LBank to Launch Order Book Mining Event for MKCY
Dear LBank Users：
LBank will be launching MKCY /USDT trading pair at 16:00 (UTC+8) on Sept 18. To celebrate this listing event, LBank is launching an internal liquidity mining promotion for MKCY. The total reward prize is 8 ETH token.
- Pending order mining rewards
Time: 16:00 on Sept 18 to 16:00 on Sept 22 (UTC+8)
Promotion trading pairs: MKCY/USDT
LBank takes a snapshot of the MKCY/USDT trading pair every 5 minutes, records the amount of pending orders for the top 10 buy orders and the top 10 sell orders, then calculates the return, and distribute ETH as rewards on the end of the event. The daily mining reward for each trading pair is 2 ETH.
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 *2 ETH
Example: A buys MKCY 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 * 2 ETH. B sells 100 MKCY tokens on 10th pending orders, the pending price for it is 100 USDT, and the first sell order price is 2 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 (100*2) *0.1)/Total coefficient of the top 10 pending orders * 2 ETH.
* If someone participate in the activity from 16:00 on Sept 18 to 16:00 on Sept 19 (UTC+8), the rewards will be distributed on Sept 20.
* This activity’s final interpretation belongs to the LBank team.