Pool-X Opens WEST Soft Staking Program

Pool-X, the exchange that offers liquidity through staking, has proudly announced the launch of the Waves Enterprise (WEST) Soft Staking Program at 20:00:00 on July 13, 2020 (UTC+8) for all the Pool-X and KuCoin holders. All the investors agreeing to participate will be offered an APR of 2% to 5% if they deposit or transfer their WEST tokens to their Pool-X accounts.

The Pool-X team took to its Twitter handle to broadcast the news about the launch in the crypto arena. The post read:

  • Rules for participation

All the holders of WEST tokens shall be deemed to have agreed to the staking service and thereby authorizing the Pool-X network to use their respective tokens on the users’ behalf for the staking. The Pool-X team will give its best guidance to the participants so that they can make the maximum profit by staking their valuable assets on the platform. The revenue pooled in from the event shall be allocated to the users.

  • Rewards Allocation

Pool-X will fix the staking proportion of PoS and will ascertain the daily revenue of the owners based on the amount shown in the snapshots taken by the system. The snapshots will be randomly taken every hour each day. The daily earning shall be given to the users the very next day, and they can check the amount at the ‘Asset Details’ option.

The average number of coin amount= Sum (number of coins in the snapshot of Pool-X per hour) / 24

  • Rules for non-participants

Pool-X has urged the users who do not want to participate in the staking event to withdraw any and/or all their WEST tokens from their accounts before the above-mentioned staking time. In case, the users who will fail to follow the Refusal Deadline shall be deemed to have agreed to participate in staking and have expressly allowed Pool-X to work their WEST assets on their behalf during staking.

Apart from describing the general rules and regulations, Pool-X cannot guide any user regarding the investment, taxation, or participation status in the Program. The users can consult professional advisors regarding legal or any other help for their financial problems.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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