PHB Token Redom Complete Swap Guide

As previously announced Phoenix Global is undergoing a token redenomination of 100:1 on Nov 2, 2021. This article covers all information about the swap, including manual swapping and supported exchanges. This document may be updated to include latest information.

Overview

Part 1: Token Prep

Part 2: Token Swap

Part 3: Staking PHB V2

Token prep and swap overview

Manual token preparation guides have been created depending on what network you have your tokens:

Token preparation will ensure your tokens are in your wallet on BSC, at which point you are ready to proceed with the swap (available for both PHB V1 and PHX tokens).

Supported exchanges: If your tokens are on an exchange that is supporting the token swap, they will be automatically swapped on the day of redenomination. At the time of publishing this guide, Binance has confirmed they will support the swap.

Note: Please check with your current exchange to understand if they will support the swap.

Unsupported exchanges: If your tokens are on an exchange that is not supporting the token swap, you will have to withdraw your tokens and follow the manual swap steps. Depending on what network you withdraw your tokens to follow the guides to perform the manual swap.

Other scenarios:

  • If your tokens are still on Phoenix Global Insights platform, you should withdraw your tokens and manually perform the swap. Withdraws from Insights are on NEO as NEP5. Once the withdraw is complete, you can follow the PHX on NEO (NEP5) token prep guide.

Phoenix Global Manual Swap

The swapping guide and steps to follow are based on the current token you are holding (based on network).

  • Part 1: Token preparation to ensure your tokens are on BSC as either PHB V1 or as PHX.
  • Part 2: Perform the 100:1 redenomination swap.
  • Part 3: Restake PHB V2

Part 1: Token Prep

The first step is to ensure you have your tokens on BSC as BEP20 (PHB or PHX), which is necessary to complete the redom. Follow the guide below that is applicable to your situation:

Step 1: If applicable, unstake your PHB from Phoenix Global and/or Horizon Protocol.

Your tokens must be in your wallet/address and not currently staked.

Step 2: You’re all set to swap! Proceed to the PHB swap guide.

Step 1: Follow the guide here to swap your PHB V1 BEP2 to PHB V1 BEP20 using the Binance Chain Cross Chain transfer.

Step 2: With your PHB in your wallet you are ready to proceed to the PHB swap guide.

This step is only necessary for those users who have legacy NEP-5 PHX tokens on NEO. The first part of the process is to migrate PHX on NEO (NEP-5) to PHX on BSC (BEP20).

Disclaimer: This network swap function provides PHX BEP20 tokens, not PHB tokens. PHX BEP20 is solely a placeholder token for you to perform the swap to PHB V2. PHX BEP20 is not an actively traded token on any platform or exchange. You must perform both network swap + redom steps to successfully migrate your tokens to PHB V2.

https://bridge.poly.network/token/PHX

Step 1: Navigate to https://bridge.poly.network/token/PHX. PHX should be selected as the default Asset.

Step 3: Select NEO as the ‘From Network’

Step 4: Select BSC as the “To Network”

Step 5: Connect to both your NEO wallet and BSC wallet.

Note: Ensure you have selected the correct Source wallet and correct destination wallet, this information is displayed below the From and To network icons.

In this guide, we have used the NeoLine extension & metamask extension.

Step 6: Once connected, you should see your available PHX balance.

Step 7: Select the amount of PHX you want to migrate from NEO to BSC.

Note: PolyBridge collects a fee for each migration.

Step 8: Confirm all information on the screen before you continue.

Step 6: Click ‘Next’

Step 7: Confirm all information for the transfer again and select confirm. Ensure you have the correct destination BSC address selected.

Step 8: PolyBridge will you show you details of the swap and progress as your tokens are moved to BSC network.

Step 9: The final screen will show all three steps on confirmed and a final status of “Finished”. You can view the history to see all txn hashes.

Step 10: Your PHX Neo token have now been successfully moved to BSC as PHX! You can now proceed to perform the PHX to PHB V2 Redom.

Unstaking PHB V1 from Phoenix Staker

There is no need to remove your stake from PHB V1 staking until redom launch day.

The Phoenix Staker dApp has been updated to include the new staking contract (left), the old V1 staking contract is on the right.

You must unstake your PHB V1 tokens, swap to PHB V2, and restake on the new staking contracts.

Note: On Nov 2, 2021, the old staking contract will have the 7 day hold requirement removed to allow all users to unstake, swap, and restake on the new staking contract.

Step 1: Select ‘-’ for unstaking

Step 2: Select ‘Max’ tokens. All tokens should be removed from this contract as it will no longer generate staking rewards.

Step 3: Select ‘Unstake’.

Your tokens will be unstaked immediately and are now available to withdraw from the platform. All token holds will have been removed at redom launch.

Step 4: Withdraw your tokens from the platform back to your wallet

  • Above Withdraw to wallet, select “Max” tokens.
  • Click ‘Withdraw to wallet’
  • Complete the transaction using your wallet application.
  • Your PHB tokens should now be back in your wallet.

Step 5: Confirm all tokens are removed from the staking contract, including any harvestable rewards (unstaking does automatically harvest, but it’s always good to double check).

You can now proceed to the PHB V1 to PHB V2 swap guide.

Unstaking PHB V1 from Horizon Genesis

There is no need to remove your stake from PHB V1 staking until redom launch day.

If you have PHB V1 staking on Horizon Genesis, proceed to their platform to remove your tokens back to your wallet.

Note: The Horizon Protocol team will remove any token holds starting Nov 2, 2021 from the old PHB V1 staking contract. There is no need to remove your stake prior to the redom launch day.

Part 2: Token swap

After you have completed Part 1, you can now proceed with swapping to the new contract, at which time your token holdings will be reduced by 100. The process is similar for both PHB and PHX tokens. For simplicity, we’ve provided a guide for both.

https://staker.phoenix.global/swap

This action will swap your existing PHB V1 tokens to the new PHB V2. Tokens are swapped a ratio of 100:1, meaning if you had 1000 PHB tokens, you will receive 10 PHB V2 tokens once the swap is complete.

Prerequisite check list:

  • Have PHB V1 BEP20 in your wallet
  • BNB to cover transaction gas fee

The swap is instant. Please ensure you have enough BNB in your wallet to cover the cost of gas.

Step 1: Connect Wallet and Approve Contract

  • Select “Connect Wallet”
  • Select the appropriate wallet application to connect to.
  • Select Approve Contract

Your wallet should now be connected. You should see your wallet and balances on the UI.

Step 2: Confirm token balance

Under ‘PHB Swap’, you will see your PHB V1 balance, confirm this matches as expected. Double check that all your tokens are unstaked and all harvested rewards have been moved to your account.

The UI shows how many PHB V2 tokens you will receive after the swap. The swap is a 100:1 ratio.

Step 3: Swap

  • Select ‘Swap PHB’
  • Complete and approve the transaction using your connected wallet application.

Step 4: Confirm

Once the transaction and swap has been processed, you can confirm your new PHB V2 balance in the top right-hand corner of the screen.

You should expect to see a 0 balance for PHB V1, and your new PHB V2 tokens (at a 100:1) ratio.

Remember, if you had 1,000 PHB V1 tokens before, you will now have 10 PHB V2 tokens.

Congrats! You’ve successfully swapped to the new PHB V2 token. You can now restake your PHB on Phoenix Global or Horizon Protocol.

https://staker.phoenix.global/swap
These steps are for users who have migrated their PHX from NEO using the PolyBridge, and currently have the placeholder token PHX on BSC (BEP20).

This action will swap your PHX BEP20 tokens to the new PHB V2. Tokens are swapped a ratio of 100:1, meaning if you had 1,000 PHX tokens, you will receive 10 PHB V2 tokens once the swap is complete.

Prerequisite check list:

  • Swapped your PHX (NEO) over to PHX (BSC) using this guide.
  • Have PHX as BEP20 in your wallet.
  • BNB to cover transaction gas fee

The swap is instant. Please ensure you have enough BNB in your wallet to cover the cost of gas.

Step 1: Connect Wallet and Approve Contract

  • Select “Connect Wallet”
  • Select the appropriate wallet application to connect to.
  • Select Approve Contract

Your wallet should now be connected. You should see your wallet and balances on the UI.

Step 2: Confirm token balance

The UI shows how many PHB V2 tokens you will receive after the swap. The swap is a 100:1 ratio.

Step 3: Swap

  • Click ‘Swap PHX’ and complete the transaction using your connected wallet application.

Step 4: Confirm

Once the transaction has been processed, you can confirm your new PHB V2 balance in the top right-hand corner of the screen.

Remember, if you had 1,000 PHB V1 tokens before, you will now have 10 PHB V2 tokens.

Congrats! You’ve successfully swapped to the new PHB V2 token. You can now restake your PHB on Phoenix Global or Horizon Protocol.

Part 3: Staking PHB V2

Stake PHB V2 on Phoenix Staker

New staking contracts have been created for PHB V2. The old staking contract (right side), is deprecated as of redom launch day on Nov 2, 2021. All tokens staked on the old contract will no longer receive rewards. They should be unstaked, swapped, and restaked under the staking contracts for PHB V2.

Prerequisite check list:

  • Have performed the swap / redenomination over to PHB V2
  • Have PHB V2 BEP20 in your wallet
  • BNB to cover transaction gas fee

Note: There is a 7 day unstaking hold for new PHB V2 staking, starting at the time you request to unstake your tokens.

Staking

Step 1: Connect your wallet, and “approve contract”

Step 2: With the “+” selected, input the amount of PHB V2 you want to stake.

Step 3: Select “Stake”, and follow the prompts to complete the transaction with your wallet application.

Unstaking from Phoenix Staker

Note: There is a 7 day unstaking hold, starting at the time you request to unstake your tokens. During this 7 days, the tokens you’ve requested to unstake no long receive rewards.

Unstaking your PHB is a two step process: 1. Unstake, 2. Withdraw tokens back to your wallet.

Step 1: Request to unstake your tokens using the “ — ” (remove) button.

Step 2: Confirm your unstake.

Step 3: Wait 7 full days for the hold to removed. You can check “unstaking history” button to see when you unstaked. At day ‘8', you will be able to remove the tokens from the platform back to your wallet.

Step 4: Once the hold time has lapsed, your PHB will show as available to withdrawn back to your wallet. Once again, select the amount of tokens to withdraw, and complete the transaction using your connected wallet application.

Your unstaked PHB will be back in your wallet after a successful transaction.

Stake PHB V2 on Horizon Protocol

After you have converted to PHB V2 you can also return to staking on Horizon Protocol. Your stake will be subject to a new 7 day hold as per the rules of their staking platform.

Blockchain Enablement of the Real Economy. https://phoenix.global/