Automated Market Makers (AMM) have seen incredible growth since DeFi summer in 2020, as it allows users to participate in earning passive income. CoinFLEX has not only taken notice of its enormous popularity, but also its huge potential in providing huge liquidity to the platform.
AMM+ is CoinFLEX’s AMM product that allows users to earn yield passively, without having to spend the long hours, patience, and research required to be successful at day trading. You can simply profit from the fees paid by these active traders.
A unique feature of AMM+ is that it’s linked to CoinFLEX’s perpetual futures market, which provides users the option to use up to 10x leverage.
Furthermore, having an AMM+ on centralised orderbooks greatly increases the amount of liquidity available on CoinFLEX’s markets. In other words, it provides the exchange and the relevant orderbooks with far higher amounts of capital to create a smoother, safer, and more accurate trading experience for users.
To promote the use of our new phenomenal product, we are launching the AMM+ competition on 18th October, 2021, where users will battle it out to earn the highest APR’s for their chance to win up to $10,000 USD and an NFT as weekly rewards..
How Does AMM+ Arena Work?
AMM+ Arena is a gamified experience of AMMing. With the popularity of video games amongst millennials, gen Z’s, and even gen X’s, and the inception of play-to-earn games finally becoming accessible to the public, AMM+ Arena is our way to introduce new concepts in a fun and familiar format.
There are three aspects to AMM+ Arena:
First is the competition leaderboard. Users will be competing for the highest 7-day average APR when using AMM+. The top-10 earners that week will receive rewards based on the total trading volume of the previous week. The size of the rewards will be based on three tiers.
To reach the first tier, which will result in a prize of $3,000 USD to the top 10 AMMers, total trading volume of all AMMs in the Arena needs to hit $100 million. Once the trading volume hits $500 million, the rewards will increase to the second tier of $5,000. If the total trading volume reaches $1 billion, the rewards will upgrade to the third and final tier, with the rewards becoming $10,000.
The rewards will be divided amongst competitors accordingly:
1st – 30% 2nd – 20% 3rd – 12% 4th – 10% 5th – 8% 6th – 6% 7th – 5% 8th – 4% 9th – 3% 10th – 2%
You will automatically be entered into the Arena as soon as you create an AMM+ position with a minimum of $1000 during the competition period.
You can find out where you rank compared to other competitors using the AMM+ Arena leaderboard, which allows you to see how much they’re earning and where you place amongst other competitors.
A second feature of AMM+ Arena is the weekly missions, which are personal objectives connected to your trading volume targets. Once you set up an AMM+ position with $1000, you are automatically enrolled in the weekly mission. There are three tiers to the weekly missions. When you hit your trading volume target you can claim your rewards, review your reward history, and are upgraded to the next tier.
The Arena page will list out all eligible AMM+ position pairs with their respective progress bars. The progress bar is divided into three phases according to trading volumes.
The third aspect of AMM+ Arena is the incorporation of NFTs! The first 100 users to enroll in the AMM+ Arena, and the champion of each week will be able to claim an NFT.
Each AMM+ Arena legend has five unique editions, meaning they can be claimed five times in total.
Users who are eligible to claim their NFTs will need to fill in a form providing an email and Ethereum addresses to be able to receive their NFT reward. CoinFLEX will then transfer the NFT to said address, which can be viewed on OpenSea along with all the other NFTs.
For more information on AMM+ Arena, please click here to view our terms and conditions.
AMM+ Tutorial: Setting up an AMM+ Position
Founded in 2019, CoinFLEX is the Home of Crypto Yield and is committed to providing institutional and retail investors an easily accessible platform to earn and trade crypto.
Risk warning: AMM yield-farming is subject to high market risk. Please trade cautiously. CoinFLEX will not be responsible for any trading losses incurred during the course of the competition. CoinFLEX reserves the right to amend, change, or cancel this announcement at any time and for any reasons without prior notice at its’ sole discretion.
Author: Adam Diaz