Phoenix Global — Token Redenomination, NEO Decommission, and Restaking
Phoenix Global (PHB) token will be undergoing a migration from the NEO blockchain and at the same time a token redenomination. Find out what this means and what actions are required from you below.
Update: The new PHB contract address is: https://www.bscscan.com/address/0x0409633A72D846fc5BBe2f98D88564D35987904D
Background
The current PHB token has seen a number of changes over the past several years. The most notable of course is the merger with the Apex Network (CPX) token. The tokens Apex Network (CPX), Red Pulse (RPX), and now Phoenix Global were rooted originally with NEO. Legacy token contracts, inflation policy, and other technical items are still NEO-based.
NEO Migration and NEO Swap
This year, the strategic direction of moving to BSC to enjoy relatively fast and cheap transactions, and a much larger audience, brought us decentralized staking. With the impending NEO N3 upgrade, we have decided that now is the right time to migrate fully from NEO over to BSC. Phoenix Staker and PHB staking on Horizon Protocol will be updated to support the new PHB token.
PHB Redenomination (100:1)
At the same time, the team will be implementing a token redenomination. The strategic merger of Apex Network and Red Pulse laid the foundation for Phoenix Global, but at the same time it brought with it a significant increase in the overall supply — currently standing at over 3.5 billion tokens. A redenomination of PHBv1 will coincide with the new token contracts, staking contracts, and other technical contracts required as part of migration from NEO.
Following the redenomination, which is set at 100:1 (old:new), our total supply will be reduced by a factor of 100. The overall value of your PHB holdings will not be impacted by this change, as the token will trade immediately following the redenomination at a 100x price, and thus maintain the same market capitalization.
The migration and redenomination are strategic in nature, providing some of the following benefits:
- Reduced token supply. A 100:1 swap ratio will effectively reduce the PHB token supply from ~3.5 billion to 35 million.
- Increased price. While the value of your PHB holdings will not be affected by this change, a higher token price in USD and BTC terms is generally more appealing, and allows for greater resolution in fractional tokens on exchanges. Upon commencement of trading following the swap, the price will begin trading at 100x the pre-swap price.
We will create a decentralized token swap contract as an option for swapping your PHBv1 tokens and we’re discussing with exchanges to facilitate the token swap directly on their platforms. We will also be creating a decentralized smart contract-based token bridge from NEO to BSC so that PHXv1 users can convert their tokens to PHBv1 and then perform the redenomination swap.
Complete details and actions for both changes are provided below. There is action required for most users; please carefully review the full details below. FAQs and support will be provided as they become available.
Note: The PHXv1 (NEO), PHBv1 (BC), and PHBv1 (BSC) will have no use other than to swap to the new PHB (BSC) token in order to continue staking.
FAQs
When will the swaps happen?
Redom launch day is scheduled for Nov 2, 2021.
What exchanges will support the redenomination?
When the details are finalized for token swaps on exchanges — all PHBv1 on these exchanges will be reduced automatically for you at a ratio of 100:1. Please see details for your specific exchange for full details on the redenomination.
When can I swap my PHXv1 to PHB (i.e. from NEO to BSC)?
A swap function will be available on redenomination day.
I have PHXv1 on NEO, what steps do I need to follow?
Please follow the guidance provided above.
Will I lose my tokens?
An action is required by you to complete the steps outlined in this guide. If you follow our guides, you will not lose any tokens. Please follow our guides as they are published. If you are uncomfortable, send small test transactions initially to understand the process.
Will the total value of my tokens change?
Effectively, there is no change in the total value to your tokens as part of the swap. While your token holdings will be reduced by a factor of 100, the price of the token will reflect a 100x increase. See the simple example below:
Before: 100,000 PHBv1 @ .01 cents = $1,000
After: 1,000 PHB @ $1 = $1,000
How come Huobi is not supported?
Huobi Global does not support BSC. You will have to withdraw your tokens and use an alternative method.
What is the deadline to swap from NEO to BSC? How long will the NEO to BSC bridge be available?
There is no deadline to swap and the NEO-BSC bridge will last indefinitely.
How long will the BSC redenomination swap process be available?
The BSC redenomination swap mechanism will be available indefinitely.
I have tokens on insights.phoenix.global. What should I do?
Withdraw your PHXv1 tokens from Insights and swap PHXv1 to PHBv1 using either Binance or the decentralized NEO-BSC swap mechanism. Select an option to swap your PHBv1 to the new PHB from above.
When does the redenomination process begin?
The team is targeting for this to be completed within a month. Final date will be published once it has been confirmed.
What is the deadline to process the redenom? How long will the redenom swap function be available?
There is no deadline for the redenom and the redenom swap on Phoenix Global will be available indefinitely. For those users on the supported exchanges, the swap will be performed once on the redenomination day. For users using their own wallets, a decentralized swap will be available for them on Phoenix Global.
I am staking on Phoenix Global. What do I need to do?
The existing staking contract will cease to generate rewards, as Phoenix Staker will be updated to facilitate the new PHB token. You will need to remove your stake from the platform, perform the redemon swap, and restake with the new contracts.
I am staking on Phoenix Global, am I subject to a 7 day hold?
No. On the redenomination day, all token holds will be removed and you can withdraw your tokens to perform the redenomination swap, and then restake.
I am staking on Horizon Protocol. What do I need to do?
The existing staking contract will cease generated rewards, as Horizon Protocol will update to facilitate the new PHB token. You will need to remove your stake from the platform, perform the redemon swap, and restake with the new contracts.
I am staking on Horizon Protocol, am I subject to a 7 day hold?
No. On the redenomination day, Horizon Protocol will remove all token holds and you can withdraw your tokens to perform the redenom swap, and restake.
