Arax 29th May Update

By May 29, 2019Arax Crypto Wallet
Arax COSS trading promo
  • 0% Maker fees is now live
  • Missing tokens from migration
  • Trading promos
  • KIN Mainnet swap
  • LALA and COSS token swap to ARX

0% Maker fees:

COSS.io successfully implemented 0% Maker fees on 27th May 2019. The exchange was put in maintenance-mode with an expected downtime of 1–2 hours and was back online in around 57 minutes.

With this update, we are one step closer to implementing negative fees.

To educate those who might not know, a Maker is defined as a trader who adds a (limit) order to the orderbook, thus, “making” a trade. Therefore, having a 0% maker fee is intended to incentivize users to create orders on the orderbook, which in turn creates a more active market.

On the other hand, anyone who trades directly from the orderbook becomes a Taker and pays 0.2% fees. Trading directly from the orderbook means placing your order against an existing entry in the orderbook.

When the maker places a limit order, the exchange locks the usual trading fee of 0.2%. The fee is released when the limit order is filled as a maker or canceled.

You get an additional 25% discount by enabling the option to pay trading fees with COSS tokens in Settings > Profile.

Missing tokens from migration:

COSS.io users have been facing a known issue regarding token balances missing from their account wallet after the migration to v1.2 in December 2018.

Tokens have been previously restored on a case-by-case basis. That is resource-intensive and our team is now working on a one time fix to resolve the issue for all users affected.

Your tokens are absolutely safe. The issue is due to an error in updating the virtual balances post the migration. It will be resolved.

If you are a user affected by this issue, please fill out the Google Form given in the link below. If you have already raised a support ticket, you don’t need to do anything; we have all the details we need. Users are advised to fill this form at the earliest.

Form for missing balances: http://bit.ly/COSSmigration

Trading promos:

We are kicking off a trading promo for both COSS and LALA tokens prior to the swap event! Winners of the promos will win ARX tokens once the swap has concluded.

The trading promo will run from 01st June 2019–00:00 GMT +8 to 15th June, 2019–23:59 GMT +8.

The promos will run separately for each token. The reward pool and distribution will be identical for both promos.

Here are the reward details for each token promo:

Reward pool: 25000 ARX tokens

Ranked Prizes: Top 10 traders

Random Prizes: 10 random traders

  • Rank 1 : 15% of pool + 1 Ledger Nano S + Arax swag + surprise gift
  • Rank 2 : 12.5% of pool + Arax swag + surprise gift
  • Rank 3–5 : 12.5% of pool + Arax swag
  • Rank 6–10 : 5% of pool + Arax swag
  • 10 random traders : 1% of pool

Rewards will be distributed post the token swap. Winners will be notified separately.

KIN Mainnet swap

COSS.io will support the KIN Mainnet swap as committed to all its users. Here are the details of how we will proceed:

  • Sunday 02 June, 2019–20:00 GMT +8 — Withdrawals & Deposits will be suspended
  • Monday 03 June, 2019–11:00 GMT +8 — Token swap commences
  • Monday 03 June, 2019–14:00 GMT +8 — We resume Deposits & Withdrawals

Please spread the word with the KIN community.

LALA and COSS token swap to ARX

We are all working hard towards the token swap of LALA and COSS tokens to the new merged token ARX.

The date of the swap will be announced in a later update.

HODLers and traders of the token can proceed with depositing their tokens to the respective wallets on COSS.io to ensure that they are notified easily when the swap begins, and receive their new tokens seamlessly.

Please note again, the date of the swap will be announced at a later date. You may continue to HODL and trade the tokens where they are for now. Or you may deposit and continue to trade on COSS.io.

Until then, HODL! 🙂