Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list SHIB and support deposit and withdrawal & Automated Market Making (AMM) on May 8, 2021 (UTC). And its trading pairs SHIB/USDT will be available on the same day.
The token, SHIB, is an experiment in decentralized spontaneous community building. Shiba Inu Ecosystem is a vibrant ecosystem with decentralized meme tokens ($SHIB, $LEASH and $BONE) and the functions of decentralized exchange (ShibaSwap) as well as artist incubator.
The goal of ShibaSwap is to provide a safe place to trade users’ valuable crypto while remaining decentralized. The unique tokenomics solid design, technicial implementation, and viral growth from the good’ ole fashion memes of Shiba Inu, will reforce the platform’s strength and ultimately provide residual benefits to the ecosystem.
The artist incubator invited the best artists in the Shiba Inu community to participate in a special project. Speakers from various genres and platform are invited to speak with new Shiba artists, build camaraderie and foster lasting relationships over a few weeks. These artists will lead the artistic Shiba movement as Shiba explore the unique position into the NFT market.
SHIB token is the first token in SHIBA and allows users to hold Billions or even Trillions of them. As for the token distribution, 50% of the total supply was locked to Uniswap and the keys were threw away while the remaining 50% was burned to Vitalik Buterin.
1. Deposit: 8:00 May 8 (UTC)
2. Withdrawal: 8:00 May 8 (UTC)
3. Trading pairs: SHIB/USDT
4. Opening method: Call Auction
a. Call Auction
9:00—9:50 May 8, 2021 (UTC)
Orders can be placed and cancelled
9:50-10:00 May 8, 2021 (UTC)
Orders can be placed but cannot be cancelled
10:00 May 8, 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 8, 2021