Dear CoinEx users,
According to the arrangement in the Announcement on Supporting SGB (Songbird) Airdrop for XRP Holders, based on the snapshot result of user balances at the first validated XRP ledger index number with a timestamp greater than or equal to 00:00 Dec 12, 2020 (UTC), CoinEx has allocated SGB airdrop to XRP holders at the ratio of 1 XRP : 0.1511 SGB at 3:00 Jan 14, 2022 (UTC). At the same time, CoinEx lists SGB with trading pairs SGB/USDT and SGB/BTC, and supports deposit and withdrawal & Automated Market Making (AMM).
1. Deposit: 03:00 Jan 14, 2022 (UTC)
2. Withdrawal: 03:00 Jan 14, 2022 (UTC)
3. Trading pair: SGB/USDT, SGB/BTC
4. Opening method: Call Auction
a. Call Auction
03:00-08:50 Jan 14, 2022 (UTC)
Orders can be placed and canceled
08:50-09:00 Jan 14, 2022 (UTC)
Orders can be placed but cannot be canceled
09:00 Jan 14, 2022 (UTC)
Songbird is the Canary network for Flare. It has two distinct phases. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the StateConnector and F-Asset systems and the network architecture. The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens.This will improve the security, stability and credibility for the ultimate launch of Flare.
Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.
In all periods Songbird has two other core uses. First, advanced testing and community building for applications that wish to launch on Flare. Ideally all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird. Second, as a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.
Songbird will have its own token, Songbird ($SGB), which will be distributed once only and in the same ratio to all the same recipients of the FLR distribution. Total starting supply will be 15 Billion.
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
Jan 14, 2022