Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list NEXT and support deposit and withdrawal & Automated Market Making (AMM) on Oct 19, 2023 (UTC). And its trading pair NEXT/USDT will be available on the same day.
NEXT Services
1. Deposit: 07:00 Oct 19, 2023 (UTC)
2. Withdrawal: 07:00 Oct 19, 2023 (UTC)
3. Trading pair: NEXT/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Oct 19, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 Oct 19, 2023 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 Oct 19, 2023 (UTC)
About NEXT
Connext is a modular protocol for securely passing funds and data between chains.
Connext is built with three core design principles in mind that make it the best option for developers looking to build xApps without compromising on trustlessness.
(1) Modularity
Connext utilizes a modular hub-and-spoke architecture, which derives its security from Ethereum L1 and plugs into the battle-tested canonical messaging bridges that underpin the security of each Ethereum-connected domain.
(2) Security
Connext utilizes Watchers, automated offchain actors, that observe the network and halt message passing in the event that fraud or a hack is observed. This ensures that damage due to the failure of any individual part of the network is minimized.
(3) Simplicity
Rather than reinventing the wheel, Connext tries to mimic and extend existing development patterns as much as possible. The protocol implements a single, simple primitive - xcall - which allows devs to asynchronously interact with contracts living on another chain/rollup similarly to how you would call a contract living on the same chain/rollup.
Developers can use Connext to build crosschain apps (xApps) - applications that interact with multiple domains (blockchains and/or rollups) simultaneously.
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
Oct 18, 2023