The Phenix Finance Team dropped by to talk to Kahoobb about the exciting stuff they have been working on and to take some questions from the community. To celebrate the AMA, five members from our community who took part in the question-and-answer segment at the end were selected to win $50 worth of $PHNX each, for a total of $250.
If you would like more information about Phenix Finance, please visit their website at https://phenix.finance/ and their Twitter at https://twitter.com/phenixfinance.
Phenix Finance Interview
Kahoobb: Hello everyone, welcome to our AMA with Phenix Finance. I will let the Phenix Finance team introduce themselves to our chat now 🙂 @PhenixMaestro @PhenixJake @PhenixAkira
@PhenixMaestro: Hey everyone!!!
@PhenixJake: Hey guys! Pleasure to be here ❤️
@PhenixAkira: Hello people’s ☺️
@PhenixMaestro: Thank you so much to The Cronicle for hosting us, we’re ever grateful and are loving the support we’ve received from the Cronos Community, it’s an incredible group of investors.
@PhenixJake: My name is Jake Varrese (Phenix Jake). I’m one of the founding members of the Phenix Finance project. My primary role in the project is the Lead Developer. I’m responsible for the primary software developments that take place as well as the planning that goes alongside.
@PhenixAkira: I’m with Jake and Henky one of the 3 core members from Phenix Finance. I’m managing community mod, marketing and strategy. I live in Europe UTC+2. Nice to meet you all and thanks The Chronicle to have us today. ❤️
@PhenixMaestro: My name is Branden Dame AKA “Maestro.” I’m the community liason/manager. My role is to be a public speaker during the many events that Phenix is part of. I’m also the dot connector on a few fronts, utilizing my ever growing network of like minded individuals to bring whatever connections I can to this team of brilliant humans.
Kahoobb: Awesome, great introductions! Thanks for sharing, are you all ready to get started into some questions?
@PhenixJake: Go for it ❤️ I’m ready.
@PhenixMaestro: Anytime 🙂
Kahoobb: Okay great, my first question is, What is the best way for new investors to check the Marketcap and follow the price action of your Phenix token for your project?
@PhenixMaestro: Ah yeah! Good question, we get this alot from investors who are joining the Cronos Blockchain for the first time and are not necessarily versed in the different available options for price tracking. The best site to track Phenix is “Dex Screener.” It’s a simple and recognizable interface that is very simple to use. You can find Phenix’s Tracking info and chart here: https://dexscreener.com/cronos/0xeca02a95af2627e2e8bf25b80d0e53b883cf5999
We also have a feature that allows users to purchase Phenix directly from the DaPP! Which really helps the whole process feel more fluid and user friendly and investors do not need to manually change slippage or deal with price fluctuations on purchasing!
Kahoobb: That is awesome! Very user friendly. Now that we know how to track it and see its price data, this leads to my next couple of questions, What utility does the phenix token bring to its investors? What do the tokenomics look like? And are there any fees associated with buying and selling your token, if so, what will the fees go towards?
@PhenixMaestro: I’ll answer that in a few parts 😊
Firstly the utility question! Currently Phenix offers it’s investors a auto compounding and auto staking mechanism that allows holders to simply keep their tokens in their wallet to recieve a 1.8% a day retun minimum through the interaction of the rebase contract. This is being monitored and sustained through the incredible RX3 Protocol which I’ll display here:
Aside from the Utility of Staking, the Phenix Token offers it’s users a plethora of incredibly unique and fun to use features. We have an onslought of functions being worked on as we speak, some of which are due to be releasing very shortly. Such as the Phenix Lotto Pool and the ever anticipated Flaming Phenix Club NFT Collection.
As far as the tokenomics go, here is a pretty straight forward overview of our tokenomics:
Buy Fees: The following fees are applied when another token is swapped in exchange for PHNX tokens
- Total fee: 13%
- Phenix Liquidity Reserve: 5%
- Phenix Fund Reserve (PFR): 8%
Sell Fees: The following fees are applied when PHNX token is swapped in exchange for any other token:
- Total fee: 15%
- Phenix Liquidity Reserve: 6%
- Phenix Fund Reserve (PRF): 9%
- This model is what keeps Phenix incredibly sustainable 🙂
Kahoobb: Wow 1.8% a day return minimum is great, I like the tokenomics! Since you bring up its interest rate and mentioned sustainability, you may have already answered this next question but if you would like to add on, please do. I see in the screenshot above, PHNX token holders can get 66,666% APY, what makes this sustainable? Is it the tokenomics that do?
@PhenixMaestro: Probably one of the best questions you could ask man. People see these numbers and see many different red flags generally lol. Which is why I love the question so much because the way in which our lead developer Jake has designed the RX3 protocol to work is a pretty unique and a good answer to the sustainability question on these ridiculously high APY advertisments. I got him in to tell you in his own words 🙂
Kahoobb: Great!
@PhenixJake: Just an a short overview as to what the RX3 Protocol is. The RX3 protocol stands for the Rapid Relative Rebase (RX3 )Protocol. Put simply, this protocol internalises the rebase protocol which is used in other protocols from other projects.
The elegancy of the RX3 Protocol is that is manages and handles the 1.8% Daily ROI calculation without the centralisation seen in most other projects that utilize auto-staking systems.
On top of the base rewards system, sustainability is achieved via our fee system imposed which supports auto-liquidity (ensuring an ever-increasing price floor and reduced volatility) and supported buy-backs and burns to ensure the token allocation in the LP doesn’t grow too large.
A lot of this is amazing but the joy of it us that our holders don’t need to need to understand the technical parts of our system as we take the guess work out of passive income through our RX3 Protocol 🙂 Just HOLD PHNX and Earn!
Although, we have fully detailed explanations available in our whitepaper for everyone’s convenience.
@PhenixMaestro: That’s the beautiful part. All of these things happen automatically for you. It’s a cool thing to a part of honestly 🙂
Kahoobb: Wow! That is amazing 🤯. That is pretty cool! You guys definitely beat everyone to the punch with this. I’m sure lots of other projects wish they thought of that 😅
@PhenixJake: Definitely! Rebase protocols existed for a couple of years now in DEFI but we’re flipping the script and making it something much more elegant and sustainable. And most of all… safe 🛡
Kahoobb: Definitely! I read the whitepaper and saw something about helping defi businesses.. How will DEFI businesses benefit from using the Phenix Payroll Management System in your project. Can you tell us more about what that is exactly, how it might work and when it may be released?
@PhenixMaestro: Ah yes. Got this one Jake! The Phenix Payroll system will be able to break the accessibility barrier for businesses and projects that deal with crypto as a payment asset. Utilizing a safe and decentralized backend, end-users will be able to set up and schedule automated payments to their employees or partners with ease without having to manually enter ambiguous blockchain addresses. Which is actually a wonderful thought, due to it caring about users, which is something that this space should do alot more of I think 🙂
The Payroll system will be a 2 ended platform for both the payer and payee which provides a meaningful layout and array of statistics and information which would otherwise be left for manual evaluation and validation on the blockchain from basic scanning tools which are hard to interpret for inexperienced users.
In terms of the release date, we do not have exact timing as we’re currently in the planning phase for this amazing project. Development projects can be very hard to pinpoint a release date but we’d ideally be looking to release our early beta towards the end of 2022.
HOWEVER!!! “HOLD PHNX AND EARN” STILL APPLIES TO ALL ❤️ All of this utility that is being worked on is all compounded on that ever rising token balance in your wallet 😉
@PhenixJake: For those interested to read more into this system, you can check out our whitepaper. https://docs.phenix.finance/project-overview/introduction
@PhenixMaestro: It’s literally the Phenix Tomb of Knowledge
Kahoobb: Wow yes be sure to check that out everyone! And yes that will be great for defi businesses and make things a lot easier with payments for employers and employees, I can definitely understand why something that amazing will take some time to develop 😅.
As investors want to make sure their funds are as safe as possible when deciding what defi protocols to put their money into, what audits have gone through with phenix finance, is there any information you can share about your projects team members such as KYC services or doxxing they’ve gone through.
@PhenixMaestro: Ah yes! Actually we have just completed a KYC! I’ll get you the link, just a moment.
Here is the Core Team’s KYC with Assure Defi: https://www.assuredefi.io/projects/phenix-finance/
Oh and yes we had an audit prior to launch with Solidity Finance 🙂 https://solidity.finance/audits/Phenix/
We REALLY are trying our best to set a precedent among investors and project creators to keep an open line of communication and transparency among your community. It’s a vital part of how this team operates and a substantial contributing factor to the projects overall success ❤️
@PhenixJake: On top of the KYC, I’m also doxxed on YouTube via an introductory video about the Phenix Finance project. Worth checking out ❤️
Kahoobb: Awesome! That definitely brings in a lot of trust and security for investors. Thanks for all that info on the audits and KYC. One last question before we go into community questions. What is the easiest way to buy PHNX?
@PhenixJake: As of now, you can purchase PHNX tokens directly from mm.finance/swap which can be purchased with and token on the CRONOS chain. Just search “Phenix”. Slippage for buying via MMF is 16%. You can also alternatively purchase PHNX from our dashboard via https://app.phenix.finance/swap with CRO. This page will use auto-slippage which makes for error-free swaps.
Kahoobb: Thanks for all those answers! It’s been a great AMA, can you please share with us all your social medias for where we can find your project?
@PhenixJake: We have our social links below:
- 📍 Twitter: https://twitter.com/phenixfinance
- 📍 Reddit: https://www.reddit.com/r/phenixfinance/
- 📍 Facebook: https://www.facebook.com/groups/1803594263180172
- 📍 Instagram: https://www.instagram.com/phenixfinance/
- 📍 Discord: https://discord.gg/4tbsFf5e5v
- 📍 TG Announcements: https://t.me/pfannouncements
- Also our website is: https://phenix.finance/
Kahoobb: Great! I will now be opening up the chat for community questions, the phenix finance team will select 5 questions to answer and the first 5 questions to be answered by the team will receive 50$ worth of PHNX token each. Any questions answered after that will not receive a prize.
Please add the 🔥 emoji to your question to be selected.
Chat opening up now!
Community Questions
Community Question #1
Question 1: Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future? 🔥@PhenixMaestro @PhenixAkira @PhenixJake
Answer 1: We have our Flaming Phenix Club NFT Collection currently in development and getting primed for a drop very soon! This collection will have a few different utilities including some super cool interactions with our lotto system 🙂
Community Question #2
Question 2: What is Phenix Lotto Pool , How can I participate in it and what are rewards?@PhenixAkira @PhenixJake @PhenixMaestro🔥🔥🔥🔥
Answer 2: The first of it’s kind on the Cronos Blockchain. Our Phenix Lotto Pool is a fun way for users to be able to have a shot at gaining extra rewards with their tokens! It’s set up in a way where users can deposit their tokens into the Phenix Lotto Pool and receive lotto tickets for the tokens deposited.
All the rewards generated from those tokens in the pool for that week will be calculated at the end of the alloted time frame. 90% of those rewards will be distributed to 10 random winners in the pool! The other 10% of those tokens will be split up amongst everyone in the lotto making it so everyone wins a little something regardless.
Also you are able to withdrawal your tokens from the pool right back into your wallet where they will continue to generate rewards and compound just as they were prior to playing with them in the lotto!
Community Question #3
Question 3: @PhenixAkira @PhenixJake @PhenixMaestro 🔥🔥🔥🔥 What is Phenix Fund Reserves and what are it’s uses and How can you Guarantee Safety of Phenix Vesting Vaults and why are you using it…?
Answer 3: Yes. This was actually one of the contributing factors for choosing the Cronos Network.
IMHO, CDC right now is the on-boarding crypto app for new users. It’s simple, easy to integrate, and allows users to get a spending card to which they can play with right away. Super user friendly. Then comes the DeFi Wallet which new Crypto Users are slowly adopting. This leads to an awesome generation of fragile new users to DeFi and I honestly don’t know of a better community to step into fresh off the CEX than the Cronos Community 🔥🔥🔥
@PhenixMaestro: Thank you so much for having us here everyone!! The Cronicle is a BOSS News platform and we’re happy to be here amongst all of you today!
I truly hope that everyone here enjoyed our little AMA, and if you have any further questions whatsoever please drop by one of our socials above and speak to literally anyone on the team. We’re always around and we have an INSANELY talented Mod Squad that are the backbone of our community 🙂
@PhenixAkira: Thanks The Cronicle and everyone to have us ❤️🔥
Kahoobb: Thank you for your kind words, hope everyone enjoyed that AMA with phenix finance, a great project! I recommend everyone to go check them out!