Dear CoinEx users:
In order to provide global users with more high-quality currency trading options, CoinEx will support the VLX/BTC trading market at 08:00 on June 7, 2021 (UTC), and open VLX/USDT and VLX/BTC at the same time automated market making (AMM) function. To celebrate VLX's listing of BTC trading pairs, CoinEx will launch VLX AMM Mining Campaign. The specific arrangements for the activities are as follows.
VLX Services
Opening method: Call Auction
a. Call Auction
08:00-09:50 June 7, 2021 (UTC)
Orders can be placed and cancelled
09:50-10:00 June 7, 2021 (UTC)
Orders can be placed but cannot be cancelled
b. Trading
10:00 June 7, 2021 (UTC)
About VLX
Website丨Explorer丨White paper
Velas is an AI-powered Delegated Proof-of-Stake (AIDPOS) blockchain and open-source platform for decentralized applications. It combines Blockchain and innovative AI technologies to create a transparent, community-driven, and decentralized ecosystem of products and services.
The Velas team conducted fundamental research to better understand how AI could be implemented into the blockchain architecture to optimize the performance of the whole network. Based on the conducted research the team are designing and developing the AIDPoS consensus algorithm.
The main principle is to use AI to adapt the blockchain to current circumstances in the network, preserving the level of Transaction Per Seconds (processed and confirmed transactions) and resilience in the optimal ranges.
Token Velas (VLX ) is used for transactions, payments, fees and for supporting Proof-of-Stake consensus. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production.
To celebrate VLX's listing of BTC trading pairs, CoinEx will launch VLX AMM Mining Campaign. The details are as follows:
Event time: 00:00, June 9, 2021- 00:00, June 14, 2021 (UTC)
Rules of promotion：
During the promotion, users can join in mining on the promotion page and provide liquidity for VLX/USDT, VLX/BTC pair to share a Reward of 280,000 VLX. According to the effective liquidity market value of all participants, the mining reward will be calculated and allocated on an hourly basis.
|
Pair |
VLX/USDT、VLX/BTC |
|
Coin |
VLX |
|
Total yield |
280,000 VLX |
|
Hourly yield |
2,333.334 |
|
Singular liquidity provided |
≥ 200 USD |
|
Upper limit of effective liquidity provided per account |
5,000 USD |
|
Upper limit of total liquidity |
—— |
|
Requirement |
KYC verified users (Sub accounts excluded) |
Promotion entrance：https://www.coinex.com/activity/mining/amm/15
Rules of allocation
(1) Calculation:
According to the effective liquidity market value of all participants, the mining reward will be calculated and allocated on an hourly basis.
Hourly reward = Your provided effective liquidity at the time of snapshot / Total liquidity market value of all participants * Hourly yield
* E.g. At the snapshot of 12:00, if the effective liquidity market value provided by User A is 1,000 USD, while the total liquidity market value of all participants at that time is 100,000 USD and the hourly yield is 10,000 VLX, then:
Hourly mining reward of User A at 12:00 = 1,000 / 100,000 * 10,000 = 100VLX
Rules of allocation
(1) Calculation:
According to the effective liquidity market value of all participants, the mining reward will be calculated and allocated on an hourly basis.
Hourly reward = Your provided effective liquidity at the time of snapshot / Total liquidity market value of all participants * Hourly yield
* E.g. At the snapshot of 12:00, if the effective liquidity market value provided by User A is 1,000 USD, while the total liquidity market value of all participants at that time is 100,000 USD and the hourly yield is 10,000 CET, then:
Hourly mining reward of User A at 12:00 = 1,000 / 100,000 * 10,000 = 100 VLX
(2) Allocation:
The mining reward will be allocated on an hourly basis. You may check your reward amount and allocation history on the promotion page.
(3) Withdrawal:
After allocation, manual withdrawal is required at the promotion page. You can check your reward in Spot account after withdrawal. Also, the unwithdrawn reward will be systematically transferred to your CoinEx Spot account after the promotion.
4. Mining guide
（1）How to participate in MM mining?
a. You have never participated in VLX/USDT, VLX/BTC AMM.
Step 1: Get your funds ready. Make sure that you have VLX, USDT or VLX, BTC assets in your Spot account on CoinEx.
Step 2: Provide liquidity. Click “Add” at “Effective liquidity market value” on promotion page, select coin type, enter quantity and click “Add” again.
You’ll be all set for MM Mining in 2 steps.
b. You are already a member in VLX/USDT, VLX/BTC AMM.
Click "Sign up now" and wait for the proceeds.
Note: The upper limit of effective liquidity provided per account is 10,000 USD. Your share of reward will still be calculated based on 10,000 USD if you have provided more liquidity than the upper limit.
2. How to add liquidity?
Click “Add” at “Effective liquidity market value” on promotion page, select coin type, enter quantity and click “Add” again.
Note: When adding liquidity, you should provide no less than 200 USD worth of asset per time. The upper limit of effective liquidity provided per account is 10,000 USD. Your share of reward will still be calculated based on 10,000 USD if you have provided more liquidity than the upper limit.
3. How to withdraw liquidity?
Click “Remove” at “Effective liquidity market value” on promotion page. You can check your reward in Spot account after withdrawal.
Note: Liquidity cannot be added again or withdrawn in 24 hours after adding liquidity. Your liquidity can only be withdrawn all at once.
Risk Warning
During MM mining, 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
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. In terms of the trading mechanism, CoinEx adopts AMM with order book so that the funds from liquidity pool will be systematically converted into order book.CoinEx adopts the algorithm of "constant product market maker model" in AMM, which characterized in the firm liquidity provision to the market no matter how large the order book is or how small the liquidity pool is.
*Note
1. CoinEx reminder: Cryptocurrencies are innovative investment products with high investment risk due to price fluctuations. Please make sure to have a full understanding of digital assets before investing, rationally judge your investment ability, and make prudent decisions.
2. CoinEx reserves the right of final interpretation of this announcement.
CoinEx Team
June 7, 2021
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