# Phemex Token

Phemex plans to [issue](https://phemex.com/web3/pt-bidding) its own platform utility token [PT (Phemex Token)](https://phemex.com/web3/pt-benefits) on Nov. 30 2023. As an on-chain ERC20 token, the Phemex Token will offer a diverse array of benefits and use cases. Since PT represents ownership of Phemex, it can be staked in return for [vePT (vote escrow Phemex Token)](https://phemex.gitbook.io/phemex-web3-whitepaper/features/phemex-token/vept) in order to actively participate in decentralized platform governance. vePT holders enjoy extended privileges including but not limited to staking yields and boosted trading rewards. For Phemex Soul Pass holders, the Phemex Token can be pre-mined as [xPT](https://phemex.gitbook.io/phemex-web3-whitepaper/features/phemex-token/xpt) prior to the TGE. This means that the PSP is your keycard to early access accumulation of xPT at advantageous rates.

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