Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BEN and support deposit and withdrawal & Automated Market Making (AMM) on May 29, 2023 (UTC). And its trading pair BEN/USDT will be available on the same day.
BEN Services
1. Deposit: 09:00 May 29, 2023 (UTC)
2. Withdrawal: 09:00 May 29, 2023 (UTC)
3. Trading pair: BEN/USDT
4. Opening method: Call Auction
a. Call Auction
09:00-09:50 May 29, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 May 29, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 May 29, 2023 (UTC)
About BEN
BEN is a meme coin created by a retired chemistry professor who goes by the name Ben. He discovered the world of cryptocurrency and blockchain technology, and spent countless hours studying token economics. Despite the risks, he believed in his vision for the token BEN and invested all his resources into the project. He invited others to join him in exploring the possibilities of blockchain and pursuing greater goals.
BitBoy Crypto started as an interested community member, but eventually joined the leadership team and bought out the liquidity pool and largest stack of BEN tokens from Ben. He is now the chairman of the Ben Coin Collective.
The roadmap and key focus points indicate the team’s vision to drive mainstream adoption of cryptocurrency through educational campaigns, accessible resources, regulatory processes, and unbiased news reporting.
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.
Reminder
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 29, 2023