Cross post from redditt.
First of all many thanks to Zac and their team for their continued hard work.
Thanks and congratulations on creating the forum … its looking awesome.
I am a long investor in pundix and want to bring these issues we are facing in staking. Just posting for constructive criticism which might help the project, so bashers please stay and don’t complain here about swap.
Current Issues in Staking:
Almost 100% of the retail investors are not able to participate in staking because of ETH gas fees.
Currently we almost reached 50% of the goal … I believe we might be able to reach 100% by the end of June 15. But even if we reach 100% I don’t think this ensures proper proof of stake as most of the retail investors are not participating in the staking process.
As David Ben said the main goal of this staking is to ensure proper decentralization and I don’t think we achieve proper decentralization when all the retail investors are staying away from it even if we reach 100% staking goal.
I don’t think any project went 100% decentralization from day 1. And that too at the cost of community paying the gas fees. So I am posting these thoughts with my limited blockchain knowledge and just to start the conversation. We all can post our thoughts here so that team can probably consider them
Stop/Pause the current staking process ( not sure if its possible ).
Start fx main net with pundix labs controlling everything (Centralized).
Start staking in fx chain which will have less gas fee so that all retail investors can participate to establish proof of stake and at the same time all retail investors will be benefited from it.
Once proof of stake is established make it decentralized and start implementing new features.
Just tagging @DavidK and @zaccheah
I agree with his alternative.
we need to start fx main net while high APY.
I believe that a clear plan of action to release centralization from Pundi to the DAO would be widely accepted. The Crypto community is sick of the ether problem and solely relying on that network to initiate a decentralized process is unrealistic as stated in this post.
The fees for participation will continue to grow as Ether grows in price. Just a quick glance at the staking contract [Etherscan - FX Stake Contract] ($0.24 | Function X (FX) Token Tracker | Etherscan) tells me that a vast majority of the current stakers stand to Lose money with a claim or even redeem with the current rise in ether price, assuming ether continues to grow the demand on its POW system will continue to rise and push more and more holders out of the equation.
I do like the idea of continuing to offer more and more incentives for the big wallets to finally join the stake, but it seems that it would need to be a absolutely massive reward potential to wake up these large accounts to move more significant quantities of the token. This first round of staking has been great, what will it take to get them to move? 300% apy?
I dont think giving more APY will solve the problem. With gods grace I am holding good amount of PUNDIX and FX and looks like my current staking will earn me good amount of FX after counting the gas fees. My idea was more concentrated towards how to benefit a normal investor who believes in the project and want to stake and earn some thing from it.
I am earning a lot as well and plan on restaking my earnings but with the fees as is, it is tough to decide. You have to bet on a large increase in FX coin evaluation to make the risk as a lower holder. Not a good position to be in.
No, firstly, the main core reason why we have to reach 75 million FX staked is to prevent any possible malicious attacks on the FX network. That is why Zac and the team wants the network to be 100% secured so ALL the investors ( old and new ) will be in trusted hands.
Secondly, it is also teaching newer investors how to stake and what is at stake, in this case, gas fees.
As much as i want the main net to be launched ASAP, i think the back-end will have to be secured first which is basically the network itself.
Also, yes when the front-end which is APR/APY is high, more people may want to stake to enjoy the extra FX reward but become hesitant because of the fees.
But I don’t think it is wise to launch the main net because of this reason alone - Securing security is currently the most important if we really want big investors to come.
SECURING THE NETWORK is of utmost priority at this point because this will be the real beginning for Pundi X and FX.
We need real institutions and/or companies who want to build on top of a network to know that FX is safe and secured.
You can’t seriously think they are trying to teach us how to loose money due to gas fees. That’s crazy.
Many of you are right in saying that most successful projects didn’t go full on decentralization. Rather a sprint, it’s a marathon. So is ours. As @wolfpack64 pointed.
When we launched the staking pool, we didn’t expect Eth price to go so high and network so congested. We can’t stop the staking process now because the contract has been deployed on Ethereum so the natural thing is to let it run its course and launch the next pool in our own Function X blockchain. This will ensure both decentralisation and low fees, something @Telchar wrote.
Apart from making the network safe from attack, it’s also education as @SCENE
pointed. Many people have not staked before and have wrong assumptions about staking. Some think the high Ethereum fees are charged by us, some think staking is free money without any risk. These things take time, and having a larger than before hodlers mean we have sophisticated users and first timers holding our tokens.
Thanks for the detailed replay @zaccheah
Thanks, Zac. It is a learning curve - and I’m afraid a somewhat painful one. Post Mainnet launch I’m confident it will be better. Patience is not a common attribute among newbies.
you should post some of this admission in twitter so people stop saying your scamming.
this clearly was a miscalculation, and one that is understandable because who can predict what happens to ethereum, but you need to make it clear to the community so idiots stop calling you a scammer. this runs your name through the mud, and also runs pundix’s name through the mud by extension.
i think reputation goes synonymously with decentralization. if observers can see that management is impartial and adheres to previously set out rules, then it would be equivalent to decentralization.
simple. set out rules, and follow them to the teeth. be specific and maintain a good reputation of following through with claims and promises.
only reason why we started with bitcoin is because the central banks dont stop printing. this is why we choose code as law thus no single entity can control the supply of the token/dollar/coin
Our patience is been tested, that is something you can say
But as the saying goes “Patience is a virtue” and “Rome wasn’t built in a day”
And regarding Fishfish post:
I do not think that Zac has to twitter this but the pundix labs account…
And I would love to stake my pundix coins… I am now staking them as well but think I need to redraw as I will not benefit from it seeing as the ETH is so high. But if mainnet is launched and we can stake the pundix and fx coins I will surely do it again!!!