A semi-centralized exchange to provide a ‘trade-to-own” feature to engage users
The crypto industry is a constantly evolving sector. What may be the standard today can easily be very different tomorrow. Therefore, it is crucial for companies and platforms like crypto exchanges to stay on the cutting edge and implement new innovations.
Community building is a vital element in running a successful business, irrespective of whether it offers crypto services or not. To cultivate communities based on shared interests, decentralized platforms and social tokens prove to be valuable tools. In addition, gamification and token-based rewards play a key role in motivating user involvement. A report by the Boston Consulting Group highlights the potential for Web3 technologies to create innovative loyalty programs that drive engagement and strengthen brand-consumer relationships.
Within the dynamic crypto industry, many projects are trying to engage investors, users and other stakeholders in creative ways. All with the goal of staying ahead of the competition, increasing market share and regaining user trust. Especially after the collapse of FTX, when users started to demand more transparency from crypto exchanges, and interest in decentralization got a new boost.
In addition to publishing proof of reserves, there are other ways to address these issues, such as establishing a decentralized autonomous organization (DAO).
Phemex, a platform that describes itself as “semi-centralized” was one of the first exchanges to publish a self-proving proof-of-reserves audit (PoR) back in late 2022, receiving PoR certification from both CoinGecko and CoinMarketCap. Moreover, Phemex has recently updated its proof-of-reserve data so that any user can verify the safety of their assets on the exchange at any time or proof whether the
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