Bitget Lists Ontology Gas (ONG) with Stake-to-Mine Benefits on PoolX - Chainwire

24Apr

Bitget Lists Ontology Gas (ONG) with Stake-to-Mine Benefits on PoolX

Victoria, Seychelles, April 24th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has announced the listing of Ontonlogy network’s gas token called ONG on its PoolX platform. Under the public chain sector in Innovation zone, ONG will provide incentives over $20,000 to users staking tokens. Users can stake to mine tokens on PoolX, mining period is currently live and will run up to 8:00 (UTC), 4th May, 2024.

Each PoolX project features one or more mining pools, with token rewards distributed hourly based on participants’ staking volume. Hourly snapshots of staked amounts will be taken to ensure accurate calculations of users’ proportionate shares and rewards. Each mining pool on PoolX calculates its Annual Percentage Rate (APR) separately, providing users with diverse opportunities to maximize their token earnings. Furthermore, users enjoy the flexibility to redeem the staked tokens at any time, with staked assets automatically returning to their spot accounts after the mining period ends.

The high speed, low cost public blockchain brings decentralized identity and data solutions to Web3. The layer 2 blockchain is designed to give users and enterprises the flexibility to build blockchain-based solutions, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.

With a suite of decentralized identity and data sharing protocols to enhance speed, security, and trust, Ontology’s features include ONT ID, a mobile digital ID application and DID used throughout the ecosystem, and DDXF, a decentralized data exchange, and collaboration framework.

Ontology adopts a dual-token model, with both ONT and ONG as utility tokens. Ontology decouples ONT and ONG to alleviate the risk of turbulent fluctuations of the native “asset” value on the gas fee. ONT is used as the staking tool and the time, cost of staking and operating costs of the nodes are considered to be inputs. ONG is used as a value-anchoring tool for on-chain applications and is used in the transactions on the chain.

Bitget lists high potential tokens in its innovation zone to provide improved accessibility to emerging DeFi ecosystems. The inclusion of ONG in Bitget’s spot helps users engage in the initial launch phases of the trending high potential low-cap tokens.

Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With a focus on providing users with opportunities to invest in popular and valuable projects, the platfrom is now one of the top 10 crypto spot trading platforms with over 700 coins and 800 pairs, including BTC, ETH, SOL and more. In 2023 alone, the platform added over 350 new listings, further diversifying investment options for users. Meanwhile, Bitget Wallet supports over 100 mainnets and 250,000+ tokens. Its on-chain trading function Bitget Swap enables cross-chain trading between nearly 30 mainnets.

For more information about trading ONG tokens, visit – https://www.bitget.com/support/articles/12560603808601

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For media inquiries, please contact: media@bitget.com