Discussion: shutting down FXCore and moving governance to Ethereum

[LKYBOB]

https://x.com/JustGabyAlpha/status/1951273352221389052

This is the AMA on X just past, lots of detail here about what has happen with the hack & they touch on the reasoning of this subject going back to ETH Network - in the later end of the conversations for those that want to jump forward for that, Zac is a little too repetitive & Danny stutters a bit but if your patient and listen there is plenty of detail, Personally I need to spend the time to try understand the AI Data projects to produce something myself because I’ve been tied up with other things I’m struggling to know where too start. My point in mentioning that is I’m having a FOMO heart attack I believe the AI project will have great value to those that get in and contribute - there is a massive upside potential, I’m not trying to sell it to you, winners will be winners it’s up to you to drive your self, I don’t like the Dumping of FX-Core but to logically understand the potential going forward I think we will be silly not too, I wish us all a hassle free future - the project has the commitment to punch forward, I urge everyone to update your self of the AI data projects and punch forward because in my only partial understanding of the AI projects it’s going to be huge, a wise person can see it; I don’t believe the network for this part will slow that down but for notability & stature it will.

https://x.com/PundiAI/status/1952338846525370752

[zaccheah]

A few holders and validators DMed me, and for transparency, let me comment here.

There is a concern that validators might not be able to generate revenue if we move to Ethereum, on the contrary I believe there is a service opportunity for delegators to continue providing some sort or staking services on Ethereum, minus the server cost that entail.

For holders, there is a concern of not earning to block rewards, currently at ~15%. The rewards should continue to follow but now in Ethereum instead of FXCore. If there is governance consensus i think we should also increase the block reward in the initial stage of moving into Ethereum, say ~30% for existing fxcore users (need governance approval, it’s an arbitrary number) so to encourage current fxcore holders to stick around.

[IvanFunctionX]

i will use my own fund to fud and pay ads

[CryptoKid]

About validators, pundix validators have no incentive now compared to fx (pundiai) ones. I know that because I run a validator on pundix and I didn’t see any incentive to run it by now.

[LKYBOB]

I believe that was going to be put out too pasture if the PUNDI X Chain network moved onto FXCore(Pundiai) network anyway, so the result will probably be no different, if PUNDIX and PURSE move to the Eth chain - because then no PUNDI X Chain is left to govern, see the connection the validator governs Pundi X Chain, I believe after the event of going to Eth other earnings abilities will be created - but understand they have to get there first, for now your still earning PURSE until the change is initiated the network functions are as is. note PUNDIX is naturally mostly already Eth based and separate to PUNDIAI, so the change for PUNDIX is not that big, PUNDIX is still it’s own Payment project governing it’s own products & services, more of Xpos utilities have probably always had more action on eth network I think.

[Babelex.BXVG]

What are you playing at? After 8-9 years, when everything has been built, you’re now going to dismantle it? Are we crazy? What the hell kind of credibility do you investors have before? We retailers have been patient, testing MarginX and it works perfectly, the wallet with a sovereign chain is working well… What the hell are you thinking more about Bitcoin than the project itself… I mean, what the hell kind of credibility is there going to be? Now Coinbase is going to delist our currency!? Revolut will remove Pundix… I mean, what the hell are you doing?

[Babelex.BXVG]

My Opinion on the Proposed Migration

I must express my strong disagreement with this proposal. Every single improvisation and change made over the years has resulted in a loss of value for token holders. This migration would be the final shot that ensures the complete disappearance of what was once a sovereign, fast, and cost-efficient network.

Very few projects have their own sovereign chain that is both quick and cheap to operate. Instead of abandoning it to move to Ethereum — which is costly and not sovereign — the team should be focused on strengthening our own chain, building solid utilities around it, and committing to doing one thing well rather than constantly jumping from one trend to another: XPOS, then another chain, then AI, then yet another change of focus, as if there was no clear direction or long-term plan.

Frankly, this proposal to dismantle the chain is a direct lack of respect for the people who have invested their money and trust here. It feels like the strategy has been to drain value over time, only to celebrate when BTC goes up — without even explaining on platforms like CoinMarketCap that this is a sovereign chain, a unique advantage we are now apparently willing to throw away.

From where I stand, this “discussion” is not much of a debate — it’s yet another idea that points the gun at our own chest. If executed, it will kill the project as a sovereign network and reduce it to just another token lost in the crowd on Ethereum.

I am extremely disappointed and disillusioned with the direction this is taking. I have personally lost my entire life savings in this project, and seeing the team propose to dismantle its very core feels like the ultimate betrayal to the community that once believed in it.

⸻

[FrenchXCore]

Let’s be clear and check the TVL over both $PUNDIAI projects.
There’s currently :

• less than 215,000.00 $USDT liquidity left, over MarginX
• → users were never warned when the team withdrew most of it (because yes, the team did own the biggest part of that liquidity)
• approx. 314,000.00 $USDT left over PancakeSwap
• less than 800 $USDT liquidity left over Uniswap
• Nothing on Aerodrome, on Osmosis

Let’s say that the project is now less than $500k valuable.
I don’t know where the liquidity went, and don’t have time to track.
It’s been a nice adventure til there, but the project lacks far too much transparency from the beginning. Nice to invest, but not nice to trust. And trust is everything in a project.

FrenchXCore still thinks there is potential value, but I understand the loss of trust from other investors, which we try to warned as soon as the team “rebranded” the token once again.

This is now happening…

FrenchXCore validator will slowly retire if this decision is made definitive, thus keeping only almost 200 $PUNDIAI left in the process (which is still more than 90% of all other 50 validators).

Regards everyone,
And enjoy the real-world-assets that this technology will eventually bring soon.

@FrenchXCore

[Babelex.BXVG]

The real potential and appeal lies in being a sovereign chain… if we move to Ethereum, we’ll lose our appeal and become just another piece of shit on Ethereum. Zac, don’t be so stupid… you’re liquidating the project between exchange splits, and now this…

[11110]

Hello! To be honest, I am confused and slightly shocked by this proposal! Unfortunately, it is an unpleasant shock.
My brief history with Pundi X:

I have been friends with the PUNDI X project almost from the very beginning, since the token was called NPXS. Then there was a rebranding and the PUNDIX token appeared. The price collapsed after that and I lost my investment, but remained loyal to the project.

Then the FX token appeared, I supported it.

My own network.
Then the FX token became PUNDI AI - the token price collapsed even more. Many lost their investments again.
There is also a PURSE token (it is unknown whether the project is alive), which I also supported and also lost my investment after it collapsed.

And all this way I was loyal and devoted to the project because I saw an effort to create something of their own, something useful.

And now, years later, it is very difficult to read that everything that was created over the years - all this is not needed even by the project itself!

The project was built for many years for what?

And looking back at the previous changes, rebrandings, more and more new coins, new networks, new directions, with a parallel decrease in attention to already created projects, which yesterday were the calling card and stood at the forefront of the PUNDI X project and switching attention to trending directions, but with a significant delay in time. It is very difficult to force yourself to believe that this proposal to abandon your own network, from what yesterday was the most important feature of the project, will be beneficial.
This looks more like the beginning of the end!

I can’t understand what will be left of the project after abandoning its own network. And most importantly, how to look into the future of the project if at any moment a complete turnaround and abandonment of its own goals, roadmap, etc. can occur…

[IvanFunctionX]

Let’s join force to oppose pundi ai foundation

[Cryptogon13]

What I am reading here is very sad for me. On the one hand, because of the decision that the project is proposing to take. On the other hand, because of the fierce and negative response I am seeing from established users of this project.

I have been involved in this project since the ICO, when the token was called PXS. I have been through all the phases of the project. I own a physical XPOS and had the opportunity to meet Zac at a talk in Madrid years ago. And with all the pain in my heart, this is the first time I am thinking of abandoning the project.

I certainly value the basic idea behind the business, its DNA, but after multiple changes of direction over the years, I believe that what should matter most to the community (as investors) right now is the price of PUNDIAI (the project’s main token), not whether it is its own blockchain or part of ETH.

If the price of PUNDIAI were at its ATH of $210 (equivalent to $2.1 when it was FX), I am sure that the community would not be responding so aggressively to the proposal to return to the ETH network.

The problem is that every time the Project Team makes a change, the value of the token declines (probably because investors do not understand every direction change of the project and abandon it), and while we are seeing ATH or values close to them in BTC, ETH, XRP… PUNDIAI breaks its record low price every day/week.

As an investor, what motivates me to continue betting on PUNDIAI and not move my investment to ETH, especially if the idea is for PUNDIAI to belong to ETH again?

I think we need to be clear about this… the first thing that needs to be solved is the price of PUNDIAI. No investor is going to bet on a project ranked 730th on the CMC and falling, when we were in the Top 100 when it was FX, not so long ago.

The rebranding from FX to PUNDIAI and the swap 100:1 (regardless of whether the aim was to give more visibility to the AI topic) has been a bad decision based on the fall in the price of the token, and now something must be done to fix it. In my humble opinion, the solution is not to switch to ETH and hope that new investors and developers will join the project, because I believe that any new investor or developer who sees the history and trend of the project right now will not want to invest, even if we come back to ETH.

The proposed 15+15 Recovery Plan should focus 100% on recovering the token price we had before the swap (equivalent to $17-18), to at least get back to around the Top 300 on CMC. Investing in DataPump or providing on-chain liquidity across AMMs, for example, seems pointless to me if the project lacks visibility among new investors. It is important to recover a position in the CMC that gives the project more visibility and confidence in front of new investors, and when we recover the FX project value and are stable in price & ranking (not pumps & dumps in 2 days), we can decide which strategy to adopt to continue developing the project and rethink whether we should switch to the ETH network or keep our own.

Right now, the project is bleeding out in a bull market where we should be seeing new ATH in the price of our token. If this isn’t solved quickly, before the end of the year only the team members will remain in this project, and it will be yet another abandoned project in the CMC top 1500.

And given the responses that can be read in this post, I think the team should respond quickly and not remain silent, as that only deepens community and investors’ concerns.

[LKYBOB]

their not shutting down, just talking about using an original network, Eth which the majority of everything still functions as always. contact a main project admin may work better for you like @indra

[LKYBOB]

Zac will be asking him self why he left a thought here, I think he get’s it !

it’s a discussion, try not to go death con 5 guys, bad enough now we have Fudders again joining the groups to take advantage of the moment - be mindful there are groups that want PUNDI to fail, plenty want to be in front of pundi services - their missions in PUNDIX are still the same, Fx had to find a new path - remember BOB didn’t get the support needed, covid was probably the last straw, I personally commend the project for finding new direction, Tech took my living away 2 decades ago and I know what happens if you don’t learn to adapt, Pundi adapted and I commend them for it, This is a shame so many are so ready to drag them in the dirt for an idea!. you know when I did my trade 1 tech teacher said to us students - you’ll be out of a job in 10 years; we laughed - digital cameras didn’t exist let alone a phone with a camera. we had a new machine that could turn a scanned image about 10 Deg that took 2 hours to complete, this machine was 2 million Dollar; state of the art equipment I’ll say early 90’s, be mindful of those trying to keep you on top of the tech wave because trust me once you drop off the back it’s flat open waters with no tide.

[cop4200]

Everyone complaining about ditching our FX network, the project failed in that race about 2 years ago, when Solana and other competitor chains got popularity. So stop kicking the dead horse.

Kudos to Pundi team for pivoting and finding new direction to keep the project going. I just hope we are now building with focus and speed. And not delaying adaption due to scope creep.

I also hope team is considering VCs and other proven crypto marketing avenues. Because organic didn’t serve us well in the past. We need visibility and traction, and I hope team learned that just building doesn’t get us the spotlight.

[LKYBOB]

Please stay on topic, most off topic chat has been moved to more appropriate topics.

[FrenchXCore]

Let’s be clear : the pivot to AI is smart and interesting. Let’s see how it turns down.
However, the token change and the liquidities withdrawal had to come from somewhere.
I’ll be happy to see some stronger transparency…

Right now, we can’t accuse people of fudding when what they say is real : they can’t trade if they wish to… Did you see the impact on price when you use MarginX for a few thousand dollars ?

So let’s focus on rebuilding trust thru transparency. Otherwise, energy is lost…

Regards,
@FrenchXCore