Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BNC and support deposit and withdrawal & Automated Market Making (AMM) on May 10, 2023 (UTC). And its trading pair BNC/USDT will be available on the same day.
1. Deposit: 07:00 May 10, 2023 (UTC)
2. Withdrawal: 07:00 May 10, 2023 (UTC)
3. Trading pair: BNC/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 May 10, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 May 10, 2023 (UTC)
Orders can be placed but cannot be canceled
10:00 May 10, 2023 (UTC)
Bifrost is a Web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets.
By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has designed two derivatives for users: vsToken (voucher slot token) and vsBond. The former is a fungible token, which represents a voucher of a user's contribution to a parachain auction. The voucher can be traded at any time or cooperated with vsBond for 1-to-1 peg redemption.
The latter is a token represents the lease period of different parachains. vsBond can execute transactions through Bifrost's built-in vsBond market, without having to consider liquidity issues.
Bifrost hopes to distinguish between a Token’s utility value and its equity in the simplest way through vsToken and vsBond. At the same time, vsToken will have strong liquidity as a contribution derivative.
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