Governance: Token Unlock Report in 2019

2020.03.12 08:33

Function X is an ecosystem built entirely on and for the blockchain. The f(x) Ecosystem consists of five elements: f(x) operating system, f(x) public blockchain, f(x) FXTP, f(x) docker and f(x) IPFS.

Governance: Token Unlock Report in 2019

In Function X: Coin structure, use of funds, governance and proposed roadmap, we noted that governance is a critical criterion. We started the token unlock in May 2019 and in keeping with our commitment to good governance, this is the token unlock progress.

Recap: Token Generation Event (TGE) in 2019 and unlock schedule

As planned, all of the FX tokens were generated during the TGE and have been unlocked on a monthly basis with token owners receiving the tokens over a 12 month period. Under the established mechanism, 12% were unlocked in the first month and 8% for every month following that. The mechanism was activated 1 May 2019, 00:00:00 (GMT+8). 45% of FX token generated from TGE has been allocated for those who converted their NPXS / NPXSXEM to FX tokens. The conversion took place from April 16 to July 14, 2019. Below is the summary of the conversion.

Some token owners are also staking FX. 15% of FX token generated from TGE has been allocated for staking. The staking will be concluded on 19 March 2020. We will release the result of staking summary in Q2 2020. There are remaining FX that might not be staked, and those unstaked tokens will be transferred to Ecosystem Genesis Fund (EGF). We will also share how the unstaked tokens will be used in the Q2 2020 staking summary report.

The purpose of the Ecosystem Genesis Fund (EGF) is to motivate, encourage, and facilitate service providers, partners, and community to join and get rooted into the f(x) ecosystem, and to attract early consumers to enrich and enlarge the f(x) ecosystem. For more on what EGF does, read Function X concept paper or Function X: Coin structure, use of funds, governance and proposed roadmap.

5% for holders who will receive FX tokens through completion of promo / extra tasks remains untouched and stored in separate wallets.

The rest of 35% has been allocated for engineering, product and marketing. The unlock period is 13 months, which is one month longer than the public unlock: 12% in the first month and 8% per month from the third month on. The mechanism for this was activated at the same time as the public unlock: 1 May 2019, 00:00:00 (GMT+8).

This report relates to token unlocks for
1) Ecosystem Genesis Fund (EGF) by foundation
2) Engineering, Product Development and Marketing by company

Ecosystem Genesis Fund (EGF) Unlocks

EGF is managed by the Function X Foundation and is meant for consumer, developer and service provider that helps build the ecosystem. All the unlock tokens have been sent to a single address for transparency. Here are the amounts and unlock results as of .

May 2019: 9,086,508.6 FX
June 2019: none as EGF unlock has a one month delay than public
July 2019: 6,057,672.4 FX
Aug 2019: 6,057,672.4 FX
Sept 2019: 6,057,672.4 FX
Oct 2019: 6,057,672.4 FX
Nov 2019: 6,057,672.4 FX
Dec 2019: 6,057,672.4 FX

Jan 2020: 6,057,672.4 FX
Feb 2020: 6,057,672.4 FX

Engineering, Product Development and Marketing Token Unlocks

Engineering, Product Development and Marketing are managed by the company Pundi X and is meant to be used for the creation and development of the Function X ecosystem. For more info, read Function X concept paper or Function X: Coin structure, use of funds, governance and proposed roadmap. All these unlock tokens have been sent to a single address for transparency. Here are the amounts and unlock results.

May 2019: 6,814,881.36 FX
June 2019: none as company unlock had a one month delay after the public unlock
July 2019: 4,543,254.24 FX
Aug 2019: 4,543,254.24 FX
Sept 2019: 4,543,254.24 FX
Oct 2019: 4,543,254.24 FX
Nov 2019: 4,543,254.24 FX
Dec 2019:4,543,254.24 FX

Jan 2020: 4,543,254.24 FX
Feb 2020:4,543,254.24 FX

Summary

The total unlock in 2019 for the foundation and company was 88,593,458.4 FX tokens. Of that total, EGF represented 54,519,051.6 FX tokens and unspent. Engineering, product and marketing represented 34,074,406.8 FX tokens; of this total, 0.3% was used (102,530 FX) in 2019 for engineering and marketing.

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