Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list SPELL and support deposit and withdrawal & Automated Market Making (AMM) on October 27, 2021 (UTC). And its trading pair SPELL/USDT will be available on the same day.
1. Deposit: 07:00 Oct 27 (UTC)
2. Withdrawal: 07:00 Oct 27 (UTC)
3. Trading pair: SPELL/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Oct 27, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 Oct 27, 2021 (UTC)
Orders can be placed but cannot be canceled
11:00 Oct 27, 2021 (UTC)
Abracadabra money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD pegged stablecoin (Magic Internet Money - MIM), that can be used as any other traditional stablecoin. Currently, a lot of assets, such as yVaults have locked in capital that can't be put to further use. Abracadabra offers an opportunity to use it.
Abracadabra has 3 main tokens.
1. SPELL: the protocol's token which is used for incentivization.
2. sSPELL: obtained by staking SPELL tokens and used for fee-sharing and governance!
3. MIM: a USD pegged stable coin.
Abracadabra uses Kashi Lending Technology to provide isolated lending markets, that allow users to adjust their risk tolerance according to the collateral they decide to use.
Abracadabra offers different farming opportunities where users can stake their LP tokens to farm SPELL tokens. This mechanism is used to keep deep liquidity on particular pairs. Farming is currently available on Ethereum for ETH-SPELL and MIM-3CRV LP tokens. Future incentivization programs for LP pairs can be voted on through the governance process when the governance portal goes live.
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 27, 2021