CoinEx Lists ONES Token First and Launches Initial Trade Offering with OneSwap’s Official Launch
OneSwap is a groundbreaking new DeFi project offering a decentralized exchange protocol on a smart contract, with permission-free token listing and automated market making. It offers multiple advantages over other swaps including the ability to preform limit orders and a user friendly interface that resembles familiar trading platforms. OneSwap now lists the ONES token first and launches an “Initial Trade Offering” on the popular CoinEx exchange that has made a strategic investment in the project.
DeFi Your Expectations With OneSwap
CoinEx, a global cryptocurrency exchange service provider, is the first to have listed OneSwap’s ONES token. The exchange also initiated an “Initial Trade Offering” (ITO) event for ONES, where users can get corresponding mining reward from conducting an effective transaction since September 19. Rules for the ITO are also now publicly available.
OneSwap is an on-chain one-stop trading service platform which combines the automated market makers (AMM) model that attracted a lot of investors to DeFi projects recently with an on-chain order book. This allows it to offer the best of both worlds from decentralized exchanges and traditional trading platforms, such as supporting limit orders. The protocol requires no permission to create a market or charges any fees for token listing. Users can inject liquidity into OneSwap’s trading pair capital pool with their idle digital assets and earn transaction fees as liquidity providers. The platform also provides popular trading analysis tools including candlestick chart, order ticket, depth map, price trends and trading volumes.
The ONES token will be used to facilitate on-chain governance and distribute rewards. Users with a minimum amount of ONES can initiate proposals and all holders can vote on the proposals in the community as a way of on-chain governance. According to the whitepaper, 5% of tokens are set for initial mining rewards and 45% are set for forward mining. The forward mining rewards are mainly meant to support liquidity mining, transaction mining, community construction and development, promotion and publicity events and project partnerships.
What’s more, ONES is a deflationary token in that it is repurchased and burned automatically by the token repurchase contract. 40% transaction fees generated in the Pair contract will be used to repurchase and burn ONES.
Founded in December 2017, CoinEx is a professional cryptocurrency exchange providing trading services in over 100 locations around the world. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool and is also the largest BCH mining pool in the world. In July 2020 CoinEx announced it has strategically invested in OneSwap as the first project for its $50 million Ecosystem Development Fund after researching dozens of DeFi projects worldwide.
CoinEx Initial Trade Offering Event for ONES
CoinEx has first launched ONES worldwide on September 18. On September 19 CoinEx also launches an “Initial Trade Offering” event that will run for 20 days. During this period users can get ONES as a reward by trading on CoinEx (no limit on tokens, trading pairs or markets). The total daily reward is 25,000 ONES, of which 20,000 ONES is for spot trading (including margin trading) and 5,000 ONES goes to perpetual contract trading. Participants can also use CET as fees and enjoy VIP fees discount at the same time.
OneSwap also officially supports yield farming and order mining simultaneously from September 19. Compared with other swaps, OneSwap has introduced the lossless order mining on the basis of yield farming. It is common sense for DeFi investors that any deviation in the token price under the AMM model will cause losses to investors in yield farming. The order mining pioneered by OneSwap can provide DeFi investors with a more robust investment method. It does not sacrifice any liquidity, and users can cancel transactions at any time without causing losses due to market changes.
To learn more about how OneSwap works see the whitepaper on the project’s website, and check out CoinEx’s announcement for further information about the ITO. See the rules for yield farming and order mining here.
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