Phenom Poker has kicked off 2026 with a major shift in its token model, giving players more control and putting a spotlight on ownership, liquidity, and revenue-sharing. The Phenom token (PHNM)—central to the site’s rakeback system and its philosophy of player ownership—will now be tradable on a decentralized exchange (DEX), letting the market set its price.
Previously, PHNM operated in a closed-loop system: it could only be earned through rakeback or referrals and redeemed through the site’s treasury. While this kept the token in players’ hands, it created challenges. Some holders wanted to redeem quickly, while others wanted to buy in but couldn’t. This imbalance made it difficult to model redemptions and budget effectively, slowing growth.
Market-Driven Liquidity
The new model addresses these issues: PHNM will be fully liquid, with an initial pool funded by the Phenom treasury. Players will continue to earn USDT as rakeback but can now autobuy PHNM or stake it for additional USDC rewards derived from site revenue. Valeo emphasized that while speculators may participate, the token will largely remain community-focused, as insiders plan to hold their positions long-term.
“We’re not shilling this to the masses,” Valeo said. “It’s a niche token, and most large wallets are locking their tokens for 24 months. Liquidity will exist, but supply is tight, which is good for supply and demand.”
Decentralized Ownership, Centralized Decisions
While the token represents decentralized ownership, operational control remains centralized. Valeo explained that certain business decisions—like treasury management and critical operational moves—cannot be voted on by the community due to the complexity and competitive nature of online poker. A governance portal will be introduced later for non-critical decisions, including treasury allocation, sponsorships, and handling cheating incidents.
Freeze on Redemptions
The announcement coincided with a temporary freeze on token redemptions, triggered partly by technical issues on Polygon and a surge in panic requests from users. Valeo reassured players that funds are safe, and that the freeze is a short-term measure while the market-driven system is implemented.
Tokenomics and Strategy
- Total Supply: 50 million PHNM, with 16.3 million in the treasury for strategic use such as partnerships, ambassador deals, or Phenom-denominated events.
- Emissionless Model: No new tokens will be issued as rakeback; players receive USDT with the option to convert to PHNM.
- Revenue Claim: The token remains a claim on site revenue, now with a market-driven valuation.
Valeo acknowledged the risk of price volatility but emphasized his long-term vision: building sustainable growth, strong brand equity, and value for players. Even if PHNM drops temporarily, smart investors and committed community members are likely to step in.
Why This Approach Matters
Valeo explained that Phenom was created as a player-first poker site, aiming to share value and ownership rather than focusing on quick profits. “It would have been 100 times easier to launch a traditional rake site, but that’s not what we wanted,” he said. “This is about building something fair, sustainable, and exciting for the poker community.”
With a world-class team, a strong ambassador roster, and a loyal player base, Phenom Poker is now taking its next step—giving players the freedom to trade, stake, and participate in the platform’s growth, while keeping the long-term focus on quality poker and community ownership.
