Phemex, a leading crypto trading exchange, has recently introduced a social trading feature within its Web3 ecosystem called PhemexPulse, which aims to transform community engagement into tangible rewards and deepen the bond among traders and enthusiasts. The platform has already made waves in the crypto sphere, particularly after crypto influencer Ben Armstrong listed his inscriptions, which drove multifold growth for his group members who hold the exclusive ordinals.
The inception of cryptocurrencies was fundamentally about shifting financial power back into the hands of individuals, offering autonomy and control unprecedented in traditional finance. Central to realizing this transformative vision is the role of vibrant and active communities.
Communities are not just peripheral supporters; they are catalysts for wider adoption and integration of cryptocurrencies into daily life. Through community-driven initiatives, knowledge about innovative applications and insights into fluctuating market trends are disseminated more broadly and effectively.
The role of community participation in decentralized projects
Moreover, in the realm of decentralized projects, communities aren't just audiences but active participants. They engage in governance, wielding collective power to steer projects via democratic processes.
Beyond governance, communities foster a supportive network, providing invaluable resources for education, troubleshooting and sharing experiences. The strength of such community networks is crucial in ensuring the dynamism and inclusivity of broader crypto ecosystems.
Recognizing the importance of communities, Phemex — a crypto trading platform — introduced PhemexPulse, a social trading feature designed to foster decentralized, community-driven innovation by integrating with the Phemex Web3 ecosystem. PhemexPulse aims to create a space where traders and cryptocurrency enthusiasts can connect, share insights and leverage their digital presence for potential earnings.
Rewarding community engagement and participation
The social trading feature comes with a model where both followers and content creators, such as influencers and key opinion leaders (KOLs), can earn rewards. Influencers, including Ben Armstrong have already established groups on the platform and listed their ordinals.
Users can become group owners and earn rewards with their followers on PhemexPulse. Source: Phemex
Phemex empowers creators to establish their own communities funded by Phemex, enabling followers to join and interact with both their favorite influencers and fellow enthusiasts. Daily activities on the platform, such as messaging, trading and making referrals, are converted into a points-based reward system. Group owners and their followers can all earn points through straightforward actions that are a natural part of their everyday online experiences.
A key feature of PhemexPulse is its scoring system, which translates social media engagement into tangible rewards. While points are earned through various activities on the platform, users can convert their points into a competitive allocation of Phemex Tokens (PTs) three times each day. The scoring system is designed to encourage consistent engagement from users, offering them a pathway to earn crypto as a reward for their contributions to the platform.
KOL ignites path to success for followers
PhemexPulse also houses an Inscription Marketplace, which allows users to trade and collect exclusive digital assets like inscriptions and ordinals that are tied to notable figures in the crypto world. The marketplace serves as a venue for economic activity and fosters a sense of community among followers and their preferred KOLs.
The dashboard of PhemexPulse’s Inscription Marketplace. Source: Phemex
Ben Armstrong, a leading KOL, selected the PhemexPulse Inscription Marketplace for his unique ordinals, inspiring followers to mint and retain these coveted items. Owing to their scarcity and the vibrant engagement fostered by the platform, these ordinals, priced at 1 PT per mint initially, experienced a 7296% surge in value within hours of their launch. They sustained this growth trajectory, achieving a new all-time high (ATH) of 115 PT on March 20, which marks an additional 56% increase following its initial ATH and an overall growth of 11,400%. A user who initially minted 10 inscriptions on the first day, accruing 10 PT, now boasts 1000 PT — a tenfold increase achieved within a week.
Phemex emphasizes its dedication to building a vibrant and engaging community, which serves as the cornerstone for its Web3 ecosystem, Phemexia. The ecosystem has already attracted more than 30,000 members, highlighting its appeal within the crypto community. The introduction of PhemexPulse aims to enrich the user experience and improve community involvement, as underlined by Stella Chan, chief operating officer of Phemex:
“The remarkable performance of Ben Armstrong's inscriptions, which have significantly appreciated in value for their holders, underscores the powerful combination of influence and engagement within the crypto ecosystem — principles at the heart of PhemexPulse. The surge of activity we witnessed in just over a week post-launch affirms our direction in fostering dynamic communities that are committed, interactive and rewarded. This is just the beginning, and PhemexPulse will continue to be a driving force in the space.”
Ben Armstrong’s ordinals soared by 7296% in just a few hours. Source: Phemex
Phemex’s launch of PhemexPulse reflects a broader trend in the cryptocurrency industry toward creating more interconnected and community-driven platforms. By combining elements of social media, trading and digital collectibles, Phemex intends to offer a comprehensive ecosystem that caters to the diverse needs and interests of the crypto community. As the platform evolves, it will likely continue to influence how traders and enthusiasts interact within the digital asset space.
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