Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list SONNE and support deposit and withdrawal & Automated Market Making (AMM) on Mar 16, 2023 (UTC). And its trading pair SONNE/USDT will be available on the same day.
1. Deposit: 03:00 Mar 16, 2023 (UTC)
2. Withdrawal: 03:00 Mar 16, 2023 (UTC)
3. Trading pair: SONNE/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-06:50 Mar 16, 2023 (UTC)
Orders can be placed and canceled
06:50-07:00 Mar 16, 2023 (UTC)
Orders can be placed but cannot be canceled
07:00 Mar 16, 2023 (UTC)
Sonne Finance is an EVM compatible lending/borrowing protocol that launched on Optimism. Sonne Finance provides peer-to-peer lending solutions that are fully decentralized, transparent and non-custodial.
Similar to (and based from) existing lending platforms like Compound Finance and AAVE users will be able to lend any supported assets on our platform, and use their capital to borrow supported assets.
At launch, Sonne Finance will offer the following high-liquidity money markets with dynamically adjusted incentives.
Sonne aims to be the prime lending platform on Optimism by offering highest competitive incentives for money markets, having the deepest liquidity and being native to Optimism.
Sonne Finance is generating revenue through different reserve factors for different pools when users borrow from the liquidity markets. 80% of this revenue goes to sSONNE stakers. Also, Sonne Finance introduces a unique bribe-reward mechanism leveraging Velodrome Finance for SONNE/USDC liquidity.
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
Mar 16, 2023