So by time now staking pool is locked and we didn’t reach the needed target, what will be next step as i can see also some individuals had already withdrawn there principles from the pool.
An official update will be great, specially to ones still staking there tokens.
Weak hands or money chasers don’t care. They are only after gains…
As of now… the fx stake portal is locked… its better to open because alot of people will claim there fx from pundix staking and stake it on fx pool…
As the pre-governance staking stage has come to an end, will the new investor stake with no rewards to hit that 20% threshold?
Like how do we hit that remaining 5mil FX if there is no incentive? That will be what the new investors will be asking.
@zaccheah @Superbit123 @DavidK @Danny
It is actually a very valid question.
I co-ask too… been meant to ask too…
Yah i do know about this, but questions is what’s next as individuals are still withdrawing and no option to add, we can’t jump to phase phase two without completion phase objects successfully, unless devs have a new update.
Whatever individuals are doing its already done, whats coming is the important… If you also check ones who withdraw didn’t sell but yet remained there tokens in wallet for some reason… Like many millions out there not moved. . .
Where are all of the large token holders? Have they been sleeping the past 70 days? We are bleeding tokens from people withdrawing their stakes and now need nearly 8 million tokens, up from needing only 5 million. I am at loss of words… Zac Cheah and the team have clearly communicated on several forms of media (AMA, twitter, forums, telegram) regarding the need to keep your stakes in the pool and not withdraw, but people keep withdrawing. Clearly they staked in the pool knowing that it’s for a reason and a goal to reach mainnet, and it’s clear that they know when they are supposed to claim their rewards today (June 15th) as seen by all of the claims on Etherscan the past few days, but they are withdrawing their stakes too for some reason. Don’t quite understand it. Was there a miscommunication? From my point of view, there wasn’t, but then again, I am an active member of the community. Maybe others not so much.
I hope that a whale donates to the smart contract address and we can move on to what we have been striving to achieve
My only question is if a whale had not staked in the past why would they do it now? Clearly some whales are just going to sit on their Fx they see it more as an investment. I think we are better off starting a new stake off ethereum, so high fees do not prohibit the many smaller investors from staking. Make the rewards for FX only this time. (Not PUNDIX )to increase the apy and incentive. Honestly I don’t know the answer the team will have to make these decisions, but obviously we need to work in a reality that either whales don’t know about the stake or whales are not interested into participating. I think it will be a mixture of both. I hope for the best. I also really don’t mind the team staking some for a start with a goal to be fully decentralized in the future. Also why does the team own FX if they are not prepared to use it? Maybe the team could delegate their coins to someone to stake to keep it decentralized.
I agree, there needs to be an incentive. If FX holders didn’t bother staking for such amazing rewards, why would they now? @zaccheah @Superbit123
I have two recommendations:
- Instant Unlocking of Staking Rewards: FX holders who participated in staking, could unlock 100% of their rewards instantly, if they commit to staking them for mainnet for next 30-60 days. (not sure if developers have the ability to get these rewards unlocked sooner).
- One Time Airdrop: For anyone who has staked FX coins for mainnet, will get one time air drop to bridge the gap to 75,720,905 OR minimum 3%. If team announces that anyone who stakes within next 48 hours, could also participate. There is a possibility of us achieving the target for mainnet launch prior to airdrop, & everyone will just get a 3% air drop.
I think teams needs to take a quick action with official announcement. With passing time, more FX holders are starting to loose confidence in the project.
Sorry for the late response.
I like your first suggestion. The only issue is that the smart contract is locked to distributing the 5% per week. I am not sure if this can be changed/amended… I dont think it is possible.
I think if we claimed only (not redeem) our 5% upfront and loyal Pundians re staked them via the direct staking address given by Zac, we can surely cross the 75m mark. That can work.
What do Pundians think about his idea? Please comment or maybe a short poll to see interested Pundians who are willing to see us cross the line here, could be interesting datas.
It’s incredible how eth fees messed us up here, very unlucky, but we can turn it around, we’ve been waiting for this for soo long.
This will take at a minimum, another 16 weeks, considering 5% per week is a total of 500,000 per week available to re-stake across PundiX and FX rewards (assuming that literally every single person re-staked their 5% claim each week) and we need more than 8 million more tokens staked due to people withdrawing their tokens from the staking pool too early over the past few days unfortunately, and not many people are going to want to pay the high gas fee’s associated with claiming 5% of their rewards every single week (which is why it was advised to wait 19 more weeks to claim a lump sum of the rewards at the end prior to December 5th), plus another set of gas fee’s to send the tokens to the staking contract each week
We have some good ideas floating in this thread. Mainnet Launch Incentive Suggestions
I agree with Nick779, delay in mainnet launch will only make things more difficult. There needs to be a solid plan which is achievable short term.
Oh darn, if that’s the maths, Then we definitely need new investors. It’s crazy we can’t reach a mere 20%.
Either find some investors quickly otherwise if possible pundi has to stake their fx into the pile!
And I think it needs to be the latter.
I don’t think the incentive mechanism of 5% claim and 95% claimable should change. It is a slippery slope for PUNDIX to get on if they unilaterally decide at this juncture to change the rules of the game they designed and announced when they launched our journey towards fx mainnet launch.
In order to reach the 75M target, I think @zaccheah and PUNDIX team, @DavidK and Function X Foundation needs to now consider themselves as part of the community as well and not only as an entity outside of the community trying to encourage the community to bring us across the line.
Decide PUNDIX course of action, ie, whether they should stake their own fx tokens at this juncture, to bring the community across the line. PUNDIX and Function X Foundation are themselves fx whales.
Yes, and it seems that we are losing on average over 1 million FX from the staking pool per day from uninformed people withdrawing early. So the longer we wait, the harder it will be to make up the losses from people withdrawing. We are essentially moving backwards now, without the ability to re-stake.
Yep it’s absolutely necessary.
Staff members are part of the community, we were, we are and we’ll be always there, but now we need them. We need you @zaccheah @DavidK.
Please consider take this action, the longer the time, the greater the number of FX must be reset.
Waiting for your response!! Thank you!
What worries me is that the whales we were hoping for did not show during the staking, so i do not think it is worth waiting for them now, too unreliable.
Changing the contract to ublock faster would damage the trustworthynes so that should not be an option either.
Waiting with the mainnet launch i fear will stop the momentum of the project and allow other projects to fill the gap. The time of taking it slow is kind of over.
From what i am seeing is that the decentralising is the main issue. Unfortunate circumstances trew a wrench in the plan and now we need to adapt.
I believe it is fine for the chain to start with the team filling the needed remainder on the condition that that remainder is than decentralised trough an later initiative.
This will let us go live with all the benefits that brings with it, including better controlled staking posibilities
I dont think the community will have an issue with starting slightly less decentralised as planned as long as there is a clear plan to do that in the near future.
What is most important now though is that a desision is made and clearly comunicated, something stronger than asking whales in the void to save the project while the pool runs dry.
Perhaps this is just my lower uncertainty index talking (hofstede culture theory) but i want to make clear that there is no fault in having to alter plans to make the wanted result happen, and i think we can all agree that the whole comunity wants to see functionX core go live
If the team were to delegate their Fx to be staked then it can still be decentralized, all we need to do is set up a new staking with the option for delegation for the team. Also I am pretty sure the reason why many whales have not staked is because many will not speak English or are big people who just buy as a long term investment and never actually check in or look at the project itself. The people that did stake are the bread and butter of the project, we know that we have a solid 19% base who keep upto date and take genuine Intrest in the project. As time goes on this base will grow. But if the project is seen to go backwards it will be hard to grow that base. I presume the PUNDIX team are having a meeting right now yelling at each other about what is the best thing to do. But we need decisive leadership and decisions. We need vison and a path which fits into reality.