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“Whitelisting”: What does it mean in the Cryptocurrency World?

Author: silvia.zhang Date: 2023-04-28 02:09:25

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In everyday use, the word “whitelist” is frequently used to contrast with its counterpart “blacklist”. But in the cryptosphere, a “whitelist” is a list of participants who have been granted access to a particular event. Everything you need to know about whitelisting will be analyzed in this article.

What is a whitelist?

In the world of cryptocurrency, a whitelist is a list of participants who have been given the approval to take part in a specific event, such as an ICO (Initial Coin Offering) or NFT launch. It grants a guarantee that only those who meet the requirements can take part. The organizers create whitelists, which may include requirements like a minimum investment amount, an account in good standing, or even a code or invitation.

Being whitelisted effectively makes you a priority in a particular circumstance. For investors who wish to purchase their tokens prior to going public in these offerings, there is a whitelisting phase. Whitelisted users might receive special benefits such as reduced pricing, bigger allocations, or stable gas fees.

Another whitelisting option in the cryptocurrency world is connected with withdrawal and crypto addresses. The whitelist in this context refers to a collection of cryptocurrency addresses that users believe to be reliable. Users are only permitted to withdraw money from the exchange to addresses that are on the whitelist thanks to this security feature system. Users can better safeguard their assets against threats by following this technique.

Is whitelisting beneficial for its participants?

There are a lot of advantages connected with whitelisting. For instance, free crypto airdrops, early access to mint NFTs, lower prices for cryptocurrencies, and exclusive access to project features are common advantages offered to whitelist holders.

During an ICO, potential investors might hear about a whitelisting option from the project. The traders who want to take part in the offering can sign up by providing their KYC information or meeting certain requirements. The requirements may include a minimal deposit, a track record of trustworthy trading, or even a referral voucher.

When it comes to withdrawal addresses, a whitelist means a list of wallet addresses regarded as reliable. These cryptocurrency addresses on the whitelist are eligible for direct exchange withdrawals.

Similarly, NFT initiatives use the whitelisting procedure to grant devoted people early access to mint NFTs before they are made available to the general public. The early-bird offer frequently results in a lower mint price than the public mint price and reduces any potential spikes in network fees owing to high demand. Additionally, if certain traders mint a high-value NFT, they might get airdrops. Members of the Bored Ape Yacht Club, for instance, received free NFTs as a reward.

In conclusion, in the field of cryptocurrency, a «whitelist» is a list of authorized participants who have special access to take part in particular events. Benefits can include free cryptocurrency airdrops and lower cryptocurrency prices. Usually, whitelisted users are those who are engaged, active, or have made a contribution to the project in some way.

Whitelisting by Phemex: How does it work?

Recently Phemex has just launched the Phemex Soul Pass as a huge step in building our own Web3 ecosystem. Users who are granted access can join the pre-mining of our on-chain platform token named the Phemex Token and later participate in platform governance via the Phemex DAO. Currently, to create their own Phemex Soul Pass and use these new features, users must be whitelisted. It is our aim to transform from a centralized crypto exchange to be semi-centralized with the new Phemex Web3 ecosystem.

If you didn’t get whitelisted yet, you can also check our Whitelist Challenge as the winners can receive a whitelist spot through this activity!


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