Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list GNS and support deposit and withdrawal & Automated Market Making (AMM) on Oct 21, 2022 (UTC). And its trading pair GNS/USDT will be available on the same day.
GNS Services
1. Deposit: 07:00 Oct 21, 2022 (UTC)
2. Withdrawal: 07:00 Oct 21, 2022 (UTC)
3. Trading pair: GNS/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Oct 21, 2022 (UTC)
Orders can be placed and canceled
09:50-10:00 Oct 21, 2022 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 Oct 21, 2022 (UTC)
About GNS
Gains Network brings its liquidity-efficient decentralized leveraged trading architecture to Polygon.
Users can trade cryptos with up to 150x leverage, and major forex pairs with up to 1000x (on-chain execution). Stocks, commodities, and indices are coming soon in the future.
Major innovations:
(1) Simulation of the trading PnL by minting/burning the GNS token (asset-agnostic synthetic).
(2) No funding fee (no capital borrowed for the leverage).
(3) Support for any asset with any leverage.
(4) 100% of the liquidity concentrated into a single GNS/DAI pool (no order books for each pair).
(5) DAI-only liquidity layer on top of the GNS/DAI liquidity for maximum capital-efficiency.
(6) Collaterals only going through the liquidity (significantly less slippage).
(7) First-of-its-kind on-demand Chainlink DON (decentralized oracle network).
(8) Median spot prices only, no derived/generated prices.
Tokenomics:
(1) Utility token minted/burnt by the trading platform (necessary for the architecture).
(2) Long-term deflationary pressure on the GNS supply from trading losses.
(3) Significant share of the leveraged trading fees going to GNS/DAI liquidity providers.n the GNS supply from trading losses.
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.
Risk Warning
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
CoinEx Team
Oct 20, 2022