Birthdays are a reason to celebrate all that’s been achieved over the year, as well as the numerous challenges that have been overcome. Singapore-based crypto-derivatives exchange Phemex is celebrating its 2nd anniversary this November, and with how much they’ve accomplished in just the last two years, it’s only fair they celebrate in style.
Since its founding in 2019, Phemex has supported its users by listening to and implementing feedback, along with hosting captivating events that keep the community engaged. This month, Phemex is celebrating two years of service by hosting its ‘Choose Your Reality’ event. They’ll give participants the chance to share their wildest dreams on the platform’s birthday.
Prizes worth a sizable 2 BTC will be distributed to participants who come up with the most imaginative wishes. To give back to the community, Phemex will be picking ten lucky winners’ dreams to bring to life next February.
Phemex’s dedication to its users is embedded in its approach to growth. Founded by Jack Tao two years ago, Phemex is a product of his frustration with the world’s financial systems. With a decade’s experience at Morgan Stanley, Tao was intricately aware of the means through which financial institutions put retail investors at a disadvantage, and with blockchain technology making waves around the globe, Jack knew he could leverage it to change things up.
Despite the focus on decentralization within the blockchain industry, Jack saw that most digital assets were sold on platforms peddling the same values as Wall Street. Jack wanted to create a platform that looked out for its users, and truly embodied the principles of distributed control.
Phemex’s robust and light core trading engine coupled with a history of positive community engagement makes it unsurprising that the platform achieved an all-time high 24-hour trading volume of $12.5 billion. Starting out with three contract pairs, Phemex has built up the exchange to support more than 39 contract pairs, 40 spot pairs, and close to 2 million users.
It’s been an eventful couple of years to say the least, but particularly so for Phemex and its community. After establishing its presence in 2019 with a puzzle that went viral on social media, Phemex quickly became a recognized name throughout the DLT community. The puzzle required users to find a hidden private key within an image, and would give winners access to a wallet containing 2.1 BTC.
In May 2020, Phemex introduced zero-fee spot trading for premium members on the platform. It also unveiled the Earn Crypto program earlier this year, which lets traders earn 8.5% APY on deposits of up to 1.5 million USDT. While this already says much about the exchange’s dedication to its traders, nothing communicates love for the community more than direct collaboration.
For the first time, Phemex launched and auctioned its own Non-Fungible Token (NFT). It was a piece of art containing the deposit addresses of over a thousand Phemex traders. The NFT was eventually sold on OpenSea for 44 ETH, which was worth around $100,000 at the time, and proceeds from the sale were divided evenly between participants.
Though blockchain technology is gaining ground rapidly in financial circles, most people don’t have a clue about why it’s important to the future of money. Blockchain education is just as primitive, if not more, than the technology itself. To help solve this problem, Phemex recently inaugurated its Learn and Earn platform that incentivizes people to better understand the technology underlying cryptocurrencies.
Through its comprehensive courses, the exchange offers crypto rewards and trading bonuses to users that complete coursework. Phemex has also churned out over 400 expertly written articles about blockchain on its own Academy portal.
The last two years has seen Phemex uphold its image of a user-first exchange. It regularly searches for ways to expand both the platform’s capabilities and benefit the community surrounding it. During times when conglomerates extract as much value as they can from unsuspecting customers using shady tactics, it’s only fitting that Phemex has attracted such an active and loyal following of almost 2 million users.
A Societal Evolution
Facebook’s recent announcements about the metaverse may have pushed the narrative into current public discourse, but the concept of a metaverse has existed for nearly two decades. First referenced in Snow Crash, a 1992 science fiction novel by Neal Stephenson, the metaverse is the next stage for social media technology. Phemex has faith in this vision of the future.
Implemented well, the metaverse will blur the line between online and real-world interactions, constructing a world where people can redefine themselves at will, and accomplish their dreams. Phemex’s CEO, Jack Tao, recently spoke about the metaverse narrative at the World Blockchain Summit in Dubai. The conference was attended by over 1500 of the most knowledgeable and influential names in the cryptocurrency industry.
“NFTs are here to stay, not because some have been sold for millions of dollars, but because millions have been sold for some dollars. Digital collectables are not only the playground of crypto-whales; they are spreading in the direction of mass distribution,” he said. “No one quite knows what it will look like, but that’s sort of the point. The metaverse won’t be constructed by a handful of centralized conglomerates — it’ll be assembled by billions of people.”
The concept of digital ownership is slowly becoming more widely accepted, and as NFTs continue to draw in mainstream audiences, the blockchain industry should see more attention. Already, niche sub-industries like GameFi are pushing the limits of what DLT can be used for.
Phemex welcomes technology in new and innovative ways, and even launched its own P2E product during its anniversary celebrations last year. This year, with the metaverse starting to form around us, Phemex is celebrating its anniversary with a hopeful vision of the future. With the goal of helping the world transition to the metaverse era, Phemex is breaking through from traditional finance, and breaking free into a paradigm of greater individual empowerment.