Read how the top 5 exchanges are accelerating Web3 adoption

With the launch of its platform and governance token, Phemex’s Web3 world will soon be complete. Here's what traders can expect.

Phemex does not engage in groupthink. Rather than accepting the false choice of whether cryptocurrency exchanges need to be centralized or decentralized, Phemex is forging a hybrid, best-of-breed path. Rather than promoting financial analysts, cryptographers, or other linear thinkers to top management positions, the board appointed fast-rising Web 3 advocate Stella Chan as chief operating officer. Phemex has invested over a year, bringing together the resources of a team of trading experts, to define what the future should look like and how best to achieve it.

They call this vision “Phemexia”.

While Phemex has been operating as a centralized exchange for years, it is now shifting gears to embrace a hybrid future. The goal is to retain all the benefits of CeFi – efficiency, community, security – while building a free, fair, and reliable decentralized society.

Community First: Rewards and Growing Together

The Phemex team is all ears to hear what’s going on with its community. They recognized early on that today’s traders crave more control, and Phemex plans to deliver on this with a rock-solid commitment to reliability and efficiency. The transition to Phemexia — the exchange’s overarching vision for a Web3-native financial and commerce experience — will enable Phemex users to link their Web3 wallets and take advantage of seamless trading and mining.

Of course, even the most private and secure societies require a certain sense of connection, which is why Phemexia starts with what Vitalik Buterin calls “soul-bound tokens.” Phemex Soul Pass is the key to building and nurturing this society. By launching the non-tradeable, non-transferable Soulbound token, Phemex is setting the standard for the fundamental elements of a decentralized society within an exchange. The Phemex Soul Pass mechanism will promote a new ownership system that builds true trust and collaboration through a bottom-up approach.

Phemex is all about getting people excited. There are currently over 16,000 community members convinced that they can thrive and be rewarded in the Phemex ecosystem. The exchange is inviting the community to join early and potentially ride the wave for higher returns.

All of this begs the question: are we now looking at a native platform token launch for Phemex?

Secure Phemexia

Of course, security is crucial for any centralized exchange, and Phemex is no exception. The top priority now is maintaining security as it moves toward a more decentralized, Web3-native world of Phemexia.

Advanced security measures and technologies such as multi-factor authentication and real-time risk monitoring systems will continue to be retained to protect users’ funds and personal information. But perhaps the most important feature that Phemexia will continue to operate currently is the layered deterministic cold wallet system that securely processes and stores user funds without any risk of hacking by connecting to any network. This system is proprietary to Phemex and has helped the platform avoid any hacker attacks since its inception in 2019.

Another measure that will remain in place is the monthly update of Phemex’s Merkle Tree Certificate of Reserves and Certificate of Solvency. Phemex will also continue to make some of its cold wallets public so that any user can confirm that the exchange’s assets are always greater than its liabilities.

While all this is still happening, the Phemexia team is developing a secure DeFi stack to ensure users have a safe environment to participate in innovative products. This hybrid approach allows users to benefit from the reliability of centralized exchanges while also accepting the automation associated with decentralized exchanges.

About That Token

As the only top 5 cryptocurrency exchange yet to launch a platform token, Phemex has generated significant interest and excitement about its plans to launch a platform token. As for when the launch date will arrive, crypto natives and Web3 enthusiasts will be happy to know that Phemex plans to launch its platform token on November 30th.

PT will be an on-chain ERC20 token that brings a range of benefits and features. These include staking yield, trader bounty rewards, and Phemex DAO governance. In the future, Phemex plans to build DeFi protocols such as AMM and decentralized lending, all of which will be driven by PT.

Chan and the team have high hopes for their upcoming token, and they have every reason to be optimistic.

Chan said: “With strong token economics and guided by a visionary approach, we are preparing to launch a token with huge potential, and our excitement stems from our belief that the Phemex token has the ability to push its holders to To the Moon and we place great emphasis on building a solid foundation for our token holders, such as our decision to launch the fifth phase of the xPT premine burn, with all proceeds funneled into the vault with the ultimate goal of providing it to our traders. This is a token that offers long-term benefits. We can’t wait to witness its evolution and the incredible journey ahead. “

Phemex users have earned PT through the premine event. The good news is that there’s still plenty of room on the rocket for crypto enthusiasts to get aboard. Phemex is now launching the “Phemex Token Moonshot”, starting with a tsunami of airdrops to give the growing community early access to the upcoming platform token.

On their “Journey to the Moon”, Phemex welcomes traders into their Web3 ecosystem, fueling growth with the community they have worked hard to cultivate

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