We are pleased to announce that BitWell is the first in the industry to launch the IMM Incentive Market Maker, and based on IMM, a new product MakerPal, has been officially launched.
By using MakerPal, users could place orders to buy or sell BTC or ETH based on their judgment of the market. If your order expires and doesn’t get filled, you will be compensated with a 30% APY and the principal will be refunded. If your order is successfully filled, you will also receive 0.01% of the filled volume as maker incentive interest.
1. Click the ‘Spot’ button at the top of BitWell’s official website to enter the spot trading, and you can see the Symbol ‘M’ in the list of BTC and ETH on the left side of the trading pair, then click on the option of ‘MakerPal’ in the middle of the interface.
2. There is a pop-up window to prompt the product, click on it to view the detailed rules; at the same time, the mouse moves to the word “MakerPal” in the trading interface, and the rules will appear.
3. In the MakerPal order placing interface, you can enter the order price and order volume, with no upper limit on the volume, and choose to buy or sell.
4. Click ‘MakerPal’ at the bottom, you can view ‘Open Orders’ and ‘Order History’. For each order, you can check the Interest and maker incentive interest according to whether the order is filled or not.
1.Supported Coins: BTC and ETH.
2.The order time period is 24 hours. Once the order is placed, the order cannot be canceled midway.
3.When placing buy orders, there will be a minimum bid price limit, while placing sell orders, there will be a maximum ask price limit. At the same time, in order to avoid losses for those users who mistakenly place orders, there is a limit on the maximum bid price of the buy order, and the minimum ask price of the sell order.
4.If the index is lower than your bid price 24 hours after you place an order, your order will be filled at bid price; If the index is higher than your ask price 24 hours after you place an order, your order will be filled at ask price.
5.If your order is filled, you will get 0.01% of the filled volume as maker incentive interest. If your order is not filled, the principal will be fully refunded and a 30% APY on the principal amount will be compensated. The compensation will be distributed immediately.
(Note: The 30% APY is effective for all spot trading pairs that support MakerPal. BitWell reserves the right of final interpretation of this APY and may make adjustments at any time based on market conditions).
Unfilled incentive amount = index price at the time of placing the order * amount of the order * interest rate
Interest rate = annualized interest rate / 365
Example: User A sells 5 ETH at 2000 USDT, if the order is filled, A will receive maker incentive interest of 2000*5*0.01% = 1 USDT; if the order is not filled, A will receive an APY interest of 2000*5*30%/365 = 8.219178 USDT.
6.MakerPal Maker Incentive Coin: This is depending on what coin you can gain from trading. Take ‘buy BTC with USDT’ as an example, if the order is filled, then the maker incentive coin will be BTC. If you sell ETH to get USDT, then the maker incentive coin is USDT when the order filled.
7.Within the first month after launching MakerPal, no trading fee will be charged for the time being.
Cryptocurrency investment is innovative blockchain products, and subject to price fluctuation. Please judge your risk-taking ability rationally and make your investments with caution.
BitWell is not responsible for any direct, indirect or consequential losses as a result of the cryptocurrency trading and holding.
BitWell is committed to building a fair and transparent global digital asset trading platform, providing investors with secure, convenient and intelligent blockchain derivatives trading services.
Telegram English: https://t.me/Bitwell_English
Telegram Chinese: https://t.me/Bitwell_Chinese