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Founded at the start of 2018, CoinEx Token $CET is the native asset of CoinEx Smart Chain and plays a vital role in supporting CoinEx’s ecosystem. $CET has various functions across various capacities that help to enhance user experience and participation within CoinEx’s digital framework.
What is CoinEx?
CoinEx is a Hong Kong-based crypto exchange with over 700 coins and 1,124 trading pairs. It was founded in 2017 by Haipo Yang, an early Bitcoin investor. CoinEx is a part of the ViaBTC group, a renowned entity behind OneSwap DEX, and CoinEx Smart Chain (CSC), among several others.
While CoinEx is not ranked in the top list of crypto exchanges, it is still viewed favorably within the crypto community. Part of the reason is that CoinEx is the first exchange to release proof-of-reserves, ultimately championing transparency over everything else. It also offers an attractive flat trading fee, which can be as low as 0.16% if paid with $CET.
Another factor that helps CoinEx to stand out from others is its growing regulatory compliance with multiple governments around the globe, which makes it ideal for seasoned traders.
CoinEx’s success lies within its unique structure, which comprises three public chains: the DEX Chain, Smart Chain, and Privacy Chain. These chains focus on decentralized trading, smart contract deployment, and privacy protection, ultimately helping to create an enhanced decentralized public chain ecosystem.
What is CoinEx $CET Token?
CoinEx Token or $CET plays a multifaceted role in CoinEx’s entire ecosystem. As a native token, its utility ranges from obtaining discounts on trading fees to purchasing value-added services on CoinEx.
$CET is also used to pay for the transaction or trading fees on the CoinEx Chain. At the time of the writing, the price of $CET is $0.08713 with a market cap of $871,351,766 and a circulating supply of 2.9 billion tokens. However, $CET is only listed on CoinEx and only allows you to trade it in three pairs: CET/USDT, CET/BTC, and CET/USDC.
To receive updates about $CET, you can follow CoinEx on X (formerly Twitter) and Telegram.
Utility of CoinEx Token $CET
$CET helps support CoinEx’s decentralized exchange (DEX). $CET holders can initiate and vote on proposals, helping to ensure the entire ecosystem remains democratic. This process has a direct influence on CoinEx’s future development and direction.
Furthermore, $CET holders have the opportunity to engage in staking activities, which allows users to further embed themselves in the ecosystem’s growth and security. The staking mechanism is designed to not only incentivize holding $CET but also support the network’s overall health and stability.
Lastly, the utility of $CET extends to decentralized applications (dApps), DeFi platforms, non-fungible tokens (NFTs), and multiple other decentralized apps that operate on the CoinEx ecosystem.
This makes $CET a versatile asset that helps to facilitate a wide range of transactions and interactions.
CoinEx Token’s Security Mechanism
CoinEx Token is completely secure from both outside and inside manipulation. It incorporates a multifaceted approach that includes technological and community-driven approaches. This approach ensures the high-grade safety and integrity of $CET.
On the foundation layer of $CET’s security lies its integration with decentralized applications (dApps) and CoinEx Smart Chain (CSC) Academy. This allows $CET to exist in a decentralized ecosystem in which transactions and operations are not centralized, thus minimizing the risk of targeted attacks and insider manipulation.
Another critical component of $CET’s security mechanism is staking. Through staking, the network is able to leverage collective security that is provided by users and ends up making it more resilient against attacks.
$CET’s security is further bolstered by a proprietary cold storage system, offline private keys, and multi-signature protocols. These measures help ensure that the bulk of assets are kept within a highly secure environment, which significantly reduces the risk of unauthorized access.
Lastly, CoinEx also utilizes real-time monitoring and strict whitelisting procedures, which help to detect and prevent suspicious activities in a timely manner.
Comparison of CoinEx Token
| Exchange | Holder Benefits | Token’s Role in the Ecosystem | Security Features |
| CoinEx Token ($CET) | $CET holders get access to discounted trading fees. Holders of a specific amount gain access to VIP membership, which offers reduced fees, premium customer support, and fast withdrawals, among other benefits. Holders also have eligibility for exclusive events, including airdrop rewards and priority access to promising new projects. | Highly integrated with the entire ecosystem of CoinEx Chain by providing utility to DeFi, NFTs, games, and other applications. Used by DEX users to initiate and vote on proposals. Provides staking rewards for long-term users. | $CET combines a unique approach to security through the help of decentralized infrastructure, community participation, advanced measures, and operational protocols that are designed to protect the token and the entire ecosystem from various ongoing threats. |
| Binance Coin ($BNB) | $BNB holders get a discounted payment option for trading fees on Binance. Holders also gain access to a wide range of perks, including earning rewards from staking to access to Binance Launchpad. | The primary token of the Binance Smart Chain (BSC); therefore, covers transaction fees, runs smart contracts, and serves as a staking asset. | Binance utilizes multi-sig technology that adds an extra layer of security for withdrawals and large transactions. Binance also offers a Secure Asset Fund for Users (SAFU), which is designed to compensate users in case of a hack or emergency. |
| $OKX | $OKX holders have the option to avail themselves of discounted fees on trading. | Serves as the token for dApps and DeFi services. | Users can set unique codes that help to detect phishing emails, thus reducing the risk of phishing attacks. |
| Bitget Token ($BGB) | Holders are eligible for trading fee discounts. Users who stake $BGB can earn rewards and take part in the platform’s activities that boost user engagement and loyalty. | Seamlessly integrated into a range of platform features, including futures trading and liquidity provision. | The platform offers multiple layers of encryption and security verification steps for all transactions. It also utilizes AI-based risk control mechanisms that trigger immediate alerts during anomalies. |
| $HTX | Trading fee discounts are offered to holders. Holders also enjoy rewards that include expedited withdrawals, unique promotions offers, and better customer service. | Multiple services are offered to holders, which include staking rewards and engagement on the platform. | The majority of $HTX tokens are stored in a cold wallet to keep funds more secure. |
Conclusion
While every token exhibits great potential through its unique strengths, CoinEx Token $CET stands out from others, particularly due to its approach as more secure and robust.
$CET is a versatile and adaptable token that supports reduced trading fees, staking rewards, governance and participation, and the functionality of various applications within the CoinEx Chain ecosystem.
Its design and utility help to reflect CoinEx’s commitment to creating a platform that is a comprehensive and decentralized trading system that will only be governed by its community.
As $CET is secured using both technological and community-driven approaches, this further reflects CoinEx’s tech-progressive approach. This approach has proven to provide an extra-protective layer at a time when the number of cyber attacks is growing daily.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and futures trading, margin trading, swap, automated market maker (AMM), and financial management services for over 10 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.
To learn more about CoinEx, visit:
Website | Twitter | Telegram | LinkedIn | Facebook | Instagram | YouTube
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Source: https://beincrypto.com/exploring-cet-coinexs-multi-functional-token/