CoinEx Token (CET) is the native token of the CoinEx platform, first launched in January 2018. Initially, CET was issued based on the Ethereum ERC20 standard. Let's dive into CET's tokenomics and how its ecosystem has evolved.
CET Use Cases - The Role of CET in CoinEx Ecosystem
If you are the holder of CET, you can use CET in various scenarios within the CoinEx ecosystem. CET can be used as Coinex Exchange trading fees with the same market value as fee deduction. CET holders can also be staked for VIP membership to enjoy rewards, withdrawal acceleration, exclusive customer service. CET holders are entitled to special qualifications for promotional campaigns on CoinEx such as airdrop incentives, accelerator support for quality projects.
Most importantly, with the launch of the CSC public chain, a decentralized and energy-efficient public chain which is based on the PoS consensus protocol, CET is a built-in token and functions as its “gas”.
In short, CET plays a big role in CoinEx trading fee and CoinEx smartchain governance. With the help of CET, CoinEx created a self-sustaining ecosystem that aligns the interests of the platform, traders, and the broader crypto community. This innovative approach has not only fostered growth and development. In the future, with the development of the CoinEx ecosystem and enhancement of CET use cases, it will become a benchmark for decentralized ecosystems.
CET Burning Made Cryptocurrency History
CET started with 10 billion tokens. It's been distributed through airdrops, fee discounts, promos, and team unlocks. To stabilize the price and maintain market price, CoinEx pledged to use 20% of daily platform fees to buy back and burn CET monthly and at the end of each calendar month, all CET repurchased that month is burned.
In March 2021, CoinEx made history by burning 1.08 billion unlocked CET at once. This put all CET into circulation and marked the biggest platform token burn ever in crypto. CoinEx pioneered daily buybacks and burns for exchange tokens. As of 18 July 2024, CET's total circulating supply is over 2.7 billion, based on circulation, buyback, and burn data.
Conclusion
The CET tokenomics and ecosystem have strengthened CoinEx's position as a pioneer in the cryptocurrency exchange. Fostering user engagement and promoting decentralization and supporting CSC public chain etc., CET would play an important part as the CoinEx ecosystem expands, and is anticipated to be used in various scenarios.
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