Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list CVC and support deposit and withdrawal & Automated Market Making (AMM) on May 20, 2021 (UTC). And its trading pair CVC/USDT will be available on the same day.
About CVC
Website丨Explorer丨White paper
Civic is building an ecosystem that is designed to facilitate on-demand, secure and low-cost access to identity verification("IDV')services via the blockchain, such that background and personal information verification checks will no longer need to be undertaken from the ground up every time. Civic also intends to introduce a Civic token, or CVC, that participants in the ecosystem can reduce the overall costs of IDV, remove inefficiencies, enhance security and privacy, greatly improve user experience and disrupt the current IDV supply chain.
CVC is used as a form of settlement between participants to an identity-related transaction within the Ecosystem. The CVC paid in a transaction is distributed to the Validator and the User as a reward for sharing information. The proportion in which they share the CVC is defined by the smart contract and can be adjusted by consensus of the Ecosystem participants.
CVC will also provide a means to incentivize all participants, including Users, to contribute to the Ecosystem. Moreover, Civic anticipates that the Ecosystem will develop such that Civic and third-party providers of identity-related products and servives will offer those products and services to Ecosystem participants in exchange for CVC.
CVC Services
1. Deposit: 8:00 May 20 (UTC)
2. Withdrawal: 8:00 May 20 (UTC)
3. Trading pair: CVC/USDT
4. Opening method: Call Auction
a. Call Auction
8:00—11:50 May 20, 2021 (UTC)
Orders can be placed and cancelled
11:50-12:00 May 20, 2021 (UTC)
Orders can be placed but cannot be cancelled
b. Trading
12:00 May 20, 2021 (UTC)
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 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%. VIP and market makers 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.
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. More details about impermanent losses
CoinEx Team
May 20, 2021
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