Empowered by Soroban technology, Phoenix is pioneering the ultimate DeFi Hub within the vibrant Stellar ecosystem. We’re forging synergistic protocols, starting with a cutting-edge decentralized exchange (DEX), delivering the tastiest DeFi experience imaginable.
The first protocol, Phoenix DEX, was launched on May 7th, 2024. The DEX began with $11,000 and passed a $350,000 total value locked in the first month. The Phoenix team is excited to share that steady progress is being made on the NFT Marketplace, our second protocol. We estimate its launch in the coming two to three months.
Where we started:
Milan Steiner, Co-founder and Frontend Lead, and Jakub Bogucki, Co-Founder and Smart Contract Lead, are seasoned professionals who met in the Cosmos ecosystem three years ago while working at Confio. Their years of valuable experience from the top specialists in the field have uniquely positioned them to recognize and seize the opportunity to build another ecosystem. Stellar, a well-established chain that has been live since 2014, recently launched a smart contracts framework, Soroban. After being introduced to individuals on the Stellar team, our co-founders decided that they couldn’t miss the opportunity to be among the first to build smart contract-enabled DeFi protocols on Stellar.
Phoenix began building on Stellar in June of 2023. The Phoenix team supported shaping the Soroban stack and received financial support from the Stellar Community Fund (SCF). Phoenix has received SCF awards to build our DEX and upcoming NFT Marketplace. The development of Phoenix would not have been possible without the support of SCF, which has already given over $29 million to projects building on Stellar.
Our product’s security is our paramount priority. Before the Phoenix DEX launched, Veradise fully audited our smart contracts. This was made possible by the Stellar Audit Bank, which funded this top-notch audit. The support from SCF, the Audit Bank, and members of the Stellar ecosystem has been instrumental in reaffirming our decision to build on Stellar every step of the way. We recommend Rust developers consider making Stellar their home as well.
What’s next for Phoenix?
Phoenix will continue to improve and upgrade our DEX. Multiple improvements have already occurred, including a Help Center, optimization, and UI/UX improvements. We plan to add features such as orderbooks, stable swap liquidity pools, and multi-asset liquidity pools. Additionally, we will launch a suite of protocols that are all interconnected and increase the utility of the Phoenix ecosystem. The NFT Marketplace is developing rapidly, and we are excited to launch it in the coming months after an additional security audit is complete.
Following the launch of the NFT Marketplace, we will launch additional protocols. The long-term vision is to create a one-stop shop for all things DeFi on Stellar by building a suite of protocols and partnering with key projects in the Stellar ecosystem. Phoenix is just getting started, and we cannot wait to continue delivering great products to the Stellar ecosystem.
Links
Website
Phoenix App
Twitter/X
Discord
GitHub
Phoenix: Building the First DeFi Hub on Stellar was originally published in Stellar Community on Medium, where people are continuing the conversation by highlighting and responding to this story.