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Faced with a liquidity shortage, the Poolin mining pool will issue tokens as IOUs (IOU) to solve the problem of withdrawal of funds.
In early September, the founder and CEO of the company, Kevin Pan, acknowledged the financial problems and promised to soon present a plan for overcoming the situation.
As part of the announced solution, the platform will issue six types of ERC-20 tokens on Ethereum: IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC and IOUDoge. Each of them will present 1:1 the corresponding underlying assets: BTC, ETH, USDT, LTC, ZEC and Doge.
Poolin will accrue IOU tokens to users according to snapshot, replacing cryptocurrencies with them both in the wallet service and in the mining pool.
The distribution of coins will be held on September 15.
There are no restrictions on the withdrawal of “debt” tokens.
The platform will burn part of the coins quarterly, allowing customers to exchange them for underlying assets. The company believes that the gradual improvement of the liquidity situation will increase the rate of redemption of IOU tokens.
Owners will be able to use the coins for trading, buying mining equipment and purchasing shares of the American division of Poolin US. Also, the assets will serve as collateral in the lending service.
More detailed information and additional options for the use of IOU-tokens in the company promised to disclose later.
Since the beginning of the month, the Poolin-controlled bitcoin has more than halved from 26.6 EH/s to 11.3 EH/s, according to BTC.com. With a share of 3.93% in the total, the platform dropped to seventh place among the pools.
Recall that in July 2021, Poolin faced problems amid an attack by the Chinese authorities on miners. The pool suspended payments on hashrate tokens pBTC35A and pETH18C, blocked in the Mars protocol. Only two months later, the structure partially resumed the accrual of assets to users.
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