Red Pulse Phoenix (PHX) & APEX Network (CPX) Merger Plan
Dear Red Pulse Phoenix and APEX Network Community,
Many thanks for your patience over the last two weeks. We are excited to announce the logistics of the merger of the Red Pulse Phoenix and APEX Network token economies, infrastructure, project teams, and community. For background, please see previous announcements:
CPX:PHX swap ratio and conversion to PHB
Per the announcements, current CPX token holders will be airdropped 2.5 PHX for every 1 CPX that they hold. This PHX (NEP-5 token on NEO blockchain) can either be held in its current state, or can be converted to PHB (BEP-2 on Binance blockchain) by depositing the PHX into their Binance.com wallet. Doing so will automatically convert the PHX to PHB, and thus PHB will appear in the Binance wallet.
● November 2, 2020: The project team will newly mint an additional 1,692,472,474 Phoenix tokens (on both the parallel PHX NEP-5 and PHB BEP-2 tokens), representative of 2.5 x 676,988,989.55 CPX total token supply.
● ~November 6, 2020 at blockheight 6,422,886: A snapshot will be taken of the entire NEO blockchain to note all NEO wallets that contain CPX tokens, and their amounts.
● November 8, 2020: Newly minted PHX tokens will be airdropped to CPX token holders directly into their NEO wallets.
● CPX holders holding their CPX tokens on Switcheo are advised to transfer their CPX tokens to their own NEO wallets prior to November 4th. Being a DEX an airdrop to the exchange smart contract is not possible. As such the Switcheo team has been contacted and will receive the corresponding amount of PHX for manual distribution — this distribution is expected to take some time.
● CPX holders holding their CPX tokens on Hotbit or BitBNS are advised to transfer their CPX tokens to their own NEO wallets prior to November 4th. These exchanges may or may not honor the swap to PHX — so during this transition period, please use their wallets at your own risk.
● After November 6, CPX tokens will no longer be supported. We are working with Hotbit to support PHX tokens going forward. As Switcheo and BitBNS already have PHX listed, trading on those platforms is as easy as re-depositing your newly acquired PHX into your exchange wallet.
● Once the PHX & CPX merger is completed, the project team will notify key market data providers such as CoinMarketCap and CoinGecko to update their total token supply and market cap data on the combined Phoenix ecosystem. The APEX Network (CPX) token will be deprecated and no longer tracked by these data providers.
Many thanks for your continued patience and support — the combined project teams of Red Pulse Phoenix and APEX Network look forward to working together as Phoenix Global in building and delivering real-world use cases for our combined token ecosystems.
Stay tuned for additional details on Phoenix Global’s new DeFi platform Horizon — facilitating the creation of on-chain synthetic assets representing the real economy.
Jonathan Ha & Jimmy Hu
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