Phoenix is the new open finance protocol currently live on Ethereum, Polygon, Binance Smart Chain and Wanchain. It is a DeFi platform specialised in crypto financial derivatives. Besides mining and staking opportunities, our users can trade both options and decentralized leveraged tokens.
Phoenix Coin is pioneering a cross-chain DeFi protocol for writing options exposure for multiple assets from within collateral pools. This Multi-Asset Single Pool (MASP) methodology for decentralized peer-to-pool options platforms enables anyone anywhere to leverage or hedge their positions in a variety of cryptoassets.
Phoenix Finance is a DeFi platform specialised in crypto financial derivatives. Besides mining and staking opportunities, our users can trade both options and decentralised leveraged tokens. Options are traded using a pooled assets mechanism that allows for premiums to be shared and risks diversified. Decentralised leveraged tokens provide stable leverage, simplicity and do away with the usual difficulties associated with trading on margin.
It’s easy to get started earning PHX rewards by providing liquidity to the Phoenix Finance Protocol of Options. Check out the new mining mechanism to learn how to increase your rewards. The more you stake, the higher your returns!
Hedge & Leverage
Phoenix Coin wide variety of options makes it easy to find the right solution for your investment need, and the deep liquidity ensures that you’re always able to trade. Hedge or leverage BTC, ETC, & ERC20 token NOW with Phoenix Finance!
Phoenix Finance Decentralized Leverage Token
Decentralized Leveraged Token allows trades to take on leveraged positions in the simplest way possible. By just buying the token, you automatically get a 3x leverage on either a long or short position, without having to manage any of the issues typically associated with margin trading.
The PHX token is the network token for the entire suite of Phoenix protocol clusters. It serves a variety of purposes including liquidity mining, governance, voting, reward boosting and more.
How to Contribute Liquidity in the Phoenix Options and Leveraged Token Protocols
Phoenix Finance allows users to contribute stablecoins into the options pool to earn options premiums, or relating cryptoassets into the lending pool for leveraged tokens to earn interest. In order to incentivize the contribution, Phoenix Finance provides mining rewards for the liquidity contributors in cPHX. Here is a short, hands-on guide on how to contribute liquidity in the Phoenix Options and Leveraged Token protocols.
First of all, you have to navigate to the Phoenix homepage, go to the “DApp” button on the top right and click on “mining”. Or you may just to check on the app UI and navigate to the “Earn” section.
Phoenix Coin choose the blockchain you would like to rely on to make transactions and connect your wallet. At present, we support Metamask, Wallet Connect, WanMask, Wan Wallet and ezDeFi. More will be added in the future. Click on “Connect Wallet” on the top right of the screen to link your funds to Phoenix.
You may find 3 types of pools on the right bottom of the screen, ‘Options Pools’, ‘Lending Pools for Leveraged Tokens’ and ‘Liquidity on Dexes’. Options Pools’ are the pools powering decentralized options and earning option premiums and mining rewards. – ‘Lending Pools for Leveraged Tokens’ are the pools powering Leveraged Tokens and earning non-loss interest and mining rewards. – ‘Liquidity on Dexes’ are the liquidity pools on decentralized exchanges and earning transaction fees and mining rewards.
Phoenix a pool you want to contribute and press the ‘stake‘ button at the end of the row. In this example, you choose the USDC/USDT options pool. In the pop-up, you can see the details of your contribution. In this example, you may choose USDC or USDT to provide liquidity. Please input the amount you would like to contribute. Then press ‘stake.
There will be an extra request to spend your cryptoassets in your wallet in the first contract interaction. After the transactions are executed on chain, you can check them on the ‘your staking’ section. Congratulations, you have successfully provided liquidity in the Phoenix Finance’s protocols, and the mining will automatically start.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.