A guide to staking NPXS / NPXSXEM for f(x) tokens
This guide is broken into 3 sections:
1. Staking instructions
3. Staking calculation and withdrawal
Please note that staking for f(x) tokens is NOT mandatory. It’s optional for NPXS and NPXSXEM holders to get f(x) tokens through a staking process.
To participate in the staking process, please follow the instructions:
- Download the NEW version of the official XWallet app at https://xwallet.pundix.com and register your account. The new version will be available on March 10, 2019.
- Click “Card” and add the f(x) card
- Complete the new KYC process. (Only successful KYC approved participants can stake and withdraw the f(x) tokens.)
- Allocate the amount of NPXS / NPXSXEM you wish to stake. See below on the 2 ways to allocate your NPXS / NPXSXEM.
- Click “start staking” button on March 20, 2019.
There are additional two ways of allocating your NPXS / NPXSXEM to stake:
Why staking for f(x) tokens?
As announced previously, before the launch of the Function X mainnet, 15% of the f(x) tokens from the Token Generation Event (TGE) will be allocated and distributed to the NPXS and NPXSXEM holders who participate in the f(x) Token distribution via the staking process.
This means you will receive additional f(x) tokens without converting your NPXS/NPXSXEM through staking process.
The f(x) Token is an ERC20 token and will be eligible for a 1:1 swap for f(x) Coin after the f(x) mainnet is launched.
How are the F(x) tokens distributed if I participate the staking program?
f(x) tokens generated from your staking will be distributed every 7 days after you start the staking process. The distributed f(x) tokens can be withdrawn every 28 days, on the condition that participants follow the instructions provided to complete a simple one-click task of their choice. The staking process will last for 12 months.
Token holders can stop the staking process whenever they want to.
Will I get monthly unlock token while staking?
Yes. Token holders who participate in the staking process will still receive the 11.063% of NPXS and NPXSXEM unlocked tokens until the completion of the accelerated three-month monthly unlock program. For more details on the accelerated unlock program, please read the announcement here.
Can I stake in my private wallet(s)?
Yes, NPXS and NPXSXEM token holders will also have the flexibility to use their private wallet(s) (where they have ownership of their private key) to participate in the staking process.
The XWallet supports multiple private wallet addresses (NOT EXCHANGE ADDRESSES) for decentralized staking so that the holders don’t need to move their tokens out of their private wallets to participate in the f(x) token staking process.
Please note that exchange addresses will not be supported in this staking process. Also, do not share your private key with anyone. Your private key is NOT required to stake.
Do I need to do KYC to stake?
Yes. To ensure compliance, we require ALL Token Holders who participate in the staking process to successfully complete and update their Know-Your-Customer (KYC) verification on the new version of the XWallet.
As greater compliance is demanded by exchanges, banks, insurers, regulatory agencies and KYC providers, token holders from the following countries are excluded from staking and conversion of the f(x) tokens in the XWallet app: Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, China, Cote d’ Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Malaysia, Myanmar, North Korea, Republic of Macedonia, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States, Venezuela, Yemen and Zimbabwe.
For those who fail to get verified by the KYC for staking and conversion of f(x) token, Pundi X has no obligation to disclose the detail of why the applicant failed to get verified.
All the users can perform XWallet’s default features as normal with or without upgrading their KYC status.
When does the staking officially start?
To allow the participants have enough time to update their KYC status, the staking will start at 10:00:00 am GMT+8 on March 20, 2019.
Staking calculation and withdrawal
- Total NPXS / NPXSXEM available to be staked = NPXS deposit to f(x) card + NPXS / NPXSXEM in the successfully paired wallets.
- The staking amount is calculated daily. The Pundi X team will perform a daily random snapshot.
- If the holders decide to increase the staking amount, the additional f(x) allocation will be calculated 24 hours after the NPXS/NPXSXEM deposit is successfully completed.
- Increasing or decreasing the staking amount will affect the amount of f(x) token you will receive.
- Your FX token (daily) = (the total of NPXS+NPXSXEM allocated for staking) x 0.0000493%
- For every 100k NPXS/ NPXSXEM to stake, the holder can get approximately 18 f(x) tokens in 12 months or 1.5 f(x) tokens in a month or 0.05 f(x) tokens in a day, assume the holder completes all the actions required for staking in the XWallet app.
- Staking requires the holders to sign into the XWallet app to unlock the next session every 7 days. The f(x) tokens will be unlocked and available for withdrawal after a completion of four 7-day sessions (28 days). To withdraw f(x) tokens, the holders will be required to perform a task, such as sharing on social media channels, in-store transactions with XPOS merchants, or transfer. Successfully complete the new KYC process before the withdrawal is needed.
- The next stage of 28-day staking requires the participants to click “start staking” to continue the staking. If the participants do not click, the staking of the next stage will not start and XWallet will send a notification reminding the participants to take action.
- The Pundi X team has the right to revoke the right of the participant and remove all the f(x) token allocation if the individual is found to be cheating (or taking advantage of potential bugs found) in the system.
- Details are subjected to be changed.
If you have any questions, please feel free to pin us on our official Pundi X telegram group at https://t.me/pundix, official twitter account (https://www.twitter.com/pundixlabs) and official Facebook account (https://www.facebook.com/pundixlabs/). You can also email us via staking [at] pundix.com.
Again, please beware of the scammers. Our admins will not pin you for sending tokens. Stay safe as well as triple checking the address and amount you input for verification if you choose to stake in private wallets.