As the core of the WEEX ecosystem, WXT is dedicated to incentivizing the collaboration of partners, contributors, and active users within the exchange community.
On December 16, the globally leading cryptocurrency trading platform WEEX announced the completion of a new round of WXT repurchase worth $2 million, totaling 72,571,028 WXT repurchased.
This WXT repurchase aims to give back to global users for their support of WEEX's "Contract Mining" activity. This activity offers users participating in contract trading a maximum of 30% fee rebate rewards, which are distributed in WXT tokens in real-time.
In other words, "Contract Mining" transforms users' daily contract trading into a brand new, completely volume-driven "mining" model— the larger the trading volume, the higher the fee rebate ratio, and all WXT rewards are credited in real-time.
"Contract Mining" Continues to Be Popular, Activity Extended for 10 Days
WEEX's "Contract Mining" aims to return the platform's growth dividends to a wide range of trading users through an innovative incentive model of "trading is mining." During the activity, users can receive real-time fee rebates in WXT for every contract opening/closing order executed, with a rebate ratio of up to 30%.
Since its launch on November 26, the activity has attracted active participation from global users, with trading enthusiasm continuing to rise. According to data from the WEEX official website, 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 and have received a total of 3,015,047.7 WXT in mining rewards (data is continuously updated).
Due to the novelty of the "Contract Mining" mechanism, generous rewards, and support for second-level settlement, the number of daily new participants and trading volume has repeatedly hit new highs since the activity went live, with many users providing feedback requesting an extension of the activity. Therefore, WEEX has extended this activity for an additional 10 days, changing the end date from the originally scheduled December 15 to December 25, allowing more users ample time to participate and continue enjoying the mining rebate benefits.
This adjustment only extends the activity period, and the activity rules remain unchanged: users can click to sign up and participate in contract trading to receive fee rebates in WXT, with WXT rewards credited in real-time after each opening/closing order is completed.
Based on the miner level mechanism of the "Contract Mining" activity, users start at the "Bronze Miner" level and can unlock Bronze, Silver, Gold, Platinum, Diamond, and King levels sequentially based on their accumulated trading volume. The larger the trading volume, the higher the miner level, and the higher the fee rebate ratio, up to 30%. After the extension, the miner levels and fee rebate ratios that users have unlocked will continue to be effective, and the trading fees generated during the extension period will still be rebated in real-time according to the corresponding ratio. Users can check their reward amounts and status in real-time through the WEEX App or official website.
72.57 Million WXT Repurchase Completed, Ensuring Deflationary Effect
Unlike the token inflation issues faced by trading mining launched by previous CEXs or liquidity mining on DeFi platforms, WEEX's "Contract Mining" maintains WXT's deflation through a $2 million WXT repurchase mechanism, truly demonstrating its sincerity in "giving back to users."
As previously announced, WEEX will use its own funds to conduct WXT repurchases in the open market on December 16. As of December 16, 17:00 (UTC), this repurchase plan was completed as scheduled, with a total of 72,571,028 WXT repurchased at an average repurchase price of 0.027559 USDT/WXT.
As a result, the circulating supply of WXT will not increase due to the "Contract Mining" activity, thereby maintaining the scarcity and value stability of WXT, ensuring that users' mining earnings are protected. In the long run, as the number of WEEX users and trading volume continues to grow, the platform can invest more resources to continue empowering the WXT ecosystem, enhancing the long-term appreciation potential of WXT.
Since its launch in July 2024, WXT has seen a maximum increase of over 358%, with a cumulative increase of over 180% to date. According to CMC data, WXT has risen approximately 70% this year, ranking in the Top 5 for annual growth among CEX platform tokens.
This impressive performance is attributed to WEEX's long-term empowerment of the WXT ecosystem. To date, WEEX has completed a total of 4 WXT repurchases through open market operations, with a cumulative repurchase quantity of 4,196,774,851 WXT, of which the WXT from the first three repurchases has been destroyed, accounting for 41.24% of the total issuance of WXT, fully reflecting WEEX's long-term support and confidence in the WXT token ecosystem.
In addition to repurchase and destruction, WEEX continues to empower WXT through various mechanisms such as WE-Launch new coin airdrops, fee discounts, and trading expert rights upgrades, resulting in a comprehensive annualized yield of up to 660.61% for users holding WXT.
As the core of the WEEX ecosystem, WXT is dedicated to incentivizing the collaboration of partners, contributors, and active users within the exchange community. Through the "Contract Mining" activity and WXT repurchase mechanism, WEEX not only creates more earning opportunities for users but also further consolidates WXT's market position.
Join WEEX now to experience the new "Contract Mining" model and easily unlock more earnings: https://www.weex.com/zh-CN/events/futures-trading/trade-to-earn
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