Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list VMPX and support deposit and withdrawal & Automated Market Making (AMM) on Jul 20, 2023 (UTC). And its trading pair VMPX/USDT will be available on the same day.
VMPX Services
1. Deposit: 07:00 Jul 20, 2023 (UTC)
2. Withdrawal: 07:00 Jul 20, 2023 (UTC)
3. Trading pair: VMPX/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Jul 20, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 Jul 20, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 Jul 20, 2023 (UTC)
About VMPX
It exists as a BRC-20 token on the Bitcoin side and as an ERC-20 token on the Ethereum side, both having a total supply of 108,624,000 tokens.
Holders of VMPX tokens can earn yield by providing liquidity between the108,624,000chains through staking into the bridge liquidity pool. Additionally, VMPX token holders have the flexibility to exchange either type of token for the other at a 1:1 ratio (BRC-20 to ERC-20 and vice versa).
The ultimate objective of the VMPX token is to facilitate seamless swaps between BRC-20 and ERC-20 tokens across the Bitcoin-Ethereum bridge. Furthermore, VMPX token holders can convert their tokens to XN native coins on the X1 blockchain using a smart contract.
By enabling efficient cross-chain liquidity provision and token swaps, VMPX plays a crucial role in fostering interoperability and expanding the possibilities for users in the Bitcoin, Ethereum, and X1 blockchain ecosystems.
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 19, 2023