Press release
PRESS RELEASE. Hong Kong, February 23, 2021 – CoinEx, a global and professional cryptocurrency exchange service provider, announced last Saturday that it had completed a historic burn of 1.08 billion blocked CoinEx tokens (CET), which the CoinEx team building and market development team had was assigned at a time. This CET token incineration is the highest ever carried out by the exchange.
After this burn, the total circulation is 4.34 billion CET with a market capitalization of approx. 113 million USD. Currently, the amount of CET CoinEx automatically buys back every day far exceeds CoinEx Chain’s mining power. The CET token has officially entered absolute deflation ， and has become a fully circulating platform token. Through this initiative, CoinEx offers CET holders higher long-term value.
Daily buyback mechanism from CoinEx Pioneers
CET’s original quarterly buyback and distillation initiative was launched on July 1, 2018 and adjusted to daily repurchase and quarterly incineration on April 11, 2020. CoinEx buys CET back on the secondary market with 50% of its daily profit from daily transaction fees and burns them back at the end of each quarter. If the circulating supply of CET decreases to 3 billion, CoinEx will stop buying back and burning CET.
Due to the strong growth, CoinEx’s revenue used for the token burning plan is a huge increase these days. Users can view the data in real time at https://www.coinex.com/token, which ensures that the whole process is open and transparent.
Further authorizations for CET holders in the CoinEx ecosystem
CET was released in January 2018 and is a value-added service and privilege program based on the CoinEx ecosystem. CET is issued according to the Ethereum ERC20 protocol and was started in the CoinEx chain and acts as a gas. In addition to the ongoing buy-back and distilling initiative, CET holders can also benefit from several privileges when trading on the platform.
CET can be deducted directly with the same market value as the transaction fee with a special discount. Users with a specific CET can become VIP to take advantage of services such as fee discounts, payout acceleration, exclusive customer service, etc. In addition, CET holders enjoy special promotional campaign privileges on CoinEx, including token airdrop incentives, voting for token listing, and qualifying project investment opportunities.
“In 2021 CoinEx will bring further improvements. As our ecosystem expands in the future, CET will have more use cases and bring more benefits to our users, ”said Haipo Yang, CoinEx Founder and CEO.
About CoinEx
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with an investment led by Bitmain. It is a subsidiary brand of the ViaBTC group, which owns the fifth largest BTC mining pool and is also the largest BCH mining pool in the world.
CoinEx supports trading in spot, perpetual contracts and other derivatives. The service reaches global users in nearly 100 countries / regions with various languages available such as Chinese, English, Korean and Russian.
Website: https://www.coinex.com/
Twitter: https://twitter.com/coinexcom
Telegram: https://t.me/CoinExOfficialENG
Contact
Jessica Zhang
CoinEx’s PR department
[email protected]
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