Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list MEME and support deposit and withdrawal & Automated Market Making (AMM) on August 25, 2021 (UTC). And its trading pair MEME/USDT will be available on the same day.
1. Deposit: 07:00 August 25 (UTC)
2. Withdrawal: 07:00 August 25 (UTC)
3. Trading pair: MEME/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 August 25, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 August 25, 2021 (UTC)
Orders can be placed but cannot be canceled
Meme is a decentralized protocol for farming NFTs. The“money lego” bricks include: staking, governance, fair distribution, and crypto collectibles. Built by a team of Ethereum natives, the Meme Protocol features:
1.Experiments mashing up innovations in DeFi and crypto collectibles；
2. No rebasing;
3. Fair distribution of underlying tokens by way of early community airdrop.
The Meme smart contracts borrow from established, open-source contracts including Synthetix and OpenSea. The Meme Protocol is ultimately controlled by $MEME token holders. Holders of 100 $MEME or more comprise of the Meme Citadel, currently the governing organization of the protocol.
Future initiatives include:
1. Additional NFT collections of the top crypto memes;
2. Exclusive partnerships with DeFi projects;
3. Meme DAO: Future governing body of the Meme Protocol;
4. On-chain artist compensation tools;
5. Explorations into gaming.
MEME is the native token to the exclusive digital art NFT platform DontBuyMEME. In return for staking, users earn redemption credits known as pineapples that are used to mint the NFT of their choice. MEME can also be used to bid on art auctions through the platform.
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 25, 2021