UpBots represents a one-stop destination for the modern crypto trader, aiming to provide a series of next-gen tools and strategies. The platform has now announced the commencement of its staking program. By staking, loyal and newly onboarded users holding the UBXT token will reap on-going rewards. The staking program will be available exclusively via the FTX digital assets exchange.
An Overview of the Staking Program
For starters, the staking program has officially debuted on 13th of November, 2020.
Once the program is live, UBXT token holders will be able to stake their coins for however long they wish, but there is a 30-day unlock period for the tokens. There will be an annual percentage return (APR) of 25% for stakers in exchange for their support.
It is imperative to consider that the staking program comes along with a number of other advantages. With this in mind, users can obtain priority access to features provided in the MVP, such as the ability to utilize three trading algorithms free of charge. Customers will also unlock a free UpBots subscription with a duration that’s equal to the staking period. As expected, access will only be granted once the commercial platform is live. Before choosing a lock-up term, stakers should remember that the tokens cannot be utilized during the staking period.
To grant users an equal opportunity to get involved, UpBots has decided to enforce a staking limit. Stakers can expect a minimum requirement of 10,000 UBXT and a maximum limit of 1 million UXBT. These limits were adapted to the total size of the staking pool, which is 60 million UBXT. The logic is simple – a stake below 10K UBXT will yield little to no profitability, whereas stakes above the upper limit may put low-budget users at a clear disadvantage.
UpBots will distribute the APR token rewards every hour. There’s a nifty mechanism in place which unlocks half of the APR whenever distribution occurs. Once this happens, the remaining percentage will be added to the updated locked amount.
For compliance purposes, UpBots will be unable to access or use tokens that are locked up via the FTX exchange.
UpBots has announced that the staking program will run until August 2021. Staking will then be replaced by the HODL program, which aims to reduce token velocity. Once deployed, the HODL program will reward loyal users who are willing to keep their UBXT tokens for a prolonged time frame.
Buying UBXT Tokens
UBXT is an ERC-20 utility token, priced at $0.01. The token will serve as the primary payment method on the UpBots platform.
To participate in the staking program, users must hold at least 10,000 UBXT. These tokens can be purchased directly via FTX or traded on a peer-to-peer basis. FTX is most likely the appropriate choice for most individuals since it helps avoid unnecessary gas fees on their transactions.
Exploring UpBots’ Features
The growing popularity of the cryptocurrency ecosystem has led to the appearance of numerous new users who are not accustomed to the art of crypto trading. As a response, UpBots has built an all-inclusive trading platform designed to lower the entry barriers.
By using UpBots, novice and advanced traders can access a series of impressive tools to boost their profits, save time, and learn more about trading. UpBots’ feature catalogue includes automated trading bots, customizable trading algorithms, and the ability to transact on DEXs and CEXs simultaneously. Stakers, lenders, and borrowers can easily obtain DeFi assets from multiple protocols.
UpBots is also suitable for those who are looking to sell their skills, as the platform has a social copy-trading tool and a signals marketplace. Users are free to develop, use, and rent their very own trading algorithms. Lastly, a knowledge library is provided to clients who wish to improve their trading skills.
Based on these aspects, UpBots’ vast feature catalogue is expected to lower entry barriers while helping beginners and experts boost their overall profitability. The startup has released its minimum viable product (MVP) on the 17th of October.