Phemex Lists Another 47 To Cater to Rising Demand

In recent years cryptocurrencies have undeniably demonstrated their value, growing from a total market capitalization of just under $200 billion in 2020 to over $2 trillion today. Investors speculating the future of this new technology have driven most of the current market valuations, and many considered this to be the start of a new phase of technology-driven markets that could potentially improve broader macroeconomic efficiency.

Phemex, one of the leading cryptocurrency trading platforms, has listed 47 new coins that will provide investors with more exposure and easier access to a larger pool of projects.

47 New Coins Listed on Phemex

Phemex’s move is in line with the growing demand for cryptocurrencies and the increasing number of investors who want to get involved. Based on data collected from its community, Phemex has made sure to list a variety of tokens from the Terra ecosystem this listing round. 

For developers building DeFi applications, Terra is considered the best network to work with after Ethereum, which is often plagued with high gas fees and limited throughput. Recently, Terra even crossed BSC’s TVL (total value of assets locked into the platform).

To support the Terra ecosystem and reward its community, Phemex is launching an exciting Terra Era campaign, in which users can receive up to $100,000 worth of $UST airdrop for Spot Trading.

Anchor Protocol (ANC)

With a circulating supply of nearly 270 million ANC, Anchor is a DeFi protocol that allows users to access financial services through stablecoin-based loans. On Anchor, lenders deposit their UST (a stablecoin pegged to the US dollar), which is then used to make collateralized loans for which they receive interest, while borrowers request these loans through over-collateralization.

Anchor Protocol currently uses the bLUNA token (a type of wrapped LUNA token) as its only collateral asset (also known as a bAsset). Thus the borrower must convert their cryptos into bLUNA to borrow UST.

Mirror Protocol (MIR)

Mirror Protocol is a DeFi protocol built on Ethereum for issuing and trading synthetic assets called Mirrored Assets (mAssets). They follow the price of an underlying asset and can be traded on secondary markets just like the assets they represent. This allows Mirror users to participate in previously inaccessible markets at a fraction of the cost.

The Mirror ecosystem has five primary users – traders, minters, liquidity providers, stakers, and oracle feeders. There are over 77 million MIR tokens in circulation, and the entire ecosystem is governed using these tokens. MIR is also used to incentivize staking, which secures the network.

TerraUSD (UST) 

TerraUSD (UST) and Terra (LUNA) are native tokens of the Terra network built on the Cosmos SDK. This framework allows developers to create custom blockchains and build decentralized applications on top of Terra for various use cases.

Terra deploys a system of stablecoins whose value is pegged to different assets such as commodities or fiat currencies. UST tracks the price of the US dollar, with one UST token closely floating around the $1 mark. It achieves this peg using the ecosystem’s other token, LUNA, which plays a vital role in maintaining the price of the Terra stablecoins and reducing market volatility. 

From relative obscurity, UST has emerged to become the fourth-largest stablecoin behind tether (USDT) and USD coin (USDC), surpassing $15 billion in market capitalization.

Gain More with Phemex

There is no doubt that the addition of 47 new coins will benefit the Phemex community and help drive the adoption of these assets. Phemex is strongly focused on building its platform through a user-centric approach. The most recent listings, picked by popular demand and vetted by a team of experts, are a testament to this commitment. Phemex also offers a competitive maker-taker fee model and other benefits such as 24/7 live customer support, educational resources, and much more.