Zac: progress update (May 2021)

This week we take another step closer to Mainnet launch, and very realistically June will be it looking at the staking pool progress.

Function X Mainnet aka f(x)Core will be feature rich. Tons of things.

  • Low fees, high speed.
  • 21 validators in initial months, hosted by team for security, will open up for public in stages, first stage will be for f(x) Cloud beta testers.
  • Tokens can be delegated/staked into validators to earn block tokens. Low fees.
  • Cross chain capabilities. Users are able to swap back and forth their ERC-20s ($PUNDIX, $FX, $DAI, $LINK etc) into and out of Function X Mainnet. This dual way flow ensures liquidity and user control.
  • The ERC-20s when swapped into Mainnet will help earn yields in various forms - savings, collaterization, etc. In collaterised form, the collaterised value will be pegged to a $1 worth of fxUSD so that there is a price point reference.
  • We are prioritizing a DEX but also one that is competitive and have a different market fit than that of Uni/Sushi etc. More on this later, and aim will take into account how to create value for $FX and $PUNDIX tokens.
  • Function X is multi-chain and cross-chain. Cross chain connects to other chains such as Ethereum. Multi chain means internally we will launch different chains and they are all connected by f(x) Core. The multi chains are created by team and third party businesses (banks, fintech, other crypto projects, yourself). The creation criteria will involve holding our tokens to create value.
  • Oracle pricing. Hopefully most if not all assets price reference can be via oracle, this is something we are working with Chainlink and others.
  • First use case of the multi-chain feature will be connecting XPOS and creating a decentralised version. The use case is big and warrants its own article.
  • A lot more feature really, but enough for now.

I don’t want to overcommit but these features are likely to all be implemented, but again judging from recent newbie flood into our tokens, I need to emphasis DYOR.

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Hi, regarding the borrow/lending feature, will there be additional security incase of a flash loan attack like what happened with PancakeSwap/Bunny and Venus?

Those 3 are actually the top 3 DeFi platforms currently and they all got targeted with a flash loan attack.

Also, regarding about the staking feature. Does the staking applies to FX only when main net is launched? Or can we stake Pundi X to earn FX again?

Example:

  1. Stake FX = earn FX
  2. Stake PUNDIX = earn FX

I know we can stake FX for sure but are we able to stake PUNDIX too for main net?

Thank you for all the hard work ! Been buying more and more!

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Exciting things comming.
Looking forward to the mainnet.

Dedicated staker/delegator.

Same question from me.

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if that is really in question… I personally (and i think many FX Validators would be on my side) would actually vote against that…

pundix should not be able to stake for FX on mainnet…

pundix stake = liquidity provider for pundix/xpos = APY paid in Pundix

FX Stake = Infrastructural government = FX creation and APY paid in FX

If you want FX, feel free to get some. We will welcome you as Validators/delegators.

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That’s fair and well explained.
Think you are absolutely right.

I have a decent amount fx already and are dedicated to be a delegator.

The question although is understandable, especially since staking on the f(x) wallet has both pundix and fx staking with fx as rewards.

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I’m curious to see what they come up with. I hope we will be able to stake pundix for something at least, if not fx.

But FX was made for Pundi X in the first place so i think Pundix should be able to stake.

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Short answer:
$FX staking will receive $FX via participation (automated and less work).
$PUNDIX staking will receive $FX via contribution (more work and uncertain).

Long answer:
f(x) Core is Function X Mainnet and the chain that connects all other chains, we can have hundreds of Function X chains and they will all be linked to each other via the brain and central nervous system f(x)Core. $FX token is the native token in f(x)Core and naturally new tokens in each new f(x)Core block will have $FX tokens. These new $FX tokens are rewarded to stakers who own $FX, such as you. This process is automated and smart contracted provided you delegate your tokens.

Important point. Most but not all newly created $FX are automatically allocated for $FX stakers. Some newly created tokens go to pools for developers, liquidity, community etc as stated in white paper and HashOuts Request-for-comments. Some $FX tokens in these pool will likely go to $PUNDIX tokens holders. Simply because there is alot Pundi X products can play in the ecosystem and Function X needs the utility that Pundi X products bring into the ecosystem. If f(x) Core is the brains and central nervous system, then Pundi X products will be the limbs. XPOS will run its own chain on Function X, and will have its own $PUNDIX staking, usage and reward mechanism, which I am very excited about. $FX will likely benefit from it too, hence a win-win.

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I say avoid this feature of lending and borrowing @zaccheah let’s play it safe imo until the space figures out a new way of securing the feature.

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Very excited as a long term FX holder for this news and progress. Cannot wait man! It’s all coming to fruition.

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