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Home » Ecosystem » OKX Jumpstart lists Meson Network for BTC and ETH staking event

OKX Jumpstart lists Meson Network for BTC and ETH staking event

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Participants can stake up to 0.3 BTC or 3.5 ETH per person, with no minimum staking requirement.

OKX Jumpstart lists Meson Network

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Meson Network, a decentralized physical infrastructure network (DePIN) project working to establish a streamlined bandwidth marketplace, is set to launch on OKX Jumpstart. The event is scheduled to commence on April 26, 2024, 6:00 AM (UTC), featuring Meson Network’s native token, MSN.

The event will allow OKX users to stake BTC (Bitcoin) and ETH (Ether) to mine MSN tokens in return.

The Jumpstart Mining event will offer a total of 800,000 MSN tokens, evenly distributed between two staking pools – 400,000 MSN in the BTC pool and 400,000 MSN in the ETH pool. Participants can stake up to 0.3 BTC or 3.5 ETH per person, with no minimum staking requirement. The mining period will run for two days, concluding at 6:00 am UTC on April 28, 2024.

To participate, users must complete identity verification with OKX. However, users from Mainland China, Hong Kong, and Korea are not allowed to join the staking program.

Staking rewards are calculated in real-time based on the proportion of a user’s staked tokens relative to the total amount staked in the pool. OKX details this calculation based on the following formula:

“If a user has staked 0.1 BTC, the total amount of BTC staked at that time is 1,000, and the amount of tokens released per minute is 10,000, then the user’s per-minute rewards would be calculated as follows: User’s per minute rewards = (0.1 / 1,000) * 10,000 = 1 (token).”

Users can stake and unstake their BTC or ETH at any time during the mining period. If users do not unstake before the end of the event, their staked tokens will be automatically returned to their funding account within 2 hours after the event concludes. The opening time for mined MSN token trading will be announced at a later date.

Meson Network: DePIN empowered by people

Meson Network, the project behind the MSN token, aims to revolutionize Web3 by establishing a streamlined bandwidth marketplace through a blockchain protocol. The MSN token serves four key functions within the Meson ecosystem:

1. Empowering users to access bandwidth and big-data services
2. Rewarding miners who contribute server resources to the network
3. Increasing mining efficiency when staked by miners
4. Facilitating governance processes, such as voting and decision-making

With a total supply of 100,000,000 tokens, Meson Network seeks to replace traditional labor-based sales models in the bandwidth market, offering a more efficient and decentralized alternative.

The project envisions building an ecosystem for users to exchange their unused bandwidth resources with Meson, creating value and providing flexibility and scalability in bandwidth access for more people. The network currently has over Network Edge locations serving 10TBps+ in network capacity with an average latency of 90ms.

Disclosure: Some investors in Crypto Briefing are also investors in Sanctor Capital.

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