> For the complete documentation index, see [llms.txt](https://phemex.gitbook.io/phemex-web3-whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://phemex.gitbook.io/phemex-web3-whitepaper/features/phemex-token/pt.md).

# PT

[Phemex Token (PT)](https://phemex.com/web3/pt-benefits) is an on-chain, transferable ERC-20 platform utility token for the Phemex exchange. [It can be staked](https://phemex.com/web3/stake/dashboard) to obtain vePT, which grants decentralized governance power, staking rewards, trading rewards, fee discounts, and other benefits.

<table data-header-hidden><thead><tr><th width="167.33333333333331"></th><th></th><th></th></tr></thead><tbody><tr><td><strong>Key Attribute</strong></td><td><strong>Value Proposition</strong></td><td><strong>How to Obtain</strong></td></tr><tr><td>Transferability</td><td>PT can be transferred freely on the Ethereum blockchain</td><td>Convertible from xPT; can be purchased on open market, can be earned as trading reward</td></tr><tr><td>Staking</td><td>Stake PT to get vePT for governance rights</td><td><br></td></tr><tr><td>Usability</td><td>Can be used to pay for trading fees, deposit &#x26; withdrawal fees, and gas fees on Phemex. Also can be traded or staked</td><td><br></td></tr></tbody></table>