Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list SNEK and support deposit and withdrawal & Automated Market Making (AMM) on May 31, 2023 (UTC). And its trading pair SNEK/USDT will be available on the same day.
SNEK Services
1. Deposit: 02:30 May 31, 2023 (UTC)
2. Withdrawal: 02:30 May 31, 2023 (UTC)
3. Trading pair: SNEK/USDT
4. Opening method: Call Auction
a. Call Auction
02:30-03:20 May 31, 2023 (UTC)
Orders can be placed and canceled
03:20-03:30 May 31, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
03:30 May 31, 2023 (UTC)
About SNEK
Snek is a meme token deployed in Cardano. The project's vision is to create a sustainable and inclusive community-driven token on the Cardano blockchain, providing a rewarding experience for token holders. It strives to create a symbiotic relationship between the community, the token, and the broader DeFi ecosystem, where everyone can thrive and have fun together.
Snek thinks it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to its advantage. It believes in the power of community as being the most important factor in the success of a project. Its #1 mission will always be to keep holders happy and entertained in the most transparent and fairest way.
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 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 30, 2023