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Editing by Nathaniel Cajuday
- PDAX implemented a four-phased system switch between April 27 and May 31 to simplify the user trading experience and address concerns related to their platform.
- The switch involved migrating app functions to a more efficient backend system, aiming to provide a simplified and reliable trading experience.
- The system switch also enabled PDAX to incorporate additional features and reduce maintenance downtimes and marked the exchange’s most significant improvement to date and is expected to enhance user satisfaction.
To simplify the user trading experience, homegrown cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) recently implemented big changes across the entire platform through their four-phased system switch that was carried out in batches between April 27 and May 31, 2023.
The System Switch was aimed at addressing numerous concerns related to trading and wallet experiences on their platform. By migrating various app functions to a more efficient backend system, PDAX looks forward to providing users with a simplified and reliable trading experience.
In a statement, the exchange noted that the System Switch does not only streamline processes but also eliminates the complexities that users previously encountered.
Additionally, the new system enables PDAX to effortlessly incorporate additional features and functionalities in the future while reducing maintenance downtime associated with system updates.
“System Switch is PDAX’s biggest upgrade yet, which addresses many of the previous concerns with the trading and wallet experience on our platform. Thank you for choosing PDAX as your preferred trading platform. We stay committed to providing Filipinos from all walks of life easy access to financial services through technology,” the exchange wrote.
The Four Phases
- Phase 1: Took place from April 27 to April 28. The exchange included PHPT trading for ETH, USDT, USDC, GRT, LINK, LTC, and BCH. It also involved the generation of new user wallet addresses and the temporary disabling of limit orders.
- Phase 2: Completed from May 8 at 7:00 a.m. to May 9 at 3:00 a.m. It encompassed PHPT trading for BTC, XRP, COMP, ENJ, AAVE, BAT, and UNI. Similar to Phase 1, new user wallet addresses were generated, and limit orders were temporarily disabled.
- Phase 3– Occurred on May 11 from 7:00 a.m. to 5:00 p.m.; focused on internal system maintenance, ensuring the platform’s stability and performance.
- Phase 4 – Executed from May 29 at 7:00 a.m. to May 31 at 12:00 p.m. The final phase involved the unification of the cash-in and cash-out functions under a single peso-denominated token designated as PHP. Additionally, all PHPT balances were converted to PHP during this phase.
Changes within the Exchange
In line with the upgrade, the system switch will introduce several significant changes to the PDAX app.
One of the major changes is the unification of trading activities using the Philippine peso-denominated token, PHP. Previously, PDAX had announced the discontinuation of PHP in favor of PHPT. However, the latest update will now use PHP for all trading activities, simplifying transactions by eliminating the need to maintain separate balances of PHP and PHPT. Users will no longer have to convert between currencies to access different cryptocurrencies or trade digital collectibles.
The system switch will also streamline the trading process by exclusively utilizing market orders. Limit orders will be temporarily unavailable, allowing for a simplified trading experience.
In addition, the system switch is set to introduce new user wallet addresses for various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT), USD Coin (USDC), XRP (XRP), Compound (COMP), Enjin Coin (ENJ), Aave (AAVE), Basic Attention Token (BAT), Uniswap (UNI), The Graph (GRT), and Chainlink (LINK). These new addresses are expected to accommodate system changes and ensure smooth transactions.
“Sending tokens to the old addresses will result in the loss of your assets. Please make sure that you delete previously saved wallet addresses on other platforms to ensure you do not accidentally send your assets to your old wallets when depositing to PDAX,” the exchange cautioned, assuring that assets previously stored at the old addresses will be automatically transferred to the new wallet addresses.
Furthermore, PDAX will operate exclusively on the mobile app and on its website, with trade.pdax.ph no longer accessible after May 31, 2023. The unified trading platform will provide users with a consistent experience across different devices.
PDAX also stated that following the system switch, the platform will no longer display pre-Switch trade and wallet transactions involving BTC, ETH, BCH, LTC, USDT, USDC, XRP, COMP, ENJ, AAVE, BAT, UNI, GRT, LINK, as well as PHP/PHPT conversion history. However, users can still obtain a comprehensive record of their previous transactions by requesting it through email at email@example.com.
Recent PDAX News
PDAX recently partnered with UnionBank through its Digital Business Solutions Partner Referral Program, enabling UnionBank to endorse PDAX’s cryptocurrency services and digital solutions to its B2B clients.
For GCash’s new cryptocurrency in-app feature, GCrypto, PDAX will aid the platform to provide crypto buy and sell service.
This article is published on BitPinas: PDAX Concludes 4-Part System Switch for ‘Simplified Trading Experience’
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.