With the cryptocurrency market booming and many investors hopping on the ride, the need to gather more knowledge and information for investment purposes is ever increasing. One such demand for knowledge from Cofinex users is their keen interest to know about CNX.
And that is why in this article, we will be helping you understand what is CNX and why you need to have one, or some for your own benefit.
What is CNX?
CNX in the utility token issued by OK Blockchain Foundation which comes under the category of ERC-20 tokens. CNX has a very significant role in synching various products and services available at CNX for its users. Unlike many other cryptocurrencies, CNX is also a deflationary token by its core structure, all thanks to its buy-back and burn initiative on a regular basis.
Why Do We Need CNX? What are the benefits of CNX?
One might wonder what is so special about CNX? The answer is simple, it helps you make money. Wonder how? Continue reading further.
- Trading Fee Discounts – Holding on to the CNX tokens in your Cofinex account will help you save significant money in your trading fees. This will in turn increase your profitability in the overall scenario and will get you a notable difference after some time. Cofinex users can save up to whooping 25% on trading fees by holding on the CNX tokens. Read this article to get in-depth trading fee discount – Click here
- Investing in CNX – Ever since CNX was launched in the crypto world, it has given significant returns to its holders. CNX is a deflationary token which means the supply of CNX tokens is continuously reducing. According to the Cofinex deflationary policy, Cofinex buys back CNX tokens from the community and burns it forever. You can trade CNX here.
- Savings Return on CNX – You can buy CNX on the Cofinex platform and then can use the Cofinex earn feature to earn more CNX tokens by simply subscribing to CNX savings scheme.
- Make Money on Cofinex Jumpstart – Holding on to 100 CNX tokens for 5 consecutive allows Cofinex users to use the CoFinex jumpstart feature. This feature allows Cofinex users to start investing in early crypto projects which are of high quality. The early crypto project tokens allotment rates and subscription amounts depends on the level of CNX tokens the users hold.
- Miscellaneous Perks – Just like how not every hero wears a cape, in the same way, not every benefit needs to have a name. Holding on to CNX tokens gives you voting rights, use margin tradings in a better way, helps you use C2C lending and many more.
What is CNX Outside Cofinex Platform?
If you are wondering that the significance of CNX is just within the Cofinex platform, we have got amazing news for you. CNX’s role in Cofinex is just a part of its existence. CNX is serving a number of platforms outside the Cofinex platform that are accepting CNX as a form of payment.
In fact, Cofinex has partnered with a number of organizations to provide an API for allowing both online and offline merchants to start accepting CNX as a form of payment in their respective marketplaces.
CNX in DeFi Space
Cofinex was one of the first few exchanges in the world who had an active participation in promoting DeFi space across the whole crypto market by listing derivatives of Uniswap’s UNI token.
Cofinex support and commitment to the DeFi space can be easily identified by the number of projects we have listed in the past 2 years (which is up to 50, as of October 1, 2020). Apart from listing DeFi projects, Cofinex has also been an avid supporter of DeFi trading products by enabling coin-margined swaps, perpetual swaps, savings, margin tradings and derivatives of DeFi projects.
Cofinex has not just limited itself to listing DeFi projects and enabling DeFi trading products, but also embracing the growth of liquidity mining the DeFi ecosystem. Cofinex has made Yield Farming a cakewalk for new investors via its Earn section feature where Cofinex users can now invest in yield-farming protocols like YFII, Curve, Compound and Uniswap with a single click of a button without having the need to leave the Cofinex platform.
Conclusion
The CNX team is constantly helping the whole CNX ecosystem grow in the ever-evolving blockchain and crypto world by partnering with a number of like-minded organizations who believe in the concept of providing unmatched user experience and power functionalities.
