BitMax.io Launched the LTO Network Staking Service With A Promotional Event

BitMax.io announced on Thursday, June 12, that the New York-based global digital asset trading platform has launched the LTO Network (LTO) Staking Service and kicked off a promotional event to reward responders.

Image provided by BitMax.io

The event will last for ten days from June 12, 10 a.m. EDT to June 22, 10 a.m. EDT. Any users who complete two of the three required tasks will be qualified for an equal share of the 100,000 LTO reward pool. Users who finish all three tasks are eligible for an equal share of the 200,000 LTO reward pool. All rewards are to be distributed in seven business days post the event.

The three tasks include (1) Net Deposit of LTO (Deposit – Withdrawal) ≥ 4,000 LTO; (2) Average LTO Staking Quantity ≥ 4,000 LTO; (3) Transfer staked LTO to margin account as collateral; plus, buy or sell on margin AND reach Trading Volume ≥ 1,000 USDT.

BitMax.io is the first exchange to join LTO staking. “As a validator and partner, we are pleased to play a key role in LTO’s growth. We will continue to support those projects with strong performance,” said Bonna Rock, the chief product officer of staking at BitMax.

Per the trading platform, compared with other validator providers, Bitmax.io has managed to shorten the reward distribution cycle of LTO to one day, which allows users access to daily rewards of staking LTO. Their rewards will also be compounded at the same frequency with the compound mode. Users can also stake LTO as collateral for margin trading to keep gaining rewards while trading the token. 

LTO burnt 11% of its total supply on June 3. As LTO staking rewards emerge only from network commission, the burning may result in deflation and bring up the value of LTO staking rewards. The cryptocurrency has no lock-up or unbonding periods, which means users can trade and transfer their assets at any time.

BitMax.io listed LTO as one of its initial projects in early 2019, after which the asset reached an all-time high with its price folded over 20 times. CoinMarketCap reported that LTO is currently trading at $0.051 with a total market cap of $11 million.

By Yiran Dai

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