Guide: Prepare for the CPX:PHX merge & swap now!

7 min readNov 2, 2020

This guide has been created to assist with the impending token swap from CPX (NEP5) to PHX (NEP5). All NEP5 addresses holding CPX will receive 2.5 PHX for each 1 CPX held.

View full details on the swap here!
Important: You should withdraw your CPX from all exchanges immediately. CPX can be stored on any wallet that supports Neo and Nep5 tokens such as O3 wallet and Neon wallet. More details below.

Important dates

Monday, Nov 2: Apex/Phoenix teams will mint new PHX/PHB tokens to support the new merged supply
Friday, Nov 6th (estimated), at NEO block height 6,422,886: Snapshot will be taken of all NEO wallet balances holding CPX tokens
Sunday, Nov 8: PHX tokens are distributed to all NEO wallets that held CPX tokens during the snapshot. You will receive 2.5PHX for each 1 CPX at the time of the snapshot. Ie; 10,000 CPX becomes 25,000 PHX.

FAQ

1. What is the best way to prepare for the swap?

Have your CPX tokens in a NEO Address to which you own the keys (ie private key, Ledger, keystore + password, etc.). Examples include O3 wallet and Neon wallet.
Remove your tokens from any exchange back to an address where you own the keys.
Have this in place prior to NEO Blockheight 6,422,886 (ETA Friday Nov 6th). Do it earlier to avoid any unexpected network congestion.

2. I use Neon Wallet, 03 Wallet, Atomic Wallet, etc. Will I still receive my PHX swap tokens?

Yes you will. The important thing here is that you have control over the address and have the keys.
Wallets/apps where you import your keys will work for the swap. You will receive PHX directly to your address that holds CPX.

3. I have my tokens on a CEX, centralized exchange (Bitbns, BitZ, Hotbit, Lbank). Will I still receive my PHX swap tokens?

Assume the answer to be no. You should — but you may experience a significant delay, and the exchange may choose not to honor the swap. The PHX token will first go to the exchange’s wallet address, and the exchange would be responsible for distributing the swapped PHX tokens properly to all accounts that held CPX at the time of the snapshot. This means that the exchange is then responsible for sending crediting the tokens to your account (requires trust).
To avoid this and ensure you get the swap tokens directly to your own personal wallet, we recommend that you withdraw your CPX from the exchange and store it in your own address/wallet that you hold the keys to.
That being said, we have reached out to all three (four including Lbank) CEXes above to ensure that they are informed and able to prepare for the token swap, which would include ceasing all trading for the CPX token 24 hours prior to the blockheight snapshot.

4. I have my tokens on Switcheo, will I still receive my PHX swap tokens?

Yes, you will. But, we still recommend that you cancel any open orders and withdraw your CPX from the exchange’s smart contract prior to the snapshot. This will also reduce the workload on the Switcheo team distributing the swapped tokens to those still having their tokens on the smart contract.
Switcheo will cease trading of CPX approximately 24 hours before the snapshot.

5. How much PHX will I receive?

The swap will be 1 CPX : 2.5 PHX. For each 1 CPX you hold, you will receive 2.5 PHX.

6. What is the difference between PHX and PHB?

PHX is the Phoenix Nep5 token on the NEO blockchain.
PHB is the Phoenix Bep2 token on the Binance Smart Chain.
When you receive your PHX token, you may send it to the Binance main exchange (do not send to a Binance DEX address without first swapping to PHB). Binance will automatically swap your token to PHB. It is imperative that you are sending to the Nep5 wallet address — this is specified in your Binance account when you select PHX. Binance includes several warning messages to ensure that you do not incorrectly send your tokens. See below photo:

7. Can I send PHX directly to Binance or another exchange after I receive it?

Yes, you are free to do as you please once you have received the PHX token. Pay close attention to ensure whether the exchange you are sending to supports either the PHX (Nep5) or PHB (Bep2) version of the token.

8. Can I swap PHB back to PHX?

This process is currently handled only on the Phoenix Red Pulse site. The site is currently undergoing maintenance.

9. Which wallets can I store the PHX (Nep5) in?

Continue to store using your existing methods that you have been using for CPX — CPX and PHX are both Nep5 tokens on the NEO ecosystem.

10. I have swapped my PHX to PHB (Bep2) on Binance. Where can I store my PHB?

As PHB is a BEP2 token, you are able to store this on the many available wallets that support Bep2, including Ledger.
Visit this link for Ledger/Binance Chain support
Install the Binance Chain app on your Ledger device to manage your Binance Coin (BNB) and use the Binance DEX. The…
The withdrawal fee from Binance is currently 11 PHB.

11. I hold PHX, will I get anything from the swap?

No. This swap is only for CPX token holders.

12. What happens to my CPX tokens after the swap?

The CPX will remain in your address with the same balanceas before. However, the token is useless/has been deprecated. CPX trading will halt/be removed on all current exchanges.
Do NOT attempt to buy or sell CPX after the snapshot as the tokens will at that time already be worthless.

13. What are the tokenomics of Phoenix Red Pulse merged with Apex?

Please wait for a future news release on these details.

14. Is PHX/PHB stakeable?

Please wait for a future news release on these details.

15. How many new tokens are being minted?

The project team will mint an additional 1,692,472,474 Phoenix tokens (on both the parallel PHX Nep5 and PHB Bep2 tokens), representing 2.5x the 676,988,989.55 CPX total token supply.
Mind that a token is only ‘active’ on one chain at a time. When a user swaps a token from PHX to PHB it is frozen on Neo while being released on BSC, and vice versa.

16. Which markets/exchanges are PPX/PHB available on?

Major exchanges are Binance (PHB) and Huobi (PHX). See CoinMarketCap or CoinGecko for a complete list.

Preparing for the swap

1. Switcheo

Recommended Action: Cancel any existing/open orders and move all CPX tokens back to your wallet. This removes the tokens from the Switcheo smart contract, and makes for a smoother token distribution. Make sure that you check all wallets that you have previously used with Switcheo to ensure that you do not forget to cancel any orders / withdraw any contract balances.

The ‘Contract Balance’ and ‘In Open Order’ will show zero balances confirming that tokens are back in your wallet. If you have any non zero balances; cancel any open trades, select ‘Withdraw’ and transfer all CPX tokens back to your wallet. You will receive the PHX swap tokens directly to your NEO wallet.

Alternative: In the event your CPX tokens were in the Switcheo smart contract at the time of the snapshot, the Switcheo/Apex teams will need to complete additional steps to ensure your PHX swap is completed properly. This will result in delays as it requires manual additional steps to distribute tokens.

2. Other Exchanges

We are aware of CPX trading at the following exchanges — BitZ, Hotbit, and Bitbns. A few may also have forgotten to withdraw their CPX from Lbank after trading ceased.

Highly Recommended Action: Cancel existing orders and withdraw your CPX tokens back to a wallet to which you own the keys (see above for alternatives).

Alternative: If you are unable to withdraw your CPX tokens from the exchange to your own wallet prior to the snapshot, the exchange will receive your PHX tokens. We have reached out to all three exchanges above to ensure that they are aware of the swap, and have requested that they cease CPX trading prior to the snapshot, but we cannot guarantee that all exchanges will honor the swap or cease trading in a timely manner.

If your tokens are on one of these exchanges at the time of the swap, you are relying on the exchange to manually credit your account with the appropriate amount of PHX tokens. While we expect all exchanges to comply and properly distribute the PHX, there is always a risk this may not happen on one or more exchanges. At a minimum, you will experience a delay in receiving your PHX tokens.

Depositing PHX to Binance

Ensure that you have selected the NEP5 network for your deposits. Even though all NEo based wallets should have safeguards preventing user errors, depositing Nep5 PHX to a Bep2 address can result in the loss of your tokens. Contact Binance Support for additional questions.