PhoenixDAO is a community-focused decentralized platform built to introduce new standards for DAO. PhoenixDAO takes an edge over traditional blockchain-based distributed organizations by offering a new and improved structure. It was started with the vision to build futuristic standards of a decentralized blockchain system.
Overview of PhoenixDAO
Phoenix is a decentralized organization (DAO) built on the top of blockchain technology hence inherently comes with transparency and safety. The Phoenix system is based on an algorithm that enables users to multiply the value of their financial assets with minimal security risks.
PhoenixDAO offers a suite of decentralized protocols and products based on digital identity. The PhoenixDAO is bringing revolution by transforming the existing digital identity system to a new digital economy that covers DeFi, NFT, decentralized governance through authentication, payments, and linked identity.
A Brief Synopsis of Phoenix DAO Products
The products include a decentralized autonomous organization (DAO), a staking dApp, and an events dApp, let’s dive deep to know more about these products:
Phoenix DAO: A DAO setting new standards with its unique and much-anticipated features which include governance, self-sustaining model fueled by revenue-generating products, earning opportunity for users, Open and global framework.
Staking dApp: The staking dApp enables users to maximize their rewards with features like Flexible staking/liquidity farming, Advantages over bulk staking, and luxury to use the spot staking feature in V1.0 or liquidity farming version in V2.0.
Events dApp: The event dApp is one of the most advanced and key features of the PhoenixDAO ecosystem, which aims at transforming the event landscape with its next-generation event NFT ticketing and on-chain management platform.
PHNX tokens are at the heart of the PhoenixDAO ecosystem, In the main PHNX is an ERC20 based utility token however, also available on Polygon and Binance Smart Chain. The role of token is not only limited to the products and protocols of the ecosystem but also be utilized for paying gas fees. To participate in PhoenixDAO and to use any dApp or perform any action PHNX token is essentially required whether it’s Staking, Voting, or anything else.
The PHNX token holders will be able to participate in the voting within the ecosystem and submit their proposal or cast their vote by staking their PHNX token and also get incentives for locking their PHNX tokens for a certain period of time.
Stake and Earn with PhoenixDAO Staking DAPP
Staking dApp as the name suggests is a decentralized staking application where users can stake their PHNX tokens and earn lucrative rewards on their staking. The app doesn’t only allow users to earn higher interest on their staking but also plays a major role in fueling PhoenixDAO’s ultimate vision.
PhoenixDAO staking dApp offers a standard yearly APR of 20% based on the staking of PHNX tokens within the Dapp, the incentives on staking vary on the number of tokens staked and on the duration selected.
To stake PHNX tokens on the PhoenixDAO staking dApp users need to follow these steps:
Step 1: Go to the Staking dApp of PhoenixDAO using this link: https://staking.phoenixdao.io/.
Step 2: Click on the “Connect Wallet” button available on the top right corner of the page, connect your Metamask wallet Additional wallets will be supported in later versions.
Step 3: Once your wallet is connected the PHNX balance will reflect on the dashboard, click on the “Stake Now” button or go to the staking tap on the sidebar, now select the number of tokens you would like to stake and also select staking duration.
Step 4: If you wish to unstake your PHNX tokens at any point in time you can simply select the Unstaking tab provided in the sidebar and process with unstaking by entering the amount of PHNX you would like to Unstake. To ensure good acting within the DAO ecosystem early withdrawals are subject to a token burn.
Step 5: At the end of the specified staking period, stakers will receive rewards directly in their wallets.
For more information about PhoenixDAO, head to: https://phoenixdao.io.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.