Pundi X’s token supply reduction was kicked off on March 30, 2021 with 1000:1 redenomination. The maximum supply is 258 million units. It’s a deflationary tokenomy whereby the supply will continuously decrease based on PUNDIX utility.
As of the date of this article, over 1 million $PUNDIX holders, including exchange and private wallet holders and there are about 85% of $NPXS tokens swapped for PUNDIX tokens.
So far, there have also been 7,805 onchain swap transactions conducted with SWAP contract functioning at 100%. Audits to Pundi X’s token smart contract have been accomplished by security firm Pessimistic Security.
As for trading, major exchanges that supported $NPXS now also support $PUNDIX, representing 99% of trading volume.
The exchanges include but are not limited to: Binance, Bithumb, Bitrue, FTX, Huobi, Indodax, Upbit, Kucoin and more. Supported aggregators also include Coinmarketcap, CoinGecko, and Etherscan. As of writing, $PUNDIX has enjoyed a 30-day average trading volume of approximately $ 30–40m USD.
For those who keep their coins in their wallets and stake, 27 million PUNDIX tokens are staked with a total locked value of about $45m USD, representing 10% of the total circulating supply. The annual percentage yield of the $FX token they will receive from the staking stands around 50–70%.
According to Pundi X CEO and Co-Founder Zac Cheah, the token redemonation is a big step towards securing the long-term future of Pundi X’s token. “Swap is typically a long process that needs hard work and trust from its users. Now it’s 85% completed. We see in the long run the redenomination leads to more flexibility with our new De-Fi developments along with our Function X mainnet launch,” said Cheah.