At 4:00 AM (UTC) Wednesday, May 22nd, Binance will suspend deposits, withdrawals and trading of the PHX/BNB, PHX/BTC and PHX/ETH markets as part of Red Pulse’s integration into the Binance Chain ecosystem. RPX (NEP-5) tokens held on Binance will be swapped 1:1 to Binance’s BEP-2 protocol with the PHB ticker symbol. Trading on Binance will resume on May 24th at 4:00 AM (UTC). Confirmation from Binance can be found here.
The Red Pulse Phoenix project is a market intelligence platform that aims to provide greater transparency into China’s opaque economy by connecting non-Chinese speaking clients with experts in China’s capital markets. Red Pulse uses its PHX token to “incentivize and compensate research producers for producing relevant and valuable research on China’s financial markets.”
In April 2019, the team announced intentions to integrate into the new Binance Chain, including the allocation of resources toward developing a Python SDK for both NEO and Binance Chain. In the original announcement, CEO Jonathan Ha mentions,
“Having native integration with two of the world’s most prominent and actively used ecosystems ensures that Red Pulse’s decentralized knowledge and information infrastructure Phoenix is actively preserved, with tokenized knowledge registered and secured across two major public blockchains.”
Token Swap Details
When trading resumes on May 24th, Binance will remove previous PHX markets – PHX/BNB, PHX/BTC and PHX/ETH – and open PHB trading in the following markets:
- PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD and PHB/PAX.
While Binance users will be able to deposit RPX (NEP-5) token after the migration, RPX tokens will automatically be swapped to PHB upon deposit and can only be withdrawn as the PHB (BEP-2) token. PHB will also be available for trading on Binance DEX when trading commences.
Red Pulse Phoenix’s token will ultimately co-exist as RPX on NEO and PHB on Binance Chain.
The integration schedule can be found below: