Dear CoinEx users,
CoinEx will support the Aave (LEND) token swap to AAVE,The details are as follows.
1. At 2:00 on October 12, 2020 (UTC), we will suspend LEND deposits and withdrawals and begin the token swap. Please ensure that you leave sufficient time for your LEND deposits to be fully processed prior to this time.
2. At 4:00 on October 12, 2020 (UTC), we will halt trading in all LEND trading pairs, and the trading pairs will also subsequently be delisted from the exchange. We will then take an immediate snapshot of all LEND balances and begin the distribution of AAVE to all eligible users at a ratio of 100 LEND = 1 AAVE.
3. At 12:00 on October 12, 2020 (UTC), we will open trading for the new pairs AAVE/BTC, AAVE/ETH and AAVE/USDT. Deposits and withdrawals for AAVE will also be opened at this time.
Aave (from the Finnish word for "ghost") is an open source non-custodial protocol on Ethereum for decentralized lending and borrowing. For lenders, the protocol mints ERC20-compliant aTokens at a 1:1 ratio to supplied assets. Interest immediately starts compounding continuously, represented by a steady increase in the amount of aTokens held by the lender. This interest stream may be redirected to any address, separate from the aTokens that represent the underlying principal.Users can borrow against most supplied assets; the collateralization ratio and liquidation threshold depends on the asset, as does the liquidation penalty, which anyone can get as a bonus for liquidating an unhealthy loan. Interest rates adjust algorithmically based on supply and demand, but Aave lets borrowers opt in to and out of (at any time) a stable rate that changes less often. The protocol keeps a liquidity reserve to ensure withdrawal at any time.
Aave offers flash loans: trustless, uncollateralized loans where borrowing and repayment must occur in the same transaction. Aimed at developers, this feature could lead to innovative uses of DeFi. Aave's native governance token is LEND; the only fees are 0.25% of originated loans and 0.09% of flash loans; these go toward burning LEND, rewarding lenders, and compensating affiliates.
CoinEx reserves the right of final interpretation of this announcement.
October 10, 2020
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