CPX token holders will receive an airdrop of PHX tokens following a merger between Red Pulse Phoenix and APEX Network. The new entity plans to pursue the development of a DeFi platform under the name Phoenix Global. Phoenix Global will deprecate the CPX token as it is merged with the PHX token supply.
CPX holders will receive 2.5 PHX tokens per CPX. APEX will take a snapshot of CPX wallet balances at block height 6,422,886, estimated for November 6th, with PHX distribution to begin on November 8th. Holders are advised to prepare by ensuring that they store all tokens in a wallet for which they own the keys.
APEX has contacted centralized exchanges that currently trade CPX to co-ordinate support for the swap. However, it notes that it cannot guarantee reliability on behalf of the exchanges.
PHX is a NEP-5 token; although, it can be converted to PHB – Red Pulse Phoenix’s BEP-2 token – by sending it to Binance’s main exchange.
Horizon DeFi Platform
Red Pulse Phoenix and APEX Network announced the Phoenix Global merger in October, stating intentions to develop a DeFi platform called “Horizon.”
In a post published to APEX Network’s Medium account, the company said:
“The merger will create a larger, more powerful infrastructure and ecosystem, effectively leveraging the best resources both projects have to offer (technology, platforms, token economies, token liquidity, human talent, community, and marketing).”
The Horizon project is planned to support features such as creation of synthetic assets tied to real-world assets, interoperability, oracles, and staking. Among the touted functionality is an experimental protocol intended to enable delivery verification of physical assets.
A Horizon whitepaper is scheduled for release this month.
In October 2017, Red Pulse became the first project to hold a token sale on the Neo blockchain. It raised 405,884 NEO valued at approximately US $12 million at the time of sale. APEX held its token sale in January 2018, raising roughly 40,000 NEO valued at around US $5.2 million.
Red Pulse initially focused on building a Steemit-style platform that allowed market research producers to receive rewards for sharing their insights and analysis. APEX aimed to improve the consumer data ecosystem by connecting consumers directly with brands.
Further details of the CPX to PHX merge and airdrop can be found at the link below: