PEX was issued by Dr. Hui Liang (also known as Sophia), an American-Chinese national, along with her team. The total supply is 5 trillion PEX; 2.2 trillion PEX were burned; leaving 2.8 trillion in circulation. Dr. Hui Liang donated all 2.8 trillion of the circulating supply to various blockchain technology enthusiasts, scholars, and promoters free of charge, and subsequently disbanded her own development team.
The PEX holders later established the Seven-Colored Phoenix PEX Community through decentralized autonomous organization (DAO) based on a spirit of contractual integrity. Leveraging the benefits of blockchain technology such as decentralization, immutability, traceability, anonymous transfer, low transaction fees, and instant settlement, they have developed various applications including: digital gold gifts, token economies, Seven-Colored Phoenix NFTs, and a waste-to-treasure initiative.
PEX embodies the sentiments, gratitude, reluctance, dreams, and noble qualities of Dr. Hui Liang and her team, enhancing emotional connections between people and promoting a more harmonious world. Some players refer to it as a friendly coin, symbolizing auspiciousness and good fortune.