CoinEx, a global and professional cryptocurrency exchange service provider, announced that it has finished a historic burn of 1.08 billion locked CoinEx Token (CET) allocated to the CoinEx team for team building and market development at one time. This CET token burn is the highest one ever carried out by the exchange.
After this burn, the total circulation is 4.34 billion CET, with a market capitalisation of approximately 113 million USD. At present, the amount of CET automatically repurchased by CoinEx each day far exceeds the mining output of CoinEx Chain. CET token has officially entered absolute deflation and became a fully circulating platform token. Through this initiative, CoinEx provides CET holders with greater long-term value.
CoinEx Pioneers Daily Repurchase Mechanism
CET’s original quarterly repurchase and burn initiative was launched on July 1, 2018, and was adjusted to daily repurchase and quarterly burn on April 11, 2020. CoinEx repurchases CET in the secondary market with 50% of its daily profits from transaction fees every day, and burns them at the end of each quarter. When the circulating supply of CET reduces to 3 billion, CoinEx will suspend the CET repurchase and burn.
Driven by strong growth, CoinEx’s revenues put towards its token burning plan represents a great increase these days. Users can view the data in real-time, which ensures that the entire process is open and transparent.
Issued in January 2018, CET is a value-added services & privileges scheme based on CoinEx’s ecosystem. CET is issued on Ethereum ERC20 protocol and has been launched on the CoinEx Chain and acts as gas. Beyond its ongoing repurchase and burn initiative, CET holders can also benefit from multiple privileges when trading on the platform.
CET can be deducted directly with the same market value as a transaction fee at a dedicated discount. Users with a certain amount of CET can become VIP to experience services such as fee discount, withdrawal acceleration, exclusive customer service, and so on. Moreover, CET holders will also enjoy special privileges for promotional campaigns on CoinEx, including token airdrop incentives, voting for token listing, and qualified project investment opportunities.
“2021 will see more improvements from CoinEx. With the expansion of our ecosystem in the future, CET will have more application scenarios and bring more advantages for our users,” said Haipo Yang, Founder and CEO of CoinEx.