FTX unveils lucrative $UBXT Staking Program
UpBots is an all-in-one platform for the modern trader, aiming to make trading cryptocurrencies accessible for both beginners and experienced users. In an effort to support the operation of the UpBots platform, the startup has recently launched its staking program. The program has been specifically designed to reward its most loyal native token (UBXT) holders and give passive users financial incentives to make the jump. As seen in a subsequent section of this write-up, the token staking program comes along with numerous lucrative benefits, apart from the standard token-based rewards.
Before diving deeper, it is important to keep in mind that the staking program is only available on the FTX exchange. This platform facilitates not only staking, but also the purchase of UBXT tokens.
How does the lucrative UpBots staking program work?
You can stake your UBXT tokens on FTX for as long as you want until the end of the staking program. You can also unstake at any time and for whatever reason, but users need to wait for the unlock period to finalize before token access can be regained. This is normally the case with most staking programs. Here are some more details that must be kept in mind by users who are considering the UpBots program:
- As part of the staking program, users will be able to stake their UBXT tokens for as long as they’d like — there will, however, be a 30-days unlock period once the tokens are unstaked.
- The maximum amount you can stake is 1 million UBXT, whereas the minimum is 10,000 UBXT. These limits were set to help ensure that users can reap noticeable rewards and that an equal opportunity is given to all stakers, regardless of their budget.
- The maximum staking pool size is of around 60 million UBXT, so if staking is kept within the recommended limits, there are enough tokens for everyone without having to deal with unnecessary inflation.
- When the tokens are staked, users cannot access or use the funds for any personal or trading-related purposes.
- The generated APR (Annual Percentage Rate) is distributed hourly. Half of it is unlocked, and the other half is added to the locked amount. This mechanism aids platform liquidity by securing a minimum amount of staked tokens at all times.
- The staking program gives out an APR of 25% along with priority access to three trading algorithm bots and other features, as presented in the MVP.
- The lock-up also automatically grants users a free subscription to UpBots for as long as the UBXT is staked.
- To be fully compliant and regulator-friendly, UpBots is unable to control or manage the staked tokens.
Participants can use the FTX exchange to buy UBXT tokens to participate in the staking program. UpBots recommends that users should have at least 10,000–1 million UBXT to start off properly. A lower threshold would provide very little rewards and a higher limit may lower the number of users who are able to participate in the program.
What is UpBots?
UpBots is a Swiss-based startup that plans to become an all-in-one trading ecosystem for both beginner and professional traders. As a market leader in its niche, UpBots must provide customers with a catalog of powerful features that can be seamlessly leveraged to facilitate better trading outcomes.
As such, the non-custodial platform employs risk-management tools to keep capital safe and secure. It also has a well-defined training section that allows its users to become better traders. UpBots will give its users the freedom to develop their own algorithms and create their own bots. Successful bots can be rented out to other traders, thereby creating an additional means of generating income via the platform. Professional traders can sell signals via the marketplace, whereas beginners can get started with copy trading to help ensure on-going yields as they learn more about the cryptocurrency trading market.
The platform recently launched their MVP on October 17, which can be tried out for free here.