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.
$PUNDIX holder can choose to be a 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 tokens from a percentage of the network transaction fees. Other than the initial supply of $PURSE tokens, the only way to generate new $PURSE tokens is through block validation in the Pundi X Chain.
This article provides a step-by-step guide on delegating $PUNDIX to get $PURSE in Pundi X Chain, covering the following content:
- Transfer $PUNDIX from Ethereum Blockchain to Pundi X Chain
- Delegate $PUNDIX to a validator in Pundi X Chain
- Check and claim your delegation rewards $PURSE
Transfer $PUNDIX from Ethereum Blockchain to Pundi X Chain
- 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.
- 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.
1. Make sure you have added $PUNDIX (Pundi X Chain) into your asset list.
2. Copy the address of PUNDIX on Pundi X Chain
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. 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 the ETH gas fees. Since the transaction is involved with the smart contract, the gas fee charged by ETH miners will be relatively higher than ETH transfer. We strongly suggest you do your own research before proceeding with the transaction.
5. Confirm the cross-chain transaction. Once you approve the token, you will need to confirm the transaction to complete. 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.
Delegate $PUNDIX to a validator in Pundi X Chain
1. Go to the “Delegate PUNDIX” module in CryptoBnk.
2. Tap “Delegate”, and select from the list the validator(s) you wish to delegate to.
Choosing a reliable validator is crucial because the reward (or penalty if there's an event that causes the damage of the network) of your $PUNDIX delegation will be tied with this validator.
3. Select your Pundi X Chain address, enter the amount of $PUNDIX you want to delegate to that validator, and confirm the delegation transaction.
*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.
4. Now you can check your delegated amount and the rewards on the “Validator Overview” section.