Community-led decentralized platform, PhoenixDAO, aims to reinvent digital identity by developing and deploying customized blockchain-based solutions. The project intends to cater requirements of Web3.0 users and has plans to operate through a DAO (Decentralized Autonomous Organization).
It’s ecosystem includes protocols in the areas of tokenization, authentication, and identity – which will fuel the decentralized apps (dApps) store and Events Marketplace. At the center of PhoenixDAO lies an ERC-20/BEP-20 token called PHNX.
Overview of PHNX Tokens
PHNX is a utility token that enables PhoenixDAO’s vision of developing a self-sustaining environment, which will eventually be fully led by the community members. The token is used throughout the tech layers of the ecosystem, and would also be utilized for paying gas fees.
The token holders can also vote and/or submit a proposal by staking their tokens for a certain period. Moreover, PhoenixDAO incentivizes users for locking up their PHNX tokens on its ecosystem.
Earn Interest on PHNX Spot Staking dApp
Launched in 2020, this decentralized app allows users to earn immediate interest on staked tokens. In addition to offering users higher interest for staking PHNX tokens, the Spot Staking Flagship app plays a much bigger part in the overall PhoenixDAO ecosystem. The incentives will depend on the number of tokens staked and the period for which a user is willing to lock their PHNX tokens. It has a standard APR of 20% for 365 days.
The first version of the dApp (V1.1) has successfully been updated by the team, and they have plans in place to launch the second version of the Spot Staking app in the near future. Though no specific date has been announced for the launch of V.2, the project will be running a community survey to get feedback from its users.
How to Stake PHNX Tokens
PhoenixDAO offers an intuitive platform to users, wherein they can stake and earn interest. Here’s a step by step guide to starting the process:
- Go to https://staking.phoenixdao.io/, and connect your wallet. The platform currently supports Metamask and Numio.
- Once you have connected your wallet, select the number of tokens you would like to add along with the number of days.
- Users can also decide to unstake PHNX.
- The platform also includes a “Burn Rate”, which is equivalent to the staked amount multiplied by the remaining days, divided by the total days staked. For example, if you stake 10000 tokens for 365 days, and then choose to unstake after 100 days, it will equate to 7260.27 PHNX being burnt and you will receive 2739.73 PHNX.
- Once the lock-up period ends, users will receive rewards directly in their wallets.
Go to the official PhoenixDAO website for more details.