Only Phemex Soul Pass holders are eligible to participate in the pre-mining program for xPT. Per tokenomics, 100 million tokens or 10% of total supply will be available to be pre-mined as xPT. Pre-mining starts on April 12 and lasts up until Q3 2023. Once you mint your PSP, you are automatically entered into the pre-mining event, during which your trading activity on Phemex for USDT-, BTC-, and ETH-margined contracts (excluding GOLD/USDT) will earn you xPT in return.
As a pre-mining participant, you receive xPT airdrop rewards based on your trading activity. When you trade during the pre-mining event, our proprietary algorithm will calculate and allocate xPT to your account as reflected on your Phemex Soul Pass. The more you trade, the more xPT you gain. The xPT reward conversion adheres to a dynamic bonding curve in which the earliest pre-mining activity enjoys the most significant xPT airdrops. As the total pool of 100 million xPT is gradually mined out, the reward conversion rate decreases as well.
The pre-mining event consists of 5 separate stages. Each stage will see roughly 20 million xPT released to eligible traders, with potential slight differences in terms across stages. The start and end of each stage will be announced and displayed on the interface as a progress bar. In between stages, there may be a transition phase of several days during which pre-mining reward mechanisms are not active.
Pre-mining ends in Q3 of 2023 regardless of whether all 100 million xPT are mined or not. Any remaining xPT not mined during pre-mining will be converted to PT during TGE and be added to the PhemexDAO treasury. While trading rewards will continue after TGE, the pre-mining period represents the most profitable time to Trade-to-Own.