The new $PHX token, snapshot results and the adjustment of the compensation to liquidity providers

Crypto Michele
May 27 · 3 min read

The new $PHX token and the initial distribution

As anticipated, FinNexus has been rebranded as Phoenix Finance, with a brand-new platform token — the $PHX.

We are glad to announce that the new token smart contract has been deployed on the Ethereum mainnet. The address is 0xaec65404ddc3af3c897ad89571d5772c1a695f22. The PHX addresses on BSC and Wanchain will be released once the decentralized bridges are established.

As a temporary arrangement, the $PHX token is currently distributed according to the previous FNX distribution:

  • Institutional Reserves 1: 0x938Cee0463d750Acec837b68cdF94bb52bC34113
  • Institutional Reserves 2: 0x655DF88DBFfd2067a4d5b230931D7FD5c07b847F
  • Operational Reserves: 0xCf1F4Ddee615114678798de53f29949d32738590
  • Insurance Reserves: 0x95B4ceb578500bDf6c640a02C2f20481f496D9BB
  • Team Reserves: 0x9Dd563765Da23f73A36d007fc560b5aB0cD987dF

Please note that Institutional Reserves 1 & 2 and the team reserves will begin to be allocated to the private investors’ addresses according to the previous agreement.

At present, the PHX contract is being audited by Peckshield. PHX tokens will be bridged to the Binance Smart Chain (BSC) and Wanchain, and airdropped to the relative addresses after the audit is completed. The details concerning the distribution will be released to the public prior to the airdrop.

Snapshot results

The team has obtained an initial snapshot, as outlined in the previous announcement. Please check the snapshot details HERE.

The snapshot includes Ethereum,BSC and Wanchain. Block heights on the 3 chains are 12452394, 7490419 and 14677628, respectively.

The snapshot results include:

  • FNX in addresses
  • CFNX in addresses
  • Converted but not claimed FNX
  • FPT in addresses and under the lockup period
  • Details in Sushiswap, Uniswap,Pancakeswap, and Wanswap liquidity pools, including the amount of LP tokens, corresponding FNX tokens, corresponding pairing tokens, unclaimed cFNX tokens, and the first withdrawal details after the hack.

The results do not cover Wanlend. These will be made public as soon as possible.

The results will be available for 7 days. Please contact our community managers at once if you find any discrepancy with your own records.

After the publicity period, the team will start airdropping the tokens to the respective addresses.

Adjustment to the compensation for Dex Liquidity Providers (LP)

Following the hack, earlier LP withdrawers are likely to have incurred smaller impermanent losses than later ones. As widely acknowledged by our community, it would be unfair to compensate all users with the same compensation plan.

Therefore, the team will make adjustments and boost the LP basic compensation plan for those who face larger impermanent losses.

The extra compensation, compensation from the team and mining compensation will instead remain unchanged.

Adjustment to the basic compensation

Based on a snapshot on the Dexes trading FNX within 7 days after the hack, FinNexus will thus calculate the users’ compensation:

  • Users will receive an amount of PHX equivalent to the amount of FNX in the liquidity pools at the time of the snapshot.
  • PHX will also be compensated to the users depending on the decrease in the amount of the paired assets between the snapshot time and the time of the first withdrawal, to cover impermanent losses.
  • Compensation rates will be those at the time of the hack, namely 1 ETH for 9,750 PHX, 1 BUSD for 2.85 PHX and 1 WAN for 4.5 PHX, respectively on the three chains.

For example:
At the time of the snapshot, a liquidity provider had 1 ETH and 9,750 FNX in the FNX/ETH liquidity pool on Sushiswap. After the hack, he/she withdrew the liquidity out of the pool and got 0.5 ETH. The loss of ETH is 0.5 units.

The basic compensation of PHX he/she will get is 9,750 + 0.5 x 9750 = 14,625 PHX.

If he/she did not withdraw the liquidity, the compensation is 9,750 + 1 x 9750 = 19,500 PHX.

We will release details regarding the amount of PHX tokens as compensation before airdrops.

Thank you again for your support and understanding.