Hi dear COSSmunity,
We've had a few bumpy days behind us, medium update posts about KYC's, COSS value all over the map. But the reason for this post is that it's finally here:
COSS Exchange Liquidity Token (CELT)
Why?
The goal for this token is to raise funds to provide liquidity on the COSS exchange using a bot. Many pairs lack decent spreads and the goal is to provide limit orders to be a counterparty on the trades retail traders are going to do. No one wants to trade at a bad rate and instantly pay 'fat spread'.
How will you achieve this?
The bot will place both a buy and sell order on pairs it detects a spread >0.85%. It will then place a buy and sell limit order closing the gap to aprox 0.6%. These orders are setup to have aprox 0.2% profit when both orders get filled. For each pair the bot is funded another pair will be enabled on the bot. If you fund the bot for at least 1 ETH you're allowed to chose the pair(s) yourself.
How will this be profitable for me?
Each week the bot will be evaluated and upon profit the buy and sell rate of CELT will be adjusted. at launch you'll be able to buy at a rate of 1000 CELT for 1 ETH or 1 CELT for each 0.001 ETH. When the bot generates profit the rate will improve so you'll have more ETH returned for each CELT you have.
How can you guarantee payout?
The tokens are buyable and sellable at contract, meaning you buy and sell them directly at the contract. As long as there is ETH in the contract you will be able to cash out your ETH. The goal is to keep approx 10% of ETH raised in the contract to provide for direct liquidity. If you wish to liquidate more tokens then ETH available just simply message me here or on reddit.
How will you determine profitabillity?
Each week the account crypto holdings will be published and the Ether equivalent will be calculated on that moments ether pairings market rate. Transparancy is king. 95% taken into account for the CELT profitabillity and 5% will serve as payout to me, starting a month after launch. The CELT prices will only be changed in the direction of profitabillity, should the ether equivalent show 'loss' in value usually due to the change in market rate the previous rate is kept.
What happens when the engine is rafactored and your bot is rendered useless?
First I'll try to adapt to make it work, if I can't there will be no shame in just liquidating all assests and moving all ether to the contract so everybody can get their Ether cashed out.
What happens to the FSA on the bot account?
These will be verry low and not even worth to pay the transaction cost for to transfer them to the account.
Will the bot participate on promo pairs and what happens when a prize is won?
Should the bot win tokens in case of winning a trading competition, airdrop or other promo then these will be shared among all CELT holders as it will count towards the profit rate.
How do I buy CELT tokens?
the contract adres: 0x35f06858577b526a9351C6d42c89748281b6FE30
This is the example on how to interact with the contract using MyEtherWallet:
for the abi copy paste this:
[
{
"constant": false,
"inputs": [
{
"name": "amount",
"type": "uint256"
}
],
"name": "sell",
"outputs": [],
"payable": false,
"stateMutability": "nonpayable",
"type": "function"
},
{
"constant": false,
"inputs": [],
"name": "buy",
"outputs": [],
"payable": true,
"stateMutability": "payable",
"type": "function"
},
{
"constant": true,
"inputs": [
{
"name": "",
"type": "address"
}
],
"name": "balanceOf",
"outputs": [
{
"name": "",
"type": "uint256"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "buyPrice",
"outputs": [
{
"name": "",
"type": "uint256"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "decimals",
"outputs": [
{
"name": "",
"type": "uint8"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "name",
"outputs": [
{
"name": "",
"type": "string"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "owner",
"outputs": [
{
"name": "",
"type": "address"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "sellPrice",
"outputs": [
{
"name": "",
"type": "uint256"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "symbol",
"outputs": [
{
"name": "",
"type": "string"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
},
{
"constant": true,
"inputs": [],
"name": "totalSupply",
"outputs": [
{
"name": "",
"type": "uint256"
}
],
"payable": false,
"stateMutability": "view",
"type": "function"
}
]
click acces, and then chose buy option, connect to your account, and replace amount of eth to send with how many you want to buy tokens with:
REPLACE 0 with amount of eth to buy tokens with
Then generate transaction, sign transaction and put it on the net. check your transaction history for confirmation.
succes:
How do I sell CELT tokens?
acces the contract like the buy tokens and chose sell.
Where can I see how many CELTs I have?
add the contract adress to your custom tokens:(18 decimals)
Where can I see current Buy and Sell prices?
chose buyprice or sellprice from the contract interaction dropdown.
Where can I get answers if I have more questions?
Leave a comment here, reddit or pm me on reddit to get the fastest answers.
Thank you for supporting this project, be it by either upvoting me, telling people about this project or actually buying CELT.