What this platform is, what it is not, and where the risk sits. Written to be read rather than survived. Nothing here is softer than what the rest of the site already says.
Your tokens stay in your wallet or in the contract you deposit them into. A staking pool, or a lending market. We never hold them, cannot move them, and cannot recover them on your behalf. There is no account, no balance we keep for you, and nothing for us to freeze or release.
Non-custodial does not mean nothing can take your collateral. If you borrow, the contract can hand your collateral to somebody else without asking you. That is not custody. We still cannot touch it, and neither can anyone arbitrarily, but it is the part of “your tokens stay yours” that stops being true the moment you take on a debt. The section on liquidation below says exactly when.
Every action that moves value (approving, staking, withdrawing, claiming) is a transaction you sign yourself, directly against a contract whose address is published on this site. The source of every lending market, staking pool and reward campaign is shown on BscScan: contracts built from the same code are verified at a single address, and BscScan matches the others to it as a similar match. The tier locker and the sXPHX vault are verified at their own addresses. The source of the XPHX token and of the sXPHX vault is also matched on Sourcify.
Whoever holds your private key or seed phrase controls your tokens. That is a property of the chain, not a policy we chose, and it means we cannot help you if the key is lost, copied, phished or handed over.
We will never ask for your seed phrase, never DM you a link, and never ask you to “verify” or “sync” a wallet. Anyone doing so while claiming to be PhoenixCo is not PhoenixCo. Reach this site by a bookmark you made yourself.
The figures, charts and explanations on this site describe how the protocol works and what it currently reads from chain. They are information, not a recommendation to buy, sell, stake or hold anything, and they take no account of your circumstances.
XPHX and every other token here can lose value, including all of it. Staking does not protect against that: a reward paid in a token whose price has fallen is still a loss.
A pool’s APR is computed from its current reward rate, its current total staked and current token prices. Every one of them changes without notice. Someone else staking dilutes your share, a price move rescales the whole figure, and a reward period ending stops it entirely.
The number you see is what the pool is paying at the moment you look, annualised. It is not a rate we offer you, not a yield we promise, and not what you will earn over a year. Where a figure on this site is an estimate rather than a measurement, it is labelled as one.
Interest on a borrow accrues every block, against you, whether or not you look at it. Nothing has to happen for a debt to grow: no transaction, no price move, no action by us. A position left alone gets closer to liquidation on its own.
The rate is not fixed and nobody promises it. It is set by a formula against how much of that market is currently lent out, so it rises when borrowing demand rises, which is usually the moment you would least like it to. The rate you borrowed at is not the rate you will pay.
Supplying an asset is not the same as enabling it as collateral. The second is a separate transaction with a separate consequence: only assets you have enabled can be taken from you, and only they let you borrow at all.
If what you owe rises past a threshold set against what you posted, anyone at all may repay part of your debt and take your collateral in exchange. There is no notice, no grace period, no queue and no appeal. It is open to the public and performed by bots within a block of becoming profitable.
They take more than they repay, and the difference is yours to lose. That margin is the whole reason anybody does it. It is stated as a percentage on every market page before you borrow, and it is charged on the value seized rather than on what you originally posted.
This can happen because prices moved, or because interest accrued while you were not watching, or both. It does not require you to have done anything. Nothing on this site will chase you first, and no notification exists. The only defence is the distance you keep from the threshold, which every position page states as a figure.
Whether a position is liquidatable is settled against the protocol’s own price oracle, not against what an exchange shows you and not against what this site displays. If the two disagree, the oracle is the one with consequences.
An oracle can be wrong, stale, or manipulated. A thinly traded asset is easier to move than a deep one, and a price that moves for a moment is long enough to liquidate a position permanently. Assets differ enormously in how exposed they are to this, and the limits set against each one reflect that, but no limit removes the risk.
Our staking pools are a fork of Synthetix StakingRewards and our lending engine a fork of Compound V2, both audited at the versions we forked. Our additions have been reviewed internally and not yet by a third party.
The security section of the transparency page lists which components each part of that statement covers.
Live figures are read from public RPC endpoints on each request. When a read fails, this site withholds the figure and says so rather than showing a stale or partial number that looks complete. A missing number on this site means missing, not zero.
The contracts are unaffected by any of that. They keep running whether or not this interface can reach them, and you can interact with them directly.
Every claim above is checkable. The contract addresses, the reward budgets, the supply arithmetic and the audit position are all on the transparency page, with the reasoning attached to each figure rather than summarised away from it.