Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list DAI and support deposit and withdrawal & Automated Market Making (AMM) on Nov 2, 2021 (UTC). And its trading pair DAI/USDT will be available on the same day.
DAI Services
1. Deposit: 06:00 Nov 2, 2021 (UTC)
2. Withdrawal: 06:00 Nov 2, 2021 (UTC)
3. Trading pairs: DAI/USDT
4. Opening: 08:00 Nov 2, 2021 (UTC)
About DAI
Website丨Explorer | Whitepaper
Dai is the decentralized stablecoin on Ethereum, developed and managed by MakerDAO, and is the infrastructure of decentralized finance (DeFi). Dai is issued by the full mortgage guarantee of the assets on the blockchain, with anchored 1:1 with the U.S. dollar (1Dai=1 U.S. dollar). Individuals and businesses can obtain safe-haven assets and liquidity by exchanging Dai or collateralizing Dai. Dai has already implemented applications in mortgage loans, margin trading, international transfers, and supply chain finance. The Maker protocol, also known as the multi-collateral Dai (MCD) system, allows users to generate Dai by using mortgage assets approved by "Maker Governance". Maker governance is the process of community organization and operation, used to manage all aspects of the Maker agreement. Dai is a decentralized, unbiased, mortgage-backed cryptocurrency linked to the US dollar. Dai's low volatility can resist hyperinflation and provide economic freedom and opportunities for anyone anywhere.
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.
Risk Warning
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
CoinEx Team
Nov 2, 2021
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