Summary of Function X All-Hands Meeting on 28th April 2022

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

Here is the brief summary:

1. EVM update
   a. EVM support
   Update: successfully implemented on Testnet, and in fact several dApps have been tested on the EVM Testnet.
   
   b. Enable Metamask’s support 0x Hex address
   We have done it and it is live on Devnet. We are trying to push it to Testnet (ETA : 1–2 weeks after Labour Day Holiday). This update will allow users to directly display f(x)Core addresses and enable Metamask to interact with our dApps. Currently, we are one of the first developer teams (if not the first) that successfully develop this feature.
2. deXPOS update
   Right now, the business development team is actively using deXPOS for testing. 11 selected merchants across the globe are testing it on several blockchains such as Ethereum, BNB Smart Chain, Polygon, Avalanche, etc. In the future, if there is any cross-chain demand, the transaction will go through Pundi X Chain and utilize the native token as gas fee.
   
   We got over 100 transactions within the first three days after installation. Transaction frequency will be increased with more chains and tokens are supported. In addition, new token addition will increase the promotion of XPOS. deXPOS also satisfied the merchants (who are the early adopters) since the merchants would like to receive crypto directly in their private wallets from the transactions (not converted to stablecoin to avoid volatility).
   
   We will roll out deXPOS module to all XPOS based on what we plan on the roadmap.
3. Margin X
   Basically, Function X is a multi-chain structure. Developers can build an app on Function X (as a subnet / parachain) and not consume the FX Core capacity. In short, if Function X can process 2,000 transactions per seconds, the subnet will be able to support 2,000 transactions / more, but it will not consume the Function X capacity.
   
   Margin X will build upon Function X, and each asset class / trading pair will be built on a separate trading chain. For example, TSLA and AAPL pair will trade in a particular trading chain, and the other chains will have their own. This structure design will optimize the gas fees and avoid traffic issues in Margin X.
   
   It will position Margin X as an infrastructure, so other products (i.e Strategy Factory or Mutual Fund smart contract) can just tap on Margin X network. For example, users stake their funds on De-Fi smart contracts and earn yield. With Margin X, you can use the same funds to participate and earn from both De-Fi Yield and Trading Yield.
   
   We have launched the Alpha version in Q1 2022, and received great feedback. We are improving the User Interface, adding more asset classes, and also fixing the transaction speed issue. The new Beta version is estimated to launch at the end of June / early July.
   
   Margin X’s vision is to become a multi-chain Decentralized Exchange infrastructure and will start from Function X blockchain. Because of that, we have separate team members, Finance, HR, and marketing budget for Margin X. At the moment, when we want to launch the official product, we will go through the governance proposal to apply to EGF/CSP.
   
   We are expanding the team and hiring non-stop. If you are interested in joining the MarginX team, drop us your CV.
4. FXDM
   The new design website is live — doing changes based on community feedback https://www.fxdm.functionx.io/
   
   a. Bounty contribution reward is live.
   Contribution bounty rewards people who share their ideas/feedback & suggestions regarding the Function X ecosystem and products.
   
   Currently, there are two categories for the bounty.
   
   - One category is for the f(x)Wallet Beta app. Users who test and share constructive ideas, well-organized feedback and suggestions on FX forum can be rewarded with 150 $FX. If the suggestion is picked and implemented by the team then the user can be rewarded with 500 $FX.
   
   - The other category is about f(x)Wallet dApps. Since we are planning to provide access to more dApps within the next version of f(x)Wallet, the user can drop their comment on which dApp they would like to see on f(x)Wallet but must show good background research regarding what the DApp is about, how it works and why it’s important to add it to f(x)Wallet. Well-researched comments will receive 150 $FX. If the dapp gets selected and implemented then user will receive 500 $FX.
   
   b. Looking for FXNEERS We’re the team of 3 foundation representatives and 4 volunteers from the community. to join FXDM for the next 6 months period
   
   c. The staff rewards section is open
5. Baklava Space — presentation by Keith
   Baklava Space is a DeFi platform that combines auto compounding and synthetic asset minting.
   
   For auto-compounding, Baklava re-deposits the farming rewards back into the LP pool. This way, the users are able to get the maximum yield with the lowest possible cost. If users do this type of compounding by themselves, it will incur a lot of time and gas fees.
   
   For synthetic asset minting, users can deposit their LP tokens in Baklava Space as collateral, and enter into synthetic asset positions. This way, they can get price exposures to real world assets, such as stocks or commodities. For example, when a user puts in $1000 in LP as collateral, the user can mint a $500 position in stocks, say Tesla. When the price of Tesla goes up, the user will gain a profit. One thing to note is that this synthetic asset is just a price reference to the underlying real world assets, and does not give actual ownership of the asset.
   
   Baklava Space wants to become the bridge for users to use their crypto assets to go into the derivatives market. Capturing just 1% of the derivatives market gives $6 trillion in volume. This is a huge space in terms of market size and Baklava hopes to be one of the first mover here.
   
   Baklava Space is planning to utilize Margin X for the synthetic asset platform. For example, if a user mints TSLA on our platform, Baklava Space will open the same position on Margin X. So basically, Baklava Space will hedge the synthetic asset volume with Margin X. From Margin X side, Baklava Space will come in as a trader as we will consolidate our liquidity and place it on Margin X.
   
   Once the features are deployed, Baklava Space team is also looking to deploy it on multi-chains. Say if Baklava Space deployed on the Function X blockchain, holders of LPs on Function X farms can also utilize this solution. By depositing LPs as collaterals, FX users could get exposure to synthetic assets as well.
   
   You can check the Baklava Space presentation here (starting from 25:00–43:00)

Questions from the community:

1. (from FrenchXcore) Why did the NPXSXEM swap to PURSE not considered as burned ? (especially since the tokenomics of PURSE and NPXSXEM are completely different)
   - For this question, we will cover it in the Pundi X Monthly report since we want to separate the discussion between Pundi X and Function X.
2. (from FrenchXcore) It is widely accepted that Cosmos-based blockchains (like FxCore and PundiXChain) realize a Cosmos snapshot and airdrop cosmos users with their own tokens (to thank them for providing the Cosmos blockchain source code and environment with absolutely no counterparty). Could that be considered by the team at some point ?
   - No. We do not have any plan to airdrop FX to Cosmos users and think it is better to spend the FX in the Function X ecosystem. If the community thinks differently, we are open for the community to apply this on governance voting.
3. Is there an intention to coordinate a lowering of the gas fee by default at some point in time ? (any validator can do it on its own : currently set to 400000)
   - If it’s desired by the validators the company validators would gladly support it, do know that if we do that the profit generated from validators could also be reduced. Hence it’s a give and take scenario.
4. What are the next steps envisioned by the team on the FX network regarding liquidity pools and stablecoin integration?
   - When EVM launches, we will certainly provide liquidity pools to the Function X ecosystem, for example to AMM DEX, etc. Some developers are reaching out to us to build AMM DEX on Function X. We want to work with developers to build this feature and liquidity pools are definitely needed. Foundation might need to step in and provide it.
   
   Stablecoin integration is in the plan, and we have feedback from the community, to create our own stablecoin (algorithmic or collateral-based) or import other existing stablecoins (i.e UST, USDD, etc) to our blockchain.
5. (from JJ) When EVM is online, are there any possibilities to port all dApps at once?
   - It will depend on the dApp developers to build it or not, but our chain is ready for developers to deploy the Solidity-based dApps.

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