Phemex, a Singapore-based cryptocurrency exchange, is marking its second anniversary in November. It’s been an eventful couple of years for the derivatives platform, and with its Choose Your Reality event, this anniversary is going to be a memorable one.
Phemex’s dedication to its users has created a thriving community, and to celebrate their impressive growth the exchange is inviting participants to wish them a happy birthday by talking about their own dreams and aspirations. They’re also giving away grand prizes to those participants who come up with the most creative wishes. A handful of winners are going to see their hopes and dreams become a reality.
The firm’s dedication to its users is deep-routed. Phemex’s CEO and founder, Jack Tao, was a Wall Street veteran from Morgan Stanley. He spent over 10 years studying the financial system and realized how poor retail investors are compared to those who were more financially secure.
Jack launched the platform with his former Morgan Stanley executives in 2019, to return power to the people. A platform that didn’t play favorites because it didn’t discriminate. From around three contract pairs, the exchange has grown into one of the world’s most popular derivatives exchanges. It’s now host to over 40 spot pairs, 39 contract pairs, and consistently ranks among the top 10 derivatives exchanges by volume.
Be a part of the community
Phemex encourages users to voice their concerns on the platform and takes a positive approach to feedback from its community. The exchange believes a happy community is one that’s constantly engaged with the platform, and over the last two years, they’ve conducted a number of events and competitions to keep the community engaged.
After its launch in 2019, Phemex’s brand blew up all over social media after it launched a viral puzzle attached to a 2.1 BTC giveaway to anyone who could find the private key hidden within the image. They wanted to spread awareness of private-key self custody. This was achieved with great success.
Last year in May, Phemex’s premium members were introduced to “The Era of Zero,” which announced that all fees would be negated for spot trades on the exchange. Phemex’s Earn Crypto platform was also introduced near the beginning of 2018. It allows members to earn as high as 8.5% APY with deposits no lower than 1.5 million USDT.
Community engagement isn’t just about giveaways and implementing feature requests — it’s about fostering a sense of belonging, and Phemex did so masterfully this year. Over a thousand traders participated in the launch of Phemex’s first ever NFT, minted and sold for 44 ETH on OpenSea. The piece of art contains the ETH addresses of all the collaborative event’s participants, with the proceeds from the sale being split between them equally.
Blockchain technology is being adopted by businesses around the world to increase their capital efficiency. However, mainstream adoption of blockchain technology remains a long way off. While current applications can be difficult to use due to their complexity, widespread adoption of blockchain technology is only a matterof time as the industry promotes education and continues to spread the word about the technology. Phemex’s Learn and Earn program was created to encourage users to explore digital assets and learn about the technology. It offers trading bonuses and cryptocurrency in exchange for taking educational courses.
It even has its own academy portal with more than 400 articles covering various topics related to blockchain and crypto.
Portal to the Future
Although 2021 was the first year that the world began to talk about the metaverse in its entirety, the idea has been around for many decades. Phemex thinks the metaverse will be the future of social media. As the boundaries between digital and physical technology continue to blurred, Phemex is convinced that digital ownership will play an increasingly significant role.
Phemex’s stance on this vision of the future is strong, and their goal is to help transition towards the future of society — a world where people can redefine themselves and achieve anything imaginable. Jack Tao, a speaker at the World Blockchain Summit in Dubai recently, spoke on the subtleties of metaverse narratives and how NFTs can help to shape the future socio-digital economies.
At the event, which was attended by over 1500 renowned experts from across the globe, 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.”
He also added that while no one knows exactly what the metaverse will look like, that’s kind of the point. “The metaverse won’t be constructed by a handful of centralized conglomerates — it’ll be assembled by billions of people.”
NFTs are continuing to surprise blockchain communities in many ways. Whether it’s through direct utility or unique platforms, digital ownership is gradually making its way onto the minds. With the rapid growth of niche industries like GameFi, we’re only seeing the tip of the iceberg when it comes to NFTs.
Phemex’s GameFi product was launched last year to commemorate their first anniversary. It allows users to earn rewards by playing on the site. The Singapore-based exchange has always been open to experimenting even with very early technology, giving its users a taste of the future, and hope for what’s to come.
This November, Phemex’s 2nd birthday celebrates its dedication to quality, ethos of distributed control, and commitment to its community, encouraging them to break through noise of traditional finance, and break free into the new world of digital ownership.
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