Discussion: shutting down FXCore and moving governance to Ethereum

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Hi all,

We launched PUNDIAI (previously FunctionX) and its Pundi AIFX Omnilayer (previously Function X chain) 4 years ago in summer 2021, and after four years we would like to discuss potentially moving PUNDIAI to Ethereum instead of continue building on Pundi AIFX Omnilayer chain. The reason is clear, Ethereum offers much more growth potential and transparency.

If agreed,we will shut down our chain and move the PUNDIAI ecosystem to Ethereum. What are the repercussions and benefits?

  • More transparency and reach
    Running operations and DAO on the world’s biggest network will allow greater transparency and larger user reach.

  • Better governance
    Currently our governance happens on our own chain, this will change with governance and voting moving to Ethereum. Governance frontend can be built by use, or using third parties such as Snapshots. This is likely preferred by CEX too.

  • Validators participation with lower server cost
    Validators can continue to run services minus the server cost. This allows validators to profit while providing services, which their services are greatly appreciated. TBD but we will attempt to migrate by keeping the delegation service intake with validators.

  • Emission through DAO in Ethereum
    Right now our emission is done on our own chain and rewarded to delegators, reward will continue as we move to Ethereum, and we will continue to provide staking services on Ethereum run by validators.

  • Liquidity to Uniswap/Pancake/Aerodrome
    We will move liquidity to native DEX on Ethereum, BSC and/or Base.

  • Automated migration
    Migration can be automated by mirroring and creating a snapshot so a user holding 1 PUNDIAI on FXCore will get a 1 PUNDIAI airdropped to the same 0x addresses upon migration.

Why are we doing this? Ultimately Pundi AIFX Omnilayer itself lacks competitiveness and it’s better to grow on Ethereum, BSC, Base. If we were to do this it would be a multi month long approach, conducting shutdown of FXCore, and its side chains PundiXChain, to ultimately move everything onto Ethereum.

Thoughts?

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I think it’s a wise choice since Ethereum is clearly institution’s go-to choice. CEX listing would be easier on ETH too. The other chains mentioned are also great.

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+1 for me.

Bittersweet feeling but iterating is the best way forward.

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Focusing on the applications makes sense, especially with chains and L2s already dominated by big players. This lets the team put more effort and incentives into building a solid app.

Been following the project for a while, and with the recent recognition in AI, the shift feels pretty reasonable.

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What will happen with PundiX?

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I believe the focus should be on positioning FXCore as a sovereign blockchain network, emphasizing its transaction-per-second capabilities, decentralization, security, and scalability. The priority should be ensuring that CoinMarketCap and all exchanges support FXCore as the main layer for both deposits and withdrawals of tokens.

It is essential that CoinMarketCap clearly reflects that we are FXCore and that we are sovereign and independent. We should state that bridging to other chains like Binance Chain or Ethereum can come later, but just as many tokens started on Ethereum and later became independent, exchanges had to first adapt to deposits and withdrawals via Ethereum, and then implement the sovereign networks they moved to—such as THETA, POL, etc.

Now these are respected networks that investors trust. What cannot happen is that after 4 years, CoinMarketCap still shows FX as an Ethereum token, without indicating in the FXCore explorers that we are independent. Because of this, the project lost credibility and people didn’t understand the purpose of the wallet or why the process to convert FX from the Ethereum network to FXCore was so convoluted—something that doesn’t happen with any other network.

With tokens like THETA, POL, and others, exchanges allow direct withdrawals to their native networks and from there, straight into staking. We started off on the wrong foot.

I initially invested $250K in FX because it was meant to be a network with superior features compared to Ethereum—more defined, secure, independent, and decentralized—supporting, among others, PUNDI X, which once reached a multi-billion market cap. Now, both I and many fellow investors are left with barely $14K.

The focus should be placed on the chain itself and its capabilities, just like all the major projects that became independent from the Ethereum network did.

I also propose that all transactions on the Pundi X network should be paid using FX, now PUNDIAI, to clearly highlight which token belongs to the main and sovereign network.

Many of us have supported the project by sharing every update on social media and creating FOMO, believing in the team and spreading a lot of enthusiasm. What we can’t keep doing is going around in circles instead of focusing on what truly matters first.

What you’re proposing not only feels like a step backward—exactly the kind of move specialized investors try to avoid—but also a serious loss of focus and time. I can confidently speak on behalf of 99% of the investors I know: they wouldn’t touch Binance Chain or Ethereum with a ten-foot pole. We moved away from those networks to protect ourselves within sovereign and independent ones like BTC, THETA, POL, VET, TRON, STACK, etc… and some still use Ethereum and Binance Chain among others—but going back to either now feels like an insult.

The network is not popular because for 4 years CoinMarketCap has not indicated that the network is sovereign and instead showed it as a mere token on the Ethereum network, just like thousands of other tokens on Ethereum that have almost no value. Exchanges like MXC have adopted the network, but the main showcase and sacred bible, CoinMarketCap, still today—despite the change from FX to PUNDIAI—continues to list it as just another token without clearly specifying on PUNDIAI’s CoinMarketCap page that it is a sovereign token on a sovereign network, and that exchanges trading it should enable both withdrawals and deposits on that network.

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I am up for the change, but isn’t BNB a more popular choice in comparison to ETH?

2nd - the team must learn from their mistakes & avoid them moving forward. Few issues I would like to highlight which I have also mentioned in the past:

  1. Scope Creep - stay focused on the product & not create distractions by launching multiple tokens & trying to juggle multiple balls. NPXS > FXCore > PundiX > PURSE > PundiAI. Startups are hard enough, let lone trying to do multiple startups simultaneously.

  2. Build What Market Wants - Test ideas with MVP (a simple webpage, picture, advertisement, or a survey) to check if the idea has demand & practicality. Don’t build just because it sounds like a new cool idea.

  3. Hire Experts

Product Managers - Pundi lacks specialized product managers who prevent the team from getting distracted.
Marketing - I think the team would have realized by now that just building cool things doesn’t grow community. Product must have early adapter incentives & steps should be easy for average Joe.

  1. Voice of The Community - You guys are all smarter than us average community members, but reality is - success comes when you serve the masses. Listen to what your community members are suggesting (ties-in to point # 2).

Pundi team is a group of smart, honest & hardworking members. But team always seem to do what they think is right rather then give weightage to community suggestions.

Pundi was born to be a crypto payment pioneer. Apart from XPOS which was introduced within the first year, it failed to build/expand the core product & instead got distracted with side projects.

My only fear is if the core deficiencies of the project will be addressed with this change or will this be just another distraction?

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This boat had sailed years ago my friend. FX Core was developed to be the chain for DeXPOS after ethereum transaction costs skyrocketed in 2018-2019 and ethereum was no longer feasible for DeXPOS. But then the scope creep happened & Pundi fell behind in the development race. Now that space is already crowded enough & FX/PundiX doesn’t have a good enough product to compete with established platforms.

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  1. DeXPOS - still a cool idea. If the product is about being the “Stripe” for crypto payments. Simple mobile POS app & ecommerce crypto payment gateway plugin for shopify/woocommerce. Doesn’t seem like the project is heading in this direction.

  2. PundiAI - great idea. If the product is just about a simple app where people with average technical abilities signup & start earning money by annotating data for AI data sets. The current products are miles away from being simple.

Tokenomics, why can’t they be changed & combined for both projects for easier marketing?

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The mobile wallet app should have two sections: one for individual users, like the one we currently have, and another to connect to its own spot market. On the XPOS devices, the same software should be installed but accessed through a provider or distributor profile connected to the exchange’s own liquidity pools.

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Dude, I really hope the team realizes the core reasons for failure & addresses them this time around. & I hope this proposed change is just not a mere distraction for THEMSELVES & the community.

They already have the core functionality developed for the above two products. They just need to repackage everything with simplicity & cut out the non-value added features/distractions.

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For example, the hack didn’t happen on the FXCore blockchain. When I saw what happened, I realized that we shouldn’t get involved in things we don’t control, but rather stick to what we truly understand and manage.

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If the network is secure, nothing needs to be shut down, especially if migration would take too long. Developing the product on more popular networks is a good approach. Decentralization implies flexible solutions — development should be such that the new doesn’t affect the old. Everything can work in parallel, which is exactly why cross-chain and cross-network bridges exist

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Create a new product with a new mechanism first, then propose phasing out the old one.

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Unrelated directly to this discussion, devs didn’t seem to have any incentive to make apps on FX chain, I deployed an app on testnet, wrote a forum post, the forum post was not even approved, I wrote on discord about the issue with the forum post and I got this answer:

I have found your post. It appears to have been rejected by one of our moderators.
Alright, I am not sure of what was the original reason for rejecting your post, but there are a few considerations I can draw from it.

You’re currently using testnet in your front-end, and the contracts don’t seem to be verified in the explorer. https://testnet.pundiscan.io/fxcore/address/0x62[redacted]

No audits for the smart contracts // The smart contracts are not published anywhere on your front-end or your documentation.

I think it would be unsafe for our less technical forum users to see links, connect their wallets, and sign transactions with unknown and potentially unsafe contracts. 

Hence - your post was not approved.

summary: instead of trying to help devs to build something on the new chain, devs were not even allowed to post on this forum about what they have build

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give me change zac, please ask axelar to able support any inu on pundi ai chain
that just i want to ask
we can make this pundi ai chain to be eth killer
@zaccheah @indra @orbitant @DavidK @SCENE
this solution is free
you just need talk to axelar

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Sounds like a smart move, focusing on the future and leaning into what the team does best: AI

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@zaccheah while we are discussing the future of Pundi here, why is the team delaying XPOS expansion? Are we waiting for Stripe, Shopify Payments, Payapal & other payment gateways to develop their own systems or integrate with someone else?

Is DeXPOS really necessary at this point? Because the end user only wants to spend their crypto & the merchant only cares about getting paid in a secure manner. They both don’t care if the transaction is settled on a decentralized system.

There are rumors that Pundi is working with corporates to deploy their version of XPOS (with white labelling). Pundi can sell XPOS solution to corporates legally, with no obligations to PundiX holders. But a wise decision would be, for the team to use a PORTION of their corporate earnings to burn PundiX regularly. This would add billions of net worth to team’s pundiX holdings.

The best option would be to expand XPOS brand as a crypto payment gateway. The second best option would be to redirect portion of Pundi corporate earnings to burn PundiX. Both options are favorable for the Pundi Team & the founders.

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I actually support this move. While I know it’s a big shift, it makes sense long term. Ethereum gives way more exposure, better tooling, and clearer governance frameworks. The current chain had its time, but this could really open up new doors for PUNDIAI.

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As a DAO on Ethereum (or as someone suggested BSC) the community will jointly have the “owner” role which jointly manages mint, burn, inflation, whitelist, blacklist, transfer functions etc. The voting ratio will be from token amount.

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i suggest you to make pundi ai as deposite and widraw on all exchange so pundi ai chain will live. do marketing, listing on indonesia exchange
indonesia have big crypto community and currency value is low
you able to reach much people with less marketing fund

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