Any user or organization with a Phemex Soul Pass can participate in xPT pre-mining. After minting your PSP, you will automatically be entered into the pre-mining event, with no additional steps required.
The entire pre-mining event will be split into 5 separate stages. Your trading volume starts counting for each stage once it begins, and the start time can be checked on the top of the xPT Pre-mining page. If you mint your Phemex Soul Pass after a stage has already begun, then trading volume starts counting from the time of your minting.
Pre-mining rewards will be distributed based on your trading volume of USDT-margined contracts, BTC-margined contracts, and ETH-margined contracts. Note that the trading volume for GOLD/USDT and all USD-margined contracts is not counted.
Your xPT reward balance will be reflected as metadata on your Phemex Soul Pass.
Phemex plans to launch our platform utility token PT in 2023 Q3. At the time of token generation, xPT will be automatically converted to PT on a 1:1 basis and 25% of your converted PT will be unlocked immediately. The remaining 75% will be distributed weekly over a 3 week period after TGE. The specific time of token launch will be announced later by Phemex. Read this section on our project whitepaper for more information.
To obtain the Soul Shovel, you must be near the top of the Boost Factor Leaderboard for a pre-ming stage. This is achieved by accumulating a high effective trading volume relative to other participants. If you win the Soul Shovel, it will be issued as a soulbound token to the same wallet address that contains your PSP. With it, you can enjoy a 1.2x boost on xPT rewards for the subsequent pre-mining stage.
The leaderboard tracks trading volume generated during each pre-mining stage separately. It counts a participant’s trading volume from the start to the end time of the current stage only, and does not consider cumulative trading volume from previous or later stages. Specific leaderboard rules for each stage may change, so please refer to the detailed rules.
Our backend system will be monitoring risky or abnormal activity of all participating accounts in real-time. If an account’s activity is found to be abnormal, it will be slotted for manual review. If your account is showing abnormal balances, you can contact us at firstname.lastname@example.org to check account status.Please read risk control rules.
Yes, API traders and institutions can participate in the pre-mining event. In order to promote fairness for all types of users, the trading volume generated for API users will be calculated based on a different stage coefficient X. If you perform both API and non-API trading, the system will calculate each separately and display the summed up trading volume. Furthermore, there is a daily cap to the amount of xPT rewards that institutional accounts can receive per day. See institutional user terms and restrictions