Meme coins were one of the biggest casualties of Wednesday’s price consolidation, falling by as much as 2% in today’s session. The decline comes as a result of profit taking, following strong gains to start the week. Shiba inu and dogecoin remain in the red, as of writing.Shiba Inu (SHIB)Shiba inu (SHIB) was a notable mover on Wednesday, as the meme coin fell for a second consecutive day.Following a high of $0.000006945 during yesterday’s session, SHIB/USD slipped to an intraday low at $0.000006842 earlier today.The move saw SHIB drop towards a key support level of $0.00000670, which was last hit on October 12.SHIB/USD – Daily ChartThis decline comes as the relative strength index (RSI) collided with a floor of its own, at the 39.00 zone.At the time of writing, price strength is tracking marginally below this point at 38.49, and should it continue to fall, could be heading to a lower support level of 35.00.Wednesday’s sell-off comes after shiba inu rose to one week high of $0.00000729 on Monday.Dogecoin (DOGE)Dogecoin (DOGE) also dropped lower on hump-day, as it moved closer to a key support level of its own.DOGE/USD hit a bottom of $0.0588 during today’s session, less than 24 hours after peaking at the $0.05961 point.As referenced earlier, the move, which is also the second consecutive drop in price for DOGE, pushed it towards a floor at $0.0570.DOGE/USD – Daily ChartUnlike with shiba inu’s RSI, which was still hovering close to support, price strength on dogecoin fell under its point of stability of 40.00.Currently, the index is at a reading of 38.85, which coincides with the 10-day (red) moving average extending a downtrend.#USDT #doge #bnbgreenfield #ftx

A recent report from data analytics firm CryptoQuant suggests that the approval of spot Bitcoin exchange-traded funds (ETFs) could push Bitcoin's market capitalization to grow by $900 billion, with the total crypto market expanding by an additional $1 trillion.
CryptoQuant suggests that the next significant wave of institutional participation could come from financial institutions offering Bitcoin access to their clients through spot ETFs.
The report argued that the previous institutional adoption wave came in 2020-2021 when major institutions added Bitcoin to their balance sheets. So, this time around spot Bitcoin ETF approvals could trigger a similar push.
Major Institutional Firms Gear Up to Launch Spot BTC ETFs
Several major financial institutions in the United States have already applied for regulatory permission to launch spot Bitcoin ETFs with the US SEC. These approvals could materialize by March 2024 at the latest, potentially marking a significant milestone in the cryptocurrency industry.
The potential inflow of funds resulting from spot ETF approvals is anticipated to surpass the capital inflow into the Grayscale Bitcoin Trust (GBTC) during the previous bull market cycle.
GBTC, the world's largest cryptocurrency fund with $16.7 billion in assets under management, is operated by the Digital Currency Group..
CryptoQuant’s report further suggests that if the issuers of these Bitcoin ETFs allocate just 1% of their Assets Under Management (AUM) to these funds, it could bring approximately $155 billion into the Bitcoin market. 
This amount represents nearly a third of Bitcoin's existing market capitalization. Under this hypothetical scenario, Bitcoin's price could potentially surge to as much as $73,000.
Historically, during previous bull markets, Bitcoin's market capitalization has expanded at a rate 3-5 times greater than its realized capitalization. This pattern suggests that for every $1 of new investment entering the Bitcoin market, the market capitalization could increase by $3 to $5.
Bitcoin Surged to $30k on Fake Bitcoin ETF News
It's worth noting that the speculative fervor surrounding the potential approval of spot Bitcoin ETFs was evident recently when Bitcoin briefly surged to $30,000 following a false report of such an approval by Cointelegraph. 
This exuberance has left some observers speculating that the bullish momentum may persist in anticipation of actual regulatory approval.
In addition, the report highlights the narrowing of the GBTC discount to its lowest level in nearly two years, indicating the growing optimism in the cryptocurrency market.
Since the cryptocurrency market first crossed the $1 trillion threshold in January 2021, it has continued to expand. At present, the total market capitalization stands at approximately $1.13 trillion, with Bitcoin comprising over 50% of the overall market.
#crypto #crypto2023 #BinanceSquare #uniswap

Arbitrum Price Prediction 2023 – 2032Arbitrum Price Prediction 2023 – up to $1.46Arbitrum Price Prediction 2026 – up to $4.82Arbitrum Price Prediction 2029 – up to $15.28Arbitrum Price Prediction 2032 – up to $47.50As the blockchain world anticipates improvements, a third alternative has emerged: scaling solutions. These innovative software applications operate on top of a blockchain‘s base layer, such as Ethereum, to enhance its performance. Arbitrum is a prime example of a scaling solution recently gaining popularity among Ethereum users for executing their transactions more efficiently.Arbitrum could add to Ethereum’s numerous advantages, boost the network’s sluggish performance, and reduce its skyrocketing fees that threaten to hinder its growth and dissuade potential users. Ethereum users must weigh their options: jump ship to faster, more cost-effective blockchains like Solana, Fantom, or Avalanche, or hold out for the much-anticipated upgrades to revitalize the network in the coming years. Or consider Arbitrum.How much is Arbitrum Worth?The current price of Arbitrum is $0.8006. Over the past 24 hours, it has seen a trading volume of $133.683 million. With a market cap of $1.018 billion, putting it at position #41. The ARB price has experienced a decrease of 1.57% in the last 24 hours. ARB has a circulating supply of 1,275,000,000.Arbitrum price analysis: ARB reverses from early gainsTL; DR BreakdownARB is down 93.20% from its all-time high (ATH) of $11.80, set on March 2023The coin decline accelerated in September as it fell to its lowest at $0.739.The coin’s recovery this month was short-lived.The crypto market was red last week, and short-sellers exploited it. Earlier in the month, it offered a reprieve for the buyers while facing resistance at $1.ARB price analysis 1-day chart: In reversalARB is down 93.20% from its all-time high (ATH) of $11.80, set on March 2023, and has dropped continually. It is up 2.69% in the last 30 days. The coin decline accelerated in September, falling to its lowest at $0.739, and began correcting towards the end of the month. Last week, it reached $0.9883 before reversing to a low of $0.787.ARB’s negative momentum rose in the last four days, highlighting a break from the month’s gains. The Relative Strength Index is 49.98, retraced and dilated at the neutral level.ARB/USD 4-hour price chart: In reversalThe 4-hour chart highlights ARB movement in September and October. ARB had more significant losses last month amid occasional recoveries.The MACD is positive, with momentum slowing in the last 8 hours. October’s recovery forced ARB into overbought territory but later reversed, with the RSI now closer to oversold territory at 33.91.What to expect from ARB price analysis next?ARB’s bear run ended in the last week of September. It extended the recovery early last week before encountering a steep reversal. The market sentiment continues to limit its chances of crossing the $1 mark.Recent News:  Arbitrum DAO Treasury Gets $57 Million BoostIn a notable update from the world of Ethereum’s Layer 2 rollups, Arbitrum’s recent airdrop event has culminated with numerous unclaimed tokens. The original airdrop aimed to reward early Ethereum Layer 2 network users and offered 1.16 billion tokens, representing 11.6% of Arbitrum’s total 10 billion supply. While eligible recipients were given until Ethereum block 18208000 on September 24th to claim their rewards, 69 million ARB tokens, or 0.69% of the total supply, remained unclaimed by the deadline.As a result of the unclaimed tokens, the Arbitrum DAO treasury’s holdings have swollen to 3.6 billion ARB tokens, currently valued at $2.9 billion, as per on-chain data. The news, however, had a temporary ripple effect on Arbitrum’s governance token price, which dipped by nearly 1.5% to $0.81 before rebounding slightly to trade at $0.82, according to the latest data from CoinGecko.For context, Arbitrum’s approach to the unclaimed tokens contrasts Optimism, another leading optimistic roll-up solution in the Ethereum ecosystem. Earlier in the month, Optimism chose a more direct method to handle unclaimed funds from its airdrop event in June 2022. They opted to distribute unclaimed tokens, amounting to around 49 million or $61.7 million, from an initial airdrop of 215 million tokens to its eligible users.Furthermore, Optimism announced its third OP airdrop for governance members last week, setting aside 19.4 million OP tokens, valued at $24 million, for distribution among 31,870 addresses.However, amid these developments, it’s essential to highlight the broader landscape shift in Layer 2 solutions. Both Arbitrum and Optimism have experienced a decline in their daily average transactions. This change comes after the launch of Base, a new Coinbase-incubated Layer 2 network. As of September 24th, Base’s seven-day moving average for daily transactions stood at an impressive 921,000, overshadowing Arbitrum’s 603,000 and Optimism’s 334,000, as indicated by The Block’s dashboard data.These evolving dynamics in the Layer 2 ecosystem showcase the rapidly changing nature of blockchain platforms, emphasizing the importance of adaptation and innovation in this space.Arbitrum Price Predictions 2023-2032Cryptopolitan Price PredictionYearMinimum ($)Average ($)Maximum ($)20231.311.361.4620241.911.962.2520252.772.853.2920264.004.144.8220275.876.087.0620288.769.0110.27202913.0213.4715.28203019.2319.7722.73203127.1828.1732.27203240.2041.3347.50Arbitrum Price Prediction 2023In 2023, the estimated minimum value of Arbitrum is projected to be $1.31. The price of Arbitrum could reach a peak of $1.46, with an average trading price of $1.36 throughout the year.Arbitrum Price Prediction 2024Our in-depth technical analysis of past Arbitrum coin price prediction data suggests that in 2024, the price of Arbitrum could be around a minimum value of $1.91. The price of Arbitrum could reach a peak of $2.25, with an average trading value of $1.96.Arbitrum Price Prediction 2025The price of a single Arbitrum is anticipated to reach a minimum of $2.85 in 2025. The ARB price could peak at $3.42, with an average price of 62.93 throughout the year.Arbitrum Price Prediction 2026Our in-depth technical analysis of past ARB price data suggests that in 2026, the price of Arbitrum could reach a minimum of $4.00. The ARB price could peak at $4.82, with an average trading price of $4.14.Arbitrum Price Prediction 2027Based on our price forecast and technical analysis, the price of Arbitrum in 2027 could reach a minimum of $5.87. The ARB price could peak at $7.06, with an average trading price of $6.08.Arbitrum Price Prediction 2028Arbitrum’s price is projected to reach a minimum of $8.76 in 2028. According to our analysis, the ARB price could peak at $10.27, with an average forecast price of $9.01.Arbitrum Price Prediction 2029Based on our forecast and technical analysis, the price of Arbitrum in 2029 could reach a minimum of $13.02. The ARB price could reach a maximum value of $15.28, with an average price of $13.47.Arbitrum Price Prediction 2030The price of Arbitrum is projected to reach a minimum of $19.23 in 2030. According to our analysis, the ARB price could peak at $22.73, with an average forecast price of $19.77.Arbitrum Price Prediction 2031In 2031, the estimated minimum price value of Arbitrum is projected to be $27.18. The price of Arbitrum could reach a peak of $32.27, with an average price of $28.17 throughout the year.Arbitrum Price Prediction 2032In 2032, the estimated minimum value of Arbitrum is projected to be $40.20. The price of Arbitrum could reach a peak of $41.33, with an average trading price of $47.50 throughout the year.Arbitrum Price Predictions by WalletInvestorWallet Investor uses technical analysis to forecast cryptocurrencies like ARB. The platform indicates. ARB’s past performance index rating of C and adds that ARB would make a bad one-year investment. The expected average price in 2024 will be $0.0934. ARB’s return on investment (ROI) will be -88.605% in 2024. In 2025 the ROI will be -88.30%; in 2026, it will be -98.16%; in 2027, it will be -97.34%. According to the analysis, the ARB price is bearish over the entire period.Arbitrum Price Prediction By DigitalCoinPriceAccording to DigitalCoinPrice’s ARB price forecast, the price of ARB is anticipated to surpass the $2.0 mark in 2024. By the end of the year, Arbitrum will attain a minimum value of $0.73. ARB price has the potential to reach a maximum level of $1.80.In 2027, the price of ARB will exceed the $3.5 mark. By the end of that year, Arbitrum will reach a minimum price of $3.16 and a maximum level of $3.73. In 2032, its price will range between $15.37 and $15.92, with an average of $15.71.Arbitrum Price Prediction By CryptoPredictions.comCryptoPredictions.com’s Arbitrum network price prediction states that Arbitrum will trade at an average price of $1.045 in November and $1.034 in December.In 2025, the ARB token may hit a minimum price of $0.776 and a maximum price of $1.305.  In 2026, the ARB token may hit a minimum price of $0.90747 and a maximum price of $1.428. In 2027, the ARB token may hit a minimum price of $0.9489 and a maximum price of $1.742.Arbitrum Price Prediction By Industry InfluencersArbitrum token (ARB) debuted on March 23, 2023. ARB’s strong fundamentals cannot be ignored, especially with a team of competent experts backing it. The network’s ability to validate transactions at lightning-fast speeds makes it attractive for cost-effective and speedy transactions. An analysis by ‘More Crypto Online’ on YouTube suggests that should ARB break out lower, it will reach $1.055. ARB is yet to hit bottom. Here is his detailed analysis:Arbitrum Price HistoryThe Arbitrum airdrop was one of the most-hyped crypto events in the first quarter 2023. It sparked the start of an airdrop season. A total of 1.162 Billion ARB was allocated for the airdrop. On March 23, the Arbitrum Foundation airdropped its new token to eligible community members. According to the organization, Arbitrum tokens marked its shift into a decentralized autonomous organization (DAO).A day after the official announcement of the airdrop, major crypto exchanges Binance, Huobi, and MEXC announced the token’s listing. On the listing day, ARB picked momentum and reached an all-time high (ATH) of $11.80. According to Coinmarketcap, the initial price was $1.1822 after the airdrop. ARB was bullish in April, reaching a peak of $1.7662. Tables turned in June as ARB consistently traded below $1.1822. On June 15, ARB marked its all-time low at $0.9142. From July, ARB extended its losses below its listing price, forcing its early buyers into losses.Arbitrum OverviewArbitrum technology emerges as a promising answer to the challenges of congestion and soaring fees on the Ethereum network. On March 23, 2023, Arbitrum distributed its new ARB token through an airdrop, empowering token holders to participate in decision-making processes associated with the protocol. By doing so, Arbitrum embarks on its highly anticipated transformation into a DAO (decentralized autonomous organization).More on ArbitrumWhat’s Arbitrum?Arbitrum, a cutting-edge layer-2 scaling solution for the Ethereum blockchain, was created by New York-based firm Off-chain Labs. In 2018, Ed Felten, a professor of computer science and public affairs at Princeton, co-founded Offchain Labs, the innovative enterprise responsible for the development of Arbitrum.Layer-2 scaling solutions are networks operating on top layer-1 blockchains, delivering cost-effective and swift transactions by validating them independently and incorporating them into the primary chain.Following its mainnet debut last year, Arbitrum’s scaling solution has experienced considerable success.Consequently, numerous developers have leveraged Arbitrum’s technology to host their decentralized applications (dApps).As the powerhouse behind a booming decentralized finance (DeFi) ecosystem, Ethereum has undeniably carved out a prominent position in blockchain and cryptocurrencies. But while the network boasts of its decentralized nature, reliability, and user-friendly smart contract support, it struggles with scalability and soaring transaction fees.Arbitrum BridgeUsers can use the Arbitrum Token Bridge to transfer ETH and ERC-20 Ethereum tokens to a layer 2 scaling solution called Arbitrum One.To execute an Arbitrum transaction, forward it to one of EthBridge’s Inbox contracts.Conversely, an Outbox contract receives data from Arbitrum and incorporates it into the Ethereum blockchain for reverse interaction. As all inputs and outputs of EthBridge are publicly verifiable, Ethereum can efficiently identify and authenticate any off-chain actions.How Does Arbitrum Work?Individuals and smart contracts submit requests to Arbitrum’s blockchain by placing transactions into the chain’s ‘inbox.’ Subsequently, Arbitrum processes the request and generates a transaction receipt. The method by which Arbitrum processes the transaction – determining its ‘chain state’ – is dictated by the transactions present in its inbox.Currently, Arbitrum handles Ethereum transactions using a technique known as optimistic rollup. This method settles transactions on a sidechain before reporting the results to the Ethereum network.Conclusion Arbitrum has emerged as a prominent contender in blockchain scalability solutions, offering a blend of security and efficiency that has resonated with developers and users alike. As we’ve analyzed the trajectory of Arbitrum from 2023 to 2032, it’s evident that many factors, from technological enhancements and adoption rates to broader market trends, will influence its price dynamics. Based on current advancements and projected ecosystem developments, it’s plausible to anticipate a positive growth trajectory for Arbitrum. However, as with all cryptocurrencies and related technologies, potential investors should exercise caution and conduct their due diligence, considering the volatile nature of the sector and the potential for unforeseen shifts in the landscape.#usdr #Binance #Arbitrum

Web3 credentials and rewards platform Galxe has announced intentions to refund over $396,000 to more than 980 users who were impacted by a significant DNS attack last week. 
In addition to the refund, Galxe has committed to adding an extra 10% to the lost funds as a goodwill gesture, according to a document shared by the project. 
Last week, Galxe experienced a security breach affecting its DNS record, which enabled hackers to redirect visitors from the official website to a malicious phishing site. 
"We recognize the impact that recent events have had upon our users and are quickly working to take remedial action," the team said at the time. 

Users who suffered losses will receive compensation in USDT on the Polygon network, based on the valuation as of October 9th, 3 a.m. PT. 
Furthermore, Galxe has pledged to supplement the initial loss amount by an additional 10% from the project treasury.
It's important to note that only users who authenticated transactions on the phishing site were affected during the attack, with other aspects of the Galxe platform remaining uncompromised. 
Galxe clarified that users who believe they were impacted but are not listed or notice discrepancies in their loss valuation can reach out to the platform's support team, providing relevant evidence for rectification.
Hacks Continue to Plague Crypto World
The crypto space has been plagued by a series of hacks and scams since the start of the year, particularly in the third quarter of 2023. 
According to a report by blockchain security platform Immunefi, there were 76 hacks on crypto and Web3 projects and firms in Q3 2023, a significant increase compared to the 30 hacks reported in the same period in 2022.
In total, approximately $332 million has been lost to various exploits, hacks, and scams throughout September, marking a record-high month for crypto exploits. 
One notable event was the Mixin Network attack on September 23. The Hong Kong-based decentralized cross-chain transfer protocol suffered a substantial breach, resulting in a loss of $200 million due to a breach of its cloud service provider.
Another major incident occurred on September 12, when CoinEx, a cryptocurrency exchange, experienced a suspected attack following a substantial outflow from four of its hot wallets. This breach led to losses exceeding $53.1 million across the hot wallets.
More recently, Stars Arena, a social platform supported by Avalanche's Contract Chain, has fallen victim to a significant security breach.
Meanwhile, crypto exchange HTX, which experienced a security breach in late September that resulted in the loss of $8 million worth of crypto assets, has managed to recover the stolen funds. 
#crypto #galxe #BTC #usdr #ftx

Stablecoin issuer Circle has teamed up with Coins.ph, a major Philippine crypto exchange and crypto wallet provider, to enhance financial inclusion and improve remittances in the Philippines.
According to an announcement published by Circle on Wednesday, the partnership aims to raise awareness of USDC-denominated remittances as a secure, low-cost, and near-instant solution for international money transfers for Coins.ph’s 18 million users.
USDC, the stablecoin Circle issues, is regulated in the US and is redeemable 1:1 for US dollars, and ranked as the world’s second-most popular stablecoin after Tether (USDT).
The stablecoin has a current market capitalization of $25.15 billion.

Philippines a major hub for remittances
The Philippines is known as a major recipient country for remittances, receiving a staggering $36.1 billion in remittances in 2022.
However, traditional remittance methods often involve high fees and slow transaction times.

The average cost of sending a $200 remittance to the Asia region in 2022 was 5.7%.
Moreover, the Philippines' unbanked population, comprising 44% of adults in 2021, faces even more significant remittance challenges.
According to Circle’s announcement, the partnership will drive real-time settlements and minimal transaction costs for users.
The two companies said that the new push will begin with educational campaigns and community engagement initiatives to help Filipinos abroad learn to use USDC for remittances.
Lower-cost remittances for Filipinos
Coins.ph CEO Wei Zhou expressed the partnership's goal to provide a faster, lower-cost, and more accessible remittance option for their users.
“Coupled with our recent innovations in Web3 technology, this initiative demonstrates Coins.ph’s commitment to providing users’ access to innovative services that have a tangible impact on their everyday lives,” he said.
Raagulan Pathy, Vice President for Asia Pacific for Circle, explained that this collaboration supports the United Nations' Sustainable Development Goal to reduce migrant remittance transaction costs to less than 3% by 2023.
“Together, we’re making critical steps toward increasing economic opportunity and prosperity in the Philippines,” Pathy said.
#usdr #crypto #BTC #Binance #stablecoin

A United States court has approved the settlement terms of bankrupt digital asset lender, Genesis and FTX's sister company, Alameda Research.
A Court filing on Oct 11 shows judicial accent cloaked the agreement which was entered by both companies in the course of the bankruptcy proceeding. 
Per the agreement, Alameda Research will receive $175 million from Genesis Global, a deal described as “fair and equitable” as it would help save time and money spent on litigation; however, shareholders of FTX and other companies involved in the bankruptcy proceeding have lashed out against the deal.
As a result of the court’s decision, debtors can perform the terms of the settlement agreement as approved by New York Judge Sean Lane. 
Several claims by creditors were expunged by the judge including six from Alameda Research, three from FTX trading, and an extra six from West Realm Shires Services, a representative of FTX US.
Both FTX and Genesis are in the middle of bankruptcies as investors seek to recover lost assets and restructure in the best possible method to protect some company assets.
The recent settlement comes amid the ongoing trial of Sam Bankman-Fried, the embattled former CEO of FTX accused of diverting investor assets. 
FTX creditors fire shot at the deal 
FTX creditors have remained vocal against this deal because of the terms struck out from it. FTX creditors have demanded nearly $4 billion consisting of $1.6 billion in assets withdrawn by the crypto lender from FTX and a payment of $1.8 billion by FTX used to service loans.
In August, the agreed creditors moved under the Official Committee of Unsecured Creditors of FTX to oppose the deal it described as the worst deal to date because of the fall from $3.9 billion to $175 million.
“Genesis claims are currently worth more than FTX’s even as Genesis lender balances are inflated by the interest they earned from lending, among others, to Alameda.”
The company claims the funds rightfully belong to FTX shareholders and creditors but some crypto users raising eyebrows about the nature of the agreement.
FTX creditors are not alone 
Other groups have also disassociated themselves from the deal vehemently opposing the same, describing it as a move to get FTX votes in the Genesis bankruptcy case.
Last month, Genesis creditors accused the company of plans to manipulate the voting process and cannot be accepted at face value, they argued in a court filing.
“[Genesis] proposed settlement with FTX is an attempt to manipulate the plan voting process... a sweetheart pre-plan deal.”
#ftx #crypto #Binance #usdr #BlockChainNews

Exchange wagers 1,000 BTC, claiming it knows how much bitcoin will be worth at the end of next month, and invites you to take the bet.Phemex, a centralized exchange making moves to partially decentralize, is celebrating Bitcoin’s 15th anniversary by placing a big bet: If the bellwether token is worth $50,000 or more on October 31st, the exchange will pay out 1,000 BTC to Phemex Soul Pass holders. To do the easy math, that’s $50 million. Sure, it’s unlikely that BTC’s dollar-denominated value will double in the short term – but would you bet that much that it won’t?In the more likely scenario that BTC stays in its current $25,000 to $30,000 trading range – where it has been, given a little leeway, since March – Phemex is still giving away 1 BTC. Based on a probability curve, there are different payouts for different price ranges. Nobody knows for sure what the price will actually be, so any participant can cast their vote and win. The more “outlandish” your prediction is, the more you’ll stand to win if it actually comes true!All you need to do is make an educated guess about the range in which BTC's value will fall on October 31, the 15th anniversary of Satoshi's whitepaper publication. If you have confidence in your ability to accurately assess market conditions and have a knack for prediction, Phemex will keep 1,000 BTC Challenge event open until September 28th.Token gesturesWith such high stakes, it’s natural to wonder: “Is there a catch?” Well, no. Phemex only asks users to mint their Phemex Soul Pass (PSP) to join the event. Obtaining a PSP is straightforward and offers many other benefits to its holders beyond the 1,000 BTC event, so it’s a win-win.Described previously in this piece, Phemex Soul Pass is a non-transferable authentication token that provides entry to the new and decentralized Phemex Web 3.0 ecosystem and allows users to own a piece of Phemex.In addition to granting access to the 1,000 BTC event, holding a PSP enables the right to receive airdrops of Phemex’s native PT utility token, currently pre-mining and on the cusp of launching. The pre-mined coin, xPT, will be exchanged one-for-one for PT once the token formally launches, according to the Phemex Web 3.0 whitepaper. That platform token launch is expected to occur in the fourth quarter.PT is an on-chain, transferable platform utility token for the Phemex exchange. The ERC20 coin can be used to pay for trading, gas, deposit and withdrawal fees on Phemex.It can also be staked to obtain vePT, wherein “ve” stands for “vote escrow”. The vePT grants decentralized governance power, staking rewards, trading rewards, fee discounts and other benefits associated with participating in the Phemex DAO.A key leader in the Phemex Web3 effort is Stella Chan, who has recently transitioned to become Phemex’s Chief Operating Officer from her previous role as Chief Marketing Officer. She oversees the development and implementation of strategic plans and policies, day-to-day business operations and is also responsible for leading and mentoring other executives and managers. Her grand vision for the future of the crypto industry is reflected in the development of Phemexia.“We aim to lead the way in the next generation of community building by merging the strengths of CeFi and DeFi,” says Chan. “As a CEX, we have notable strengths like robust security protocols, a smooth and user-friendly registration process, an intuitive interface and substantial liquidity. These advantages will remain intact as we incorporate decentralized features, such as PhemexDAO governance and on-chain lending protocols. We invite Phemex Soul Pass holders to come and own a part of our platform and accompany us on our journey to revolutionize crypto trading.”Future-proofing the platformIf all these sound a little confusing – granted it would be easier to draw than explain. But there really is a reason for every component, and while these concepts may be unfamiliar now, they are likely to be all around us very soon.The structure that Phemex is building ensures that everybody is who they claim to be through soulbound token authentication. Furthermore, the two issues of illiquidity and hijacked governance, which have consistently plagued exchanges in the past, cannot take root at Phemex.It is that liquidity that brings us back to the $50 million hook. Very few crypto projects have any business even joking about taking that kind of loss. But Phemex’s founders believe that they have two things in their favor. The first is that they are exceptionally good analysts and traders and are very confident in how BTC is likely to move in this tight horizon. The other is that their reserves include a hedging mechanism that is more than adequate to handle a sharp, unpredictable swing.“Over the past months, we’ve witnessed BTC maintaining its ground around the $30K mark. But in crypto, change is the only constant. As we approach the anniversary of BTC's launch, we saw an opportunity to inject fresh energy into the market,” Chan says. “Some may think our prize pool is too good to be true, and yes, it's unprecedented. Yet, we have unwavering confidence in our team's market expertise and our robust liquidity pools. We're here to make waves and demonstrate that in the world of crypto, anything is possible.”The first step on the journey toward that BTC prize money is to register for a Phemex Soul Pass, an example of what Vitalik Buterin described as a “soulbound token” that cannot be bought, sold or transferred between two wallets. Phemex Soul Pass ensures the provenance of its holder for Know Your Client compliance as well as internal governance purposes. Holders can continue to take advantage of the Soul Pass benefits beyond the BTC event. With the upcoming launch of the Phemex Token, the platform is likely to elevate its offerings even further.#BTC #crypto2023