Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list FX and support deposit and withdrawal & Automated Market Making (AMM) on October 15, 2021 (UTC). And its trading pair FX/USDT will be available on the same day.
1. Deposit: 07:00 Oct 15 (UTC)
2. Withdrawal: 07:00 Oct 15 (UTC)
3. Trading pair: FX/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Oct 15, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 Oct 15, 2021 (UTC)
Orders can be placed but cannot be canceled
11:00 Oct 15, 2021 (UTC)
Function X or f(x) is an ecosystem built entirely on and for the blockchain. Everything in f(x) (including the application source code, transmission protocol and hardware) is completely decentralized and secure.
Function X consists of five core components: f(x) distributed ledger (Blockchain) is a set of consensus algorithms in the form of a distributed ledger; The f(x) OS is an Android-modified operating system that is also blockchain-compatible; f(x) FXTP is a transmission protocol for the decentralized network; f(x) IPFS is a protocol and network designed to store data in a distributed system; f(x) Docker is computer program designed to make it easier to create, deploy, and run applications.
All five components serve a single purpose which is to decentralize all services, apps, websites, communications and, most importantly, data.
f(x) Coin is the native‘currency’of the Function X blockchain and ecosystem. Services rendered in the ecosystem will be transacted with the f(x) Coin: In-app purchases, Blockchain calls, Smart contract creations, Transaction fees, Advertisements, Hosting fees, etc.
- For service providers: To get paid by developers, companies and consumers for providing storage nodes, DDocker and speeding up of network connections.
- For consumers: To pay service fees for using DApps, nodes, network resources, storage solutions and other services within the f(x) ecosystem.
- For developers: To pay for services and resources rendered in the ecosystem such as smart contract creation, file storage (paid to IPFS service provider), code hosting (paid to DDocker service provider), advertisements (paid to other developers) and others. To get paid by the enterprises or organizations which require the developer’s service.
- For enterprises or organizations: To pay for service fees, developer fees and advertisements. Services provided to consumers will be charged and denominated in f(x) Coin.
- For phone and hardware manufacturers: To pay for the Function X Operating System customization. Note: we plan to only build a few thousands of the XPhone flagship handsets and leave the rest to third-party manufacturers to build more using our operating system.
- For financial institutions: to receive payment for financial services rendered for the ecosystem.
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
Oct 15, 2021