Taking Phemex COO’s Pulse after the launch of PhemexPulse

Stella Chan discusses the leading exchange’s way forward with a disruptive new social trading platform empowering users through their interactions.

Phemex has surged over the past year to become one of the world’s leading digital asset exchanges for both spot and futures transactions. It led the way in copy trading, bridged the gap between centralization and decentralization, and most recently, broke new ground with the launch of its revolutionary social trading platform. This innovative platform is crafted to bring the crypto community together, rewarding users for their regular online engagements with tangible benefits.

The introduction of PhemexPulse has sparked considerable buzz within the online sphere. CoinDesk reached out to Phemex COO Stella Chan to talk about the inspiration driving the development of PhemexPulse and the strategic moves the company plans to make in fostering dynamic and engaged communities.

Congrats on a successful launch! PhemexPulse has been generating a lot of chatter within the crypto community. What features of PhemexPulse have resonated most with users?

Thank you for the congratulations! The launch of PhemexPulse has indeed stirred up considerable conversation among crypto enthusiasts. Users have discovered in PhemexPulse a vibrant platform that not only facilitates community engagement but also rewards their participation, creating a unique and interactive experience within the digital asset space.

PhemexPulse has become a hub of activity with 160 groups formed by KOLs [key opinion leaders] and content creators in just two weeks. Users love that the platform allows them to continue their usual online activities – like following expert trading tips and engaging in trend discussions with peers – while earning rewards for their participation. And by rewards, we're talking substantial incentives: a daily prize pool of 9,000 PT. [Phemex Tokens, or PT, are the exchange’s native coins.] PT is fundamentally linked to our growing Web3 ecosystem and offers substantial promise for traders. Therefore, we are confident that the prize pool will strongly appeal to our community.

What is Phemex's objective in introducing PhemexPulse, considering the plethora of existing social networking tools?

The landscape is indeed crowded with social networking platforms that users frequent, particularly during a bull market. PhemexPulse, though, distinguishes itself by not only rewarding users for their consistent online engagement but also by fostering a closer relationship between KOLs and their followers within a conversational environment. It offers a compelling chat-to-earn program for active participation that integrates seamlessly with our Web3 ecosystem.

Social trading is gaining significant traction and is expected to be a driving force in the upcoming bull market. While current offerings provide a preview of SocialFi's capabilities, there remains a void for a truly Web3-native social platform that prioritizes community interaction. PhemexPulse fills this niche by delivering an authentic, on-the-ground perspective of the crypto market's pulse through peer discussions and activities.

Unlike other social trading platforms that focus solely on incentivizing trading, our approach is to cultivate a spirit of collaboration. We aim to foster grassroots innovation within PhemexPulse through Pulse Groups, where the ideas and contributions of any member can be recognized and developed into projects that benefit from a fair launch process, ensuring a level playing field for all.

For KOLs, how much bigger a following can they expect by participating in PhemexPulse as compared to their current following?

We understand that KOLs have a variety of platforms to connect with their audience. Yet these platforms often dictate the terms of content creation, while PhemexPulse embraces Web3 principles to return control and ownership to the users. Collaborations and engagements within the PhemexPulse ecosystem directly translate into rewards.

Our platform is designed to facilitate community contributions and the accumulation of tokens. For KOLs, monetizing their influence is as straightforward as establishing their own Web3 group on PhemexPulse, with funding from Phemex. By creating a group and fostering dialogue with their followers – through quality content and trading insights – KOLs can earn daily rewards in PT, based on their points accrued.

PhemexPulse enables KOLs to excel by leveraging their strengths: leading and engaging with their audience. It removes barriers to community interaction, while Phemex provides the means to convert their influence into tangible PT wealth. We believe this model of engagement, unshackled from the confines of traditional social media and coupled with a reward system intrinsic to Web3, will forge new opportunities for KOLs.

On PhemexPulse we also provide them an avenue to unveil their exclusive inscriptions and share with their fans. These assets hold great potential and represent a mutually beneficial opportunity for both the KOLs and their followers to possess and exchange.

Inscriptions, akin to NFTs, are unique digital assets recorded directly onto the blockchain. Creators can craft these inscriptions and offer them to their followers, who can mint, own and trade them. On PhemexPulse, for instance, crypto influencers act as content creators and can launch their distinct ordinals through our inscription marketplace, allowing the value of each to be shaped by their community's demand. Supporters can engage with and back their preferred influencers on PhemexPulse by acquiring these inscriptions.

Inscriptions on PhemexPulse are a testament to the platform's foundational principles. PhemexPulse thrives on the creation of decentralized communities, spearheaded by KOLs. Within these groups, members have the freedom to collaborate and initiate their Web3 projects, enjoying full autonomy. We promote the development of distinctive group cultures and support the creation of community tokens through inscriptions, to enhance group solidarity and cohesion.

How is the scoring system of PhemexPulse designed to reward users?

Our team has dedicated significant effort to devising a scoring system that genuinely benefits our users. We are committed to ensuring that their contributions are recognized and rewarded fairly.

We have developed a system designed to enhance user engagement on PhemexPulse and the Phemex trading platform, aiming to forge a comprehensive hub that addresses users' trading and social interaction needs, empowering them through their activities on our platform. In tune with our community-focused approach, we've decided to restructure the PhemexPulse scoring system to better align with user feedback. The newly launched mechanism will emphasize fairness while introducing gamified elements.

Within PhemexPulse, users can earn points through a variety of actions, including messaging within groups, executing trades and referring new users. Reward points have no expiration date, providing ongoing value for our users' trading efforts. Additionally, we've introduced Raffle Fuel points, adding an extra dimension to our rewards system. Raffle Fuel points can be accrued through various trading activities on Phemex. The proportion of Reward and Raffle Fuel points compared to the total available points will determine the users’ PT payout. The total prize pool for PhemexPulse is a remarkable 50 million PT. With our updated scoring system, we're allocating 9,000 PT each day from our prize pool for distribution throughout this round.

I must add that we have revamped the scoring system in response to our users' feedback, who are at the forefront of our efforts. We will continue to listen to their needs and make the necessary adjustments to the scoring system in the next rounds to ensure that they are rewarded fairly for their interactions.

You mentioned that you’ve revamped the scoring system based on user feedback. Are there any other new developments in PhemexPulse that traders should know about?

Yes, we have so many exciting opportunities for traders. I mentioned earlier that PhemexPulse hosts an inscription marketplace where KOLs list their exclusive ordinals for minting, holding and trading. These limited edition assets allow users to own valuable items from top crypto figures and open up additional profit avenues. Notably, crypto influencer Ben Armstrong's ordinals on PhemexPulse saw astonishing growth within the first week of its release, driving real value for its holders.

We've also recently updated the qualifications for becoming a PhemexPulse group owner, moving beyond the initial requirement of having at least 500 Twitter followers. We aim to make PhemexPulse a hub for all who are shaping Web3 and contributing uniquely to the crypto world. With these inclusive criteria, we aim to draw a variety of visionary leaders. We invite content creators to join us in steering the future of crypto.