Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list CHESS and support deposit and withdrawal & Automated Market Making (AMM) on August 26, 2021 (UTC). And its trading pair CHESS/USDT will be available on the same day.
1. Deposit: 03:00 August 26 (UTC)
2. Withdrawal: 03:00 August 26 (UTC)
3. Trading pair: CHESS/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-10:50 August 26, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 August 26, 2021 (UTC)
Orders can be placed but cannot be canceled
Tranchess, in simple terms, is a tokenized structured fund protocol. The protocol is inspired by structured funds that cater to users with varying risk appetite. Tranchess consists of three tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. Each of the three tranches is designed to accede the needs of different group of users: stable return yielding (Tranche BISHOP), leveraged crypto asset trading (Tranche ROOK), and long-term crypto asset holding (Main Tranche QUEEN).Tranchess 1.0 is a fund that tracks BTC's performance directly. In theory, Tranchess can track any single crypto asset or basket of crypto assets.
There are two ways that users can participate in the protocol, primary market and secondary market. Creation is when a user exchanges BTC for Token QUEEN while redemption, on the other hand, is when a user exchanges Token QUEEN for BTC. Users can convert Token QUEEN with Token BISHOP and Token ROOK. Primary market is where creation/redemption versus split/merge happen. Tranchess Swap is the secondary market where users purchase Token QUEEN, BISHOP and ROOK directly with USDC.
CHESS is the main token of Tranchess. Its main functions include governance and the right to share protocol profit.
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