As prices of the top two cryptocurrencies soared to a historic high on November 9, the crypto market has also set a new record, with its market cap reaching $3 trillion. Growing steadily since November, CET has recorded a price surge of 50.39% in the past 30 days. There are signs that the CET price will continue to trend upward. This cryptocurrency has been doing well in 2021, according to CET’s official price chart.
Backed by an ecosystem covering diverse crypto applications, CET has achieved steady progress
Issued in January 2018, CoinEx Token (CET) represents a value-added service & privilege scheme based on the business ecosystem of CoinEx, a global and professional provider of crypto trade services. Since its release, CET has been issued and circulated via airdrops, transaction fee discounts, promotions, team unlocking, etc. In March 2021, the CoinEx team decided to burn a total of 1.08 billion locked CET at one time, which allowed the token to enter full circulation. Since then, CoinEx has also built a well-rounded ecosystem for CET, covering 1) a spot trading platform, 2) a derivatives trading platform, 3) a decentralized trading platform (CSC).
Empowering CET through a well-rounded ecosystem, CoinEx aims to create distinctive CET ecosystem functions and promote value growth
1. Continued CET repurchase and burning
As the platform-based token of a global crypto exchange, CET is primarily used to pay transaction fees and participated in the CoinEx ecosystem. CoinEx will repurchase and burn CET every day with 50% of its transaction fee income until the total supply of CET reduces to 3 billion. In the next stage, the exchange will continue to use 20% of its fee income for CET repurchase and burning until CET is completely burned. In October, CoinEx burned 90 million CET, which further reduced the circulating supply of CET. Although deflation is no longer the only factor powering the price growth of CET, its tight circulation has surely accelerated the appreciation of CET. In light of the rising demand and reduced supply, it comes as no surprise that the CET price soared.
2. Encourage users to invest via incentive strategies
CET, like other crypto assets, can be traded and used on CoinEx. In spot trading, you can pay transaction fees with CET. Once the feature “Use CET as Transaction Fees” is enabled, users will pay transaction fees with CET and enjoy a 30% discount. This incentive measure ensures that transaction fees are paid with CET a discount. For crypto investors who may be engaged in hundreds of transactions every week, lowering transaction fees is a way to make additional profits.
3. Create CSC to dissociate itself from Ethereum
CET is a decentralized crypto asset based on the ERC 20 standard. However, after CoinEx launched CoinEx Smart Chain (CSC) in June 2021, CET has been migrated to CSC as its gas. As a public chain independently built by CoinEx, CSC is based on the PoS consensus protocol, which makes it decentralized and energy-efficient. CSC allows developers to create tokens on the blockchain. Moreover, on CSC, users can also invest in or trade other token assets with CET, which means that this platform-based token can now be used in more scenarios.
4. Learn to Earn airdrops
Amidst the boom of Play to Earn, CoinEx has found a new way. The exchange has started a Learn to Earn program, featuring airdrops of 5 million CET. Thanks to its innovative model and incredible rewards, the program attracted wide attention as soon as it was launched. The growing popularity of this new program allowed CET to soar, making it a trending token for today’s new investors.
5. The launch of the CSC Global Hackathon Grants
In September, CSC started the CSC Global Hackathon Grants, which would last for three months. Since it was launched, this hackathon attracted droves of project teams and institutional investors, and there have been many outstanding projects. As a result, the demand for CET, the gas powering these projects on CSC, has continued to increase. Backed by the one-stop incubation and resource support of the Grants, Waterloan, a DeFi lending & borrowing platform, has achieved rapid growth. To date, the on-chain asset of Waterloan has exceeded 100 million CET or approximately $8.7 million. The emergence of new projects has built a diversified application ecosystem for CET.
These ecosystem strategies all reflect CoinEx’s well-rounded and interconnected ecosystem deployments fueled by CET. Its goal is to develop CET into a token powered by different values, rather than just a platform-based token. In the future, CET will also present more crypto opportunities that promise real value.
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