Press release. Hong Kong, February 23, 2021-CoinEx, a global professional cryptocurrency trading service provider, announced on Saturday that it has completed the burning of a historic 1.08 billion locked CoinEx token (CET), which will be allocated to the CoinEx team for the team Construction and market development once. This CET token burning is the highest burning in all trading history.
After burning, the total circulation is 4.34 billion Central European Time, and the market value is approximately 113 million US dollars. Currently, the number of CET automatically repurchased by CoinEx every day far exceeds the mining output of CoinEx Chain. The CET token has officially entered a state of absolute deflation and has become a fully circulating platform token. Through this program, CoinEx provides CET holders with higher long-term value.
CoinEx Pioneers daily repurchase mechanism
CET’s initial quarterly repurchase and burning plan was launched on July 1, 2018, and will be adjusted to daily repurchase and quarterly burning on April 11, 2020. CoinEx repurchases CET from transaction fees at a daily profit of 50% on the secondary market and burns them at the end of each quarter. When the circulating supply of CET is reduced to 3 billion, CoinEx will suspend the repurchase and burning of CET.
Driven by strong growth, CoinEx’s revenue for the token burning program has now grown substantially. Users can view the data in real time on https://www.coinex.com/token to ensure that the entire process is open and transparent.
CET holders in the CoinEx ecosystem enjoy more privileges
CET was released in January 2018 and is a value-added service and privilege program based on the CoinEx ecosystem. CET is issued in accordance with the Ethereum ERC20 agreement and has been launched on the CoinEx chain, acting as a gasoline. In addition to the ongoing repurchase and cash burn program, CET holders can also benefit from a variety of privileges when trading on the platform.
CET can be directly deducted at the same market value as the transaction fee and enjoy a special discount. Users with a certain number of CETs can become VIPs to experience services, such as fee discounts, accelerated withdrawals, exclusive customer services, etc. In addition, CET holders will also enjoy special privileges in promotions on CoinEx, including token airdrop rewards, voting token listings, and qualified project investment opportunities.
“In 2021, CoinEx will have more improvements. As our future ecosystem expands, CET will have more application scenarios and bring more advantages to our users.” CoinEx founder and CEO Yang Haipo said.
As a global professional cryptocurrency trading service provider, CoinEx was established in December 2017 with investment led by Bitmain. It is a sub-brand of ViaBTC Group, which has the fifth largest BTC mining pool and the largest BCH mining pool in the world.
CoinEx supports spot, perpetual contracts and other derivatives trading. Its services cover global users in nearly 100 countries/regions and provide multiple languages, such as Chinese, English, Korean and Russian.
CoinEx Public Relations Department
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