- Bitget launches PoolX, an innovative stake-to-mine platform.
- ChatAI will be the first project available.
- PoolX has several user-friendly features.
In the rapidly evolving landscape of cryptocurrency and blockchain technology, Bitget has taken a significant leap forward by introducing PoolX, a new type of crypto staking platform.
PoolX emerges at a critical time when the industry seeks more user-friendly and efficient mechanisms for token generation and distribution.
How PoolX Changes User Experience With Crypto
To tackle the growing demand for user-friendly tech in crypto, Bitget unveiled PoolX with its stake-to-mine model. Launched on Thursday, April 4, PoolX aims to simplify the process of earning tokens by staking specific cryptocurrencies.
Sponsored
Each token will feature one or more mining pools optimized for users looking for hassle-free ways to maximize their digital asset holdings. The first project launched on the platform is the Solana-based ChatAI, an AI-powered social and gaming platform.
To make PoolX accessible to as many users as possible, PoolX features a flexible staking mechanism and reward distribution model. Users can stake their tokens in designated mining pools, with rewards distributed hourly based on the staked amount.
This enables users to track real rewards for their staked crypto continuously. What is more, the flexible staking mechanism allows them to collect rewards whenever they want without having to wait for prolonged lockup periods.
Why Crypto Staking is Difficult to Get Into
Staking in crypto is a dual-purpose mechanism, offering both network security and a passive income stream for participants. However, traditional staking mechanisms are complex, presenting barriers to entry for most users.
Sponsored
To participate in traditional staking, users need to have a level of understanding of crypto. This includes understanding crypto wallets and network validators and managing staking contracts. For the average user, these concepts seem daunting.
Gracy Chen, the Managing Director of Bitget, explained how PoolX aims to address these issues. By prioritizing user-centric design and operational simplicity, PoolX seeks to demystify staking, making it accessible to a wider audience.
On the Flipside
- While offering a more user-centric approach, PoolX does not offer the same inherent security associated with running one’s own node.
- Staking with third-party validators contributes to the centralization of the blockchain ecosystem, potentially making it less secure.
Why This Matters
The introduction of user-friendly staking platforms like PoolX is a step towards making cryptocurrency accessible and profitable for a wider audience. By lowering the barriers to entry these platforms are opening up opportunities for more users.
Read more about staking:
What is Staking? Crypto’s Most Common ‘Passive Income’ Strategy Explained
Read more about Ripple’s new stablecoin:
Ripple Unveils USD Stablecoin: What Makes it Different?
