FLEX Coin is the trading token of CoinFLEX. $FLEX is generated via “trade mining”, which means FLEX Coins will be issued to traders based on their “Taker” volume. We qualify any volume where the order is removing liquidity from the orderbook by trading against an existing order and is considered a “Taker”. The amount of FLEX that a user is awarded is equal to the amount of coins we issue that day, multiplied by the user’s Taker volume that day, divided by the total amount of Qualifying Volume on the platform*. Qualifying Volume includes volumes in XBT/USDT Futures.
*Daily Rate x (User’s Taker Volume / Qualifying Platform Volume) = Number of Coins issued to User for the day
Traders can spend 100 FLEX to cut their trading fees in half. After redeeming 100 FLEX, which is then burnt and removed from circulation, that user’s trading fees are reduced by 50% for a 24 hour period, strictly measured from noon UTC to noon UTC.