In a situation of extreme distrust that is spreading throughout the entire crypto ecosystem, financial transparency must necessarily go beyond centralized exchanges. All Web3 companies like FunctionX and PundiX also need to be financially transparent.
It would be a smart move to provide detailed information (and long term objectives) about team project addresses, fund investments, i.o.t. attract new investors beside funding proposals.
Regards
@FrenchXCore
Yes. Weāre working on it.
Hello. Nice to meet you.
Can we chat?
Reviving this topic started in Nov 2022ā¦
Financial and governance transparency seems required more than ever.
I still volunteer (freely) to help the foundation work the details out if necessaryā¦
Regards
@FrenchXCore
Hi everyone!
I remember @zaccheah posted somewhere some team wallet addresses.
Can we expect something like that what Baklava did?
@orbitant I would appreciate to have some metrics in marginx (user numbers, volumesā¦)
I remember we had this metrics at the beginning.
Best regards
FxWorld
Hi,
We are working on v2, which include an updated version of dashboard for metrics.
For now you can view on Starscan (Function X StarScan)
Cheers!
Great! Iām already curious about v2. 
I remember reading a report somewhere a few months ago, can someone share it?
@Team Hi everyone
We had a massive fx pump over 45% yesterday. Can someone tell me why the fx liquidity were withdrawn from the DEXes during the pump? Expect from bithumb and upbit there was not enough liquidity to trade or the slippage was extremly high. Its pity when we cant sell or buy fx during a pump because there is no liquidity to do it.
Admin in TG mentioned that they were adjusting Uniswap slippage as the arbitrage was quite high.
I was able to trade on Coinbase, Kucoin and Bittrex, so everything worked out well.
Good to know. Next time im also gonna use miltiple exchanges.
Hi @SiverSurfer !
Do you mean someone on the team said the team intervened on markets to reduce arbitrage opportunities ?
Iām almost shocked to see such a drop in liquidities over F(x)Swap without any notice. This canāt come from anyone else than the foundation. Iāve already noticed there was some automatic balancing from the team (beside pool automatic balancing) to maintain the foundationās pooled value.
But stillā¦
This could almost look like a rugpull : we definitely require communication (not even a ābetterā communication).
Itās the same as when I read that 4 validators are being removed for āa better decentralizationā. Actually, the 4 validators weāre talking about are inactive : most of the tokens delegated to them (at least Jakarta and Cyprus) are owned by the foundation. I understand the need to warn the others. But their tokens will automatically be reassigned to them (unstaked) if the validators are shut down. So, thereās not much impact on decentralization.
Eventually, some public & honest validators (Le Validateur FX, FX FriendsX), active in the community, will never enter the active pool because we have too many active foundationās sponsored validators. Can we maybe talk about a reassignment of the foundationās tokens to public validators, a reduction of foundationās validators number, or an increase of active validators ? Right now, weāve been suffering so much from network inflation and bear run that itās almost becoming unbearable !
On the side, we also strongly invested in Elr***/Mu**sX and communication is just great over there, the roadmap progresses strongly and we start seeing real-life use cases, crypto-fiat credit cards (with online private wallet management).
BullRun is almost gonna start in 2024 'til 2025 and Iām starting to get worried seeing nothing but Baklava and DeFi, and still no roadmap for FX.
Regards,
@FrenchXCore
most of the tokens delegated to them (at least Jakarta and Cyprus) are owned by the foundation.
Actually, a few TG users inquired as to whether they need to redelegate their tokens from the departed validators to other active validators so not everything is owned by the Foundation.
There are quite a lot of tokens delegated to public professionals such as Institutions and Universities as well, mine included.
While I understand your concerns, the risk for the delegator is much higher if they delegate to an unknown validator with no tech background or at least on the professional level.
Logically: If public validators want the community to delegate to them organically, you have to build up your reputation like how Professional Validators do it. Nobody in their right mind will let unknown validators handle their funds, especially in DeFi where risks are amplified.
Not pointing out names but there are public validators that canāt maintain their uptime at 99%+.
The roadmap for blockchains is always to onboard projects and chain integration.
Liquidity:
On the topic of the Uniswap liquidity, I do agree with you that communication is required as Iāve received quite a lot of PMs about it. Not sure which admin responded to @SiverSurfer though about adjusting the slippage.
For f(x)Swapās liquidity, the foundationās liquidity is still there.
How do I know some of the liquidity removal is communityās?
All these are my personal opinions.
Thatās what I meant when saying āmost of the tokensā (I actually meant almost 90%+ of the tokens!!).
Itās quite rhetorical at this stageā¦
Iāve never seen any of those validators express anywhere neither give a contact address :
Thatās true, and Iāve already proposed to the foundation to lower the foundationās of non-voting or unstable validators. Never seen a response to that yet.
Iām following Cosmos forums too : beside bringing awareness, whatās the plan ? Would you lead your business by saying āwe have enough cash flow, letās wait and bring awareness to our product ?ā.
Iām saying : FX investors are very patient, but Iām pretty sure the next bullrun will be the last FX will know if thereās not a plan to develop USE CASES.
Half of foundationās liquidity disappeared from fx-swap !! The rest of the liquidity is over Baklava delegate vaultā¦
I have to disagree with you.
I can ensure you most of those removed liquidity is from the foundationās, to be transferred to Baklavaās Vaultā¦
For example, have a look at @fxcore: fx15xtp30u054ndnf833jrq4kz4wpvn95zsh9399f => @evm: 0x22eCbaCF747C30839b5E879eb16195f36D7Ec764 => @eth: 0x22eCbaCF747C30839b5E879eb16195f36D7Ec764
Regards,
@FrenchXCore
Half of foundationās liquidity disappeared from fx-swap !! The rest of the liquidity is over Baklava delegate vaultā¦
This is the teamās liquidity on FXSwap, this addresss is the main liquidity provider Iām assuming as it doesnāt do any transaction except for providing the initial LP on every pool.
Also, because Iām helping the community members quite a lot behind the scenes, I actually know a few community members that removed their liquidity which is a few hundred K as well who have been farming for quite some time.
FXSwap is also working as intended because the APR flies up when lesser people are in the pool. This is a cycle which incentivizes LP providers to yield farm.
Iāve never seen any of those validators express anywhere neither give a contact address :
Thatās why I mentioned reputation is important. They ALREADY have the reputation and is backed by a company or university, hence they donāt need to build as much trust as solo unknown validators operating alone.
For example, Polkachu just joined as a validator. Do they need to build a reputation? No, they are already established.
Itās silly to compare established companies with solo validators that have no background and reputation.
@SCENE , I donāt really appreciate being told Iām saying āsillyā things.
Did we ever see any link on those associations web pages telling us THEY are the people behing those validator names ? NO.
Did we ever see some of them (beside random pictures taken in a forum) ? NO.
Do we have any IRL reference of anyone behind those associations ? NO.
So, Iām assuming my point still stays valid : when you talk about trust (blockchain is all about trust), we need to know whoās behind things. Around here, many people know my name and even my address.
As for the liquidity on FXSwap, please have a look at the address I quoted up there. It is clearly a foundationās address which removed 1M $FX and 107 ETH from the FX/ETH pool to put them into the Baklava Space Delegate Vault. Initially contained 15M $FX from PUNDIX conversion (not converted to FunctionX and stored in cold wallet) ā address 0x22eCbaCF747C30839b5E879eb16195f36D7Ec764
Thereās not one foundation wallet, but many of them.
Regards,
@FrenchXCore
Did we ever see any link on those associations web pages telling us THEY are the people behing those validator names ? NO.
Did we ever see some of them (beside random pictures taken in a forum) ? NO.
Do we have any IRL reference of anyone behind those associations ? NO.
Not sure if you have followed the official announcement page but they DID. Please do proper research before trying to spread misinformation.
Function X is even listed on Polkachu website.
This is their Delegation Service for FX.
Litecoin Foundation also posted about it before. Keith from Baklava Space is Director of LTC Foundation as well. You can slowly find it on their socials.
Now you understand why I talked about established validators vs random validators - the difference in professionalism can easily be seen by anyone.
Function X also did live events with Baklava, LTC Foundation and many more.
Teamās Address: 1M $FX and 107 ETH accounts for like $280-300k.
The address listed above in my previous post is the MAIN LP PROVIDER which have not moved since FXSwap was launched.
Iām also aware of the address you gave - it is also being traced by me - Literally got a full automated folder.
Thereās still over 200-400k in liquidity removed from community members that I have traced, they even gave me their addresses.
I will give you 1 example of a community member that you know very well but I canāt give his name.
He alone deposited 136k of liquidity - not team, heās a public validator. I still got many more addresses, like tons.
The way you presented your case is as if all $1.6M of liquidity belongs to team. There are more assets that are not in FXSwap but idling in FXCore.
FYI, there are actually more assets in FXCore that canāt be seen from FXSwap:
FXCore Assets Stats:
Some users could be waiting for the right time to provide liquidity again, most assets are idling right now. FXSwap operates on Uniswap V2, some users know how and when to provide / remove. This is not concentrated liquidity V3, there are so many ways and strategies to do it.
Iāve already noticed there was some automatic balancing from the team (beside pool automatic balancing) to maintain the foundationās pooled value.
Forgot to mention that Iām also tracing a few automated addresses, including volume makers via contract managers or automated rebalancer - I tagged them in my folder.
Except the volume makerRebalancing is normal and this happens everywhere because more trades = more volume = more fees and fees are shared ā with LP providers.
All of the above is perfectly normal because it provides activity, automated bots are so common in this tech era. Farms are above 100% APY right now, just saying.
As the famous saying goes - caribus paribus.
Alright, I donāt think thereās much space to express a feeling here.
All wallets are being traced and watched, but only FX Validator had the good Idea to share the info.
See you guys !
Blockchains are transparent.
Isnāt this why Bitcoin became popular? Because of its immutable and transparent feature.
But I do agree with you that communication is key and should always improve. @FrenchXCore
