COSS UPDATE: 20th November 2019
Hello, everyone.
It has been a while since we last shared an update regarding the ongoing developments at COSS. Most of the work we have done recently has been in the background, with a sole objective — improving the COSS trading platform for all.
Please go through each section below carefully. We share an update about the following:
- Liquidity
- Fee schedule
- Binance Chain
- Multi-collateral DAI
- USDT swap
- NEO Gas
- API & other improvements
- Additional fiat options
- COS swap
- Trading bot contest
Liquidity
For every trader on the exchange, liquidity is essential to trade successfully.
We have continued to improve liquidity through an external partner — a noticeable change through improved spreads and efficient order matching on the top traded pairs. This includes our USD and EUR fiat pairs, complemented by our 0 deposit fees and fiat partner currently supporting USD, EUR, SGD, HKD, AUD, JPY, IDR, PHP, NGN, BRL.
Based on feedback received from the providers, we are improving the backend technology to ensure scalability for them. Liquidity will continue to be scaled up further in the coming days as we complete these improvements.
Fee schedule
We have been continuously reviewing our current fee schedule and have decided to move towards a holding + volume based fee structure.
The same is an industry standard, where traders with higher trading activity and COS token holdings will benefit with better rates.
An updated schedule will be shared in the coming days.
Binance Chain
Binance Chain is now fully integrated on COSS exchange. This allows us to enable trading for BEP-2 tokens which are native to the Binance Chain.
Binance DEX is currently the main market for BEP-2 assets. We will now be able to support these assets on our centralised exchange, thus doing away with the learning curve required for the everyday user to setup tools such as WalletConnect.
This will benefit projects currently listed on Binance DEX to achieve greater adoption and easier liquidity provision.
Binance Coin BNB BEP-2 deposits opened on 19th November, 2019. Trading begins on BNB_ETH and BNB_COS pairs from 21st November, 2019 at 17:00 GMT +8.
Multi-collateral DAI
On 18th November, 2019 the MakerDAO project -
- rebranded the DAI token generated from collateralising ETH to SAI, short for Single-Collateral Dai
- introduced a new token known as DAI, which will refer to the newly minted Multi-Collateral Dai
As compared to before when only ETH could be collateralised to mint new DAI tokens, the upgrade will allow for a larger range of tokens to be collateralised to mint new DAI.
You can read more about the Multi-Collateral Dai here — https://blog.makerdao.com/what-to-expect-with-the-launch-of-multi-collateral-dai/.
Your current DAI tokens from before the upgrade are now known as SAI.
SAI is expected to be phased out eventually in the coming months after a governance vote.
MakerDAO has requested all exchanges and wallets to migrate to the new DAI as soon as possible.
COSS will swap all SAI tokens to the new Multi-Collateral Dai DAI on 21st November, 2019. This will include the DAI in your FSA. Trading will remain unaffected.
Please ensure that you only deposit to and withdraw from Multi-Collateral Dai DAI supported platforms.
USDT Swap
COSS currently supports Tether USDt Omni, which operates on the Bitcoin blockchain. Transaction on the protocol are oftentimes faced with huge delays with higher transaction fees as well.
We will migrate all Tether USDt on COSS to the ERC20 version of the stablecoin on 25th November, 2019.
USDt ERC20 will allow for faster deposits and withdrawals, and wider compatibility with other platforms worldwide. Trading will remain unaffected.
NEO Gas
NEO Gas has been integrated on COSS exchange.
The GAS token is an economic incentive provided to bookkeepers who validate transactions on the NEO blockchain. GAS is generated per block and serves a function similar to ETH on the Ethereum blockchain.
Deposits are scheduled to open on 26th November, 2019 and trading will begin on GAS_ETH and GAS_COS pairs on 27th November, 2019.
We will introduce GAS distribution for users holding NEO in their exchange wallets in the coming weeks.
API & other improvements
An improved API documentation has already been circulated among a few members of the community for review. Their feedback is being incorporated. We are aiming for a release of the new documentation by next week.
The COSS platform has brought onboard additional specialist resources.
Their priorities cover resolving issues like:
- resolving issues faced by the CCXT platform in interacting with our APIs
CCXT is a library of exchange APIs. The COSS API is verified by CCXT and can be used by platforms integrating more than one exchange at a time. This bypasses the need to integrate each exchange’s APIs individually.
There’s a long standing issue reported by several CCXT users integrating COSS on https://github.com/ccxt/ccxt/issues/5591.
Resolving this issue will allow more trading platforms to easily integrate COSS and also resolve issues faced by Gimmer users trying to trade on COSS.
Error codes included in the API also require an update, allowing users to identify and resolve any errors faced when performing an integration.
- improving API performance
Large traders, market makers and liquidity providers regularly request a lower cancellation limit via our API which currently limits cancellation to 10 seconds since placing the order. This allows them to respond to market movements quicker.
Once a solution is deployed, we will be able to accept requests from traders who wish to be excluded from these limits. It will be made available to all API users by default at a later date.
We will begin to plan other major improvements and upgrades on the exchange following addressal of a few other important tasks assigned to the new resources.
Which includes…
Additional fiat options
Epay.com, our current fiat partner, has proven extremely reliable for users who have been able to use their bank transfer based deposits which are processed at 0 to negligible costs. For example, SEPA transfers complete in a matter of hours compared to other platforms which take easily over a day.
They currently support the US dollar, Euro, Singapore dollar, Hong Kong dollar, Australian dollar, Japanese Yen, Indonesian Rupiah, Philipine Peso, Nigerian Naira and Brazilian Real. Almost all of the supported currencies have 0 deposit fees on Epay, and they are able to swap them to USD and EUR to allow users to deposit and trade on COSS easily.
We are currently exploring 3 partners -
- one is able to provide card processing from day 0, and expects to add USD bank transfers in the next few days
- second is able to process local transfers from several markets like USA, China, India, LatAm and a range of other developing markets
- third is a more customised solution which will allow for both the options above and the ability to add more as and when required
Our aim is to support the largest number of options for people from all over the world at the lowest fees possible.
Integration will be completed of the best option we choose to enable first.
COS Swap
The COS Swap will be ended on 26th November, 2019. Holders of COSS and LALA who have still not completed the swap, this will be the last chance to do so.
We will continue to support the swap for holders whose COSS tokens were lost from virtual wallet balances during the platform migration in December 2018.
Excess tokens, excluding the 10 million tokens locked by the management, will be used for supporting the swap for the missing balance cases, user acquisition and other campaigns to encourage trading on COSS.
Please note, the team tokens will always remain excluded from receiving FSA.
Trading bot competition
Not financial advice.
There already exists a COSS DCA bot, a reverse DCA bot, a market making bot, among other larger community funded bots.
Recent discussions with the community and continuous observation suggests that traders on COSS would certainly use a trading bot provided:
- it is easy to set up, with clear novice-friendly instructions
- is a somewhat profitable trading strategy
We invite all programmers part of our community to create their best version of a ‘COSS Grid Trading Bot’.
The best bot will be chosen by community vote and the programmer will win a prize of 30000 COS!
A grid trading bot operates optimally in swinging markets, where price is constantly between a certain identified price range.
It is best to trade on a pair where you do not mind accumulating either of the two assets in the pair.
Here’s an example of how a grid trading bot operates and the bot configuration settings which will be required for an end user:
- Pair: SATTY/USD, where the token is currently trading at 100 USD
- Balance: 100 SATTY + 10000 USD
- Lower & Upper price range: You expect price to swing in between 80 and 120 USD in the coming days
- Ordersize: You wish to trade 5 tokens per order
- Number of grids: 40
- The bot will immediately place 20 limit buy orders and 20 limit sell orders on both sides
- On execution of an order, an opposite order must be placed immediately
For example, in this case bot places:
- buy orders with USD balance from 99, 98, 97, 96, …, 80 USD — a 500 USD buy at each price — -> as the price continues to dip, you continue to buy cheaper every time thus reducing your average buy cost
- sell orders for SATTY tokens from 101, 102, 103, 104, …, 120 USD — a 5 SATTY sell at each price — -> as the price continues to increase, you continue to sell each lot at a relatively higher price
- when price drops from 100 USD to 99 USD, the 99 USD order is matched with a taker and an opposite order at 100 USD is placed immediately — -> you buy low and sell high and accumulate more SATTY
- when price goes upwards from 100 USD to 101 USD, the 101 USD order is matched with a taker and an opposite order at 100 USD is placed immediately — -> you sell high and buy low and accumulate more USD
To sum up the strategy, every time a buy order executes a profitable sell order is placed immediately and vice versa. This simple strategy allows traders to easily accumulate one of the two assets of the pairs.
Traders benefit from the 0% and negative maker fees, as all limit orders are placed in advance and thus executed as a maker order. Every little percentage profit made between grids (two price points) is entirely yours!
Rules:
- The source code has to be open-source on GitHub
- The bot must be designed for trading specifically on COSS
- The documentation needs to be as elaborate as possible, with a guide supporting screenshots or videos for set-up included
- The recommended configuration settings are the minimum requirement, you can make your bot as advanced as possible
- Documentation on GitHub must clearly indicate link to Telegram username
- Deadline for submission is 10th December, 2019, 17:00 GMT +8
- Submit your entires on https://forms.gle/mb1J1deYxE92S1Eh7
- Community vote will be held on t.me/COSSchat with the poll shared on t.me/myCOSS, t.me/COSStrading and t.me/COSSAPI
- The winning entry will be featured on the new API documentation to be released soon
- 30000 COS will be transferred within 48 hours from when the results are announced
Happy coding!
We sincerely apologise for the slowdown in communication through Medium in the past few days. As we resume frontend deliveries, we shall communicate more frequently. We remain committed to honouring one of the best cryptocurrency communities through frequent communication and updates.
You may expect to hear from us again, soon… :)
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