Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list IRON and support deposit and withdrawal & Automated Market Making (AMM) on May 9, 2023 (UTC). And its trading pair IRON/USDT will be available on the same day.
1. Deposit: 07:00 May 9, 2023 (UTC)
2. Withdrawal: 07:00 May 9, 2023 (UTC)
3. Trading pair: IRON/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 May 9, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 May 9, 2023 (UTC)
Orders can be placed but cannot be canceled
10:00 May 9, 2023 (UTC)
Iron Fish is a decentralized, proof-of-work (PoW) based, censorship-resistant, and publicly accessible blockchain project. It is designed to support strong privacy guarantees on every transaction. Similarly to how the invention of the SSL/TLS layer in the '90s paved the way to e-commerce and benefited countless industries, the team believes that privacy is a fundamental requirement to protect the user and expand the use of cryptocurrency.
The team has designed Iron Fish to be a new cryptocurrency from the ground up to enable easy-to-use, fully-private payments by closely following the Sapling protocol. Every account is equipped with a view key to grant its holder read-only permission for the details of that account.
With this protocol, the team is challenging previous patterns of full node usability. The Iron Fish networking layer supports WebRTC with WebSockets, making it trivial for all users to make a true P2P connection with no other setup requirements. The first Iron Fish implementation is built such that it can be extended to run a full node directly in the browser in future iterations. And the focus is to lower the barrier to entry so that any person with a computer feels comfortable enough to run a full node.
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
May 9, 2023