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FTX Launches UpBots (UBXT) Staking program

Bitcoinist

Bitcoinist | Nov 16, 2020 | 07:47

FTX Launches UpBots (UBXT) Staking program Press releases

FTX Launches UpBots (UBXT) Staking program

Bitcoinist

Bitcoinist | Nov 16, 2020 | 07:47


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UpBots, the all-in-one platform for the modern trader, has successfully launched its staking program. It has been designed to reward its most loyal native token (UBXT) holders and give passive users financial incentives to make the jump. The staking program is provided exclusively by the FTX exchange. 


Exploring the Staking Program

Users can stake their UBXT tokens on FTX for as long as they would like, until the end of the staking program. Unstaking is possible at any moment, but UpBots has opted to require that users wait for the unlock period to conclude before access to the tokens can be regained. The team has set a mandatory unlock wait time of 30 days. 

At this point, there’s a minimum staking requirement of 10,000 UBXT, and a maximum limit of 1 million UBXT. These limits were imposed to ensure that users are given a relatively equal opportunity, granted that the maximum staking pool size is approximately 60 million UBXT. During the staking period, access to the tokens is restricted for both personal usage or trading. 

The UpBots staking program is often referred to as highly-lucrative. This description is well-suited since users can obtain an annual percentage return (APR) of 25%. The staking program delivers priority access to three trading algorithm bots, alongside several other features present in the newly-launched MVP. Stakers are also rewarded with a free subscription to UpBots for as long as their UBXT is staked. 

UpBots distribute token-based rewards on an hourly basis. Every time distribution occurs, half of the APR is unlocked, whereas the remaining half is added to the locked amount. 

UpBots aims to remain fully compliant with all regulatory frameworks that govern staking. As a result, the platform cannot access or control staked tokens for as long as they are locked up within FTX. 

Purchasing UBXT Tokens

Participants can use the FTX digital assets exchange to purchase UBXT tokens to participate in the staking program. The on-boarding process is relatively simple thanks to the intuitive interface of FTX.

To ensure a lucrative staking program, UpBots has recommended that users purchase between 10,000 and 1 million UBXT for staking. A lower amount would entail little to no profitability whatsoever, whereas a higher amount may provide a disadvantage to other users who are interested in the staking program. 

What is UpBots?

UpBots plans to become an all-in-one trading ecosystem for both novice and professional traders. By leveraging UpBots’ services, customers will no longer have to spend long hours analyzing market trends to make profitable trades. 

This is largely due to UpBots’ automated trading bots, customizable algorithms, and a vast catalog of trading tools. Market research has already proven that well-designed trading bots can yield considerable profits, especially when used to place on-going buy or sell orders. UpBots has also implemented a cross-platform cryptocurrency wallet for asset storage, on-going support for CEX and DEX exchanges, alongside mobile compatibility. 

UpBots employs risk-management tools to keep user capital safe. It also has a well-defined training section that includes resources on optimal trading strategies, technical analysis, and market trends. 

Last but not least, UpBots aims to give its users the freedom to develop their own algorithms and trading bots. Successful bots can be rented out to other traders, creating yet another source of passive income. Professional traders can use the marketplace to offer paid trading tips to beginners. Similarly, novice users can engage in copy-trading, a popular strategy that has proven fruitful to traders worldwide. 

Based on these aspects, UpBots will serve as a great aid to traders worldwide. The staking program is worthwhile, as the platform will likely gain extensive success over the next couple of years.

UpBots launched its first minimum viable product (MVP) on the 17th of October. For more details, check out the MVP here.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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