Phemex Is Making Its Users’ Dreams Come True With A Unique 2nd Anniversary Event
Second anniversaries can be challenging for any business. For some, it’s a day of accomplishment — a celebration after growing further than the year before. Growth is always hard to come by, and continuing to grow in a company’s second year after a stellar first year is no mean feat. This November, Phemex is celebrating its 2nd anniversary with pride — and they have every right to.
Phemex fosters a thriving community of cryptocurrency enthusiasts, investors, and traders. To celebrate its commitment to its expanding user base, Phemex is hosting a unique event dubbed ‘Choose Your Reality’. Participants will be asked to share their dreams and come up with their most creative birthday wishes. The platform will have a 2 BTC fund to fulfill some of the most heartfelt wishes. In February next year, Phemex will choose ten lucky winners to have their dreams made into reality.
A superficial approach to community building is never sustainable, and Jack Tao, CEO and founder of Phemex, knew this from the very start. With over a decade’s worth of experience on Wall Street before launching Phemex in 2019, Jack had witnessed just how tough the traditional financial system can be on retail investors. With Phemex, Tao and his team of ex-Morgan Stanley executives decided to take things into their own hands and bring power back to the people.
Although digital asset exchanges have been around for years, few of them truly adhere to the proper standards required for a decentralized ecosystem. Particularly in the early days, Jack observed similar issues to those he’d seen on Wall Street, such as exclusive dealings and corporate loopholes.
From starting out with just three contract pairs, Phemex has now become a formidable competitor on the global stage with over 39 contract pairs, 40 spot pairs, and close to 2 million users.
Two Fabulous Years of Phemex
With Phemex’s consistent rollout of events, giveaways, and competitions, the last two years have gone by in a flash for its community. Following its 2019 debut, the platform exploded onto the scene with a puzzle to help spread awareness about private-key self custody. The puzzle itself was hidden within an image that contains the private key to a Bitcoin wallet containing 2.1 BTC. It would be awarded to anyone who could figure out the answer.
The social media event quickly went viral, and soon many in the digital asset community had at least heard of the exchange. In May last year, “The Era of Zero,” was introduced to premium members on the Phemex exchange and allowed them to slash all spot trading fees. Following that, Phemex launched their Earn Crypto platform to enable traders to deposit USDT worth up to $1.5 million and earn a staggering 8.5% APY.
As mentioned before, Phemex understands the value of community. In a collaborative event with its users, this year Phemex auctioned its first-ever NFT for 44 ETH (worth around $100k at the time) on OpenSea. All proceeds were then distributed equally between participants. The NFT in question was a piece of art that over a thousand traders on the platform had contributed to with QR codes of their ETH deposit addresses.
Blockchain technology is on the cusp of mainstream adoption, changing business models and improving capital efficiency across various industries. However, most people still don’t know anything about how blockchains work, and while this may not be necessary in the future, its growing adoption today depends heavily on educating more people of its benefits.
To contribute, Phemex launched its Learn and Earn program this year. It gives users the chance to learn more about DLT and digital assets while being rewarded with trading bonuses and cryptocurrencies for completing courses. The platform even invested in creating an academy portal that contains over 400 well written articles on all ranges of topics in the space.
Phemex found its footing through an ethos of supporting its users, finding innovative ways to advance its platform, and benefiting the community through events, giveaways, and in-demand features. It’s no surprise that Phemex is one of the top 10 derivatives exchanges worldwide, reporting a record daily trading volume of over $12.5 billion.
Exploring the Metaverse
Though the metaverse is a hot topic today, the concept has existed for decades. The metaverse is a vision of the future where the lines between social media and reality are blurred, making online interactions even more important. Phemex is inspired by this vision of the future, where anyone can reconstruct their destinies and achieve anything they please.
Over 1500 experts from the blockchain industry attended the recent World Blockchain Summit in Dubai, where Jack spoke about the concept of a metaverse and how blockchain-based assets like NFTs represent symbols of what’s to come.
“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.”
NFTs have existed for a few years now, but the surge in popularity over the last two years has shown that the concept of digital ownership is slowly taking hold. Smaller industries within the blockchain space such as GameFi are showing their value, with a number of successful P2E products launched in the last year alone. During last year’s anniversary celebration, Phemex even launched its own GameFi product, enabling users to play to win rewards on the exchange platform.
Budding technologies have always been a big focus for Singapore’s premier digital asset exchange. With a future metaverse in store, Phemex aims to help transition the industry into the age of digital freedom. On its second birthday, Phemex celebrates its community through ideals of distributed control through decentralization. While it may take many more years to really drill the message home, today it’s helping people break free from traditional finance’s limitations and faulty infrastructure, and breakthrough into a new world of infinite possibilities.
