Preview of Transaction Mining on XPOS
As mentioned in the 2021 Q1 AMA, we are introducing a transaction mining program that will be implemented along with the launch of the Pundi X blockchain in 2021 Q2/Q3. The purpose of this transaction mining event is to enhance, activate and expand the XPOS network, XWallet usage, XPASS utility and Pundi X on-chain transactions.
This is a new program and we would like to take a step-by-step approach to guide participating merchants through the process. Because this involves off-chain, on-chain and cross-chain transactions, it is a bit complicated. But at the same time, it’s really an exciting opportunity. We’ve selected XPOS to be the pilot project to test out the program because XPOS is one of the key pillars in the Pundi X ecosystem.
Why XPOS merchants?
XPOS merchants put in significant effort to attract users to pay with crypto or buy/sell crypto. Their effort and transactions are highly related to the success of Pundi X and we want to further incentivize this effort to reward merchants beyond the revenue generated through transactions.
Traditionally, credit card issuers provide marketing budgets to merchants to boost transactions and attract users. Transaction mining is the XPOS analog to incentivize merchants to grow together with us.
Let’s get started
All activated and KYC verified XPOS merchants that have transactions during the calculation period will automatically be enrolled in this warm-up program.
What is transaction mining on XPOS?
Transaction mining refers to any transaction that passes through an activated XPOS (receiving, sending or transferring) either for crypto payments or crypto sales, off-chain or on-chain.
Commencement date (‘calculation period’)
1st round warm-up event: 28th June 2021, 00:00 (GMT+8) to 2nd July 2021, 00:00 (GMT+8).
1st round warm-up event: 250 $DAI
How to calculate the reward
Weekly total transactions per XPOS / Weekly total transaction of all XPOS globally * reward pool.
Alice’s XPOS has transacted $1,000 USD worth of transactions and the total XPOS transactions globally for all XPOS devices is $100,000. Alice’s reward is 2.5 $DAI ((1,000 / 100,000 * 250)
The Pundi X Team will reveal the final distribution of rewards after the close of the first period in order to avoid wash trading.* The maximum reward per XPOS is 15 $DAI.
*Wash trades are essentially trades that cancel each other out and have no commercial value, as such. But they are used in a variety of trading situations. See https://www.investopedia.com/terms/w/washtrading.asp
1. Pundi X team will observe the market condition and market response to determine the further schedule and any needed alteration of the rules.
2. The rules of transaction mining are subjected to change without prior notification to fit market conditions.
3. Wash trading and cheating will disqualify merchants from participating or receiving a reward.
4. The Pundi X Team reserves all rights and sole discretion to cancel or amend this program without prior notification.
5. The time period of this warm-up program is excluded from the main event.