The decentralizing exchange goes all-in to redesign how its users band together, and what benefits they can derive as a group.
In cryptocurrency, the significance of community cannot be overstated. Only community can foster widespread adoption among users, and only community can drive developers to actively innovate blockchain technologies. Crypto communities play an equally pivotal role in education: disseminating knowledge about blockchain, its applications and its market trends.
In fact, it’s community sentiment that in part drives market dynamics, impacting demand and thus impacting value. And in decentralized projects, of course, community governance ensures a democratic decision-making process. Communities also provide essential user support, creating a peer-to-peer network for troubleshooting and sharing experiences.
The strength and vibrancy of crypto communities, in short, are integral to the success and sustainability of the broader cryptocurrency ecosystem.
Community and trust: a virtuous circle
Trust and security pose persistent challenges for crypto communities, with issues ranging from scams to asset security concerns. The decentralized nature of these communities makes it difficult to establish robust security measures and enforce the overall ecosystem’s trustworthiness.
Even so, a principal tenet of cryptocurrencies has always been to provide users with greater autonomy.
“Strong, mutually empowering communities form the foundation of ultimate user freedom,” says Phemex COO Stella Chan. “Phemex recognizes the pivotal role exchanges play in nurturing crypto communities as trusted partners and has a whole plan dedicated to ensuring user unity and empowerment.”
Building a global village
Creating a decentralized community is a tough ask, but it helps to have the backing of a reliable top five exchange like Phemex. It might be easier for such a community to be a strict adjuvant to the trading platform, but that’s not Chan’s vision.
“Acknowledging the dynamic evolution of the blockchain space, Phemex initially centered on financial use cases, then leading a pioneering semi-centralized exchange model,” she says. “The team at Phemex is on a mission to empower users and partners, facilitating active participation in decision-making and profit-sharing. Rooted in a commitment to transparency and community engagement, Phemex strives to foster a more inclusive and equitable financial future.”
Phemex has already introduced its Web3 ecosystem, Phemexia, aiming to provide users with greater autonomy and cultivate a robust community where trust and permissionless collaboration are paramount.
Phemex Soul Pass is key to building such a strong and robust decentralized community. This non-transferable soulbound token embodies meaningful reputation, relationships, affiliations and credentials. It serves as a robust means to secure accounts, verify identity and reward active community participation – the pillars of a flourishing decentralized society.
“By introducing the Phemex Soul Pass, Phemex has actually established benchmarks for the essential components of a decentralized society within an exchange,” according to Chan.
These mechanisms facilitate a novel ownership system, fostering trust and cooperation through a bottom-up approach with aligned incentives. Phemex Soul Pass not only provides access to authentic account credentials but also offers opportunities for users to earn platform rewards, partnership gifts, trading accolades and more. This opens the door for maximizing community engagement.
Phemex Soul Pass is a critical component of the world Chan’s team is creating, along with a new platform coin, Phemex Token, which can be staked to acquire a derivative which bestows decision-making rights.
Imagine being part of a community free from central influence, where your identity remains anonymous and decisions are openly determined by majority rule. Decentralized autonomous organizations present these advantages. With their rise in prominence through blockchain technology, DAOs offer a preview of the future of collaboration in the decentralized society of Web3. As part of Phemexia, the soon-to-launch PhemexDAO is designed to empower community members with the opportunity to acquire governance coins. Possessing voting escrow tokens enables users to vote within PhemexDAO, thereby participating in decision-making related to platform operations, growth strategies, partnerships and treasury management. Every decision and action undertaken by the DAO is transparently recorded on-chain. Phemex believes that as members voluntarily unite based on shared values, a collective mission can emerge and the community will gradually rise around it.
A strengthening pulse
A new social trading feature tied to Phemexia has been designed to bring together the crypto community. Phemex is now preparing for the launch of its new social trading feature PhemexPulse in January.
It’s as simple as creating your own Web3 group, funded by Phemex. By forming a group and attracting followers with top-notch content and trading tips, every influencer and their followers can dive into a 50 million PT prize pool. At least 20% will go to the group owner, while their followers can join groups, connect and engage with each other, and claim a share of the remaining 80%. Followers can obtain rewards by interacting, making group contributions and trading.
With all this focus now on community building, it’s easy to forget that Phemex has already been invested in such efforts all along, under the banner of its Collaborator Program. The integration of Web3 aspects within PhemexPulse ensures an even more decentralized and transparent approach to collaboration, fostering a more inclusive and participatory environment for users.
“With tokenized incentives, users can be rewarded for contributing valuable insights and successful strategies,” Chan says. “Tokenized incentives align the interests of traders with the overall success of the community, encouraging active engagement and collaboration. At Phemex, our commitment is to foster a dynamic community where traders not only reap benefits, but also experience the inherent unity associated with the promise of cryptocurrencies and Web3.”
Chan and the team harbor high expectations for their new social trading tool, and they are dedicated to delivering the best that a community can provide for their users: “Our every endeavor, including PhemexPulse, is directed towards shaping the communities of the future. I urge users to be the first. I encourage curious users to reach out to us and explore the beta version of PhemexPulse. Their experiences and feedback are pivotal for us in crafting a product that genuinely meets their needs.”
Phemex is spreading cheer for its loyal community this season with a holiday campaign featuring a 100,000 PT prize pool. Check the campaign details to unwrap the bonus giveaway.