The f(x) conversion process is open daily (24 hours) for 90 days starting from 10:00:00 (GMT+8) on 16 April 2019 to 10:00:00 (GMT+8) 14 July 2019.
The f(x) conversion process is not mandatory. NPXS and NPXSXEM holders have the option to decide if they want to participate in the conversion process to receive the f(x) token. To learn why Pundi X is having the f(x) token conversion, please read the announcement “f(x) token allocation to NPXS and NPXSXEM holders”
Instructions for f(x) token conversion
1. Download (or update) and login to XWallet (Android 1.3.3, iOS 1.5.2). The new version with the conversion feature will be available no later than April 15.
2. Complete the XWallet KYC process. Users who are already KYC verified from the staking process do not need to go through the KYC process again. (Users who are not KYC compliant cannot participate in the conversion. Please view the country exclusion list here.
3. Deposit your NPXS/NPXSXEM tokens into the f(x) Card. Go to ‘Card’ > Choose ‘f(x) Card’ > Click ‘NPXS’ or ‘NPXSXEM’ to deposit. For NPXSXEM holders, PLEASE DO NOT SEND FROM THE EXCHANGE.
4. Click “Conversion” that is seen in the “f(x) card”
- Once your NPXS/NPXSXEM are successfully converted to f(x) tokens, you will receive f(x) token based on your unlock schedule stated in the XWallet app.
- The participant who has staked his or her NPXS/NPXSXEM in the “staking process” before participating in the conversion process will Receive his or her f(x) tokens that will be distributed during the “staking process” even though the staked NPXS/NPXSXEM are to be used in the conversion process.
FAQ
1. Can I participate in the conversion process if I am not KYC compliant?
Similar to the staking process, all participants will have to complete the KYC process and be KYC compliant in order to participate in the conversion process.
2. Can I convert my NPXS/NPXSXEM in my private wallet or in the exchange?
No. You have to send your NPXS / NPXSXEM to the XWallet to participate in the conversion process.
3. How to send NPXS to my XWallet account?
You can read the guide at https://pundix.zendesk.com/hc/en-us/articles/360021716332-How-to-top-up-the-XWallet.
4. How to transfer NPXS to f(x) card for conversion?
You can read the guide at https://pundix.zendesk.com/hc/en-us/articles/360026221632-How-to-transfer-NPXS-to-FX-Card
5. How to send NPXSXEM to f(x) card for conversion?
You can read the guide at https://pundix.zendesk.com/hc/en-us/articles/360026508391-How-to-deposit-NPXSXEM-for-conversion-
TO AVOID THE LOSS OF YOUR TOKENS, PLEASE DO NOT SEND FROM THE EXCHANGE.
6. Where can I see the conversion rate?
It is available in the “conversion” section within the XWallet app.
7. What is the formula used for the f(x) conversion process?
The formula used in the f(x) tokens conversion process is:
a× ( b / c)
Where:
a = Total number of f(x) Tokens available for distribution in the period.
b = Total number of NPXS & NPXSXEM contributed by an individual’s qualified account during the period.
c = Total number of NPXS & NPXSXEM contributed by all qualified accountsduring the period.
Note: that ‘b’ and ‘c’ cannot exceed the daily conversion limit.
Please see the below examples on how the formula is applied.
Example 1: If the daily cap is reached.
Assume 100 f(x) tokens are available during a period. The daily conversion cap or limit is 50 NPXS/NPXSXEM. Bob contributes 40 NPXS and Alice contributes 10 NPXSXEM during the period at 10 am. The daily cap is reached at 10am and the period comes to an end. Therefore, if a third person, Charlie contributed 10 NPXS at 10.01 am, he will not be able to participate.
As a total of 50 NPXS and NPXSXEM were contributed for 100 f(x) Tokens during the period, 1 f(x) Token will be distributed for every 0.5 NPXS & NPXSXEM contributed. (2 f(x) = 1 NPXS/NPXSXEM)
So using the formula for Bob:
A = 100 f(x) tokens
B = 40 NPXS which Bob is contributing
C = 40 + 10 = 50 total number of NPXS + NPXSXEM
Bob’s fx token = a× ( b / c) = 100 x (40/50) =80 f(x) Tokens
And using the formula for Alice
A = 100 f(x) tokens
B = 10 NPXSXEM which Alice is contributing
C = 40 + 10 = 50 total number of NPXS + NPXSXEM
Alice’s fx token = a× ( b / c) = 100 x (10/50) =20 f(x) Tokens
Therefore, Bob receives 80 f(x) tokens and Alice receives 20 f(x) tokens.
Example 2: If the daily cap is not reached
Assume 100 f(x) Tokens are available during a period. The daily conversion cap or limit is 50 NPXS/NPXSXEM. Bob contributes 10 NPXS, Alice contributes 10 NPXSXEM at 10am. Charlie contributes 5 NPXSXEM at 10.31 am. The daily cap has not been reached. A total of 25 NPXS/NPXSXEM were contributed by Alice, Bob and Charlie for 100 f(x) Tokens during the period.
Therefore, 1 f(x) Token will be distributed for every 0.25 NPXS/NPXSXEM contributed. (4 f(x) = 1 NPXS/NPXSXEM)
So using the formula for Bob:
A = 100 f(x) tokens
B = 10 NPXS which Bob is contributing
C = 10 + 10 + 5 = 25 total number of NPXS + NPXSXEM
Bob’s fx token = a× ( b / c) = 100 x (10/25) =40 f(x) Tokens
Applying the same the formula for Alice
A = 100 f(x) tokens
B = 10 NPXSXEM which Alice is contributing
C = 10 + 10 + 5 = 25 total number of NPXS + NPXSXEM
Alice’s fx token = a× ( b / c) = 100 x (10/25) =40 f(x) Tokens
And using the formula for Charlie
A = 100 f(x) tokens
B = 5 NPXSXEM which Charlie is contributing
C = 10 + 10 + 5 = 25 total number of NPXS + NPXSXEM
Charlie’s fx token = a× ( b / c) = 100 x (5/25) =20 f(x) Tokens
Therefore, Bob receives 40 f(x) Tokens, Alice receives 40 f(x) Tokens and Charlie receives 20 f(x) Tokens.
8. What is the maximum number of NPXS/NPXSXEM accepted during the daily conversion period?
You can see the maximum number of NPXS/NPXSXEM accepted during the daily conversion period here.
9. How long will the conversion process last?
The f(x) conversion process is open daily (24 hours) for 90 days starting from 10:00:00 (GMT+8) on 16 April 2019.
10. When will I receive the f(x) tokens once I participate in the conversion process?
Upon completion of the conversion process, 12% of f(x) Tokens will be distributed immediately to the Token Holder via the XWallet. The remaining 88% of f(x) Tokens will be locked for a period of 360 days, with a scheduled release of 8% every 30 days over a span of 11 months via the XWallet, subject to terms and conditions. The release date of the monthly f(x) distribution may vary dependent on the date of Conversion.
*More questions and answers will be added.
If you have any questions or issue, please submit all your questions at https://pundix.zendesk.com/hc/en-us/requests/new. We don’t provide customer support in the Telegram groups.
As a reminder, please beware of scammers. Our admins will not reach out to you and ask for your verification codes or any matters relating to receiving your personal details and codes for your XWallet issues.
Do not share your personal information in the Telegram groups. Always check the address and amount you are inputting in your XWallet before sending any tokens. Stay safe.
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