Phoenix Global — Token Redenomination, NEO Decommission, and Restaking

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.

  • 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.
Table 1. Actions required to swap

FAQs

When will the swaps happen?

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store