Phoenix Global, a lesser-known project currently on the Binance SmartChain, shocked cryptocurrency enthusiasts when it suddenly spiked 6,000% earlier this month. The sudden increase in value made their token, PHB, the 52nd largest cryptocurrency by market cap. Those that noticed the spike were understandably confused – with the truth of the matter coming out soon after. Created as a NEO NEP-5 token, Phoenix Global underwent both a platform swap and a redenomination at the same time.
Users that held the previous PHX token received PHB at a rate of 100:1 – a process that did not properly register on many of the top coin listing sites. As a result, the perceived value skyrocketed. After the dust cleared and these sites corrected their math, PHB still saw a near 60% surge in value. At least some of this increase resulted from the shocking numbers of users found on listing sites.
What is Phoenix Global?
Phoenix Global is the post-merger identity of two previous projects: Red Pulse Phoenix and the APEX Network. The two combined late last year to create the new company, focused on enterprise blockchain solutions. One of the key aspects of advancing the blockchain agenda in traditional markets lay with integrating exterior data streams. Oracles, like those offered by Phoenix Global or Chainlink, bring these data streams into a blockchain native format.
Alongside these oracles, Phoenix Global also offers proprietary sidechain solutions for enterprise clients. These sidechains allow more rapid transactions, while still ultimately settling on the main chain. Combined with their full suite of products, this creates a powerful platform for large-scale projects.
What Happened to NEO?
NEO started life as Antshares, receiving widespread acclaim as a possible Ethereum competitor. Yet, the project remains inextricably linked with China – which increasingly appears to be an albatross around their neck. China’s stance towards cryptocurrency dropped further, with yet another “ban” causing miners to flee the country earlier this year.
It comes as no surprise that projects like Phoenix Global are abandoning the NEP-5 standard to move to more friendly platforms – including the rapidly growing Binance SmartChain. These platforms offer the same, or better, features without the potential threat of a government crackdown.