SHIB has been sought after recently, which is also known as Shiba Inu since it pronounces the same with the dog species of Shiba Inu in Japanese, and it is listed on multiple top exchanges. In three days since its listing on CoinEx on May 8, SHIB rose more than seven-fold, and even hit a new high of 0.000213 dollars on May 10, hundreds of thousands of times higher than before.
As the bull market develops, CET rose 49.25% on May 12.
According to feixiaohao.com, the CET price has soared to US$0.138, up 1437.27% this year, and the current market value in circulation exceeds US$415 million. CET has fulfilled its commitment to value.
Born in a severe market, CET has been constantly empowered
CoinEx Token (CET) was launched in January 2018 as a user value-added service privilege system in the CoinEx business ecosystem. Built on the Ethereum ERC20 protocol, CET will subsequently be migrated to CoinEx Smart Chain (coinex.org), CoinEx’s self-developed public chain, as its gas.
CET suffered the ups and downs of the cryptocurrency industry upon its issuance in 2018. The market had been sinking deeper and deeper into the mire since the plunge on January 8 that year. From the end of 2017 to 2018, Bitcoin kept falling, with a decline of up to 70% for the year. Other cryptocurrencies also suffered. The once vigorous industry was at a low ebb till the end of 2018.
BTC Prices in the Past
2010-US$0.3
2011-Exceeded US$1 for the first time
2014-US$530
2018-US$3,866
December 2017-US$13,800
March 2017-US$1,290
2019-US$7,294
2020-US$28,000
2021-US$57,403
+14 Times ROI from 2018 to mid-2021: 1,400%
CET Prices in the Past
2018-US$0.005
2019-US$0.008
2020-US$0.018
2021-US$0.139
Bitcoin’s ordinary investors are the biggest victims amid the extensive collapse of cryptocurrencies. However, CoinEx’s persistence in that cold winter has given birth to CET.
In 2020, the rise of the BSC public chain, along with the boom of DeFi, has ignited market enthusiasm especially in the exchange industry. But unfortunately, the success of BSC is difficult to replicate. Almost all exchanges adopt a “fusion” strategy in response to DeFi.
However, CoinEx took a different approach by adopting a “defusion” strategy to introduce the core mechanism of DEX to the trading platform, which is the CoinEx AMM as we know. Thanks to this mechanism, CET embraces another rise.
Nowadays, CoinEx is not only a global specialized digital currency trading platform, but also a blockchain ecosystem. After continuous empowerment, the platform token CET has become the essential gas of this ecosystem.
Not long ago, when the Chinese were enjoying a happy “May Day” vacation, Berkshire Hathaway Annual Meeting 2021 also came as scheduled. From 1:30 pm to 5:00 pm on Saturday, May 1 (EST), Berkshire Hathaway, led by Buffett, the god of stock investing, held its 56th anniversary shareholder meeting, which remained in the headline for several days. Buffett’s remarks on the blockchain at the conference have drawn mockery from the Internet that he was just the god of stock investing who belonged to history.
Platform tokens best represent digital currencies. Compared with its peers that chase false concepts and speculation gimmicks yet fail to be executed, platform tokens boast concrete value, which is evident to all.
Suppose one day Buffett suddenly turned to the digital currency market, just as he did not bother to invest in high-tech companies and finally invested in Apple. Then he would definitely choose platform tokens such as CET as his first choice. After all, the importance of cash flow speaks for itself.
With the biggest ever “burning” in history, CET enters full circulation
Since its listing, CET has been distributed and circulated in various forms such as airdrops and commissions on the transaction fees. It is also used for operation promotion, and is unlocked for team building.
Among these tokens, 1.8 billion CET is allocated, linearly in five years, to the CoinEx team for team building and market expansion. Previously, CoinEx has unlocked a total of 720 million CET in two portions. In March 2021, the CoinEx team decided to burn the remaining 1.08 billion CET that has not yet been unlocked. Since then, CET has entered full circulation.
According to the “Information Disclosure on CET Circulation and Future Applications”, CoinEx will spend 50% of its transaction fees on repurchasing CET every day, and will burn all the CET repurchased in the current quarter at the end of each natural quarter, until the total amount of CET is reduced to 3 billion. After careful consideration, the CoinEx team has decided to continue to spend 20% of the platform’s transaction fees on repurchasing and burning CET until all CET is burned.
On May 11, CoinEx announced the latest repurchase data: 4,298,591.91 units of CET has been repurchased every day, for the unit price of US$0.095355, and the market value of repurchases is US$409,893.86. May 7 sees the daily market value of repurchases exceed US$1.94 million, which is the first time when all the above three figures simultaneously set a record high since April 11 last year when CoinEx carried out the daily repurchase policy. Up to now, 5,623,172,837.39 units of CET have been burned, and currently 4,188,995,443.01 units of CET are in circulation. So far, CET has basically achieved full circulation.
Compared with the previous repurchase, the total amount of burning has once again hit a record high.
That means the total circulation of CET has decreased again. Although the deflation of tokens is no longer the only factor driving the CET price upward, its tight circulation has undoubtedly catalyzed this token to reach new peaks in this bull market that lasts from last year to this year.
As BTC develops slowly, the CSC ecosystem makes great strides
Besides the role of the platform token, CET has emerged as an ecological token: According to the official announcement, CET can be used as the gas of CoinEx Smart Chain (CSC) to be launched and other ecological application scenarios to capture the value of the CSC ecosystem.
According to official information, this decentralized and highly efficient public chain created by the CoinEx public chain team for DeFi has the following characteristics:
- Perfect compatibility with the Ethereum ecosystem. CSC is based on the Ethereum Virtual Machine (EVM). Developers can easily migrate Dapp to CSC with mature development tools, and users can also quickly access the CSC network;
- Extremely high efficiency and low transaction fees. With the POS consensus protocol, CSC generates a block in seconds, supports extremely high TPS, and keeps transaction fees at a low level in the meantime;
- No permission required for block-generating nodes. CSC supports up to 101 block-generating nodes, which are sequenced according to the number of CET deposited. It does not require the review of centralized institutions, making the network more decentralized;
It can be seen that, like BSC and HECO, CSC also adopts the EVM compatible with Ethereum. This is undoubtedly a smart decision to enjoy the “late-mover advantage”:
On the one hand, the existing Ethereum and BSC developers do not need to re-familiarize themselves with a strange development environment. In this way, the threshold of re-education for CSC developers is lowered, making things easier for developers. What’s more, premium star projects of ETH, BSC, and HECO can be migrated immediately, a win-win situation for project developers.
On the other hand, it is also more user-friendly and saves learning costs. For example, after the CSC mainnet is officially launched, the original miners of ETH, BSC, HECO, etc. can seize the first-mover advantage in the rush.
With the POS consensus protocol as the consensus mechanism, CSC generates blocks in seconds, supports extremely high TPS, and keeps the transaction fees at a low level. These advantages, similar to BSC and HECO, help make CSC more attractive than Ethereum.
Compared with the 21 block-generating nodes in BSC and HECO, CSC supports up to 101 block-generating nodes, which constitutes evident advantages:
First of all, such a mechanism ensuring up to 101 block-generating nodes will undoubtedly make CSC more decentralized and the CSC ecosystem more robust. It also helps draw many stakeholders in the circle to jointly build a CSC ecosystem;
Secondly, since the identity of the block-generating node is completely determined by the number of CET deposited and does not need to be reviewed by a centralized institution, the 101 block-generating nodes will undoubtedly strengthen the demand for CET in the secondary market from the supply and demand end;
The rise of the BSC ecosystem and the subsequent repositioning of the BNB price have made the market aware of the value of platform tokens in dimensions other than platform privileges. People come to know that platform tokens also play a key role in building the platform’s public chain ecosystem and even break the ceiling for the valuation of the general platform tokens.
Among the public chain ecosystems of platforms, apart from the leading platforms BSC and HECO, which have developed into a strong network ecosystem, CoinEx Smart Chain (CSC) is one of the few that have launched an independent public chain ecosystem. What kind of role will it play in rediscovering the CET value? Let’s stay tuned.
CSC projects, developers, and builders, among others, are growing in number day by day in the community. The CoinEx ecosystem is under orderly construction, and has so far covered spot trading, derivatives, AMM, mining pools, etc. All sections of the ecosystem, ranging from CeFi and DeFi, are closely interconnected, and have further improved CoinEx’s blockchain ecosystem. Moreover, all these will eventually empower CET to be the core gas of the platform.
Driven by the bull market, the platform token creates new opportunities
Compared with the past performance, the prospect of CET has a greater say. Just look at how crazy the cryptocurrency industry is these days. Animal coins such as Dogecoin and Shib (Shiba Inu coins) have frequently hit the headline.
Dogecoin has risen more than 100-fold in 2021, and Shib has even soared 350,000 times since its birth last July. From a joke to the eye-catching “wealth legend”, such coins have popped out from time to time in this field.
For many investors, it is too late to regret not having invested in these coins from the very beginning. However, history will always repeat itself. The bull market in 2021 has just begun, followed by constant rises of projects represented by animal coins. Will CET keep breaking records after hitting a new high? Let’s look forward to it.
References:
Past Prices of 1 BTC http://www.vr910.com/archives/889
Prices of Bitcoin in RMB from 2009 to 2020 http://www.120btc.com/baike/btc/12277.html
