Phoenix Project Update: Results Y6 Q3

Oto Suvari
2 min readFeb 29, 2024

Spectre.ai concluded its operations in the final quarter, ceasing activities in October 2023 and is no longer included in the quarterly report. The Phoenix application has seen a positive overall reception and continues to perform well.

Y6 Q3 results:

  • SXUT Utilization: The uptake of SXUT tokens saw an increase due to Phoenix enabling the usage of SXUT tokens for Energy.
  • Phoenix has implemented an in-platform affiliate program that allows users to earn even more passive income by promoting Phoenix.
  • SXDT rewards for the quarter were $66.9k.
  • Fraud Prevention: No instances of fraud were reported, thanks to robust security protocols.

Sector and Project Developments:

  • Spectre.ai has ceased operations as previously disclosed.
  • The Phoenix application (www.phoenixapp.io) has been performing without any setbacks, providing a platform for decentralized currency trading with instant USDC yield payments. It showcases our dedication to innovation and solving sector-specific challenges.
  • Total Value Locked (TVL) is modest at approximately $0.65 million, with all three pools offering positive returns and exceeding APY expectations.
  • The Phoenix app supports various platforms including Mac, PC, modern web browsers, and mobile devices as a web app. Continuous updates are being made. Phoenix operation requires SXUT or KRED tokens.
  • Focusing on scaling Phoenix through growth and marketing initiatives is planned post-development of key features within this calendar year.
  • Ongoing cost reduction efforts aim to lower fixed expenses further, ensuring the organization’s sustainability. Nevertheless, selective recruitment continues in areas such as programming and quantitative analysis.
  • Anticipating the next blockchain sector surge, the team is evaluating multiple yield-generating opportunities to supplement SXDT income.
  • By the first or second quarter of 2025, we expect returns on long-term investments to begin materializing.

Looking Ahead:

Plans are underway for an exclusive webinar to review the past quarter’s outcomes and future prospects for Phoenix and other research and development initiatives, specifically for token holders. Details will be communicated in due course.

Regulatory Notice: Phoenix remains strictly closed to U.S. citizens. Trading and investing involve high risk, and there is a possibility of losing all invested capital.

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Oto Suvari

Heading up the group’s R&D activities for Hatchworks.