In 2018, the emerging crypto trading platform FCoin outran other top trading platforms in just half a month by virtue of its trade-driven mining model, and astonishingly rose to Top 3 in the world. Though it was not the forefather of the mining model, FCoin managed to lead this track. At that time, FCoin’s trade-driven mining model followed the distribution rules of Bitcoin mining: 51% of the platform token FT gradually went back to traders through the “trade-driven mining” approach. Mining was automatically terminated as soon as all the 51% of FT was returned.
FCoin has regretfully been the past, yet the "trade-driven mining" model behind its stardom has gone viral and soon triggered a white-hot battle among crypto trading platforms that was rarely seen.
The “trade-driven mining” model essentially represents a mechanism of returning transaction fees to users. In the traditional trading model, whether it is a Maker or a Taker, ordinary traders need to pay some transaction fees before they can trade on the platform. In that case, platforms that support the “trade-driven mining” model will return users’ transaction fees in the form of coins, a win-win result for both.
Trade-driven mining promotion is also one of CoinEx's featured events, and is generally aimed at spot and perpetual traders. During the promotion, users can go to the designated market to trade after signing up, and then they can share the daily rewards according to the actual trading volume. In other words, "to trade is to mine". To give back to users’ support and trust, CoinEx is thrilled to announce the new promotion "CoinEx Perpetual Carnival: Join Perpetual Trade-Driven Mining to Share 50,000 USDT!". The details are as follows.
I. Duration
00:00 Nov 11, 2021 - 0:00 Nov 21, 2021 (UTC)
II. Mining Rules
1. Market : ALL Perpetual Markets on CoinEx
2. Total reward during promotion: 50,000 USDT
3. Daily reward: 5,000 USDT
4. The upper limit of per account per day: 500 USDT
5. Requirement: KYC verified accounts (Sub-accounts excluded)
6. Rules of Participation:
(1) The Actual Trading volume = The accumulated value of each transaction converted into USD.
(2) Market Making accounts are NOT included in this promotion.
(3) Sub-accounts are NOT allowed to participate as independent accounts.
(4) During the promotion, should any cheating behavior be found, the user will be disqualified.
III. Yield Rules
1. Yield Calculation
During the promotion, the reward is based on the actual executed trading volume of all participants.
For Example: On Day 1 of the promotion, the actual executed trading volume of User A is 5,000 USD, while the total trading volume on CoinEx of the day is 500,000 USD and the daily reward is 100,000 CET. Therefore:
On Day 1, the proportion of User A’s actual executed trading volume = 5,000 / 500,000 = 1%
On this day, the reward for User A = 100,000 * 1% = 1,000 CET
The daily reward will be given away per day and allocated on the next day, calculated as above.
2. Yield Allocation
Yields of the day will be allocated to your spot account at 0:00 (UTC) on the next day. You can check the yielding amount and your yield history on the promotion page.
IV. Mining Instructions
1. Go to the promotion page and apply for the promotion.
2. Trade in any one of the perpetual markets on CoinEx (Including Short Sell, Long Buy, Long Sell for liquidation, and Short Buy for liquidation).
3. Congrats! You've joined the Perpetual Trade-Driven Mining. You can go back to the promotion page to view the details of the current effective executed value on CoinEx, your est. effective executed value and your est. daily yields (your final yield is subject to the actual distribution).
V. Notes
(1) CoinEx kindly reminds you that cryptocurrencies are innovative investment products with high investment risk due to price fluctuations. Please make sure to have a full understanding of digital assets before investing, rationally judge your investment ability, and make prudent decisions.
(2) The final participation is subject to successful registration on the promotion page.
(3) CoinEx reserves the right of final interpretation of this announcement.
For users who have participated in traditional mining, trade-driven mining features a lower threshold, lower costs, and simpler operations. While enjoying the benefits of perpetual trading, you can also get your hands on USDT from the platform. You can't miss this special promotion of CoinEx.
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