CoinEx Institution: The Next Soaring Cryptocurrency? CET Tops the Token Ranking
Days ago, Tesla announced that it had invested 1.5 billion US dollars in Bitcoin and accepted Bitcoin as a payment currency for its electric cars; Elon Musk, one of the richest men in the world, replaced the avatar of his social media account with an anime character embracing Bitcoin; Coinbase announced its direct listing on the Nasdaq stock market, with the stock code COIN…
The crypto market is booming. The fact that Coinbase is valued at hundreds of billions of dollars after listing heralds this trading platform’s surge in both business volume and revenue as the scale and frequency of Bitcoin transactions continue to increase.
In this context, CET has kept soaring, pushing itself and CoinEx, the global digital currency trading platform behind it, to the spotlight. Another thing on the radar screen is CoinEx Smart Chain (CSC), a smart chain to be launched that supports smart contracts. Apart from the favorable market conditions, the more important driving engine of the CET price is the accumulated strength of CoinEx. This article will give you a detailed introduction to CET and CoinEx, the world-renowned digital asset trading service provider that listed it.
CET (CoinEx Token) was born in January 2018. As a user value-added service equity system in the CoinEx ecosystem, CET is issued based on the Ethereum ERC20 protocol.
Post-1990s entrepreneur Yang Haipo founded ViaBTC and created CoinEx
Yang Haipo, founder of ViaBTC, is a post-1990s entrepreneur. He graduated from Northwestern Polytechnical University with a major in mathematics and applied mathematics in 2012, and used to work for Tencent TEG/Weibo and Futu Securities. As early as 2011 when Yang Haipo was still in college, he had his first introduction to Bitcoin and also became one of the earliest investors in Bitcoin. Having aimed at the golden opportunity, in 2014, the sharp-eyed Yang Haipo spent all his savings on Bitcoin, resigned from Tencent, and engaged in the cryptocurrency world. He then served as the technical leader of Zeus Technology (one of the world’s top three SCRYPT mining machine brands) and started his career in the segment.
In March 2016, Yang Haipo invested in the deployment and development of the Bitcoin mining pool. He independently completed all the code of ViaBTC Pool (Viabtc Technology Limited) and successfully launched it two months later. That marks the birth of the world’s first BCH mining pool. ViaBTC is not only the world’s largest BCH mining pool, but also the world’s fifth largest Bitcoin mining pool.
As Yang Haipo found later, at the moment exchanges could provide the industry with important functions of asset issuance and value discovery, the cornerstone of the entire industry, so he decided to devote himself to developing exchanges. In December 2017, Yang established CoinEx, which has then developed rapidly and irresistibly. In July 2018, the exchange jumped to the top of the world by trading volume of exchanges and became one of the most extensive management platforms in the globe. At the same time, CoinEx provides diversified derivatives trading services such as spot trading, margin trading, and perpetual contracts. It supports Chinese/English/Japanese/Korean/Russian and many other languages, and provides safe and reliable digital trading services for more than 100 countries and regions around the world. CoinEx gathers innovative digital assets and is also committed to creating the most secure, stable and efficient digital currency trading platform for users around the world.
With the biggest ever “burning” in history, CET enters full circulation
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. Among these tokens, 1.8 billion CET is allocated, linearly in five years, to the CoinEx team for team building and market expansion. Previously, CoinEx has unlocked a total of 720 million CET in two portions. In March 2021, the CoinEx team decided to burn the remaining 1.08 billion CET that has not yet been unlocked. Since then, CET has entered full circulation.
According to the “Information Disclosure on CET Circulation and Future Applications”, CoinEx will spend 50% of its transaction fees on repurchasing CET every day, and will burn all the CET repurchased in the current quarter at the end of each natural quarter, until the total amount of CET is reduced to 3 billion. After careful consideration, the CoinEx team has decided to continue to spend 20% of the platform’s transaction fees on repurchasing and burning CET until all CET is burned.
The value of CET goes far beyond the user value-added service privilege system in the CoinEx ecosystem
CET can be circulated and used in a variety of scenarios. Its core value includes but is not limited to:
1. Long-term repurchase and burning
CoinEx automatically spends 50% of its transaction fees on repurchasing CET every day, and burns all the CET repurchased in the current quarter at the end of each natural quarter, until the total amount of CET is reduced to 3 billion. After that, CoinEx will continue to spend 20% of its transaction fees on repurchasing and burning CET until all CET is burned.
2. Deduction for transaction fees on CoinEx
CoinEx users can directly pay the equivalent amount of CET as part of the transaction fees in trading, and enjoy exclusive fee discounts.
3. VIP services
Users holding a certain amount of CET can become a VIP of CoinEx, enjoying privileges such as discounts in the transaction fees, accelerated withdrawals, exclusive events, and one-to-one customer service.
4. Special events
CET holders can enjoy special privileges in CoinEx’s marketing events, such as airdrops, voting for listings, and investment opportunities in premium projects.
5. CoinEx Smart Chain (CSC) built-in tokens
CoinEx Smart Chain (CSC) is a brand new smart chain supporting smart contracts to be launched by CoinEx. CET will be used as CSC’s built-in circulation token and its gas.
6. More circulation scenarios
In addition to the CoinEx ecosystem, CET will be used and circulated in more external scenarios, driven by CoinEx, such as payment.
Be it the TRON chain that claims to be a rival of Ethereum, the recently popular Binance Smart Chain (BSC), or the upcoming CoinEx Smart Chain (CSC), it all means that we’re already in an era of Chinese public chains. As CET outruns many of its strong peers in the industry recently, will it become the next soaring currency in this bull market? Surely, CoinEx will never let us down.