HONG KONG, July 5, 2024 /PRNewswire/ -- In July 2024the global cryptocurrency business platform CurrencyEx officially announced the completion of the repurchase and burning of its CET platform token (CoinEx Token) for the second quarter of 2024. According to data from the official website, the total value of this repurchase and burning is approximately $3.16 millionwith 11,083,208.18 CET bought back and burned in June alone, and a total of 49,625,974.15 CET bought back and burned in Q2. As of 08:00 (UTC) on July 4thThe latest CET price is approximately 0.062 USDwith a total supply of approximately 2,804 million CET.
CET (CoinEx Token), an essential part of the CoinEx ecosystem, was officially launched on January 2018. Initially issued based on the Ethereum The ERC20 protocol has migrated to CoinEx's self-developed public chain, CoinEx Smart Chain (coinex.org), and is used as fuel. CET is CoinEx's platform token and the core of CoinEx's value-added service privilege scheme.
Since its launch, CET has been distributed through various forms, including airdrops, transaction fee refunds, operational promotions, and equipment unlocks. According to the CET value agreement, CoinEx uses 20% of the platformโs daily fee revenue to buy back CET, and at the end of each calendar month, all CET bought back that month is burned.
By implementing the โdaily buyback, monthly burnโ mechanism, the CoinEx team is gradually reducing the circulation of CET in the market, thereby improving the scarcity and intrinsic value of CET. This process effectively reduces the total amount of CET, helps increase its market price and stability, and thus protects usersโ investment value and empowers the platformโs token holders.
About CoinEx
Founded in 2017, CoinEx is a global company cryptocurrency Exchange committed to facilitating trading. The platform offers a variety of services, including spot and margin trading, futures, swaps, staking, AMM, and financial management services for more than 5 million users in over 200 countries and regions. Since its establishment, CoinEx has firmly adhered to a "user first" service principle. With the sincere intention of fostering a fair, respectful, and safe trading environment, crypto In such an attractive trading environment, CoinEx enables people with different levels of experience to effortlessly access the world of cryptocurrency offering easy-to-use products.
SOURCE CoinEx Global
