Global Cryptocurrency Trading Platform CoinEx Completes $3.16 Million CET Repurchase and Burn for Q2 2024, Attracting Market Attention to Platform Token CET

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Jul 05, 2024, 07:02 ET

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.

SOURCE CoinEx Global