CryptocurrencyDeFiPress Release

Phemex Officially Launches Much-Anticipated Full Pre-Mining for Phemex Soul Pass Holders

 Phemex, a leading crypto exchange platform, officially launched full pre-mining for its Phemex Token (xPT) on Thursday July 6, 2023 at midnight (0:00 UTC), further crystallizing the concept of its revolutionary hybrid semi-centralized crypto exchange model that combines the advantages of centralized and decentralized platforms to focus on trust, transparency, and user empowerment for a more reliable trading experience. Any user or organization with a Phemex Soul Pass (PSP) who has traded over US$100,000 in trading volume in the prior 30 days (including contracts and all spot pairs) can participate in xPT pre-mining. Once their PSP is minted, users will automatically be eligible for the pre-mining event, with no additional steps required.

During the whitelist stage, Phemex enlisted a total of 961 whitelisted Soul Pass users, with this number currently surpassing 1,228, most of whom are Phemex core partners and professional traders. Phemex has given each user a maximum of five friend invitations, so things are growing fast, and interest is spreading rapidly as this early stage is exclusively for users within the whitelist invitation system, making it a scarce resource. With the xPT pre-mining full release on Thursday, a large influx of new users is expected.

As a world-leading crypto exchange, Phemex already possesses the advantages of flexible on- and off-ramps, a user-friendly interface, and deep liquidity, as evidenced by the wholly transparent and self-proving Proof-of-Reserve and Proof-of-Solvency mechanisms Phemex launched in November 2022. By innovating the Phemex Soul Pass to build a transparent Web3 reputation system, Phemex has also unlocked decentralized finance (DeFi) opportunities including, trustworthy decentralized autonomous organization (DAO) management, automated market maker (AMM) liquidity provider integration, decentralized credit scores, and a lending protocol that supports uncollateralized loans.

Phemex recognizes the ever-evolving nature of the blockchain space. Initially focusing on financial use-cases, cryptocurrencies have paved the way for a new exchange model and the Company believes that by combining the strengths of centralized and decentralized exchanges, transparency, accountability, security, and community involvement can be enhanced. Phemex has established a DAO for decentralized governance and increased community engagement and through their hybrid exchange model, the Company aims to empower users and partners, enabling them to actively participate in decision-making and profit-sharing. With a commitment to transparency and community involvement, Phemex strives to create a more inclusive and fair financial future.

Decentralization, especially DeFi, has been continuing to make monumental strides and the metaverse has not disappeared. It encompasses a blockchain-powered virtual world or universe, accessed through an open-source digital platform that enables virtual reality or augmented reality experiences. With ongoing technological advancements, the metaverse holds promise as a significant element of daily life, similar to how internet communities are currently established but within virtual communities. This evolving technology has the potential to reshape human interactions and engagements, offering immersive and interactive experiences within a digital realm, leading McKinsey to report in June 2022 that the metaverse has the potential to generate up to US$5 trillion by 2030.

Editorial

Asia Online is South East Asia's Largest Independent Tech News Publisher. Our Tech News Network covers news from around the globe with specialist focused new portals. Not all of the team is Web3 Savvy - But the ones writing for Decentralyze have a passion for Web3 stories !

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