Home News IOST DEFI project: Pumpkin mining is on its way

IOST DEFI project: Pumpkin mining is on its way

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Following the popular launch of IOST on Japan’s largest compliant exchange, the first IOST on-chain liquidity mining project, “Pumpkin”, developed by IOST node partners and supported by the IOST project, was officially launched in September 13th.

Pumpkin is the first liquid mining project on the IOST chain supported by the IOST Foundation. It is fully operated by the community and has the characteristics of zero private equity, zero pre-mining, and high returns. Pumpkin Token is an IRC20 token issued by the Pumpkin project based on the IOST mainnet. It is abbreviated as PPT. The total supply of PPT is: 2,927,232 PPT.

95% of the total supply will be released to users through liquidity mining, and 5% reserved by the development team. For every 100 PPT mined by the user, the team can unlock 5 PPT from the reserved amount. The Pumpkin development team adopts a half-life model, and the output of PPT is halved every 7 days.

PPT is generated based on decentralized smart contracts, and no one can issue additional. Currently, users can only obtain it through liquidity mining and decentralized exchange purchases. Pumpkin PPT currently supports TP wallet mining on the mobile phone and iWallet plug-in wallet mining on the computer side. PPT can be obtained by staking IOST and PPT. PPT can be traded on the decentralized exchanges IOST DEX and otbTrade.

IOST DEFI project: Pumpkin

As mentioned above, PPT mining uses a half-decay model in which the output is halved every 7 days, which means that the mining revenue in the first 7 days is the highest. Don’t miss the best mining time. The top mining week officially starts at 16:00 (GMT+8) on September 13, 2020 and ends at 15:59:59 (GMT+8) on September 20, 2020. In addition to mining huge PPT rewards during the top mining week, you can also participate in the top mining airdrop activities of the platinum mining pool. According to the lock-up time and lock-up amount, 13 million IOST airdrop rewards will be shared, and double rewards will be obtained.

Many public chain liquid mining projects go online blindly without being audited, leaving the risk to users. The IOST team conducted a strict audit on Pumpkin to fully protect the interests of users.

In terms of the operating experience of liquid mining, IOST is undoubtedly smoother than Ethereum. Transfer transactions on Ethereum are notoriously congested, and there are often packaging failures and transaction delays. Users not only spend high mining fees but also have surprisingly low efficiency. This phenomenon basically does not happen on the IOST chain. IOST uses the POB consensus mechanism and the design of the second-layer expansion scheme to achieve the goals of horizontal expansion and high throughput, and it is sufficient without sacrificing the key attributes of decentralization. Improved transaction performance can fully meet the needs of liquidity mining.

Pumpkin is the first liquid mining project on the IOST chain, so the IOST team is also going all out for this project, and this project will be more and more recognized by everyone. All in DEFI is the focus of the IOST team’s work this year. I hope that this PPT project can be a good example. More and better DEFI projects will be ushered in IOST to promote the vigorous development of the IOST DeFi autonomous community.

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