Phemex Business Development Director of Global Markets, Federico Variola, spoke at the Paris Blockchain Week Summit that took place on April 13th and 14th, 2022.
Federico touched on the rise of Defi Summer from 2020 to present. He claims that DEXes are growing more popular and continue to show strong growth. In fact, by stressing speed and scalability, Uniswap, Curve, and L1 Ethereum competitors such as Solana, Binance SmartChain Avalanche, and Terra are beginning to eat into Ethereum’s market share. As a result, exchanges must adapt and maybe participate in this battle by aligning themselves with innovative new companies in order to sustain long-term growth.
He discussed the virtual economy, which is facilitated by digital currencies and NFTs, is exacerbating the rise of the crypto area. Popular NFTs like Cryptopunks and BAYC (ApeCoin) are attracting crypto fans from all around the world, with OpenSea achieving a trading volume of over $20 billion. Even social media platforms like Instagram and Twitter are starting to consider NFT integration.
Federico also talked about the new Metaverse narratives in the presence of established firms such as Meta/Facebook, Nike, JP Morgan, and Microsoft. In addition to gaming, traditional gaming platforms such as Ubisoft are investing in blockchain gaming and FTX firms through projects such as Axie Infinity and Yield Guide Games.
Variola noted how Phemex also supports Metaverse development in various ways, including listing Metaverse related coins and holding engaging user events and campaigns. Phemex, which was founded in 2019, intends to improve the professionalism and efficiency of a fast-growing but yet immature industry. The main goal of the platform is security, speed, convenience, low fees, and giving users access to a variety of crypto pairs. Phemex has contributed to the Metaverse’s growth by listing assets such as AXS, MANA, YGG, SAND, SLP, and others. In the future, Phemex will keep a careful check on this huge and expanding trend.
Fedrico concluded by stating that the exchange landscape is more complex than it has ever been. The crypto business is fast growing, and exchanges must be very present and nimble in order to keep up. Exchanges must carefully examine which parts of the industry they believe have the most promise, then act rapidly to align.
The Paris Blockchain Week Summit is a multi-city event that includes keynotes, discussions, conferences, workshops, a hackathon, and parties. It brings together worldwide blockchain fans and technology players – including startups – with regional businesses, government officials, IT professionals, tech entrepreneurs, investors, and blockchain developers.
Phemex, is a cryptocurrency and derivatives trading platform based in Singapore, was founded in 2019 by former Morgan Stanley professionals. Phemex supports 39+ contract trading pairs with up to 100x leverage and 200+ spot trading pairs, serving over 2 million active customers in over 200 countries and making it easy and efficient to trade and buy cryptocurrency. It was also the first major exchange to introduce a premium membership model with no spot trading costs as an option.
For further details about Phemex, please contact:
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