# PhoenixCo DeFi Hub > PhoenixCo DeFi Hub is a non-custodial DeFi protocol on BNB Smart Chain (BSC). It runs 24 lending markets on a Compound V2 base, where users supply crypto to earn interest or borrow against it; funded staking pools; sXPHX, a liquid staking receipt for XPHX; hold-to-earn campaigns that pay holders of a PancakeSwap pair token; and TomanX (IRTX), a token that tracks the toman. XPHX is the protocol's token. Every figure on the site is read live from the contracts. PhoenixCo has operated since 2020. XPHX was created on Bitcoin Cash in September 2020 and moved to BNB Chain in 2021; it is also deployed on Polygon and TRON as separate contracts. The DeFi Hub launched in August 2026: its staking pools on 6 August and its lending markets on 14 August. ## Products - [Lending markets](https://xphxco.org/lending/markets): Supply crypto to earn interest, or borrow against it, in twenty-four markets on BNB Smart Chain, on a Compound V2 base. Non-custodial; rates move with utilisation. How it works: https://xphxco.org/docs/lending - [VIP ladder](https://xphxco.org/profile/vip): Lock XPHX to raise your level, which raises how much you can borrow against the same collateral in every lending market at once. No lock period; unlock any time your borrowing allows it. 5 levels, Bronze to Gold. How it works: https://xphxco.org/docs/vip - [Staking pools](https://xphxco.org/staking): Stake XPHX or a PancakeSwap pair token and earn a second token per second over a fixed period. No minimum, no lock, withdraw at any time. How it works: https://xphxco.org/docs/pools - [sXPHX liquid staking](https://xphxco.org/staking/sxphx): An exchange-rate receipt for XPHX: deposit XPHX, receive sXPHX, and redeem it at any time for a growing amount of XPHX. It does not rebase and has no unbonding delay. A different product from hold to earn. How it works: https://xphxco.org/docs/sxphx - [Hold to earn](https://xphxco.org/staking/hold-to-earn): A campaign with a fixed budget pays wallets that hold a PancakeSwap pair token, per second, until its end date. Nothing is deposited, and it is not sXPHX. How it works: https://xphxco.org/docs/hold-to-earn - [TomanX (IRTX)](https://xphxco.org/irtx): A token PhoenixCo issues on BNB Smart Chain, intended to be worth one Iranian toman, with a rate PhoenixCo publishes on chain. Not collateralised on chain and not redeemable on chain. How it works: https://xphxco.org/docs/tomanx - [Arbitrage book](https://xphxco.org/arbitrage): Pool prices against the sXPHX vault rate and the TomanX rate, with the profit a trade of the best size clears after fees, slippage and gas. ## Docs: the page to cite for each product - [Lending markets](https://xphxco.org/docs/lending): mechanics stated in plain language, from the deployed contracts. - [TomanX (IRTX)](https://xphxco.org/docs/tomanx): mechanics stated in plain language, from the deployed contracts. - [sXPHX](https://xphxco.org/docs/sxphx): mechanics stated in plain language, from the deployed contracts. - [VIP ladder](https://xphxco.org/docs/vip): mechanics stated in plain language, from the deployed contracts. - [Hold to earn](https://xphxco.org/docs/hold-to-earn): mechanics stated in plain language, from the deployed contracts. - [Staking pools](https://xphxco.org/docs/pools): mechanics stated in plain language, from the deployed contracts. - [All product docs as one text file](https://xphxco.org/llms-full.txt) ## How it works and what it discloses - [How it works](https://xphxco.org/how-it-works): Each product, how every figure is derived, and what the interface cannot tell you. - [Transparency and security](https://xphxco.org/transparency): Every contract address, which key can do what, and the audit status of each component. - [Supply methodology](https://xphxco.org/supply): How XPHX circulating supply is computed across three chains, address by address. - [Stats](https://xphxco.org/stats): Total value locked by product, rewards emitted and protocol revenue, read live. - [Terms of use](https://xphxco.org/terms): What the platform is and is not, and what a user is responsible for. ## Custody, prices and audit status - Custody: the DeFi Hub contracts are non-custodial; only the depositing address can withdraw. PhoenixCo also runs a separate, older centralised staking product, which is custodial; the site reports its balance separately and labels it as custodial. Locked pools with fixed terms belong to that product: the DeFi Hub staking pools have no minimum and no lock. - Administration: the lending contracts are administered by PhoenixCo keys. The transparency page lists which key can change what. - Prices: most lending markets are priced by Chainlink feeds. XPHX, PHSUN and SZNX are priced by a cross-checked time-weighted average of PancakeSwap pools that PhoenixCo keeps updated, sXPHX from its vault rate and the XPHX price, and IRTX by the rate PhoenixCo publishes. Each market page names its feed as read from the oracle. - Audit status: Our staking pools are a fork of Synthetix StakingRewards and our lending engine a fork of Compound V2, both audited at the versions we forked. Our additions have been reviewed internally and not yet by a third party. - Source verification: The staking pools, the lending markets and the tier locker are verified on BscScan, with source published and matched to the deployed bytecode. The XPHX token’s source is matched on Sourcify. Verification of the sXPHX vault is in progress. ## sXPHX, stated in full 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. Docs: https://xphxco.org/docs/sxphx Live figures: https://xphxco.org/staking/sxphx ### 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. - 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. ### 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. - 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. - 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. - 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 (BNB Smart Chain) - sXPHX vault and token (the same contract): 0x8349F55cB689fa9bc115A18d326Ea9B3bCBf78DB - XPHX: 0x8729123aC749359144DB4396F8ecF32976f7A86e - psXPHX lending market: 0xb8047AabfA0741c45ad241a288a9408aB88FbF94 ## Tokens - XPHX (PhoenixCo Token), BEP-20, 9 decimals: 0x8729123aC749359144DB4396F8ecF32976f7A86e - SZNX (PhoenixCo SZN), BEP-20, 18 decimals: 0x7cF072059E07c639FEfa7B159FE6277820934444 - PHSUN (PhoenixCo SUN), BEP-20, 18 decimals: 0xF8eAB4c91AE9500c18D098616572Fa3Cb82f1cB4 - IRTX (PhoenixCo TomanX), BEP-20, 18 decimals: 0xa49b2276Edd807E990bB3D32Fdc7247364F9A9C6 ## Lending contracts (BNB Smart Chain) - Comptroller (Unitroller): 0x93A4aFf14803c14615a588ed64067789990463f3 - Price oracle: 0xC5e25AdAe08693c85Fd04e536b79cf2b64C3ec92 - VIP tier locker: 0x272b2B4B1C646eB75154f4801bE4F72A480c8af0 - sXPHX vault: 0x8349F55cB689fa9bc115A18d326Ea9B3bCBf78DB - Reward campaign factory: 0x2fbee8d89f99D378057898FD59668134f9284107 ## Lending markets - XPHX: underlying 0x8729123aC749359144DB4396F8ecF32976f7A86e, receipt token pXPHX 0x0a27cAA0C08Cd35B4622CF83f96cDbE613B7dD08 - BTCB: underlying 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c, receipt token pBTCB 0x75E72915Ca1F44e6D7e0401C3fC64f004b1C932A - ETH: underlying 0x2170Ed0880ac9A755fd29B2688956BD959F933F8, receipt token pETH 0x5Aed836f4eBA9F73d8c2F85284c94b6F63282DE7 - WBNB: underlying 0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c, receipt token pWBNB 0x28b41A43238277cD6ABFFC8521D81bBCc02C8d72 - slisBNB: underlying 0xB0b84D294e0C75A6abe60171b70edEb2EFd14A1B, receipt token pslisBNB 0x60651a2a54761b5C1935cb9c529d66Faf2b260b3 - sXPHX: underlying 0x8349F55cB689fa9bc115A18d326Ea9B3bCBf78DB, receipt token psXPHX 0xb8047AabfA0741c45ad241a288a9408aB88FbF94 - USDC: underlying 0x8AC76a51cc950d9822D68b83fE1Ad97B32Cd580d, receipt token pUSDC 0xAd37451F67511F7418C0B55F4f5f63b51827A35a - USDT: underlying 0x55d398326f99059fF775485246999027B3197955, receipt token pUSDT 0x67058F36A87bF3055c198De3Ad9D7BB4D5BcCd0E - DAI: underlying 0x1AF3F329e8BE154074D8769D1FFa4eE058B1DBc3, receipt token pDAI 0x556197AB49D93282Be137F5f735cfF34Bd088E37 - IRTX: underlying 0xa49b2276Edd807E990bB3D32Fdc7247364F9A9C6, receipt token pIRTX 0x4C0F6CeCCC119064c956BBd0d1c404e6b17CB706 - PHSUN: underlying 0xF8eAB4c91AE9500c18D098616572Fa3Cb82f1cB4, receipt token pPHSUN 0x998C8a2c9823863c674E71e207d98Edf9c7897f0 - SZNX: underlying 0x7cF072059E07c639FEfa7B159FE6277820934444, receipt token pSZNX 0x02405448fa0daDD03Ee92E67a0432Df70496E3C6 - BCH: underlying 0x8fF795a6F4D97E7887C79beA79aba5cc76444aDf, receipt token pBCH 0xca16FE86c9360c7390befbc6f7a21522D5b252dB - LTC: underlying 0x4338665CBB7B2485A8855A139b75D5e34AB0DB94, receipt token pLTC 0xf2b18AB71B1C7D19B8F656297afD4cC364C41d18 - Cake: underlying 0x0E09FaBB73Bd3Ade0a17ECC321fD13a19e81cE82, receipt token pCAKE 0x3f99b5F4F37cDbA3F26A04B696A752a3C6AF9B33 - TRX: underlying 0xCE7de646e7208a4Ef112cb6ed5038FA6cC6b12e3, receipt token pTRX 0xDd938AbB5F7dAA202A0117e26d3B53A192CAe7C6 - XRP: underlying 0x1D2F0da169ceB9fC7B3144628dB156f3F6c60dBE, receipt token pXRP 0xe49420EDAb3Ec763EC15ba1DAAd23290E255b847 - SOL: underlying 0x570A5D26f7765Ecb712C0924E4De545B89fD43dF, receipt token pSOL 0x566ed7db436262344e13b8B5109ff44dc1FbE3f9 - LINK: underlying 0xF8A0BF9cF54Bb92F17374d9e9A321E6a111a51bD, receipt token pLINK 0x9AAf4bA38a2518C5e8ccfdcbbF955606757F5e7d - DOGE: underlying 0xbA2aE424d960c26247Dd6c32edC70B295c744C43, receipt token pDOGE 0x9c0d3A425f219f0b66Ede3edcB847Ac23141cB3D - ADA: underlying 0x3EE2200Efb3400fAbB9AacF31297cBdD1d435D47, receipt token pADA 0x5c0AF52b219B9D05cf950315fBFa528b557fAbD9 - NEAR: underlying 0x1Fa4a73a3F0133f0025378af00236f3aBDEE5D63, receipt token pNEAR 0xE44575FBe1d02e79E412081D35d9852C1DA17c7F - UNI: underlying 0xBf5140A22578168FD562DCcF235E5D43A02ce9B1, receipt token pUNI 0xF93f030f5BB645da3790c87547d7Fc8863Db4d97 - SolvBTC: underlying 0x4aae823a6a0b376De6A78e74eCC5b079d38cBCf7, receipt token pSolvBTC 0x638Ed3Ea78175A44f853b50F0b69797EBecE8115 ## Optional - [Six years, in order](https://xphxco.org/story): The history from a signals service in 2020 to a lending protocol, dated. - [Updates](https://xphxco.org/updates): Dated changes, each linked to the contract or page it changed. - [Tokens](https://xphxco.org/get-tokens): Official contract addresses on every chain, and where each token trades.