Phoenix

Phoenix brings autocallable structured products onchain.

Autocallables are widely used in traditional finance, with more than $200B issued every year by banks and financial institutions. Despite this, these products don’t exist in DeFi today because they require conditional logic, scheduled price observations, and automated payouts.

Phoenix solves this using Chainlink CRE to automate the lifecycle of an autocallable vault.

Users deposit assets into a vault linked to an underlying asset such as ETH. At predefined observation dates, the workflow checks the asset price and evaluates the product conditions. If the price crosses the autocall barrier, the vault redeems early and investors receive their principal plus coupons. If the price stays above the protection barrier, the investment continues. If the price falls below the knock-in barrier at maturity, the final payout reflects the market performance.

All the rules are defined in the smart contracts and executed automatically, making the product transparent and fully onchain.

Phoenix uses a vault smart contract that manages deposits, product parameters and settlement logic.

Each vault defines parameters like the coupon rate, observation schedule, autocall barrier and knock-in protection level. Chainlink CRE runs the workflow that periodically checks price conditions and triggers the appropriate onchain actions.

At each observation date, the workflow retrieves price data and evaluates whether the autocall condition is met. If it is, the vault redeems early. Otherwise the product continues until the next observation or until maturity when final settlement happens.