Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list GTC and support deposit and withdrawal & Automated Market Making (AMM) on May 26, 2021 (UTC). And its trading pair GTC/USDT will be available on the same day.
Gitcoin is the community of builders, creators, and protocols at the center of open web ecosystems. Gitcoin is on a mission to build an internet that is open source, collaborative, and economically empowering. It is creating community and infrastructure for Web 3 — a diverse range of tools, technologies, and networks that enable people to work for the open internet. By funding projects, building community, and making learning resources accessible, Gitcoin is teaming up to create the digital public infrastructure of tomorrow.
GTC is the governance token using to decentralize Gitcoin into a DAO (GitcoinDAO) ecosystem, collectively working to fund the next generation of public goods. GitcoinDAO aims to be the best place to collectively build and fund our digital infrastructure.
The Gitcoin governance ecosystem is built around GTC, which leverages a COMP/UNI style governance that makes on-chain voting, snapshot voting and community led governance possible. At its base layer, GTC is a standard ERC20-style token with a 100mm supply. 50% of the token supply has been allocated to those who have provided value to the ecosystem in the past (community members, investors and the existing team), and 50% will be unlocked for the community to manage in the future.
1. Deposit: 2:30 May 26 (UTC)
2. Withdrawal: 2:30 May 26 (UTC)
3. Trading pair: GTC/USDT
4. Opening method: Call Auction
a. Call Auction
2:30 May 26—3:50 May 26, 2021 (UTC)
Orders can be placed and cancelled
3:50-4:00 May 26, 2021 (UTC)
Orders can be placed but cannot be cancelled
4:00 May 26, 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 26, 2021
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