CoinEx Token

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Discover CoinEx Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is CoinEx Token?

CoinEx Token (CET) is the native asset of CoinEx Chain, a public chain aiming to create a decentralized trading system. CET was issued in January 2018 and is used for discounts on trading fees, purchasing value-added services, and participating in staking and governance on the CoinEx Chain. It is also used as gas on the CoinEx Smart Chain, which supports decentralized applications and smart contracts. The token's value is influenced by its application scenarios, economic model, and burning mechanism, which reduces its circulating supply.

How is CoinEx Token used?

CoinEx Token (CET) is the native token of the CoinEx cryptocurrency exchange and plays a crucial role within the CoinEx ecosystem. Here are the primary ways CET is utilized:

  1. Discount on Transaction Fees: CET holders can use their tokens to pay for trading fees on the CoinEx platform, enjoying exclusive rate discounts.

  2. VIP Services: Users holding a certain amount of CET can become VIP customers, gaining privileges such as rate discounts, accelerated withdrawals, exclusive activities, and dedicated customer service.

  3. Exclusive Activity Rights: CET holders have special rights and interests in platform marketing activities, including participating in token airdrops, voting for token listings, and accessing high-quality project investment opportunities.

  1. Gas for CoinEx Smart Chain (CSC): CET serves as the built-in circulation token and gas for the CoinEx Smart Chain, which supports smart contracts.

  2. External Circulation Scenarios: CoinEx aims to promote the use of CET in external scenarios, such as payments, expanding its circulation beyond the CoinEx ecosystem.

These utilities enhance the value and functionality of CET within the CoinEx ecosystem, fostering a strong connection between the token and the platform's growth.

How do I store CoinEx Token?

To store CoinEx Token (CET) tokens, you can use various wallet options. Here are some steps to follow:

  1. Centralized Exchanges (CEX): You can store your CET tokens on the wallets provided by centralized exchanges like Binance Wallet.

  2. Crypto Wallets: You can also store your CET tokens on crypto wallets like Trust Wallet.

  3. Cold Wallets: For long-term storage, consider using cold wallets, which are more secure than hot wallets.

  1. CoinEx Wallet: CoinEx Wallet supports multiple blockchains and over 1 million tokens, including CET. You can manage your CET tokens along with other crypto assets using this wallet.

  2. Other Wallets: You can also explore other wallets that support CET tokens and choose the one that best fits your needs.

Remember to always follow best practices for securing your wallets and protecting your assets.

How to buy CoinEx Token?

To buy CoinEx Token (CET) tokens, follow these steps:

  1. Register and Verify: Register an account on a centralized exchange (CEX) that supports CET trading, such as CoinEx. Verify your identity and secure your account by enabling two-step verification.

  2. Buy Fiat-Pair Cryptocurrency: Use fiat currency to purchase a cryptocurrency like USDT, ETH, or BNB, which can be easily traded for CET. This can be done through the CEX's OTC trading service or financial platforms like PayPal or Robinhood.

  3. Transfer to CET-Supporting CEX: If the CEX you're using doesn't support CET trading, transfer your purchased cryptocurrency to a CEX that does. Ensure the CEX supports the trading pair you need, such as CET-USDT, CET-ETH, or CET-BNB.

  1. Buy CET: Once you have the required cryptocurrency in the correct CEX, use it to buy CET in the spot market.

Additionally, you can also get CET for free through airdrops, staking, or trade earnings on platforms like BingX.

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History of CoinEx Token

The CoinEx Token (CET) was issued in January 2018 as a value-added services and privileges scheme based on CoinEx's business ecosystem. Initially, it was issued on the Ethereum ERC20 protocol but was later migrated to the CoinEx Smart Chain (CSC), where it acts as gas for transactions.

CET has been distributed and circulated through various means such as airdrops, transaction fee returns, operational promotions, and team unlocks. The initial supply was 10 billion CET, with 1.8 billion allocated to the CoinEx team for team building and marketing. In March 2021, the remaining 1.08 billion un-unlocked CET held by the team was burned, marking a significant milestone in the token's history.

Since its launch, CET has been used for several purposes within the CoinEx ecosystem. It can be used to deduct trading fees with discounts, grant VIP services and privileges, and provide exclusive promotional rights to holders. Additionally, CET is used as gas for transactions on the CoinEx Smart Chain, which supports smart contracts.

CoinEx also has a repurchase and burning mechanism, where 20% of the daily platform fee income is used to repurchase CET, which is then burned at the end of each month. This mechanism helps to reduce the circulating supply and maintain the token's value.

Today, CET continues to play a vital role in the CoinEx ecosystem, with ongoing efforts to expand its usage and applications beyond the platform, such as in payments.

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How CoinEx Token works

The CoinEx Token (CET) is a cryptocurrency issued on the Ethereum ERC20 protocol and is the native token of the CoinEx Chain, a public blockchain designed for decentralized exchange (DEX) purposes. Here's how it works:

Key Features
  • Total Supply: The total supply of CET is fixed at 10 billion tokens.
  • Trading: CET can be traded on various exchanges, including centralized exchanges (CEXs) and decentralized exchanges (DEXs).
  • Usage: CET can be used in multiple scenarios, such as:
    • Trading Fees: CET can be deducted directly as trading fees with the same market value at dedicated discounts.
    • VIP Services: Users holding a certain amount of CET can obtain VIP membership and enjoy privileges like fee discounts, withdrawal acceleration, and exclusive customer service.
    • Promotional Campaigns: CET holders are entitled to special qualifications for promotional campaigns on CoinEx, such as airdrop incentives and Accelerator support for quality projects.
    • Voting Rights: CET holders can vote for new tokens they want listed on CoinEx.
    • Participation in CoinEx Operations: CET holders can participate in planning CoinEx operations as representatives of CoinEx users.
    • Gas for Decentralized Exchange: CET will be used as "gas" for the decentralized exchange built on the CoinEx Chain.
Repurchase and Burning
  • Repurchase Plan: CoinEx will repurchase and burn CET with 20% of its quarterly profit at the end of each quarter.
  • Burning History: The repurchased CET is burned, reducing the circulating supply.
CoinEx Chain
  • Public Chain: The CoinEx Chain is a public blockchain designed for decentralized exchange purposes, consisting of three public chains: DEX Chain, Smart Chain, and Privacy Chain, which focus on trading, smart contracts, and privacy, respectively.
  • Consensus Protocol: The CoinEx Smart Chain is based on the POS (Proof of Stake) consensus protocol, which is decentralized and energy efficient, making it suitable for building decentralized applications.
Security and Protection
  • Security Infrastructure: CoinEx provides a robust security infrastructure, including a Shield Fund, to safeguard users' assets.
  • 2-Factor Authentication: CoinEx supports 2-factor authentication for added security.
Investment and Trading
  • Investment Risks: Investing in CET carries risks due to its volatility and susceptibility to errors and hacking.
  • Buying and Trading: CET can be bought and traded through various methods, including centralized exchanges, decentralized exchanges, and crypto wallets.

Overall, the CoinEx Token (CET) is designed to provide value-added services and privileges within the CoinEx ecosystem, while also serving as a utility token for the decentralized exchange and other applications on the CoinEx Chain.

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CoinEx Token's strengths

The strengths of CoinEx Token (CET) include:

  • Native Token of CoinEx Ecosystem: CET is the official token of the CoinEx exchange, which provides various benefits such as fee deductions, VIP services access, and participation in decision-making processes within the ecosystem.

  • Staking and Yield: CET offers a high yield rate of 8.93% annually, making it an attractive option for staking and earning rewards. The staking process is straightforward and can be done through ViaWallet or the CoinEx Dex Exchange.

  • Burning Mechanism: CoinEx periodically buys back and burns CET to reduce its circulating supply, increasing its scarcity and value. This mechanism reflects the platform's attention to value management and provides investors with confidence in long-term holding.

  • Expanding Application Scenarios: CET's usage scenarios are continuously expanding, including its role as fuel and governance in the CoinEx Smart Chain ecosystem. This expansion enhances its value and importance within the ecosystem.

  • Decentralized and Energy Efficient: CET is based on the POS consensus protocol, making it decentralized and energy efficient. This facilitates the development of decentralized applications and adds to its overall value proposition.

These strengths contribute to the token's potential for future growth and adoption within the CoinEx ecosystem and the broader cryptocurrency market.

CoinEx Token's risks

CoinEx Token (CET) is a cryptocurrency that carries several financial risks. These risks are primarily related to its volatility, speculative nature, and potential for manipulation. Here are some key financial risks associated with CET:

  1. Volatility Risk: CET's price can fluctuate significantly over short periods, making it a high-risk investment. This volatility can result in substantial losses if the market moves against the investor.

  2. Speculative Nature: CET is a highly speculative cryptocurrency, which means its value can be influenced by market sentiment and speculation rather than fundamental value. This increases the risk of price manipulation and sudden drops in value.

  3. Risk of Devaluation: Although CET has a low risk of devaluation in the short term, its value can still be affected by various market and economic factors, leading to potential losses for investors.

  1. Liquidity Risk: CET's liquidity can be limited, making it difficult for investors to quickly sell their tokens if needed. This can exacerbate price volatility and increase the risk of losses.

  2. Regulatory Risks: The cryptocurrency market, including CET, is largely unregulated. This lack of oversight can increase the risk of fraud, hacking, and other security breaches, which can negatively impact the value of CET.

  3. Market Manipulation: CET's price can be influenced by market manipulation, which can result in artificial price movements that may not reflect the token's true value. This can lead to significant losses for investors who buy or sell based on manipulated prices.

  1. Security Risks: CET, like other cryptocurrencies, is vulnerable to security risks such as hacking and theft. If the underlying blockchain or exchanges are compromised, investors may lose their tokens or face significant losses.

  2. Economic Sensitivity: CET's value can be affected by broader economic trends and market conditions. If the overall cryptocurrency market or global economy experiences a downturn, CET's value may also decline.

Investors should carefully consider these financial risks before investing in CoinEx Token (CET) or any other cryptocurrency. It is essential to understand the risks and rewards associated with these investments and to make informed decisions based on thorough research and risk assessment.

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Did CoinEx Token raise funds?

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CoinEx Token’s team

  • Haipo Yang: Founder and CEO of CoinEx, who has been instrumental in shaping the platform and its native token, CET.

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