Phoenix Global announced the launch of Phoenix Staker on Binance Smart Chain scheduled for 25th June 2021, by 12:00 pm (midday) (SGT). Holders can stake their Phoenix Global token, PHB, to receive more PHB as staking rewards. The launch also coincides with the decommissioning of the Insights Platform. The migration marks a wholesale move of the entire PHB infrastructure onto the Binance Smart Chain.
BEP-20 is a token standard on Binance Smart Chain (BSC) and is an extension of ERC-20, the most common Ethereum token standard. It also allows token developers to build and deploy smart contracts on its blockchain, just as in the Ethereum blockchain. The move from the PHX NEP5 and PHB BEP2 to PHB BEP20 has long been in the works, and the launch of Phoenix Staker marks a milestone event in the migration event. Once fully deployed, PHB will become active on the third-largest blockchain by market capitalization. This represents a significant improvement from its previous versions.
Transactions are completed at relatively fast and low transaction fees compared to other blockchains of comparable size. This migration allows PHB holders to stake, send and receive their tokens in a more efficient blockchain. It also positions PHB for more growth opportunities benefitting from the potential of the BSC blockchain’s innovative potential.
To be fair, a few holders have complained about the switch. After all, it is the second such migration in a matter of years – from PHX NEP5 to PHB BEP2 then PHB BEP20. The question on their mind is valid too. “Is the switch necessary? Will it compromise security?”
This release comes after the completion of an independent security audit. You can find the report here (Passed with no vulnerabilities). In addition, the community testing period did not reveal any loopholes or high severity defects. Also, the switch is not time-sensitive, set at a 1:1 ratio which eliminates the fear of a token devaluation. However, you do not become eligible to claim your staking rewards until you switch your PHB NEP5 token to its BEP20 version.You can find details about switching your token here.
Since the token first launched a couple of years ago, PHB has gone through different phases; each aimed to develop the token and reward its adopters. This latest move by the developers seems like yet another genuine attempt to reward its loyal community of holders. It rewards the holders and introduces them to an ecosystem that offers more growth potential. With the string of good news coming out from the development team, it looks like the only way for the PHB token community is upward.