Short news of the week (written 18.10.2022 by 1337 Alchimist)
FXG is online for trading some days now and more people are entering the project. Current Price of the token is at 0,0075 USDT. Almost all seed investors have claimed their initial USD value back, which is ultra strong thinking about being in a bear market. In BNB Terms fxg is up +67% since the initial investment which was put in with bnb only. So this is more accurate and shows that it was stronger than big coins during this bear market. Lets see how this progresses.
Some price action is going on the account of our new whale.
We have a new rank 4 whale… Welcome to the ranks…
Another thing to mention would be the rebranding of the FXG with a new logo.
This is looking much more mature and less comic meme sh!itcoin like… Good development to go into this direction…
thanks for reading the short update…
1337Alchimist
Recap of the opening weekend: (written 09.10.2022 by 1337Alchimist)
First of all i want to send out my regards to everyone who was helping at this launch. For those who dont know me, personally I am not part in any of the teams, neither fx nor foxgaming, i am just a supporter and investor. If you hear something of DAOverse in the future, thats my project together with @KuzoIV.
But for today i want to write an article that recaps the situation of the launch and pre launch as objective as i could be. I dont try to sanctify every action taken, but i will also try to give constructive criticism and aspects to work on.
I hope you like it.
the pre-launch BSC token era:
@Fox_Coin was started as a token on BSC blockchain to start the company and raise seed investor money. From first day on it was the goal to develop a “better than opensea” NFT marketplace and place it on the multi / crosschain / parachain / subnet hub that @DavidK and his team at function x working together with the team of the mother company PundiX led by @zaccheah are building.
Around 50 people, one of those was me, put in some BNB money to help the project start off the development. The Time of the token release could not have been at a more unlucky timing.
The Sale started at 0,01 USDT right at the time as the All time highs of the market got rejected (BNB ~ 600 USDT) and shortly before everything crashed massively. FXG was rising around 269% to an all time high of 0,0269 USDT.
Of course the token price could not hold the level and went into the market crash too.
On one side it was attached to BNB so it would lose the same amount (to the USDT) as BNB even without any single token sell.
Even if they were early seed investors, some of them just got in for the easy and fast money or were in fear of the whole market crashing, so they sold on top of the BNB crash. But this is a normal occurance and its good that those, as we call “paper hands” left the building and the fxg community could say they are left with only people believing in the project.
With the market stabilizing in the last weeks with BNB at a lowest of 183,4 USDT (maximum drawdown 73,4%) FXG started finding its bottom aswell which occured one week later at 0,00035 USDT (maximum drawdown 86,9%).
After this “absolute bottom” BNB gained +67% (183,4 to 307,5 USDT) and FXG climbed about +1180% (from 0,00035 to 0,00413 USDT).
Short before the snapshot and liquidity pull thx FXG price was at 0,00355.
the EGF proposal stage:
Since the beginning of the idea, FXG was a concept made for the FX ecosystem and now it tries to get back to its roots.
@Fox_Coin announced that they will present a proposal.
FXG had to take care at the preparation of the proposal since the last big community proposal failed, the one of DAOverse failed at the quorum though they had only 1,82% votes against it.
This took around one month to get the proposal comply with every needs necessary and most public validators onboard. After this was achieved the proposal could start and it deservedly passed the quorum.
<<<<<<<<<<<<<<<<<<<<< CALL TO ACTION @zaccheah @indra @DavidK >>>>>>>>>>>>>>>>>>>>>>
From my perspective the voting process is still defective. Too much voting power is in the hands of inactive validators. This has to be changed soon.
I would go with the suggestion of penalizing validators that don’t vote and that validators that didnt votge 3 times in a row will be removed from the voting power. This would handle all currently occuring problems.
<<<<<<<<<<<<<<<<<<<<< CALL TO ACTION >>>>>>>>>>>>>>>>>>>>>>
the launch stage:
Since the proposal went through and the project was accepted by FX it could be started on the fx(core) blockchain as the first 3rd party token of the ecosystem 
the contract was created with a maximum supply of 100 million FXG at a price of 0,0035 USDT, giving the project a market cap of 350.000 USDT.
(the attentive observer will notice that 100M are around 18M less tokens than in the BSC era, this was a hidden Token Burn from the company wallet of @Fox_Coin)
After the creation of the contract the supply was airdropped to each holders wallet. The same amount
at the time of the BSC snapshot was given out.
The airdrop went smoothly and i didn’t catch a single problem with this process on any community channel.
After a short time FXG could be listed and started trading on FX-swap.io
<<<<<<<<<<<<<<<<<<<<< CALL TO ACTION @zaccheah @indra @DavidK >>>>>>>>>>>>>>>>>>>>>>
The only problem is the complexity that is needed to get the token and/or trade it.
Right now every investor has to
- get FIAT into BTC/ETH somewhere else (we NEED a fiat to FX ramp on in the fx wallet)
- get FX somewhere else for the BTC/ETH (we NEED the Swap feature in the FX wallet, already adressed and worked on)
- transfer the erc20 FX to fxwallet and then bridge to fx(core) (we NEED the acceptance of FX(core) network at the most important exchanges, upbit, coinbase, kucoin, gate.io, bithumb, bitglobal) <<<<<<< this is utterly important, if we look at competitors like avalanche they only got big AFTER this was established because NO PROJECT CAN BE LISTED ON EXCHANGES BEFORE THIS HAPPENS>>>>>>>
- trading at fx-swap.io has problems with wallet connect from mobile fx wallets (this needs to be implemented in the fx wallet swap feature that is worked on, metamask and desktop access works fine.)
- the dextool (we need a working and informative dextool, it was very nice that you released some kind of it at the launch of FXG @zaccheah but its far from being good. This still needs much work)
<<<<<<<<<<<<<<<<<<<<< CALL TO ACTION >>>>>>>>>>>>>>>>>>>>>>
Summary:
- BSC era went good if we look at the market conditions
- BSC to FX(core) swap was flawless from FXG team with some little issues on the FX(core) side
- FXG proposal went through with still problematic inactive Validators
- FXG contract and airdrop on FX(core) worked fine
- current FX-swap and issues with FX(core) being not integrated on exchanges makes it hard to be accepted by the non-fx crpyto world
MOST IMPORTANT next step to grow the ecosystem is to bring the smoothly working FX(core) network connection to the exchanges. All exchanges accept a AVAX connection so it should not be hard for FX to be implemented likewise.
That would be all for the first big recap. The next Recaps won’t be as big as this but i try to get the news in and hopefully the Call to actions in this article will be noticed and worked on sonn.
Have a great time and let’s build this world. Together.
Yours,
Patrick
aka 1337Alchimist
