Dear CoinEx users,
According to the snapshot result of user balances at XEM block height of 3,105,500 based on our earlier announcement Snapshot Dates Confirmed to the Symbol (XYM) Airdrop Program for XEM holders, CoinEx will allocate XYM airdrop to XEM holders at the ratio of 1:1 at 2:00 June 10, 2021 (UTC). At the same time, CoinEx lists XYM with trading pairs XYM/USDT and XYM/BTC, and supports deposit and withdrawal & Automated Market Making (AMM).
1. Deposit: 2:00 June 10 (UTC)
2. Withdrawal: 2:00 June 10 (UTC)
3. Trading pair: XYM/USDT; XYM/BTC
4. Opening method: Call Auction
a. Call Auction
02:00—03:50 June 10, 2021 (UTC)
Orders can be placed and cancelled
03:50-04:00 June 10, 2021 (UTC)
Orders can be placed but cannot be cancelled
04:00 June 10, 2021 (UTC)
Symbol is the trusted, secure value exchange network for business, which connects businesses, developers and individuals, enabling countless possibilities for blockchain. Symbol smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets. Symbol allows developers to use familiar APIs to interact with existing platforms and develop in their own way. For the enterprise side, Symbol can help enterprises build blockchain applications suitable for their own business models. Delivered by NEM, Symbol is the core technology powering the ecosystem alongside the NEM Group, NEM Ventures, and NEM Trading. XYM is the native currency of the Symbol public blockchain. The value of XYM: It is used to pay for transactions in order to incentivize the network of public nodes that process and record transactions, giving XYM fundamental value as the currency of a functioning economy. Technical Strength: 1) Symbol comes with built-in safety features that take the worry away which makes Symbol more resilient to human error and network attacks. 2) Symbol is interoperable which its APIs ensure seamless integration with existing enterprise systems and processes, as well as other networks and blockchains. 3) Faster & More Efficient: Symbol’s tiered architecture and plug-in solutions improve flexibility, speed up processing and development time, and lowering costs.
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 9, 2021
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