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.
🚀New Listing
CoinEx Listed $ETN at 07:00 June 16@electroneum is a Fast, Secure, Mobile Based Cryptocurrency. It has been developed to allow anyone, regardless of technical ability, easy access to a cryptocurrency.https://t.co/emgy5P77MT#CoinExListing #CoinEx $USDT $BTC pic.twitter.com/SSAlp3G4be
— CoinEx Global (@coinexcom) June 16, 2021
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.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.