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.

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.

Click here to check new PHB token price