Stake to Earn POL: Bybit to Distribute 200,000 POL via Launchpool
In a recent development, Polygon Labs announced the groundbreaking ‘Trio of Proposals’ to establish Polygon 2.0, initiating the implementation phase inside the Polygon ecosystem.
Adding to the excitement, the brand-new ‘POL token’ has finally made its debut in the ByBit Launchpool event, creating a buzz among the community. Interested users now have an exciting opportunity to stake their tokens and earn rewards without any costs.
As the anticipation builds around this Launchpool event, the existing MATIC token will undergo a complete makeover and rebranding to become the POL token.
This step from the Polygon team is expected to reinforce security perks, support stake opportunities, and improve decentralization and community government within the Polygon ecosystem.
What is this POL Launchpool event, and what can you expect from it?
Launchpool is an event held by crypto exchanges where you can join in initial coin offerings (ICOs), token sales, or other crypto projects.
ByBit Launchpool is a similar event where ByBit (a leading crypto exchange) lets you put your tokens to work and earn some for no cost. The great thing is that you can take your staked tokens out whenever you want.
In this event, there’s an exclusive introduction of $POL, giving users the opportunity to claim a share of the 200,000 POL rewards. This special opportunity runs from 10 AM UTC on October 25, 2023, to 10 AM UTC on November 8, 2023.
Users have the opportunity to stake their Pitch tokens and, in return, earn POL tokens without any cost.
How can you participate in this event?
Duration: POL pool (Oct 25, 2023, 10 AM UTC – Nov 8, 2023, 10 AM UTC)
- Token: POL
- POL Pool: 200,000 POL
- Minimum Staking Amount: 200 POL
- Maximum Staking Amount: 10,000 POL
Here are the pointers you need to consider to participate in ByBit’s POL Launchpool:
1) Users need to first create a Bybit account and successfully complete individual KYC verification.
2) To take part in the Bybit Launchpool and stake tokens, users must fulfill Identity Verification Lv. 1.
3) Participation is not open to institutional users, market makers, or individuals from restricted countries.
4) The daily yield update occurs at 12 AM (midnight) UTC. Yield calculations begin one day after users stake POL (T+1), and the earned yields are automatically deposited into the Funding Account starting one day after the calculation period (T+2).
Note: There might be delays in receiving earned yields. Users will only receive a yield if it’s equal to or greater than 0.01 USDT equivalent.
5) It’s crucial for all participating users to strictly adhere to the Bybit Terms of Service throughout the event.
also Read
Why is Polygon transitioning from MATIC to POL?
As many of you are aware, the complete rebranding of the Polygon ecosystem started as a result of the massive transition to Polygon 2.0.
POL, the new Polygon 2.0 native token, has started replacing MATIC, the previous native token. This token transition is a key component of the overall Polygon strategy, which aims to broaden the Polygon ecosystem beyond a single chain. It will help build a network of Layer 2 solutions (L2s) that share liquidity and work together seamlessly.
The POL token is claimed to have a key role across all Polygon chains. It’s also given to people as a reward for making sure the Polygon network stays secure.
When the switch is made from MATIC to POL, it opens up lots of ways for users to benefit. They can put their POL to work by staking it, which helps them earn rewards for being validators. Additionally, they can validate transactions on several different chains and get transaction fees in return.
