Phemex’s Web3 world will soon be complete with the launch of its platform and governance token. Here’s what traders can expect.
Phemex does not do group-think. Rather than accept the false choice that a crypto exchange needs to be either centralized or decentralized, Phemex paved a hybrid, best-of-breed path. Rather than elevate a financial analyst or cryptographer or some other linear thinker to the top executive position, the board named fast-rising Web 3 advocate Stella Chan to the COO spot. Phemex dedicated more than a year and marshaled the resources of a team of trading experts to define what that future should look like and how best to get there.
While Phemex has been operating as a centralized exchange for years, it’s now shifting gears to embrace a hybrid future. The goal is to retain all that’s best in CeFi – efficiency, community, security – while constructing a liberating, fair and dependable decentralized society.
Community first: rewarding and growing together
The Phemex team is all ears when it comes to their community. They've recognized early on that today's traders crave more control, and Phemex plans to deliver, with a rock-solid commitment to reliability and efficiency. The transition to Phemexia – the exchange’s overall vision for a Web3-native finance and business experience – will enable Phemex users to link their Web3 wallets and take advantage of seamless transaction and mining.
Of course, even the most private and secure society needs to have some sense of connection, and that is why Phemexia starts with what Vitalik Buterin described as a “soulbound token.” Phemex Soul Pass is key to establishing and fostering this society. By launching a non-tradable, non-transferable soulbound token, Phemex is setting the standards for the fundamental elements of a decentralized society within an exchange. The Phemex Soul Pass mechanisms will facilitate a new ownership system that builds authentic trust and cooperation through a bottom-up approach.
Phemex is fully committed to keeping the excitement alive. More than 16,000 current community members share a strong belief that they can flourish within the Phemex ecosystem and reap its rewards. The exchange is extending an invitation to this community to get on board early and potentially ride the wave to higher returns.
All this begs the question: Are we now looking into Phemex’s native platform token launch?
Security is, of course, critical to any centralized exchange, and Phemex has been no exception. Now the priority is to maintain security as it moves toward a more decentralized, Web3-native Phemexia world.
Advanced security measures and technologies such as multi-factor authentication and real-time risk monitoring systems will remain in place to protect users' funds and personal information. But perhaps the most important current feature that will continue to operate in Phemexia is the Hierarchical Deterministic Cold Wallet System to process and store user funds safely, without any risk of hacks by being connected to any network. This system is proprietary to Phemex and has helped the platform avoid any hacking since its 2019 inception.
Another measure that will be retained is the monthly update of Phemex’s Merkle Tree proof of reserves and proof of solvency. Phemex will also continue to publicize a portion of its cold wallets so any user can confirm that the exchange’s assets are greater than its liabilities at all times.
While all this remains in place, the Phemexia team is developing a secure DeFi stack, ensuring a safe environment for users to engage with innovative products. This hybrid approach allows users to benefit from the reliability of a centralized exchange while also embracing the autonomy associated with a decentralized exchange.
About that token …
As the only top 5 cryptocurrency exchange that has not yet introduced a platform token, Phemex has seen a surge of interest and excitement surrounding its plan to launch one. As for when that launch date will arrive, crypto natives and Web3 enthusiasts will be thrilled to learn that Phemex is planning to launch its platform token November 30.
PT will be an on-chain ERC20 token that unlocks a range of benefits and functionalities. These include staking yields, trader bounty rewards and Phemex DAO governance. In the future, Phemex plans to build out DeFi protocols such as AMMs and decentralized lending and borrowing, all being facilitated by PT.
Chan and the team have nothing but high hopes for their upcoming token, and they have good reasons for their optimism.
"With robust tokenomics and guided by a visionary approach, we are preparing for the launch of a token with immense potential,” Chan says. “Our excitement stems from the belief that the Phemex token has the capability to propel its holders to the moon and beyond. We place great importance on laying a sturdy foundation for our token holders, exemplified by our decision to initiate the burning of the fifth stage of xPT pre-mining, funneling all proceeds into the treasury. Our ultimate goal is to provide our traders with a token that offers long-term benefits. We can't wait to witness its evolution and the incredible journey ahead.”
Phemex users have already been getting their hands on PT through the pre-mining event. The good news is, there's still plenty of space on the rocket for crypto enthusiasts to hop on board. Phemex is now launching their "Phemex Token to the Moon" event, starting with an "airdrop tsunami," providing their growing community early access to the upcoming platform token.
In their "journey to the moon," Phemex welcomes traders into their Web3 ecosystem, fostering growth alongside the community they've been diligently cultivating.