Hello and welcome to CET Watch episode 2. The series where we take an unbiased look at the performance of Chaince’s exchange token CET, monitor how much is added to the fund pool each weeka and work out how much each frozen CET token entitles a holder to.
If you missed episode 1 here is the link – https://trybe.one/cet-watch-episode-1/
First id like to explain abit about CETs new feature, “the re-purchase mechanism of CET”. The total supply of CET is capped at 2 billion tokens. 1 billion tokens went to the Chaince Foundation,the other billion tokens was allocated for the 1:1 airdrop but only 284,269,674 tokens got dropped. The remaining 615,730,326 tokens (approximately 30.79% of the total amount)have been reserved due to the restriction of maximum amount of airdrops for a single adress. These unclaimed tokens have been transferred to an overt EOS account “cetunderlock” and are permanently locked. Corresponding EOS transacton fee revenue in fund pool of these CET tokens will be used to repurchase CET tokens at market value each month. All repurchased CET tokens will also be transfererred to “cetunderlock” and will be permanently locked. This will very slowly reduce the circulating supply of CET, providing the Chaince foundation dosnt start dumping there 1 billion tokens on the market. Personaly I think it would have added more value for token holders if the intrest from the frozen tokens went back into the “cetinterests” fund pool adress. No matter how much the circulating supply is reduced 1 CET will always only be backed up by 1/2000000000th of the fund pool.
According to the white paper 50% one way EOS transaction fees on Chaince exchange will be perpepetually injected into “cetinterests” weekly. Well the first and last injection was made 17/08/2018 9 days ago. This I find concering espessialy after the recent bug chaince experienced which lost them thousands of EOS. Yoy can read about this event in this Reddit post:
The price of CET on the Chaince exchange has fallen to 0.0077 eos and 1 frozen CET still only gets you 0.0000032365 eos.