Φ$ has a soft-peg to the value of the US Dollar, and its price are constantly rebalanced to ensure the 1:1 ratio to the USD is maintained. It does it with the help of the following mechanisms:
Supply rebasing (aka burning, minting tokens),
Increasing and decreasing of the backing reserves' ratio,
Open market price arbitrage,
PHI Labs is also working to offer officially supported fiat onramp and offramp options for users to buy in and cash out of Φ$ on a fixed 1:1 ratio to the US Dollar, which will further strengthen its pegging on-chain.
Φ$ is backed by Φ at a minimum of a 5:1 ratio. That means that for every $1 worth of Φ$, there are $5 worth of Φ in reserves backing it.
All these reserves can be audited in real-time by the community and the treasury wallet address will be made available to the general public.
We officially support Φ$ exclusively on PHI Network. Other platforms and protocols might opt to offer support for it outside PHI Network, but caution is always recommended. The general advice is to always check these platform's Φ$ bridging reserves and liquidity before start using them.
Φ$ is an algorithmic pegged stablecoin backed by reserves held by PHI Network treasury.
One Φ$ will always be worth one US Dollar, and there are platforms available for redemption in other stablecoins in different networks. This makes price balancing by arbitrage extremely likely, and over and above that PHI has other mechanisms to ensure the price gets back to peg to avoid the possibility of a decoupling event.
You can redeem Φ$ for any other stablecoin or token available on PHI Network using any decentralized exchange with enough liquidity to back up the transaction. Phi Labs has developed a cross-chain dex/amm as a decentralized on and offramp option for users.
Learn How To View Your Phicash In Your Wallet By Following The Instructions Below.
Phicash Contract Address: 0x164c99bdb2889DAB324AADb69A309df6C8FdCC4f
Algorithmic Stable Coin Pegged To $USD Backed By PHI (Φ)
Phicash (Φ$) Is An Algorithmic Stable Coin Pegged To The United States Dollar ($USD).
Contract Address:
2 Decimals
Phicash Analytics
Algorithm can be an obfuscating word. But it simply means a set of code that instructs a process. So, for example, what you get to see on your Facebook timeline is determined by Facebook’s timeline algorithms, which include things like how relevant the post is to you based on your past online behavior. In crypto, an algorithm refers to pieces of code on the blockchain, as encoded in a set of smart contracts.
Cryptocurrencies – similar to all assets in the market, such as houses or stocks – move up and down in price depending on the market demand and the supply of the asset. This also includes stablecoins because they’re essentially cryptocurrencies freely traded on the market.
To prevent the price of a stablecoin depegging – moving away from $1 – while subject to market conditions, algorithms regulate supply and demand. When there’s too much demand for an asset but little supply of it, the price of that asset goes up – and vice versa.
Algorithmic stablecoins typically rely on two tokens – one stablecoin and another cryptocurrency that backs the stablecoins – and so the algorithm (or the ) regulates the relationship between the two.
