Bitget Announces PoolX Listing of IO Net (IO) to Boost Decentralized ML Application Development - Chainwire

11Jun

Bitget Announces PoolX Listing of IO Net (IO) to Boost Decentralized ML Application Development

Victoria, Seychelles, June 11th, 2024, Chainwire

Bitget, the leading cryptocurrency exchange and Web3 company, is excited to announce the latest offering on its PoolX staking platform: IO Net (IO). This listing marks another step forward in Bitget’s mission to provide innovative and high-yield opportunities for its users.

IO Net is a decentralized computing network that supports the development, execution, and scaling of machine learning (ML) applications on the Solana blockchain. By leveraging the world’s largest GPU cluster, IO Net allows ML engineers to access distributed cloud service computing power at a fraction of the cost of centralized services. With a verified node count of 52,981 and an anticipated airdrop reaching at least 50,000 participants, IO Net aims to revolutionize the landscape of AI computing.

Since its inception, IO Net has raised $30 million in funding, led by Hack VC and backed by prominent investors such as Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, and Animoca Brands. This funding will support the development of the largest decentralized GPU network to address the global shortage of AI computing resources.

IO has a fixed supply of 800 million tokens, with 300 million tokens gradually emitted for suppliers and stakers who contribute to io.net‘s decentralized AI computing network. Rewards will be distributed over a 20-year period, starting with an 8% deflation rate in the first year and decreasing gradually until the 800 million cap is reached. Through PoolX of Bitget, the IO token can enlarge the distribution of IO to a larger community, thereby promoting the decentralization of the network.

PoolX, Bitget’s cutting-edge staking platform, continues to revolutionize the crypto landscape by distributing rewards hourly based on staked amounts. Unlike most decentralized staking products, PoolX allows users to potentially earn popular tokens by staking stable and trusted cryptocurrencies such as BGB, BTC, ETH and USDT. Since its debut on April 8, PoolX has launched over 20 high-profile projects, offering an annual percentage rate (APR) ranging from 10% to 45%, enabling users to potentially accumulate substantial earnings within the high upper staking limit.

With IO Net’s listing on PoolX, Bitget users can now stake their mainstream cryptocurrencies and potentially earn IO tokens, contributing to the growth of decentralized machine learning solutions. This new listing underscores Bitget’s commitment to offering innovative financial products that cater to the evolving needs of the crypto community.

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.