Black Phoenix (BPX) has recently emerged as a dominant player in the crypto industry, experiencing an unprecedented 4,000,000% growth in just 24 hours. This astonishing surge has captivated the attention of investors, leading them to closely examine the underlying principles and design of Black Phoenix’s payment system protocol and its native token, BPX.
The design of Black Phoenix, as outlined in its “Black Paper” released in April 2021, revolves around a fully on-chain liquidity protocol that enables instant cryptocurrency token swaps in a decentralized manner on any smart contract-enabled blockchain. The protocol aggregates liquidity within each blockchain, providing the best rates for traders executing trades. Furthermore, Black Phoenix envisions a connected liquidity network that facilitates seamless cross-chain token swaps across different chains, with its token based on the Tron (TRX) blockchain.
To achieve its goals, Black Phoenix introduced its native token, BPX, which aims to eliminate inefficiencies in the existing protocol and attract a broad user base, ultimately creating a marketplace for distributed infrastructure services. The project is actively seeking reputable exchange listings and has plans to list the BPX token on various exchanges such as Hotbit, Hitbtc, Coinex, Binance, and Coinbase Pro.
Trading volume for BPX has skyrocketed, reaching an impressive spike of 2,800,000%, according to CoinGecko data. Additionally, Black Phoenix’s market capitalization has surged to $3.8 billion from $29 million in just a few hours. The fully diluted valuation (FDV) of Black Phoenix currently stands at a remarkable $10.4 billion, representing the potential growth and market cap of BPX if all 4 billion tokens were in circulation.
The project’s team has boldly predicted that BPX will soon become one of the top 5 cryptocurrencies worldwide. While the potential listing on top exchanges offers promising prospects for the token’s upward trend, it is important to note that the extent of its surge and the possibility of a market correction remain uncertain, as is the case with all cryptocurrencies.