Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list ALEX and support deposit and withdrawal & Automated Market Making (AMM) on June 28, 2023 (UTC). And its trading pair ALEX/USDT will be available on the same day.
ALEX Services
1. Deposit: 07:00 June 28, 2023 (UTC)
2. Withdrawal: 07:00 June 28, 2023 (UTC)
3. Trading pair: ALEX/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 June 28, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 June 28, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 June 28, 2023 (UTC)
About ALEX
ALEX focuses on trading, lending and borrowing of crypto assets with Bitcoin as the settlement layer and Stacks as the smart contract layer. At the core of this focus is the automated market making (AMM) protocol, which allows users to exchange one crypto asset with another trustlessly.
ALEX allows for implementation of arbitrary trading strategies and borrows its design from Balancer V2. Equation abstracts rebalancing and market making logic, while Pool encapsulates the value of a strategy. Pool abstraction allows aggregation of the assets of all ALEX pools into a single vault, bringing many advantages over traditional DEX architecture.
Orderbook is ALEX's scaling solution layer that brings instant trade confirmation to the security of Bitcoin.Orderbook uses a hybrid on-chain/off-chain design, whereby a commitment to buy or sell certain asset is communicated in a cryptographically signed message, which is then matched by an off-chain matching engine before settling on-chain.Orderbook is designed such that many types of market exchanges, not only a traditional CLOB but also an NFT marketplace or social trading, can be built on top.
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
June 27, 2023