THE DEGO MINING POOL

whipcloth (25)in #dego • 4 years ago

Introduction

The concept of mining has become a vital part of blockchain technology. It represents the section that mints and supply the token of the decentralized system. Several crypto platforms have customized mining pools that are opened to its network contributors. Through the pool, contributors are able to obtain tokens as a reward for stakes, computational efforts or exchange with other coins. DEGO as a crypto platform also operates a mining pool.

Notably, DEGO possess a hard cap on its token total supply. This will help to aid circulation and cripple the effect of network whales. The hard cap of DEGO stands at 21 million, with 80% of it minted out by liquidity mining.

DEGO mining operates in quite a distinct way from other crypto mining pools. The pool was developed with multiple channels customized for different cryptocurrencies. Users will be required to stake their digital assets into the pool to gain rewards in $DEGO at defined intervals.

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How to stake in the DEGO mining pool

It is important to note that the DEGO mining is currently limited in the amount of crypto its system can accept. However, effective plans are in place to add more tokens for versatility.

Crypto holders are required to select the current asset they are willing to stake from the available options. After staking, user can then proceed to obtain their rewards using the harvest feature on the platform. Also, investors can decide against withdrawing their $DEGO rewards by re-staking their assets.

The available pools of the DEGO mining pool

DEGO has been able to establish an option for the available tokens. They are shared between the two mining pools of DEGO. In essence, each pool has its own peculiar cryptocurrency for staking. You might begin to wonder why there are two pools. Their difference lies in the mode of operation.

In Pool 1, the tokens can be staked directly. Pool 2, on the hand requires users to obtain an intermediary token through the swapping of ETH and DEGO. The obtained LP is then used to stake in the pool for rewards.

Pool 1

This pool operates by initiating a direct swapping of your tokens to get DEGO rewards.

USDT: This requires users to stake their USDT assets. The assets are staked on the decentralized application of the blockchain project.

WETH: The Wrap ETH is also tradable in the pool 1 of the DEGO network.

Pool 2

Uniswap: This token belongs to Pool 2 of the DEGO mining pool. However, the tokens cannot be staked directly. The Uniswap are converted to the LP token before staking to get DEGO rewards.

For token transfers, 10% of the transaction amount is charged as a fee by the system. This is divided into percentages of 5% (trading fee), 2.5% (destroyed) and 2.5% (dividend).

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Conclusion

DEGO is on course to create the most versatile mining pool in the crypto space. The operations of the mining pool are public with minute charges to ensure transaction ease. The team will further bring more tokens into the system to achieve global acceptance.

Culled from Coinmarketcap Today

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