Phemex, a top 5 cryptocurrency exchange, has successfully unveiled its long-awaited native platform – Phemex Token (PT). The launch has garnered significant attention and is trending on social media platforms. Users are already experiencing the advantages of the token intricately linked to Phemex’s innovative Web 3.0 ecosystem
Phemex recently reached a significant milestone in its move towards a semi-centralized management after successfully debuting its long-awaited native platform token, Phemex Token (PT). As the only top 5 crypto exchange without a platform token, the launch was met with massive enthusiasm and interest.
Since PT is still in its infancy, many are curious to learn more about the significance of this token. Let’s look at the benefits of PT and another exciting feature accompanying it – staking.
Phemex Token at a Glance
The exchange was prompted to launch a native utility token after it took the step to establish itself as a hybrid exchange. Initially operating as a centralized exchange, Phemex recognized the benefits of including decentralized features for its community, empowering them to own a piece of Phemex and introducing elements that would provide its users with more autonomy.
Earlier this year, Phemex introduced Phemexia, its Web 3.0 ecosystem, as part of the broader goal of transitioning to a hybrid exchange. The exchange has pledged to uphold the inherent efficiency of a centralized system while introducing a decentralized decision-making process. The Phemex DAO will soon be the platform’s decentralized communal decision-making hub.
Phemex Token is an on-chain ERC20 token with many benefits and use cases, including serving as the gateway to the Phemex Web 3.0 ecosystem and signifies the exchange’s transition to a more decentralized platform.
One of PT’s main benefits covers trading, gas, deposit, and withdrawal fees on Phemex. Traders are already reaping the rewards of owning PT, utilizing it to offset transaction fees, with a deduction rate of 20% for Spot and 10% for USDT contracts. VIP users on Phemex enjoy even more favorable fee rates with PT.
Users can stake their PT for vePT (vote escrow Phemex Token) to enjoy a myriad of benefits, including participating actively in decentralized platform governance.
Here is a brief summary of the key benefits of holding Phemex Token:
- Trading fee discounts: PT holders pay lower trading fees.
- Staking yield: Stake PT to earn industry-leading APR (Annual Percentage Rate).
- VIP privileges: Staking PT grants VIP-level trading fee discounts. Users who achieve VIP status through vePT holdings can also receive monthly airdrops for simply making deposits into their accounts.
- Deposit Cashback Airdrops: Stake PT to get cashback airdrops.
- DAO Governance: Staking PT will soon unlock governance rights on PhemexDAO for vePT holders.
- Launchpad & Launchpool Access: PT holders can access the Phemex Launchpad and Launchpool.
In summary, PT is an on-chain, transferable platform utility token for the Phemex exchange. It can be staked to obtain vePT, which grants decentralized governance power, staking rewards, trading bounties, fee discounts, and other benefits.
Phemex Token Staking
With the launch of Phemex Token, the exchange also introduced PT Staking, which offers lucrative opportunities for PT holders.
Demonstrating its dedication to transforming the community from mere traders into active stakeholders, Phemex committed to using 0.01% of the daily USDT contract trading volume to repurchase PT and distribute it as staking rewards to vePT holders. Staking PT allows holders to participate in revenue sharing and receive profit as the exchange grows. This staking mechanism anticipates an APR of up to 1,000%, along with the benefits of reduced fees.
PT Staking is an attractive feature for several reasons:
- Stable Earnings: Staking PT ensures a consistent Annual Percentage Rate of up to 1,000% (APR), thereby enhancing the value of its holders’ assets.
- Flexibility: Phemex provides a range of staking term options, catering to the diverse needs of different users.
- Security and Trust: PT staking operates through smart contracts and is fully integrated into the Optimism network. This ensures high transparency and security, minimizing the risk of asset misuse. Phemex guarantees a secure environment for PT staking.
PT Staking is lucrative and an essential part of Phemex’s transition to decentralized decision-making. More than 40 million PT has already been staked, showcasing the community’s confidence in the long-term benefits of holding the token. Phemex is actively conducting daily buybacks to distribute these repurchased tokens as staking rewards. Staking PT also allows the community to acquire vePT, Phemex’s governance token. Holding vePT will soon grant voting rights within the Phemex DAO, allowing users to participate in the decision-making process related to the platform and its operations.
Stella Chan, COO of Phemex, commented on the benefits of PT staking.
“By participating in PT staking, users can secure lucrative returns and partake in profit-sharing opportunities. We commit to utilizing a portion of our contract trading volume to buy back PT, subsequently distributing it as staking rewards among all vePT holders. Stakers can expect stable earnings with flexible options according to their unique needs, all backed by the trustworthy exchange they love to trade at.”
Ms Chan also highlighted the exchange’s commitment to creating a token that holds meaningful long-term value:
“These features underscore our unwavering commitment to creating a token with enduring value. PT plays a pivotal role in Phemexia, yet our mission extends beyond a mere token launch. Our objective is to construct a sustainable and valuable ecosystem that benefits our community.”
Phemex set ambitious goals asserting “Phemex Token to the Moon,” and the exchange remains steadfast in its commitment to position PT as a crucial tool that empowers its community.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2023/12/phemex-distributes-revenue-to-the-community-via-pt-staking