Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list ORDI and support deposit and withdrawal & Automated Market Making (AMM) on Jul 3, 2023 (UTC). And its trading pair ORDI/USDT will be available on the same day.
ORDI Services
1. Deposit: 08:00 Jul 3, 2023 (UTC)
2. Withdrawal: 08:00 Jul 3, 2023 (UTC)
3. Trading pair: ORDI/USDT
4. Opening method: Call Auction
a. Call Auction
08:00-08:50 Jul 3, 2023 (UTC)
Orders can be placed and canceled
08:50-09:00 Jul 3, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
09:00 Jul 3, 2023 (UTC)
About ORDI
The BRC-20 “token standard” is an experimental fungible token built with Ordinals and Inscriptions and stored on the Bitcoin base chain. Ordinal inscriptions of JSON data are used for deploying token contracts, minting tokens, and transferring tokens.
This is not a token standard like people are accustomed to with EVM chains, which create smart contracts that manage the token standard and its various rules. Instead, it’s simply a way to store a script file in bitcoin and use it to attribute tokens to satoshis and then allow them to be transferred between users.
The BRC-20 token was created on March 8, 2023, by the Twitter user @domodata. The name is a play on Ethereum’s ERC-20 token standard, but they cannot interact with smart contracts, unlike the EVM standard from which it derives its name.
Despite the fact that BRC-20 tokens are still experimental, they present an intriguing use case for tokens on the Bitcoin blockchain. In addition, they enable the creation of fungible tokens on Bitcoin, which was previously impossible due to the absence of smart contract functionality.
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
Jul 3, 2023