Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list FLX and support deposit and withdrawal & Automated Market Making (AMM) on Oct 21, 2022 (UTC). And its trading pair FLX/USDT will be available on the same day.
1. Deposit: 03:00 Oct 21, 2022 (UTC)
2. Withdrawal: 03:00 Oct 21, 2022 (UTC)
3. Trading pair: FLX/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-06:50 Oct 21, 2022 (UTC)
Orders can be placed and canceled
06:50-07:00 Oct 21, 2022 (UTC)
Orders can be placed but cannot be canceled
07:00 Oct 21, 2022 (UTC)
Reflexer is a stablecoin protocol. Its stablecoin, RAI, is an ETH backed stable asset with a managed float regime.
The RAIUSD exchange rate is determined by supply and demand while the protocol that issues RAI tries to stabilize its price by constantly de or revaluing it. The supply and demand mechanic plays out between two parties: SAFE users (those who generate RAI with their ETH) and RAI holders. Compared to protocols that try to defend a fixed exchange rate between their native stable asset (pegged coin) and fiat (DAI/USD, sUSD/USD etc), RAI's monetary policy offers a couple of advantages:
The FLX token has two main functions inside the RAI protocol:
(1) Backstop mechanism: FLX stakers are the first line of defense in case the RAI protocol goes underwater. The second line of defense is with debt auctions that mint new FLX and auction it in exchange for RAI.
(2) Ungovernance: once governance minimization is finalized, FLX holders will be able to remove control from any remaining components in RAI or, if needed, continue to manage components that may be challenging to ungovern (such as oracles or any other component interacting with other protocols)
What is Automated Market Making (AMM)?
Automated market making (AMM) can calculate the buying and selling price according to the formula, so as to provide a continuous quotation for the market. CoinEx combines AMM with the order book, which means the liquidity pool will be automatically converted into the order book. With the "constant product market maker formula" algorithm in AMM, no matter how large the order book is or how small the liquidity pool is, firm liquidity provision to the market can be guaranteed. Learn more
Fees and Profit
Market supporting automated market making is an AMM market. Compared with normal market, AMM market adopts an independent fees system. The fees for both marker and taker is 0.3%, for market makers is 0.15%. VIP will not enjoy any special fees, and using CET for fees deduction is unavailable. All users are qualified to apply for market makers, and 50% of the market's transaction fees will be rewarded to liquidity providers.
Characteristics of AMM
1. Bonus obtainable from automated market making
User’s provided liquidity will be injected into the pool for automated market making. 50% of the market's transaction fees will be rewarded to liquidity providers in terms of the corresponding pool proportion.
2. Daily bonus can be cumulatively withdrawn
The transaction fee bonus will be calculated once a day and automatically credited into the user's Market Making Account before 4:00 (UTC) the next day. The user can obtain all the accumulated fee bonus after removing liquidity.
3. Free access, no charge required
Assets between Spot Account and Market Making Account can be transferred in real-time by adding and removing liquidity. Each user in a single market can increase liquidity twice a day, and no fees will be charged during the operation.
The assets in the Market Making Account will be injected Into the liquidity pool for automated market making. When the price fluctuates, there will be impermanent losses, and the amount of the two assets will change when the liquidity is removed. More details about impermanent losses
Oct 21, 2022