Pundi X native token PXS will swap 1:1000 and become the-new-PXS
Last update : 14th March 16:00 GMT +8 (HK/SG time)
Dear Pundians,
As promised, we will perform the PXS token split/swap. This means for every PXS token that you own, you will get 1000 the-new-PXS tokens. Before explaining the metrics and the timing, I would like to walk you through how we came to this decision.
Why did we decide to do the token split?
During our public token sale, we’ve received numerous requests from our participants to split the tokens into smaller fractions. After evaluating the token economy and taking into consideration the price of ETH tripling since we launched the project in late September 2017, we decided to perform a split and announced it on Jan 13, 2018. At that time, there were already around 615 participants who have received PXS tokens from their pre-sale purchase as the smart contract had been written and settled.
However, on the eve of the split day on February 1, we had discovered a relatively higher spike in trading volume in P2P crypto exchanges than usual — which meant people were continuously selling and buying the PXS tokens. Over 9 million PXS tokens were traded in the past 24 hours from the time when the team took the snapshot for the unlock token. These new token holders might not know that they could not get the split if we had continued performing the split at that time. Some were trading in good faith, but some might be taking advantage of would-be buyers not knowing about the split, which means would-be buyers would have bought our PXS tokens and realized its worth plummet to 1/1000 right after. It is something that we would forbid. Hence, we suspended the split.
PXS will become the-new-PXS (Token name to be announced)
Now we have come out with a solution, which we believe can allow both the split to happen and also to protect would-be buyers from falling prey to the 1/1000 value speculation. We will perform a swap. A swap, as the name suggests, would be to transfer, say, 1 PXS to our smart contract, and in return you will receive 1000 new Pundi X tokens — the the-new-PXS. The the-new-PXS tokens will function exactly the same except that the it is a 1/1000 denomination of PXS.
The swap suggestion has received support from our exchange partners and community members. They agree that the swap mechanism will allow existing contributors to receive more tokens as promised by Pundi X but also making sure that new buyers are aware of the changes.
The PXS to the-new-PXS Swap starts March 20th
The PXS:the-new-PXS swap smart contract will be live from 16:00 GMT+8 (Singapore / Hong Kong time) on 20th March, 2018. This means that PXS holders can start swapping at that time and receive the-new-PXS tokens in return. The-new-PXS tokens will be sent out to the sending address. Delay might occur due to Ethereum blockchain congestion.
Please triple check the smart contract address and our new token name which will be announced on this medium blog, our official telegram group (https://t.me/pundix), official telegram channel (https://t.me/pundixofficial), official Twitter account (http://www.twitter.com/pundixlabs) and our website (https://pundix.com). You will need to send the PXS to the smart contract address to receive new the-new-PXS tokens.
More details about how to swap will be shared in our Official Medium Blog Post ONLY. Stay tuned.
Sincerely,
Zac Cheah
Chief Executive Officer and Co-Founder
Pundi X
