Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BAKE and support deposit and withdrawal & Automated Market Making (AMM) on May 11, 2021 (UTC). And its trading pair BAKE/USDT will be available on the same day.
BakerySwap is the all-in-one DeFi platform that provides both AMM (Automatic Market Making) and NFT Marketplace solutions in one place. It aims to be the reference place for all DeFi users’ needs, by providing three main services. First, the AMM where users can exchange tokens, stake them, or do liquidity farming. Second, the NFT Marketplace allows participants to mint or trade artworks and other gamified NFT items, providing key features, like bidding or auction. And finally, the IDO Launchpad, that provides initial coin offerings from selected quality projects to early investors.
BakeryToken or BAKE is the native token of Bakeryswap. Users can earn BAKE by providing liquidity to asset pairs and staking liquidity pool tokens or by staking BAKE itself. There was no pre-mine and/or presale of BAKE tokens. BAKE tokens are gradually released to liquidity pools according to their respective reward multiplier (e.g. 1x , 3x , etc).Early farmers (or “bakers”) will be greatly rewarded in terms of the initial “BAKE per block” release.The tokens reserved for the team are 1% and the tokens will be gradually released with the community’s consultation and advice.
1. Deposit: 8:00 May 11 (UTC)
2. Withdrawal: 8:00 May 11 (UTC)
3. Trading pair: BAKE/USDT
4. Opening method: Call Auction
a. Call Auction
9:00—9:50 May 11, 2021 (UTC)
Orders can be placed and cancelled
9:50-10:00 May 11, 2021 (UTC)
Orders can be placed but cannot be cancelled
10:00 May 11, 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 11, 2021
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