Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list YGG and support deposit and withdrawal & Automated Market Making (AMM) on July 30, 2021 (UTC). And its trading pair YGG/USDT will be available on the same day.
1. Deposit: 07:00 July 30 (UTC)
2. Withdrawal: 07:00 July 30 (UTC)
3. Trading pair: YGG/USDT;
4. Opening method: Call Auction
a. Call Auction
07:00—10:50 July 30, 2021 (UTC)
Orders can be placed and cancelled
10:50-11:00 July 30, 2021 (UTC)
Orders can be placed but cannot be cancelled
Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) for investing in non fungible tokens (NFTs) used in virtual worlds and blockchain-based games. YGG combines the best of the non-fungible token (NFT) and the decentralized finance (DeFi) space, bringing yield farming to game economies while adding value to these virtual worlds by developing the content and economy of these games. A function of YGG token’s value is derived from the earnings or value of all its subDAO ownership. A subDAO enables the community to put the assets of the game to play. The YGG token will reflect the % ownership of each of the tokenized subDAOs, making it a subDAO index. The rest of the functions represent YGG’s activities from NFT asset rentals, merchandise, esports and NFT breeding activities. YGG’s goal is to maximize the value of NFTs used in virtual worlds and blockchain-based games. Its protocol is automated by smart contracts instructed by consensus through the DAO based on governance proposals and voting of a distributed network of token holders. The organization’s mission is to create the biggest virtual world economy, optimizing its community-owned assets for maximum utility and sharing its profits with its token holders.
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
July 30, 2021
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