Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list MINA and support deposit and withdrawal & Automated Market Making (AMM) on June 1, 2021 (UTC). And its trading pair MINA/USDT and MINA/BTC will be available on the same day.
Mina is a cryptocurrency protocol with a succinct blockchain. Current cryptocurrencies like Bitcoin and Ethereum store hundreds of gigabytes of data, and as time goes on, their blockchains will only increase in size. With Mina however, no matter how much the usage grows, the blockchain always stays the same size - about 22kb (the size of a few tweets). This means participants can quickly sync and verify the network.
This breakthrough is made possible due to zk-SNARKs, a type of succinct cryptographic proof. Each time a Mina node produces a new block, it also generates a SNARK proof verifying that the block was valid. All nodes can then store the small proof, as opposed to the entire chain. By not having to worry about block size, the Mina protocol enables a blockchain that is decentralized at scale.
Mina is the native currency in the Mina Protocol. The initial supply of Mina is 1,000,000,000. In order to motivate participants to begin staking, Mina’s nominal inflation will begin at 12%. Then, over the course of the first five years, the inflation rate will fall to 7% and remain at 7% thereafter by default, subject to changes via the chain’s governance.
1. Deposit: 8:00 June 1 (UTC)
2. Withdrawal: 8:00 June 1 (UTC)
3. Trading pair: MINA/USDT; MINA/BTC
4. Opening method: Call Auction
a. Call Auction
8:00—9:50 June 1, 2021 (UTC)
Orders can be placed and cancelled
9:50-10:00 June 1, 2021 (UTC)
Orders can be placed but cannot be cancelled
10:00 June 1, 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
June 1, 2021
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