NPXS token reduction poll result

Over 88% of the participants agree with the reduction plan

Dear Pundians,

Thank you for participating in the poll and voicing your opinion on NPXS token reduction.

From the poll period 00:00:00 GMT+8 on Feb 16 to 23:59:59 on Feb 22, 2021, we’ve received 189 valid entries for YES and 23 for NO from the XWallet poll address as well as 12 valid entries for YES and 3 for NO from the on-chain poll address.

In total, there are 201 valid entries choosing YES to the reduction plan and 26 choosing NO. Over 88% of the participants agree with NPXS reduction plan.

We have also received 224,802 NPXS which includes duplicate and error amount entries. As previously announced, these NPXS tokens will be burn at the end of March together with the Q1 2021 result.

What is next?

After taking the poll result, product roadmap, committee feedback and the market condition into consideration, the team has decided to follow the collective feedback and proceed with the token reduction plan.

We will execute the reduction plan by the end of March. In the meantime, the team will start preparing the new token contract, a new token ticker, swap mechanism and communicating with major exchanges, to smoothen the token transition and token swap.

For users that store their token in major exchanges, we expect no action is needed from the user’s side as exchange will perform the token swap on behalf. For users that store their token in private wallets, we expect users to perform a token swap to the designated smart contract (details will be announced later).

Will XWallet support the swap?

Yes. NPXS tokens in XWallet will autoswap into the new NPXS tokens. More details soon.

Which exchanges will support the swap?

We expect many major exchanges to support the swap. Please follow your exchanges and our medium blog post closely from now till late March for the supported list.

What is the new token ticker?

We will announce the ticker once we execute the smart contract. This is to prevent others from pre-registering the name.

What will be the starting price of the new NPXS after supply reduction?

We expect the list price to move to 1*1000 of the original NPXS token price after the reduction. For example, if the current price of NPXS is $0.003, the list price of new NPXS should be $3 after the supply reduction. From there, the price movement will be determined by the market.

Will there be staking?

Yes, there will be staking for the new NPXS right after token reduction starts.

Staking plays an important role in our future DeFi planning and milestones (alongside with the mainet launch of Function X as well). The team has allocated millions US dollar worth of staking reward and will be distributed in several phases.

High APY offerings in the DeFi space is definitely not something new. However, we want to bring adoption which is beyond APY to our users and this takes time. The purpose of the first phase of the staking program is focused on educating, cultivating DeFi usage and decentralised implementation.

We expect the first phase of the staking program to last ten weeks and naturally the earlier you start to stake the higher the APY. It will likely be a few days (aiming for 48 hours) after token reduction begins. More details such as staking APY, rules and period will be announced in early March.

Staking will be based on the smart contract. Hence, there will be a very high level of openness and transparency. Some centralized exchanges might join the staking process based on award allocation to the exchanges but this is not confirmed yet.

Will De-Fi staking increase the new token supply?

No. The supply of new NPXS is fixed and is made to be unmintable. It will decrease based on the token utilization. Hence, the De-Fi staking will not increase the new NPXS supply.

How long will the swap last?

Pundi X will support the swap for a year, which means that anytime within a year you will be able to swap your old NPXS tokens for new NPXS tokens based on 1000:1 ratio.

NPXS token reduction poll result was originally published in Pundi X on Medium, where people are continuing the conversation by highlighting and responding to this story.