PhoenixDAO (PHNX)
What is PhoenixDAO (PHNX)?
Honestly, it’s good to see that a project we helped grow in the past is still alive and kicking – even struggling. Because it’s not easy out there. And their team is now bringing us a new opportunity to earn free tokens via a crypto airdrop!
Before talking about PhoenixDAO, let’s see what has been happening with Hydrogen. While their promise of a web 3.0 was promising, too many obstacles made it impossible to achieve.
But community members didn’t give up. And they incorporated Hydro Labs to finish the development. However, the service agreement with Hydrogen lasted only a year. And the conditions of the market weren’t good enough to keep things going at the time.
But other community members launched an initiative and created the Phoenix DAO foundation. And their goal is to fix what didn’t work out in the first version:
- Too many tokens in the hand of too few
- No decentralized governance
- An inadequate token distribution plan
- Nothing to limit developers to dump their tokens on the market
PhoenixDAO is a project that wants to bring true decentralization through a fork of the protocols. This includes adding a community-based DAO which will oversee all treasury spending on development, marketing, exchange listings, and more.
This was just a quick summary. And I’d recommend you to read the official announcement they made on Medium for more details. It’s kind of a light white paper.
By the way, both HYDRO and PHNX will live on.
PHNX token by PhoenixDAO
The Phoenix DAO token, ticker PHNX, is a utility token. And the total supply is 110,000,000 PHNXs.
They’ve listed thoroughly everything token holders can do:
- Use it as currency for payments, loans, and interests on Phoenix Payments
- Buy access to a user’s identity information (for dApps) on Phoenix Identity
- Pay fees on Phoenix Storage
- Receive dividend payments to security token holders on Phoenix Tokenization
- Buy dApps on the Phoenix dApp Store
- Stake and vote on Phoenix DAO
- Buy, sell, and gift event tickets on Events dApp
- Trade and exchange in P2P
How to get the free PHNX tokens?
PhoenixDAO has allocated 44,000,000 PHNX for the airdrop to HYDRO holders. And Bittrex Global has agreed to support the airdrop on May 28th, 2020.
To qualify for the airdrop, you need to:
- Sign up or log in on Bittrex
- Complete the KYC – it takes 5 minutes
- Send your HYDRO tokens to the Bittrex wallet before May 28
This is not a swap so you will also keep your HYDRO tokens!
The airdrop will send 1 PHNX token per 100 HYDRO tokens as PHNX has a ~100x less token supply than HYDRO.
Unfortunately, due to US regulations, US citizens do not qualify for the airdrop.
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Midas is the founder of Coin Airdrops, one of the main ranking sites for crypto airdrops. He graduated with a master's degree from a top business school. After ten years of experience in marketing and sales, he fell down the bitcoin rabbit hole in 2017. And he's now convinced cryptos are here to stay and to change the world. In addition to launching this blog promoting blockchain projects that give-away digital assets, he's proud to have built his bitcoin node himself, and to self-custody. For privacy and security reasons, he decided to remain pseudonymous online. Connect and interact with Midas through his Nostree.