Dear Pundians,

You’ve asked and we’ve listened. Many of our NPXS holders have suggested a change to the current methodology of releasing monthly unlocked tokens. The suggestions for improvement lean towards favoring long-term holders, including taking several random snapshots or distributing unlocked tokens according to the length people have held Pundi X tokens.

With the development of our next generation platform, we are able to re-visit the mechanism and make changes based on your suggestions after consulting external and internal legal opinions.

After diving into technicalities, we have come up with options for changes that can be made within our current structure. We’ve come up a new mechanism and NPXS holders can vote to decide whether they want to adopt the new mechanism.

The previous mechanism is to unlock 7.316% (this rate will last till December 2018) of the total amount NPXS tokens you hold at 23:59:59 on the last day of every month, which is the time we take snapshot.

Our new proposal is to unlock 7.316% of the total NPXS based on a daily weighted average basis below:

(The lowest amount of NPXS tokens of the month X 10%) + (the daily average amount of NPXS X the rest of the holding days X 90%)

Example 1:

You have 2,000 NPXS. Assuming you sell 1,000 NPXS on August 15 and buy 1000 NPXS on August 30. There are only two NPXS transactions in a month. The base of the monthly unlocked token you will receive for August will be calculated as follow:

(1000 x 10%)+{[(2000 x 14 days)+(1000 x 14 days) + (2000 x 2 days)]/ 30 days} X 90% = 1480

The unlocked tokens you will receive will be around 108 NPXS(1480 X 7.316%=108)

Example 2:

If you don’t hold any NPXS in the beginning of the month, you buy 2,000 NPXS on Aug 30. The unlocked tokens you will receive will be about 8 NPXS.

(0 x 10%)+{[(2000 x 2 days+0 x 28 days) / 30 days] X 90%} =120

120 X 7.316%=8

Example 3:

If your balance remains 2,000 NPXS throughout August, you will receive about 146 unlocked tokens.

(2000x 10%)+[(2000 x 30 days) / 30 days] X 90% =2000

2000 X 7.316%=146

If you want to get more unlocked tokens for next month, make sure to increase your NPXS holdings before 23:59:59 SGT (GMT+8) on the last day of the previous month and hodl till the end of the month.

For this new mechanism, we expect to create extra work for our partner exchanges to calculate and to distribute the unlocked tokens as they have many tokens to take care of. It is highly possible that the exchange cannot provide such a service to Pundi X. Therefore, if this mechanism is approved by the community, the exchange which cannot take daily snapshots will not be able to assist distributing the unlocked tokens to the NPXS holders. The NPXS holders need to keep Pundi X tokens in their wallets to which they own a private key to receive monthly unlocked tokens.

How to vote

The voting will be for NPXS holders only. Please cast your vote by transferring a very small amount of NPXS tokens on the address at https://www.pundix.com/vote. One address will have one vote only.

Your votes will be invalid if we find two votes (for example, two 0.001 NPXS transactions, or both 0.001 NPXS and 0.002 NPXS transactions) or more from one address. Sending other amount of NPXS will not be counted as valid votes. Votes from the exchange wallet are invalid.

Voting period will start from 11:59:59 SGT (GMT+8) on August 10 to 11:59:59 SGT (GMT+8) on August 15.

Vote for ‘the new mechanism’ will cost 0.001 NPXS. Vote for ‘the old mechanism’ will cost 0.002 NPXS.

Vote from your ERC20 wallet that you own a private key. Votes from exchange wallets won’t be counted.

We will announce the result on August 16.

The more NPXS you hold, the more votes you represent. For example, if you hold 1,000,000 NPXS at 11:59:59 SGT (GMT+8) on August 15, your vote will multiply by 1,000,000.

If we receive more votes for the new mechanism during the period of voting, the new mechanism will start from September 1 2018 till the launch of our mainnet. Holders will receive their unlocked tokens in October based on the new mechanism.

We look forward to having your support on the new mechanism.