A Guide to the OKB Staking Program for TONCOIN

Introduction

OKX Jumpstart staking offered a limited-time opportunity for OKB holders to earn TONCOIN rewards. The event began on November 10, 2021, and provided a straightforward way for users to generate passive income by staking their OKB holdings. This initiative was designed to support the growth of the TON ecosystem while rewarding the OKX community.

Staking programs are a popular method within the crypto space to earn yields on existing assets without active trading. They provide a mechanism for users to participate in network security and operations while being incentivized for their contribution. The OKB staking for TONCOIN was a clear example of this model in action.

This guide provides a detailed overview of how the program worked, its core mechanics, and essential information about the TON project itself. While the specific event has concluded, the principles of staking remain highly relevant for cryptocurrency enthusiasts.

Detailed Staking Rules

The program operated under a clear set of parameters to ensure a fair and transparent process for all participants. Understanding these rules was key to maximizing one's participation.

Key Program Parameters

• Staking Token: OKB
• Reward Token: TONCOIN
• Total Reward Pool: 1,000,000 TONCOIN
• Staking Period: November 10, 2021, 17:00 HKT - November 12, 2021, 17:00 HKT
• Minimum Staking Amount: None
• Maximum Staking Amount per User: 1,000 OKB
• Total Staking Cap: None
• Staking Flexibility: Users could stake and unstake their OKB at any time during the event.
• Eligibility: Required completion of KYC Level 2 verification.
• Trading Commencement: TONCOIN trading was scheduled to begin on November 12, 2021, with exact times announced separately.

The flexibility to stake and unstake at any point was a significant advantage, allowing users to maintain control over their assets based on market conditions or personal preference.

How Earnings Were Calculated

The staking rewards were distributed in a continuous and transparent manner, allowing participants to see their accruals in real-time.

Real-Time Reward Distribution

Users earned TONCOIN tokens proportional to their share of the total staking pool. Rewards were calculated on an hourly basis and could be claimed at any point during the event, providing immediate access to earnings.

The Earnings Formula

A user’s hourly earnings were determined by a straightforward formula:

User's Hourly Earnings = (User's Staked OKB / Total OKB Staked) * Hourly TONCOIN Distribution

Example Calculation:
If a user staked 100 OKB and the total amount of OKB staked by all users was 100,000, with an hourly distribution of 10,000 TONCOIN, the calculation would be:
(100 / 100,000) * 10,000 = 10 TONCOIN per hour.

This proportional system ensured that rewards were distributed fairly based on the size and duration of each user's commitment. For those looking to explore similar future opportunities, it's crucial to discover upcoming staking events that match your portfolio strategy.

How to Stake and Unstake

Participating in the staking event was designed to be a simple, three-step process accessible from the OKX platform.

Step-by-Step Staking Guide

1. Preparation: Before the staking period began, users needed to transfer their OKB from any other wallet into their OKX funding account.
2. Navigation: Users then logged into the OKX website and navigated to the "Finance" section, selecting the "Jumpstart" tab.
3. Staking: Once the event started, users clicked the "Stake" button, entered the desired amount of OKB to commit, and confirmed the transaction.

After completing these steps, the staking process was active, and rewards began accumulating immediately.

Managing Assets and Claiming Rewards

• Claiming Earnings: Users could click "Extract" at any time to claim their accrued TONCOIN rewards, which were then deposited directly into their funding account.
• Unstaking OKB: Participants maintained full liquidity and could click "Unstake" to release their OKB at any moment. The unlocked OKB would be returned to their funding account instantly.
• Automatic Final Distribution: Upon the event's conclusion, any remaining staked OKB was automatically released, and all unclaimed rewards were distributed to users' funding accounts within one hour.

An Overview of the TON Project

TON, which stands for "The Open Network," is a proof-of-stake (PoS) layer-1 blockchain. It was designed with a unique architecture to achieve massive scalability and interoperability.

Key Features of TON

The network is renowned for its ability to scale dynamically through infinite sharding, a process of splitting the blockchain into smaller, manageable pieces. This design theoretically allows it to process millions of transactions per second (TPS), positioning it to serve billions of users and host a vast array of decentralized applications (dApps) and smart contracts.

A core innovation is its HyperCube technology, which enables different blockchains to interconnect seamlessly. Beyond its main blockchain, the TON ecosystem also includes decentralized storage, a domain name system (DNS), and anonymous network services, creating a comprehensive foundation for a new decentralized internet, or Web3.0.

A Brief History

The project was initially conceived by the team behind Telegram in 2019. However, after regulatory challenges, Telegram officially ended its involvement in mid-2020. Since then, the project has been developed and maintained by a dedicated open-source community, which has continued to advance its vision of a scalable and user-friendly decentralized platform.

Frequently Asked Questions

What was the OKB staking program for TONCOIN?

It was a time-limited event where users could lock up, or "stake," their OKB tokens to earn TONCOIN as a reward. The program was designed to distribute TONCOIN to the community and incentivize participation in the TON ecosystem.

Could I unstake my OKB before the event ended?

Yes, a key feature of this program was its flexibility. Users could unstake their OKB at any time during the staking period, with no mandatory lock-up period, allowing for full control over their assets.

How were the staking rewards calculated?

Rewards were calculated proportionally every hour. Your share of the rewards was equal to your share of the total staked OKB pool multiplied by the number of TONCOIN released that hour. You could view and claim these accumulating rewards in real-time.

Who was eligible to participate?

Only users who had completed OKX's Level 2 Know Your Customer (KYC) identity verification were permitted to take part in the staking event. Sub-accounts were not eligible.

What happened to my rewards when the event finished?

Any TONCOIN rewards you had not already claimed were automatically distributed to your funding account within one hour of the program's conclusion. Similarly, any OKB still staked was automatically released back to you.

Where can I learn about similar future staking opportunities?

Platforms frequently launch new staking and yield-earning events. To stay informed on the latest programs that can help you grow your digital asset portfolio, it's best to learn about current earning opportunities directly from major exchange platforms.