Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list NU and support deposit and withdrawal & Automated Market Making (AMM) on May 27, 2021 (UTC). And its trading pair NU/USDT will be available on the same day.
NuCypher is a cryptographic infrastructure for privacy-Preserving Applications. The NuCypher Network provides accessible, intuitive, and extensible runtimes and interfaces for secrets management and dynamic access control.The NuCypher DAO controls various network parameters (i.e. fee ranges, slashing penalties, etc.) and validates contract upgrades.Nodes on the network are incentivized through a combination of inflation (NU tokens) and fees paid by users of the network (ETH).
The NU ERC-20 "work token" must be staked in order to run a node on the network. This stake is used to coordinate the network by allocating work to performing nodes and as collateral to disincentivize malicious or incorrect behavior.WorkLock is a novel, permissionless decentralized network node setup mechanism, developed at NuCypher, which requires participants to temporarily escrow ETH and operate NuCypher nodes in order to be allocated NU, the native cryptocurrency of the NuCypher network that enables node operation.The WorkLock is NuCypher's initial node distribution model for stakers on the network. It provides a permissionless opportunity for participants to stake ETH, run a NuCypher node, and earn NU.At network launch, the initial supply is 1 billion NU. The total supply is ~3.89 billion NU, 2.89 billion of which is distributed as inflation rewards to Stakers as per the Staking Economics paper. The initial 1 billion NU supply is released over a period of 5 years.
1. Deposit: 7:00 May 27 (UTC)
2. Withdrawal: 7:00 May 27 (UTC)
3. Trading pair: NU/USDT
4. Opening method: Call Auction
a. Call Auction
7:00 May 27—10:50 May 27, 2021 (UTC)
Orders can be placed and cancelled
10:50-11:00 May 27, 2021 (UTC)
Orders can be placed but cannot be cancelled
11:00 May 27, 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 27, 2021
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