Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list ICP and support deposit and withdrawal & Automated Market Making (AMM) on May 13, 2021 (UTC). And its trading pairs ICP/USDT,ICP/BTC will be available on the same day.
The Internet Computer is formed by an advanced decentralized protocol called ICP (Internet Computer Protocol) that independent data centers around the world run to combine the power of individual computers into an unstoppable seamless universe where internet native software is hosted and run with the same security guarantees as smart contracts. It is integrated with Internet standards such as DNS, and can server user experiences directly to Web browsers and smartphones.
To participate in the open network that creates the Internet Computer, a data center must first get a DCID (Data Center Identity). This is obtained through an algorithmic governance system that is part of the Internet Computer itself, called the Network Nervous System.
Once a data center has obtained a DCID, it can make node machines, which are essentially server computers with a standardized specification, available to the network. When the Internet Computer needs more capacity, the Network Nervous System inducts these machines, forming them into “subnetworks” that can host software canisters. Special software running on node machines interacts with other nodes using ICP and applies advanced computer science to allow their compute capacity to be securely added to the Internet Computer.
The ICP utility token (formerly known as “DFN”) is the primary mechanism that allows the broader internet community to participate in the governance of the Internet Computer network.
1. Deposit: 8:00 May 13 (UTC)
2. Withdrawal: 8:00 May 13 (UTC)
3. Trading pair: ICP/USDT, ICP/BTC
4. Opening method: Call Auction
a. Call Auction
8:00—19:50 May 13, 2021 (UTC)
Orders can be placed and cancelled
19:50-20:00 May 13, 2021 (UTC)
Orders can be placed but cannot be cancelled
20:00 May 13, 2021 (UTC)
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 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%. VIP and market makers 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
May 13, 2021
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