New User-Led Mining and Listing Plan Launched
BigONE’s innovative new service, the ‘SSS’ mining and listing plan, is designed to provide better services to community members, create more income streams, and increase the liquidity and transaction depth of digital platform assets. This brand-new service to support user participation in mining aims to provide users with attractive liquidity benefits, while maintaining absolute security. In essence the plan includes three key elements:
Safety: ensuring the absolute safety of mining pool assets
Staking: participating in staking to get high returns
Superb: delivering super liquidity mining rewards
Reasons for the launch of the mining and listing plan
BigONE will conduct a rigorous evaluation of all upcoming projects to protect the interests of investors and to support the development of the entrepreneurial projects. The project’s founder, whitepaper, investment potential, its community, application scenarios, and potential risks are part of the evaluation process.
Development planning and other evaluation issues are also included. Despite BigONE’s stringent listing review process, it cannot guarantee that every online project will be liked and supported by users. If investors’ enthusiasm for a project dwindles and transaction volumes fall, a project’s liquidity will deteriorate. According to the BigONE user rights protection mechanism, such projects with low transaction volume and varying liquidity will eventually face going offline.
BigONE believes that adding a link to the existing project evaluation process for users to decide whether to list the currency is necessary to improve the status quo. As a result, the mining and listing scheme was born.
Before a project goes live, BigONE will open the staking mining pool, allowing users to earn money by staking pledge mining. BigONE will also consider the user’s participation in staking pledge mining when deciding whether to list the coin. In layman’s terms, most projects that will be launched on BigONE in the future will be determined by user preferences. When the staking pool’s increased quota reaches the liquidity standard, it indicates that most users support the project, and BigONE will launch it and open related trading pairs. Simultaneously, when the trading pair’s liquidity mining market is launched, users who participate in liquidity mining can earn dual mining rewards such as 50% transaction fee dividends and token rewards for the project itself.
ConstitutionDAO’s PEOPLE token listing
PEOPLE is the first anticipated project to use BigONE’s new mining and listing plan, with relevant deposit and withdrawal services already launched. PEOPLE is the ConstitutionDAO project token. The goal of ConstitutionDAO was to win a rare copy of the United States Constitution at Sotheby’s auction using donations from the cryptocurrency community. Before the publication deadline, ConstitutionDAO had received support from 17,437 contributors and raised more than $47 million in funding. As reported in Business Insider, when ConstitutionDAO lost its bid on November 18 to Citadel CEO Ken Griffin, it gave members two options: redeem your PEOPLE tokens and lose money with so-called gas transaction fees or claim the token and keep it in your crypto wallet. Many opted for the latter, causing the price to surge, and resulting in the PEOPLE token becoming a meme coin now listing on BigONE.
When PEOPLE’s staking pool raises the liquidity standard, BigONE will open the PEOPLE/USDT trading pair, launch liquid mining in the PEOPLE/USDT market, and begin dual mining activity. PEOPLE’s 7-day staking product currently has an annualized rate of return of 50%.
How the liquidity service works
The BigONE liquidity mining service, which is based on the combination of the automatic market-making mechanism (AMM) and the order book, will place funds in the market capital pool according to the AMM algorithm to provide liquidity for the market. By adding digital assets, users can become liquidity providers by injecting two digital assets into the fund pool. BigONE’s AMM uses the constant product market maker model (X * Y = K) to calculate buying and selling prices to provide continuous market quotations.
The liquidity fund pool will automatically make the market, and the commission income will be distributed to the liquidity provider based on the liquidity fund pool’s proportion. Users can receive additional reward tokens issued by the BigONE platform when some cryptocurrencies perform activities to give back to users. To note, the liquidity provider’s digital assets can be added and redeemed in real-time.
In the future, BigONE will gradually increase the number of projects in the mining and listing plan and will use the level of user support as an essential criterion for whether to list or not. Our exchange is truly user-led, and it’s our users that will determine projects they want to see listed on our exchange.