Dear CoinEx users,
According to the arrangement in the CoinEx Will Support the Spark (SPARK) Airdrop Program for XRP (Ripple) holders, based on the snapshot result of user balances at 00:00 (UTC) on Dec 12, 2020, CoinEx has allocated FLR(FLARE) airdrop to XRP holders according to the ratio of 1 XRP : 0.1511 FLR at 03:00 Jan 11, 2023 (UTC). You can check your airdrop in Asset - Spot.
About FLR Airdrop
1. The original airdrop token Spark(SPARK) has been renamed as FLARE(FLR).
2. For more info, please refer to:
FAQs: Token Distribution Event
Flare Network update for exchange partners
CoinEx will list FLR and support deposit and withdrawal & Automated Market Making (AMM) on Jan 11, 2023 (UTC). And its trading pair FLR/USDT will be available on the same day.
1. Deposit: 03:30 Jan 11, 2023 (UTC)
2. Withdrawal: 03:30 Jan 11, 2023 (UTC)
3. Trading pair: FLR/USDT
4. Opening method: Call Auction
a. Call Auction
03:30-03:50 Jan 11, 2023 (UTC)
Orders can be placed and canceled
03:50-04:00 Jan 11, 2023 (UTC)
Orders can be placed but cannot be canceled
04:00 Jan 11, 2023 (UTC)
Website | Explorer | Whitepaper
Flare is a blockchain built to connect everything. It presents developers with a simple and coherent stack for interoperability:
(1) Scalable EVM-based smart contracts.
(2) Highly decentralized price feeds.
(3) Secure state acquisition from other blockchains via the consensus protocol purpose built for external data.
(4) Fast, decentralized, insured and multilateral smart contract token bridging that handles the risk of crossing zones of sovereignty and unifies rather than fragments liquidity.
(5) Non-smart contract token bridging that enables tokens like BTC, XRP, DOGE and others to participate in DeFi on Flare and bridge to other chains.
(6) Secured data relay giving decentralized applications access to the value, liquidity and information of multiple blockchains.
(6) Horizontal scaling through a fully interoperable multi-chain ecosystem.
This allows developers to build applications that capture the largest possible addressable market, serving multiple communities and ecosystems simultaneously through a single deployment. By securely connecting blockchains and real world data, Flare creates a decentralized solution to scale Web3.
If your FLR balance is less than the minimum order amount, you can convert it into CET via Small Asset Converter. For more info, please refer to Convert Small Assets into CET.
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
CoinEx reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.
Jan 11, 2023