Phemex is a trading platform that combines the features of centralized and decentralized exchanges to give its users the best experience.
The platform gives users access to deep liquidity, a user-friendly UI, and a gateway to the expanding Web3 ecosystem.
Its features, such as the Phemex DAO and the recent addition of the Phemex Soul Pass, enable users to enjoy the full benefits available on the platform.
Introducing Phemex Soul Pass (PSP)
Phemex Soul Pass (PSP) gives users access to special privileges within the Web3 ecosystem.
PSP is a soulbound token (SBT) that serves as an on-chain identity for users. It is the first-ever soulbound token created by a prominent crypto exchange for decentralized ownership.
PSP gives its holders benefits such as the ability to participate in on-chain governance. Also, Phemex Soul Pass holders can pre-mine the Phemex token as xPT.
Soulbound tokens are similar to on-chain NFTs. However, they are non-transferable to another crypto wallet.
These non-transferable tokens hold authentic information linked to the holder’s account. Therefore, PSP encourages transparency and legitimacy within the Phemex ecosystem.
Trust is essential for successful interaction among anonymous identities in a decentralized system.
Soulbound tokens help to resolve the trust-building gap as they reflect the true identity and reputation of the holders.
The PSP also stores records and achievements users obtain on the Phemex platform. This function helps to identify and categorize users based on achievements.
Ethereum’s founder, Vitalik Buterin, believes in a permissionless and trusted system that other decentralized applications can use as a reference.
Phemex Soul Pass is a Web3 gateway serving the ecosystem. It creates a unique structure that studies data from trading activity, DAO contributions, and community involvement.
Stella, Phemex CMO mentioned “Phemex Soul Pass is our first step into Web3 which will be all traders credential in our Web3 colony-Phemexia, also it will help us to achive our Semi-centralized theory. We want to provide more tansparent, trustworthy trading platform for traders and we want to build this platform together with our partners”.
Phemex Token Powers The Ecosystem
Phemex plans to mint its utility token, the Phemex Token (PT), in Q3 2023. It is an ERC-20 token offering users several benefits and real-life uses.
These tokens support staking to earn vePT tokens (vote escrow Phemex Tokens) as rewards.
Also, its holders enjoy other benefits, such as staking yields and increased trading rewards.
Phemex’s Reward-based System for Crypto Traders and Investors
Here are Phemex’s top benefits and rewards you must know.
- Trading Rewards
Phemex offers 12.5% of its token’s total token supply (125 million) as a reward to Phemex Soul Pass holders from the DAO treasury.
- Liquidity Provider Rewards
Also, 12.5% of the token’s total supply (125 million) will go to the liquidity providers as rewards.
- Phemex Collaborator Program
Phemex will disburse xPT to the ecosystem’s core contributors elevating them to stakeholders.
These xPT tokens are convertible to Phemex tokens and shared as rewards in the Phemex Collaborator Program.
The program creates shared platform ownership with these collaborators to focus on the growth and success of Phemex.
Conclusion
Phemex is a Web3-orientated platform focused on providing users with a rewarding platform based on transparency and trust.
The Phemex Soul Pass is the passport to the Web3 gateway that gives users a unique identity within the Phemex ecosystem.
The PSP records achievements and rewards collected within the ecosystem providing utmost transparency in an anonymous environment.
PSP Holders can earn xPT with pre-mining access and are eligible to participate in xPT airdrops.
Also, they qualify to participate in the Phemex DAO on-chain governance by voting on proposed actions.
Phemex also provides its users with various rewards, such as trading rewards, liquidity provider rewards, and collaborator rewards.
The goal is to give users access to the Web3 space under a unique identity while earning rewards.