CoinEx Overtakes Binance by Announcing Trans Free Mining

Great news for CoinEx users – the “Global Digital Coin Exchange”, CoinEx has become the number one cryptocurrency exchange by overtaking Binance Exchange.

For a quite long, it was one of the latest crypto exchange to soar with high ranking and volume – one of the obvious reason was the adoption of controversial new “trans-fee” mining model.

Wonders Will Never Cease  – “the Introduction to Trans Free Mining”

According to data from Coinmarketcap, Binance spots on second position. However, the battle to take up the first position was among Binance and OkEx, but CoinEx drop a bombshell when rising with volume $1,5billion.  On Controversy, at present time, Binance’s trading volume was $1,258,040,417 and OKEx appears to have $896,583,439.

CoinEx Cap

CoinEx is a popular cryptocurrency exchange from HongKong. Recently, the firm was running on a new model “Trans-free mining” where it was offering/issuing its own tokens (CoinEX Token – CET) as a reward for trading and also reducing the trading cost. However, the introduction of this new model has been an highly potential measures to enhance the trading volume. As such, the other chinese exchanges such as FCoin, Coinbene and Bit-Z risen up to about $1.5 billion within 24 hours when they introduced the model.

Though the model was highly criticized when first introduced by FCoin but more likely an interesting topic for traders. Infact, after introducing this process, the CoinEx has skyrocketed from $5million to over a billion USD.

What is CET?

Like BNB token from Binance, CoinEx also has its official or a native token; the CET.  The token has ERC20 protocol but cannot be found on Coinmarket cap token listing yet. However, the report suggests it is valuing at $0.073 and pumping at present.

In its official announcement, it guides its users to “Use CET as transaction fees” feature and “Trade-driven mining” to ensure the allocation of CET tokens. There is a fixed supply of 10billion token, proposing plan to launch it on the “Public chain of  CoinEx”. However, the token launch on pubic chain may introduce in future but the tokens are available in against the BTC, BCH, ETH, USDT and many more ( as shown in the chart). Users have the facility to share 80% of the platform’s daily transaction fee income and exchange can ““Bought back and ‘burned’ with 20% of its MONTHLY profit at the end of each month”.

Find the monthly report of CoinEx here –

According to reports, the first batch of repurchase and burning token event is already started from yesterday.

CoinEx CET

However, the source reports that;

“Founded in December 2017 with Bitmain-led investment, CoinEx is a subsidiary brand of the world’s No.1 BCH mining pool ViaBTC, a global and professional digital coin exchange service provider.”

What’s your opinion on CoinEx overtaking the other leading crypto exchange? Let us know on Twitter

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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