Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list SOV and support deposit and withdrawal & Automated Market Making (AMM) on Mar 20, 2023 (UTC). And its trading pair SOV/USDT will be available on the same day.
1. Deposit: 07:00 Mar 20, 2023 (UTC)
2. Withdrawal: 07:00 Mar 20, 2023 (UTC)
3. Trading pair: SOV/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Mar 20, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 Mar 20, 2023 (UTC)
Orders can be placed but cannot be canceled
10:00 Mar 20, 2023 (UTC)
Sovryn is a non-custodial and permissionless smart contract-based system for Bitcoin lending, borrowing and margin trading.
Sovryn runs on Rootstock, which derives its security from the bitcoin network. The native token of Rootstock is RBTC, an exact 1:1 BTC peg. When users transfer bitcoin into Rootstock, their bitcoin is locked and the equivalent amount is released as RBTC on Rootstock. Using RBTC, users' bitcoin takes on new capabilities. They can lend, borrow, and trade on Sovryn. In addition, all fees are paid in RBTC, so users don't need a separate asset just for transaction fees.
Currently available features :
(1) 0%-interest loans on bitcoin that issue a USD-pegged stablecoin
(2) FastBTC relay
(3) Bridge between Rootstock (BTC) and Ethereum, BSC networks
(4) Spot exchange with limit orders
(5) Margin trading - Up to 5X
(6) Lending pools/yield farming
(7) Borrow tokens from the lending pool (all lending is overcollateralized)
(8) Bitcoin-backed stablecoin
(9) Portfolio management
(10) SOV staking for fee sharing, voting power, platform rewards, and airdrops
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 20, 2023