Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list MTL and support deposit and withdrawal & Automated Market Making (AMM) on May 14, 2021 (UTC). And its trading pair MTL/USDT will be available on the same day.
Metal is a blockchain-based system utilizing Proof-of-Processed-Payments to identify users, rewarding them for converting legacy fiat currency into cryptocurrency. It is a system similar to bitcoin but with a user-friendly interface and front-end that is similar to Venmo, Square or PayPal. Metal can act as a bridge to bitcoin or any cryptocurrency available. Metal believes cash only businesses can benefit by adopting cryptocurrency as a new new form of cash, as cryptocurrencies possess many of the same properties particularly around privacy, censorship resistance and fungibility. In order to bring digital payments into a world that utilizes blockchain-based technology over some traditional banking rails, Metal expects to save consumers 4-5% on all purchases. Metal proposes a system utilizing provable payments attached to verified identities to distribute currency. Anyone can participate to earn MTL as a reward for converting fiat to cryptocurrency. The goal is to provide all of the financial services small to medium sized businesses (SMB) might need, but can’t access currently. MTL is Metal's native token, the token type is ERC20, the total issuance is about 66,588,800, and the main function is payment and incentives.
1. Deposit: 8:00 May 14 (UTC)
2. Withdrawal: 8:00 May 14 (UTC)
3. Trading pair: MTL/USDT
4. Opening method: Call Auction
a. Call Auction
8:00—11:50 May 14, 2021 (UTC)
Orders can be placed and cancelled
11:50-12:00 May 14, 2021 (UTC)
Orders can be placed but cannot be cancelled
12:00 May 14, 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 14, 2021
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