$50M Airdrop Quota Grabbed by 10,000 Users on HTX's Liquid Restaking Debut
Singapore
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March 04, 2024 01:43 AM Eastern Standard Time
HTX launched its Liquid Restaking feature on February 29 at 09:00 (UTC). Within just 10 minutes, the first $50 million airdrop quota was claimed by over 10,000 users, demonstrating a remarkable level of enthusiasm. HTX's server even briefly experienced a crash. As the first crypto exchange to support Restaking, HTX pioneered the Liquid Restaking event, allowing CEX users to share on-chain rewards in an easy, risk-free way.
HTX Launches Liquid Restaking: The First Exchange to Support Restaking
HTX, as the first crypto exchange to enable Restaking, kicked off its Liquid Restaking event on February 29 at 09:00 (UTC). Users can register for Liquid Restaking to earn free rewards including cryptocurrencies, such as ETH, USDT, HTX, and TRX, and early airdrops of popular projects such as EigenLayer, Puffer, Merlin Chain, etc.
This is undoubtedly the simplest way to access early airdrops.
Participation in this event requires your registration via the event page on your HTX App. To be eligible for this event, you can fund your Spot account by making deposits, trades, etc to hold at least $1 worth of BTC, ETH, USDT, HTX, TRX, or other designated assets. Register and enable desired cryptos for Liquid Restaking, and rewards will be distributed in points three days later and displayed on the event page.
More importantly, there are no on-chain operations or asset staking required, nor does it affect the trading, deposits, and withdrawals of your assets. After registering for Liquid Restaking, a snapshot of your Spot account balances for the cryptocurrencies you've enabled for the event will be taken at a random time daily. The amount of rewards you can earn is based on these snapshots of your Spot account balances. More holdings mean more rewards. Rest assured that your assets on the HTX exchange will always be safeguarded regardless of any risks that may occur on the blockchain during the event, and the earnings will be distributed in the form of rewards. HTX will fully bear any potential losses that may occur, providing you with a worry-free participation experience.
There are four advantages of HTX's Liquid Restaking:
- High Value: $50 million staking quota of trending projects' airdrops, with upside potential
- Free Claims: One-click operation with no costs
- Great Flexibility: Effortless participation and exit with immediate effectiveness
- Zero Risk: Principal protection, free rewards, and risk-free farming
With a comprehensive understanding of Liquid Restaking, you can master the tips for earning high Restaking yields without taking on any risk. HTX plans to support more cryptocurrencies and other accounts besides the Spot account for Liquid Restaking in the near future. Moreover, a booster will be introduced to enhance the rewards for $HTX holders. Please stay tuned for further announcements.
Understanding Restaking
What Is Restaking?
Restaking is an innovative capital management method in the cryptocurrency staking ecosystem, allowing users to reinvest their cryptos that have staked on a protocol for rewards to more staking protocols for enhanced capital efficiency and potential gains.
Restaking boasts many advantages, foremost among them being the optimization of capital utilization. By choosing Restaking, users can engage in multiple staking projects without the need to unlock and transfer assets they have already staked, while not compromising the security and rewards of the staking they engaged in. As a result, users can diversify their income sources while maintaining their contribution to network consensus.
Simply put, Restaking offers a new avenue for stakers to earn additional income while bolstering the security and stability of multiple networks.
We can illustrate Restaking with an example from daily life:
Imagine you have deposits in a savings account at a bank, which provides you with asset certificates. Then you return these certificates to the bank, allowing it to manage your deposits. These deposits not only ensure the safety of your assets but can also be utilized for loans or investments to generate interest or returns. The idea of Restaking mirrors this process, albeit in crypto or blockchain networks.
Why Restaking? The advantages are numerous:
You gain additional liquidity with your crypto assets. Similar to banks, decentralized finance platforms use your cryptos for lending, thereby earning you additional crypto assets.
You boost profits by investing or trading with borrowed cryptos. This approach allows you to seize more opportunities and achieve asset appreciation.
You earn interest or returns as a reward for Restaking. Similar to the interest in a savings account, cryptos in Restaking generates returns as your reward.
However, Restaking faces a major challenge: liquidity. After being Restaked, the staker's assets are locked up in the nodes and cannot be used for other investments or trading.
To tackle this challenge, HTX's Liquid Restaking provides greater flexibility compared to on-chain Restaking. So, what are the advantages of HTX Liquid Restaking compared to on-chain Restaking?
1. Simplicity, Accessibility, and Lower Risk. Users can participate with a simple click on the event page. HTX guarantees that during this event, regardless of any potential on-chain risks, user assets will always be safeguarded.
2. Excellent Asset Liquidity. Users are not required to stake any assets to participate in Liquid Restaking, and their participation in the event will not affect the trading of their assets. Additionally, users can earn staking rewards across different chains depending on the assets they hold.
3. Flexible Earnings. With daily snapshots of spot accounts, even short-term holders have the opportunity to earn rewards. As HTX supports more cryptos for Restaking, users can receive daily staking rewards regardless of the form of their assets on the platform.
What Are the Points Obtained from Liquid Restaking Used for?
LRS points can be redeemed for corresponding rewards: LRS-BTC for Merlin Chain and BounceBit airdrops; LRS-ETH for EigenLayer and Puffer airdrops; (Please note the actual airdrop rewards are subject to rewards provided by these projects.) LRS-USDT, LRS-TRX, and LRS-HTX for corresponding tokens.
Please refer to the official announcements for details. The redemption of LRS-USDT, LRS-TRX, and LRS-HTX points will be available soon, while LRS-BTC and LRS-ETH points can be redeemed within 14 days after the start of the on-chain project airdrops, estimated after April 2024, depending on the on-chain airdrop schedule. The rewards will be credited to participants' Spot accounts.
Points for a specific cryptocurrency that a user can receive are calculated using the following formula: Points = Distribution amount on the day * Amount of snapshotted cryptocurrency held by the user / Amount of all participants' assets snapshotted. In simpler terms, you'll receive more points with larger spot asset or earlier registration.
About HTX
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3.
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