In July 2024, the global cryptocurrency trading platform CoinEx officially announced the completion of the repurchase and burning of its platform token CET (CoinEx Token) for the second quarter of 2024. According to data from the official website, the total value of this repurchase and burn is approximately 3.16 million USD, with 11,083,208.18 CET repurchased and burned in June alone, and a total of 49,625,974.15 CET repurchased and burned in the second quarter. As of 08:00 (UTC) on July 4th, the latest price of CET is about 0.062 USD, with a total supply of approximately 2.804 billion CET.
CET - CoinEx Platform's Value-Added Service Privileges Scheme
CET (CoinEx Token), an essential part of the CoinEx ecosystem, was officially launched in January 2018. Initially issued based on the Ethereum ERC20 protocol, it has now migrated to CoinEx's self-developed public chain, the CoinEx Smart Chain (coinex.org), and is used as its fuel. CET is the platform token of CoinEx and the core of CoinEx's value-added service privileges scheme.
By holding CET, users can enjoy various exclusive platform privileges and services, including using CET to offset equivalent transaction fees and exclusive rate discounts during transactions. Holding a certain amount of CET can qualify users as VIP members of the platform, who can enjoy privileges such as rate discounts, accelerated withdrawals, and dedicated customer service. Additionally, CET holders can enjoy special qualifications in platform marketing activities, participate in token airdrops, and get opportunities to accelerate high-quality projects.
CET "Daily Repurchase, Monthly Burn" Mechanism - Enhancing CET Market Value and Empowering Platform Token Holders
Since its launch, CET has been distributed through various forms, including airdrops, transaction fee returns, operational promotions, and team unlocking. According to CET's value agreement, CoinEx uses 20% of the platform's daily fee income to repurchase CET, and at the end of each calendar month, all CET repurchased that month is burned.
By implementing the "daily repurchase, monthly burn" mechanism, the CoinEx team is gradually reducing the circulation of CET in the market, thereby enhancing CET's scarcity and intrinsic value. This process effectively reduces the total amount of CET, helps increase its market price and stability, and thus protects users' investment value and empowers platform token holders.
Notably, on January 31, 2019, CoinEx burned all 4 billion unreleased tokens held by the team and continued to conduct additional repurchases from the secondary market, which attracted wide attention in the crypto market at that time. CoinEx has always aimed to maintain and enhance CET's value through the repurchase and burn mechanism. The "daily repurchase, monthly burn" mechanism not only demonstrates the platform's high regard for token holders' rights but also shows CoinEx's firm commitment to building a healthy, stable, and sustainable CET ecosystem.
The Dual Support for CET Value - CoinEx and CoinEx Smart Chain
As a leading global cryptocurrency trading platform, CoinEx is dedicated not only to providing users with convenient, secure, efficient, and stable crypto trading services but also to continuously expanding its ecosystem to create more value for users. CET plays a crucial role in this ecosystem, and by holding CET, users can enjoy a series of value-added services and rights that enhance their trading experience on CoinEx and increase CET's use cases and practical value.
CoinEx's self-developed public chain, the CoinEx Smart Chain (CSC), also provides strong technical support for CET. CSC is a high-performance smart contract platform designed to provide a low-cost, efficient environment for decentralized applications (DApps). CET, as the fuel of CSC, circulates not only within the exchange but also in various applications on CSC, further expanding its use cases and value. Users can participate in various decentralized applications on CSC, use CET to pay transaction fees and perform smart contract operations. CSC's high performance and low cost make it an ideal platform for decentralized applications, and CET, as its fuel, further enhances the development of its ecosystem.
Future Prospects of CET
Since its establishment, CoinEx has been committed to enhancing user experience and platform value through technological innovation and mechanism optimization. In the future, CoinEx will continue to implement the CET repurchase and burn mechanism, further enhancing CET's scarcity and market value. CoinEx will also continue to expand CET's use cases through CoinEx Smart Chain and other innovative technologies, creating more value for users and empowering global CET token holders.
Through continuous efforts and innovation, CoinEx is expected to continue leading the development of the cryptocurrency trading market, providing users with more diversified products and services. Additionally, CET will play an increasingly important role in the CoinEx ecosystem, becoming a significant driver of user value growth.
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