Forbes India 15th Anniversary Special

Phemex is Engaging Users with a 'Trade-to-Own' Feature

The self-proclaimed 'semi-centralised' platform is empowering crypto communities through innovative Web3 solutions

Shashank Bhardwaj
Published: Jun 13, 2023 03:47:54 PM IST
Updated: Jun 13, 2023 03:57:35 PM IST

Phemex is Engaging Users with a 'Trade-to-Own' FeatureImage: Shutterstock

The crypto industry aims to engage stakeholders to compete, grow, and regain trust post-FTX collapse, and crypto exchanges are trying out different strategies for the same.

While publishing proof of reserves is one way to address these concerns, alternative approaches, such as establishing a decentralised autonomous organisation (DAO), can be employed. DAOs provide a decentralised decision-making and governance framework, enabling stakeholders to actively shape the project's direction and ensure higher transparency and accountability.

Empowering crypto communities through innovative Web3 solutions, Phemex, a self-proclaimed 'semi-centralised' platform, promotes transparency and user trust in the crypto industry. Phemex published a self-proving proof-of-reserves audit (PoR) in 2022, gaining certification from reputable sources like CoinGecko and CoinMarketCap. Continuing to prioritise user safety, Phemex updates its proof-of-reserve data, enabling independent asset verification and ensuring sufficient liability coverage.

Phemex now utilises its Web3 ecosystem to build trust and engagement by implementing a decentralised autonomous organisation (DAO). Users can shape the platform's direction and growth through the Phemex DAO, while the Phemex Soul Pass grants exclusive privileges and voting rights, enhancing community participation and fostering a sense of ownership.

One notable event in the Phemexia ecosystem is the xPT pre-mining event. Users who have minted a Soul Pass can participate in this event, allowing them to acquire Phemex's native tokens through trading activities. Through implementing a sophisticated Web3 ecosystem, Phemex aims to establish a vibrant and interactive space for community building.

With a sophisticated approach to community building, Phemex aims to engage its users profoundly, and help users with the right Web3 and crypto education to gain their trust back. 

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash