May has been a busy month for the Function X team. As Mainnet launch is entering the final countdown and the staking has been running for over 50 days, we are improving our decentralized products based on your feedback. In this article, you will find more information regarding the update of our product as well as upcoming developments that we will bring to Function X.
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.
The decentralized wallet, f(x) Wallet, was launched in April and has gained high traffic during the past two months. Staking for PUNDIX and FX has been available from April 6th 2021 and all holders of these tokens can stake both tokens for FX token rewards. We appreciate all the feedback from our community and we keep improving the application. There are some updates released last month, such as:
Improved gas limit default settings
We are aware that during the early staking process, some users experienced “failed transactions” due to the low gas limit setting on the f(x)Wallet app. In addition to releasing an update of the app, Pundi X founders also airdropped ETH to users who experienced this issue during this time period.
Added pop-ups to alert users to back up on the wallet creation
f(x) Wallet is a decentralized wallet. We found many people are not aware of the benefits of using a decentralized wallet. One of those benefits is that only the wallet user with a private key (recovery phrase) has access to his/her wallet. This is a very important feature of using a blockchain wallet. Remember, “Not your key, not your wallet”. But this benefit comes with an added responsibility to keep one’s private key in a secure location.
New features in the development pipeline
The engineers are also developing new features based on the community’s requests, and these features will be reflected in updated versions of the application in the upcoming weeks. Please understand that these are works-in-progress in the pipeline.
- Binance Smart Chain support.
- XPOS on-chain sales and cashier supportaka decentralized XPOS.
Support toggling between Bitcoin addresses: Legacy, SegWit, and
- Transaction history record display by asset.
UI improvements, such as a suggested gas fee set slightly higher than
the Ethereum default in order to decrease the likelihood of failed
transactions as well as pop-up alerts highlighting a high gas fee.
- Japanese language support.
There will be many updates in the upcoming weeks which are currently in development. As announced last month, Function X Mainnet will go live 7 days after FX tokens in the staking pool reach 75,720,905 tokens (20% of the current supply).
There are also some key parameters of the block reward of FX Core that were published in the April Hash Out. Here is the summary:
$FX is the governance token for the Function X project. $FX will exist in both Ethereum (as ERC-20) and the Function X Mainnet.
$FX will always be interoperable between Ethereum and Function X. This interoperability will allow use cases and liquidity while at the same time maintaining a constant supply.
What this means is that if, for example, a token moves from Function X Mainnet to Ethereum, the token in Function X will be destroyed and a new one minted on the Ethereum blockchain. This keeps total token supply constant even when $FX is able to move across chains.
Other than Mainnet, the team is also building the Function X DEX and Function X Synthetic Assets Platform. Function X DEX is a web-based tool that acts like a decentralized exchange based on the Function X chain. We have already finished the algorithm for matchmaking.
Currently the crypto market is valued at 2 trillion USD, while the equities market is 100 trillion USD. The derivatives market is also valued at 100 trillion USD. We believe that a more decentralized and transparent approach to the derivatives market has tremendous potential. Function X Synthetic Assets Platform is a DApp that will allow users to stake their FX and PUNDIX tokens for earning rewards as well as for creating synthetic assets, which could be used for derivatives trading with infinite liquidity. More updates will be announced soon, including perpetual contract options in the DEX.
In the upcoming weeks, we are also planning to launch the updated version of Function X Explorer. For the sample mockup, you can find it here.
This May, the Function X team has also launched the Function X forum. This forum is the official place for all the users to discuss and we will add more topics to this forum very soon. This forum will be used to discuss features, implementation and our IPs (implementation proposals). We will also use the forum as our DAO/voting platform to vote for many things from major feature updates to correcting typos. Register your account on the forum here.
Developers will also share process updates in the forum. You can read the progress updatespublished by Pundi X Co-Founder and CEO Zac here.
Staking for PUNDIX and FX kicked off on 6th April 2021 and will end on 5th June, 2021. We have received many questions regarding the rewards claim. I will cover it in this session and answer some most frequent questions from the community. I hope it helps.
In March Hash Out, we have stated the basic rule of staking reward: NO CLAIM, NO TOKEN. Users have to manually claim your reward or redeem your staked tokens by paying the ETH gas fee since the staking is executed on the Ethereum network. The gas fee will be paid to the miners, not Function X nor Pundi X.
And here are the most frequent questions from the community (I will add more FAQ in this section periodically. You can always come back to check more answers):
If I want to get the full reward and minimize the number of transactions for the claim, what is the last day to make the first claim? Can I claim after 15th June, 2021? If yes, when is the deadline of the claim?
To get your full reward, you can make your first claim during 16th June, 2021–21st June, 2021. After the first claim, you will receive 5% of your full reward, the remaining 95% will transfer to “Rewards to be unlocked”. Every 7 days, 5% of the total receivable staking reward will transfer from “Rewards to be unlocked” to “Earnings”. Make sure you claim the “Earnings” by 14:00 GMT+8 on 5th December, 2021.
Smart contract closes on 5th December, 2021 so that is the last day to claim. All unclaimed unlocked staking rewards after 14:00 GMT+8 on 5th December, 2021 shall be FORFEITED.
Staking started on 6th April, 2021–15th June, 2021. If I started staking on 15th May 2021 and want to stake till 15th June, when is the deadline date to claim my first claim (5%) to get the full reward of my staking period?
Staking calculation will end on 15th June, 2021. We suggest you can make your first claim between 16th June, 2021–21st June, 2021. Please note that your reward calculation started from 15th May, 2021–15th June, 2021.
And make sure you claim all the “Earnings” by 14:00 GMT+8 on 5th December, 2021 before the smart contract closes.
What will happen if I make the first claim before 15th June and stake my tokens till the end of staking calculation on 15th June?
Some people may choose to make the first claim before 15th June 2021 to receive the unlock reward sooner when the gas fee is low.
After the first claim, you will receive 5% of your reward which is calculated from the first day you staked to the date you make the first claim. The remaining 95% of this period and the new un-claim staking reward tokens are stored in “Rewards to be unlocked”.
To receive your remaining reward (calculation starts on the day you claim until 15th June, 2021), you need to claim againbetween 16th June, 2021–21st June, 2021. Then 5% of the remaining reward will transfer from “Rewards to be unlocked” to “Earnings” immediately. Make sure you claim all the “Earnings” by 14:00 GMT+8 on 5th December, 2021.
You can also choose to forfeit the remaining reward if you think it is not worth the gas fee.
What happens if I do not do the first claim at all?
You will not receive any staking rewards. The first claim of the staking reward is the prerequisite criteria of the following unlocked token. In simple terms, you need to have the first 5% to get the rest of the 95%.
As a closing note, we thank you for all the support and feedback. May has been a month packed with new developments and there will be more updates in the upcoming months. Make sure to follow us on our various social channels to receive daily updates on what’s going on in the Function X ecosystems.