Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list QUICK and support deposit and withdrawal & Automated Market Making (AMM) on 2 June, 2021 (UTC). And its trading pair QUICK/USDT will be available on the same day.
QuickSwap is a permissionless decentralized exchange (DEX) based on Ethereum, powered by Polygon Network’s Layer 2 scalability infrastructure. By utilizing Layer 2 for transactions, QuickSwap users are able to trade any ERC20 asset at lightning-fast speeds with near-zero gas costs.
Incorporating a community-focused governance structure and a fair token distribution model, QuickSwap is empowering traders whilst removing the costly barriers to entry to DEXs for the general crypto user.
Liquidity mining and yield farming opportunities incentivize the growth of a strong liquidity provider ecosystem. A trading fee of 0.3% for every transaction is charged on QuickSwap. Users who provide liquidity to trading pairs on the platform are eligible to receive a percentage of trading fees in proportion to their liquidity pool stake. (0.25% are rewarded to LPs, 0.04% to single-asset QUICK stakers, and 0.01% to the QuickSwap Foundation).
As a community-governed protocol, long-term growth of a healthy and engaged participant ecosystem, beginning at launch, is of paramount importance. Therefore, it’s important to note that there was no seed round, no private round, no pre-sale, and no public sale (ICO/IDO/IEO) of the QUICK token. 96.75% of the token’s total 1 million supply was reserved for the QuickSwap community.
QUICK token holders have ownership of QuickSwap’s governance process. Holders are able to submit proposals for changes to the protocol and vote on factors that effect the entire community such as how the treasury distributes funds.
1. Deposit: 2:00 June 2 (UTC)
2. Withdrawal: 2:00 June 2 (UTC)
3. Trading pair: QUICK/USDT
4. Opening method: Call Auction
a. Call Auction
2:00 - 5:50 June 2, 2021 (UTC)
Orders can be placed and cancelled
5:50 - 6:00 June 2, 2021 (UTC)
Orders can be placed but cannot be cancelled
6:00 June 2, 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 2, 2021
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