Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list TOWN and support deposit and withdrawal & Automated Market Making (AMM) on Nov 26, 2021 (UTC). And its trading pair TOWN/USDT will be available on the same day.
1. Deposit: 03:00 Nov 26, 2021 (UTC)
2. Withdrawal: 03:00 Nov 26, 2021 (UTC)
3. Trading pair: TOWN/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-10:50 Nov 26, 2021 (UTC)
Orders can be placed and canceled
10:50-11:00 Nov 26, 2021 (UTC)
Orders can be placed but cannot be canceled
11:00 Nov 26, 2021 (UTC)
Town Coin is a token that was created by Gala Games exclusively as a reward for playing-to-earn with Town Star NFTs. TOWN was not sold or offered in an ICO (Initial Coin Offering) but instead began being created on October 5th, 2021 as a reward for players participating in early access playtesting of TSP2E. Unlike imaginary in-game money that cannot leave the game, Town Coin is a real cryptocurrency that lives on a blockchain. All Town Coin rewarded through playing shall be unminted in a player's treasure chest. As such, in order to transfer, list, buy or sell, users must first actively mint the token.
Adding TOWN to Supply：
- Players earn Town Coin from playing with NFTs
- Node operators receive Town Coin in a daily distribution as a reward for operating their Founder’s Node
Uses for TOWN：
- Exclusive NFT items that can only be purchased with Town Coin
- In-game upgrades and benefits that are purchasable only with Town Coin
- Holding Town Coin provides additional benefits to Gala Power,Gala Power — Each player has a level called Gala Power that is determined (at first) by the amounts of liquid GALA and Town Coin held in their player wallet. Players are rewarded for holding Town Coin in their player wallet with increasing levels of Gala Power, which allow them to place more NFTs in-game eligible to earn rewards.
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
Nov 26, 2021