Hong Kong, February 23, 2021 – CoinX, a global and professional cryptocurrency exchange services provider, announced last Saturday that it ended a historic burn of 1.08 billion locked CoinX tokens (CETs) allocated to the CoinEx Burns for team building and market development at one time. Is done. This CET token is the highest ever made by the Burn Exchange.
After this burn, the total circulation is 4.34 billion CET, with a market capitalization of approximately 113 million USD. Currently, the amount of CET is automatically repurchased each day by CoinX which is far more than the CoinX chain’s mining output. The CET token has officially entered full contraction, and has become a fully circulating platform token. Through this initiative, CoinEx provides more long-term value to CET holders.
Coinex pioneer daily repurchase system
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 retakes CETs in the secondary market with 50% of its daily profits from everyday transaction fees, and burns them at the end of each quarter. When the circulating supply of CET is reduced to 3 billion, CoinX will suspend CET repurchase and burning.
Driven by strong growth, CoinX’s revenue put towards its token burning scheme represents a great increase these days. Users can view data in real time at https://www.coinex.com/token, which ensures that the entire process is open and transparent.
More privileges for CET holders in the CoinEx ecosystem
Released in January 2018, CET is a value-added services and privileges scheme based on CoinEx’s ecosystem. The CET ethorum is released on the ERC20 protocol and launched on the CoinX chain and acts as a gas. Beyond their ongoing repurchase and burn initiatives, CET holders may also benefit from multiple privileges when trading on the platform.
The CET can be deducted directly at a dedicated discount with the same market value as the transaction fee. Users with a certain amount of CET can become VIPs to experience services such as fee waiver, withdrawal acceleration, exclusive customer service, etc. In addition, CET holders will also receive special privileges for promotional campaigns on CoinX, including token airdrop incentives, voting for token listings and qualifying project investment opportunities.
“2021 will see more improvement from CoinEx. With the expansion of our ecosystem in the future, CET will have more application scenarios and bring more benefits for our users,” said CoinEx founder and CEO Hapo Yang.
As a global and professional cryptocurrency exchange services provider, CoinX was founded in December 2017 with a bitmen-led investment. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool and is also the world’s largest BCH mining pool.
CoinX supports Spot, Perpetual Contracts and other derivatives trading. Its service reaches global users in about 100 countries/regions with different languages like Chinese, English, Korean and Russian.