search
Homeweb3.0Io.net (IO) Staking Program Garners $1.5 Million Within a Week, Deebs DeFi Predicts Supply Shock

Io.net (IO) Staking Program Garners $1.5 Million Within a Week, Deebs DeFi Predicts Supply Shock

Aug 26, 2024 pm 09:14 PM
IO.netDePin Project Staking Program IO Token

Recently, Io.net (IO), a project focusing on the decentralized physical infrastructure network (DePin), announced its staking program. Within just a week, the newly launched program has successfully garnered around $1.5 million.

Io.net (IO) Staking Program Garners  src=

Io.net (IO), a decentralized physical infrastructure network (DePin), has announced its staking program, garnering around $1.5 million within a week. This initiative aims to enhance network security and efficiency by requiring GPU and CPU suppliers to lock in a specific amount of IO tokens.

According to data from Solscan, this effort to incentivize Graphics Processing Units (GPU) providers through staking has secured approximately 654,940 IO tokens. The program sets a minimum stake of 200 IO per card, with higher-earning devices requiring increased stakes.

For instance, a device with eight H100 GPUs, each boasting an earning multiplier of 10, would need to stake a substantial 16,000 IO. In contrast, a device with four 4070s GPUs, each carrying a multiplier of 0.25, would only require staking 800 IO.

“By requiring suppliers to stake IO, we can encourage long-term commitment to our platform and also create an incentive for good behavior,” io.net explained.

Each supplier's device operates under its dedicated smart contract, ensuring the security of staked IO tokens. Block rewards are also distributed fairly and transparently, accruing to the Solana wallet address linked to the supplier's account and available for periodic claiming.

Upon initiating the unstaking process, a 14-day cooling-off period commences, during which IO tokens are no longer counted towards the minimum staking requirement for availing block rewards. This cooling-off phase is crucial for maintaining network stability and integrity, preventing potential exploitation of the reward system.

The DePin platform Io.net has also implemented a slashing protocol for actions like spoofing or data compromise. “Slashed IO is subject to a one-month reconsideration process. If you notice your device stake is slashed, you can open up a support ticket. IO support will present technical evidence that proves why the device was identified for spoofing or other malicious behavior,” io.net stated.

Pseudonymous DeFi analyst Deebs DeFi suggests that this staking update could lead to a supply shock, potentially rendering 10% of the circulating supply of IO tokens practically unusable. According to Deebs DeFi's calculations, GPU providers could generate a purchase volume approaching $17 million.

“This is based on the assumption that all providers buy and stake the minimum IO they need,” Deebs DeFi noted.

This development is reflected in the price action of IO tokens, with IO being up over 30% in the past seven days at the time of writing. Anticipation is also building for Nvidia's upcoming quarterly report on August 28, which could impact AI and DePin tokens.

However, the DePin token itself has faced challenges, shedding about 65% of its value from its peak in June. There are also concerns about potential sell-offs as new supply enters the market. While the circulating supply of IO tokens is just 95 million, its maximum supply stands at a massive 800 million.

The above is the detailed content of Io.net (IO) Staking Program Garners $1.5 Million Within a Week, Deebs DeFi Predicts Supply Shock. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the CrowdAs Fear Drives Selling, BlockDAG (BDAG) Stands Out from the CrowdApr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

The general crypto market has recovered as digital assets shake off bearish sentimentsThe general crypto market has recovered as digital assets shake off bearish sentimentsApr 13, 2025 am 11:46 AM

In the past 24 hours, the general crypto market has recovered as digital assets shake off bearish sentiments. Within this time frame

Bitcoin's Current Cycle Shows Strong Similarities to the Structural Resets Seen in Both 2017 and 2021.Bitcoin's Current Cycle Shows Strong Similarities to the Structural Resets Seen in Both 2017 and 2021.Apr 13, 2025 am 11:44 AM

Key market indicators, like the relationship between Bitcoin and market volatility (BTC/VIX ratio) and the total crypto market capitalization on weekly charts

New Meme Coins to Watch Now: Cheems Token, Siren, and PeiPeiNew Meme Coins to Watch Now: Cheems Token, Siren, and PeiPeiApr 13, 2025 am 11:42 AM

As meme coins continue to take the crypto world by storm, savvy investors are constantly looking for the next big opportunity.

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer DownturnThe Crypto Market Has Witnessed a Rebound Following the Recent Sheer DownturnApr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts

He got rich off pixelated punks — and punked the Internal Revenue Service in the processHe got rich off pixelated punks — and punked the Internal Revenue Service in the processApr 13, 2025 am 11:38 AM

A Pennsylvania man faces federal prison after pleading guilty to flipping more than $13 million worth of digital art from the infamous CryptoPunks NFT collection — and reporting none of it to the IRS, prosecutors said Friday.

Trending Meme Coins To Buy NowTrending Meme Coins To Buy NowApr 13, 2025 am 11:36 AM

In recent times, meme coins have emerged as a unique and exciting investment opportunity, drawing both seasoned investors and newcomers alike.

Toncoin (TON) Appears to Be Positioning Itself for a Short-term ReboundToncoin (TON) Appears to Be Positioning Itself for a Short-term ReboundApr 13, 2025 am 11:34 AM

Toncoin appears to be positioning itself for a short-term rebound after enduring a week of market-wide losses that affected most cryptocurrencies.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. How to Fix Audio if You Can't Hear Anyone
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
WWE 2K25: How To Unlock Everything In MyRise
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

ZendStudio 13.5.1 Mac

ZendStudio 13.5.1 Mac

Powerful PHP integrated development environment

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

Atom editor mac version download

Atom editor mac version download

The most popular open source editor