The global cryptocurrency exchange service provider, CoinEx has announced the launch of OneSwap’s ONES token on its platform. The listing went live yesterday, followed by the official launch of ITO on CoinEx along with yield farming and order mining on OneSwap, a day later on September 19, 2020.
ONES is the ERC20 governance token of OneSwap, a completely decentralized smart contract-based transaction protocol supporting permission-free token listing and automated market-making. OneSwap is quite unique as it supports both traditional order books and AMM, balancing market and limit orders between hybrid AMM and on-chain order book models. Further, OneSwap scores above other swaps by offering a user-friendly experience along with a suite of market information and analytical tools like candlestick chart, order ticket, depth map, price trends, trading volumes, etc. for all supported cryptocurrencies.
By the way of being in possession of ONES, token holders will be able to take part in the further development of the project by floating proposals, voting on them, and even trade them against other cryptocurrencies on secondary markets.
The CoinEx Initial Trade Offering Event
Starting September 19, the ONES ITO will go on for a duration of 20 days. During this period, users on CoinEx stand to receive ONES reward for placing trades on the platform. The total number of tokens distributed each day is capped at 25,000, out of which 20,000 is allocated for spot and margin trading, while the remaining will be assigned for perpetual contract trading activity on the platform.
In order to take part in the ITO, CoinEx users will have to first submit an application, following which they will be eligible to trade using their main or sub-accounts. Then, qualified users can start trading the approved trading pairs to receive ONES mining rewards. The mining income will be calculated automatically at the beginning of the next day (0:00 UTC) and delivered to the participant’s spot accounts.
OneSwap Yield Farming and Order Mining
With the launch of OneSwap initial mining starting today, users can start participating in yield farming and order mining. The initial reception for ONES has been great, and according to the OneSwap website, the total liquidity on the platform has surpassed $50 million and volume hitting close to 1 million within 6 hours.
Users can earn from yield farming and order mining on OneSwap by trading any of the 21 whitelisted trading pairs, which includes ONES/ETH, CET/ETH, UNI/ETH, ETH/USDT. ETH/USDC, LINK/ETH, ETH/AI, WBTC/ETH, LEND/ETH, SNX/ETH, COMP/ETH, YFI/ETH, UMA/ETH, REN/ETH, LRC/ETH, YFII/ETH, TRADE/ETH, SWRV/ETH, CREAM/ETH, CRV/ETH and WNXM/ETH.
OneSwap has allocated a total of 4,000,000 ONES for rewards, equally distributed between yield farming and order mining activities. The maximum total payout per day for participants in yield farming and order mining is set at 100,000 ONES respectively, with earnings calculated using the following formulas:
Order Mining:
User revenue per time unit = (Value of user’s valid order/Value of total valid orders of all 21 trading pairs) X ONES released per time unit.
Yield Farming:
User Revenue per time unit = (Liquidity provided by user/Liquidity pool size) X N
Where “N” is the number of ONES released from the pool per time unit, which is a product of the pool’s reward percentage and total number of ONES released per time unit.
Currently, the Annual Percentage Yield for ONES yield farming stands at 1000%.
More information about CoinEx OneSwap ITO is available at – https://announcement.coinex.com/hc/en-us/articles/360049820311
Step by Step Guide about OneSwap mining – https://support.oneswap.net/hc/en-us/articles/900002645983-OneSwap-Initial-Mining-Guide