Timeline and allocation of converting NPXS/NPXSXEM to f(x) tokens
As previously announced, 45% of the total f(x) token generated from the token generation event will be allocated for converting NPXS/NPXSXEM to f(x) tokens. All the converted tokens will be removed from the NPXS/NPXSXEM total supply.
In April, we will start to offer KYC-verified XWallet users who are interested in converting their NPXS/NPXSXEM tokens to FX tokens. This conversion is NOT mandatory. It’s optional for NPXS and NPXSXEM holders to get f(x) tokens through a conversion process.
Here are the timeline and details;
Date and time: from April 16 to July 14, 2019
Apr 20 — 30: 10am GMT+8
May 1–31: 6pm GMT+8
June 1 — 30: 10am GMT+8
July 1 — 14: 6pm GMT+8
(Updated on April 20, 2019)
Daily allocation available for conversion:
2,839,533.9467 FX tokens per day from April 16- May 15, 2019
1,874,092.4048 FX tokens per day from May 16- June 14, 2019
965,441.5419 FX tokens per day from June 15- July 14, 2019
Conversion rate: It is an open-auction model. The conversion rate per NPXS/NPXSXEM depends on the total contribution of NPXS/NPXSXEM during the period.
Less NPXS/NPXSXEM converted within a 24 hour converting session, more FX will be allocated to each NPXS/NPXSXEM on that day. We also have set a daily cap (maximum daily conversion rate) of NPXS & NPXSXEM to be converted. As time has gone by, the maximum conversion rate will slightly increase everyday. See the full details of daily cap of NPXS/NPXSXEM here.
Assume 100 FX Tokens are available on Day 1. The convertible cap of the day is 500 NPXS & NPXSXEM. Bob contributes 400 NPXS, Alice contributes 100 NPXSXEM at 10am. The daily cap has reached. Even if Charlie contributes 100 NPXSXEM at 10.01 am, he could not participate.
As a total of 500 NPXS and NPXSXEM were contributed for 100 FX Tokens during the period, 1 FX Token will be distributed for every 5 NPXS & NPXSXEM contributed. Therefore, Bob will get 80 FX Tokens and Alice will get 20 FX Tokens.
Withdrawal: 12% of FX Tokens will be distributed immediately to the Holder via the XWallet account.
The remaining 88% of FX Tokens will be released over a span of 11 months via the XWallet, subject to terms and conditions. The holder will get 8% of the remaining FX token every 30 days.
The release date of the FX token is based upon your own conversion date. For example, if A converts on 1 May, he/she will get 12% on 1 May and 8% on 31 May, 8% on 29 Jun, etc.
NPXS / NPXSXEM tokens that are converted will also be entitled to the FX staking tokens. However, once the holders convert NPXS/NPXSXEM to FX, they will not able to receive 11.063% NPXS/NPXSXEM monthly unlocked tokens. A step-by-step conversion guide will be available on April 8, 2019.
After the f(x) mainnet is launched, all remaining NPXS/NPXSXEM holders will be offered a 1:1 token swap for NPXS-FX/NPXSXEM-FX tokens.
If you have any question about conversion, please feel free to contact us through following channels:
https://pundix.zendesk.com/hc/en-us/requests/new XWallet customer support
https://twitter.com/PundiXLabs Pundi X official Twitter account
Please note that for the purposes of this article, FX and f(x) may be used interchangeably
*As always, stay alert and never disclose your personal information or your one-time verification code to anyone. Beware of scammers. The team will not contact you directly for sending tokens, offering deals, trouble shooting or system upgrade.