Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list PROPS and support deposit and withdrawal & Automated Market Making (AMM) on May 25, 2021 (UTC). And its trading pair PROPS/USDT will be available on the same day.
About PROPS
Website丨Explorer丨White paper
Props Project is an open-source platform and token that provides consumer-facing apps with a core feature: rewarding users with an asset that can accrue value over time with the power of loyalty benefits.
Apps easily plug into the platform and create their own loyalty program that can award “App Tokens” (powered by Props) that transform network/social capital for their users into a real-world financial stake in the overall network. Users are incentivized to hold the Props/App Tokens they earn in order to benefit from in-app perks and the financial upside potential of owning a stake in the network. Props leverages blockchain infrastructure wrapped into simple APIs and a token qualified by the SEC.
Props use a sidechain (standalone, single-purpose blockchain) to record high volume actions (e.g. Pending Props and User Activity), so that Props can cost-effectively scale to millions of users. PropsChain is run by a set of independent Validators, who submit a daily summary of the activity that took place, and are paid by the Protocol Rewards Engine for their efforts.
PROPS Services
1. Deposit: 8:00 May 25 (UTC)
2. Withdrawal: 8:00 May 25 (UTC)
3. Trading pair: PROPS/USDT
4. Opening method: Call Auction
a. Call Auction
8:00—11:50 May 25, 2021 (UTC)
Orders can be placed and cancelled
11:50-12:00 May 25, 2021 (UTC)
Orders can be placed but cannot be cancelled
b. Trading
12:00 May 25, 2021 (UTC)
The details of “PROPS Listing Campaign: Trade to Share 50,000 PROPS” event are as follows:
Duration: 12:00 May 25, 2021 - 12:00 May 31, 2021 (UTC)
During this period, with a trading volume of 100 USD worth of PROPS and above, user can participate in the ranking to share 50,000 PROPS proportionally. The detailed rewards are shown as below.
|
Ranking |
Reward per user（PROPS） |
Total rewards（PROPS） |
|
1 |
4,000 |
4,000 |
|
2 |
3,000 |
3,000 |
|
3-5 |
2,000 |
6,000 |
|
6-10 |
900 |
4,500 |
|
11-50 |
500 |
20,000 |
|
51-100 |
250 |
12,500 |
Notes:
1. Trading volume = Buying + Selling.
2. Sub-accounts are not allowed to participate as an independent account, and the deposit volume of sub-accounts and leveraged accounts are also calculated into main-accounts.
3. During the event, should any cheating behavior be found, the user will be disqualified.
4. Reward distribution: Event rewards will be issued within 3 day after the event.
5. CoinEx reserves the right of final interpretation of these events.
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.
Risk Warning
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
CoinEx Team
May 25, 2021
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