Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list METIS and support deposit and withdrawal & Automated Market Making (AMM) on Aug 31, 2022 (UTC). And its trading pairs METIS/USDT & METIS/BTC will be available on the same day.
1. Deposit: 07:00 Aug 31, 2022 (UTC)
2. Withdrawal: 07:00 Aug 31, 2022 (UTC)
3. Trading pair: METIS/USDT, METIS/BTC
4. Opening method: Call Auction
a. Call Auction
07:00-09:50 Aug 31, 2022 (UTC)
Orders can be placed and canceled
09:50-10:00 Aug 31, 2022 (UTC)
Orders can be placed but cannot be canceled
10:00 Aug 31, 2022 (UTC)
Metis is an Ethereum Layer 2 Rollup Platform. Metis has developed an Optimistic Rollup solution to bundle and sequence transactions on the layer above Ethereum and then send that data back as one transaction to the Ethereum Layer 1 main chain. This way, Metis is able to offer extremely fast transactions that take just a few seconds and cost just a few cents, while still maintaining the security of Ethereum Layer 1.
The Metis Layer 2 network assumes all transactions are valid until proven otherwise. These are called fraud proofs which are submitted in case the transactions are invalid. Validators post a bond, and this is slashed for invalid transactions. This is rigorously verified by Rangers. For other Optimistic rollups the withdrawal time from Layer 2 back to Ethereum is 7 days. Once the Metis network is fully deployed, withdrawal times will be cut down to just a few hours and eventually minutes, through a network of Rangers who validate the transactions. This is one of our key advantages over other solutions.
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
Aug 30, 2022