Gemini exchange to begin daily ETH auctions

Gemini exchange is going to begin hosting daily Ether auctions
25 July 2017   3051
Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

Digital currency exchange Gemini is to begin hosting daily Ether auctions starting on Friday, July 28th. In prospect the auctions are to be held each business day at 4:00 pm ET.

As Gemini team claims on its blog, such daily auctions increase price discovery and transparency, and they reduce costs across the board by making sure that buyers and sellers don’t miss each other during the trading day. In addition, the auction is to bring its participants the benefits of over-the-counter (OTC) trading without the overhead, hassle, and lack of transparency.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

According to the Gemini team, the actions work pretty simple. Thus, all eligible orders are filled at the final auction price. The final auction price of each Auction is determined by finding the price at which the greatest aggregate buy demand and aggregate sell demand from all participating orders can be filled (i.e., the price at which the largest quantity can trade). The mechanics of this auction are very similar to the closing auction (or “closing cross”) on the major electronic U.S. stock exchanges (e.g., Nasdaq, NYSE Arca, Bats). 

 

This provides an opportunity for both buyers and sellers to trade in an instant of elevated liquidity and price discovery.
 

Gemini Team

As Gemini details, indicative auction prices will be broadcasted through its market data API and website 10 minutes before the auction time, during which it will be updated every minute until the final 60 seconds, with the price refreshing every 15 seconds after that point.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.