Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list GEL and support deposit and withdrawal & Automated Market Making (AMM) on Mar 1, 2022 (UTC). And its trading pair GEL/USDT will be available on the same day.
GEL Services
1. Deposit: 07:00 Mar 1, 2022 (UTC)
2. Withdrawal: 07:00 Mar 1, 2022 (UTC)
3. Trading pair: GEL/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Mar 1, 2022 (UTC)
Orders can be placed and canceled
10:50-11:00 Mar 1, 2022 (UTC)
Orders can be placed but cannot be canceled
b. Trading
11:00 Mar 1, 2022 (UTC)
About GEL
Website丨Explorer | Whitepaper
Gelato Network is the protocol for automated smart contract executions on public blockchains like Ethereum, Polygon, and Fantom. Gelato is used as the underlying infrastructure for developers to outsource their web3 DevOps needs to a decentralized network of bots that enables them to automate arbitrary smart contracts reliably and without them becoming the central point of failure. The goal is that in the long run, developers that use Gelato to automate their smart contracts functions will govern over the protocol in order to determine the “rules”by which the Executor bots that serve the network have to adhere by. For Executor bots, in order to be able to participate in executing transactions in the Gelato Network and thus earning rewards from doing so, they will need to acquire & stake $GEL. Staking will allow executors to earn the ability to reserve“slots”which give them the exclusive right to earn fees from executing transactions in a certain period of time. $GEL is the native token of Gelato Network. Decentralizing governance and enhancing system robustness through staking are the key two functionalities that the $GEL token adds to the Gelato ecosystem. All token holders will be able to have a say in the future direction of the protocol via voting on proposals in the Gelato DAO.
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
Mar 1, 2022
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