Popular trading platform Pool-X has launched its most awaited LockDrop activity, in which 2 percent of the entire POL supply will be distributed. POOL-X is an autonomous subsidiary incubated by KuCoin. It supports lockup crypto transactions. It aims to boost the upcoming development of the PoS ecosystem.
In simple words, Pool-X can be defined as a trading platform where users are allowed to participate in staking pools and operate nodes.
The activity began on November 5, 2019, and likely to remain in existence for three weeks’ tenure. It is expected that LockDrop will cover approximately six rounds. Each round will permit users 24 hours to deposit and lock TRC20 USDT tokens for one to four weeks. During this period, the users will be able to earn a specific amount of POL.
LockDrop has emerged as one of the only options where users can achieve the POL token at this time much before its scheduled listing on KuCoin.
POL can be defined as the TRON-based token, and it plays a vital role in the Pool-X ecosystem. It has been used as the standard asset of liquidity costing at the platform and as the medium for liquidity certificate records among the different use cases.
The token was created on the TRON public chain on the basis of feedback received by the POOL-X community and TRON users. They highlighted the advantages of the blockchain that may include increased TPS of nearly 2000 transactions per second and no transaction fees.
KuChain announced the launch of POOL-X a few days back with the goal to better and boost involvement in staking-based cryptocurrency projects. KuCoin incubated and monitored the growth of the platform, which is expected to transform the blockchain scenario by forming an ecosystem focused on authorizing digital asset staking.
Touted as the upcoming generation POS Mining Pool, Pool-X has been created on the lines of KuCoin’s independent Soft Staking program by providing increased functionality useful for the staking ecosystem. It is likely to include a node supermarket and node integration solutions. It will help mining pools obtain access to their target users and allowing them to create an industry-class PAAS, also known as “Pool As A Service.” Unlike other staking platforms, users on the Pool-X can withdraw their token at any point in time so that they can adjust according to the volatile market conditions.
The platform had achieved huge success in forming a community since August 30 when it went live even before the scheduled launch of its PoS Mining Pool services. Pool-X witnessed early success with its KCS lockup activity, which noticed users lock up 500 KCS for 24 hours over 4 rounds in a bid to achieve a share of $40,000 worth POL.