Phemex is a fast and reliable crypto trading platform that offers a reward-based system to users.
The platform promotes a community-driven approach with numerous benefits for its users and network contributors.
The platform just launched Phemex Soul Pass, the portal to Web3 integration giving users a digital identity in an anonymous space.
Soulbound Tokens And Their Importance
Soulbound tokens are those that are publicly verifiable and non-transferrable on a blockchain.
According to Vitalik Buterin, Ethereum’s founder, they provide the necessary framework for a more expansive Web-3 environment.
Unlike NFTs, Soulbound tokens represent a person’s reputation and credentials in the crypto space.
Although crypto networks aim to be decentralized, there is an urgent need for transparency and trust among users. With these tokens, it is impossible to falsify your reputation online.
Soulbound tokens find applications in various areas, such as,
- DeFi lending: These tokens serve as credit reports to support a user’s credit history, thereby building a decentralized credit score system. It helps lenders discover if a user is trustworthy or defaults on loans.
- Certifications: A user can also receive a professional certificate as a soulbound token issued directly to their wallet.
- Decentralized Governance: These tokens enable the holders to participate in decentralized governance through a DAO voting-based model.
- Identification: Soulbound tokens are non-transferable NFTs; therefore, they are unique to each holder. They represent the holders’ attributes carefully vetted by trusted sources.
Therefore, a user’s digital identity is synonymous with soulbound tokens.
What is Phemex Soul Pass (PSP)?
Phemex Soul Pass is a soulbound token (SBT) that serves as an on-chain passport and digital identity for Phemex users.
PSP ushers in a new era in Web-3, promoting transparency and trust in the Phemex ecosystem.
Each PSP bears the achievements and progress of its holder within the ecosystem. Also, it helps in the easy identification of rewards.
Phemex Token (PT) And Pre-mining
Phemex Token (PT) is an ERC-20-compliant utility token for the Phemex exchange. It gives its holders several benefits within the ecosystem.
PT is transferrable on the Ethereum blockchain and supports staking to get vePT that confers governance rights on the holders,
Also, it serves as a payment medium for trading fees, deposit and withdrawal fees, and gas fees on the Phemex exchange.
PT tokens are convertible from xPT, purchased in the market, and earned as trading rewards.
Phemex Soul Pass (PSP) holders are the only users eligible for xPT pre-mining.
According to its tokenomics, 100 million tokens (10% of the total supply) are available for pre-mining as xPT. The pre-mining event kicked off on April 12 and continues till Q3 2023.
Users that mint their PSP are automatically registered for the pre-mining event. Also, trading activities on Phemex for USDT-, BTC- and ETH-margined contracts will earn users xPT.
However, the GOLD/USDT pair does not fall under this category.
Pre-mining participants receive xPT airdrop rewards based on trading activity. xPT allocation depends on the statistics on a user’s soul pass, highlighting its importance in the ecosystem.
However, as the total pool of 100 million xPT is, mined reward conversion rate will decrease.
The pre-mining event consists of five different stages. Twenty million xPT tokens go to qualified traders at each stage.
Stella, Phemex CMO mentioned “Phemexia is the Web3 colony we will build for the future, we believe Phemexia will be a fantastic place for all traders who will enjoy a good profit via Phemex tokening mining”.
Phemex crypto trading and investment platform are committed to rewarding users and offering the best Web3 experience.
Its native token, PT, is ERC-20 compliant and powers several activities in the ecosystem.
Token holders can stake these tokens and participate in governance decisions through a voting system.
However, only Phemex Soul Pass (PSP) holders can participate in xPT pre-mining. These xPT tokens are convertible to PT tokens.
Notably, PSP holders can actively participate in the Phemex ecosystem since it is a community-driven project.
The PSP initiative introduces transparency and trust on the Phemex platform. It also gives each holder a unique digital identity that is non-transferable.