Function X All-Hands Meeting on May 26th 2022

Are you ready? Function X all-hands meeting is coming :fire: :muscle:

Join us on 26th May 2022 at 9:00 pm GMT+8 to discuss the progress :star_struck:

Register to receive the link to join :point_right: Meeting Registration - Zoom

You’re welcome to leave your questions and suggestions below!

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Drop your questions!

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Since we’re adopting the EIP-1559 fee rule, does that mean that part of FX transactions fees will get burned through fee burning and thus, reducing total supply?

Will FX become a deflationary coin at some point in the future?

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Questions:

  1. Since we’re dividing the EVM gas fee by 8, does that apply to FxCore gas fee as well ?
  2. Can we add a new coding category into FXDM ?
  3. Could the team add some interconnect points within F(x)Wallet app for external applications ? (for example to sign transactions using WalletConnect)
  4. Any chance FxCore could be baselined on Cosmos >= v0.43.0 (currently, testnet version is based on v0.42.11) ? I would love to see the authz module implemented.
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Good idea.

We are currently running v.0.42 base on Mainnet, with partial v0.45 code integrated. I see no reason why v0.43 won’t happen.

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The idea for EIP-1559 is to reduce transaction fees, even though it’s already super low now. It’s an open discussion if we want, instead, to keep part of the fees and burn it.

I see. I thought it would follow Ethereum, Polygon and Avalanche.

For example:

  • Ethereum, Polygon & Avalanche emission rate is around ~ 10 token per day.

Because their chain is being used quite a lot, they have a lot of activity going on. Their burn rate of base fee through transaction is around ~15 token per day.

Which means:

  • Emission - 10 token minted per day
  • Burn - 15 token burnt per day

Their supply will be in deflationary mode since their burn rate is burning coins faster than it can emit.


EIP-1559 is not only for reducing gas fee because it has a burn feature also. It splits the fee into 2, one part (base fee) is burn automatically, the other part is passed onto the validators.


In January 2022, Polygon & Avalanche implemented EIP-1559 and started burning part of their fees too.

image

For example, if our goal is to hit a Perfect 1B Supply:

  • We can burn the base fee till the max supply reaches 1B and it stops.

Inflation lasts 15-16 years, up till 1.8B supply. It can burn slowly till it hits 1B and stop.

IIRC, Avalanche does this - a combination of inflation and burn.

Hi everyone !

First, I’d like to apologize for not being able to join you guys during the AMA.
Family was around in advance unexpectedly, and familiy first.

Anyway, thanks to @zaccheah for answering my questions in this forum.

As far as EIP-1559 and FunctionX (and thank you @SCENE for pointing that out), base fees are importantly reinvested in the Community Spend Pool fund (38.6M $FX as of now). Cosmos-based blockchains usually do not burn tokens (except when doing mint&burn crosschain transactions).

It again comes back to what should be burnt, and what should be kept in the blockchain.
From what I’m seeing regarding the rythm and objectives of this project, we could keep it as is for now, and one day, decide (DAO) to burn part of the CSP if we deem it necessary. But first, I’d love to see much more validators and use cases. When we reach that point, we could push this discussion further.
We’re in the middle of a crypto crash and any discussion about this right now will have absolutely no effect on the project and/or the market cap.

Regards.
@FrenchXCore

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Yup I agree, it was a genuine curiosity I had about the base fee burn since the others are doing it and our max supply has a funny number.

Thank you for replying. :smiling_face:

Nice explanation @SCENE and good read.

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