HONG
KONG, July 5, 2024 /PRNewswire/ -- In
July 2024, the
global cryptocurrency trading
platform CoinEx officially announced the completion of the
repurchase and burning of its platform token CET (CoinEx Token) for
the second quarter of 2024. According to data from the official
website, the total value of this repurchase and burn is
approximately 3.16 million USD, with
11,083,208.18 CET repurchased and burned in June alone, and a total
of 49,625,974.15 CET repurchased and burned in the second quarter.
As of 08:00 (UTC) on July 4th, the
latest price of CET is about 0.062
USD, with a total supply of approximately 2.804 billion
CET.
CET (CoinEx Token), an essential part of the CoinEx ecosystem,
was officially launched in January
2018. Initially issued based on the Ethereum
ERC20 protocol, it has now migrated to CoinEx's self-developed
public chain, the CoinEx Smart Chain (coinex.org), and is used as
its fuel. CET is the platform token of CoinEx and the core of
CoinEx's value-added service privileges scheme.
Since its launch, CET has been distributed through various
forms, including airdrops, transaction fee returns, operational
promotions, and team unlocking. According to CET's value agreement,
CoinEx uses 20% of the platform's daily fee income to repurchase
CET, and at the end of each calendar month, all CET repurchased
that month is burned.
By implementing the "daily repurchase, monthly burn" mechanism,
the CoinEx team is gradually reducing the circulation of CET in the
market, thereby enhancing CET's scarcity and intrinsic value. This
process effectively reduces the total amount of CET, helps increase
its market price and stability, and thus protects users' investment
value and empowers platform token holders.
About CoinEx
Founded in 2017, CoinEx is a global
cryptocurrency exchange committed to making trading
easier. The platform provides a range of services, including spot
and margin trading, futures, swaps, staking, AMM, and financial
management services for over 5 million users across 200+ countries
and regions. Since its establishment, CoinEx has steadfastly
adhered to a "user-first" service principle. With the sincere
intention of nurturing an equitable, respectful, and secure
crypto trading environment, CoinEx enables individuals
with varying levels of experience to effortlessly access the world
of cryptocurrency by offering easy-to-use
products.
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SOURCE CoinEx Global