As a value-added service and privilege scheme based on the CoinEx ecosystem, CoinEx Token (CET) is the platform token of CoinEx Exchange. CET used to base on the Ethereum ERC20 protocol. Since the issuance on July 1, 2018, CET has been unlocked and circulated in the “trade-driven mining” model. A total of 10 billion CET will be issued, without additional issuance. Representing CoinEx users’ value-added service and privilege, CET can be circulated and used in many scenes.
Having been repurchased and burned for a long time, CET becomes absolutely deflationary
Since its listing, CET has been distributed and circulated in various forms such as airdrops and commissions on the transaction fees. It is also used for operation promotion, and is unlocked for team building.
As of July 2021, CoinEx has burned more than 5.7 billion CET, equivalent to approximately $331.14 million. After this round of burning, CET officially entered the state of full circulation. CoinEx Exchange spends US$100,000 a day repurchasing CET, and the daily repurchase and burning amount far exceeds the mining output. In other words, the number of CET circulating in the secondary market will be greatly reduced day by day, and CET has officially entered the state of absolute deflation.
As a platform token with the inherent value, CET is also endowed with more derivative value by CoinEx. CET can be circulated and used in a variety of scenes. Its core values include but are not limited to:
- Long-term repurchase and burning;
- The deduction for transaction fees on CoinEx;
- VIP services;
- Special events such as “airdrops for new coin listing”;
- CoinEx will also make CET used and circulated in more scenes outside its ecosystem, such as payment.
Privileges underpinning the fundamental value of CET
"The entire CoinEx ecosystem will empower CET. As our business lines get enriched, CET will be applied more extensively. CET holders can circulate and use CET across the CoinEx ecosystem. We hope to enhance the core value of CET,” suggested Haipo Yang, founder of CoinEx.
On June 30, 2021, CoinEx Smart Chain (CSC) mainnet went live. CSC is perfectly compatible with the Ethereum ecosystem, and integrates the PoS consensus protocol with the PoA block generation mechanism. It generates a block in seconds, supports extremely high TPS, and keeps transaction fees at a low level in the meantime. CSC supports up to 101 validators, which are sequenced according to the number of CET staked. It does not require the review of centralized institutions, making the network more decentralized.
On one hand, CET will be used as CSC's built-in circulation token and its gas; on the other, CSC's 101 validators will enhance the supply and demand for CET in the secondary market, which will undoubtedly promote the application of CET. CET runs on CSC the same way as ETH runs on Ethereum, and its main functions are:
1. To pay for the gas for transfers and contract calls on CSC;
2. To pay for the transaction fees for deploying smart contracts on CSC;
3. To be delegated to the selected validators.
CET is no longer just a platform token. As the native token of CSC, it carries more commercial value and privileges in circulation, revealing its huge potential. It is vital access to CSC for both developers and users. As the only value token of the CoinEx ecosystem, CET has been given more significance by CoinEx and even carries the value of the CSC ecosystem. As Haipo Yang once said, "CET is the core value of the CoinEx ecosystem."
CET Gets Empowered by CoinEx Ecosystem
CoinEx introduced the core mechanism of DEX to the trading platform in 2020. The launch of the automated market making (AMM) mechanism pushed up the CET price, which even surged +1437.27% in 2021. CoinEx is not just a professional digital currency trading platform for global users, but also a blockchain network ecosystem. Empowered by the CoinEx ecosystem, CET is not only a platform token, but also an indispensable gas that powers the ecosystem.
Due to its limited scalability, Ethereum now faces many problems, including slow transfer speed, poor user experience, and gas fees of up to hundreds of dollars. In this context, the CoinEx Smart Chain (CSC) ventures into the DeFi field along with a $10 million support fund, to build an ecosystem with users together. As the CSC ecosystem grows perfect and mature, the undervalued CET will certainly experience a strong rally, thus offering exciting prospects.
CSC projects, developers, builders, and other forces all keep growing in the community. The CoinEx ecosystem is developing in an orderly manner as well. Its business reach now covers spot trading, derivatives, AMM, mining pools, and beyond. Integrated with CeFi and DeFi businesses, CoinEx’s blockchain ecosystem has its different parts increasingly closely interlinked. All of these will eventually empower CET, the platform token and core gas of the CoinEx ecosystem, which is very much likely to become the next key to wealth.