Kinto To Distribute 2% of KINTO Supply as Mining Rewards Until September 18
CryptoNewsTerminal Staff11 Aug, 2024
Kinto To Distribute 2% of KINTO Supply as Mining Rewards Until September 18
Layer-2 Ethereum blockchain project, Kinto, has announced plans to distribute 2% of its KINTO supply as mining rewards through its X token. The distribution will run until September 18 (local time). The rewards are aimed at incentivizing mining activities on the Kinto network. The X token is a critical component of the Kinto ecosystem, designed to reward miners for their contributions to securing the network and processing transactions. Kinto is a layer-2 scaling solution for Ethereum that leverages optimistic rollups technology. By rolling up multiple transactions into a single batch and processing them off-chain, Kinto significantly reduces gas fees and transaction finality time while maintaining the security of the Ethereum network. The distribution of mining rewards is expected to attract more miners to the Kinto network, thereby enhancing the security and efficiency of its blockchain. The move is also seen as a positive step in promoting the adoption of Kinto's layer-2 scaling solution.
