We’d like to seek community’s collective feedback on the reduction plan by conducting a poll. NPXS token reduction is to reduce the total supply of NPXS, both the total supply and circulating supply. There is no change in the value of the new total tokens a user hold after token reduction compared to the total value of the old tokens. NPXS token economy model remains unchanged. It is deflationary and token removal will be taken place as usual after reduction.
The plan is proposed by some community members and exchanges, with positive outcome as follows:
- Better XPOS support. It is easier to facilitate XPOS transactions as someone buying coffee with NPXS might prefer to pay with 10 new NPXS rather than 10,000 old NPXS.
- Better DeFi support. As we are planning on DeFi support, a lower supply of tokens might be helpful for user uptake, it is somewhat similar to the “better XPOS transaction” example. There are other positive effects that might not be listed.
- Better exchange support. The old NPXS has been experiencing high fluctuation due to the long decimal unit of NPXS (different from majority tokens), some exchanges have voiced that it is harder to manage NPXS, hence exchange might improve support on the new NPXS because it is more manageable.
- Possible liquidity increase. While it is not guaranteed, it is possible that liquidity will increase as a result of more effective trading. The current token supply has a very big spread and price difference in pairing such as NPXS/ETH and NPXS/BTC that prevents users from participating effectively.
- Possible more pairings. While it is not guaranteed, it is possible that exchanges might introduce/reintroduce more pairings such as NPXS/BTC. Previously, in Binance’s case, the NPXS/BTC pairing was agreed mutually by Binance and Pundi X to be taken down because the spread movement is too huge (each time it goes up or down one digit it is a ~X% price change).
- Easier for users. It is “easier” to manage because there are currently too many decimals. For example NPXS/BTC is ~0.0000000106; NPXS/ETH is ~0.00000027508 on 5th February 2020.
Of course, there are also disadvantages as follows:
- Trouble to perform the swap. Some users will have to manually move NPXS tokens to participate.
- New branding. For a while, there will be an old NPXS and the new NPXS (with a new or old name). It will also take awhile for CMC and Coin Gecko to reflect the new NPXS. There are other negative effects that might not be listed.
Please read on more Q&A here for details before sending your opinion if you'd like to participate.
Q: How to participate in the token reduction poll?
A: The poll starts from 00:00:00 GMT+8 on Feb 16 to 23:59:59 on Feb 22, 2021. If you hold NPXS in a decentralized wallet, you can send your answer to the official on-chain poll address: 0x5FbF1b79ef56910F79CBA0c70F8693Fde10B9E75. You can choose the cheapest gas fee period as the poll will be continued for at least 7 days.
Due to the high gas fee on the ETH network, we offer participating the poll with ZERO gas fee for XWallet users.
If you hold NPXS in the XWallet, you can send your answer with ZERO gas fee. The poll address for XWallet users is
However, this address is off-chain. For transparency, we will post the daily updates of the poll.
Send 1,000 NPXS to the poll address to represent YES to the reduction plan. If you disagree, please send 1,100 NPXS to represent NO. All tokens in these two addresses will be burnt after the poll is completed. The execution date will be in the second week of April when we conduct the quarterly token removal for Q1 2021.
Q: How to participate in the poll if I hold NPXS in the exchanges?
A: Due to different minimum NPXS withdrawal amounts in different exchanges and they are more than 1,100 NPXS, you can choose to withdraw to your XWallet account first since using XWallet to participate in the poll does not require the gas fee. To send NPXS to your XWallet, here is the step to get receiving address:
- Go to Wallet tab in your XWallet app
- Choose “NPXS” Choose “Virtual Card”
- Choose “Receive” and tap “View address” after reading the instruction.
- Copy address
Q: How to send my answer to the poll address from my XWallet app to enjoy ZERO gas fee?
- Go to Wallet tab in your XWallet app
- Choose “NPXS”
- Choose “Virtual Card”
- Choose “Transfer” and input the poll address for XWallet user: 0x02df8180532ab300d8df1f53ee327cf99ca09a5e
- Input the amount. “1,000” represents “Yes to the reduction plan” or “1,100” represents “No to the reduction plan”
Q: What are the invalid answers to the poll?
- The type of the token is not NPXS
- The amount of NPXS sent to the poll addresses is not 1,000, nor 1,100.
- One address / one account sent multiple times and answers. Only the first one counts.
- The transactions happen outside the poll period.
For the above situations, we won’t be able to return your tokens sent by mistakes as all the NPXS sent to these poll addresses will be burnt. Please double check the amount before sending NPXS to the poll addresses.
Q: When to announce the poll result?
A: The poll result will be announced at 16:00 GMT+8 on Feb 23, 2021. During the poll period, you can check the latest result as follows:
The on-chain poll address: https://etherscan.io/address/0x5FbF1b79ef56910F79CBA0c70F8693Fde10B9E75 The XWallet poll will be posted daily here in a screenshot format since the “0x” address is used for off-chain transactions; hence it’s ZERO gas fee.
Q: When will the team decide whether or not to execute the token reduction plan?
A: The team will make a decision before Feb 26, 2021.
Look forward to your feedback on this.
Pundi X Team