The now semi-centralized exchange dedicated its efforts to shaping a more liberating world for crypto traders.
Phemex, once a fully centralized exchange that is now pursuing a hybrid future, came into its own in 2023. During a year in which external events drove cryptocurrency values – the volatility of tech stocks, fickle investor sentiment and the like – Phemex made its own luck. Its narrative wasn't one of stagnant tradition, but a dynamic shift to revolutionize the crypto exchange landscape.
The dawn of 2023 marked a groundbreaking beginning as Phemex revealed the Phemexia Web3 ecosystem. Far beyond a technical milestone, it symbolized a mission of innovation, intertwining decentralized decision-making with the seamless efficiency of centralized structures. The ambition was bold yet resolute – to chart a new course, embracing semi-centralized management with the potential to catalyze a paradigm shift within the crypto realm.
From this mission, a novel concept emerged: the Phemex Soul Pass (PSP). This non-transferable, non-tradable ERC20-compliant token is a proclamation of identity. Phemex envisioned a future where this soulbound token held use cases beyond financial realms. It would instead become a beacon for digital presence, trust-building and permissionless collaboration. Users, by minting their PSP, have already positioned themselves as pioneers of this vision, unlocking not just trading privileges but a suite of benefits.
The community responded to this call. The Phemexia community burgeoned, surpassing 25,000 PSP holders. To sustain this vibrant growth, Phemex orchestrated 1,000 BTC and 100 ETH giveaways, then sprinkled airdrop campaigns to bestow shared prosperity.
The commitment to the cause was etched in tangible actions. Phemex chose not just to evolve but to give. The fifth stage of xPT pre-mining was willingly burned, redirecting the proceeds to the treasury. It wasn't just a commitment to growth, it was a commitment to the community.
November 30 marked a pivotal moment as Phemex introduced its native coin, the Phemex Token (PT). Phemex, long the lone top five exchange without a native token, now has one more puzzle piece in place. PT isn’t just a tradable asset; it represents a stake in the platform's governance, a share in its prosperity and a ticket to the future of decentralized trading.
Anticipating this milestone, the "Phemex Token to the Moon" campaign swept through the community. Members seized the opportunity to participate early, engaging in a fair bidding mechanism that defined PT's initial value.
PT Staking is now the next chapter in this evolving story. Phemex reinforced its commitment to the community by sharing a portion of daily USDT contract revenue. So far, over 40 million PT have been staked, turning community members into stakeholders.
And that’s not all…
Phemex introduced other key milestones this past year to ensure its community receives the best and most efficient trading experience.
One standout feature is that Phemex caters to the demands of users with substantial trading volumes through its VIP program. VIP users have the opportunity to access exclusive benefits corresponding to their VIP level. Not only individual, but also institutional clients can take advantage of VIP benefits at Phemex. With a top-tier API rate, unlimited sub-accounts and competitive fees, Phemex Institutional caters specifically to the discerning needs of high net worth individuals, trading firms and brokers.
In the digital landscape, Phemex goes the extra mile in empowering creators with its Collaborator Program. This initiative opens doors for traders boasting a substantial online presence to seamlessly introduce Phemex to their audience. As a rewarding incentive, these collaborators stand to earn commission payouts based on their PT holding amounts.
In a bid to foster liquidity and collaboration, Phemex also introduced its market maker program. This innovative initiative not only offered a seamless experience for liquidity providers but also showered them with heavy discounts based on their trading volume. Last but not least, the Phemex Broker Program offers brokers an all-in-one platform and lucrative incentives, providing industry-leading commissions of up to 50% based on users' trading volume, smooth onboarding and cross-promotional opportunities to access new users through the exchange network.
Phemex didn’t forget to extend a helping hand for those venturing into the crypto realm. The introduction of the Futures Grid Trading Bot became a beacon for newcomers, providing them with the tools to automatically execute buy and sell orders for futures contracts at preset prices.
But the tale doesn't end there. The platform's commitment to inclusivity was evident in its continuous updates to the selection of contract and spot trading pairs, ensuring that traders of all expertise levels could navigate the markets and seize opportunities in alignment with their unique strategies.
All this positions Phemex for continued success in 2024.
On the Web3 front, Phemex is working on such DEX features as decentralized credit scores, automated market maker liquidity provider integration and a lending protocol, all under the aegis of a transparent and trustworthy exchange. The Phemex roadmap for the first quarter of 2024 includes the introduction of liquid incentives tailored to institutional users and market makers. Moving into the second quarter, the plan is to unveil the PhemexDAO and involve users to make key decisions on behalf of the platform.
An innovative social trading product, PhemexPulse, is also upcoming, featuring a hefty 50 million PT prize pool to benefit both key opinion leaders and their followers. It will promote community engagement and interaction by making trading more fun and lucrative than ever before. The beta version of PhemexPulse is already live and users can reach out to Phemex to be among the first traders to try it out.
Phemex’s mission to revolutionize exchanges has resonated with traders globally. It transformed into a semi-centralized exchange and supercharged its community with Web3 features for innovation, autonomy and profitability. It not only promised but delivered, making Phemex the standout choice for traders in the new era of crypto. Phemex boldly declared "Phemex Token to the Moon" as it embarked on its ambitious mission. As the exchange journeys into 2024, it appears steadfast in advancing toward its goals. So, Phemex's mission, woven with threads of innovation and community, extends into the approaching year.