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- CoinEx has announced the listing of OneSwap’s newly launched native token ONES
- CoinEx has launched the Initial Trade Offering (ITO) for the token parallel to its listing
- The event is launched on September 19th and is expected to run for the following 20 days
One of the leading cryptocurrency exchanges, CoinEx has announced the listing of OneSwap’s newly launched native token ONES. By doing so it has become the first crypto exchange to list the token. OneSwap is a brand new DeFi protocol which operates as a decentralized protocol on a smart contract. What makes it stand out among the rest is the fact that it allows permission-less token listing and also offers automated market-making by implementing automated market makers (AMM) model. It is based on smart contracts and also reduces the long procedures that are generally associated with the token listing. The protocol allows users to experience the best of both, the decentralised world as well as the traditional world.
Initial Trade Offering to Incentivise the Traders
Moreover, CoinEx has launched the Initial Trade Offering (ITO) for the token parallel to its listing. In this newly launched event, users are incentivised with mining rewards for every transaction that occurs in the chain. The event is launched on September 19th and is expected to run for the following 20 days. The limit for the daily reward has been set at 25000 tokens, out of which 20000 are set aside for spot trading and the rest 5000 for perpetual contract trading. CET can be used by the traders for fees during this event and they can receive VIP fees discount simultaneously.
Utility of the ONES Token in the OneSwap Network
ONES will be mainly used as a governance token. In addition it will be also used to distribute rewards. Anybody who has the minimum or the required amount of these tokens are eligible to introduce new proposals. Similarly the holders can also vote for or against the proposal. As per the proposed whitepaper, 5% of the total token supply are set apart for initial mining rewards whereas 45% of the total supply are alloted for purposes like liquidity mining, transaction mining, community construction and development, promotion and publicity events and project partnerships.
Yield Farming now Supported by the OneSwap Platform
The token also supports yield farming the heart of DeFi lending and borrowing businesses. The OneSwap protocol also provides useful trading analysis tools which mainly includes candlestick charts, order tickets, depth maps, price trends and trading volumes. Moreover, OneSwap offers an optimal trading environment for the investors where they cancel transactions at any given time. By doing so no liquidity is sacrificed due to the changing market conditions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
