E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Crypto»Poolin Brings In IOU Tokens to Mitigate The Impact
Crypto

Poolin Brings In IOU Tokens to Mitigate The Impact

By September 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

Poolin, the embattled crypto mining pool service provider, will offer freshly-minted IOU tokens to its users whose assets are frozen after the platform suspended withdrawals last week.

The distribution of IOU tokens will be made today, the 15th of September.

Poolin’s IOU Tokens

The IOUs will be minted under the ERC-20 protocol on Ethereum, the China-based company said in an official statement on its website.  

“The team has come up with the IOU-tokens scheme to minimize the impact of withdrawal suspension. The tokenomics of IOU-tokens will bring intuitive & various options and easy-to-use operations,” Poolin said in its statement.

Poolin accounted for 10.6% of all BTC blocks mined in the last 12 months, making it the fifth-largest mining pool after Foundry USA, AntPool, F2Pool, and Binance Pool.

“The company now is striving for multiple solutions to solve the short-term shortage of liquidity, including seeking new investments, debt-equity swaps, and assets liquidating,” the company said. 

Poolin Halts Withdrawal 

Last week, the firm suspended withdrawals, flash trade, and internal transfers in the face of mass withdrawals threatening to wipe off liquidity and disrupt operations. It said that extreme step was taken to preserve liquidity and work towards finding a solution to the liquidity crisis.  

The company also introduced two zero-fee mining schemes to encourage users to continue using its mining pool services in a bid to shore up the supply of liquidity on its platform.

It also announced that users’ holdings are safe with the platform as its net worth is still positive. Besides, Poolin said newly mined BTC and ETH will be paid out daily.  

IOU Tokenomics

Issued in a 1:1 ratio, there would be six different IOU tokens – IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDOGE – representing BTC, ETH, USDT, LTC, ZEC, and DOGE. Poolin users will receive the same number of IOU tokens as their holdings in the Asset Account of the Mining Pool Account. For example, a user having 20 BTC and 50 ETH in their asset or mining pool account will be given 20IOUBTC and 50IOUETH. 

After receiving the IOU tokens, users’ original holdings will be set to zero. They can withdraw the new assets automatically unlimited times. Eventually, the IOU tokens will be burned after users are allowed to trade them back for the original ones. Users can also choose to buy mining rigs or shares in Poolin’s US arm. 

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.