Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list FODL and support deposit and withdrawal & Automated Market Making (AMM) on October 26, 2021 (UTC). And its trading pair FODL/USDT will be available on the same day.
1. Deposit: 07:00 Oct 26 (UTC)
2. Withdrawal: 07:00 Oct 26 (UTC)
3. Trading pair: FODL/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Oct 26, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 Oct 26, 2021 (UTC)
Orders can be placed but cannot be canceled
11:00 Oct 26, 2021 (UTC)
FODL is a decentralized Defi protocol that meets the need for highly liquid, low-cost, and fully on-chain leverage. Rather than reinventing a centralized exchange, they utilize existing Defi building blocks to accomplish their goals — further bolstering existing platforms with new cases. Collateralized lending platforms in combination with flash loans turned out to be a great method of using highly liquid markets to achieve decentralized leverage for the purpose of long & short trading.
The second goal with FODL was to align the platform with the ethos of DeFi — a fully decentralized platform, revenue distribution model and user experience. With FODL, everything is calculated and executed on-chain. Users do not send their funds to a centralized pool or protocol. Users maintain the keys to their positions, and have the option to enable stop loss and take profit bots only to unwrap their positions. All revenue from the protocol is utilized to buyback the protocol’s token from decentralized liquidity pools, meaning no revenue will ever be sent to a team wallet or central party.
FODL token is the governance token of the protocol, and further usecase is being discovered by the team and the community.
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 25, 2021