Exchanges

CoinEx lists two Electroneum (ETN) trading pairs

Cryptocurrency Exchange CoinEx has announced the listing of the Electronuem’s token, ETN, as of 16 June with ETN/USDT and ETN/BTC trading pairs.

“To provide our users with more trading options, and after rigorous reviews, CoinEx has decided to list ETN,” CoinEx said in a statement. “CoinEx will also support deposit and withdrawal as well as Automated Market Making.”

The listing could potentially bring in thousands of new crypto enthusiasts into the CoinEx ecosystem. Inversely, for the crypto exchange, the move unlocks the potential of servicing the ETN-Network’s 4.3 million registered users and its nearly 3 million ETN App users, CoinEx told Coin Rivet.

Founded in December 2017 in Hong Kong, the UK-FCA-registered crypto exchange prides itself on its platform’s high speed, low cost, user-friendly interface, and increased security. The exchange is designed to enable the platform to process thousands of transactions in a second, higher than the industry average. It has implemented advanced SSL protocols, multi-signature wallets, and a two-factor authentication system to ensure enhanced security.

CoinEx supports several cryptocurrencies. The exchange has different fees for “takers” and “makers.” The trading fees for takers are 0.15%, which is slightly below the global average. However, it is essential to note that most competitive exchange platforms charge trading fees between 0.15% and 0.10%. That puts CoinEx up there with the competitive exchange platforms.

What is CoinEx’s Automated Market Making?

 Automated market-making (AMM) helps automate the liquidity pool converting into the order book. With the “constant product market maker formula” algorithm in AMM, how large the order book is or how small the liquidity pool does not matter as it guarantees firm liquidity provision to the market.

The fees for both marker and taker is 0.3%. All users are qualified to apply for market makers and reward 50% of the market’s transaction fees to liquidity providers.

User-provided liquidity is 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.

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.

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 are 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.

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

3 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

4 weeks ago