Bitget PoolX Lists Thetanuts Finance (NUTS), Makes It Available For Mining

Cryptocurrency exchange Bitget listed Thetanuts Finance (NUTS), a decentralized protocol for digital asset traders to short or long options. The coin is available for staking on PoolX, Bitget’s native stake-to-earn feature, with the mining period lasting until May 30. As per the official announcement,  PoolX projects like Thetanuts Finance will include one or more mining pools, which will distribute token rewards on an hourly basis depending on the holder’s staking volume.

Token allocation will be as per the following formulae:

Holder’s staked BGB ÷ Sum of all BGB staked by qualifying holders * corresponding prize pool = each holder’s BGB rewards.

The mining period kicked off at 10:00 AM (UTC) on 20 May 2024 and will last until 10:00 AM (UTC) on 30 May. Below is what you need to know to participate in mining.

Token Mining and Rewards Distribution Rules

Hourly Distribution of Token Rewards

PoolX mining pools will distribute token rewards to BGB holders hourly. The amount of rewards each holder receives will depend on the volume of their staked BGB tokens.

Snapshot of Stake Holdings

Bitget will capture a snapshot of each holder’s stake every hour. This snapshot determines the share of rewards each participant is entitled to. The distribution will occur based on these snapshots.

Calculation and Distribution Process

Rewards are distributed on an hourly basis. For example, if a user stakes during Hour A, the rewards are calculated at A + 1 hour and distributed at A + 2 hours. Specifically, if you stake at 12:46 PM, Bitget will confirm the amount staked at 2:00 PM, and you will receive your rewards at 3:00 PM.

Early Staking Consideration

If a user stakes before the official start of the PoolX mining event, Bitget will calculate the staked volume during the first hour and distribute rewards by the second hour. This ensures that early participants are rewarded promptly.

Separate APR Calculations

The Annual Percentage Rate (APR) is calculated separately for each mining pool. This ensures that rewards are accurately reflected based on each pool’s specific performance.

Redeemability of Staked Tokens

Staked tokens can be redeemed from the mining pool at any time. Users have the flexibility to withdraw their assets as needed without any restrictions.

Automatic Redistribution of Assets

All staked assets will be automatically redistributed back to the users’ spot wallets immediately after the mining period ends. This seamless process ensures that users can access their tokens without delay.