Its lending protocol offers a one-stop solution for all borrowing and lending requirements, while the upcoming upgrade to the SocialFi tool Pulse is designed to reward high-quality engagementa top-tier cryptocurrency exchange, continues its streak of CeFi/DeFi innovations. Transitioning from a purely centralized platform, Phemex embraced decentralization last year and has evolved into a hybrid exchange, merging the best features of CEXes and DEXes.
Even so, the Phemex team is confident that their loans compare favorably even among crypto exchanges. Phemex highlights its competitive edge with an annual USDT borrowing interest rate starting at 3.57%, a figure notably lower than the double-digit rates prevalent on competing platforms – not to mention almost two percentage points lower than money-center banks lend to each other overnight.
Certainly, Phemex has a grander vision than just providing lower interest rates on collateralized loans. The team there has been all about innovation. All this leads into its Web3 ecosystem,“Phemex is at the forefront as the crypto world evolves far beyond just digital cash, spearheading the charge into a digital ecosystem integral to our online lives," Chan says."Our users want democratized financial tools with uncompromising security, and we're delivering just that.