July has been a big month for the Function X Foundation. Our Mainnet went live successfully at 22:00 GMT+8 on 6th July 2021 after three years of development. The mainnet launch kicks off the governance stage, allowing $FX holders to participate in verifying block creation and receive block rewards via delegation to secure the network with 20 initial company-hosted validators.
$FX can now be used as a FX Coin on the Function X mainnet or ERC 20 token on the Ethereum network.
In this article, we will cover the state of Function X Mainet and its tech development in July. Let’s dive in!
In less than 20 days, there were over 50,000 transactions and 1,500 addresses created on FX Core, the Function X Mainnet. Transactions made on FX Core are mostly the cross-chain transfers from Ethereum blockchain to FX Core and the delegation. If you are a $FX holder, we encourage you to experience the transaction speed empowered by FX Core cross-chain transaction. At the same time, we welcome all your suggestions to ensure further product enhancement and better user experience.
We are very excited to see the participation of all the community members and FX Coin holders in the initial Function X delegation. This is the first step, before we open to public validators when the network matures. This month alone, we have more than 115 million (at the time this article published) delegated to the initial company hosted validators. You can always check the real time update in the explorer.
The current APY of FX delegation is about 70%. This makes the FX delegation reward one of the highest staking rewards in the market at this moment. Based on the data from stakingrewards.com, 98% of the listed digital assets offer staking rewards lower than 50% APY. However, numbers may change in the future since the block reward APY varies based on the total staked amount, inflation rate and contribution from the public hosted validators. For details of calculating the FX block reward, you can refer to the article here.
The Function X Foundation is committed to grow the Function X Mainnet to become one of the most decentralized and scalable blockchain networks. In order to meet these goals, the Foundation continues to allocate significant resources towards innovation and future sustainability.
As mentioned in the AMA, we are now in the first stage of the launch, which is the Mainnet Launch. The development team is working on the applications and features for the second and the third stage concurrently.
The second stage is to make XPOS and other financial transactions on Function X. The focus of the second stage is to create a custom chain for XPOS. We called it Pundi X Chain.
Pundi X Chain is a dedicated payment-focused blockchain on the Function X network. It is specially designed to perform high throughput transactions with low latency and low transaction fees. In addition, it provides room for future compliance requirement upgrades, hardware (XPOS) integration and Point-of-Sales compatibility, with a tokenonomy offering incentives to merchants and payment processors.
A sneak peek was shared via Zac’s twitter in July to showcase the development of having XPOS support the Function X network.
The third stage is to add use cases for Function X. We believe it will be one of the biggest use cases for Function X since the synthetic asset market is growing exponentially. Here are the progress updates of Synthetic Assets Platform and DEX (which we previously mentioned to launch in the stage 3), below.
- Function X Synthetic Asset Platform (V1.0)
This Platform is a protocol for the issuance of synthetic assets that enable users to earn rewards by providing collateral. Users will be able to provide PUNDIX, FX, DAI, USDC and USDT as collateral for FxUSD.
Since global asset prices need to reflect a volume-adjusted aggregate of all trading markets, we required a blockchain oracle that could bridge aggregated price data on-chain in a secure and reliable manner.
Our team has completed the key integration with Chainlink Price Feeds and is currently performing beta tests on this integration.
2. Function X DEX (V1.0)
Function X DEX is projected to be available as Function X DEX DApp in f(x)Wallet and as “Function X DEX PRO” on the web. It will serve as the marketplace for users to trade their FxUSD for synthetic assets and support decentralized governance for FX Core, as well as for chains within the Function X Network. Our team is testing the first version and expect to run several test rounds because each testing will be followed by the improvements.
As a closing note, we thank you for all the support and feedback. Make sure to follow us on Twitter, Facebook, Reddit as well as Github for detailed documentation. If you are interested in sharing ideas and participating in building the Function X ecosystem to make it better, join our official Function X Forum.