Request for Comment: Pundi X Reward Token (Project name ‘PR’)

This is a Request for Comment article for a Reward Token for $PUNDIX and $NPXSXEM. For further ongoing discussion, go to Proposal for a Pundi X Reward Token.

Summary of Pundi X Reward Token:

  • Reward token claimable by $PUNDIX token holders. This token incentivizes XPOS usage, expands Pundi X Chain’s ecosystem, and increases $PUNDIX value.
  • Reward token exists in BEP20 & the upcoming Pundi X Chain. With initial supply airdrop/claim in BEP20 and subsequent staking in Pundi X Chain. Supports cross-chain between Pundi X Chain and Binance Smart Chain. (Pundi X chain is a custom chain powered by Function X blockchain)
  • Reward tokens will be used as rewards, gamification (lucky draw / lottery), discount voucher, redemption for NFTs and other tokens. Such rewards are in Pundi X Chain and BEP20.
  • $NPXSXEM token will be fully absorbed into the reward token, thus sunsetting our support for $NPXSXEM.
  • No preminted or allocation in any form for the team. All initial supply goes to absorbing $NPXSXEM tokens and distribution to $PUNDIX holders. Subsequent reward tokens are claimable via fair staking in Pundi X Chain. Reward tokens can be sent between BEP20 and Pundi X Chain.
  • Proposed initial supply. Initial supply will be in BEP20
  • After the initial supply $PUNDIX holders will be able to continue to delegate $PUNDIX to stake for reward tokens when Pundi X Chain launches.
  • Tokenomy adopts the BDL model, which is Transfer = Burn + Distribution +Liquidity (‘BDL’). It is not meant for speculation but will have a deflationary mechanism designed in place.
  • Token name is tentatively $PR, but subject to change based on voting results in Reward Token choice of name voting.

Background

We would like to give $PUNDIX holders an opportunity to claim various rewards via ownership of a reward token. This reward token will give users the opportunity to receive #NFTs from our partners, airdrops of various forms — including physical gifts such as XPOS and merchandise. It will also be used to incentivize XPOS usage. Another reason for a reward token is to give NPXSXEM a place to merge into the Pundi X ecosystem.

$PUNDIX token holders will initially be able to claim PR tokens, followed by the ability to delegate and stake in every new block created in Pundi X Chain. The PR token is not meant for trading and speculation and will have a deflationary mechanism designed in place.

PR Token characteristics

Mission: To supercharge $PUNDIX and expand the Pundi X Ecosystem

The purpose of $PR Token is to reward users, incentivize XPOS usage and its network, expand Pundi X Chain’s ecosystem and fuel $PUNDIX to the next level. $PR token is secondary and meant for claiming reward while $PUNDIX is the primary token in the network that will be used to participate in DAO governance.

Multi-chain

The $PR token will be multi chain with initial support for Pundi X Chain and the Binance Smart Chain. This means that various rewards will be claimable in both of these ecosystems while maintaining the number of tokens simultaneously, which means no extra dilution even though tokens are on both chains.

Note that Pundi X Chain is a custom chain powered by Function X. It is different from Function X Mainnet called FXCore. FXCore is used to connect different custom chains, the first custom chain it will connect is Pundi X Chain.

Utility

These are the proposed utilities that might be implemented.

  • Rewards

Pundi X users will earn $PR as a reward for participating in validating blocks in the Pundi X Chain, supplying liquidity, being an XPOS merchant or spending in XPOS. The reward will be determined based on $PUNDIX on-chain protocol proposals.

  • Gamification (lucky draw / lottery)

The $PR Lottery /lucky draw will be a decentralized game where tickets can be purchased with $PR. There will be pool cycles where these lotteries will be determined solely on-chain and redeemed on-chain.

  • Discount voucher

$PR could become a discount voucher for the base asset in accordance with market rates (if liquidity is sufficient) to pay network fees at a discounted rate.

  • Participating NFT auctions

$PR will be one of the exclusive digital assets to purchase or redeem PUNDI X Collection NFTs.

  • Redeem other tokens

$PR can be used to redeem or participate in the initial launching of tokens on PUNDI X chain.

  • XPOS purchase

$PR tokens can be used to purchase XPOS at discounted rates.

Tokenomics

Initial supply, distribution and migration

The team is proposing an initial supply of 64 billion $PR tokens. The initial supply will be distributed to $PUNDIX holders (19.2 billion) and through a 1:1 conversion for $NPXSXEM holders (44.7 billion). After the conversion there will be no further support for $NPXSXEM.

There will be no pre-mining allocation to the team, founders, advisors or any other party. The only initial distribution is either through an airdrop to those already holding $PUNDIX or through migration by $NPXSXEM.

Initial supply of reward token

There is no maximum supply for $PR tokens unless the governance voting decides otherwise. This means that the token supply will keep increasing. The increase of token supply will be controlled by the deflationary mechanism explained later in the article. The deflationary mechanism is an important part of the design, reward token holders should understand it.

Details of $NPXSXEM migration

There is a 90-day migration window. The migration ratio is 1:1. Users have to send their $NPXSXEM to a designated smart contract to convert to $PR tokens. There is a 12-month lockup period for the initial distribution of the $PR token. $NPXSXEM migration users will get 12% of the total claimable tokens right after the migration, and the remaining 88% will be unlocked (8% every 30 days) over the next 11 months.

For example, if Alice sends her 100,000 $NPXSXEM to the designated bridge and migrates to 100,000 $PR, she will get 12,000 $PR right after the migration and receive another 8,000 $PR every 30 days thereafter until she receives a total of 100,000 $PR.

It is worth mentioning that $NPXSXEM shall be migrating from BEP2 to $PR which is the BEP20 version. $NPXSXEM migration users will need to prepare some $BNB for the gas fee to perform the migration and the following unlocked $PR will be automatically airdropped to the wallet that is submitted and verified by the users during the migration. Further details of migration will be provided in a separate article.

Details of distribution of $PR to $PUNDIX holders

The total of 19,237,401,613.17 $PR tokens is designed to be distributed to all eligible $PUNDIX holders and it can be divided into two parts. All distribution will go to BEP20 wallets even though it is claimed by users in Ethereum. The reason is because the private key and public address generation in BSC is similar to Ethereum hence if you own the seed and/or private keys to your Ethereum wallet, the same private keys can be used on BSC.

Part 1: First distribution of 12%.

  • Distributing $PR token: 2,308,488,193.5804 $PR (12% of 19,237,401,613.17 $PR)
  • Method: Holding $PUNDIX in an individual’s ERC-20 wallet.
  • Calculation period: 21st June 2021, 1400 (GMT+8) until the launch of the Pundi X Chain.
  • Snapshot: We will take daily snapshots of the average $PUNDIX held in individuals’ ERC-20 wallets during the calculation period.

Formula: Average daily holding $PUNDIX during the calculation period per wallet address / total $PUNDIX tokens * total claimable $PR tokens during the period

Example, Alice holds 10,000 $PUNDIX in the wallet from 21st June until 5th July, and holds 20,000 $PUNDIX from 6th July until 25th July, thereafter the total claimable $PR tokens during the period is 145,122 $PR. [(10,000 15) +(20,00025)] /40/ 258,491,637 * 1.9 billion

Part 2: Subsequent distribution of 8% for 11 times.

  • Distributing $PR tokens: a total of 16,928,913,419.5896 $PR will be further divided into 11 months, thereafter each month 1,538,992,129.0536 $PR (8% of 19,237,401,613.17 $PR) will be distributed.
  • Method: Holding $PUNDIX in an individual’s ERC-20 wallet. Certain exchanges might support it based on their own decision, if they decide to claim on users behalf.
  • Calculation period: The calculation cycle is on a calendar monthly basis, for example, from 1st August to 31st August. The commencement date shall be announced at a later stage.
  • Snapshot: We will take daily snapshots of the average $PUNDIX held in individuals’ ERC-20 wallets during the calculation period.

Formula: Average daily holding $PUNDIX during the calculation period per wallet address / total $PUNDIX tokens * total claimable $PR tokens during the period

For example, Alice holds 10,000 $PUNDIX in her wallet from 1st September until 15th September, and holds 20,000 $PUNDIX from 16th September until 30th September, thereafter the total claimable $PR tokens for Alice in September is 89,306 $PR. [(10,000 15) +(20,00015)] /30/ 258,491,637 * 1.5 billion

Remarks:

  1. The team cannot confirm if centralized exchanges will support the monthly distribution at this stage. Please wait for the exchanges to make an official announcement or move your token to a decentralised wallet which you own the keys.
  2. $PR tokens will be running on BEP20 and the Pundi X Chain, hence users will need $BNB or $PUNDIX gas fees to claim.
  3. Users will have to claim their entitled $PR tokens manually.
  4. Details of the claim will be announced at a later stage.

Design philosophy: Transfer = Burn + Distribution + Liquidity (‘BDL’)

There is a unique design philosophy for $PR.

The initial idea of a $PR token is to act like a loyalty point, allowing users to redeem the tokens for stuff (such as NFT tokens, XPOS, etc.), community incentives, as the receipt of participating events (such as IEO, IDO) The $PR token is NOT for speculation.

20% of BDL (10 + 5 + 5) when a token is transferred.

To counter the inflation rate and prevent speculation, we have introduced a Burn, Distribution and Liquidity mode (’BDL’). For each transaction, 20% of the tokens will be burned, distributed and transferred to the liquidity pool. This means users will be wary of moving tokens or trading them. The only time they will move tokens is to claim rewards. When they sell or transfer tokens to another non-whitelisted address they will lose 20% of value. The BDL rate is proposed to be set at 20% initially. There are several whitelisted addresses that are not subject to the 20% deduction. When the $PR token is sent to one of these whitelisted addresses, those addresses will be entitled to claim rewards.

Of the 20% BDL rate that is deducted, 10% will be burned, 5% will be distributed among all holders proportionally, and 5% will be put into the liquidity pool.

For example, Alice initiates a transfer of 100 $PR to Bob’s wallet address (not a whitelisted address), Bob will ultimately receive 80 $PR tokens instead of 100. IF Alice sends 100 $PR tokens to pancake swap to sell, pancake swap will only receive 80 $PR tokens. Of the 20 $PR tokens that have been deducted in the above transactions, 10 $PR tokens will be burned immediately, 5 $PR tokens will be stored in a distribution pool (determined by an onchain governance proposal) and 5 $PR tokens will be transferred to the liquidity pool.

It is worth noting that the BDL rate can be reviewed and adjusted periodically through DAO voting of $PUNDIX. The setting of BDL will not affect the buying of $PR tokens from DEXes or for providing liquidity to the designated pool.

Summary for holders to claim $PR token

  1. $NPXSXEM token holders will have the choice to convert their $NPXSXEM tokens and merge to become $PR tokens. We recommend $NPXSXEM holders to do so as we will sunset support for $NPXSXEM. If you are a $NPXSXEM holder, you will have a 90-day window for conversion. Please check “Details of $NPXSXEM migration” above for details.
  2. $PUNDIX token holders will be able to claim first airdrops if they keep their tokens in a wallet from 21st June. Subsequent airdrops will also be claimable if they continue to keep their tokens. We will use a 30-day holding period from 21st June onwards. This means that if you have tokens in your decentralized wallet during that time you will be entitled to the airdrop. If your tokens are in a centralized exchange, we strongly suggest you move those $PUNDIX tokens to your own wallet since we do not have plans to actively support these exchanges. Please carefully review “Details of distribution of $PR to $PUNDIX holders”.
  3. We encourage $PUNDIX tokens held in the current staking pool (that launched on 6th Apr 2021 on the f(X) Wallet) to redeem and claim from staking pool between 16th — 21st June. That way users will fully enjoy rewards from the staking pool and not miss out on the $PR claim which starts on 21st June.
  4. After the Pundi X chain launches, users can continue to claim the $PR token by delegating $PUNDIX on the Pundi X Chain. Pundi X Chain is scheduled to launch in Q4 2021.

This Request-for-Comment is intended for discussion and debate which is happening on the forum: Proposal for a Pundi X Reward Token. A final results will be published whether to proceed with the Reward Token on official Pundi X channels.

We look forward to your feedback.

7 Likes

Thank you so much for this information. There are a lot of interesting parts, but I think people who had staked $PUNDIX will find useful to quote this specific part of your post:

Redeem our $PUNDIX staked and claim our first 5% of $FX that’s the key.

1 Like

In short people Redeem your PundiX from staking or hodl your PUNDIX on your Private FX wallets after the 16th of june and before the 21st of june, and you will be eligible for PR, when delegating comes on Pundi X chain on fx network by delegating your PUNDIX you will continue to earn PR for as long as your PUNDIX is delegated.

WHEN WILL AIRDROP IS OPEN FOR US?

@zaccheah @eduardstal

THIS IS YOUR EXPLAIN;

PUNDIX token holders will be able to claim first airdrops if they keep their tokens in a wallet from 21st June. Subsequent airdrops will also be claimable if they continue to keep their tokens. We will use a 30-day holding period from 21st June onwards. This means that if you have tokens in your decentralized wallet during that time you will be entitled to the airdrop. If your tokens are in a centralized exchange, we strongly suggest you move those $PUNDIX tokens to your own wallet since we do not have plans to actively support these exchanges. Please carefully review “Details of distribution of $PR to $PUNDIX holders”.

Please read the official hashout articles.

It clearly says that PR will be airdropped once PundiXChain is live and running. If you plan to invest, please put in the effort of reading all their articles to keep yourself well-informed.

4 Likes

Thanks for reply but problem is that find the articles… Believe me I search and couldn’t find any news about that. Could you send me?

Sure, here you go.

Blog Article:

2 Likes

Thanks for information :+1:t3::clap:t3:

Do you know when Project PR will start and will allocation for NPXSXEM increase?

NPXSXEM will become PR when pundi X chain goes live possibly end this month or start of Oct