Summary of Function X All-Hands Meeting on 22nd Sept 2022

Thank you to those who participated in the September All-Hands meeting via Zoom. If you missed the All-Hands Meeting live session, you can watch it here.

Or you can check out the brief summary below:

1. Function X Events
Function X team is attending Upbit Developer Conference on Sept 22–23, 2022 in Busan, South Korea.

We also co-organized an event with Litecoin Foundation and Blockchain Association Singapore on Sep 26, Monday at Skybar Borouv Singapore to kickstart the Token2049 week.

2. f(x)Wallet 2.0
The new version has been approved by both Apple and Android Play Store and here are some of the new features:
- New supported blockchain: Avalanche C-Chain
- New supported asset type: NFTs
- New My Wallet page, characterized by easy management, NFT gallery and customizability.
- f(x)dApp Center: Explore and access dApps across 8 blockchains in a seamless experience.
- EVM compatible: Upgrade your native fx address to EVM compatible 0x address, and interact with any other EVM-compatible network (Avalanche C-Chain, BNB Chain, Polygon) with the same address.
- Asset Blacklist: Blacklist a token, you’ll no longer receive any notifications when transactions occur on that token.
- f(x)Core Gravity Bridge: integrated with f(x)Bridge, enabling a chain- agnostic unification of the same token bridged from different chains in your EVM-compatible 0x address.

3. Development Updates
As the Kovan testnet is deprecated and will no longer receive protocol upgrades, we are switching over to the Goeril testnet. The migration was conducted from 16:00 to 18:00 (Singapore time) on Sep 7th, 2022.

And also, once you have updated to f(x)Wallet 2.0, you will find 2 chains on Function X, here are the details:
- f(x)Core Classic: this chain is previously known as f(x)Core. The addresses start with fx1. All your delegations are in this chain.
- f(x)Core: this chain is the EVM compatible chain and the addresses start with 0x. Once you have upgraded your wallet on f(x)Wallet 2.0, you are required to move your delegation from the Classic chain to this chain.

4. Governance Proposals
a) Proposal #17
The proposal to change the quorum from 40% to 25% for coin-related bridging is live and will end on Sept 25. As an example, the recent additions of tokens including DAI, USDT, LINK, C98, and EURS had to undergo governance proposals requiring a 40% quorum. In the case where more and more tokens want to join the Function X ecosystem, we believe the voting process should be a bit faster.

Tokens added on f(x)Swap will be also added on p(x)Change on XPOS.

Currently, the quorum is 35%, requiring an additional 5% to reach the required 40% quorum. The voting will end on Sep 25, 2022.

b) Proposal #18
The Fox NFT Marketplace proposal is live. Thanks to the Loil and Fox team who are very supportive and excited about the marketplace launch.

Fox has added details for both $ tranches and also FXG airdrop for our community. Go check their proposal for more details.

5. Airdrop Plan
There is a new forum thread posted by Richard regarding token airdrop for users who bridge tokens to Function X Core (EVM Chain). Please refer to this link for more information: https://forum.functionx.io/t/proposal-to-airdrop-for-cross-chaining-into-fxevm-and-for-holder-address-suggestion/4681

6. Guest Interview: Autofarm
a) What is Autofarm?
Autofarm is the leading cross-chain Yield Farming aggregator since December 2020.

Autofarm currently supports 19 chains including BNB chain, Polygon, Avalanche, Fantom, Cronos and many more.
Autofarm was initiated on BNB Chain (formerly Binance Smart Chain) with no pre-farm, no pre-sales and with the goal of optimizing DeFi users’ yield farming at the lowest possible cost (All APY & APRs shown have already included fees).

Next to our main product which is the automatic compounding vaults, we also have our own DEX aggregator which is called AutoSwap. AutoSwap is a zero-fee DEX aggregator which means no extra fees are charged by autofarm, it is seen as a service for our users.

Autofarm has been working with 40+ AMM DEXes and liquidity providers on 19 different EVM-compatible chains.

b) How will Autofarm benefit the integrated chains?
Autofarm focused on providing DeFi users with auto-compounded yields at empirical optimal intervals, whilst pooling gas costs through battle-tested smart contract code and best-in-class yield optimization strategies. Autofarm uses a proprietary dynamic harvesting optimizer to enable the highest APYs on our vaults.

Autofarm is on a mission to onboard more users to the DeFi ecosystem. Along with the mission, Autofarm is focusing on adding more chains that have low transaction fees.

Autofarm is also focusing on adding new chains that have low transaction fees.

This optimization will benefit users in the chain because all of these processes have been fully-automated and there will be no need to manually harvest rewards, sell those for more of the deposited asset and re-deposit those assets.

Next to that autofarm will bring exposure (TVL, liquidity and volume) to the new chain as the new chain will also bring exposure to autofarm, a win-win situation!

c. When should the community expect the proposal on Function X?
The Autofarm team has communicated with the Function X team (Indra and Andreas) regarding the integration. Currently, the team is fully packed with a lot of other developments. We are rebuilding our strats > they will be built according to the Yield Bearing Vault standard EIP4626 so in that case we will have a lot more flexibility regarding new vaults and also new chains. We will have a lot of surprises for all of DeFi in Q4 2022. We will have more details regarding this and will post it on the Function X forum once it is ready.

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.