Governance Proposal: Pundi AIFX — Merge Pundi X Chain with f(x)Core
Dear Pundians,
Since 2017, Pundi X has been at the forefront of pioneering physical crypto payment systems. We unveiled XPOS to facilitate instant and easy-to-use crypto transactions for both merchants and users. In 2018, we introduced Function X, a layer 1 blockchain infrastructure designed to support innovative web3 projects, especially those focused on decentralized finance and infrastructure-related DApps and services. Subsequently, Pundi X Chain emerged as a layer 2 solution anchored on Function X, dedicated to blockchain payments.
As blockchain technology evolves, we have identified a few challenges such as:
- Technical limitations in the Pundi X Chain hinder further upgrades, such as the lack of EVM while Function X’s mainnet (also known as f(x)Core) has EVM.
- Duplicated effort in maintaining f(x)Core and Pundi X Chain.
- It’s easier to combine payments, dapps, and AI into single chains.
To address these challenges and enhance our ecosystem, the Pundi X and Function X teams have devised a plan to merge Pundi X Chain and Function X into Pundi AIFX (you can join the discussion here).
Pundi AIFX = merging Function X’s f(x)Core + Function X’s Pundi X Chain
Pundi AIFX represents the future of X, the Pundi ecosystem. This merger aims to streamline our blockchain infrastructure and operations, allowing for seamless upgrades and enhanced functionality to embrace the multi-chain and Artificial Intelligence era. By combining the strengths of Pundi X Chain and Function X, we can overcome current limitations and unlock new potential for innovation and growth.
Post-Merger Pundi AIFX
The new Pundi AIFX ecosystem will offer several key features designed to enhance our capabilities and streamline our operations:
Chain Abstraction
Developers can deploy once on Pundi AIFX, and the app will run without code changes on other EVM and Cosmos-compatible chains via omnichain channels. For example, a developer can launch a DEX on Pundi AIFX, which will then support Base, BSC, Osmosis, and more.
AI-Focused DApps
Pundi AIFX will support AI-focused decentralized applications, including those that power Pundi X’s AI-powered Enterprise XPOS.
PUNDIX token utilities
$PUNDIX tokenomics will remain unchanged.
While Pundi AIFX network will utilize $AIFX as gas fee, $PUNDIX will maintain its critical role, providing a variety of utilities that enhance user experience and network functionality, similar to our original 2017 whitepaper:
- DeFi Flywheel: Users can provide liquidity to DeFi platforms like Uniswap or MarginX, receiving LP tokens. These tokens can then be deposited into vaults on MarginX or Baklava to earn additional yield, including $FX. This incentivizes liquidity provision and helps users maximize their returns through compounded interest and rewards.
- Loyalty and ERC-404 Ecosystem: The PUNDIX token also serves as a key component in the loyalty program. By staking PUNDIX tokens in the Purse vault, users can earn 404 tokens, rewarding loyal participants and encouraging long-term holding.
- AI-Driven XPOS (Enterprise XPOS): For enterprise-level XPOS systems, staking PUNDIX tokens unlocks advanced AI functionalities, such as price discovery, real-time transaction monitoring, and AI chatbots, enhancing business operations and customer engagement.
- XPOS and Pundi X Pay: Pundi X system users can utilize PUNDIX tokens to pay for the tech enhancement, such as new feature requests, system upgrade, dedicated customer support as well as marketing support.
- p(x)Card: Brands can use PUNDIX tokens to produce customized p(x)Card with discount.
Community Feedback
To ensure we considered the community’s views, apart from the forum post on StarScan, we have also co-organized 2 X Spaces (X Space 1, X Space 2) with Function X to give more insights about the merge and answer communities’ questions.
Next Step: Final Vote
We are now moving on to the final vote on this proposal. Your participation in this vote is crucial as it will determine the new chapter of the PUNDI ecosystem.
Voting Details:
- When: 31th July — 7th August 2024
- Vote here: https://starscan.io/pundix/proposals/7
How to vote:
The current DAO voting for governance proposal on Pundi X Chain works only on the desktop version.
- Go to https://starscan.io/pundix/proposals/7 with your desktop browser
- Connect wallet
3. Authorize the connection in your wallet, and make sure you have enough $PUNDIX in your wallet for the gas fee. If you don’t have $PUNDIX on Pundi X Chain, you can use “f(x)Bridge” to send your $PUNDIX from the Ethereum Network to Pundi X Chain.
4, After connecting to your wallet, select the proposal and cast your vote by choosing from the options set below: Yes/ No/ Abstain/ NoWithVeto
5. Sign the transaction in your wallet, and you’re done!
For PUNDIX community, validators and delegators
If this proposal is approved, we will kick off the merger process, including further details about the Pundi X Chain retirement date and instructions for migrating assets to the new Pundi AIFX Chain.
If you have any questions about the Pundi X Chain merge, please join the StarScan forum discussion here.
Thank you for your support,
Pundi X Team
