PhoenixCo started in April 2020 as a trading-signals and education service. XPHX was created that September as an SLP token on Bitcoin Cash and first traded on memo.cash. What follows is every step between that and twelve funded staking pools and twenty-four lending markets on BNB Smart Chain: the listings and the delistings, the migrations, the partnerships that worked and the ones that did not.
Dated from our own records. Where a figure is an estimate it says so, and the entries that still need writing up are marked rather than quietly left out.
35 entries · 6 milestones marked · everything else in sequence · 1 slots reserved and marked, awaiting detail
Before there was a token there was a business: paid trading signals and market education, sold to subscribers. Everything that followed was funded from that revenue rather than from a raise.
Total service revenue from VIP signal groups and courses passed $5,000-6,000 per month across the business, not one person's share. Roughly $1,500 of it was the founder's; the remaining $3,500 or so paid collaborators out of treasury. Small in absolute terms, and the point entirely: the project was paying its people months before a single token existed.
Issued as an SLP token in the Bitcoin Cash ecosystem and first traded on memo.cash, priced against BCH long before it was priced against a dollar. The 50,000 figure that opens the supply chart is not a genesis supply and this entry used to describe it as one: it is the first recorded circulating reading, taken when the first buyer purchased at 300 BCH satoshis. The chart starts at a trade, so it is a record of circulation rather than of issuance. Buyers could sell from that first day too, on memo.cash, later on anycoin.cash, and from four months in through the PhoenixCo swap. No lockup and no vesting cliff was ever placed on a purchaser, which is unusual enough among token launches to be worth saying.
A private round opened to the existing subscriber base, raising roughly $6,000 in its early stage. The proceeds went into building the first platform.
The first exchange listing outside memo.cash, and the first time XPHX had a venue with an order book rather than a peer-to-peer market.
Holders received a share of service revenue as Bitcoin Cash, paid weekly and sustained for dozens of consecutive weeks. Close to 4 BCH went out across the programme. It is the clearest thing in this history: the token paid out of real income, on a schedule, for over a year.
The first product built for holders rather than subscribers, and the beginning of the token having a job beyond a claim on dividends.
XPHX reached the top ten SLP tokens on Bitcoin Cash measured by on-chain activity. The SLP ecosystem was small, and so was this, but it was earned by transactions rather than by a marketing budget.
The biggest single investment the project had taken, and the capital that made a chain migration feasible.
The highest price XPHX has traded at is $0.0786. Against the 3,744,020 XPHX circulating at the time that is a peak market cap of about $294,000. It has not been revisited. The figure used to be taken from the highest CLOSE in our own history ($0.0689, giving $258,000), which understated the peak by roughly $36,000. A close is where a day ended, not how high it went. Stating it plainly matters more than burying it: the chart shows the whole shape, not the flattering half.
XPHX moved to BNB Chain and listed on PancakeSwap with 35 BNB of liquidity seeded at the price of the day. The migration also began the 11M staking emission. The timing was as bad as timing gets: it coincided with the top of the 2021 cycle, and everything, XPHX included, fell from there. This is where the supply line steepens and the price line does not.
A centralised exchange listing, with XPHX lodged as collateral to secure it.
Two million XPHX went out as mining rewards, the largest single distribution in the token's history and the steepest climb on the supply line. It is also the clearest illustration of why the emission is now scheduled rather than discretionary.
XPHX deployed as a TRC20 contract on TRON and listed on SunSwap, alongside a BabyDogeSwap listing on BNB Chain. From this point circulating supply is a cross-chain sum, which is why the methodology page adds three figures rather than reading one.
XPHX/BNB mining pools opened on BabyDogeSwap, the first time rewards were distributed by a contract anyone could audit rather than by us. The direct ancestor of the pools in this app.
A 180-day farming partnership with SafeSwap distributing 74,700 XPHX. Modest, finite, and disclosed in full: the reward budget was fixed before it started.
Pooled liquidity across every venue reached about $8,000. A small number, published because thin liquidity is the single most important thing for a reader to know before sizing a position.
A further farming venue on BNB Chain, extending XPHX rewards to another DEX's liquidity providers.
A second PhoenixCo token, launched in 2023 to deepen XPHX liquidity, act as the base token for NFTs, and carry DAO governance. One million total supply, split across BNB Chain (~526k), TRON (~210k), SLP on Bitcoin Cash (~60k, now inactive) and Polygon. It did not work: holders and reward recipients sold, governance never reached quorum, and the token plays no role in the ecosystem today. Around 500k XPHX remains committed to its liquidity. P2B withheld roughly 13,000 PHDAO when it delisted both tokens in 2023. The lesson we took: a second token divides attention and liquidity rather than adding to it, and utility has to exist before issuance, not after, which is why the DeFi Hub extends XPHX instead of launching anything new.
XPHX integrated with DODO, opening pairs against DODO, BNB, CAKE, PHDAO and USDC. This is the origin of the fifteen-odd reward pools that still appear in the exclusion list on the methodology page.
P2B removed both tokens. The XPHX lodged there as listing collateral stayed with the exchange and is outside our control, which is exactly why it is now counted as circulating rather than excluded. See the supply methodology.
Ten collections published on OpenSea, originally built around PHDAO as the base token. They outlived the DAO that was meant to carry them, and are the one part of that experiment still standing.
A further centralised venue, replacing part of the access lost when P2B delisted.
Accepted by CoinMarketCap after a multi-year compliance review. That is the point at which circulating supply stopped being an internal number and became something we publish and are held to. The methodology on this site has since moved on from that submission, and says where and why.
A Polygon contract joined BNB Chain and TRON, alongside roughly fifteen live DODO pools. Circulating supply has been a cross-chain sum ever since.
PHSUN went live on 27 August 2024. TRON is its primary chain, not BNB Chain, and it is a reward token in the pools on this site. Origin, supply and purpose still need writing up here.
BNB Chain cut its block time, which changed the per-block arithmetic every emission schedule on the chain depends on.
Launched 9 October 2025, one day before the 10 October market crash. The first BNB Chain native memecoin powered by PhoenixCo, launched to celebrate five years of PhoenixCo and the legacy of XPHX.
Non-custodial staking and farming on BNB Chain, every figure read live from the contracts, no second token. The first pool was created on 6 August. It runs alongside the original PhoenixCo staking product rather than replacing it, and the flexible and locked pools there are still live. Six years after a signals service started paying dividends in BCH.
Eight markets opened for supply and borrow on BNB Chain within a day of the comptroller going live: BNB, BTCB, ETH, USDT, XPHX, PHSUN, SZNX and TomanX, on a Compound V2 base with a risk engine that sets the loan-to-value by VIP rung. By the end of August there were twenty-three. Rates are priced by utilisation and nothing is set by hand.
IRTX tracks the Iranian toman rather than the dollar, from a rate PhoenixCo publishes and nothing tradable moves back. It lists beside the other markets and sits in its own table, because a positive rate on it can still be a loss in dollars and an aligned column would invite the comparison the small print forbids.
Lock XPHX and every market raises your borrowing limit at once. Five rungs, Bronze to Gold, each threshold read from the engine that enforces it rather than from a page that promises it. The lock also earns the XPHX transfer-fee reflections. Unlocking below your debt is refused, not warned about.
In a controlled test we pushed a position past its liquidation threshold. An independent third-party bot with no connection to us liquidated it within two seconds, before our own script reached it. Proof that the protocol's incentives work on people who owe us nothing.
Deposit XPHX, hold a receipt that redeems for more of it. The vault stakes nothing and lends nothing: one leg of the XPHX transfer fee is routed into it, and every share comes to represent a larger slice. The receipt is also a lending market, usable as collateral and borrowable while it keeps compounding. It opened with its first deposits; the treasury's liquidity followed four days later, on 11 September.
A new kind of reward: a fixed budget, funded before it opened, paid per second to whoever holds the XPHX/WBNB pair token in their own wallet. No deposit, no approval, nothing to withdraw. It started paying at 22:53 UTC, and the interface reads what a holder would be paid rather than what has been settled, because the two differ and only one is true.
Three days after the vault opened and a day after hold to earn began paying, 2,100,000 XPHX left the PhoenixCo treasury: 1,700,000 from the company allocation and 400,000 from the liquidity-provisioning allocation. It went into the sXPHX vault, the lending markets and the liquidity pools. It entered circulation that day, which is the step in the supply line, and it has been counted as circulating since. None of it is emission: the mining allocation was not touched.
