Decentralized finance (DeFi) protocols or platforms are decentralized applications (dApps) that mimic traditional financial services providers such as banks, lenders, and insurance providers using smart contracts.
How was Phoenix Global created?
Phoenix Global was created after Apex Network, and Red Pulse Phoenix Network merged in November 2020. The merger created a larger, more powerful infrastructure and ecosystem effectively leveraging the best resources both companies have to offer (technology, platforms, token economics, liquidity, human talent, investor base, and marketing).
Red Pulse was a market intelligence platform that provided timely, relevant, and actionable insights on Chinese markets while Apex Network is a next generation Business-to-Company (B2C) information and value exchange infrastructure powered by blockchain technology. As a result of the rebranding, the Phoenix Red Pulse token, PHX, issued on the NEO blockchain was changed to Red Pulse Phoenix Binance (PHB), a BEP-20 token. The PHB token ticker remained, and now represents Phoenix Global.
Critical features on Phoenix Global Blockchain that make it ideal for dApps
Some of the critical features of Phoenix Global Blockchain that make it stand out when it comes to developing and deploying dApps are:
- Proprietary Oracle – Allows developers to easily connect their dApps to external data sources and systems through a proprietary integration middleware.
- Enterprise Sidechains – Allow developers to scale their dApps using multiple sidechains and separate the enterprise-level sidechains from the leading network.
- Two-fold Consensus Mechanism – This consensus mechanism combines agility and performance to allow developers to create dApps where assets can be easily transferred between the main and sidechains.
- Multi-layered Smart Contracts – This allows some components of the developed dApps to be stored off-chain to ensure that the dApps are scalable, flexible, and easily deployable.
Phoenix Global introduced a new Defi platform called Horizon Protocol
After unveiling Phoenix Global, a new DeFi platform was announced called Horizon Protocol. This on-chain DeFi protocol offers users exposure to synthetic assets pegged on real-world assets.
Horizon Protocol is a decentralized finance ecosystem that allows users to trade synthetic assets. These assets are tethered to real-world economic assets using Oracles such as Chainlink, Band, and Phoenix Oracle, and the risk/return ratio is the same. Furthermore, the platform is implemented on the Binance Smart Chain to facilitate smart contracts’ speedy and dependable processing. You can expect to find a high liquidity derivatives platform with optimum scalability and interoperability.
Horizon Protocol will also offer derivatives trading, leveraged trading, margin trading, and futures trading for the synthetic assets through its decentralized exchange named Horizon Exchange.