01 What Phoenix Is
Phoenix is a Telegram trading bot for Solana. It gives every user a custodial wallet on first contact, then lets them buy, sell, and swap any Solana token, open leveraged positions on memecoins and majors, and contribute to the $PHNX presale, all from a chat window.
There's no separate app to install and no external wallet to connect for trading: the bot creates and holds an encrypted wallet per user, and every command operates on it directly.
02 The Problem
- Setup friction: most Solana trading tools require a separate wallet, a browser extension, and manual token lookups before a single trade.
- Leverage is scattered: memecoin leverage, major-asset perpetuals, and spot swaps usually live on different platforms with different accounts.
- New tokens are invisible: most trading surfaces only index tokens that are already listed somewhere, so brand-new contract addresses are hard to trade quickly.
03 The Solution
One Telegram bot, one custodial wallet, three trading surfaces:
- Spot trading for any Solana token via Jupiter.
- Leverage trading across memecoin longs, synthetic memecoin shorts, and Drift-routed majors.
- The $PHNX presale, contributed to and tracked from the same chat.
Every trade, regardless of surface, passes through the same fail-closed safety pipeline before it can open.
04 Spot Trading
Buy or sell any Solana token by pasting a ticker or a raw contract address. Quotes and routing come from Jupiter, so pricing reflects the best available route across Solana's liquidity.
0.85% on every spot trade, on top of the
Jupiter route price. No separate spread or hidden markup.05 Leverage Longs
Memecoin longs are treasury-fronted: the platform fronts the leveraged portion of the position, and the trader posts margin in SOL. A trader can never lose more than their margin.
Token admission is two-tier: a curated allowlist for majors (WIF, BONK, POPCAT, PNUT, FARTCOIN) plus a long-tail engine that accepts any pasted contract address once it clears the eligibility screens.
0.05 to 2 SOL margin. Leverage: up
to 3x. Open fee 1%, performance fee 5% on profit
at close.06 Leverage Shorts (Synthetic)
Memecoin shorts are paper-settled against the treasury rather than executed on-chain. The treasury's payout on any single synthetic short is hard-capped at twice the trader's margin, a fixed, math-enforced ceiling that can't be exceeded regardless of how far the token moves.
0.1 to 2 SOL collateral. Maximum
treasury payout: 2× the posted margin.07 Leverage Majors (Drift)
SOL, BTC, and ETH positions route to Drift v2 perpetuals. The trader posts collateral directly into their own Drift subaccount, and Drift is the counterparty, not Phoenix. The platform fronts nothing on this path.
10x. Settlement, funding, and liquidation
all happen on Drift, not inside Phoenix's treasury.08 Presale
The $PHNX presale accepts SOL contributions from a user's custodial wallet and records each one in a ledger. See Presale Tokenomics for the exact allocation and formula.
09 Wallet Model
Two wallets matter in Phoenix's architecture:
| Wallet | Role | Holds |
|---|---|---|
| User wallet | Your personal trading wallet | One per user, AES-256-GCM encrypted, created on first contact |
| Platform treasury | Fronts longs, backs synthetic shorts | Fronted capital for memecoin longs, capped payout reserve for synthetic shorts |
Majors trades never touch the treasury: collateral goes straight to the trader's own Drift subaccount.
10 Token Eligibility Screens
Every long-tail memecoin passes these checks before a long or short can open. All screens are fail-closed: if a data source is unavailable, the trade is rejected rather than allowed through on a guess.
- Market cap: at least $30,000.
- Liquidity: at least $15,000.
- Curated majors (WIF, BONK, POPCAT, PNUT, FARTCOIN) skip straight to sizing; every other pasted contract address runs the full long-tail screen.
11 Trade Execution Flow
- Paste a token, ticker or contract address.
- Eligibility screens run automatically against live on-chain data.
- Pick leverage from a keyboard that only offers what the token's live liquidity actually supports.
- Pick a stake from the allowed range for that product.
- Confirm: the full economics (stake, leverage, position size, fees, liquidation level) are shown before anything moves.
- Manage the position from
/positions: live PnL on demand, and partial closes at 25%, 50%, or 100%.
12 Position Limits
| Product | Stake Range | Leverage / Cap | Max User Loss |
|---|---|---|---|
| Memecoin Long | 0.05-2 SOL margin | up to 3x | Their margin |
| Memecoin Short (synthetic) | 0.1-2 SOL collateral | payout capped at 2x margin | Their collateral |
| Majors Short (Drift) | Collateral set by trader | up to 10x | Their collateral |
13 Liquidation Model
Memecoin longs and shorts liquidate against the platform's own price monitoring; majors liquidate on Drift's own engine, since Drift holds the collateral directly. In every case, a trader's maximum loss is fixed at what they posted; the position simply closes once the loss threshold is reached.
14 Fee Structure
| Fee | Applies To | Rate |
|---|---|---|
| Swap fee | Every spot buy/sell | 0.85% |
| Open fee | Memecoin long, charged on margin | 1% |
| Performance fee | Memecoin long, charged on profit at close | 5% |
15 Presale Tokenomics
| Property | Value |
|---|---|
| Presale pool | 550,000,000 PHNX |
| Total supply | 1,000,000,000 PHNX |
| Formula | your SOL ÷ 300 × 550,000,000 PHNX |
| Per wallet | 0.5 to 10 SOL |
| Softcap | 100 SOL. Below this, every contribution is refunded automatically. |
| Hardcap | 300 SOL. Once reached, the raise closes for good. |
16 Token Flywheel
Every trade on Phoenix — a swap, a leveraged long, a leveraged short — generates fees. Those fees are designed to flow back into PHNX two ways: buying back and burning supply, and paying a share directly to holders. Less supply and a growing reward pool give holders a reason to keep holding; more holders and more trading volume feed more fees back into the loop.
| Stage | What happens | Status |
|---|---|---|
| Trade | Spot swaps and leverage positions generate platform fees. | Live |
| Buy & burn | Fees are used to buy PHNX on the open market and permanently burn it, reducing circulating supply. Currently funded by a share of Telegram battle-wager rake; every burn requires human admin approval before it executes on-chain. | Built, dry-run — no burns executed on mainnet yet |
| Revenue share | A share of leverage trading profit is set aside and paid out to PHNX holders weekly. See $PHNX Revenue Share below. | Built, activates once PHNX is minted |
| Hold & trade | Lower supply and a real reward pool give holders a reason to keep PHNX and keep trading on Phoenix, feeding the next round of fees. | — |
Track burns live with /burns once the first one executes.
18 Bot Commands
| Command | Function |
|---|---|
/start | Get started with Phoenix |
/help | Show all commands |
/presale | Presale status card, tap a button to contribute |
/price | Check a token's price |
/trending | Trending tokens |
/buy | Buy a token |
/sell | Sell a token |
/portfolio | Your holdings |
/alert | Set a price alert |
/alerts | Your price alerts |
/long | Open a leveraged long |
/short | Open a leveraged short |
/positions | Your leverage positions |
/wallet | View or create your wallet |
/withdraw | Withdraw SOL |
/export | Export your wallet key |
/linkwallet | Link Phantom or Solflare |
/invite | Your referral invite link |
/referrals | Your referral stats |
/burns | $PHNX bought and burned |
/fees | Trading fee and discounts |
19 Referral System
- First-trade bonus: a SOL bonus when someone you invite makes their first trade.
- Ongoing share: 30% of every swap fee your referrals pay, for as long as they keep trading.
Get your link with /invite, check performance with
/referrals.
20 Security Model
- Encryption: every wallet's private key is encrypted with AES-256-GCM.
- Key derivation: each user's encryption key is derived independently via HKDF, so no two users share a key.
- DM-only guard: commands that move funds or expose wallet state only run in a private chat with the bot, never in a group.
- Fail-closed rate limiting: financial actions are rate-limited per user; if the limiter itself is unreachable, the action is refused rather than allowed through.