WEEX has completed a $2 million WXT buyback to reward users for their support of "Liquidity Mining."
Article Source: WEEX
On December 16, the leading global cryptocurrency exchange WEEX announced the completion of a $2 million WXT buyback, repurchasing a total of 72,571,028 WXT.
The WXT buyback is aimed at rewarding global users for their support of WEEX's "Contract Mining" activity. This activity provides users participating in contract trading with up to a 30% fee rebate reward, with the reward being distributed in real time in WXT tokens.
In other words, "Contract Mining" transforms users' daily contract trading into a new and entirely volume-driven "mining" model—where the higher the trading volume, the higher the fee rebate percentage, and all WXT rewards are received in real time.
"Contract Mining" Continues to Heat Up, Activity Extended by 10 Days
WEEX's "Contract Mining" aims to use an innovative "trading is mining" incentive model to give back the platform's growth benefits to its vast user base. During the activity, users receive real-time fee rebates in WXT for each executed contract opening/closing order, with a rebate rate of up to 30%.
Since its launch on November 26, this activity has attracted active participation from global users, with trading activity continuing to rise. According to WEEX's official website data, as of December 16, 18:00 (UTC+8), the top 100 users on the "Contract Mining" leaderboard have accumulated a total contract trading volume of $9.172 billion, receiving a total of 3,015,047.7 WXT in mining rewards (data is continuously being updated).
Due to the innovative and rewarding nature of the "Contract Mining" mechanism, as well as its support for real-time settlement with rewards received instantly, the daily increase in the number of participants and trading volume after the launch of this activity has repeatedly reached new highs. Many users have provided feedback requesting an extension of the activity duration. In response, WEEX has extended this activity by 10 days, changing the original end date from December 15 to December 25, to allow more users ample time to participate in the activity and continue to enjoy the mining rebate benefits.
This adjustment only extends the activity period, with the activity rules remaining the same: users who sign up and participate in contract trading will receive a fee rebate in WXT, with each opening/closing order's WXT reward being received in real time.
Based on the "Contract Mining" activity-based miner tier mechanism, users start at the "Bronze Miner" tier. After initiating transactions, they can sequentially unlock the Bronze, Silver, Gold, Platinum, Diamond, and King tiers based on cumulative transaction volume. The higher the transaction volume, the higher the miner tier, and the higher the fee rebate percentage, up to a maximum of 30%. After the extension of the activity, the unlocked miner tier and fee rebate percentage for users will continue to be effective. Transaction fees generated during the extension period will still be returned in real-time according to the corresponding percentage. Users can check their reward amount and transactions in real-time through the WEEX App or the official website.
72.57 Million WXT Buyback Completed, Ensuring Deflationary Effect
Unlike the token inflation issues faced by past CEX-launched transaction mining or DeFi platform liquidity mining, WEEX's "Contract Mining" utilizes a $2 million WXT buyback matching mechanism, which not only maintains WXT deflation but also truly demonstrates the sincerity of "rewarding users."
As previously announced, WEEX will use platform funds to conduct a WXT buyback on the open market on December 16. As of 17:00 on December 16 (UTC), the buyback plan was completed as scheduled, with a total repurchase of 72,571,028 WXT at an average price of 0.027559 USDT per WXT.
As a result, the circulating supply of WXT will not increase due to the "Contract Mining" activity, thereby maintaining WXT's scarcity and value stability, ensuring user mining rewards. In the long run, as WEEX's user base and transaction volume continue to grow, the platform can invest more resources to empower the WXT ecosystem, enhancing WXT's long-term appreciation potential.
Since its launch in July 2024, WXT has experienced a maximum increase of over 358%, with a cumulative increase of over 180% to date. According to CMC data, WXT has seen a cumulative increase of about 70% this year, ranking in the Top 5 of CEX platform coins in terms of annual growth.
This outstanding performance is thanks to WEEX's long-term empowerment of the WXT ecosystem. To date, WEEX has completed four WXT buybacks through open market operations, with a total repurchase quantity of 4,196,774,851 WXT. The WXT repurchased in the first three buybacks has been burned, with the burned amount accounting for 41.24% of the total WXT supply, fully demonstrating WEEX's long-term support and confidence in the WXT token ecosystem.
In addition to buyback and burn, WEEX also empowers WXT holders through various mechanisms such as WE-Launch new coin airdrops, fee discounts, and trading expert benefits upgrades, resulting in a comprehensive annualized return rate of up to 660.61% for users holding WXT.
As the core of the WEEX ecosystem, WXT is committed to incentivizing the platform's community partners, contributors, and active users. Through "contract mining" activities and the WXT buyback mechanism, WEEX has not only created more earning opportunities for users but has also further strengthened WXT's market position.
This article is a contributed content and does not represent the views of BlockBeats.
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