Q2 2024 Progress Report

Published in

Pundi X

11 min readJul 12, 2024

Dear Pundians,

Thank you for joining our Q2 2024 Progress Report. Those who couldn’t join it live can watch the video version by visiting our YouTube Channel.

Q2 2024 Progress Report

In this report, we covered the developments of XPOS, rollouts and partnerships, PURSE, Pundi X Chain, and the updated Pundi X’s 2024 roadmap.

Tech Development

Since 2024, we see increasing transaction volume happening on the Solana Blockchain. The Pundi X community would like to see Solana Chain supported on the XPOS. So our tech team finished the integration and supported USDT payment and sale on the Solana blockchain. In the near future, we hope to bring more tokens from the Solana blockchain on XPOS.

Special thanks to Jon Wong, the head of Engineering from Solana who helped us a lot during the integration process.

[XPOS Merchant Tutorial] How to sell #USDT on #Solana Chain

[XPOS Merchant Tutorial] How to accept crypto payment on #solana chain via #XPOS

In Q2, we also supported the BNB Smart Chain hard fork and the quick node upgrade for Bitcoin Mainnet.

PUNDIX token is now available for trading on Revolut! Revolut is a fintech unicorn, it’s a neobank that serves over 40 million users in more than 160 countries. This listing is a significant milestone for us, as it opens up our token to millions of users through Revolut’s widely acclaimed platform.

Rollouts & Partnerships

Ritual Store, a distributor of the trendy brand Represent in South Africa, now accepts crypto payments with XPOS.

In terms of statistics of XPOS transactions in South Africa, the second quarter has far exceeded expectations compared to Q1. The transaction frequency is up 665%, and USDT transactions have doubled compared to the first quarter.

Daniel Katz, Managing Director of Ezee Solutions Group and Pundi X Franchisee, shared the possible reasons for the significant transaction volume growth.

High Adoption Rate: Approximately 15% of South Africans own digital currencies, driving increased transaction volumes.
Merchant Demand: Merchants favor crypto payments for lower transaction fees and faster settlement times.
Consumer Trust: Consumers prefer decentralized solutions due to distrust in the banking system and ease of use.
Regulatory Support: Supportive regulations by the South African government promote cryptocurrency use.
Tourism: Tourists use crypto to avoid unfavorable exchange rates and conversion fees.
Price Action: Growth is driven by utility rather than crypto price fluctuations.
Store Integration: Pundi X South Africa currently has 100 stores, with potential expansion to a few hundred or over a thousand stores by the end of the year.

Daniel also shared the future outlook for Ezee Solutions’ crypto adoption in South Africa:

Continued growth is expected throughout 2024, especially during the summer months.
Expansion into new sectors and lower-income markets with new products.
Increased transactions and usage, along with more partnerships and integrations.

In addition to payment adoption, crypto education is very important. We see XPOS merchants in Canada giving crypto workshops every weekend, and we are very grateful that they shared these photos with us.

This comparison chart of the total cryptocurrency transactions (yellow bars for sales and white bars for pay) on the Pundi X point of sale platform in Q2, 2024 shows that crypto payment performed significantly better than crypto sales.

The stablecoins remain the most transacted tokens on XPOS, with Tether (USDT) accounting for an overwhelming 88% of the transactions, slightly decreasing its dominance compared to Q1. Most users still prefer using stablecoins to pay or buy crypto through XPOS in physical retail outlets.

PURSE

PURSE is the reward token of Pundi X, originally designed for our community. PUNDIX token holders who delegate the token receive PURSE as a delegation reward.

$PURSE (ERC20) is now available for trading on the WOO X spot market.

Adding to the existing supports on Pundi X Chain and BRC20, $PURSE ERC20 withdrawal, and f(X)Core withdrawal support are also available for holders now.

The PURSE is now available to trade on Osmosis, the Dex Hub of the Cosmos Ecosystem. This listing at Pool #1695 with PURSE / OSMO pairs enhances liquidity and trading options for our community.

Starting on the first day of Q2, the Battle Royale socialFi campaign began. Congratulations to the grand champion, who won 150 million $PURSE tokens!

An after-party with 250,000 $PURSE rewards was held. Thank you to the community for your participation.

Two XSpaces were held in Q2, discussing the potential of ERC 404 with Pandora Protocol, and the development of SocialFi Launchpads with Oraclus, Phaver and CoinEasy.

PURSE+, the socialFi tool for PURSE has gained 6,000+ daily active users, 16,000+ registered users, and over 5.2 million interactions on social media since its launch.

Another big thing for PURSE in Q2 2024 is the PURSE+ upgrade to version 2.0, with new features gradually released, including:

Vote to Support
Self-Service Portal
Stake PURSE to Create Tasks
Beyond Twitter Engagement

For projects looking for ways to grow the community, PURSE+ is a great tool to build up a community base for free!

And now, as we enter into summer, the new round of PURSE+ activity has kicked off! Join the PURSE+ Summer Rush now by installing the PURSE+ browser plugin and completing simple daily tasks. Check out https://x.com/Purse_Land for more.

Pundi X Chain

In Q2 2024, we completed together with the community 2 governance proposals.

The USDT transactions on the Solana Chain are now supported in XPOS, bringing variety to the XPOS ecosystem.

This proposal aims to improve $PURSE liquidity on centralized exchanges by providing a one-year loan of 800,000,000 $PURSE tokens. With this loan, Kronos Research can provide liquidity on four exchanges.

Events

Despite unexpected floods, our team participated actively in the Token2049 event in Dubai, connecting with partners and sharing our vision.

We attended the Solana hackerhouse event where we connected with Solana community and projects, such as the famous memecoin BONK. It was also the day when the Solana chain was integrated into the XPOS, great timing to show the Solana community that they can now spend USDT on Solana at retail stores with XPOS.

We had the privilege of meeting Marwan, the strategic advisor at Digital Dubai, who oversees the city’s digital transformation, and he is also the CEO of AI at the Dubai Department of Economy and Tourism.

In addition, we connected with some remarkable individuals, such as Nick Spanos, a true pioneer who founded the first physical Bitcoin exchange near the New York Stock Exchange in 2013. We also met Alex, the CEO of Chiliz

Lastly, we enjoyed participating in the TRON event, where we met the TRON team and Justin Sun in person. We proudly showcased the XPOS device, highlighting how USDT on the TRON network has the highest usage on XPOS.

Pundi X also participated in Money 20/20 Asia event in Bangkok, where Zac gave his speech about crypto adoption and how crypto can help with remittance.

We explored the opportunities for crypto adoption in Thailand through interviews with local and foreign financial institutes while securing collaboration opportunity with potential partners.

Aside from Money 20/20, Pundi X cohosted a crypto networking dinner with our friend ContrubutionDAO, connecting crypto enthusiasts from around the world.

We also participated in the Southeast Asia Blockchain Week and showcased the XPOS transaction on Solana chain to the Solana team.

The Bitcoin Conference Taiwan gathered all the important opinion leaders in Taiwan to discuss the development and future outlooks of Bitcoin and blockchain.

The Pundi X Taipei team showcased the XPOS devices at the event and demonstrated the seamless transaction process that can be made through XPOS with private wallets.

Pundi X Japan Team has been busy in Q2, 2024 by attending multiple events, including POPLS Garage market, where XPOS was showcased to the event attendees, as well as Gishohaku Expo.

At the OffChain Tokyo Web3 meetups, sponsored by both Pundi X and Bitcoin.com, we showcased the XPOS payment solution and discussed blockchain payment trends.

The Pundi X team also went to Consensus 2024, where we networked with industry leaders and partners and shared insights on blockchain adoption.

It was a great experience for the team to connect and showcase what Pundi X is all about in the heart of the blockchain community and to witness how every company there is working towards the same goal, which is real world adoption.

Pundi X has been actively integrating AI technology into our products and exploring opportunities within the AI space. Zac, CEO and Co-Founder of Pundi X, attended the AI Summit and the Super AI Conference in Singapore to seek potential partners and opportunities, marking a significant step towards contributing to AI development.

The team also visited Vietnam to meet with ecosystem partners, aiming to foster future collaborations and develop projects based on the promising leads gathered during these events.

In terms of media exposure, Pundi X has been actively pitching to various media outlets, including KOLs, Fintech News, Web3 TVs, and Cointelegraph, to increase awareness and garner more community support.

Additionally, Pundi X hosted XSpaces events featuring insightful discussions with industry leaders from TON Network, Aqua Wallet, and partners from South Africa.

The other XSpace session was an incredible discussion focused on real-world assets and their tokenization. The session featured prominent guests, including Scott Foo from Peaq Network, Kevin Yunai, CEO and founder of RWA, Feroz from Ankr, and renowned crypto educator and key opinion leader Cosmo Hoss. These experts shared valuable insights on this rapidly emerging trend in the crypto world, contributing to an engaging and informative conversation.

These discussions are available on their podcast for anyone who missed the live sessions. The team is excited about the progress and looks forward to sharing more updates in the next quarter.

On June 14, the Pundi X community was informed about a temperature check article posted on the Starscan forum, which sought opinions regarding the proposed chain merge between Pundi X Chain and Function X chain. If the merge is successful, Pundi X Chain will integrate into f(x)Core and rebrand as Pundi FX. This transition raises questions among community members about the future of tokenization, particularly concerns about the fate of the Pundi X token and its relationship with FX.

Importantly, the merge involves the chains but not the tokens, meaning that the utility and integrity of both tokens will remain intact, with no dilution of the new FX token. To address community concerns, a second round of AMA discussion on the chain merge will occur on July 25, with Zac and David participating to answer emerging questions.

We have officially reached the one-year mark since initiating our SATSday giveaway, where we distribute Bitcoin sats to lucky winners on Saturdays, either bi-weekly or weekly. Over the past year, we have given away more than 600,000 satoshis and plan to continue this tradition as it’s always rewarding to have more Bitcoin.

To participate, simply keep an eye on our social media accounts on X. It’s a straightforward process to join in. Thank you for your continued support.

Q3 2024 Outlook

Before we dive into the Q3 outlook, let’s check on the items we worked on in Q2. In Q2, we made significant progress by adding new blockchain networks on XPOS, increasing stablecoin offerings, and listing AI plus on Pundi X. Moving forward, we are prioritizing key product lines to enhance adoption in our primary markets.