Born in January 2018 based on the ERC-20 standard, CoinEx Token (CET) is issued with many privileges and added value on CoinEx ecosystem. CET Token has now been moved to be deployed on CoinEx Smart Chain (CSC).
Public Chain Token
The Public Chain ecosystem has seen exponential growth in 2021. As the multi-chain world flourishes, so do the Public Chain Token. For example, SOL has set many new records.
In 2021, CET Token has recorded a strong track record when competing with its rivals. Furthermore, thanks to its outstanding performance, CET has become one of the most followed Public Chain Tokens by crypto investors in the second half of 2021.
According to the CoinEx website, $5.78 million worth of CETs were burned in October 2021, of which, on October 28 alone, $440,000 worth of CETs were burned. Massive buybacks and burns, as well as incredible price growth, have put CET back on the radar of crypto investors.
Formation of CET token
Released in January 2018 based on the ERC-20 standard, CoinEx Token (CET) represents a privilege program and value-added services based on CoinEx’s business ecosystem.
CET has now been migrated to CoinEx Smart Chain (CSC) which is built independently of gas fees. In this way, CET Token acts as a token-based on CoinEx’s platform, as well as CSC’s public chain token. There are many factors that indicate the widespread recognition that CET has achieved amid intense competition among public chain tokens in 2021. This article will focus on the birth and development of CET.
The initial supply of CET is 10 billion. Since its release, CET has been issued and circulated in various ways, including airdrop offers, transaction fee discounts, promotions, group unlocks, etc.
In particular, 1.8 billion CET distributed to the CoinEx development team (to be released linearly in 5 years) is the main source of capital for team building and market expansion.
In March 2021, the CoinEx development team decided to burn the remaining 1.08 billion CET unlocked at once, which allows the token to go into full circulation. It is also the largest platform-based token burn event in crypto history.
According to CET applications, CoinEx will buy back CET every day with 50% of the transaction fee income and burn them all at the end of each calendar month until the total supply of CET is reduced to 3 billion.
In the next phase, the exchange will continue to spend 20% of its fee income on CET buyback and burn until the token is completely burned. It should be noted, that CoinEx was the first exchange to introduce daily redemption and burning of tokens based on the platform. According to circulating supply data, with CET redemption and burning, as of April 13, 2022, the total supply of CET is around 3.6 billion.
CET Token use cases
Deduct transaction fees
When users trade on CoinEx, CET can be directly deducted from the transaction fee based on the market value of the token, at a privileged discount rate.
VIP services and privileges
Users who hold a certain amount of CET can become VIP members and enjoy perks such as discounted transaction fees, accelerated withdrawals, events, and exclusive customer services…
Exclusive promotional privileges
CET holders enjoy special certifications for promotional campaigns on CoinEx, such as the opportunity to participate/invest in airdrop offers, token listing, high-end projects, etc.
Join the CSC ecosystem
CSC is based on the PoS consensus protocol, which makes it decentralized and energy-efficient. CET Token is used as a built-in token on CSC and functions as its “gas”. On CSC, users can create their own DApp easily.
More use cases
CoinEx plans to expand the application and circulation of CET for many other use cases, such as payments.
Obviously, the value of CET Token is not limited to the CoinEx ecosystem. With the advancement of blockchain technology and the expansion of the cryptocurrency market, CET, which was initially deducted as a transaction fee, has gained more functions and use cases after the launch of CSC.
So far, CET Token is used in a wide range of different application cases, including fee deduction, redemption and burning, public chain, DEX, dApp, and many more potential use cases to be introduced in the future. future.
In addition, backed by strong market resources and funding from the CoinEx ecosystem, the coverage of CET Token will continue to expand. As the “potential stalwart” in the field of public chain tokens, CET will demonstrate better performance in 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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