Summary of Function X All-Hands Meeting on 26th October 2022

Thank you to those who participated in the October 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 co-organized an event with Litecoin Foundation and Blockchain Association Singapore on Sep 26, 2022 at Skybar Borouv Singapore to kickstart the Token2049 week. The event was very successful and we have built connections with Web3 projects and NFTs there.

The Function X team will also attend the Singapore Fintech Festival on November 2–4, 2022. More updates will be shared on our social media channels.

2. Development Updates

a) f(x)Wallet 2.1
Function X has launched the f(x)Wallet 2.1 on September 26 and here are some of the new features:
- New supported blockchain: MarginX Mainnet- New supported testnet: Goerli (Ethereum)
- NFT support, UI and known bug fixes
We have published the mini guides for f(x)Wallet 2.1 and you can access it here.

b) f(x)Wallet 2.2
We have submitted the f(x)Wallet 2.2 to Apple and Google store, and it will support ETHPOW (both mainnet and testnet), Arbitrum and Optimism.

c) FX Swap
FX Swap is live on Mainnet and currently, the liquidity incentives are on the voting period. Once it’s passed, the farms will be live and the incentives will be deployed to the selected farms.

FXSwap is also tracked and listed on Coingecko, Coinmarketcap, Defillama, and Geckoterminal. You can also check the charts and analytics on the fx-swap.io page.

d) Governance Proposals
There has been an increase in terms of governance proposals on Function X.

There are 9 proposals in total, consist of parameter changes proposals (#17 and #19), funding proposals (#18, #20, #21), and new token registration (#22-#26). Here are the details:

• Proposal 17:
  Change quorum from 40% to 25% for the coin-related bridging proposal has passed the governance voting and already implemented.
• Proposal 18:
  FoxGaming’s proposal to develop the NFT marketplace and launchpad has passed, we are all looking forward to the development. 50% of Phase 1 allocation has been released to FoxGaming. You find the txs of the FX allocation on StarScan forum. https://forum.starscan.io/t/foxgaming-proposal-our-preview-discussion/2757/202
• Proposal 19:
  This proposal is to reduce the voting period for proposals from 14 days to 7 days and change the deposit threshold (min deposit) from 10,000 FX to 3,000 FX. The changes will be applied to non-EGF proposals. This proposal has passed the governance voting.
• Proposal 20:
  The proposal is proposing airdrop to the Function X community. The purpose is to get users familiar with cross-chain transactions therefore users who do cross-chain transactions get FX reward. For long term and loyal community members, there will be an airdrop allocation to all delegators’ addresses. The proposal has passed the quorum.
• Proposal 21:
  The proposal is proposing incentives for liquidity providers on FXSwap. The proposal is still running and will end on Oct 28,2022. Do not forget to vote and you can find the details here.
• Proposal 22–26:
  These are the proposals to register new tokens to f(x)Core via the f(x)Core Gravity Bridge. The proposals have passed the governance voting and we will add WETH, BUSD, FRAX, USDC to the f(x)Core soon.

3. Margin X

a) What is MarginX?

• MarginX is a multi-chain aggregated order book DEX built on FX. Multi-chain, each trading pair behaves like a chain of itself. It is focused on its robustness and speed. It is a DEX but it provides experience like a CEX.
• All transactions are transparent (all trades are recorded on-chain): Order matching, creation, cancellation but also funding rate settlement and liquidation.
• Because it is a DEX, it is secure because all transactions need to be made from the non-custodial wallets. As opposed to 3rd party custodial wallets, where in the case of insolvency, you may not get your money back at all.
• It’s more than just an exchange — any other defi products, namely derivative products of traditional financial assets such as stock derivatives. bridges the old and new.

b) I saw the proposal posted by Danny on Starscan forum. The proposal requested 2,000,000 FX for incentives for Trading and Deposit on MarginX. Could you please tell us the details?

Initially the team has requested for 1m $fx, after the discussion with the community thanks to the input from Superbit and moleculeboost , we are thinking of doubling the size, requesting 2m $FX.

Reason : MarginX is at its initial stage, and we need to build the market depth

Allocation of 2m $FX:

1.2m for maker trade

400k for taker trade

400k for deposit incentive

Everyone is invited to comment and give suggestions on the Starscan forum:https://forum.starscan.io/t/incentives-for-trading-and-deposit-on-marginx/4746/9

c) Is there anything that you want to add, before I jump into the Keith and Baklava project?
- Yes, MarginX will launch the Soft Launch on October 26 and all the community members can start to access it here: https://trade.marginx.io/. The MarginX team will also attend the Singapore Fintech Festival on Nov 2–4. Feel free to visit our booth and meet the MarginX team there.

4. Baklava Space

a) What is Baklava Space?
- Baklava Space in short is a synthetic asset creation and exchange platform. You can see it as similar to synthetix.io but on a non-ETH chain. In Baklava Space, we enable users to mint synthetic assets by utilizing their LP tokens on AMM DEX as collateral.

b) What is the current development status and how is the integration plan between MarginX and Baklava Space?
- We have a 3-year roadmap starting from 2022. We have completed the yield compounding feature, the collateral and the synthetic asset portion. This means that you can now put your LP collateral in the platform to mint stablecoin. By next week, you can use the stablecoins to mint synthetic btc and eth on Avalanche network.
- Regarding the integration with MarginX, It is going along as planned. Currently, we are still testing the integration with MarginX and that is expected to complete by next week.

c) What is the project trying to solve and why Function X?
- Baklava wants to utilize the untapped potential of crypto collaterals and hope to achieve slippage-free exchange using synthetic assets.

We want to be the first synthetic creation and exchange platform on Layer 1 and we chose Function X as it has a MarginX perpetual exchange that can support Baklava requirements; also we met the FX team and were invited to build on FX.

Our solution is one of the most innovative in the market right now, and I think we are the first protocol to utilize a user’s LP to mint synthetic assets. Imagine when you can deposit your LP tokens from FX Swap and use it to mint synthetic assets, for example synthetic BTC. This way you can get the price exposure to BTC without selling your tokens. I think it will help to increase the attention to Function X as well.

d) Hi Keith, I saw from your post on Starscan forum 2 weeks ago, and you mentioned that you are planning to submit a governance proposal. Can you please explain it to us here? I think many community members are curious about the plan, and so am I.
The Baklava team has worked closely with the MarginX team, and we are very interested in bringing our protocol to the Function X ecosystem. As stated in the forum post, we are requesting for 300,000 FX, which will be divided into 3 phases.

Milestone 1 by Q4 2022 : Fully functional synthetic asset platform on Avalanche chain and collateralisation of LP from Avax to mint synthetic assets. 100k $FX required for developer expenses to start the migration to the FX chain.

Milestone 2 by Q1 2023 : Fully functional synthetic asset platform on FX chain. Baklava Space to accept LPs from FX chain and create synthetic assets on FX chain. 100k $FX required for the developer expenses for the next milestone which is to migrate Bava token.

Milestone 3 by Q2 2023: Bava token to migrate to FX chain. We are envisaging a portion of Bava tokens to be burned on Avalanche and re-minted on the FX chain. Total supply of token remains the same. These Bava tokens will be used to support the collateral and minting needs on the FX chain. 100k $FX required for creating the liquidity for Bava tokens on the FX chain.

e) Got it, can you please elaborate the migration to FX part? Do you mean Baklava will be integrated to FX for yield farming + synthetics, or only the synthetic asset creation and exchange part?
Firstly, Baklava will be accepting LPs from FX for yield compounding and collateral. Once users put in the LPs from FX, they can mint synthetic stablecoin. With these stablecoins which are USB, they can mint further other synthetics, such as synthetic BTC or ETH on the FX chain.

5. QnA

a) From RichyShadowLux — for MarginX
When will Margin X release in full?
Soft launch will be launched on October 26.

Will there be a larger selection of stocks to trade with?
MarginX will offer crypto assets as of now, and we are currently exploring the possibility of asset class expansion.

b) From Superbit and RichyShadowLux
How well is functioning X is in-line with its road map? When is the new fx Road map due? What are the next immediate steps for Function X?
- As we all know, Function X has launched the EVM compatible chain in mid July and we are currently on-track to bring more developers to our chain. It takes time, but we will see a new NFT marketplace (from Fox) very soon, Autofarm (yield farming protocol), Baklava (synthetics protocol). We also have MarginX (soft launch soon) and FXSwap live on the mainnet. Not to mention, the decentralized XPOS module which is built on Function X.

This will drive more adoption and transactions from the users. We are currently still discussing several projects from other chains to integrate FunctionX and preparing more marketing to migrate their users to our ecosystem.

The answers for these questions from Superbit will also answer the concerns from Richy regarding FX marketing. From the ecosystem side, we will bring more incentives to the dapps on our chain and we are confident that new users will come to FX. From the forum, we can see the upcoming proposals from MarginX and Baklava to incentivize users. And the incentives proposal from FXSwap is currently in the voting period (will run for 1 year). There will be more transactions on FX, and more $FX tokens will be utilized.

c) From Superbit
When can we expect more language support updates for both fx website and fx wallet? (hoping this will increase accessibility and more holder’s in the fx ecosystem).
- We will add more languages asap, I think we can start with Korean, German. I will be very excited if there is anyone from the community who wants to contribute for Turkish translation. We can add this to FXDM.

d) From Superbit
Can Baklava access the egf as a joint venture with the team, to summon funds to promote fx eco by rewarding those that utilize fx via baklava eco…outsourcing marketing that benefits everyone.
- I am not sure if I get the question correctly, but Baklava is planning to propose the EGF proposal (can see on forum), and we will utilize the fund for the reward and marketing as well. We can see that Baklava has a strong marketing on Avalanche ecosystem, and I personally think it will be the bridge to bring Avalanche community to FX

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.starscan.io.