Important information regarding MATIC launching on On-chain Earn
Published on 28 Nov 20233 min read
OKX will offer MATIC subscriptions on On-chain Earn, starting from Nov 28, 2023 at 11am UTC. This will allow users to easily experience on-chain rewards without any hassle.
On-chain Earn highlights:
- No subscription limits
- Simplified operational steps resulting in a more fluid user experience.
- Real on-chain annualized earnings
Details of the products can be found in the table below.
| Product | Category | Stake | Receive | Product quota | Individual quota | Min. staking amount | Redemption time | Rewards distribution | Est APR |
|---|---|---|---|---|---|---|---|---|---|
| On-chain Earn | Staking | MATIC | MATIC | N/A | N/A | 1 MATIC | Est 3-4 Days | 7 Days | 4-6% |
Product Mechanism:
Earnings and subscription:
- If you subscribe before 11:00 (UTC+8) daily:
- Your MATIC will be on-chain at 11:00 on the same day, start accruing interest, and rewards will be distributed in MATIC every 7 days to your fund account.
- If you subscribe after 11:00 (UTC+8) daily:
- Your MATIC will be on-chain at 11:00 the next day, start accruing interest, and rewards will be distributed in MATIC every 7 days to your fund account.
Redemption:
- Redemption requests can be submitted at any time. It takes approximately 3-4 days (80 checkpoints) after submitting the redemption request for your MATIC to be successfully redeemed from the chain and distributed to your fund account. There are no rewards during the redemption period.
- If you redeem the principal before the reward distribution date, OKX will calculate rewards based on the actual number of days staked and distribute them to your fund account on the reward distribution day.
Important information:
- Regarding On-chain Earn products, as the Proof of Stake mechanisms for different projects may vary, it's important to carefully read and understand the mechanism rules for each project before subscribing. These rules include, but are not limited to, the minimum redemption amount, interest accrual start time, reward distribution time, principal redemption period, and expected annualized earnings.
- OKX will extract a certain percentage of fees from users, for detailed fee information, please refer to the product introduction page.
Disclaimer
Except for project launch and return distribution, OKX assumes no responsibility for disputes over any agreement, hacking incidents, project fraud, and other risks that may result in asset loss for the subscribers.
Thank you for your continued support. We will be launching more new On-chain Earn products in the coming weeks. Stay tuned for more information.
Sincerely,
The OKX team
November 28, 2023