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Simple Sunday #X1 $XEN
Recorded: June 29, 2025 Duration: 1:46:33Space Recording
Short Summary
X1 Labs is making waves in the crypto space with a successful $2 million fundraise, gearing up for a strategic token launch on Solana, and forming key partnerships to enhance its decentralized blockchain capabilities.
Full Transcription
Thank you. Thank you. You you
Yo, yo, yo, yo, so guys we'll get started here in a little bit Jack good to see you if you can like retweet the space
I'm excited to hear about this the TGE and yeah a little bit more news That's that seems to be coming out and some some updates. So again if you can like retweet the space
and out and some some updates so again if we can like retweet the space and yeah play a little music here and feel free to hit the request button and we'll flow
through the space Why my real ones at?
Hey All the haters stand on that side All the haters stand on that side All the suckers stand on that side
All the lame stand on that side
All the lame stand on that side
That side, that side, that side, that side, that side
Got you bitches bumping clicks
That's a cat fight, cat fight
I'm riding with this thing
I'm riding with this thing
I'm riding with this thing
I'm riding with this thing
I'm riding with this thing I'm riding with this thing Thank you. Oh Thank you. .
Interchangeable hosting provider for security lacking a sustainable revenue model while urging the world to move
from one central assistant to another in the name of this centralization.
Vitalik Buterin has not approved of this mission statement, but it's just a proposal.
Changeable hosting provider for security lacking a sustainable revenue model while urging
the world to move from one central assistant them to another in the business organization.
Vitalik Budrin has not approved of this mission statement, but it's just a proposal. I I love the feeling of love. I could probably go on with that.
Holy.
Guys, good to see everyone here.
Jack Zenzu, Augmented, all the OGs, Zen Pub, Crypto Bro,
Sex Burger, Tree City. I see you guys, even Bajo's showing up for this one. Steve Mon.
Guys, if you don't know about Fair Crypto or what Zen is, go to faircrypto.org. You can learn more.
Essentially, and even just seeing Zenzu, yourzu that, that, uh, your, your speech there,
bro, it was fucking epic. Even that just little clip I had there. It's just like, bro, like,
so, okay. So just short and short and sweet. Uh, Zen is essentially a Bitcoin on EVM and,
uh, it's the lowest buried entry in the game. You pay a gas transaction, you set your days,
you come back at the end of those days and you pay another gas transaction and that's how uh the supply is
minted into existence so the the thing about zen there's no founders there's no vcs uh supply
start at zero so the only way you're able to get it is through participating or buying it from
someone that has participated um and yeah yeah, it's essentially bringing it back
to the core of like why crypto exists,
you know, Bitcoin's white paper.
So it's modeled after Satoshi's vision,
you know, 400 lines of code,
peer-to-peer digital trust through consensus,
no counterparty risk, no middleman, no bullshit,
and essentially self-sovereignty.
And so even though there's no team or founders or
whatnot, but we got two of the team members that deployed it, but it's all open source code.
And yeah, it's been grunting for about coming up on a thousand days here, I think July 4th
in the protocol, which is about three years. And it's been launched on 13 different EVMs.
And it's crazy because, you know,
all these systems claim decentralization,
but then, you know, we get censored
from three different networks there,
which is interesting.
And then also, you know, it was launched on Solana.
And that was, again, in ZenZoo's speech there,
occupied about 30% of the block space for about six months
and kind of showed how they were prioritizing just MEV bot transactions
and not necessarily processing like the Solzen transactions,
which were, again, just transactions on their network. And they were just favoring other, um, uh, other transactions over, over Solzen. So that was, that's really
interesting. Um, and all that to say, uh, is that, uh, X1, uh, which is a fork of Solana's code,
but essentially like making their chain like better for my, for my vantage point. And this
is, again, this, this is a not financial advisor and I thought,
but I'm just kind of sharing the experience of,
of how I'm interpreting this. And yeah, it's,
it's pretty amazing to just be on the journey. I mean,
even democratizing the validator set, which is huge.
And then also like having randomness and then not like necessarily shunning MEV bots,
but, um, just kind of sharing, sharing the wealth, um, as far as like randomness and,
um, distribution to those, those validators. But, uh, I digress, but there's also one other thing,
um, that, that didn't mention, but, uh, so we lost also, uh, VMPX was a token that was launched on Bitcoin and held like the transaction fees to like all time high, which is really interesting for about like six hours, kind of clogged their network.
And Binance didn't know what the hell was going on.
And yeah, just that's a whole other thing in itself.
another thing in itself but um yeah essentially it just shows that like zen and vmpx kind of show
that none of these systems are really like able to handle the masses uh and the inflow so um
yeah it's it's crazy because it's like whoa this is a this is a journey and i don't even know i i
kind of just was expressing there but it's like this is uh this is a hell of a hell of a journey
hell of a game we a journey hell of a
game we're playing here uh jack and zenzu excited to to be on the journey how are you guys doing
hey simples very good to hear from you um zenzu uh jump in as a speaker would love to uh
uh get a few words about your presentation that you did in berlin i'm here oh you're here cool yeah uh
awesome yeah yeah good job in berlin uh it looked great i was uh you know i didn't i didn't like to
watch the video videos but uh it's it's it's it sounded to me like uh the presentation actually touched on many things that a lot of people do not know
and do not consider.
And I think in general are uniquely positioned to present the inside of the world.
And I think it was very educational.
So I think it was like really, really, really good show.
And you crammed like so much information in 25 minutes it was um it was epic
yeah thanks i wanted to um i based it a lot on the article that we wrote in the beginning of the
year but i felt that it's the the conference was very much tech focused uh on the protocol design in general and it's very easy
ethereum focused conference but also polkadot and SVM had its place there and
I sort of wanted to because we have been in our path the last couple of years and
I wanted to aggregates why we are thinking in the way we do right now
with the choice of virtual machine and protocol design and it's based on couple of years and I wanted to aggregate why we are thinking in the way we do right now with
the choice of virtual machine and protocol design and it's based on our analysis and experiences
from all of these networks and this is why we're here and this is just the fundamental part of the
chain then there's it's going to be an ecosystem built up from that. But I think our foundations right now are very strong.
So after you finished your presentation, what happened after?
Have you been approached by people with questions or did they hate it?
Did they love it?
Can you give a little bit more color there?
Yeah, it was great.
A lot of people came up after.
I want to give a big shout out to Q in our community. He's been in the Polish community for three years, for the whole journey.
And it's very amazing to meet Zinian live. It's my favorite part of traveling so much.
You guys who've been together with us the whole journey and to meet in real life, it's a
hell of a lot of fun. And I got X1 cookies too, so that was cool. But I got approached by a lot of
interesting people from the industry, from well-known protocols, and they're interested in
what we are doing, I would say, and how we're going about it. So yeah, it was good.
Awesome.
Do you think you'll be invited back, Zanzu, after that Ethereum mission statement 2.0?
I don't know.
I think so.
It was so epic.
I was just like, wow, you said it.
It's true, though.
It's true.
I mean, they are pushing everything.
Yeah, but I wanted to be a bit provocative to see a response.
Like, okay, if we're wrong, then where are we wrong about this?
Of course, everyone is working on patchwork solutions to fix all of this.
But, okay, so how are you going to do that, to coordinate that?
And I think that what is important, you know, it's not only tech and finance and culture and all
of these things, it's timing, but it's how the organization is going to run these systems
in an agile, capable environment that's increasingly more and more.
more. You have to be adaptive for tomorrow. I think that's as much important as the tech
You have to be adaptive for tomorrow.
I think that's as much important as tech or anything else.
or anything else. And we see that. Bitcoin innovation is that it's a payment system and
a currency, but there's no way to upgrade a protocol, which is its strength in other
aspects. And I think Ethereum and the whole evm world it's very different
it's very difficult how to see how they're going to coordinate and find consensus on solutions
uh moving forward whereas solana is moving much more coherent as the whole ecosystem
with its north star uh it's it's very big difference i think from my perspective
from my perspective.
Yeah, so I think you will be invited.
And also, it's not like it's Ethereum's first time
where they hear this sort of critique.
I mean, this criticism, I think, really got highlighted
when Trump chose Solana to launch the coin.
Whether it's great or bad for the ecosystem, the jury is still out.
But the thing is that all of the Ethereum maxes, they're like, wait a second.
Well, there's a clear, practical solution for somebody like Trump to launch a meme coin, and it isn't Ethereum.
And so what we saw over the 12 months, we saw the Ethereum Foundation statements ranging
from initially, we're not here to win, we're here for social impact, to Vitalik just a few months
ago announcing that maybe we should change in EVM and make it actually Rust compatible. So those are drastically different messages.
So you basically can actually tell that something's going on
within the ranks of the Ethereum Foundation,
and they're trying to change this sort of a perception of,
I guess, the soy culture.
Nothing's wrong with soy by itself,
but if you're ultimately trying to engage community
that want to win with you
and you're telling them that you're not here to win,
well, you can see where the misalignment is.
Yes, soy sauce is good, but I think only for sushi.
But yeah, that's weird because it's...
I mean, so what's the future of all this?
I mean, at least for Ethereum, it sounds like they're just kind of tossing the towel on all this decentralization stuff.
Well, I mean, like, Ethereum and all of its coins, it's more of a capital market at this point with somewhat lack of innovation and when i say lack
of innovation they basically like what they've been doing is that they've been tweeting uh tweaking
the the protocol design within ethereum without actually making ethereum faster
but like for example like just just to increase the the block space from 30 million gas to 40 million gas does not actually
make the chain faster at all. It just changes how the blocks are collected and processed.
And there isn't really anything different in a single threaded design. And if we go back
in a way to understand how Bitcoin was created. So Bitcoin actually, I would say, uses pretty archaic technology in a way of where they didn't really try to optimize any sort of like transfers or swaps.
And there's really nothing to swap on Bitcoin today.
I mean, like besides some BRC20s and so on and so forth.
And so Ethereum just inherited a lot of the, I would say, technical debt and engineering debt from Bitcoin.
And they're currently suffering through it because Solana basically came in and said that let's just resign everything from scratch based on the problems as we understand it.
And that's what made Solana so powerful.
And they just basically predicted that people want to trade.
They don't want to pay exorbitant fees.
And they just want higher velocity of money.
And that's how Solana was born.
And like, I guess, four or five years later, they're winning.
And ultimately this is why we decided to basically fork Solana
and implement our ideas to make this ecosystem of money transfer
and trading and smart card creation even better.
Yeah, it's epic.
I mean, I also think like, you know, just looking at the GUE right now, it's like at
what point point three one right now.
Like that's it's crazy.
It's like there's nothing going on.
So it was it was actually higher during the bear market.
So I mean, literally higher during the bear market was better on Ethereum than the bull markets on Ethereum.
And that's just facts.
All the business logic is gone.
Business logic.
Yeah.
So anyway, guys, I wanted to kind of.
So just just in the first week of May, or was it June?
What?
Oh, it was June, actually.
Sorry.
Time's moving too fast when you're having fun.
So anyway, first week of June, we decided to open the round for the community to invest
some money into X1 Labs, which is an American company.
And it actually is going and went really, really, really well. Within literally two weeks,
we raised two-something million dollars. And what was really epic about this whole process is that a lot of people,
not just one or two people, but a lot of people, they committed to put money in,
and then a few days later, they actually doubled their positions. So that is an indication to me
that the transparency and the messaging behind what we're attempting to do and where
we're going has actually been very, very clear and people are seeing value.
And I also want to chime in a little bit about what you just said, Simple Waters, about what
happened to Bitcoin, why Xen on different chains, 12 different EVM chains actually caused,
you know, so many issues for those chains.
And like, what really did happen?
Was it really protocol?
Was it like something else or like, well, what's going on?
And the funny thing is that,
so one of the best chains or fastest chains
that allowed Zen to exist was Phantom. And within two years, there was no,
I guess, no block left unturned. Every block was tainted with Zen transactions. And 99.99999% of all
transactions on Phantom was basically just Zen. And so that forced them to innovate. And now they
pivoted into something that's called Sonic., that basically started a new chain from scratch, fixed a lot of things, improved storage.
So you could actually argue that Xen was the force for good because it exposed
what issues all of those chains and the technology and architecture have been implemented so far
and where the issues are.
Now, the question that is very interesting to me personally
is that why did Xen as the protocol have had so much impact on all of the chains?
Even now, I think Xen is either number three or number four on Ethereum.
Pretty much every weekend, every time gas is low, we're right there on the top on either scan.
When you go to resources, look at the tokens and sort by one day, three days or seven days, you will see it's Ethereum, a couple of stable coins, and then it's Xen.
And so Ethereum definitely is home for Xen. And there's a lot of transactions there, and then it's Zen. And so like, Ethereum definitely is home for Zen,
and there's a lot of transactions there,
and they're continuing.
Now the question is, why is this happening?
Well, I think it's happening because the majority
of the projects were launched with, I would say,
kind of like a certain number of limiting factors.
And the limiting factors could simply be the fact that
if there is a team that holds a lot of coins
and everybody expects them to dump within like a month,
clearly there wouldn't be as much engagement
within the project or any project.
And so like where Zen was different, it's not that it didn't have founders.
It just didn't have founders that held a giant bag that we're about to dump on you.
That was the main difference.
Because we were all basically participating in this, like, you know, 400 lines of code.
We minted tokens.
We either bought them, sold them, traded them uh you know uh minted them
or forgot to mint whatever like the point is it's one of those protocols that's really asking you
to participate and not to forget that you're participating and i think that's ultimately why
it had such a great impact on uh on all the chains and so, so what I wanted to talk today
was about what's happening with X1,
what's the timeline looks like,
what is the process of the TG, and what is a TG?
And a lot of people, they misunderstand
what TG really is.
And so a TG basically translates
to token generation event.
Now, token generation event can only happen when the mainnet launches, because mainnet
is a network of nodes that mint the tokens and release those tokens to appropriate elements
within the chain. Like, for example, validators that are participating,
they will probably get the first airdrop. So, like, in other words, they've been running on
a testnet for, like, almost a year, and there's, like, 400 validators today. Each validator pays
between, like, $7 to $10 a day, is actually converts to what translates to about a
million over a million dollars a year which is which is incredible 400 validators is actually
larger than sui and apples combines both of those main nets x1 today uh running this test net is
actually the largest salon of fork that exists in the world, the largest,
with the most diverse community. So like, in other words, it's not like the foundation runs all the
nodes. It's not like the foundation pays for everything. The reality is those people that
run validators today, and there's 400 nodes right now, and some run like up to 10 validators, which is insane.
They're all over the world.
They're contributing to the effort of this chain stability, and we're doing all kinds
of experiments.
We're spanking the chain hard with all kinds of load tests, and we actually found a number
of bugs that Solana guys did not even see themselves.
And we did what all good citizens are supposed to do.
We looked at the problem, we solved it, and gave the code back to Solana.
And so Solana and the team, they looked at the code, they improved it,
and they made Solana better, faster, and more stable.
And they gave credit to us,
like within their Discord server,
they actually talk about like quote unquote Zen team.
So now we're obviously very thankful to Solana.
They have built, well, they chewed a lot of glass,
I would say.
So chewing glass is like their thing.
It's been five years, solana went down different times
how's it now let me try to get Wi-Fi on. Hold on. I switched the Wi-Fi. Can you hear me?
Yeah, we lose you?
Let's see.
I think he's doing a round trip here.
But yeah, as far like what he was saying about
um making solana's chain better and then actually like them giving giving the props where it's due
that's that's pretty it's pretty amazing especially like um when we're forking their
chain and we've kind of showed like just through the the launch of solza and like showing where they can be better right uh that's all that's a whole nother level of um you know forking
you know and and like collaboration with with their uh with their internal team there i mean
that's it's that's incredible that that's able to be done. I'm not sure like how, how the whole polygon thing went early with ETH when that, when that fork happened, but, um, I imagine it was probably
different, but, um, going back to what Jack was saying about, uh, uh, about, uh, Zen is like,
yeah, you can go to the top tokens, you go to resources, you go to top statistics. Uh, this
is on etherscan.io resources, top statistics, and you can go to tokens. You can look at the 24 tokens, you go to resources, you go to top statistics. Uh, this is on etherscan.io resources, top statistics,
and you go to tokens and you can look at the 24 hour, you know,
we're number three, uh,
above wrapped ETH as far as a unique senders and then total uniques were
number four and then three days, you know, we're number four, five unique centers,
seven days were four or five. So it's pretty,
it's pretty stable across like this far as like the transactions and stuff like that um let's see jack's coming back up oh did i rug can
you guys hear me uh mask and augment or no yeah you go ahead okay cool because yeah um i think
jack's doing a round trip with the wi-fi but yeah i mean it's it really is crazy um to see all this um and then
jack here jack you there hey guys i'm back how's it now cool uh much better much better but you
were talking about making making uh solana's uh essentially making their chain better right and
like well i think i think the bottom line is that we're making all of us better through collaboration.
And that's ultimately what it's all about.
And so I want to talk briefly about the numbers.
So Solana's token is $150 or so.
That makes them just about $80 to $90 billion in valuation and market cap.
$90 billion in valuation and market cap.
Solana runs 1,500 validators with about 100 validators pretty much controlling the chain
because they're institutions.
Guys like Coinbase, for example, control like 5% or 6% of the chain, which means that they
end up making blocks 5% or 6% of the time, and they capture the majority per capita,
majority of the time and they capture the majority per capita, majority of the fees.
And so 100 nodes control like 75% of the chain basically.
Solana runs 1,500, we're running 400 validators.
So when we look at the numbers, when we look at, let's say, $80 billion and we look at X1, it always kind of like a question in my mind.
If we are pretty much a third of the size with really good decentralization, and if you just compare the networks and compare performance and keep all things equal and look at the market caps, there is no we have a platform that is basically SVM identical to the fastest,
largest chain in the world today.
Because on the revenue basis, Solana makes most of the revenue in the crypto world right now.
And all of that information is available.
Ethereum is kind of like trying to be there, trying to be competitive still.
They really only try to or attempt to make more money, not because they're fast, but just because they were there early.
And so the real winner of this cycle is Solana. There's like no doubt. Hyperliquid is coming online like really,
really quickly, but it's a central limit order book called CLOB. It's very different.
It's not really decentralized. They have this like off-chain matching engine.
They work great. And I use Hyperliquid. I love it. But it isn't really a competitor in the way of
like a decentralized smart contract platform like Solana is.
And so anyway, back to the numbers.
Solana is worth $80 billion.
We're probably going to be worth like between 1% and 2% of that initially.
With the goal of achieving at least 10% to 15% of the Solana's market cap within the next five years.
Now, all those things are assumptions, obviously.
And I'm really hopeful about the future,
and I think we can get there.
The point is that Solana's $150 per soul is today.
If they are doubled to $300, which is definitely doable within the next two or three years
they're going to be worth 170 billion dollars and again like what will happen to x1 well x1
likely will act as a as a faster moving higher beta more volatility type of token just because we're newer. But ultimately, the success of Solana
will propagate towards the success of X1 and vice versa.
The innovations that we will make on our chain
will also be projected to Solana,
and people actually can make a lot of money
using our innovations on Solana also.
And that is why I feel like we're very much aligned
in a way of value creation
because we're just thinking a little bit differently.
And again, like what gives me confidence to say that,
well, that's because we found a bunch of bugs
that they haven't actually like looked at
and they didn't think they were important
and yet they were crashing their nodes.
That basically means fresh pair of eyes
allows for greater value creation among
the SVM ecosystem.
It sounds so good when you say it like that.
Well, it does sound good to me.
I think it sounds good because I believe in it.
It isn't a question of faith.
It's a question of economic physics, essentially.
So you cannot cheat the laws of physics. And what we have, what we know as truth, is that there's more people coming to crypto.
Bitcoin is helping.
ETFs are helping.
Innovation happens in front of our eyes.
And we're a force for innovation.
And we're aligning ourselves with the winners of the space.
About a year ago, maybe a year and a half ago, I was very
concerned that we're not going to get any good size of validator sets, which is actually like
we have achieved it literally within nine months. So within nine months of forking Solana, we're now
at 400 nodes. And it's just incredible. It's incredible how much work the validators have put in
in terms of understanding the ecosystem
and building tools.
Guys like Blackbeard and, you know,
Marask from Polish community, like, runs a shitload of nodes.
I don't even know how many, but, like,
one time we ran a mini cluster, and he's like,
yeah, I'll join, and he brought up, like, 10 nodes
or something like that so that we could do some testing.
So anyway, the truth is that we're developing this ecosystem
alongside with Solana, and we're not alone.
We have a lot of support.
And that is why this mini VC round, which like VCs, like there's really like the guys that they're investing they're
not professional vcs they're just part of the community and they want to get into into the
the ecosystem at uh at a relatively low valuation and and again like when you think about it
solana's valuation is going to double their market market cap is going to double. They're going to be probably at $100 and whatever, $70 billion.
I'm not going to say that we will match that,
but even if we achieve 10% of that,
that's a huge success for the project.
Definitely. Yeah, 100%.
I'm seeing a couple of comments I'm just there's a
just going down the line here so what percentage of X and T will founders get
allocated is one of the questions yeah so that's already been broadcasted we get
about 21% and there's four of us. And then another question is,
is XNM still considered for X1?
It definitely is considered.
In fact, I spoke with Jason.
We're going to do a lot of experiments with XNM
and we really want to test the DEX and to see how things work and whether we can
set up some pools and basically do an airdrop of XNM on testnet.
It's not that much of work.
You just get the SPL token contract up and give it to all of the miners.
And then we can start trading it on XDAX.
So that gets, they will give exposure to XDAX so that, uh, uh,
JSON can get valuable feedback from the community and it will actually get the
XNM miners engaged.
Cool. Um, I think, I think another question too, is, um, just with the whitelist, if you can if you can maybe talk a little bit more about this whitelist concept. And then also, I know in the Telegram chats, you were talking about potentially borrowing B&B's model, Binance's model, as far as lockups and things like that. Yeah, so let's talk about whitelist and the token distribution.
So as we approach Mainnet and TG,
and we get all of the legal stuff squared away,
the plan is to take up to 10% of the XNT supply
and deploy it on Solana.
And that type of practice has been done before.
Solana actually launched the sole token initially
on Ethereum, BNB also launched their token initially
on Ethereum and why do people do it?
Well, that's probably just because where the traders are,
where the interest is, where the TVL is ultimately.
And so as we considered this sort of initial distribution of X and T on Solana,
which should be obviously fully bridgeable between X1 and Solana.
So in other words, if you get X and T on Solana, you should be able to bring it to X1.
So what is the whitelist and why does it matter?
So in the beginning, it's like a religious text.
In the beginning, there was no XNT.
And so as XNT gets created, it needs to find its way
into the hands of the users and holders and investors and so on and so forth.
And the only way to do this fairly is to understand that in Solana's landscape of trading, snipers
and bots dominates. Basically, if there's any sort of an event or like a distribution event,
people will build programs, try to snipe the supply and then sell it back to you for,
you know, for triple the value. Basically, try to hijack the token release. And we've seen this
happen so many times, times on Solana.
The funniest thing that I have seen is that the Melania team and Trump team,
they sniped their own token.
So they released it and then they had the bots ready to buy it immediately from the market,
so that they can sell it higher and extract even more value from the hype, which was incredible.
So anyway, what we're trying to do is we're basically trying to avoid all of those things.
And for that, we just need a whitelist.
Now how do you get on the whitelist?
Well, it's pretty simple.
So the whitelist includes the addresses of the people that want to get XNT. And XNT will be tradable
on Solana. And so to get onto the whitelist, all you need to do is deposit. I think the minimum
is, we're thinking $100, but you can deposit more. And so this whitelist is kind of like
a purchase of tickets, which are fully refundable.
So like in other words, even if you get on the whitelist and you deposit $100 to get there,
after the TG and after the token release, you can actually get all that money back.
The smart contract that runs it will never transfer your money out to anyone else.
It belongs to you. The smart contract that runs it will never transfer your money out to anyone else.
It belongs to you.
And the only reason we have the whitelist is basically to institute the mechanics of
like to prove that you're human and you have interest.
And the cool thing about the whitelist is that because it isn't selling anything, it's just positioning you to get priority
into the TGE release on Solano. So like when XNT is for sale, you get to be able to buy it if you
want to, if you choose to. But if you choose not to, get your $100 back from this whitelist smart contract and, you know, you can go buy something else or don't do anything at all.
And so the whitelist smart contract likely will run a couple of weeks prior to the XNT release on Solana.
And it will just be populated with the addresses.
Now, obviously, the supply is limited,
and there may be more demand than there is supply.
So to get things fair, what we will do is we will implement the point system within the whitelist.
So like in other words, if everybody puts in $100,
well, they get the same amount of points over time.
If somebody puts in more, even though it's fully refundable,
they just get a point boost.
So, like, in other words, if I put $1,000,
somebody puts $10,000, they get a little bit more points.
Now, the points will be represented on the dashboard.
This dashboard will show the priority for people with the most points.
And so, again, like, why does it matter?
Like, and is it even fair? Well, is it fair that some people have more money than others? again, why does it matter?
And is it even fair?
Well, is it fair that some people have more money than others?
Well, I think it is.
Because one way or the other, they either buy skill, buy chance, buy good luck or accidents.
They just have more money.
Now, do people with more money matter?
Well, I think absolutely they do because they're the ones who actually maintain the market cap and the valuation.
They allow other people to make more money who doesn't have as much,
because they actually maintain this sort of liquidity within the system.
But again, I digress.
The point is, the whitelist smart contract allows you to put in your money in USDC.
You can take it back out if you want.
You can even take it back out even before the XNT is released for sale.
But the point is that the more money you put in, the higher you will be on the leaderboard.
And ultimately what will happen is that there will be a lot of addresses or wallet addresses on this leaderboard, and there will be a cutoff in terms of who made it to the whitelist or not. tokens for sale. So what happens is this, is that the goal is not to generate so much hype and sell XNT
so expensively that it has no sustainable way to maintain its market cap.
So what we plan to do is to work with this system called AlphaVault on Meteora. So Meteora is one of the really popular DEXs on Solana.
And what they do is they allow you a way to set
the range of the value of the tokens.
Like let's say between a dollar and $2.
Based on the demand, you can acquire,
should you choose to, those tokens between $1 and $2.
If there's no demand, the token just is selling for $1.
If there's a lot of demand,
it drifts slowly towards $2,
but does not go above $2.
Now, what happens when there's so much demand that it's hitting $2?
What happens with this access of money deposited?
What happens is that the AlphaVault smart contract just refunds you the access of money
that you put in.
So, in other words, you can't just put in a million dollars there and there's enough
tokens.
What happens to your million?
Well, it doesn't push the price higher.
The price maxes out at $2.
And then the access of your money
is just refunded back to you.
So this is the alpha wall design
for XNT release for people within the whitelist.
And so the whitelist allows us to set up
a gate towards the ability to purchase the token while keeping the bots and snipers away.
Because ultimately, that's what we care about.
We do not care about selling the tokens at the highest value possible because of hype.
or because we just somehow align the market forces,
and we play with market makers that market is through the roof,
and then they just dump.
So this is not what we're interested in.
We're interested in giving people relatively equitable access
to the token release on Solana without the possibility
of a giant pump that eventually dumps.
And so that is kind of like the logic behind creation of the whitelist.
Cool. Yeah, there's definitely a little bit to unpack there.
I guess a question would be, what about the Zen community in that aspect?
Obviously, the whitelist, you made it clear that it's just you stake a certain amount,
whether that be a hundred minimum to thousands or more, but that's refundable. What about like Zen and the participants in the Zen ecosystem and Zenblocks and these
other Zen, I'd say, ecosystem tokens.
So that's like an entirely another hour of conversation
because it's a big topic.
But ultimately, the plan is to get those people access to XNT on X1
in a way that it's legal and fair and relatively easy.
And so we're working on a plan to get that done.
I think for the things to align properly for this Indian community, the first right of passage for this project, like so to speak,
is actually establish the market value of the token.
So in other words, have the market value that isn't going to zero, because otherwise, what's
the point? And so that is why the release on Solana is the priority right now, to do it properly and within the law
so that the project actually has the sustainability.
And so going back to Solana's release, we want people to get XNT.
We don't want them to sell XNT.
So what are we going to do about this?
What is the way to keep the value higher or keep the value
within like at least a dollar so how do we do how we're going to do it so the plan is is that as you
acquire accent you on solana you you can should you choose to be able to stake it on solana when
you stay x into you on solana you will have cross-chain restaking function executing for you where you can actually get the blockchain rewards on X1 by staking on Solana.
So this is technology kind of like pioneered by Eigenlayer, except Eigenlayer makes it a little bit more complicated where I think it's mostly eth that you stake and then
you get like the sort of like a restakeable token that you have to stake again but then you yield you will get on another chain by the virtue of restaking this like secondary token so here we're
not actually doing any sort of like secondary tokens we're basically saying that if you can
get your hands on xnt uh through the purchase from this alpha vault you should be able
to stake it immediately and if you stake it without locking you get the nominal yield of
like let's say eight percent where you can just like go and grab it off x1 claim it there always
be there for you and you're actually securing the chain by projecting your like monetary
And you're actually securing the chain by projecting your monetary force from Solana to X1.
So we call it cross-chain staking or cross-chain stake delegation.
That would be more accurate.
Now, if you decide to lock your stake, let's say for six months, you'll get an amplification,
like let's say 20, maybe 30%.
If you stake for a year, your amplification will be even higher so maybe like
up to 16 so why is it good for the ecosystem well first of all it creates tvl on solana through the
xnt that's been purchased it also locks xnt from being the uh the cell pressure uh for the ecosystem
the cell pressure for the ecosystem.
And in return for doing those actions, you get more rewards.
And also, as the TVL gets created on Solana,
it's basically linked to the TVL of X1.
And it makes X1 more secure, just because there's
the amount of money locked towards the creation of rewards and yield from validators.
And people can choose which validators to stake there.
They can also stake into the validator pool, where the pool just chooses the best validators
automatically, like that sort of thing.
So one last thing that I want to mention, how do we keep XNT at the dollar?
And by the way, XNT at the dollar is what makes
the project worth a billion dollars market cap wise. So imagine this. Imagine that there is
relatively robust demand from acquiring this token. And let's say that this token sells for $1.50.
dollar fifty okay let's say that uh we put 25 million uh uh wrap tokens so wrapped xnt like
on salonda for sale and so 25 million sells for dollar fifty that basically yields roughly 37 38
million dollars in usdc because it's going to be paired with usdc so where does this 38 million dollars go
so like again the token has sold for dollar 15. so what we're going to do is we will take
we will take a portion of usdc and we will deploy it as a buyback on solana to buy tokens back at
the dollar what does it mean well it actually means that every person that
holds XNT on Solana has a floor of $1. Like it cannot go to zero because the proceeds that we
take from selling XNT, we roll a portion of it back to buy back the tokens. So that creates the
sort of like a buy pressure
at around the dollar mark,
securing the project to be worth about a billion dollars.
And it actually projects to the market
that we're serious about the longevity here.
We're not like, we don't want to like grab your money
and run away.
We actually want to put this money back into the pool
so that there's the buyback.
And that actually will keep the value at the dollar.
Like, what is the physics behind it?
What is the financial physics behind it?
Well, if you think about it, if 25 million tokens have been sold
and everyone sells them back to the pool,
well, the pool just buys the whole supply
and there will be no more tokens available so if
there's no more tokens available then uh there's no liquidity and therefore the only thing that's
left is buy pressure because the sell pressure is uh is gone there's like no more tokens
and so this sort of like balancing act between not having the tokens be sold for top dollar which what majority or 90 99 percent of
all the projects want to do we actually can maintain the the value of the project at about
a billion dollars by basically buying back the tokens now simple waters you alluded to like
this question on like dnb model and all that and so um i actually tweeted about this and so uh
solana have had this uh salon the improvement document uh number two two eight which failed to
pass and the problem was that the validators are making about eight percent in um in the block
rewards or actually in the inflation rewards and the the Solana guys or Solana Foundation, they proposed that maybe they should lower
the inflation so that people, I guess, that run validators make less money because there's
a lot of money is made with transaction fees, which is a solid argument
unless you take into consideration
that only about 100 validators or top validators
in Solana make the majority of the cash flow or revenue,
and the rest of them, the 1,400 nodes,
if you reduce the rewards for running a validator,
then they will quickly become unprofitable.
And so they voted no on that resolution or the improvement document,
and this whole thing did not pass.
And so what I was thinking is that one of the best-performing assets,
capital assets in the crypto markets in the last five years was BNB.
And the way that they have achieved it is basically by quarterly burns of BNB,
where they have a formula, and this formula basically says that if the chain achieves
this much revenue based on transaction execution and engagement and builder engagement, so on and
so forth, that formula will dictate how much bnb is burned and so they burn
bnb every quarter which is essentially they reduce the supply and so when the supply is reduced
and like for example we have had like a billion tokens now it's at 100 million
well what happens is for the project to stay at a billion dollars, like, for example, the
token actually will have to advance to $1.20.
So like from $1 to $1.20.
Now why is this good?
Well, it's good because, first of all, it allows people to make money on the token.
That's one.
They don't get out of diluted through inflation. Secondly, the validators themselves, even though they're making, let's say, 8%, they're actually making more than 8% because the foundation ends up burning this sort of like excess liquidity within the foundation's TVL, so to speak. And so what happens is that the overall nominal inflation,
or rather actual inflation, is no longer 8%. It's more like 3%. But the validators still make 8%.
So like in other words, the true value to the validators is basically 5% of pure gain, meaning that the creation of new tokens
through inflation is now much higher for the validators and much lower for people that are
just like, people that are simply holding the tokens are not getting diluted by 8%.
They're getting diluted at most by like 3%, which is much better economically
for the system. And so we can achieve lower inflation through burn and higher engagement
within the chain because as the value of the token goes up, the builders will end up being
attracted to the fact that if they invest into X1 by building there is this sort of like support
from the foundation to push the token higher or create more value without this sort of like extra
dilution uh that's like solana currently have and so that's kind of like the idea so so basically
we want the token to be at the dollar we want it to be advanced advancing
above by implementing the sort of like uh uh another burn every quarter uh similar to bnb
so that yeah it definitely just just contains the inflation aspect of it,
which is going to increase the supply and value potentially.
Mask and gaming, you got anything?
I got something, but hey, we're here, baby.
We're fucking here.
Well, yeah, man, you're in play number one of course let's fucking go let's fucking go um yeah i mean there's definitely there's a lot
to digest and like uh i'm glad this recording space so people can go back and listen to it
because um yeah it's almost one of those things where you kind of need like a flow chart
or like a Zenducation or something like that.
But, yeah, I mean, Jack, is there anything else you want to talk about?
I'm going to kind of put a cap on the space here,
like close down like 10, 15 minutes.
But is there anything else that you're kind of seeing or flowing through?
Or, yeah, just there anything else that you're kind of seeing or flown through or, um, yeah,
just, just what, what your experience.
Yeah.
So, uh, I think, uh, you know, a lot of people argue that Zen was not successful because the,
the chart looks like, uh, the first letter of my last name.
It's Levin's law, baby. it's levin's law baby yeah the funny thing about this
and i think uh just a few spaces ago so hexi mentioned something like don't look at the market
cap is that on on zent's market cap you're not supposed to look at because it's a hyper
inflationary and people are making money by minting and hexi has been saying a lot of in the last six months but like this one
thing was actually a gem this is i truly and totally believe she nailed it on the hands
the fact is that if you do not understand the protocol and you end up speculating well most
people that speculate in crypto they end up losing money and well, most people that speculate in crypto, they
end up losing money. And I'm sorry that that's the case. With Xen, this sort of situation
is over-exaggerated because you're actually not only fighting the speculators on the other
side, you're also fighting all the minters that are pulling Xen and creating Xen out
of thin air through the protocol of participation.
So, or proof of participation.
And so, like, we learned a lot with Xen in terms of how it works, what works and what
isn't.
And we also learned a lot by looking at the blockchain launches to see what they did right
and what they did wrong what comes to mind is uh projects like celestia projects like blast
and and there was like there was another project that's basically just dumped 80 percent
what happens there so what happens is is that those projects they're so in a rush to make money. They're so in a rush to hype up their tokens,
where the product that they're building becomes the TGE itself.
Okay?
This is not what we've ever been about.
We've been about building a project or building a product
that has longevity, that has momentum.
We're not afraid of chewing glass.
You know, we could not only chew glass, but chew other things too, just like Solana.
And the product here is not the token release.
And if any of the people there say otherwise, well, they're wrong and we're going to prove them wrong simply by the fact that we're not in a hurry to just dump all the tokens of the market and have the market decide what the value is.
In fact, it is impossible to have a fair market value if you just dump a bunch of tokens like the first month.
It's just like not how things work or that's not how things should
work so the the things that we're trying to achieve is that we're trying to achieve sustainable value
over time and what i described in this conversation is how we plan to achieve it first or in recap
we deploy in solana because that's where pretty much marketing can be done and people have billions of dollars there.
They should be able to get into XNT, stake XNT without leaving Solana and earn rewards on X1.
That is very powerful.
And that actually what secures our chain and makes longevity possible.
longevity possible. Secondly, we don't plan to take USDC and lock it up and turn live
money into dead money. We don't want that money. We want USDC to be redeployed and buy
back the tokens if people don't want to hold them. That is totally fine. People can sell
their tokens back for a dollar and somebody else can buy tokens back for a dollar.
People who want to be more engaged with the project, they want to run a validator or do a cross-chain delegation and do all kinds of other interesting things.
And so that is how we plan to achieve longevity.
longevity. First of all, it's not going to be a massive token release, it's going to be a relatively
First of all, it's not going to be a massive token release.
slow release over time, which allows the builders to come into the ecosystem and start building
without needing to buy the top. And that's, I think, what will make us successful. And this
is actually similar to Zen, because what Zen taught everyone, that people that have the longest tolerance of waiting or or vesting for your token so to speak
so because with zend you get your number of days before you can mint and that's the amplification
for how many tokens you can get basically if i if I was Richard Hart, I would say delay gratification.
That is one of the things that I,
you know, besides 3Ls,
I totally agree.
Richard was right.
Delay gratification is pretty much
one of the biggest indicators
of the future success.
If you can delay your gratification,
you will achieve wild success.
And the funny thing about Solana,
and I know that we want to close this down soon,
but I want to mention this,
is that there are so many people passed on Solana five years ago.
So many people just said, no, Ethereum is going to win.
No, Rust is bad.
You don't have any wallet support.
You got nothing. There's too much competition.
You got nothing.
There's too much competition.
And so nowadays, as Solana hits its top market cap,
a lot of those VCs are humble enough to come out on Twitter
and basically say that we were wrong about Solana,
about Solana, not because of the technology, but because they didn't believe that Tully and the
not because of the technology,
team was resilient enough to continue to build and extend their vision and create this product
that we know today as Solana. So they have misjudged people's perseverance. And this is actually like very
common because people just look at the total addressable markets, they look at the go-to-market
strategy, they look at competitor market space, but they do not understand how strongly the Solana team was willing to work or willing to win over time, like without giving up.
And I think this is what we share with the Solana team as well. We've been in this space for a long,
long time. And I think it isn't about waiting for success. It's about actually
creating success for yourself and value for everyone else.
yourself and value for everyone else.
And I think, uh, that's a, that's a good place to kind of cut it. Um, I mean, there's a lot,
a lot of stuff, uh, that you kind of shared with the community and what's happening. And there's
a lot of information out there and there's also a bunch of telegrams and there's a lot of community
members, um, that are on top of
this so if you guys don't know zen pub he's he's definitely a community member zenzu um obviously
jack um and and a lot of ogs in here yeah um and if you want to if you want to participate in this
round which is still open um we're registered with sec which is kind of like ridiculous that i have
to say it but it is true.
And like six months ago, if you were to ask me, like, what do you think about SEC?
Do you ever think you're going to have to like file papers with them?
I would say like, no way.
But like the reality is just a couple of weeks ago, we have received the sort of confirmation from SEC that we're registered.
information from ICC that we're registered.
And what it means is that we're actually raising money with Regulation D 506C, which
is like totally legal way to raise money from accredited investors.
Accredited investors are people that are making $200,000 gross income a year or have $1 million
in liquid assets.
The minimum ticket for this round is $10,000.
In other words, if you're interested in putting in $10,000,
please DM me or join the group and ask the moderator
just what to do.
They'll tell you.
The current value of the project currently
is represented as $300 million.
At TGE, at Mainnet, we think we're going to hit a billion.
So that's 3x from 300 at least.
So if you want to participate, go ahead and join the group. Request the documents and we'll be glad to go over with you about that.
Awesome.
Now, is there other rounds that are going to be happening for lesser values or other community members that may not be in that bracket?
So it is illegal to solicit investment from unaccredited investors.
That is one thing.
However, if you are not in the United States, it is possible to do it differently.
There's Regulation S, which allows you to solicit investments.
What I mean by solicit, just basically saying,
hey, we're raising money.
This is what you do.
For the non-U.S. citizens,
the rules are a little bit better.
So if you are non-U.S.,
again, like GM,
or join the Telegram group
and ask, like, what do you need to do?
And we'll go from there.
The other thing that I quickly want to mention,
and I know it's been a lot of information.
So when raising money right now,
like the process we're going through,
you're actually getting the company's shares,
which is the company's currently registered with SECs.
That's how we're able to basically to sell the shares.
So you get both shares and the tokens. So the value for your
$10,000 is both shares of the company and the tokens of the ecosystem. Now, why is it interesting?
It's interesting because for an investor like that, they're investing into a for-profit entity we call X1 Labs. X1 Labs will run a validator set.
We will support the ecosystem by building things.
We probably will be running RPC nodes,
and there is revenue to be made by X1 Labs.
X1 Labs also has been purchasing Bitcoin
with the investor funds that we raised with.
It wasn't actually very difficult to do because majority of the funds
came into X1 Labs was actually in the form of Bitcoin.
All we needed to do is not sell it.
So about 50% or 45% of all assets so far,
and it's about $2.5 million or so,
is currently in Bitcoin.
Now, why is it useful?
Because the traditional TradFi markets
actually like companies that hold Bitcoin
on their balance sheet.
We want to continue to hold Bitcoin
on X1 Labs balance sheet to create price stability
for ourselves and everyone else within the company and for the investors.
So when you invest into X1 Labs, you're actually investing a portion of your money just like
basically goes straight to Bitcoin. This will, I would think, create better future return
from the X1 Labs side. Now on top of that you also get the
tokens. The tokens are going to be liquid on Salama. So that's another capital
market that you can tap into with the same $10,000. So your $10,000
placed twice. One through the company's shares which is an American company
registered with SEC completely legal and legit and secondly on the crypto capital markets
so should we win the investors that get in into this this round win twice
and that's how we're better than hex i mean hex is not even in a conversation, to be honest with you.
But, I mean, unless it's Hex-y, then that's a whole other thing.
But, yeah, guys, I really appreciate everyone cruising through.
Zenzu, epic talk that you gave there.
And, yeah, definitely one.
Hopefully we can chop up a lot of this space and and
start posting that stuff out um let the people know what's what's cooking but um jack i'm sure
that you'll you'll keep uh keep the community updated and then he's always you know he's always
in the telegram and stuff so if you guys are um really about that life about the zen life about
the zen block life about about Zen ecosystem life.
There's all these different channels where you can connect and learn more.
Don't just go by what's on X because there's a lot of different wavy cats.
Also, I did see – now, Jack, this is up to you.
I don't want to bring it up too much, but there's a guy here requesting.
He says he knows you.
His name is Cleo, but it's Hooflung Dung. i'm not really trying to get dung on me how about you you're
trying to get dung on you uh dude i i love getting dunged on so bring him up
we have a little bit of time so we're gonna we're gonna bring uh hooflong dung
hooflong dung please you know we're not uh we don't have a ponchos on or anything like that
to make sure.
I don't want to get Dung on myself.
But go ahead, let it fly.
Yeah, no, it's very, in my delighted space, I'm one of a few people.
I myself have invested $10,000 into this venture.
Very interesting proposal. Very interesting proposal.
Very interesting proposal.
I would like to disagree with
Mr. Levin on one point.
That being, I've only been in crypto
four years, but delaying
gratification is possibly
the worst move that
you could make in crypto.
If you're in the Hex ecosystem, for sure.
Well, it's been hex
pulse chain plsx zen that's a whole nother that's a whole nother ecosystem where this is the zen
x1 ecosystem i'm sure you're familiar with okay then zen delaying gratification in zen has been
the worst move that you could make but moving on just forget a positive note a positive note
i myself have dumped uh only a small amount,
you know, only $10,000 into this move.
But I was curious, where do we get the audited accounts?
It would be nice to have an overview of things
such as staff salaries,
where the money's being moved to, et cetera, et cetera.
Well, so the crypto accounts have been public.
You can look them up, join the group.
They're all posted there.
So very transparent, very, very visible.
In terms of the wires that are coming in into the bank,
I have no problem sharing how much money we got in the bank account.
Also, sometimes I share
how much it costs us to
do all the legal paperwork
and process and all that stuff.
It's not cheap. Guys, it's
very, very expensive running a business.
Yeah, we know you worked
with Razavan, I think, right?
So you know about audits and stuff.
I've got two other questions. I've got two other questions.
I've got
two other questions.
Okay.
We'll get to you in a second. I think
Saxberger came up and then we'll pull back to you.
I've only got two
questions, dude.
Let it rip.
Come on, Cleo. Hurry up, bro. Let it rip No, he's only just unmuted me Okay, the first question being
So far, of the two and a half million dollars
That's been raised
In the crypto
How much total have you raised
So far for this project?
Calm down.
Does it include the money that...
Everything. Everything.
How much has been raised?
So my personal input was about $2 million.
That's my personal input.
That doesn't include $2.5 million.
There were some board members that put in a few hundred thousand besides that.
So I would say in total, probably between four to four and a half million with two and
a half million now basically is the cash balance within or asset balance.
What about my commitment?
What about my commitment?
And how much?
And how much?
So how much of this so far has been taken?
It's like maybe I don't know, a dividend or a salary.
Let's see.
So the cost of the salary is about $300,000 to $400,000 a year.
It's been a couple of years.
So you could say with like taxes, benefits, this and that.
So it's about like a million dollars in the last two years
that's been paid to my engineers.
And that was part of my investment.
There were like a few legal things that were going on.
That's like another, let's say $150,000 or so.
So, okay, maybe let's say 150 000 or so so so okay maybe let's say one and a half
million yeah let's say one and a half million how many engineers are including yourself are on the
team uh there's uh four more so there's five total that's a good salary but But I don't pay myself. That's a good...
About $350,000 a year salary.
That's good.
Which leads me to my final question.
You've had a little bit more than two questions here, but go ahead.
It's the final question.
So there's been, let's say, $4.5 million invested into this company and its interests.
Where does $300 million come from in value?
Because I'm valuing this at $4.5 million.
So you don't value the company by how much money has been spent.
You value the company by its future value creation, essentially.
So if I launch a token now
with a million tokens
and say to the world
they're worth $1 each,
I can say my project is worth a million dollars.
You can say anything you like.
What allows me to say certain things that I said today is basically the overview of the markets.
And the overview of the market is that we're the largest Solana fork and Solana is worth
85 billion dollars. And they have only three times more validators than we do.
And they have only three times more validators than we do.
So just from the infrastructure setup, we are 30% of Solana's network capacity, if you will.
And we're doing other things that actually are a lot more efficient than Solana.
For example, the network does not charge for voting fees.
Like, for example, the network does not charge for voting fees.
And so that makes the validators have an ability to join the network for about $7 a day.
In Solana, it's hundreds of dollars a day that you have to pay.
Did Solana crowdfund for their protocol?
They have, actually.
What did they raise?
They raised $20 million initially when they had nothing.
And then a year later when the helicopter money came, they raised another $300 million.
So they've raised about $320 million.
Yes, and they needed that money because initially their version A or version 0.1 was crap.
It was crashing all the time.
And they were starting from scratch.
It's understandable they needed all that money.
The reality is we actually don't need that much money at all
because the majority of the code has been battle-tested and already written.
But do you see my predicament in...
So we've raised just under 10% of Solana's
it's about 1%
1% of Solana's
raise technically
how did you get that number?
sounds pretty good
it's 3 million dollars versus 300 million dollars
so 3 million dollars of 1%
is 1% of 300 and so
i'm not like dreaming here where to say that if you are to raise let's say one percent of you know
what solana have raised and they're worth 85 billion why wouldn't we be a billion dollars because
i listen i agree i agree yeah it's not it's not unreasonable to think that. Yeah, and I think it's actually pretty low.
I think it's low.
I think if we continue on the trajectory
and we eventually have validators on par with Solana
and Solana's marketplace doubles in value,
it is likely that we're going to quadruple in value,
maybe go 5x, just because we're starting at such a low base.
And low base of the billion dollars.
Like, don't think of it as a billion dollars as the total value of everything, because we're not actually planning to sell all those tokens.
In fact, we're planning to release only small percentage of the tokens to the market so that we can maintain the value without flooding it with garbage.
Yeah, I mean, that's not unreasonable to think that um now
who flung doug i have a question for you um so are you are you uh are you thinking about putting
some decals on on your uh your aircraft there that maybe say x1 on them or what are your thoughts on
that i mean listen i've put ten thousand dollars into this no that's great we're just talking about
a little decal it could be like 50 $15, $20, maybe $50.
I'm prepared to do something.
It won't be for free.
I'm in business as well.
I can send you the sticker.
It wouldn't be a deal.
It doesn't work like that.
But listen, I'm prepared to consider it.
If I'm paid to do something like that,
I'll do it.
Okay, we'll take it easy. We'll take it easy.
I'm glad to have you up here and just chill for a bit.
We're extending the space.
We're extending the space.
We're extending, yeah.
Yeah, we'll extend it.
We'll extend.
You like extenders.
So Zen.pub actually just cruised up.
So Yosef, good to see you.
How are you doing?
What's cooking with you?
What are you feeling?
What's going on?
It's all good all good um i just wanted to mention that in the first round
like most of the blockchains they raised similar amounts like avalanche was i think like six million
polygon definitely below half a million for the initial round i think phantom was one of the highest around 30 million but all of them end
up being like any any anywhere above three billion dollar for phantom later i believe avalanche was
like seven polygon probably like the highest one ended up being at 15 billion so So yeah, this is very common, common way of doing it.
And what I feel is different here
is that with EVMs,
you remember like Ethereum started,
then a bunch of EVMs basically copied the code
and did some improvements on it.
And then they had their initial rounds
and some valuation
and then ended up being over billion market caps.
That has never happened in Solana in SVM space ever.
There is no other SVM chain that actually tried to do what Exxon is doing.
So this kind of a pattern was always supported by Ethereum.
Not only did they sort of have to, but it was good for ecosystem,
like to grow that EVM space and you see what happened.
Like it's, there's so many EVM clones, but in Solana,
and this is fully supported by the founders of Solana, right?
But in Solana, it never happened.
This is basically the first flagship product
that is going to launch on Solana.
So there's definitely opportunity for sure.
Is Solana marketing this?
Yeah, that's a good question.
I think they've definitely, like like they know of us right like there was an interview with toli who was
talking about forks and named so this is one of the things you should read between the lines
and the lines are i can either confirm or deny so so i understand that to invest in this, you need to be an accredited investor.
Luckily, I've been able to invest $10,000 into this.
However, how can I collateralize on my investment to help the people that can't do this?
I would like to share my investment and give a buying opportunity to the people that can't invest into X1 Labs.
How can I do that?
So it's actually possible.
And we have a group that actually have done it.
What they did, they created an LLC as a company with shares.
So basically a pool where people invested into this company and that that company was accredited to invest into x1 where the shares of that
company they created is now basically a co-op of having this one contract with x1 labs.
Could you dm me some information because I'd like to maybe like spread around my initial investment
to give people that aren't accredited the opportunity to get their finger in this.
That's an interesting way of going about it.
Yeah, it's completely legit because what happens is that different countries have different laws and then there's nothing stops another company or another country to form a company that then basically tokenizes this sort of an investment in 2x1 for many people.
Gotcha. Is there any way you can provide details in the telegram for that?
I'm sure.
Yeah, I'll post something up.
Cool. Awesome. Yeah, that'd be great.
Also want to welcome up Tekken and Frankie.
What's going on, guys? Make sure you share that information. Awesome. Yeah, that'd be great. I also want to welcome up Tekken and Frankie.
What's going on, guys?
Make sure you share that information.
Yeah, I think Jack's on it.
Yeah, I think there's a lot of community members that would be down to rally with that.
An alternative way to be able to get in the funding round.
So that's cool.
Yeah. Yeah, I mean up i'm up for it you know my little investment well you
know before you know before we get the llc going and stuff like that who flung dung you might want
to get one of those decals on the plane though you know i mean that's probably like included
in that offering or no no i can't do that but it's simple throw it on the house you have to
you have you have to admit this is the most civil that I have seen done
Been in a long time. I mean, yeah, he's like he's well cooked. It's good. It's good
Yeah, it's like dude. It's like he's a whole different person. I don't even know who this guy is
It's very simple
Yeah, we know
i'm gonna make money once it comes to your bags you're so civil he's official it's like yeah
It comes to your bags you're so
tekin let me ask you though like um i mean you've seen you've seen hoof long dong in a bunch of
different spaces and stuff like that yeah of course so what do you i mean what do you think
about him him he's like as a as a character in this inside this because they were about three
years into this he's an interesting character some people he's divisive he's he's an energy guy i think i don't know so celebrity dude look celebrity what are you talking about a celebrity marketing pretty
much goes wherever the money goes so wherever the money goes he goes once the narrative changed
his pocket and it changes his pockets his narrative narrative changed. That's not true.
That's not true.
It's okay.
We don't need to get into it.
That's not true.
We don't need to get into it.
We don't need to get into it.
But it's good to see who flung dung.
Glad I didn't get any dung on me today,
but you got dung on all of us, so here we are.
Sexburger, did you have something you wanted to contribute or add?
Maybe chime in with something, and then maybe Frankie. I don't know if you want to say.
The foot is pretty heavy out there on the streets
I was gonna
Kind of state
Yo, take it
It's not like you got down business
I think you got a little mic issue
No, it's not like you got down business
How somebody else chases their paper, bro
Yeah, don't chase
Attract, wait, what?
Can you tell Levin tom me on my telegram
i can't tell him anything man you can tell him i think he's here i'm not sure levin levin can
you dm me on my telegram sure thank you well guys um sorry simple one more question can i push that
yeah go for it yeah i was always thinking about the roadmap,
and I just don't know how to ask this,
but there's so many of these L1s and L2s.
They're all competing for attention, right?
So, Jack, that's a question for you.
What's going to be the real differentiator for X1?
What's the meaningful adoption? What's the to be the real differentiator for X1? What's the meaningful adoption?
What's the use case?
What are you targeting?
What's your vision or roadmap for the next, I don't know, one or two years?
Yeah, so there's the long-term plan and the short-term plan.
And so the short-term plan is actually pretty easy to achieve.
And generally, you get the win when you're actually executing something that nobody cares about just yet.
And then it becomes important.
And currently, what's really important and what people don't pay attention to is decentralization.
And actually the full peer-to-peer ecosystem that X1 is.
And the reason why people are throwing rocks at decentralization is because of Ethereum.
Ethereum has been at around $2,300 for the last three or four years. And everyone
hates holding Ethereum. And Ethereum's thing used to be, hey, we're like the most decentralized and
we're like the best in censorship resistance and immutability and so on and so forth.
ship resistance and immutability and so on and so forth.
And everybody thinks that Solana is very centralized.
Or at least that's what the Ethereum guy is saying.
So both of those things, both of them, are actually wrong.
Solana isn't as centralized as the Ethereum guy say.
And Ethereum isn't as centralized as the Ethereum guys say, and Ethereum isn't as decentralized as they say, because they only have like two block producers.
And if you look at the chat GPT and ask what is the Nakamoto coefficient on Ethereum, it's going to say two, which is ridiculous.
Now, it sends a confusing message to the market that decentralization doesn't matter.
it sends a confusing message to the market that decentralization doesn't matter
because the output of the value on Ethereum is low and output on Solana is high.
And people think Solana is decentralized and therefore it's pumping and Ethereum is too decentralized.
And that's why it isn't.
So our solution to this problem is simple.
We shouldn't be greedy in the beginning.
We should set the value of the token relatively low at about a billion dollars.
And we should be patient enough to grow the ecosystem towards the first principles of blockchain technology,
which is basically an economic coefficient.
We will probably start at about 200 economic coefficients,
which basically means that nobody can censor transactions,
everything's immutable, and everything's done through the centralized operation.
The value is there.
And why is the value there?
Well, I just spoke with PayPal guys just a couple of weeks ago, and I asked them,
what is the problem that you're trying to solve for PayPal?
And they said that the problem we experience today,
on Ethereum, there is no predictable fees.
Fees jump around and therefore they can't really present the solution
to PayPal users and use Ethereum as money or else.
Also, it gets congested and it's very slow.
On Solana, anytime Trump launches a meme coin, the whole chain goes down,
or it goes down perceptually for people that are trying to make fast transactions,
which basically disables ability to send funds
from user A to user B.
And that's what PayPal is basically saying.
So what they want is,
they want gasless transactions
that they're willing to pay for.
They just don't want their users to pay for it.
And that's what we're building,
because we're listening to what they're saying.
Secondly, they want settlement to happen within seconds
and not within minutes.
We're also building that.
And thirdly, they want price, or actually they don't want the chain to go down.
Because they can't really push Ethereum stablecoins today and say that, hey, PYUSD is awesome because it's an Ethereum and Solana.
And PYUSD is awesome because it's an Ethereum and Solana.
Well, Solana goes down.
Ethereum's too slow and too expensive when the push comes to shove.
So what we're basically saying is that, like, why don't we actually have these stablecoin rails?
And then they said, well, okay, fine.
What if somebody like Blocks, Square or Microsoft or Google comes in and they will say we'll pay x1 more money
to censor paypal's transaction is that even possible now the answer is it is not possible
because the decentralization doesn't allow this to happen so in other words x1 becomes this sort
of like a neutral rails neutral infrastructure infrastructure place, similar to internet.
Because on the internet, internet does not censor you based on what you like to access.
The laws of censorship or rules and regulations apply to the content creators, not actual rails.
In other words, internet allows you to pass any data you like.
However, the users of the data have to behave or not do anything illegal.
Now, in the blockchain world, if you are, for example, on Binance or OKEx,
they can do anything they like.
If they don't like you or some other competitor pays you more,
then you can basically say that I'm censoring this other guy
because they pay me to do it.
So the whole network becomes this sort of like a censorship selector
where certain things get green light and certain people get red light.
Now, decentralization and first principles in the world we're building
actually solves all of that.
We become credibly neutral, immutable, censorship-resistance chain
that a lot of people don't really pay attention to
because of the issues with Ethereum not actually gaining any market share
and losing it to Solana, and people think Solana is centralized.
So that is the first chapter in our journey,
is that we actually end up achieving high-end-ecomodal coefficient,
credibly neutral, censorship-resistance chain.
For the future, in terms of actually building something that has long-term value,
it's really all subject to how well can we execute on bringing builders to the chain.
And how can we bring builders?
Well, it actually goes back to what I initially said.
If we can maintain value at a billion plus
and slowly grow from there,
actually demonstrating value creation,
that will bring builders
because they would want to make money.
And they would actually build communities on X1
on something that has strong
backing by the foundation
that is not greedy enough
to dump a bunch of tokens on the market
at the highest price and then just disappear.
And so
that is kind of like a long-term and a short-term
answer to the
total addressable market here.
And Jack,
just wanted to ask you this and and um
uh zen pub did you did you have something else you wanted to add my bed
no that was the great answer thank you um i was i was gonna ask like
trying to find the words so kind of what you said like it's it is important we've we've
identified it's important,
I think as a community. And then also just through like all of these, um, just,
just testing of all these chains and like understanding like where the flow of energy
is going. Um, I guess I'm just thinking about like the level of care, um, and how that like,
how that is transferable to others.
Because the water is so murky when it comes to this idea of decentralization
and what it actually means, what the Nakamoto coefficient means,
what censorship means.
And I guess maybe there is no answer for this.
Like, this is the answer.
Like, this is, this is the journey that we're all on as far as like identifying this and
then, you know, uh, ability to deliver, um, in a way where, you know, freedom to transact
and freedom to, um, to have value exchange and, and all, all of the other like core principles.
Um, I guess it's just, it's, it's, it's one of those things where it's like,
okay, all of this is happening,
all of this energy is put out there
through the different various ways in the ecosystem.
Yeah, I mean, I don't even know if there's a question.
It's more of just like a um it's a
moment of like wow this is this is fucking cool and um i know i know that you were saying a while
back like the intention is to is to dominate is that still kind of like one of the like the key
key things that you're looking like we're still playing to win right we're not we're not just
like um i know you said you were sandbagging with the 1% thing,
but I mean, oh, he might have just dropped down.
He's like, I got nothing else.
But I mean, maybe Zenzu, I don't know.
Like, what did...
Good talk, good talk.
Well, see, I was going gonna ask him if if all future all kermit builders and all future builders of zen are going to be incentivized for x1 because he did say that he want new builders
well i think it's like to hear the Solana,
like the RPC switch or like the ability to like,
because it's the fork of Solana,
it's like enticing to bring some of those,
or it's enticing to bring some of those developers over, right?
Yeah, well, newer builders,
but I'm concerned about current builders.
Like, you know what I mean?
Are we going to take care of our current builders like you know i mean are we gonna take care of our current builders
so you want handouts hey who's going yeah we just want the sticker man just one sticker
just one sticker x1 maybe zen on the other side i'm an investor in x Dude, that's what you get. Okay, DBZen. DBZen it is. It's fine.
You work for me, bitch.
Wait, wait, wait.
It's better than being a sponsor for a scam project. What was the one
talking called? Arena?
That's what it was called? Dude, I was
paid. I was paid.
By DBZen? Don't be angry for a man working.
By Razavan?
Wait, what?
Mask, I'm just messing with you.
No, I'm talking to Hu Fong Dong.
Wait, he's not answering now.
What was the question?
Go ahead.
No, I don't have a question.
I have answers.
No, I don't have answers either.
I know nothing.
I'm just a participant.
I'm a passionate participant.
And I'm grateful that
all the DGens and OGs
came aboard this
wall to ride. Huflong Dong
was probably going to be in the Telegram trying to
get some things going together. Hang on, I actually just
got to bring it up for quality. I've been kicked out.
I've been kicked out, dude.
I don't blame him. Already?
Already?
That shit didn't even last that long.
My telegram handle's different.
My telegram.
Hey, you know what?
You're shouting, okay?
Stop shouting.
Just act right and maybe you'll get what you need, okay?
Like, I understand there's many ways to play.
And, you know, I got to use the mute button because of the shouting.
I'm just trying to whisper.
I don't want to have a headache or anything.
I had a coffee. Yeah, man. I just wanted to you know john smith for quality assurance not
financial advice came up so i just want to say hi to john john you've been you've been doing some
wavy stuff man i'm getting some dms about your behavior i'm not gonna i'm not i'm not here to
police anyone i'm no one's fucking boss like cleo's saying because he cleo's trying to get people to
anyways i'm not going to get into that but but John Smith, not financial advice, good to see you. My telegram handles different,
Simple's.
Well, you can DM me.
I'm Simple Waters on there.
My telegram is
at pilotguy.
Hang on.
Hang on.
At pilotguy1983.
He doesn't even know his own handle.
Hang on.
Hang on.
And guess what?
That means nothing.
At pilotguy1983.
Hey, you forgot the hang on.
Okay, pilot guy1813.
You know, fucking pilot guy, eh?
Well, you know guys, D-
Hang on, let me put this on, because Zenzu posted this in the comments.
I just gotta do it you know cuz in the beginning in the beginning in the in the
beanie in the beginning yeah in the in in the in the in the in the in the in the Listen properly Listen properly Yeah
In the bininging
In the bininging
In the bin
In the bininging When I get money, who I got it for? When I get money, who I got it for? I When I get money, so I'm out of here When I get money, so I'm out of here
When I get money, so I'm out of here
New life
New life New life
New life
New life
New life
New life
New life
New life
New life New life
New life
New life
New life
New life
New life
New life New life New life New life New life New life New life Stay wavy. Plug in the telegram.
And, uh, let's fucking go.
Next one.
Let's fucking go.
Anarchy on the whole system.
Change the game.
Decentralization.
First principle.
