Announcement of LBank Launches Internal Liquidity Mining Event for YFI and YFII
Dear LBank Users：
LBank will be launching YFI /USDT trading pair and YFII/USDT trading pair at 20:00 UTC+8 on July 29th. To celebrate this listing event, LBank is launching an internal liquidity mining promotion for YFI and YFII. The reward prize is YFII token.
Pending order mining rewards
Time: 30th of July 16:00 to 6th of August 16:00 (UTC+8)
Promotion trading pairs: YFI/USDT、YFII/USDT
LBank takes a snapshot of the YFI/USDT and YFII/USDT trading pairs every 5 minutes, records the number of pending orders for the top 10 buy orders, and the top 10 sell orders, then calculate the return, and distribute YFII as rewards on the next day. The daily mining reward for each trading pair is 1YFII.
Mining reward calculation: The reward coefficient of buying order return is calculated by the amount of the pending order, the weight of the pending order and the time frame, and the selling order return is uniformly calculated with the first sell order price as the calculation price, the weight of the pending order and the time frame to calculate the reward coefficient.
* Reward of the day = amount of pending order * weight of pending order * time frame of pending order / total reward coefficient for the top ten orders *1YFII
Example: A buys YFII on a first pending buy order, and the value of the pending order is 10,000 USDT. If the pending order remains untraded for one day, then he could obtain the rewards as in : (10000*1)/the total coefficient of the first 10 pending orders *1 YFII. B sells 10 YFII tokens on 10th pending orders, the pending price for it is 1,000 USDT, and the first sell order price is 500 USDT since the reward coefficient is based on the selling price. B could obtain rewards if it remains untraded, and the reward is calculated as (10*500) *0.1)/Total coefficient of the top 10 pending orders *1 YFII.
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