Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BEND and support deposit and withdrawal & Automated Market Making (AMM) on May 6, 2022 (UTC). And its trading pair BEND/USDT will be available on the same day.
BEND Services
1. Deposit: 07:00 May 6, 2022 (UTC)
2. Withdrawal: 07:00 May 6, 2022 (UTC)
3. Trading pair: BEND/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 May 6, 2022 (UTC)
Orders can be placed and canceled
09:50-10:00 May 6, 2022 (UTC)
Orders can be placed but cannot be canceled
b. Trading
10:00 May 6, 2022 (UTC)
About BEND
Website丨Explorer｜Whitepaper
BendDAO is a decentralized peer-to-pool based NFT liquidity protocol. Depositors provide ETH liquidity to the lending pool to earn interest, while borrowers are able to borrow ETH through the lending pool using NFTs as collateral instantly. Bend protocol enables NFT assets to be pooled and converted into representing ERC721 bound NFTs to realize NFT loans.
Borrowers (NFT holders) will bundle NFT into one separate token (bound NFT) through BendDAO Protocol in order to function as a single unit of collateral. Details of the Collateral Ratio. Details are listed as follows:
· Initiate an instant NFT loan contract to borrow ETH from the pool
· Maintain NFT collateral ratio by repaying ETH anytime
· Get back the NFT when paying off the NFT loan
Depositors/ lenders will be able to:
· Deposit/withdraw ETH to the reserve pools
· Earn yields by providing liquidity
From the NFT holder's point of view:
· A 48-hour liquidation protection period
In order to avoid losses caused by the market fluctuations, the borrower will have a 48-hour liquidation protection period to repay the loan.
· Same airdrop right for borrowers
Borrowers will be eligible for all related NFT holder airdrops. BendDAO will collect and distribute the airdrops to boundNFT holders when their NFTs are in the collateral pool.
Furthermore, borrowers can claim NFT rewards on other protocols while having NFTs still in a collateral pool with the Flashloan feature.
· Never be stolen
NFTs will be converted into representing ERC721 bound NFTs through instant NFT loans. boundNFT is untransferable avoiding the risk of theft. On the other side, boundNFT has the same digital self-expression which can be used on Web2 social media platforms that support the NFT avatar.
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
May 6, 2022
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