PhoenixDAO: A Decentralized Digital Identity Platform Giving Users Staking Rewards

By Achal Arya
Published February 20, 2021 Updated February 20, 2021
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PhoenixDAO: A Decentralized Digital Identity Platform Giving Users Staking Rewards

By Achal Arya
Published February 20, 2021 Updated February 20, 2021

PhoenixDAO, a decentralized and open-source digital identity-driven platform, announced the planned launch of its Event Marketplace DApp, which provides listings and a marketplace for event tickets – both free and paid – before the end of Q1 2021. This follows the recent beta launch of the upgraded Phoenix DAO’s Staking DApp.

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Launched in 2020, PhoenixDAO aims to eliminate cases of whale manipulation through its custom-built DAO. The platform employs a community-driven governance approach, which gives token holders the ability to create and vote on proposals on projects and DApps that will be built on the platform. PhoenixDAO is powered by its native, PHNX tokens – also used in voting. 

As seen above, the PhoenixDAO comprises of two main parts – the DAO (for governance) and DApps (utility) – giving users a voice in making decisions through the PHNX token

At the center of PhoenixDAO is the DAO, or decentralized autonomous organization, which is the governance protocol of the network. According to a statement, the DAO allows community participation in voting for proposals as mentioned above and also shares grants to projects benefiting the PhoenixDAO ecosystem. 

At launch, the PhoenixDAO team launched a staking campaign in partnership with Ferrum Network swiftly followed by the team launching their first flagship staking dApp Q3 2020 and is expected to launch their second the Event Marketplace later this quarter. Next on the roadmap is an NFT Marketplace coming later in the year.

Staking on the platform is possible in two ways – either through the Spot staking DApp or providing liquidity on Uniswap. Staking on Spot staking DApp gives users the ability to earn up to 20% APY, paid in PHNX. Started in June, users are also able to lock/provide liquidity on the PHNX Uniswap LP for a month in order to earn ETH/PHNX rewards. 

The success of the DAO cannot be understated as liquidity and volumes on the platform surge since the turn of the year. On Feb 14th, PhoenixDAO broke its 24-hour all-time high volume on Uniswap and other listed exchanges at $950,000, showing the potential of the network. Uniswap (PHNX/ETH) liquidity pool set all-time high liquidity of $394,700 on Wednesday this week. 

Notwithstanding, PhoenixDAO has also opened up to a wide range of partners in the cryptocurrency ecosystem, from marketers to developers. PhoenixDAO announced a partnership, in mid-2020 with Ferrum Network, a crypto wallet provider, to improve digital identity in their Sub-Zero wallet. Ferrum Network is a decentralized network with a unique value proposition — “instead of focusing on new coins, it can represent coins in other networks”.

The partnership quickly followed with marketing alliances with LunaPR and Crypto Daily gearing up to disrupt the DeFi and DAO governance market. The partnership with Luna PR, a global fintech marketing and PR firm, announced on Wednesday, aims to rally the market and create confidence and belief that the PhoenixDAO system will win the market. 

“Branding is imperative for any industry,” a statement from PhoenixDAO reads. “Without a public image, no organization can survive in this competitive market.”

Following the successful testing of the DAO, this is now closer than ever to launch, once live it will be the first step toward seeing developers across the world who are building on the PhoenixDAO ecosystem. Later in 2021, the team will be sharing detail around the dApp store launch. This also gives users the opportunity to earn passive income through staking –expected next month. 

The PhoenixDAO token, PHNX, currently trades at $0.088997, a sharp 220% increase in the past month, with a total circulating supply of 51,897,138. The total market cap for PHNX tokens is $4,778,869, a 7.3% dip in the past 24 hours.


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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Achal Arya
510 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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