What Is CoinFLEX (FLEX)?
CoinFLEX is a cryptocurrency exchange platform powered by Flex Coin, developed to allow users to trade seamlessly on the platform. The FLEX Coin offers exclusive benefits to its users, which improve the experience of trading on CoinFLEX exchange for users. According to its whitepaper, the coin plays a huge role in the successful operation of the platform, including:
FLEX Coins are awarded to traders each day based on their total volume of Takers. These takers are evaluated against an order; when an order removes liquidity from an order book by trading against another existing order, the platform qualifies that order as a taker. In such cases user receives FLEX based on the number of coins issued by the team on that day, multiplied by the amount of taker volume on that day, divided by the total amount of Qualifying Volume on the platform.
FLEX coin hodlers can retain 50 percent on trading fees if they use FLEX coins. Further, the Coins can also be used for staking on the exchange for lower trading fees and other benefits.
On an upcoming Lending/Basis for the trading product, CoinFLEX reserves 10 million FLEX Coins for lenders. Anyone who actively deploys funds in the lending product earns FLEX Coins every day for the first twelve months following its launch. In general, FLEX Coins are distributed based on the amount each user has deployed out of the overall total funds deployed via the product.
The coin is also used to contribute to the insurance fund, for which CoinFLEX reserves ten million FLEX Coins. If liquidation is not successful, the FLEX Coins reserved for the insurance fund can be used and spent to prevent users from losing funds.
Further, ten million FLEX coins were also issued over the first two years for marketing and referral purposes in addition to Trade-Driven Mining.
Besides these utility FLEX coins are also used to reward trading contests, new customer/affiliate rewards, and other incentives to grow the user base.
Each day, CoinFLEX burns 20 percent of company profits to acquire and burn FLEX Coins until it has spent five hundred million dollars (equivalent) on acquiring and burning FLEX Coins. The process of burning crypto means permanently removing tokens from circulation.
These features of the coin ensure a smooth operating structure on the exchange while providing users with a trading platform and medium that can benefit them.
History of CoinFLEX (FLEX)
The CoinFLEX platform was launched in 2019 by co-founder Sudhu Arumugam and founder and CEO Mark Lamb. The token of the platform has a total supply of one hundred million FLEX tokens.
