Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list FLIP and support deposit and withdrawal & Automated Market Making (AMM) on Nov 27, 2023 (UTC). And its trading pair FLIP/USDT will be available on the same day.
1. Deposit: 07:00 Nov 27, 2023 (UTC)
2. Withdrawal: 07:00 Nov 27, 2023 (UTC)
3. Trading pair: FLIP/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Nov 27, 2023 (UTC)
Orders can be placed and canceled
09:50-10:00 Nov 27, 2023 (UTC)
Orders can be placed but cannot be canceled
10:00 Nov 27, 2023 (UTC)
Chainflip is a cross-chain decentralised exchange, based on a proof-of-stake validator network.
Chainflip has a vision of becoming one of the key solutions to the complexity & non triviality of swapping between L1 crypto assets. They view the following attributes & metrics as important to achieving that goal:
Generalised Cross-Chain Capability: Provide users with a permissionless method to swap assets between arbitrary chains and networks (L1, L2, etc.) without introducing new wrapped assets, liquidity fragmentation, leaving users with tail risk, or excessive confirmation times.
Decentralisation: Maintain credible decentralisation, audited open-source software, and transparent network operation from the very beginning.
Useful Product: Offers extremely accurate pricing and minimise slippage to make the protocol competitive within the current swapping protocol market, in addition to focusing on the user experience and providing value to end-users.
Composability: Engineers the protocol such that it can be easily utilised by wallets, aggregators, and other products to bring their users greater functionality, who in turn become users of the protocol by proxy.
Sustained Value Capture: The protocol should be self-sustaining if enough users want to use the product without artificial incentives. The protocol should channel value from generated fees into the FLIP token and distribute it among token holders, while also compensating for any incentives offered
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 the 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.
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
Nov 27, 2023