A look back on a year of development, compliance, expansion and opportunity Dear Pundians, 2021 was a year that accelerated many of the disruptions introduced in 2020. Contactless transactions continued to soar, remote work began to be incorporated in blended working models where people were required to physically go to the office only part of the time, and cryptocurrencies continued […]
A look back on a year of development, compliance, expansion and opportunity
2021 was a year that accelerated many of the disruptions introduced in 2020. Contactless transactions continued to soar, remote work began to be incorporated in blended working models where people were required to physically go to the office only part of the time, and cryptocurrencies continued to move closer than ever to mainstream adoption.
Pundi X certainly felt the effects of 2021’s trends and developments. Before ringing in 2022, below is a look back at the major developments that made Pundi X’s year.
Pundi X Chain is a go
This year, both the Pundi X project and token moved from a payment service DApp to a payment blockchain: Pundi X Chain.
The change will see Pundi X Chain enable high throughput onchain transactions, low transaction fees, low latency, and point-of-sale device compatibility while rewarding XPOS users with various incentives. Holders can delegate on the Pundi X Chain and receive both PUNDIX coin and PURSE tokens as the block reward to participate in the governance.
As of writing, 28.6 million PUNDIX coins have been delegated on the Pundi X Chain, representing 10% of the total supply.
Token redenomination: NPXS is now PUNDIX
In March 2021, the Pundi X token supply began the process of reducing to a 1000:1 redenomination. Migrating NPXS token to PUNDIX coin means that anyone holding 1,000 NPXS can opt in to swap for 1 PUNDIX coin.
We would like to shout out to the support the leading exchanges have given to this process, including Binance, Bithumb, Bitrue, FTX, Huobi, Indodax, Upbit, Kucoin and more. For those who haven’t swapped to PUNDIX yet, please do it at your earliest convenience before the deadline of 29th March 2022. After 29th March 2022, the swap contract will expire and all remaining NPXS tokens will lose their value and utility.
As NPXS became PUNDIX to serve as the native coin on the Pundi X Chain, NPXSXEM migrated to PURSE, the Pundi X reward token. There is no preminted or allocation in any form for the team. These reward tokens will be useful for utilities such as buying XPOS, participating in NFT auctions, redeeming NFT or other tokens from partners and receiving discounts. PURSE will exist not only on the Pundi X Chain but also on Binance Smart Chain, giving users the liquidity and DeFi opportunities available on it.
The Latin American region is one of the fastest-growing adopters of cryptocurrency in the world. After all, it is El Salvador that first adopted Bitcoin as legal tender this year while high inflation in countries like Brazil and Argentina means its citizens turn to crypto as an inflation hedge. Throughout the year, Brazil ranked consistently among one of the top 10 countries for XWallet and XPOS usage.
Plans were made in 2021 to step up XPOS distribution in El Salvador. Pundi X has already met and worked closely with local distributors and CONAMYPE. 250 XPOS have been allocated to El Salvador for deployment once the regulatory registration has been completed.
100 XPOS Handy have been shipped and delivered to Zelaa Pay, our new distributor in UAE, kicking off the deployment process.
To increase adoption and usage, it is also important to incentify merchants to use XPOS to process crypto transactions. In 2021, we held two rounds of XPOS transaction mining programs for XPOS merchants. Transaction volume and frequency doubled during the incentive period.
In May 2021, we published the roadmap for Q3 2021-Q1 2022. While some milestones we set are not completed yet, rest assured that these are still in progress. Based on the current rapid industry development, we have to prioritize integrating the support of features with higher demand in the market which were not part of the initial roadmap, such as decentralized crypto gifts, NFT and EVM developments. In February 2022, we will publish the roadmap for Q2-Q4 2022.
2021 was an exciting year for Pundi X, one full of new launches of both products and services. As one year comes to a close, one can’t help but be excited for what’s ahead. In 2022, we look forward to empowering the crypto community even more and working closely together with leading technology builders to make blockchain more accessible for all.