CET, the native utility token of the CoinEx exchange, is normally known for paying the trading fees on CoinEx. However, it could do far more than that. Initially issued in January 2018, CET has come a long way in coherence with CoinEx’s ecosystem development and has been through many innovations and breakthroughs. To learn the true value of CET, it would be meaningful to explore those innovations and breakthroughs.
The Burn Mechanism of CET
CET is based on the Proof-of-Stake (PoS) consensus protocol and is supplied in a deflationary model. In order to control the supply, CET has frequent buyback and burn activities, giving it a potential increase in value.
Every day, CoinEx uses 20% of its platform fee income to repurchase CET. The platform will then burn them all at the end of that month. The daily-based buyback distinguishes it from other platforms, which usually burn their platform tokens on a quarterly basis. On CoinEx’s website, users can find the most up-to-date buyback and burn data at any time, ensuring high transparency.
Apart from the burn mechanism, there is something more. If you look at its early data, you will know the initial total supply of CET was 10 billion. In fact, in 2021, the development team decided to burn them at more than 70%, making it the highest burn rate in terms of platform tokens in history.
The current total supply of CET is now 2.804 billion; around 99% of them are on the market. The circulating supply ratio is nearly full.
Holding CET for Perks: CoinEx VIP Membership
Other than the remarkable token-burning history, the privileges for CET holders are also innovative. On CoinEx, every user holding 2,000 CET or more will automatically enrol as a VIP member and could enjoy fee discounts at different levels.
A VIP membership grants CoinEx users access to a range of exclusive benefits designed to enhance their trading experience. Throughout the year, VIP members can enjoy random promotions featuring special gifts, adding an element of surprise and reward.
When they invite friends to join CoinEx, they can earn up to 40% in referral rewards by sharing the referral link or code. The more friends they invite and the more their friends trade, the greater their referral rewards will be.
VIP members also benefit from free airdrops, the chance to win limited bonuses, and ticket priority for faster customer support responses.
For those who achieve VIP5 status, the perks become even more enticing. VIP5 members receive the personal attention of a dedicated VIP manager, customized gifts tailored to their preferences, and an exclusive birthday gift to celebrate their special day. They will also be invited to offline events and salons to network with and engage with other top-tier traders.
In addition, if CoinEx users bind another non-CoinEx address to the platform, the system will reckon the total CET holding from both addresses, so users will get a more competitive fee rate. Visit the dedicated page for more VIP perks details.
CET as the Fuel Token on CSC
Another use case for CET is CoinEx Smart Chain (CSC), which is a high-performance public chain created by CoinEx.
On CSC, CET is used as the fuel token; validators need to stake CET to generate blocks. That requires a large amount of CET to be locked up for the long term. Consequently, the selling pressure on CET in the market will be significantly reduced, promoting its value.
CSC not only offers fast transfer speeds and low fees but is also compatible with the Ethereum Virtual Machine (EVM). This allows dApp developers to easily deploy their code on CSC using Remix, an open-source integrated development environment (IDE) primarily used for developing, deploying, and testing Ethereum smart contracts, thereby attracting more investors and further promoting the development of the ecosystem.
CSC has already become a public chain with multiple ecological application dApps.
The Uniqueness of CET
Most centralized exchanges (CEX) have their own native token, which makes no difference to CET or CoinEx. However, there are several features and use cases that make CET distinct from them. While many exchange tokens offer trading fee discounts and staking, CET combines these with additional benefits like VIP privileges and ecosystem-wide utility.
Also, the aggressive burn mechanism helps to significantly reduce the total supply over time, enhancing its scarcity and potential value.
If you take a look closer, you will find CET is actually integrated with the CoinEx ecosystem on a deep level, including its use in various platform services and products. That increases CET’s utility and relevance compared to those with limited use cases.
The combination of staking rewards, fee discounts, and VIP benefits provides a comprehensive incentive structure for users to hold and use CET.
Expanding CET Use Cases
CET, or CoinEx Token, offers a range of benefits that make it a valuable asset for users of the CoinEx exchange. Its transaction fee discounts, regular token burns, staking rewards, VIP privileges, and ecosystem integration differentiate it from other exchange tokens and provide various incentives for users to hold and use.
Since its issuance, CET has increased by 999.61%; the increase in price over the past year, the past six months, and the past three months is 78.58%, 101.06%, and 74.94%, respectively, an outstanding price surge.
Looking up, CoinEx will promote the use and circulation of CET in more external use cases in the future, such as payment, to enhance its investment value. The multifaceted approach of CET clearly enhances its appeal and utility within the CoinEx platform and the broader cryptocurrency market.
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