Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BIT and support deposit and withdrawal & Automated Market Making (AMM) on August 17, 2021 (UTC). And its trading pair BIT/USDT will be available on the same day.
1. Deposit: 08:00 August 17 (UTC)
2. Withdrawal: 08:00 August 17 (UTC)
3. Trading pair: BIT/USDT
4. Opening method: Call Auction
a. Call Auction
08:00-11:50 August 17, 2021 (UTC)
Orders can be placed and canceled
11:50-12:00 August 17, 2021 (UTC)
Orders can be placed but cannot be canceled
BitDAO is one of the largest DAO (Decentralized Autonomous Organization) in the world. BitDAO’s vision is a future of open finance and a decentralized crypto economy.
Bybit has pledged recurring contributions to the BitDAO treasury which at 2021 rates exceeds $1B per year. BitDAO is banking on the success of DeFi and will allocate massive financial and talent resources to support DeFi growth.
1. Research and Development
BitDAO partners will establish R&D centers to develop BitDAO core protocols (governance and treasury management), develop BitDAO DeFi products, support DeFi partners, and provide incubation services to emerging DeFi projects.
BitDAO will control one of the largest pools of assets, which can be used to provide liquidity to partner protocols. BitDAO can bootstrap new protocols such as DEX, lending, synthetics.
BitDAO will support blockchain technologies through grants (e.g. via Gitcoin), and support DeFi projects through token swaps.
BitDAO is owned and governed by BIT token holders, with the following actions executed only after a successful proposal and vote:
-token swaps with existing and emerging projects.
-treasury allocation into various strategies.
-liquidity support for partner projects.
-grants or milestone rewards to development teams and R&D centers (to build BitDAO products, or support partner products).
-grants to blockchain technology projects, education programs, or other blockchain public goods.
-updates to BitDAO core protocols (including governance and treasury management functions).
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 a 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%, for market makers is 0.15%. VIP 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
August 17, 2021