Phoenix Global is a decentralized blockchain platform, created from the merger of APEX Network and Red Pulse Phoenix in October 2020.^[1]

Overview

Apex Network

Apex Technologies (formerly known as Chinapex) is a company, building Apex Network, a blockchain platform and ecosystem aimed at solving the problems faced by businesses in their B2C (business-to-consumer) interactions. Apex Technologies put the customer back in control of their data instead of relying on third-party data holders. Apex Technologies was ranked as the Top AI Company in China by China Internet Weekly, chosen as a Microsoft Accelerator Selectee and Microsoft Partner, and featured on the Forbes China Top 50 Most Promising Companies list.^[2]

Apex Network was a decentralized exchange (DEX) that provided a «one-click» transfer of assets within the ecosystem. This was achieved through a two-way peg between sidechain tokens and mainnet CPX (Apex's native token). Taking two of Apex Technologies’ existing customers as an example, Finnair and Hilton, this would enable customers to swap Finnair miles for Hilton nights or vice versa. Apex Network's mainnet used a Dpos (Delegated-Proof-Of-Stake) consensus mechanism, while Proof-of-stake was the consensus mechanism of choice for the sidechains. Delegates (supernodes) had to hold a minimum amount of Apex Network's CPX tokens before they can be eligible to be voted. Once Supernode status was achieved, their main roles included 1) aggregation of transactions across the main network into blocks; 2) validation of the transactions by signing and broadcasting the blocks; 3) helping to resolve consensus issues in a democratic manner.^[3]

In June 2019 Apex Network announced the launch of their initial mainnet technology. In October 2020 APEX Network and Red Pulse Phoenix merged into Phoenix Global.^[2]

APEX Token (CPX)

Apex Network held both their presale and crowdsale in January 2018. Token price at ICO was as follows:

• Presale: $0.085 (factoring in the 20% presale bonus) per CPX
• Crowdsale: $0.13 per CPX.

CPX was traded on three exchanges: Switcheo (SWTH), Hotbit, and LBank.

CPX Distribution:

• 50% for the token sale
• 25% for the platform and ecosystem growth
• 10% for the company reserve
• 15% for the team and advisors.

Red Pulse Phoenix

Founded in 2015, Red Pulse was a blockchain-based intelligence platform covering China's economy and capital markets. Red Pulse was the first application launched on the NEO blockchain, initially under the ticker RPX. However, PHX tokens replaced RPX after a significant upgrade in 2018 called Phoenix. When someone contributed information or research to the platform, Red Pulse assigned them a credibility score. This score was based on the accuracy of their submissions determined by readers, the Red Pulse team, and the overall popularity of their contributions. Contributors earned PHX tokens for their submissions. Anyone accessing the information on Red Pulse paid in PHX tokens. Furthermore, if a researcher wanted to find out more about particular market development, they could make a request on the platform. Then, anyone in the know could respond to the request and earn PHX tokens for their efforts.^[1]

The company underwent an initial Initial Coin Offering (ICO) in 2017, raising $15 million. There was a significant upgrade in 2018 called Phoenix, which introduced enhanced smart contract functionality. This upgrade included proof of creation and ownership of content, alongside regulatory compliance and intellectual property protection. At that time, the project swapped out the initial RPX token for the Phoenix (PHX) token.  In August 2018, RPX holders were given 1 PHX for every 1 RPX.^[2]

PHX tokens were non-mineable. Instead, the platform operated a staking mechanism for node holders and used the NEO delegated Byzantine fault tolerance (dBFT) consensus algorithm. Anyone holding PHX (Phoenix) tokens could become a staker. To do so, they had to convert their PHX to PHF tokens (Phoenix Fire). The conversion was on a 1:1 ratio and Red Pulse called it “firing up.”^[3]

The total supply of PHX increased by 10% each year. The newly created coins were split 50/50 between rewards for data contributors and rewards for stakers. The rewards for stakers were calculated based on a tiered model where those staking the most get the biggest rewards. All stakers earned a base rate of 5% per year. The difference between this payout, and the newly minted coins reserved for staking rewards went into a pool. Stakers got a share of this pool according to their tier level.^[1]

Merger

APEX Network and Red Pulse Phoenix cooperation
Phoenix Global was created in October 2020 out of the merger of APEX Network and Red Pulse Phoenix. Per the announcements, on November 8, 2020, APEX's CPX token holders were airdropped 2.5 Red Pulse's PHX for every 1 CPX that they held. This PHX (NEP-5 token on NEO blockchain) could either be held in its current state or could be converted to PHB (BEP-2 on Binance blockchain) by depositing the PHX into their Binance wallet.   After the merger, the APEX Network (CPX) tokens were deprecated and no longer tracked by data providers, such as CoinGecko or CoinMarketCap.^[3][4]

According to announcements, Horizon DeFi (decentralized finance) platform is going to be created. By leveraging cross-blockchain platforms such as Cosmos and Tendermint, the Horizon platform will ensure interoperability with distinct blockchains such as the Binance Smart Chain, Ethereum, and NEO, among others.^[1]

Phoenix Horizon

Phoenix Horizon is a DeFi (decentralized finance) platform that facilitates the on-chain trading of synthetic assets that represent the real-world economy. Forked from Synthetix, Horizon will leverage the time-tested derivative liquidity protocol and bring interoperability, scalability, and a new array of tradable, real-world derivative products to the DeFi ecosystem. Horizon will be partnering with the Binance ecosystem and launching on the Binance Smart Chain. ^[1]

Horizon Token (HZN)

The HZN token will collateralize the creation of tradable synthetic assets (‘hAssets’), drive the platform’s reward program as well as facilitate a DAO that will govern the protocol. By forking from the Synthetix Protocol, Horizon can adopt the token utility of SNX and focus on bringing it into the Binance Smart Chain ecosystem, as well as interoperability across many chains in the DeFi ecosystem.^[2]

Horizon is committed to a properly decentralized governance structure, where HZN stakers have the power to produce Horizon Improvement Proposals (HIPs) and vote on them. Once governance is launched, HZN stakers will be responsible for managing critical parts of the protocol, including but not limited to:

• Collateralization ratio of hAssets
• Staking and Liquidity pool rewards
• Liquidity pool farms
• Exchange (fees, rewards, burns)
• Protocol direction and functional improvements .

According to the Horizon litepaper that was released in December 2020, the initial launch distribution of HZN will be as follows:

• 50% for ecosystem incentives
• 25% for foundation
• 10% for team
• 10% for stakers (PHB)
• 5% for launch promotion.

Staking

HZN holders will be incentivized to stake their tokens into a community-based liquidity pool that will collateralize the issuance of all hAssets. HZN stakers will be rewarded with HZN staking rewards, which is generated from the token’s inflationary monetary policy, and exchange fees from the Horizon Exchange. Each transaction on the Horizon Exchange will incur up to a 0.3% exchange fee that will be distributed to HZN stakers at a rate proportional to their position size within the liquidity pool.^[3]

hAsset Creation and the Collateralization Ratio

All hAssets when created are assigned an exchange rate using price feeds supplied by oracles and are tradable cross-chain. When HZN is staked, hAssets will be issued at a 750% collateralization ratio to ensure there is sufficient collateral during price fluctuations. As the HZN price fluctuates the collateralization ratio will also fluctuate and the staker must restore their collateralization ratio by either burning or creating hAssets in order to reclaim their HZN.^[4]

Horizon Exchange

The Horizon Exchange will be a key player in expanding accessibility of different assets as well as providing seamless trading between any combination of assets (e.g. Amazon stock to synthetic oil). Since all hAssets are backed by the same community-based liquidity pool, it makes it easy to trade between hAsset tokens. This model provides for no slippage on trades and infinite liquidity up to the Total Value Locked (TVL) in the debt pool. The Horizon Exchange will also be developing a suite of trading tools, such as limit orders, stop-losses, trade histories, and fully functional charts for technical analysis. In the future, Horizon Exchange will look to expand into the margin, leverage, and options trading.^[1]

Phoenix DeFi Oracle

Horizon will benefit not only from established data feed oracles such as Chainlink and Band Protocol, but also proprietary data from the Phoenix DeFi Oracle to accommodate other assets such as stocks, non-US market indices, and illiquid/alternative assets such as real estate (REITs) and artwork.^[2]

The Phoenix DeFi Oracle will utilize the existing Phoenix Chain, originally developed by the APEX team, and bring new utility to the PHB token by facilitating node operation and the validation of price feeds. The Phoenix DeFi Oracle will focus strictly on the on-chain price feeds of real-world assets mentioned above.^[1]