NPXSXEM is the utility token created initially on NEM blockchain and with the purpose of supporting transactions on NEM XPOS devices.
With the launch of Open Platform, XPOS, XWallet, and XPASS card will be able to support tokens from multiple public chains on its single payment platform, including XEM, the native token of NEM blockchain and BNB, the native token of Binance Chain. Other Mosaic and BEP2 tokens will also be supported directly in XPOS in the near future.
This means that future and current XPOS, XPASS card, and XWallet will directly have NEM and Binance Chain token support. NPXSXEM utility will not be limited to NEM XPOS.
For this, we are planning to migrate NPXSXEM to Binance Chain. With the migration to Binance Chain, NPXSXEM will now have utility for XEM and other Mosaic token transactions, on Pundi X payment platform as previously planned and also being able to be used for BEP2 transactions.
What does it mean for NPXS holders?
Among all proceeds, such as gas, being used in NEM and Binance Chain token transactions on Pundi X platform, 10% of the usage will be NPXS. For instance, if $10 worth of tokens is used, $1 will consume NPXS.
What will NPXSXEM holders need to do?
To make sure your NPXSXEM tokens is tradable on Binance DEX in the near future, you will be required to swap NPXSXEM from Mosaic tokens to BEP2 tokens. The process is simple:
- Download XWallet and set up your account
- Send your NPXSXEM tokens from your private NEM Nano wallet address with the message assigned in your XWallet account
If you already have NPXSXEM and stake in XWallet, you don’t need to do anything at this moment. If you want to withdraw from FX Card and trade your NPXSXEM in BEP2, you will need to send the NPXSXEM from FX Card to the Virtual Card for withdrawal (Update on July 16, 2019)
A detail instruction will be given to swap NPXSXEM Mosaic for BEP2 tokens before July 20, 2019.
NPXSXEM Mosaic token are still tradable in the exchanges till June 30, 2020. In the meantime, we will also conduct buyback NPXSXEM Mosaic tokens periodically from the public exchanges and convert them into BEP2.
After June 30, 2020, we will delist all the NPXSXEM Mosaic tokens from all the exchanges.
What will happen to NPXSXEM after Function X mainnet is launched?
NPXSXEM will be swapped in 1:1 ratio to NPXSXEM-FX and rebranded to reflect its utilities.