Based on the conversion results from the past six days, the first-come, first-served conversion mechanism has seen the daily quota being quickly fulfilled in seconds and the average number of participants is around 100 per day (excluding the 457 participants on the first day). The feedback from many of our community members is that they were unable to participate. Some of the community members have suggested to impose a personal cap to allow more participants. But under the current first-come, first-served mechanism, this would still result in a similar outcome based on the current demand.
Introducing an updated conversion mechanism to facilitate more participants
As per the sentiment of our community members, we believe the FX distribution should be fair. In order to achieve this, we are updating the conversion mechanism to allow more participants to convert. The first-come, first-served component will be deactivated in the first 20 seconds of each daily conversion period.
The new mechanism will take in all the orders that are successfully placed during this period of time. Users are only required to input maximum amount of NPXS/NPXSXEM for conversion (no need to enter minimum amount) and get through ReCapcha verification. Then, the amount of FX will be randomly allocated and distributed to the successful participants based on the conversion rate of the day that was previously announced.
The system will convert the relevant amount of NPXS/NPXSXEM from all the orders that are successfully submitted during the first 20 seconds. Participants will also be refunded immediately if there are any excessive NPXS/NPXSXEM tokens that are not converted.
For example, John enters 2,000,000 NPXS to participate the conversion as the maximum amount to convert, got through ReCapcha verification and click ‘convert’ within 20 seconds on Day 9. He will receive a random amount of FX, let’s say, 1,000 FX for example. The system will covert 346,000 NPXS/NPXSXEM (346 [the rate on Day 9] x 1,000 FX) and return 1,654,000 NPXS/NPXSXEM.
Why 20 seconds
In these 20 seconds, the participants will have more than sufficient time to complete filling up the NPXS/NPXSXEM tokens they want to use to convert and ReCapcha. According to test results, average users can complete the ReCapcha process within 7–10 seconds. Also, under this updated mechanism, the more participants we have, the lesser amount of FX tokens participants will be able to convert per session. Hence, 20 seconds will allow the participants to convert a reasonable amount of FX tokens.
If the system does not receive the maximum quota of NPXS/NPXSXEM to convert in the first 20 seconds, it will automatically revert to the first come, first served mechanism to continue receiving conversion orders like before.
Available from April 24, 2019
The updated mechanism will start from 10:00:00 GMT+8 April 24, 2019. We sincerely hope that this update will enable more of our community members to fulfill the conversion orders on their preferred days and at the same time ensuring a fairer outcome.