that no minimum amount is required for purchase; this means that even if you have just $1 worth of BTC or ETH lying around your wallet, purchasing some POL could potentially earn you some money back!