Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BAND and support deposit and withdrawal & Automated Market Making (AMM) on May 18, 2021 (UTC). And its trading pairs BAND/USDT,BAND/BTC will be available on the same day.
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. It is built on BandChain. Based on Comos’ state-of-the-art SDK. BandChain can process thousands of transactions per second with instant finality and the ability to send oracle data across multiple blockchains.
BandChain was created with the following design goals:
1. Speed and Scalability: The system must be able to serve a large quantity of data requests to multiple public blockchains with minimal latency and while maintaining a high throughput. The expected response time must be in the order of seconds.
2. Cross-Chain Compatibility: The system must be blockchain-agnostic and able to serve data to most publicly available blockchains. Verification of data authenticity on the target blockchains must be efficient and trustless by nature.
3. Data Flexibility: The system must be generic and able to support different methods of retrieiving and aggregating data, including both permissionless, publicly available data as well as information guarded by centralized parties.
BandChain achieves the aforementioned goals with a blockchain specifically built for off-chain data curation. The blockchain supports generic data requests and on-chain aggregations with WebAssembly-powered oracle scripts. Oracle results on BandChain blockchain can be sent across to other blockchains via the Inter-Blockchain Communication protocol (IBC) or through customized one-way bridges with minimal latency.
BandChain currently utilizes its native BAND token as the sole token on its network. The chain then uses the promise of receiving reward tokens as an incentive for validators to produce new blocks and submit responses to data requests. Additionally, any network participants can use the tokens in 3 ways:
1. Token holders can use the tokens they own to become validators.
2. They can instead delegate their holdings to another validator to earn a portion of the collected fees and inflationary rewards
3. They can also use their tokens to participate in the chain’s governance
Validators are allowed to set a fee for processing transactions, which act as their reward for performing their duty.
1. Deposit: 4:00 May 18 (UTC)
2. Withdrawal: 4:00 May 18 (UTC)
3. Trading pairs: BAND/USDT, BAND/BTC
4. Opening method: Call Auction
a. Call Auction
4:00—7:50 May 18, 2021 (UTC)
Orders can be placed and cancelled
7:50-8:00 May 18, 2021 (UTC)
Orders can be placed but cannot be cancelled
8:00 May 18, 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 18, 2021
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Dear CoinEx users,