Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list RMRK and support deposit and withdrawal & Automated Market Making (AMM) on June 7, 2022 (UTC). And its trading pairs RMRK/USDT and RMRK/BTC will be available on the same day.
1. Deposit: 03:00 June 7, 2022 (UTC)
2. Withdrawal: 03:00 June 7, 2022 (UTC)
3. Trading pair: RMRK/USDT, RMRK/BTC
4. Opening method: Call Auction
a. Call Auction
03:00-06:50 June 7, 2022 (UTC)
Orders can be placed and canceled
06:50-07:00 June 7, 2022 (UTC)
Orders can be placed but cannot be canceled
07:00 June 7, 2022 (UTC)
RMRK is a set of NFT legos that give NFTs infinite extensibility, hosted on the Kusama blockchain, Polkadot's canary network, without the need for parachains or smart contracts. The RMRK NFT 2.0 Concepts are divided into RMRK legos and RMRK concepts. Legos are primitives that make up complex use cases and enable certain concepts. There are different RMRK Legos as below.
Nested NFTs : The ability for any NFT to contain other RMRK NFT.
Multi-resource NFTs : The ability for an NFT to vary its output depending on the context it is being loaded in.
Equippable NFTs : The ability for NFTs to equip owned NFTs in order to gain extra utility or change their appearance, also known as composable NFTs.
On-chain emotes : The social mechanic of sending and rendering received emotes (emoji reactions) on any NFT.
Conditional Rendering : The ability for an NFT to have different client-side outputs depending on some on-chain or off-chain values.
NFTs as DAOs : The ability for NFTs to be fractionalized and community governed.
There are several RMRK Concepts as below:
Non-transferable NFTs : The ability for NFTs to be bound to another NFT or to an account address.
Provable Digital Scarcity : The concept that an NFT is only available in one place at one time, enforced by the blockchain's security.
Ownership of Experience : The ability to evolve an NFT over time and keep the experience of interacting with an environment bound to the NFT's value, contextually and on-chain.
The RMRK token is the protocol's official token. It is not required to use the protocol, but can augment the experience. Several utilities are Verification Threshod, Governance and Minting Fee.
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
June 7, 2022