Songbird Phoenix Token (sPHX)

Songbird Phoenix Token (sPHX) Contract Address & Token Details

Contract Name: Songbird Phoenix Token

Contract Address: 0x7afDe1497da4AeDecFaf6CC32FB0D83572C10426

Symbol: sPHX

Decimals: 18

The Songbird Phoenix Token, sPHX, is a deflationary ERC20 token that lives on the Songbird Network. It serves as a utility token and an open-source smart contract, enabling SGB holders to actively contribute to the growth and sustainability of the Songbird Network.

One of the key principles behind the design of the Songbird Phoenix Token is a fair launch. There is no premined allocation of sPHX, and the total supply is initialized at 0 upon deployment. This ensures that no individuals or team members have a significant portion of the token supply, mitigating concerns related to token dumping or centralized control.

The minting process of sPHX is closely tied to the burning of SGB, the native token of the Songbird Network. Participants who wish to mint sPHX can do so by burning their SGB through the Songbird Phoenix contract. The ratio is set at fixed 1:1, meaning that for every SGB burned, an equal amount of sPHX is minted and delivered to the participant.

Once SGB is sent to the sPHX contract address, it becomes eternally locked and cannot be withdrawn. The deliberate omission of a withdrawal function is a security feature of the Songbird Phoenix Token smart contract, which is designed to protect the contract from a malicious entity attempting attack it, or steal from it. 

Due to there being no ability to withdraw SGB from the Songbird Phoenix Token contract address, this ensures that the SGB stored in the sPHX contract remains permanently locked. This effectively burns the SGB sent to the Songbird Phoenix Token contract address, reducing the circulating supply of SGB, and contributes publicly accessible deflationary mechanics to the Songbird Network. 

The total amount of SGB stored in the sPHX contract represents the cumulative SGB burned through the Songbird Phoenix Token protocol. By checking the sPHX contract address on the Songbird explorer, participants can easily track the total amount of SGB burned by the sPHX contract, providing transparency and accountability.

In addition to its deflationary impact on the SGB supply, sPHX incorporates its own deflationary feature. Every transfer of sPHX tokens incurs a 0.3% burn, meaning that a small percentage of each transfer amount is permanently removed from circulation. This burn mechanism further contributes to the overall management of the sPHX total supply.

The adoption of sPHX by the Songbird community not only assists in managing the circulating supply of SGB but also creates a token ecosystem governed by those who choose to burn SGB. By actively participating in the burning process, participants shape the dynamics of the token economy and contribute to its long-term sustainability.