Dear Function X members,
We’re aware that during the staking process from April 6 through 13, 2021, some users experienced “failed transactions” due to the low gas limit setting on the f(x)Wallet app. In view of that, the developers continued to improve the app by increasing the default gas limit to minimize the number of failed out-of-gas transactions which were caused by the sudden surge in ETH gas fees, even though under the “Advanced Options” users were able to adjust the gas limit manually.
When conducting transactions on the Ethereum blockchain, users pay ETH as gas fees to the Ethereum network miners to process the transactions. However, when a transaction fails due to low gas fees, users will still be charged. This is not new when it comes to transactions involving smart contracts on the Ethereum blockchain. For those actively using De-Fi services, it is also not uncommon to encounter such failed transactions.
However, many of the new holders may not be familiar with how it works and rely on the default setting in f(x)Wallet to process the transactions. Regardless of the gas fee issues on the ETH network which are beyond our control, one of our main objectives during this early stage staking was to ensure the best possible end-user experience. We wanted to minimize the chances of failed staking transactions due to the low gas limit issue even though we cannot guarantee 100% success rate (in fact, nobody can).
To assist PUNDIX and FX holders who wanted to stake but failed, we would like to propose an ETH airdrop to those addresses with failed transactions during the period from April 6 to 13, 2021. A total of 672 address holders will benefit and recover the loss of their ETH gas fee from failed staking transactions. Function X and Pundi X founders will contribute a sufficient amount of ETH to compensate those who lost their gas fees and will distribute those fees by the end of April 2021. The process will be automatic and based on the failed staking transaction records on the Ethereum blockchain from April 6 to 13, 2021, which you can find here. Those who fit the criteria do not need to do anything.
PLEASE ALWAYS BE AWARE OF SCAMMERS THAT APPROACH YOU FOR CUSTOMER SUPPORT AND UNDER NO CIRCUMSTANCES GIVE OUT YOUR WALLET RECOVERY PHRASES. WE WILL NEVER ASK FOR YOUR SECURITY PASSWORD OR RECOVERY PHRASE.
When you participate in De-Fi activities, please always be aware and check how much the gas fee is BEFORE you complete a transaction on the blockchain. Keep in mind that in a decentralized environment it’s your wallet, your assets and your decision when and how to transfer. Remember the transactions on the blockchain are irreversible and always charge gas fees no matter if the transactions are successful or not. We encourage you to double (or triple) check before finalizing any transaction.
Here are some useful sites that indicate current gas fees and historical charts.
As always, you can comment here or in Reddit and let us know your thoughts and feedback on the proposal we’ve made. Thank you to everyone for your continued support in these challenging times.
Author: David Ben Kay, President @ Function X