Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BOTTO and support deposit and withdrawal & Automated Market Making (AMM) on May 18, 2023 (UTC). And its trading pair BOTTO/USDT will be available on the same day.
BOTTO Services
1. Deposit: 03:00 May 18, 2023 (UTC)
2. Withdrawal: 03:00 May 18, 2023 (UTC)
3. Trading pair: BOTTO/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-06:50 May 18, 2023 (UTC)
Orders can be placed and canceled
06:50-07:00 May 18, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
07:00 May 18, 2023 (UTC)
About BOTTO
Botto is a generative artist governed by the community. Botto creates 350 art pieces a week and presents them to the community. These art pieces are considered a 'round', whereby individual art pieces are denoted as 'fragments'.
The community votes on these art fragments. Votes represent individual preferences on what a participant considers to be aesthetically pleasing art. Collectively, votes are used as feedback for Botto's generative algorithm - dictating what direction Botto should take its next round of art pieces. Over time, Botto shall create art guided and governed by the community.
Once a week, Botto will put one art fragment to auction on SuperRare. All auction proceeds are returned to the community. While the auction takes place, Botto produces a new round comprising of art fragments, so that the cycle can continue.
The first art piece was minted on the 22nd of October on SuperRare. On October 14, 2022 Botto completed its 52nd piece and concluded its Genesis Period.
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.
Risk Warning
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 Team
May 17, 2023