Pundi X (NPXS) gains 102% before launching testnet and burning token

Since February 6, Pundi X (NPXS) has risen 102%. While it is easy to assume that the disruption is simply following in the footsteps of the flock of altcoins that have been flocking to Bitcoin, the current movement appears to be driven by an upcoming test network launch and fundamental improvements.

Pundi X is a borderless digital currency payment ecosystem that aims to drive the adoption of point of sale (POS) terminals and a contactless payment card. Using an open source system, the platform focuses on retail payments in physical stores.

Simplified mobile payments is another problem that the Pundi X ecosystem aims to improve. The project aims to address the handling of private and public keys using a password-based system. Likewise, the smart card allows users to use the NPXS token without the need for a smartphone.

Pundi X initially provided its POS terminal for retail environments at no cost to encourage adoption. The project also aims to bypass Visa and Mastercard debit card services, allowing merchants to be paid in fiat.

In short, you can buy and sell cryptocurrencies using the point of sale or the mobile wallet. Users can then keep their digital assets or transfer them to the contactless card or other recipients using the application.

The most recent rally seems to be supported by the Function X project. According to the team, the Testnet 3.0 must be compatible with Ethereum EVM, with confirmation time of 5 seconds and transaction cost of 1 cent. In addition, it will support automated staking and market-making (AMM).

Token of Pundi X (NPXS) / USDT in Binance. Source: TradingView

On December 8, Pundi X announced the fiat integration of EUR and GBP through a partnership with Ramp, a UK company. Users were able to purchase stablecoin DAI using bank transfers, debit cards or Apple Pay.

In early February, the project announced that it would make a 1000: 1 swap, reducing the supply from 258.5 billion to 258.5 million. The chain voting process will take place in the following weeks. The change aims to reduce the decimals for NPXS pricing, therefore, a purely nominal difference.

Active addresses and transfers increase

According to the Pundi X website, there are more than 800,000 registered users of XWallet. In addition, his blog claims that POS terminal activations increased by 20% in 2020.

Network data shows that activity started to increase earlier this year, exceeding 3,000 daily active addresses, while transfers recently peaked at $ 840 million.

Daily transfers of NPXS and exclusive addresses. Source: etherscan.io

Token repurchases are another vital value-adding activity, and 2,000 Ether (ETH) of NPXS have been earmarked for this. Instead of being burned, these tokens will be used to subsidize developers and projects that join the platform. The second buyback took place on February 10.

Cointelegraph Markets Pro – VORTECS ™ score (orange / green) vs. NPXS vs. price

According to data from Cointelegraph Markets Pro ™, market conditions for NPXS have been favorable for the past 24 hours. It is worth mentioning that the VORTECS ™ score for the Pundi X started to increase on February 7, about 18 hours before the price went up 150% the next day.

One area of ​​concern is that plans for integration with decentralized financial protocols, including synthetic assets and a decentralized exchange (DEX) have been cited several times by the team, but a specific deadline has not been set.

Overall, there seems to be good prospects for the project, but a more concrete roadmap for integrating DeFi would help increase sentiment among investors and holders.

The views and opinions expressed here are exclusively those of author and do not necessarily reflect the views of the Cointelegraph. Every investment and trading movement involves risk. You must conduct your own research when making a decision.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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