Summary of Function X All-Hands Meeting on 16th December 2021
Thank you for those who participated in the December All-Hands meeting via Zoom. We had over 46 participants in this meeting.
Here is a brief summary:
1. Governance Proposals
A. Polygon and Tron support
Both proposals have passed the governance voting and now deployed onto Function X. It means that we are expanding both Polygon’s and Tron’s ecosystem and liquidity into the Function X Ecosystem. You can start to check this new feature on your f(x) Wallet now.
B. FX Core Increase in Maximum Number of Validators
The proposal to increase the maximum number of FX Core validators from 20 to 50 has also passed. This allowed public-hosted validators to join the Function X network and thereby , help further secure the network. So far there are a total of 46 validators and 4 spots left!
There are 3 well-recognized institutions that join as public validators:
- European University of Cyprus (EUC) from Cyprus.
- Blockchain Collaborative Consortium (BCC) from Japan.
- Asosiasi Blockchain Indonesia (ABI) from Indonesia.
Among the new validators we also welcomed a number of community supporters. Also, we have seen some very creative ways from validators to attract delegators to their nodes including active social media promotions, dedicated websites and lucky draws.
Currently, there are more public-hosted validators compared to Foundation-hosted validators. We are exploring ways to encourage FX holders to re-delegate from Foundation- hosted validator nodes to public-hosted validator nodes. One of the actions that we’ve implemented is increasing the commission rate of the Top 5 Foundation-hosted validators (from 1% to 5%), and some delegators have re-delegated to public validators. We are planning to further incentivize this movement to increase decentralization.
2. Current Developments
A. EVM integration
EVM integration is currently running on f(x)Testnet. We have migrated it from Devnet to Testnet. Users can start to deploy their Solidity Dapps (100% compatible, meaning you do not need to do any adjustments) on the Testnet. Currently, we have a Dapp already running on the Testnet and we invite you to join in and start building. This is a dress rehearsal for EVM integration before it goes live on f(x) Mainnet.
B. f(x)Decentralized marketing updates
f(x)DM has already received a number of submissions, with content including videos, articles, a book!, and AMA referrals all from community members. These submissions are all currently under evaluation. During the first meeting of FXNEERS we discussed the possible mechanisms to fairly give a “grade” to the submitted materials as well as the appropriate reward in $FX. We will have the second meeting this weekend.
Our team is also in the process of making a one-pager to help more people more easily understand the process, such as how to apply/submit, how submissions are graded and the reward process.
C. DEX updates
The developers are actively testing the DEX and a pre-beta version is estimated to be launched early next year. It is not just a simple AMM DEX. In the DEX, users will be able to trade perpetual on traditional assets (i.e Tesla, Gold, etc). This will be a game changer.
In this DEX design, there will be an L2 chain for different pairings (for example, chain A for Tesla-USD and chain B for Gold-USD). When users close their position, they will be directed back to the FX Core and all fees will utilize $FX. With this design, the DEX can perform faster while processing more transactions since all transactions will be processed on different L2 chains.
D. Developer weekly update on Forum
The developer team is currently taking a proactive approach to post updates and progress weekly on forum.functionx.io to ensure greater transparency.
E. Next Governance Voting
We anticipate that inthe next 3 weeks, there will be a governance voting to move EVM compatible support from Testnet to Mainnet.
If you are running a Validator, you are required to update to the new version to support this migration. There will be a vote on this proposal. This integration will be a massive game changer.
Questions from community members
1.From Viki Nosder: Can you please explain what slashing means? Do I lose my coins if the validators get slashed, or are only newly generated coins slashed?
Answer: There are 2 main conditions of slashing, 1) downtime and 2) double signing. If the validator has double signed, the entire delegated amount will be slashed by 5% and the validator will not be able to un-jail itself (offline). During that time, delegators cannot re-delegate within a 21-day period.
It is important for delegators to choose trustworthy validators to avoid slashing. To address this point, the developers have come up with some proposals in the forum (such as UI upgrade on explorer to show validators uptime etc). The developer team will gather more feedback regarding this and provide updates to help delegators have more information that can help them to better select high-performing, trustworthy validators.
2. From Ive Verhaegen: Will Foundation-hosted validators disappear over time and be taken over by public validators?
Answer: We have already increased the number of validators from 20 to 50. There will be even more as time goes by. The goal is to have more participation from the public and gradually move from Foundation-hosted validators to public validators.
3. From BlokHead: When will we have codeless nodes?
Answer: The developers have tested 3 beta versions of f(x)Cloud, and right now, there’s no set timeframe when to launch it. The focus currently is on the setup of public validators, get them running properly and make sure uptime is close to 100%. The codeless node product is actually ready, but we need to choose the right moment to release it. As of now, it is important to increase the number of technical members to run the public validator nodes.
4. From Officially SCENE: What will fxUSD be pegged to?
Answer: There are quite a few possible variations and, as you know, it has not launched yet. There are currently two proposals being considered to peg fxUSD:
a. Directly peg fxUSD 1:1 to existing stablecoins (for example, DAI/USDC/USDT/BUSD)
b. Take various crypto assets to collateralize and create fxUSD.
5. From Walter: Is it possible to have a new roadmap next year to help new investors understand the project?
Answer: Currently, we have many moving pieces and early 2022 will be the right time to show a big picture of where we’re going. We are planning to share a long-term view of Function X.
6. From Fact1945 the Prophet: Is it possible to help community members who missed the staking rewards deadline?
Answer: We would like to help, but it needs a group consensus. The Foundation is always looking for ways to allocate rewards or incentives to the community pool.
Could you please explain more regardingthe DEX? Does it mean there will be validators for each pair on the DEX?
Answer: The answer is “yes”. For particular pairs, we need to have consensus to set the total number of validators needed for a pair (based on the trading volume). It is common on the blockchain to have many nodes running with different functions.
7. From Patrick: If we have a Stock-Crypto pair or anything else, don’t we have the eyes of the authorities on us? Will you ignore it?
Answer: Most of the regulations in this space are constantly changing. It is better to let the technology develop and let the regulators balance the need to encourage innovation against the need to protect consumers.We need to keep innovating in our direction until someone says no, and if they say no, to figure out another way. Five years ago, many people said that cryptocurrency will not go anywhere, but look at it now.
When will Function X launch NFT support on FX Core and f(x) Wallet?
Answer: As the first step, the Foundation wants to make sure the EVM integration is successfully running on Function X Mainnet. We anticipate that will take 60 days max. After that, you will be able to launch smart contracts and also ERC-721 tokens (hopefully) will be supported.
8. From Dabban: After the 60-day period, we need to get more people to build on it. Even with the simple things, we can attract more users to use f(x) Wallet. The current fee is in Ethereum which is high and it’s made people skeptical about it.
Answer: Yes, simplicity is key. We will try our best to make sure the fee on f(x) Core is low. Sofar it is going well. For the bridging fee from Ethereum to FX, that is something that we cannot control, since it is charged by the Ethereum network miners.
That’s all for this month. Once again, thanks for your participation in this meeting.
What do you think about our All-hands Meeting in Zoom? Is it a good way for you to engage and participate? What can we do to make it better? We welcome your discussion and feedback at https://forum.functionx.io
Happy holidays and see you in 2022.
