What is CoinEx (CET)?
CoinEx token (CET) is the native token of the CoinEx Chain. It is based on the ERC-20 token standard. Check out the current CET price on the CoinEx price chart above. CoinEx DEX is the main product of the chain. However, the CoinEx crypto project created a public chain system comprised of three chains focusing on trading, smart contracts, and security, namely:
- DEX Chain
- Smart Chain
- Privacy Chain
Use Cases of CET Tokens
CET token holders can benefit from a variety of perks while trading on the platform. For starters, CET holders can pay their trading fees at a discount. The platform deducts CET directly from their accounts instead of charging a cash fee.
Also, CET coin holders get VIP benefits. Users who hold a particular amount of CET can receive a VIP membership and get benefits such as fee reduction, withdrawal acceleration, special customer support, and so on.
Moreover, CET holders can participate in CoinEx promotional programs like airdrops.
Furthermore, CET provides access to the CoinEx Smart Chain. CET circulates and acts as gas, making it simple to construct decentralized apps.
Lastly, CET also serves as a payment method for trading fees on CoinEx.
The current market cap, circulation, supply, and CET price movements are available in the charts above.
Who Founded CoinEx?
Founded in 2017 and headquartered in Hong Kong, CoinEx was established by Haipo Yang who also serves as the CEO of the company. He has previously worked with Tencent TEG/Weibo and Futu Securities. With a solid mathematical foundation, he developed all of the codings for the ViaBTC mining pool independently in 2016, which was subsequently deployed two months later. Following that, he founded the CoinEx exchange.
The remainder of the crew is unknown, but according to the exchange's website, CoinEx's key team members come from world-leading technology and finance organizations, including early Bitcoin adopters and experts with extensive expertise in global operations and services.
Tokenomics of CET
The max supply of CoinEx tokens is 10 billion. However, CoinEx employed a buy-back-and-burn mechanism using half of its fee profits until the total supply dropped down to 3 billion. When the 3 billion goal was reached in March 2021, CoinEx decided to utilize 20% of its fee income towards further CET buyback and burning until all CET will be burnt. This mechanism reflects positively on the CET price.
In terms of distribution, the platform has given 2.888 billion tokens to common users while holding 885 million CETs to unlock in time of need. Another 315 million was reserved for use as an incentive, and the remaining 1.8 billion were planned to be equally distributed until 2024.
Before deciding to buy the coin, it’s better to review the latest CoinEx price movements to better predict the potential trends in the short and the long term.