Phoenix Finance Relaunch Plan

Dear Community,

We are thrilled to announce Phoenix Finance is about to deploy its products, including both options and leveraged tokens, on multiple chains.

Please find an outline of our launch plan below.

• Chains and products：

⦿ Expected launch time: 9th Aug

⨂ Expected launch time: 16th Aug

◼ Expected launch time: 25th Aug

Due to gas fees and more complicated contracts for derivatives, we decided to deploy products on L2 directly rather than Ethereum before issues of scalability and gas fees are resolved on Ethereum. Furthermore, we are keeping a close eye on Optimism and Arbitrum both in tech and business to see when their official versions will be available.

As a significant number of our users trade on Wanchain and BSC, we will soon deploy on these two chains as well. However, leveraged tokens will not be deployed on Wanchain at first, as these instruments necessitate deep liquidity and the funds currently available on Wanswap could turn out to be insufficient.

• Basic Mining rewards

(Please note that the underlying for leveraged tokens and mining rewards have been increased on 2021/8/25 on BSC)

• BUSD/USDT Pool for Options Mining — 6000 cPHX per day
• BUSD Lending Pool for Leveraged Tokens Mining — 4000 cPHX per day
• BTCB Lending Pool for Leveraged Tokens Mining — 2000 cPHX per day
• BNB Lending Pool for Leveraged Tokens Mining — 2000 cPHX per day
• Pancakeswap PHX/BNB LP Mining — 12000 cPHX per day

As a precaution, there will be a $1,000,000 cap for the stable coin pool, and $500,000 for wBTC, wETH and other pools in the first month after the launch of leveraged tokens. Once the protocols run smoothly the cap will be removed.

• Boosting Mining rewards

Users can boost their basic APY by locking PHX or cPHX. A longer locking period and more locked PHX (cPHX) will result in higher boosting factors. Rewards in swap pools cannot be boosted. For more details, please check the articles later.

• cPHX vesting contracts

For every chain, cPHX vesting contracts will be online at the time of launching.

• vePHX

Locked PHX in the former FinNexus protocols will be airdropped to the addresses listed in the snapshot. The lock period will be the same as before, minus the 3 months that have passed since the hack. For example, if users locked FNX for 36 months in the last version, their current lock period will be 33 months. vePHX locked on Ethereum in the last version will be airdropped to the same address on Polygon.

vePHX will exist in the contracts on-chain, rather than in its tokenized form. Users may boost their mining rewards directly through the Phoenix staking UI.

• Extra compensation for Liquidity Providers on the former FinNexus platform

Extra compensation will be vested for the next 30 months. Involved users can claim 1/30 each month. Users who are LP on Uniswap and Sushiswap claim on Polygon using the same address they used before, while on Pancake they will be able to claim on BSC and on Wanswap they can do so through Wanchain. Users will be able to claim their compensation on the Web3 of Etherscan and BScscan from Aug 3. We aim to provide the same service through our webpage soon after that date.

• Cross Chain

As far as cross-chain transfers are concerned, please find a list of bridges below. Should you need more information, please visit our Github page here.

Ethereum ⟺ Polygon: Polygon bridge

Ethereum ⟺ BSC: Wanchain bridge

Ethereum ⟺ Wanchain: Wanchain bridge

Wanchain ⟺ BSC: Wanchain bridge