Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list PSY and support deposit and withdrawal & Automated Market Making (AMM) on Jan 26, 2022 (UTC). And its trading pair PSY/USDT will be available on the same day.
1. Deposit: 03:00 Jan 26, 2022 (UTC)
2. Withdrawal: 03:00 Jan 26, 2022 (UTC)
3. Trading pair: PSY/USDT
4. Opening method: Call Auction
a. Call Auction
03:00-08:50 Jan 26, 2022 (UTC)
Orders can be placed and canceled
08:50-09:00 Jan 26, 2022 (UTC)
Orders can be placed but cannot be canceled
09:00 Jan 26, 2022 (UTC)
PsyOptions is an American style options protocol built on the Solana blockchain. The principles that have guided the architecture and development of the core protocol are flexibility and composability. It is completely trustless. The core protocol makes no assumptions on how the options should be traded or priced. Options are represented as SPL Tokens, which means they can be traded on any DEX that supports SPL Tokens. PsyOptions aims to bring a TradFi feel to DeFi by building a decentralized, permissionless, and community-owned financial services platform. Their vision is to not only provide our users with a decentralized options trading platform, but to become the de facto on-chain financial services platform for DeFi users across the globe. The initial options protocols are simply the first step along the path of building towards this goal. PSY is purely a governance token that manages the smart contracts, and treasury of tokens through on-chain voting. Proposals will be made on-chain, and voted on with the PSY token.
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 26, 2022