CoinEx Chain Mainnet Goes Live Alongside New CoinEx DEX

CoinEx Chain Mainnet Goes Live Alongside New CoinEx DEX

CoinEx’s own native chain, the CoinEx Chain officially went live yesterday afternoon.

The launch of the mainnet was 7 months in the making but it is now up and running, following a series of tests and a tour of Asia. During these tours, they spread the word of their native public chain and simultaneously attempted to attract new recruits who would be willing to work alongside them in the new prospects it offers them and their community at large.  

CoinEx first expressed “gratitude to all systems developers, community members, participants and supporters”, before detailing in more detail these prospects the CoinEx Chain will enable in the future, which we will discuss briefly here. The biggest change that the other new developments will complement is the launch of the CoinEx DEX.

CoinEx  DEX

First and foremost, CoinEx’s own decentralised exchange, the CoinEx DEX has gone live for traders. Bragging extremely high TPS and security, it promises to “perfectly solve the problem of scalability, decentralization and security by building an ecosystem with three chains in it.”

Users are also invited to participate in the construction of the ecosystem, which should help create a safer, more streamlined and efficient decentralised exchange. However, there are more elements to consider that the new CoinEx Chain will bring about, some of which directly to the DEX.

CET Will Become the Native Token of CoinEx Chain

The first thing that will come about from the launch of the mainnet is the transformation of CoinEx’s native token, CET. Previously an exchange-based token, this will now become the native token for CoinEx Chain, serving as the base currency for the entire ecosystem of the chain, as well as being set to obtain richer application scenarios and higher levels of empowerment.

The first steps towards CET receiving an upgrade and the withdrawal of ERC20 CET and the deposit of CET now will be available. CET holders are able to conduct mainnet mapping, aka tokens swaps, via deposits and withdrawals. As such, being a CET holder is looking like a more viable option than ever before.

CoinEx Chain Nodes Election officially launched

With the launch of the CoinEx Chain, node elections will now happen. Any participating nodes in the CoinEx chain will need to withdraw CET, via either CoinEx or CoinEx DEX, and then be used to complete a transaction. The upshot of this will be that it will become a validator on the system.

In order to partake in staking, aka voting, users will need to withdraw their CET to an app or wallet that support staking in order to vote or trade. Examples of such wallets where this staking option will be available is ViaWallet, IFWallet, CoinEx DEX Wallet, to name just a few. Those really looking to immerse themselves in the new dawn, should look to getting hold of one of these.

Token Issuance Quicker and Without a smart contract

The third and final change that comes with the new CoinEx Chain and in turn, the new CoinEx DEX, is the fact that issuing tokens on the CoinEx DEX can now be completed much easier and faster.

With users now only needing to fill in a few parameters and easily create a trading pair for the token. With the process able to be completed over just a few steps and without the need for a smart contract.

Head over to CoinEx to find out how to get directly involved or to speak to their customer support team if you have any questions or you need help with the new mapping process!

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