Place/Date: - December 3rd, 2021 at 10:04 pm UTC · 6 min read
A year of accomplishments make birthday celebrations a special event, especially when the last two years have presented so many challenges to overcome. This November, Phemex celebrates its 2nd anniversary, raising a toast for all it’s achieved since its 2019 launch. With the Singapore-headquartered digital asset derivatives exchange having grown significantly in such a short span of time, their grand celebration plans seem quite appropriate.
Phemex has a reputation for carefully listening to user feedback, and it’s one the platform has guarded closely ever since its launch. Through engaging events such as giveaways and competitions, the exchange has amassed a giant customer base of nearly 2 million traders in just a couple of years, and to celebrate these years, Phemex is bringing its ‘Choose Your Reality’ event to its community.
Phemex is asking participants to come up with birthday wishes, and giving out 2 BTC in prizes to those sending in wishes that resonate most with the platform. Additionally, the exchange is running its ‘Dream with Phemex’ campaign, where the community can share their life goals and aspirations either through a written or video essay, and Phemex will shortlist a few lucky winners whose dreams will be brought to reality.
Though many exchanges claims to be devoted to its users, few take this claim as seriously as Phemex. Established in 2019 by Jack Tao, a seasoned Wall Street executive with over a decade of experience at Morgan Stanley, Phemex represents his frustration with traditional finance, particularly their methods of hindering retail investors. The advent of blockchain and its ethos of decentralization was just the push Tao needed to do something about it.
There are countless cryptocurrency exchanges out there, but what sets Phemex apart is its commitment to quality and user satisfaction. Having launched with three contract pairs available for trading, Phemex’s offerings have improved significantly, offering more than 40 spot pairs, 39 contract pairs, and reporting over $10 billion in daily trading volume on average. Its lightweight core and high-speed trading engine coupled with a history of admirable customer service practices make Phemex’s popularity well deserved.
They say the clock moves faster when fun is in the air, and since 2019, Phemex has ensured its users are having a good time. To establish its presence after launch, Phemex conducted a 2.1 BTC giveaway disguised as a puzzle. With the challenge going viral on social media, Phemex’s brand soon became instantly identifiable to a large subset of the digital asset community.
In mid-2020, Phemex’s premium users were witness to a pleasant surprise when the platform announced they would no longer be charging fees on spot trades. Some months ago, Phemex also enabled users to recieve 8.5% APY on USDT deposits, with a maximum limit of 1.5 million Tether. While this speaks volumes of Phemex’s determination, little else speaks to a community like collaborative events do.
For its first NFT launch which took place this year, Phemex asked its users to send in screenshots of their ETH deposit addresses, compiling them all into a piece of art that was auctioned on OpenSea for a whopping 44 ETH. The proceeds, which equated to about $100,000 back then, were split equally among all participants.
Advancements in DLT’s utility are taking place on what seems like a daily basis, and this is encouraging traditional financial services to evolve with it. However, blockchain applications are still tedious to use, especially for non-tech-savvy users.
This is an issue that cannot be tackled overnight, but to aid in efforts to educate more people about distributed ledgers, Phemex set its Learn and Earn platform in motion this year, giving users incentive to more intricately understand the technology powering cryptocurrencies and other blockchain-based tokens.
The platform offers comprehensive courses and rewards those who complete them with trading bonuses and crypto airdrops. Further, Phemex has developed an independent Academy portal comprising over 400 detailed articles about blockchain and DLT-related topics.
Facebook’s rebranding may have dragged the idea of a metaverse into public discourse, but the concept of a metaverse was imaged decades earlier. Depicted first in Neal Stephenson’s science fiction novel Snow Crash back in 1992, the metaverse showcases an evolved form of social media platforms, and Phemex thinks blockchain will have a huge role to play as this vision unfolds.
Besides making digital interactions just as important as physical ones, the metaverse will design spaces for people to live on their own terms, tackling any obstacles on their path to success. Non-fungible tokens and other products built on DLT are testing the bounds of what could be possible as the years go by, and this was elaborated upon by Phemex’s CEO Jack Tao during a speech he made to over 1500 DLT professionals at the World Blockchain Summit recently conducted in Dubai. He said:
“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. 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.”
Mainstream attention has been flooding in for NFTs, and the idea that someone can hold ownership over a digital commodity is slowly becoming more accepted. Byproducts of already niche industries like decentralized finance (DeFi) such as GameFi are resetting people’s perspective on DLT. Phemex is a huge supporter of adopting early-stage tech, and launched a GameFi product of its own while celebrating its first anniversary last year.
The metaverse could be closer than we think, and Phemex’s goal is to aid society in bridging over to a domain of digital ownership. Celebrating its 2nd year in the industry, Phemex honors blockchain’s core ideals of decentralization by distributing power back the people, helping them break through the existing handicaps of financial services, and break free to an environment conducive to digital sovereignty.