Dear CoinEx users,
According to the arrangement in the "CoinEx Will Support BIT (BITDAO) Rename and Token Replacement", CoinEx has allocated the MNT token to relevant users according to the ratio of 1 BIT = 1 MNT(Mantle) on Jul 21, 2023. CoinEx will list MNT and support deposit and withdrawal & Automated Market Making (AMM) on Jul 21, 2023 (UTC). And its trading pair MNT/USDT will be available on the same day.
MNT Services
1. Deposit: 07:00 Jul 21, 2023 (UTC)
2. Withdrawal: 07:00 Jul 21, 2023 (UTC)
3. Trading pair: MNT/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-07:50 Jul 21, 2023 (UTC)
Orders can be placed and canceled
07:50-08:00 Jul 21, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
08:00 Jul 21, 2023 (UTC)
About MNT
Mantle is an L2 scaling solution incubated by BitDAO that based on Optimistic rollup, Modularity, and Decentralized Data Availability to achieve higher throughput and scalability.
Mantle features:
(1) Modular Data Availability: Through using EigenLayer, Mantle is able to increase transaction throughput beyond traditional L2. Accessible data availability also means that Mantle can increase throughput without compromising security and reducing node operation overhead. This reduces processing requirements for validators and promotes decentralization.
(2) Multi-Party Computation (MPC): Mantle uses MPC to minimize the trust risk of L2 execution results. Using Threshold Signature Scheme (TSS) technology, dedicated nodes contribute multi-party signatures to improve the correctness of off-chain transaction execution results. Enables shorter challenge periods for withdrawals.
(3) Decentralized Sequencer: Mantle will decentralize its Sequencer to provide secure and trustless block production. By rotating a permissionless set of orderers, Mantle will reduce the possibility of single points of failure or censorship on the network. Mantle will, over time, decentralize its Sequencer to provide secure and trustless block production.
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. Profits from automated market making
After providing liquidity, your funds will be deposited into the liquidity pool for automated market making. 50% of the trading fees earned in this market will be distributed to all liquidity providers according to the proportion of the liquidity pool.
2. Cumulate daily profit and withdraw all at once
On an hourly basis, the trading fee income earned from your liquidity will be calculated, And automatically deposited into your AMM account. Also, the cumulative incomes will be withdrawn, when removing liquidity from the pool.
3. Free access, free of charge
You can make real-time transfers from Spot account and AMM account, by adding and removing liquidity. In every single market, there is no upper limit for each user Or additional fees to inject liquidity.
Risk Reminder
The assets in the AMM Account will be added to the liquidity pool for automated market making. Due to price fluctuations, impermanent losses might occur and the amount of the two assets might change when the liquidity is removed.
Impermanent loss will gradually be wiped out when the price ratio changes back and eventually, users can gain profits from providing liquidity.
CoinEx Team
Jul 21, 2023