What Is FinNexus (FNX)?

FinNexus (FNX), now known as Phoenix Finance (PHX), is a decentralized finance (DeFi) platform that specializes in cryptocurrency financial derivatives. According to the whitepaper, Phoenix Finance is built on Ethereum, Binance Smart Chain (BSC), Polygon, and Wanchain. Wanchain promotes the adoption of blockchain by cross-chain interoperability by creating a fully decentralized direct bridge connecting the world’s various fragmented blockchain networks. With the opportunity of staking and mining on the platform, users can trade options and leveraged tokens on Phoenix.

One of the primary products of Phoenix Finance is PPO, which stands for Phoenix Protocol for Options. PPO enables a decentralized way of trading and writing options. Options include writing, trading, exercising, and settlement as its core functions on-chain. It is managed through smart-contracts. PPO is understood as a censorship-resistant, noncustodial and permissionless protocol. However, PPO aims to make it simple to purchase options in an easy, secure, and decentralized way. Further, PPO builds a friendly transaction environment for options traders to contribute liquidity to the pool while earning passive rewards. Optional purchasers can benefit themselves from the wide variety of option types supplied by the pools and can customize strategies suitable to their needs.

Another prominent product of Phoenix is PPLT, which stands for Phoenix Protocol for leveraged tokens. PPLT provides a decentralized method for creating and trading decentralized leveraged tokens on crypto assets such as BTC, ETH, and others across multiple chains. These leveraged tokens are supported by no-loss lending pools in which participants can earn yield. The goal of PPLT is to make it simple to trade leveraged tokens in a simple, secure, transparent, and decentralized manner. Also, PPLT provides a welcoming environment for lenders to earn yield by powering leveraged positions for leveraged tokens.

The PHX is the native token of the Phoenix protocol. PHX can be used for governance, voting, liquidity mining, reward boosting, etc. Liquidity mining is a process where crypto holders lend assets to a decentralized exchange (DEX) in return for rewards. 

History of FinNexus (FNX)

Phoenix Finance, formerly known as FinNexus, was established in 2019. The finance specialist of Phoenix Finance is Ryan Tian. The total supply of PHX tokens is 176,406,168.