sXPHX: how it works · PhoenixCo

How sXPHX works

sXPHX is the receipt token of the sXPHX vault on BNB Smart Chain. You deposit XPHX and receive sXPHX; you redeem sXPHX and receive XPHX, in the same transaction, at any time. Your number of sXPHX never changes on its own. What changes is the exchange rate, the amount of XPHX one sXPHX redeems for, which rises as XPHX flows into the vault from the XPHX transfer fee, from reflections, from donations and from protocol revenue. Nothing is minted to pay it. The vault opened on 8 September 2026 at one XPHX per sXPHX. It is a separate product from hold to earn.

The sXPHX page: the rate, the vault and your position, read live

What sXPHX is

Does sXPHX rebase?: No. sXPHX is an exchange-rate token. The number of sXPHX in your wallet never changes by itself. Each sXPHX redeems for more XPHX over time, and the exchange rate is the only thing that moves.
What is the exchange rate?: The amount of XPHX that one sXPHX redeems for. The vault computes it on every read as the XPHX it holds, less the performance fee accrued so far, divided by the sXPHX in existence. It is the contract function exchangeRate(), and the sXPHX page reads it live. The rate, read live
When did it open, and at what rate?: On 8 September 2026, at par: one sXPHX for one XPHX. The first deposit sets that rate by construction, because it mints one sXPHX for each XPHX received.
Does the vault stake, lend or trade the XPHX?: No. It holds it. Nothing is delegated, lent out or swapped, and the vault has no strategy. Its XPHX balance grows only because XPHX is sent to it.
Is sXPHX the same as hold to earn?: No. They are different products in different contracts, and neither refers to the other. sXPHX takes a deposit of XPHX and pays through a rising exchange rate, with nothing to claim. Hold to earn takes no deposit at all: a campaign with its own fixed budget pays wallets that hold a PancakeSwap pair token, per second, and the reward is claimed. How hold to earn works

Depositing and redeeming

Is there a lock, a queue or an unbonding delay?: No. Redeeming burns your sXPHX and sends you XPHX in the same transaction. There is no queue, no unbonding period, no notice period and no withdrawal window. You can redeem any amount of the sXPHX you hold, at any time.
Can anyone pause or block a redemption?: The vault has no pause function and no function that can refuse, delay or reorder a redemption, and its admin has no power over deposits or redemptions. The one control outside the vault is on the XPHX token itself: its owner sets a maximum size for any single XPHX transfer, which applies to every transfer including a redemption. It is set above the whole supply of XPHX, so it limits nothing, and the site checks that before every deploy.
Do deposits and redemptions pay the XPHX transfer tax?: No. The vault is exempt from the XPHX transfer fee, so a deposit credits the full amount you send and a redemption pays the full amount the rate gives. The exemption is a setting on the XPHX token, not on the vault. The vault measures what actually arrives rather than assuming it, so if the exemption were ever removed the tax would show in that depositor's own receipt instead of diluting everyone else.
How much sXPHX does a deposit receive?: The amount deposited divided by the current exchange rate. Deposits and redemptions both happen at the rate, so neither one changes it for anybody else.
Is there a minimum deposit?: Only that a deposit must be large enough to mint some sXPHX, which any practical amount is. sXPHX has more decimal places than XPHX so that rounding stays immaterial for small and late deposits.

Can the rate go down?

Can the exchange rate fall?: Nothing in the vault can lower it. The only way XPHX leaves the vault is a redemption, which burns sXPHX in exact proportion, with rounding in the vault's favour, so it leaves the rate unchanged. The contract stops short of calling that a guarantee, for one reason: the rate is computed from the vault's XPHX balance, which is the XPHX token's own accounting, and the XPHX token's owner holds settings that can move holders' balances, such as including an account in reflections again.
Can the admin withdraw the XPHX?: No. There is no owner withdrawal, sweep, pause or upgrade function, and the vault is not behind a proxy. There is a rescue function, for other tokens sent to the vault by mistake, and it refuses XPHX: the vault asset is fixed at deployment and the call reverts with "cannot move the vault asset".
What can the vault admin do?: It can change the address that receives the performance fee, recover tokens other than XPHX sent to the vault by mistake, and hand the admin role to another address, and nothing else. It cannot change the size of the fee, move XPHX, mint sXPHX, pause the vault or block a deposit or a redemption.

Where the yield comes from

Is the yield paid from emissions?: No. No XPHX and no sXPHX is minted to pay it, and there is no reward token. The rate rises only because XPHX arrives in the vault, from the sources below, and each one is shared by every sXPHX at once.
How does the XPHX transfer fee pay the vault?: XPHX charges a fee on taxed transfers, and 1% of each taxed transfer is paid straight to the vault. Transfers to or from fee-exempt addresses pay no fee, so they add nothing. The destination of this leg is a setting on the XPHX token.
How do reflections reach the vault?: XPHX reflects 1% of each taxed transfer to every holder in proportion to what they hold. The vault is a holder and is not excluded from reflections, so it receives its share like any wallet.
Can anyone add XPHX to the vault?: Anyone can send XPHX straight to the vault. It raises the rate for every holder at once and mints no sXPHX for the sender. The sXPHX page has a Donate action for it. Donate from the sXPHX page
How does protocol revenue reach the vault?: The protocol's revenue router pays out the XPHX it receives, whether paid in XPHX or bought back with other revenue, and sends 37% of it to the vault and 63% to the protocol's staking contract. The split is a setting on the router. This source pays only once the router has XPHX to pay out; the sXPHX page and the stats page show whether a buyback has run. Protocol revenue, read live
Is the yield fixed?: No. The fee and reflection legs depend on how much XPHX moves, donations and revenue on what arrives, and all of it is divided among every sXPHX in existence. The same flow into a larger vault raises the rate less. The annualised figure on the sXPHX page is arithmetic on the recorded rate, not a promise.

Fees

What does sXPHX charge?: A performance fee of 9.33% of the vault's growth, and nothing else: no deposit fee, no redemption fee, no management fee. The size is a constant in the contract that nobody can change.
How is the performance fee taken?: Only on growth above the highest rate already charged (a high-water mark), so the same growth is never charged twice. It is deducted from the rate continuously, so the rate you see is already net of it, and it is paid by minting new sXPHX to the fee recipient rather than by moving XPHX out. Collecting it does not move the rate.
Who receives the performance fee?: The PhoenixCo treasury. The vault admin can point the fee at a different address but cannot change its size, and the site checks the recipient against the treasury before every deploy.

sXPHX in the lending markets

Can sXPHX be used as collateral?: Yes. sXPHX is a listed lending market. You can supply it and borrow against it. Supplied sXPHX is still sXPHX, so what it redeems for keeps rising while it is posted as collateral. The sXPHX market
How is sXPHX priced as collateral?: At its redemption rate times the price of XPHX. The price of sXPHX in a trading pool does not enter it, so a pool trading below the vault does not move a borrower's liquidation point, while a fall in the price of XPHX does.

Contracts

On BNB Smart Chain. Each opens on the block explorer.

sXPHX vault and token (the same contract)0x8349F55cB689fa9bc115A18d326Ea9B3bCBf78DB
XPHX0x8729123aC749359144DB4396F8ecF32976f7A86e
psXPHX lending market0xb8047AabfA0741c45ad241a288a9408aB88FbF94

Stated from the deployed contracts. The settings this page describes as current, such as fee exemptions, fee recipients and thresholds, are read from the chain before every deploy, and a deploy that would publish one of them wrong does not go out. Rates, balances and dates change by the second and are not stated here: they are read live on the product page.

How sXPHX works

The sXPHX page: the rate, the vault and your position, read live

What sXPHX is

Does sXPHX rebase?

No. sXPHX is an exchange-rate token. The number of sXPHX in your wallet never changes by itself. Each sXPHX redeems for more XPHX over time, and the exchange rate is the only thing that moves.

What is the exchange rate?

The amount of XPHX that one sXPHX redeems for. The vault computes it on every read as the XPHX it holds, less the performance fee accrued so far, divided by the sXPHX in existence. It is the contract function exchangeRate(), and the sXPHX page reads it live. The rate, read live

When did it open, and at what rate?

On 8 September 2026, at par: one sXPHX for one XPHX. The first deposit sets that rate by construction, because it mints one sXPHX for each XPHX received.

Does the vault stake, lend or trade the XPHX?

No. It holds it. Nothing is delegated, lent out or swapped, and the vault has no strategy. Its XPHX balance grows only because XPHX is sent to it.

Is sXPHX the same as hold to earn?

No. They are different products in different contracts, and neither refers to the other. sXPHX takes a deposit of XPHX and pays through a rising exchange rate, with nothing to claim. Hold to earn takes no deposit at all: a campaign with its own fixed budget pays wallets that hold a PancakeSwap pair token, per second, and the reward is claimed. How hold to earn works

Depositing and redeeming

Is there a lock, a queue or an unbonding delay?

No. Redeeming burns your sXPHX and sends you XPHX in the same transaction. There is no queue, no unbonding period, no notice period and no withdrawal window. You can redeem any amount of the sXPHX you hold, at any time.

Can anyone pause or block a redemption?

The vault has no pause function and no function that can refuse, delay or reorder a redemption, and its admin has no power over deposits or redemptions. The one control outside the vault is on the XPHX token itself: its owner sets a maximum size for any single XPHX transfer, which applies to every transfer including a redemption. It is set above the whole supply of XPHX, so it limits nothing, and the site checks that before every deploy.

Do deposits and redemptions pay the XPHX transfer tax?

No. The vault is exempt from the XPHX transfer fee, so a deposit credits the full amount you send and a redemption pays the full amount the rate gives. The exemption is a setting on the XPHX token, not on the vault. The vault measures what actually arrives rather than assuming it, so if the exemption were ever removed the tax would show in that depositor's own receipt instead of diluting everyone else.

How much sXPHX does a deposit receive?

The amount deposited divided by the current exchange rate. Deposits and redemptions both happen at the rate, so neither one changes it for anybody else.

Is there a minimum deposit?

Only that a deposit must be large enough to mint some sXPHX, which any practical amount is. sXPHX has more decimal places than XPHX so that rounding stays immaterial for small and late deposits.

Can the rate go down?

Can the exchange rate fall?

Nothing in the vault can lower it. The only way XPHX leaves the vault is a redemption, which burns sXPHX in exact proportion, with rounding in the vault's favour, so it leaves the rate unchanged. The contract stops short of calling that a guarantee, for one reason: the rate is computed from the vault's XPHX balance, which is the XPHX token's own accounting, and the XPHX token's owner holds settings that can move holders' balances, such as including an account in reflections again.

Can the admin withdraw the XPHX?

No. There is no owner withdrawal, sweep, pause or upgrade function, and the vault is not behind a proxy. There is a rescue function, for other tokens sent to the vault by mistake, and it refuses XPHX: the vault asset is fixed at deployment and the call reverts with "cannot move the vault asset".

What can the vault admin do?

It can change the address that receives the performance fee, recover tokens other than XPHX sent to the vault by mistake, and hand the admin role to another address, and nothing else. It cannot change the size of the fee, move XPHX, mint sXPHX, pause the vault or block a deposit or a redemption.

Where the yield comes from

Is the yield paid from emissions?

No. No XPHX and no sXPHX is minted to pay it, and there is no reward token. The rate rises only because XPHX arrives in the vault, from the sources below, and each one is shared by every sXPHX at once.

How does the XPHX transfer fee pay the vault?

XPHX charges a fee on taxed transfers, and 1% of each taxed transfer is paid straight to the vault. Transfers to or from fee-exempt addresses pay no fee, so they add nothing. The destination of this leg is a setting on the XPHX token.

How do reflections reach the vault?

XPHX reflects 1% of each taxed transfer to every holder in proportion to what they hold. The vault is a holder and is not excluded from reflections, so it receives its share like any wallet.

Can anyone add XPHX to the vault?

Anyone can send XPHX straight to the vault. It raises the rate for every holder at once and mints no sXPHX for the sender. The sXPHX page has a Donate action for it. Donate from the sXPHX page

How does protocol revenue reach the vault?

The protocol's revenue router pays out the XPHX it receives, whether paid in XPHX or bought back with other revenue, and sends 37% of it to the vault and 63% to the protocol's staking contract. The split is a setting on the router. This source pays only once the router has XPHX to pay out; the sXPHX page and the stats page show whether a buyback has run. Protocol revenue, read live

Is the yield fixed?

No. The fee and reflection legs depend on how much XPHX moves, donations and revenue on what arrives, and all of it is divided among every sXPHX in existence. The same flow into a larger vault raises the rate less. The annualised figure on the sXPHX page is arithmetic on the recorded rate, not a promise.

Fees

What does sXPHX charge?

A performance fee of 9.33% of the vault's growth, and nothing else: no deposit fee, no redemption fee, no management fee. The size is a constant in the contract that nobody can change.

How is the performance fee taken?

Only on growth above the highest rate already charged (a high-water mark), so the same growth is never charged twice. It is deducted from the rate continuously, so the rate you see is already net of it, and it is paid by minting new sXPHX to the fee recipient rather than by moving XPHX out. Collecting it does not move the rate.

Who receives the performance fee?

The PhoenixCo treasury. The vault admin can point the fee at a different address but cannot change its size, and the site checks the recipient against the treasury before every deploy.

sXPHX in the lending markets

Can sXPHX be used as collateral?

Yes. sXPHX is a listed lending market. You can supply it and borrow against it. Supplied sXPHX is still sXPHX, so what it redeems for keeps rising while it is posted as collateral. The sXPHX market

How is sXPHX priced as collateral?

At its redemption rate times the price of XPHX. The price of sXPHX in a trading pool does not enter it, so a pool trading below the vault does not move a borrower's liquidation point, while a fall in the price of XPHX does.