From Staking, dApps, To Governance: The Different Use Cases Of The PHNX Token
PhoenixDAO’s community-led open-source project aims to revolutionize the world of digital identity and provide users with a wide range of DeFi-enabled tools and solutions.
At the forefront of the project is a custom-built DAO allowing users to stake PHNX to suggest and vote on various proposals and dictate how budgets are spent. An accompanying dApp store also helps fuel the entire ecosystem.
The Phoenix Identity protocol allows individuals to build secure digital identities, share their data, and carry around their information as they interact with a variety of different protocols and tools. Users looking to harness the benefits of the PhoenixDAO ecosystem can use the PHNX token in a number of ways to earn more coins, vote on protocol changes, and create their own events.
Curious to learn more? Keep reading for a breakdown of the different use cases of the PHNX token.
Staking remains one of the most popular ways to generate passive income with crypto holdings. PHNX token holders can harness the staking dApp to earn up to 200% APY on the V2. Users can either turn to the spot staking feature (V 1.0) or turn to the V2 liquidity pool version based on their interests. Prospective stakers can connect their MetaMask or Numio Wallet to PhoenixDAO’s staking dApp to begin to earn rewards. Early withdrawal of funds is possible but will come at the cost of a users percentage PHNX, which is burned by the platform.
PHNX holders can also participate in the platform’s governance process. Users can stake on multiple proposals and watch as the ideas with the most votes win. Those interested must stake at least 1000 PHNX for voting rights. 10,000 staked PHNX is required for proposal creation, which can relate to governance structure, leadership, protocol changes, marketing and listing strategies, and/or funding/rewards.
The Phoenix Foundation intends for the entire project to function as a self-operating DAO. All DAO spending will be voted on by the community. Each spent PHNX will be noted on a running website budget page for full transparency. The DAO will not rely on outside donations to function, sustaining instead with the help of revenue-generating products on the dApp store.
Event Creation and Purchases
The Phoenix Events Marketplace is one of the most unique offerings. The idea behind this dApp is to make it as simple as possible to create events or buy tickets with PHNX tokens. The native Phoenix ID solution ensures tickets tied to a user’s identity follow them around wherever they go. Event creators can opt to make their activity free to encourage people to become familiar with the dApp, or choose to receive PHNX as payment.
dApp Store Creation
PHNX is used as the main transactional token for all interactions on the larger Phoenix dApp store. 2% of all dApp store sales goes straight to the DAO smart contract to fund future dApp development and other initiatives. All DAO-funded flagship dApp sales are sequestered for ecosystem expansion, according to the PhoenixDAO team.
Furthermore PhoenixDAO set out to build an additional three flagship products which will be key to a self-sustaining ecosystem.
Overall, PHNX holders have the ability to engage with a number of tools and platforms across the Phoenix ecosystem. It’s easy to use PHNX to earn passive income through staking, participate in the governance process, and interact on the Phoenix dApp store.
PhoenixDAO is a next-gen decentralized platform that takes a three-pronged approach with a DAO (governance system), Staking dApp and Events dApp. PhoenixDAO is a community-led project that utilizes the DAO to become self-autonomous and utilize the revenue generated by its native dApp store.
PhoenixDAO apart from its unique products, houses robust protocols (Identity management, authentication, payment, and tokenization protocols) that empower the entire ecosystem.
Learn more about PhoenixDAO and its products at https://phoenixdao.io/.