Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list BSTN and support deposit and withdrawal & Automated Market Making (AMM) on June 15, 2022 (UTC). And its trading pair BSTN/USDT will be available on the same day.
1. Deposit: 07:00 June 15, 2022 (UTC)
2. Withdrawal: 07:00 June 15, 2022 (UTC)
3. Trading pair: BSTN/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 June 15, 2022 (UTC)
Orders can be placed and canceled
09:50-10:00 June 15, 2022 (UTC)
Orders can be placed but cannot be canceled
10:00 June 15, 2022 (UTC)
Bastion is a decentralized lending and borrowing protocol that algorithmically sets interest rates based on supply and demand. The protocol is based on Compound and is built on Aurora, NEAR's EVM-compatible layer. The ultimate vision for Bastion is to be the liquidity hub of NEAR, where no asset lies unproductive and composable cTokens form the base of the ecosystem. Collateral Tokens (cTokens) are like LP tokens, they are essentially the receipt you receive when you deposit tokens into Bastion. cTokens are used to claim back underlying tokens and accrue interest over time. Lending and borrowing are a core primitive in any DeFi ecosystem. Building on Aurora enables Bastion to create an autonomous interest-rate engine with greater capital efficiency, fast transactions, ultra-low transaction fees, precise liquidations, and harness the underlying UX benefits of NEAR. Bastion integrated with Flux Protocol to provide oracle price feeds. Oracles are a critical component of any lending protocol as it is vital to have a live pricefeed within smart contracts for the calculation of interest rate algorithms and precise liquidations. The initial price feeds being launched include ETH, NEAR, WBTC, AR, DAI, USDC, and USDT. Additionally, Bastion will leverage Flux in launching additional Price Feeds to support the growth of Aurora in the future. Bastion unlocks the ability to:
1) Supply assets to earn interest
2) Put assets up for collateral
3) Borrow assets
4) Leverage long (using borrow)
5) Short assets (using borrow)
The Bastion Token (BSTN) is Bastion Protocol's governance token. BSTN tokens are used as incentives to bootstrap borrow demand and provide initial deposit rate stability.
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 15, 2022