How to delegate PUNDIX to get PURSE on Pundi X Chain
Pundi X Chain is a dedicated payment-focused blockchain in the Function X network. It is specially designed to perform high throughput transactions with low latency and low transaction fees.
While $PUNDIX is the primary token to govern the Pundi X Chain, $PURSE is the secondary token to be utilized as Pundi X’s loyalty and reward token.
A $PUNDIX holder can choose to be a Pundi X Chain delegator and receive $PURSE as the block reward. The delegation of $PUNDIX is neither staking nor depositing. It is the act of securing the blockchain network through participating in the block validation. By delegating your $PUNDIX, you will be able to receive $PURSE as your delegation reward as well as receive $PUNDIX from a percentage of the network transaction fees. Other than the initial supply of $PURSE, the only way to generate new PURSE tokens is through block validation on the Pundi X Chain.
This article provides a step-by-step guide on delegating $PUNDIX to get $PURSE on Pundi X Chain, covering the following content:
· Transfer $PUNDIX from Ethereum Blockchain to Pundi X Chain
· Delegate $PUNDIX to a validator on Pundi X Chain
· Check and claim your delegation rewards $PURSE
Also, we will cover the update of $PUNDIX holding reward claim and $NPXSXEM swap in the last paragraph.
Transfer $PUNDIX from Ethereum Blockchain to Pundi X Chain
- Make sure you have added $PUNDIX (Pundi X Chain) into your asset list.
2. Copy the address of $PUNDIX on Pundi X Chain — Function X
3. Select the Pundi X address on Ethereum
Click “Send”, enter the $PUNDIX amount you want to transfer, and paste the address on Pundi X Chain as the recipient address.
*If you cannot find Pundi X Chain in your f(x)Wallet, it means that you haven’t added $PUNDIX (Pundi X Chain) to the list of your assets yet. To add, go to the wallet page and click “+ Add Asset ‘’, enter “PUNDIX ‘’ in the search coin or token field, and choose “PUNDIX — Pundi X Chain” to add.
4. Approve the token ($ETH gas fee required).
If this is your first time to do a $PUNDIX cross-chain transaction, you need to approve the token. Hence, the whole process will require two transactions to complete. Both require $ETH gas fees. Since the transaction is involved with the smart contract, the gas fee charged by $ETH miners will be relatively higher than an $ETH transfer. We strongly suggest you do your own research before proceeding with the transaction.
5. Confirm the cross-chain transaction ($ETH gas fee required).
Once you approve the token, you will need to do another transaction to complete the process.
Now just sit tight and wait for the cross-chain confirmation on the blockchains. Your $PUNDIX will arrive on the Pundi X Chain after the confirmation is completed.
How much $ETH fee I need to pay for token approval and cross-chain transaction?
Cross-chain transactions involve interaction with the smart contract. From the data we collected from our test transactions, the fee for token approval ranges from 0.006 ETH to 0.009 ETH, depending on the condition of the Ethereum network.
To estimate the $ETH gas fee for cross-chain transaction, you can refer to the smart contract address of the previous transaction and estimate the cost you would be charged.
Please note that the gas fees on Ethereum blockchain are all paid to the $ETH miners, not Pundi X.
Delegate $PUNDIX to a validator in Pundi X Chain
CAUTION
- Please do NOT send the $PUNDIX token directly to the Validator address. This will result in the loss of your crypto assets.
- To stabilize the market, after you submit an “un-delegate” request, there is a 21-day period before the un-delegated $PUNDIX is returned to your address. A gas fee is required to perform this un-delegate transaction.
- The method introduced in this tutorial is THE ONLY way to cross into Pundi X Chain, DO NOT use f(x) Bridge directly to do it.
- Please do NOT delegate all of your $PUNDIX. You need to keep some of $PUNDIX as the Gas Fee for the transactions, such as “Delegate”, “Undelegate” or “Receive block rewards”.
- Please note that $PUNDIX tokens that are kept on the Ethereum blockchain can’t be used for delegating to validators in Pundi X Chain. If you choose $PUNDIX on the ERC20 network, f(x)Wallet will automatically redirect you to do a cross-chain transaction first.
- Go to the “Delegate PUNDIX” module in CryptoBnk.
2. Tap “Delegate”, and select from the list the validator(s) you wish to delegate to.
3. Choosing a reliable validator is crucial because the reward (or penalty if there’s an event that causes the damage to the network) of your $PUNDIX delegation will be tied with this validator.
4. Select your Pundi X Chain address, enter the amount of $PUNDIX you want to delegate to that validator, and confirm the delegation transaction.
Now you can check your delegated amount and the rewards on the “Validator Overview” section.
Check and claim your delegation $PURSE rewards
About delegation rewards
As a delegator, you will get two types of rewards. One is the block generation reward for which you will receive $PURSE, and for the Pundi X Chain transaction fees reward, you will receive $PUNDIX.
Rewards claim
After you make the claim request, the claimed rewards will take 8 hours to be released. A gas fee ($PUNDIX) is needed to perform this reward claim transaction.
PUNDIX holding reward claim and NPXSXEM swap
Initial distribution of PURSE tokens for $PUNDIX holder will be available to claim for those who held in their private wallets from 21st June 2021 until the launch day of the Pundi X Chain.
We’ve taken daily snapshots of the average $PUNDIX held in individuals’ ERC-20 wallets (not including exchange wallets) during the calculation period.
Distribution formula:
Average daily holding of $PUNDIX during the calculation period per wallet address * total claimable $PURSE tokens during the period.
The claiming schedule is set out below:
PURSE token will be running on Binance Smart Chain (BEP20). Hence users have to claim it manually. If you don’t make a claim, you won’t receive any tokens. All unclaimed PURSE tokens will be forfeited.
Currently governance voting to activate cross-chain gateway is running until 22nd Oct 2021. If the proposal is passed, we will take a few days to activate the BSC cross-chain and bridge $PURSE to BSC.
Hence, we aim to open the claim via smart contract around mid-November.
For $NPXSXEM holders — conversion and migration
There is a 90-day migration window. The migration ratio is 1:1. Users have to send their $NPXSXEM to a designated smart contract which will be announce to convert to PURSE tokens on Binance Smart Chain.
There is a 12-month lockup period for the initial distribution of the $PURSE tokens obtained through this migration. $NPXSXEM migration users will get 12% of the total claimable tokens right after the migration, and the remaining 88% will be unlocked (8% every 30 days) over the next 11 months.
The swap instructions will be ready two days before the swap goes live.
We will continuously update the Pundi X Launch status and progress and, as always, welcome your feedback for improvement!
