Temperature Check: upgrade f(x)Core and rebrand Function X to Pundi AIFX

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Dear Pundians,

We have some important ideas to share that can mark a significant milestone in our journey towards enhancing the PUNDI ecosystem and we are eager to hear your opinions. You will hear a lot of PUNDI, PUNDI X and PUNDI FX, so LFG ! :slight_smile:

Current Blockchain Architecture and Proposal

We are at a pivotal moment in the evolution of Web3 and AI technology. Starting from 2017, our mission has always been to empower blockchain developers and token holders to use crypto in any physical store in the world.

As we all know, Function X is the blockchain infrastructure with the hub-chain (main chain) named f(x)Core, and Pundi X Chain is a Layer 2 solution firmly anchored on f(x)Core. Pundi X Chain as the name implies powers the decentralized data and transmission layer of our successful Pundi X payments operations. After reviewing the current infrastructure, we found that there are inherent technical limitations in the Pundi X Chain and XPOS platform that prevent us from implementing the upgrades we want.

As part of our continuous endeavor to advance the blockchain infrastructure and streamline operations, the technology council would like to propose to merge Pundi X Chain with f(x)Core to become Pundi FX.

Pundi AIFX = merging Function X’s f(x)Core + Function X’s Pundi X Chain

Merging PundiXChain & FunctionX to Pundi AIFX (Pundi AIFX refers to the future of X)

This strategic move aims to combine the strengths of both platforms under a unified blockchain network, Pundi AIFX, enhancing our capabilities and streamlining our operations across the board.

The Pundi X Ecosystem aims to create a comprehensive and AI-empowered, user-centric blockchain infrastructure that supports the global growth of decentralized technologies and payments and retail applications in physical outlets.

By doing so, we envision a future where smart devices and hardware infrastructure revolutionize the physical retail experience, creating a seamless, efficient, and crypto-driven journey for growing tokenized real-world assets through AI technology and decentralized networks.

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Post Chain merger, new Pundi AIFX

Major features post merger

  • Chain abstraction. This allows developers to deploy once on Pundi AIFX and for the app to run without code change on other EVM and Cosmos compatible chain via omnichain channels. Example, a dev launches a DEX on Pundi AIFX and the DEX will be able to support Base, BSC, Osmosis and more from the get-go.
  • AI-focused DApps onto Pundi AIFX such as Dapps that power Pundi X’s AI-powered Enterprise XPOS.

The tokenomics of both tokens will remain unchanged - NO dilution, NO increase in minting.

Check out the table below to see the full list of use cases for both $FX and $PUNDIX tokens with further explanation below.

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Utility of AIFX token

AIFX will continue to have the same function as Function X original utility in $FX in Function X’s mandate in our 2018 blog post.

  • native gas token for Pundi AIFX
  • Governance proposal including EGF/CSP governance proposal voting.
  • Note: NO dilution

Utility of PUNDIX token

Pundi X will continue to play the critical role, providing a variety of utilities that enhance user experience and network functionality. These utilities are similar to our original 2017 whitepaper.

  • DeFi Flywheel: One prominent utility is the DeFi flywheel effect. Example, users can provide liquidity to decentralized finance (DeFi) platforms such as Uniswap or MarginX, receiving liquidity provider (LP) tokens in return. These LP tokens can then be deposited into vaults on MarginX or Baklava to earn additional yield, including $FX. This process incentivizes liquidity provision and helps users maximize their returns through compounded interest and rewards.

  • Loyalty and ERC-404 Ecosystem: The PUNDIX token also serves as a key component in the loyalty program. By staking PUNDIX tokens in the Purse vault, users can earn 404 tokens. This system rewards loyal participants and encourages long-term holding, which contributes to the stability and growth of the ecosystem.

  • AI-Driven XPOS (Enterprise XPOS): For enterprise-level XPOS systems, staking PUNDIX tokens unlocks advanced AI functionalities. These features include price discovery, which helps businesses optimize pricing strategies; real-time transaction monitoring, which enhances security and operational efficiency; and AI chatbots, which improve customer service and engagement. This integration of AI with the PUNDIX token staking mechanism brings significant value to businesses by streamlining operations and providing intelligent insights.

  • XPOS Transaction Fees: Within the XPOS ecosystem, PUNDIX tokens are used to pay transaction fees. This utility ensures a seamless and cost-effective transaction process for users and merchants. By using PUNDIX tokens as the fee currency, the ecosystem maintains a consistent and integrated payment method, which simplifies the user experience and enhances the adoption of the Pundi AIFX chain.

In summary, the $PUNDIX will continue offering diverse utilities that range from DeFi participation and loyalty rewards to AI-driven enterprise solutions and transaction fee payments. This multifaceted utility drives user engagement, promotes ecosystem growth, and delivers tangible benefits to both individual users and businesses.

  • NO dilution.

We Need Your Feedback

  1. Views on the Merger: What are your thoughts on the merger of Function X to be Pundi FX? Any potential challenges or benefits you foresee?

  2. The Chain Upgrade: The FXCore and Pundi X Chain merge will result in the upgrade of the chain which is a hard fork, with the new chain called Pundi FX. Shall we take advantage of this merge to do token redenomination (token name and supply change) for FX for better token discovery among the current CEX to increase the token visibility?.

  3. AI tech in Retail: How do you view the integration of AI with blockchain in crypto payment, RWA tokenization as well as enhancing retail experiences?

  4. Tokenized RWA utilization for Merchants: What are the real-world assets in the physical retail spaces that will generate profits for merchants, ex gold, diamond, millages, or even bubble tea?

  5. Innovations and Improvements: Are there specific technologies or improvements you would like to suggest post-merger?

Your insights are invaluable to us. Please share your thoughts, concerns, and suggestions as we aim to shape the future together!

Looking forward to your feedback.

  • Agree to rebrand
  • Disagree
0 voters

14 June 2024

This post is co-written together with Function X Foundation’s president David Ben Kay and Pundi X Co-CEO Peko Wan.

Edit on 25th July 2024:

  1. Pundi FX and Pundi AIFX are/were used interchangebly but we have confirmed to use Pundi AIFX as the official rebranded chain and product from now onwards.
  2. The new ticker for $FX will be $AIFX.
14 Likes
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Thank you for the explanation. I definitely see benefit in merger as long as the scope of these projects is narrowed and focused. Team will have a better chance of succeeding by streamlining operations and resources.

Few suggestions to consider to better streamline operations and efforts:

  1. Consider redoing the tokenomics and merging pundix, purse and FX. I understand pundix is a deflationary token while Fx has limited supply, distributed over 15 years. But marketing 1 token is 1/3 the effort of marketing 3 tokens. I think this should be seriously considered.

I like FX economics the best, may be PundiX/Purse can be burned (by minting more Fx of same market value) for PFX. PFX becomes your main token (Rewards, LP incentive, etc., utility) for this ecosystem. This should also improve trading volumes and visibility: exchange listings and market cap.

  1. It’s hard enough to market 1 token to general public, how can we market 3 and explain our complex tokenomics. So we should consider suggestion 1.

  2. Please consider suggestion 1 seriously with an open mind and let’s refine it further.

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Example:
-PundiX token is now PFX, which is a limited supply token. PFX is the utility token for XPOS.

-FX is now PFX, with same distribution schedule but overall supply has been increased as a part of this hard fork, to absorb purse and pundix market value.

-Purse rewards are now PFX, possibly funded from CSP. These rewards give incentive for XPOS ecosystem, which will also work as a marketing tool for PFX blockchain.

-PFX can now be used to buy all the things currently available for Purse holders.

-CSP funds can now be used to develop both projects.

-I believe PundiX chain and FX chain validators will now be common? PFX rewards/commission earned by validators, much better than earning purse for PundiX validators.

1 token , combined market cap, higher trading volume, easier to list on all exchanges, market and explain to people. Nice and simple!

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This is the right way
Merging 2 chain to be one
It easy to marketing 1 chain than 2 chain
I agree 1000%

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Just created a poll too

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I voted yes. I think it helps unify both brands together while also having the distinction of more TVL. Not to mention, from a newbie prospective it is easier to put two and two together. Pundi X and Pundi Fx.

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Note it’s a rehash of FX coin only, but it puts PUNDIX and PURSE over to the new PUNDIX-FX coin Network, the function of the PUNDIX & PURSE are still in their directions, we will be under one PUNDIX Brand again on 1 chain it’s still 3 coins. it will also bring what you wanted before this will bring the CSP into reach for all Projects, & we will also have all the benefits of PUNDIX & PURSE being on the new ( PUNDIX-FX chain ) together on an EVM network, less barriers for the project to integrate our everything with everything.

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of course YES

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This is Not proposed as an Amalgamation of the coins, It’s an consolidation or merger of Networks; and re-branding of FX to PUNDIX-FX main net, and the denomination / branding of FX only; all 3 coins to one Chain. PUNDIX / PURSE are still their own utilities and coins, everything can just be better meshed together on 1 Chain and Brand.

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Great idea, will definitely help the team focus, development, marketing, etc
Now, about the tokens, I would actually keep Pundix token with the burning mechanism and adapt the others to it accordingly. It will definitely cause buy pressure. Having three tokens it is very difficult.
I know that you will have to dilute the others and see how you can swap them to pundix but I’m sure you can manage. You did dilution in the past, you created three tokens, you have the relevant experience to succeed.

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I have no opinion about this, because of lack of knowledge.
But i have full trust in the teams to act in the best interest of both pundix and fx
And luckily there is good feedback by community members (whom i trust at least as much) with mote understanding about this matter.
So for that reasons i vote YES.

I only wonder what this will mean for staking/delegating, and the validators??
Will that stay the same? Can i still delegate pundix and fx apart or will that merge to somehow?

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the details are in Zac’s 1st message, I will try too clear your thoughts.
Because PUNDIX & PURSE move on to the new named PUNDIX-FX core network all delegations will be as FX ( PUNDIX-FX ) PUNDIX is not needed for governance of a network so it’s not needed to Delegate either, PUNDIX stays with it’s job of XPOS payments & Defi services & finance infrastructures the quarter burn as is from network payment TX’s. PURSE rewards will now come from App rewards / SocialFi and such. their respective focus / jobs remain the same, Staking for all token are as is already supplied, the main change is all coins will be on 1 network & Brand, Coin that was FX will then be PUNDIX-FX, main net chain.

on that chain
PUNDIX-Fx ______Validators / delegators stay Same________________Staking as is__JOB Network glue that holds it all together

PUNDIX_________Validators / delegator not needed on core chain____staking as is__Job DEFI /
Xpos / Payments

PURSE__________rewards earned differently_______________________ Staking as is__JOB SocialFi 404s Rewards / loyalty

@zaccheah please correct me if my understanding is wrong. cheers bro I’m seeing no rejections to date.

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How about pundix price
Is 3 X more than fx price
It will big loss for pundix holder

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I know it’s not proposed. But I am suggesting this is a good time to do it.

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When FX brand/ chain doesn’t exist then who cares for fx coin?

From branding and marketing point of view, one project should have one coin associated.

If team still wants to keep juggling 3 balls, then keep the two brands separate. They can run on the same chain, but keep both projects separate.

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Thanks for being the first respondent, and with good logic too.

IRT ur suggestiong for token merge, we’ve seen precedence, one prominent is the upcoming merger of SingularityNet, Fetch.AI, Ocean Protocol into one megacap AI-themed token. In their regard the market responded in good faith - what we will never know whether it’s a good response to AI-themed projects in general or their token mergers.

In any case, a merger of $PUNDIX and $FX could be complicated. The biggest hurdle will be exchange acceptance. They might view it as a merger as the same projects to inflate token FDV, which might or might not result in delisting.

My comments above are not an imply of whether we should or should not merge, but a response to @cop4200 suggestions. We can keep this discussion open, and since we are doing a once-in-a-five-year rebrand, brave ideas like @cop4200’s should be talked about even if chances of it happening is low.

That’s correct, the proposal is NOT to merge $PUNDIX, $FX and $PURSE into one. Post rebrand all three tokens continue to exists, with some variations of token utility, and instead of two chains we now have one.

After merger, we will retire validators on PundiXChain. Validators on FXCore (which is now Pundi FX) will continue to function. @LKYBOB your understanding of how validators function post rebrand is correct.

@dmunafo idea is imilar to @cop4200 's above. Our hunch is that exchanges do NOT favor this, but we can probe further. Exchanges will allow us to redenominate, say new $FX to be x1000 so that when potential buyers buy the new $FX token the price is NOT similar to $PUNDIX and we prevent confusion (Right now the current $FX and $PUNDIX is close enough that people might mix up one with another). Redenomination in the past had positive price actions so this might be another consideration.

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The rebrand sounds great, but FX is not listed on some major CEXs. (like Binance)

Will there be a problem between CEXs?

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Markets will do what they have always done - they move to what people decide to support of an ecosystem, each Coin is still doing what they where doing, not there to cancel the other out, smart supporters of an ecosystem will have equal share in all network coins. there is no effort in the change to try out shine one or the other, the point is it’s all one project each coin with different jobs, people will still support the one’s they believe will be their gold mine, If you believe PUNDIX is going to be disadvantaged swap it to PUNDIX-FX that’s your privilege, you have the foresight this is coming make your play. but the hole ecosystem is sim bionic to each other if 1 part dose well it will boost the rest, right now 1 part holds back the rest in my personal assumption so the coming together is about empowering it all to move forward, this is your time to decide - do you want to stay as is or try something - the new upgrade changes are to bring bigger things upgrades & service more easily, which is kind of guaranteed because the changes bring about more that can be created & connected - which is really what these changes are about - not which coin will be disadvantaged, in saying that in most cases the main net coin is usually the higher value - so I see it as a disadvantage that it’s not the higher value and hope it dose flip PUNDIX for value, My hodl is relatively equal, I believe personally the PUNDIX coin has the known factor; so I wouldn’t doubt it will always hold the higher value, also even after the reset of FX to PUNDIX-FX the supply of that is still going to be larger then PUNDIX supply in turn still makes it easier for PUNDIX to hold a higher value, the changes are about enhancing everyone’s position not just yours as a PUNDIX holder. NOTE even if all our tokens where 1 coin (which they can’t Be - because they have specific jobs & we would have to reapply to all exchange listings ) combined the supply would be still way smaller then most ecosystems esp Meme’s combined we are still like 10% of them in supply, most ecosystems function with many more coins then we have; it’s crazy that some have a worry that we have 3, they are there for their individual purposes - understand their purposes to know which you want to support the most, but understand they are all connected and need each other equally.

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the rebrand of FX is to use the power of the PUNDIX brand, as it’s all one project in any case, So I see the concern of ZAC the Band needs to be obvious it’s all PUNDIX, but the core coin needs to be definable, at this point the chosen name for the chain is PUNDIX-FX -

But the name and new supply is still to be determined!

Zac talks of making a higher supply for PUNDIX-FX to help people identify it in the market place

note the higher the supply the large the market cap needs to become more valuable - personally I would rather PUNDIX-FX main net coin- is way smaller so the main net coin is higher value, only because experienced blockchain people would expect that and it’s probably a concern of theirs to think somethings a miss when they are not - it’s a psychological thing.

anyway maybe a different Coin tag that would do better then 1000x the supply (Such as PUNDIX-Core Coin exchange tag PUNDIX-CC) to define it in the market, to 1000x the new PUNDIX-fx supply means the main net would be in meme coin market values, if the supply is still a few billion or 1 billion the market value has the opportunity to be rightfully higher market value - it will still need a higher market cap - then the other coins in our ecosystem; which psychologically works for OG’s in the blockchain space, but I don’t know what the project is forecasting what our ecosystem needs are in terms of a supply.

This is my own 2c of thought

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More tokens = more work, less probability of success.

Creating tokens is easy, marketing them is hard.

Just redo tokenimics so that the same token can do all three functions! Do the hard work today, to save all the future pain.

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