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X1 FTW
Recorded: Sept. 23, 2025 Duration: 2:18:12Space Recording
Short Summary
X1 is set to launch soon, promising a vibrant ecosystem with innovative features and strategic partnerships. The project has successfully raised over $3 million, showcasing strong community support and confidence in its vision. With a focus on simplifying onboarding for new users and enhancing yield opportunities, X1 aims to position itself as a leading player in the crypto space.
Full Transcription
Music These fast clicks.
So having this out the box for X1,
I'm super curious to see how the market responds to it
and what cool ideas are going to shuffle out of it.
Yeah, by the way, I just started the Spaces so that we can have an even larger audience listening to us.
So we're just going to broadcast it to Spaces too.
And I guess you started the stream on Pump, right?
And then you're just using Restream to put it into YouTube.
And that's how it works.
Yeah. But anyway, people are pulling up in the spaces
and we can just have maybe conversation from spaces as well.
And I can see maybe I can get Jason into to jump into him.
Yeah, I mean like let's just like do this like free format type of conversation.
Those are usually the best because they're the most honest ones.
This is the freestyle, you know, you're just walking down the street and we see each other, haven't seen each other in a long time.
We're just like, yo, what's up, man? How you been?
Yeah, well, you know, I'm like from Hawaii, technically, so like that's how we do it.
We don't really premeditate anything and like don't really plan.
We're like, yeah, you know, anything goes.
Yeah, that's the best way to do it, though, bro.
Everything here in New York city is premeditated
well you have to be because if you're not premeditating of uh your next action you may get
get you know get hit by a cab or something or you know fall into the real you know rail tracks
i know how it is yeah i mean yeah it's it's it's uh it's another level out here.
What is kind of cool, though, is it's cool to see crypto really coming to life in the city.
I don't know if it's something about, like, the younger generation finally becoming an adult.
And again, the pump fund thing, I mean, you talked about it, like, the token factory. That's kind of what for me feels like this new era of
discovery where people, we've lowered the bar again of how you can get introduced to crypto.
I mean, I think the bar is way too freaking low on pump fund and why again, I feel like you guys
having something like that out of the box for X1 Chain will be relatable.
You know, it's going to definitely be very relatable for the next generation.
But also it brings a little bit more, again, market security to transactions for validators.
You know, something people know that everyone's getting into.
And then if you are running a validator, you know that that thing is going to spin.
The flywheel is going to fly.
And, you know, hopefully it's magic.
It's magic out of the box.
It just never happened before.
There's never really been a chain out the box with something besides, hey, man, we airdropped our coins to everybody so you create or we're
gonna uh what we're gonna do we're gonna bring in uniswap and you're gonna make lps with the
uniswap fork and we're just gonna see where the flywheel goes from there yeah well well i think
i think like the whole genesis of um this whole journey is uh has been very interesting because, and this is funny, I want to bring it up.
So Axel is traveling and he's like meeting people and all that.
And I think I mentioned to him, I'm like, hey, you know, because we didn't raise money
from like major VCs and we don't have to look good in front of them, we can just be
We don't have to look good in front of them.
We can just be completely retarded.
completely retarded.
Like in other words, you know, meet anybody anywhere, talk about anything.
And it doesn't really matter because like we raised the money from the people that truly understand where we're going with this.
Right. And I think literally the way that everything was set up.
Right.
So it's like the regulation D and regulation S and also the crowdfunding through WeFunder that allowed people with as little as $100 to get into a project before it launches.
And definitely before like somebody's like Paradigm or A16Z or whoever else.
And generally, when projects like that start, people go to VCs first.
They don't even have anything written.
And then there's a development cycle of actually building something.
So it may take a year or two.
Like, for example, Solana raised solana raised i think uh 14 million dollars by selling their token and i think they actually sold it on ethereum
toli mentioned at some point that they have spent two million dollars just in legal fees
to be able to properly sell and raise money against their token.
And of course, there were like investors coming in.
So that took a lot of time.
And that's because there was no clarity of how to do it.
Now there is a lot more clarity how to do it.
But it still took us quite a bit of time.
It didn't take nearly as much money, but still, that was like a big thing and so tolly's blockchain solana the first you know like couple of years it barely worked and it barely worked because it was the version you know version 0.5
or alpha beta whatever uh point is that they started from scratch from zero from nothing
which was a tremendous undertaking.
So converting this $14 million into something that kind of works,
intangible, and actually get people in to start building on it
is a monumental task that I would say 99% of projects
would just plain fail.
And then, of course, there was this thought of downtime and so on and so forth.
And only this year, we're talking about...
So they launched on, I think, just...
I think it was March 2020.
So it's been five years.
And only this last year or last 14 months they
haven't they haven't gone down I think last last time they gone down was either
March of February of last year and so the Trump launch that was not that was
not going the chain going down it was actually like an exchange or exchanges not actually tapping into the fees properly.
Yeah, that's not a problem.
That's right.
Yeah, yeah.
But anyway, so to wrap up this thought, what I'm going to say is the stability of Solana
has improved in the last year.
And we actually have helped them to be more stable by like we
fixed three critical bugs they were crashed that was crashing the chain and i think in their eyes
we actually earned respect well not only through the souls and launch because that thing was like
you know insane too but actually contributing back to the projects uh
in a significant way.
And you can go to their Discord and you can see that those guys, the builders, they talk
about our proposals, what we wanted to do, and how we fix the bugs and why the bugs were
there.
And that's actually positioned us as friends of Solana, which is why I think like totally super friendly with me.
He's, I think he retweeted me like 70 times, which is probably pretty much insane.
So it feels good, right? Like it feels good to be connected to a builder community that are
striving to build amazing tech. Like, let's not talk about like the scams on the blockchain,
because like scams and pumps and dumps, they always exist and there's like mev and so on and so forth we'll just talk
about like the ability to bring something into being that didn't exist before and that's i think
is like super epic and so with solana raising from like largeCs, obviously, it's very different comparing to us because we have built the community first.
And then with the help of the community, we that actually will bring even more value to the chain.
And so, obviously, as I said before, the chain itself has value.
But when you bring an application layer that you're actually building a team to work behind on it, that's a multiplier for the value.
Because think about it this way.
The biggest question from who I spoke with about X1,
they would ask, how would you bring the builders?
Now, in my mind, the builders would come from Solana anyway
because there's opportunity.
People come to build because they feel like they can lock in on the opportunity of XNT being much more valuable next year and the year after and so on and so forth.
But in a lot of people's minds, that was not the case.
They thought, well, everybody should be building on Solana because Solana always goes up.
Well, sometimes it goes down.
Whatever.
It hit $100 just six months ago.
But anyhow, I mean, clearly there's an element of competition
between Solana and X1.
But I think it actually augments the SVM universe.
And we are, I think, one of the only pure L1s that can be in existence that's credibly neutral.
And of course, there's a bunch of other products like Eclipse.
Eclipse is an SVM that syncs up to Ethereum.
I don't know why would anybody use that.
What about BananaSheen? Have you heard about that one which one banana chain banana chain
yeah it's like a it's a layer two meme uh svm there's like yeah i i seen it i seen it i seen or Gobana, Garbana or something like that.
Garbaciana.
It's from Sesame Street.
Yeah, I mean, those are fun things.
But you know what?
It is not hard to bring up a Solana validator and connect another validator to the first one
and call it the blockchain.
That is not hard.
It's not hard at all.
Now, what's hard is actually having a cohort of validators with like a thousand people that need to organize and be on the same page and be like locked in in terms of best practices.
At the same time, not to kill the chain, not to kill the chain, because like everybody's servers are all different, like, you know, in different locations, different countries.
And so you have this sort of like herding of cats first before you organize into the
sort of like a decentralized community, right?
That is where the challenge is.
That is where the challenge is.
Ultimately, it's not really the tech.
Ultimately, it's not really the tech.
It's more like, how can we be effective as a large community that can have a product that's stable and enjoyable for people to use?
And can generate a lot of app revenue because I mean at least on my channel we've been hyper focused on the app
revenue metric in the crypto space because that's where literally you can see the difference
between EVM and SVM. I think a lot of people are like running away from that metric but
having yeah having something that can produce clicks is very important, but also having a validator set that can expand is kind of
where the novel approaches for me with X1. I haven't yet found anyone in Solana land
trying to get the, because I don't know if you know this, but they call them the validator cabal.
get the because I don't know if you know this but they call them the the validator cabal yeah
that's like that's where some of the app people go oh yeah Solana is great but the validator cabal
is not so great well it's actually certainly true there is a validator cabal
yeah I haven't I haven't come across any of the villains than the validators of Solana
are the villains than the validators of Solon.
I mean, they're not villains.
I mean, well, there's maybe this one guy.
But what's happening there is just
the sheer force of money where
a validator from Binance can
self-stake $2 billion and become the top block producer.
So it's as simple as that.
So money talks and people,
if they see that they can make a lot more money
by staking their soul into their value,
they will absolutely do that.
Now, that works at the detriment of decentralization
because if you have those 11 large entities
with deep pockets that stake multi-billion dollar at the detriment of decentralization because if you have those like 11 large entities with
deep pockets that stake multi-billion dollar uh you know stakes into their validators their
validators basically take on all the rev all of the revenue just goes to them right because they
are top elected uh leaders leaders that propose blocks.
And every time the block is accepted by the blockchain,
they get all of the swap fees.
They get pretty much all of the transaction fees.
Now, that's technically unfair.
And unfortunately, there isn't a very good way to solve this.
In our white paper,
we're actually attempting to solve it by introducing other metrics,
not just the dollars that bring you more revenue,
but also your stability and how quickly you can produce blocks,
how quickly you can vote, and few other metrics.
And also we introduced this aspect of randomness into it.
So rather than having top 10 validators
or top 11 validators produce all the blocks,
we have this sort of like a rotating wheel
that elects the validators
from this set of 400 that we have today.
At the same time, we have this concept of what we call automatic stake pool.
So the stake pool is a system that automatically chooses validators to stake into
based on the particular criteria.
So you can come to X1 as a staker,
and you can say,
I don't want to choose the validators to stake into.
I would rather just deposit XNT into a pool
and have the pool manager,
which is like an automatic thing,
deploy my stake into the validator
that produces the most revenue and produces the largest rewards
for my stake. And so that would be done automatically and it would take into account
the stability of the validator and its performance and so on and so forth. It wasn't just like
necessarily stake to the largest ones.
And that's what makes it fair.
Now, why is it fair?
Well, it's fair because out of 400 validators,
we would like the fees to be captured by all of them
relatively equally based on merit
rather than the amount of stake that they sell stake.
Yeah, yeah.
See, this is where I think, again, X1, I mean, I've been studying it like crazy.
And I just feel like the reason why you had so much demand in app growth
was because people couldn't participate in the chain, right?
was because people couldn't participate in the chain.
And then that's where you get like pump fund
because the like PMF of pump fund
is how much revenue it generates.
And I mean like it's blown things out of the water.
And so we have of course hyperliquid show up,
but that's a whole different type of revenue.
I think the pump fund has much more organic revenue than hyperliquid.
And that's why, again, it's still very amazing to me.
They can generate like $4 million a day just from people putting out shit coins.
But that's where we are, right? And having, you know, DGEN off the ground in X1,
I'm, you know, I'm just really curious
to how developers are going to try to mix worlds.
Because essentially you could create an app on the app layer
and tie it in with your validator
and try to figure out how you can make all of this work together
and almost make your own personal flywheel
instead of you know relying on the chain to deliver it to you right like a lot of these
chains are giving the developer their flywheel and then that's where we get these bad apps in
my opinion where every like right now like the freaking uh perpetual market flywheel because now
everyone has discovered oh wow hyperliquid might be on to something,
creating three, what they have, 390 billion in revenue.
Or is it revenue? Or is it activity?
Like they had $390 billion go in and out of the chain or in and out of the program in August.
And I knew for a fact
once everybody saw that, that we were going to have what we have right now in September,
everybody trying to come out with their own perpetual so they can have $390 billion flow
through the chain and it can look cool. But again, I feel like this is where we are on a developer scheme, or I shouldn't say scheme, but this is where the devs are trying to create revenue.
And if there was some sort of way to create your own flywheel, we might see better apps.
We might see more, you know, innovation within the crypto app sphere.
And if X1 is going to have, you know an individual working on bringing that innovation
i mean that's some new new i don't i haven't actually you know unless you know you're going
to start stating other people out there that have helped blockchains uh build their apps out
i mean i would say this is this is probably one of the first times that this is going to happen
yeah well it's not the first first time but certainly it's one of those things that is very important to have at long time.
I mean, if you think about it, PulseChain, they did copy Uniswap and made it into, I forget what that swap thing is called.
Oh, PLLX. PulseX.
PulseX, yeah. I know it's blasphemous not to remember it, but I'm sorry,
it's just not on top of my mind. But anyway, I have Jason actually on Spaces, so he can say a few
words and I think it will probably, my microphone should be able to capture so we can send it to YouTube and the pump stream.
Yeah.
Hey, what's up, guys? Can you hear me okay?
So, first of all, yeah, thanks, Jack.
Very, very excited to be a part of X1 and to bring XDEX and DGEN into the whole X1 ecosystem.
Yeah, so crypto, there are some things that we could technically do down the road with the validators and all that.
I've been thinking about that sort of thing.
It's like, how can you go from DGEN to staking, staking to validators and then, you know, this massive flywheel?
staking, staking to validators, and then, you know, this, this massive flywheel. Um, and so,
so yeah, to be determined on that, you know, we're, we're going to, we're going to look at that
and, and see what we can do. Uh, there's a lot of exciting things, um, now that we're a part of X1
that we can tap into. So, um, yeah, it's, it's going to be really cool. So as far as, uh, the
flywheel, you mentioned the flywheel, that's, that Degen, Xdex, and the validators and X1 as a whole creates, right?
So you have the entry into X1.
Really, it's through Solana users, right?
So Degen is a dual chain.
So it works on both Solana and X1.
And we'll launch on Solana first.
And we'll introduce the Solana community to x1 right so as
they start to to play with all the really cool gamified features of dj which i don't think
anybody else out there is doing i don't know of any other launch pad that has you know skull nfts
school wars and uh dj vaults and uh the feed and what we're doing there um so it's going to be
vaults and the feed and what we're doing there. So it's going to be really interesting, not from
just the standpoint of being the first launchpad on X1, but actually being one of the coolest
launchpads in existence. So there's that in itself. It's very marketable because everybody's
creating a launchpad. You throw out those humongous numbers and it's true, right? Everybody wants a
piece of that, but somebody already did it, it right so now everybody's trying to take their little share
so what can you do to get in there and and make it better and make it different and you have to
introduce things that regular companies regular people aren't thinking about degens you know
they're not they're not thinking like a dgen and so that's what we're doing we're thinking like a D-Gen. And so that's what we're doing. We're thinking like a D-Gen.
How do we get people in from Solana into X1,
get the validators churning, creating the yield,
producing the blocks of rewards,
and then creating a trading engine with X-Dex,
the home for X-One users, right?
What can you do there? Well, you can swap users right what can you do there well you can swap what
else can you do there you can lend i mean you can valestake is what what i've been calling it
you you can do a lot of different things so um it is a flywheel enter in through solana to x1
through ggen right meme coin launches um crazy activity, gamified stickiness.
And then from there, it's all its liquidity is pushed to X-Tex.
And so everything is just right in its own ecosystem, not to mention the wallet, which is on the roadmap.
So we're going to have all of this connected so that it's easy to use,
that you don't have all these massive growing pains from an early blockchain that you've seen out there. Like, you know, you mentioned some DEXs out there
that I've had experience myself with. So it's like, you know, that's, X1 is launching with
an ecosystem. That is extremely important. It's massive it's, it's massive, right? It's so it's like,
you're already going to have the tools to be up and running. So the builders can come,
they've got, you know, liquidity pools that they can utilize. They've got things that they can tap
into. It's not just a ghost town. It's, it's kind of ready to go. Right. So again, yeah, super excited,
happy to be a part of the team you know anybody has any questions
we got a couple of groups going on feel free to hit me up we're very happy to be here very
very happy to be part of x1 so thank you jack jack best decision ever so kudos to you yeah that's uh that's awesome i was gonna just say like uh um what what i like about this whole
out the box experience experience is that one of the growing pains in crypto still to this day
regardless of being 15 years into this world is that the normal person still doesn't know how to get here. They're still challenged on how do I get to a Bitcoin or to an Ethereum.
And it could be like to your point, Jason, that like when these chains launch,
they launch in such a collaborative environment that it does make it a little bit choppy for someone new.
be for someone new just like no where do i go like which one can i agree on um so everything
Just like, no, where do I go?
Like, which one can I agree on?
coming out of the box at the same time really will help uh consolidate uh uh that that i don't
want to say customer but this is me just thinking from a customer mind mindset but that user like
that person who's going to come to our chain and look to discover and find things, right?
Like they're out there right now.
That's why I think Solana is doing so well, because you have people looking and they're
getting their needs answered when they go to SVM.
But when they go to Ethereum, you know, no offense to my ETH lovers, but when they go
to ETH, it is a, you know, a ground or like a, I shouldn't say this either, but it's a
battleground.
Like everybody wants to get your attention.
Everybody's trying to pull you their direction because there is that thing hanging over your head called gas fees that is going to sway which way that you think and how you react.
So we don't have that on SVM, right?
Like I've heard from numerous people.
The reason why they like svm is
because they don't need one whole solana to make a transaction right they can have one solana and
they can transact all year long and that allows them to to explore and discover more in the chain
so it's going to be really interesting watching this all unfold at one time yeah i see i see it's
going to be really cool so i see it as like
two things right one is is um tapping into the the solana user base but the other is
is how can we absolutely simplify onboarding for a new user that's so important right because
when we're talking about getting users from solana instead of from other places people who've been
in this space already but now that crypto is really going mainstream how do we make it super super easy that's never been something that pulse chain
in my eyes have solved right so it's like how can we do that so i'm going to be focused on figuring
that out as as we go right it's like how can we how can we do that how can you just go to xdex and
then on board so that'll be that'll be a problem that i try to find a solution for you might have a
problem with too much fee coming in bro well that's a good problem it is a good problem to
have yeah by the way guys they're still uh i think there's like 558 unminted skulls still available for mint.
So if you guys want to grab a cool skull and put it onto your PFP, you could still do that.
And I posted the link to how to do it under the uh under the spaces um space is post and for those of you that don't
don't know so school school has purpose and and you know there's there i i don't know what i'm
supposed to or allowed to say but there's a point to them put it that way so check check the the
git book for dgen and and and all that or ask me some questions but there's there's a point to that
that um those schools we have something else called the school wars which is pretty pretty and all that or ask me some questions, but there's a point to those skulls.
We have something else called the Skull Wars,
which is pretty cool.
It's a competition based on volume
and it can graduate you from one skull,
having one skull and participating
into having what's called a Skull God,
which is a higher tiered multiplier,
which is pretty cool. So we have on Degen, there's a Dolgod, which is a higher tiered multiplier, which is pretty cool.
So we have on Degen, there's a Degen vault, right?
So some of the fees go into this vault and they're there for folks who stake, right?
So you stake Degen, you get a portion of that vault.
If you have an NFT, it may be, it's a multiplier to that tier when you stake.
So that's the purpose of it.
There's also other things.
If you hold a skull, you get carte blanche on the site, right?
You don't pay any fees for things.
The feed is kind of created as an integrated piece.
It's like Telegram, but integrated into the launchpad.
So we don't want it spammed and a lot of other crazy things happening so uh if you're a
creator and you have a skull then you you just you know you you don't have to hold any degen
or anything like that you just you get to create no problem um and there's other things that it
does too like shill videos and they'll be trending and boosting and all kinds of stuff down the road
so these are uh in my eyes they're pretty valuable, and one other thing I want to add, and I spoke about it earlier,
but because Exidex and DGEN is going to be on Solana,
we might actually not need to raise money ever again
because we should be able to make revenue from Solana as we work on X1.
So Solana becomes a sort of like a testing ground for those protocols where people can actually interact with X1-related dApps and then use X1 as well when they're ready.
That's huge.
That's huge.
I see Simple Waters pulled up. welcome to the spaces good to see you
yeah this is uh it's pretty awesome some some big news yesterday i saw that tweet and i was like oh
man this is i didn't know if it was going to be x1 launching just a stealth launch like that but
no it's it's a great partnership um with uh with jason congrats jason that's it's huge um yeah just kind
of flowing up i i you know it's it's interesting though because i you know obviously um seeing you
know what's happened in the market um crypto bro what's going on dude good good good good to hear
that you're you're still doing the thing but you know i know that the aster token has kind of been
a big thing and binance has kind of been, um, awakening, uh, so to speak. Uh,
you know, I guess this may be a question just, just for anyone up here. Um, so like, it seems
like this like focus, uh, for like non-custodial trading, um, uh, and, and just like multi-chain
support. Um, do you see that kind of being something that Xdex provides, Jason, and, you know, like perpetuals and like obviously staking and things like that?
Do you kind of see where Aster is and like this ideology that's kind of coming out in the last few days?
Obviously, CZ pumping, it's one thing, but how do you kind of see that flowing into X1 Chain?
So with Xdex, it's right, we got to get a product out there, right, so that you, how do you kind of see that flowing into X one chain? So, so with, with, uh, X-Dex it's right.
We got to get a product out there, right.
So that you can swap on X-One.
Now I'm an extremely competitive person.
So I want X-Dex to be not just catching up to where other people are at other chains,
but just assets.
So perpetuals, yes, for sure.
Um, and then what else can we do to make it even better?
So the, the, it's not going to be limited to
you know an amm or anything like that it's it's going to be the place you want to go on x1
let's go yeah maybe you can go ahead i was going to say we're talking even lending and that sort
of thing kind of like camino uh or margin fi you know that that we've got
also the x1 ripper now for x12 i mean we've got some really cool things going
yeah the ripper is cool but yeah so to answer your question so the first thing is get the
product out there get it working and start immediately working on v2 epic
yo you know what's crazy about the perpetuals is like from at least from what i've been talking
about on my stream is uh jupiter was one of the first uh people to drop the vpn and like allow
everyone to kind of participate in this.
And it was what was wild was like a month ago,
Jupiter was sneaking up because there was no other competition to hyperliquid. And a lot of people were going there to do their perpetual trading on ETH,
SOL, and BTC.
And when I did more digging into it,
they figured out essentially how you don't need a VPN for Americans.
And what it was, it came down to making sure all the trades were on chain.
So once they like kind of, I guess, did the experiment, we're seeing everyone follow behind Jupiter.
Hello, behind Jupiter. And now all of these perpetuals are on chain instead of what they were a month ago, which was on layer two EVMs on centralized servers.
So then they had to do the VPN to make sure they didn't get sued and whatnot by the SEC.
So, yeah, this is we're in like a really special time in crypto because decentralization seems to be the key or the answer to a lot of this new
generated revenue that's come into our space well well i think the issue is licensing so you can't
just launch an exchange and you know create this sort of like online casino uh without getting a specific license. So you guys know Arthur Hayes.
He's actually like the proto-creator of Perps.
Like he's the one who came up with the concept,
like, I don't know, maybe like six or seven years ago.
He actually got sued by the government
and he was like under home arrest for like six months,
maybe 12 months, and he paid the fine, like I think like $10 million or something like that.
But he was the one that first created the perpetuals platform that introduced the concept
of the borrowing or basically leveraging and then having shorts pay the borrowing fees
too long and vice versa.
So when there's more shorts on an asset, like for example, everybody shorting Bitcoin or Solana
whatnot, then what happens is that the longs end up getting paid by shorts. So shorts borrow
from longs and longs are getting paid with fees. And when the market
is bullish, it's other way around to go long and leverage. You have to pay fees to shorts
because shorts take the counter position and they kind of like sponsor your trade, so to
speak. And they get paid for one in 10 chances to actually for the asset to drop or they realize the sort of like capital profit.
And so that one thing is what separates the regular futures from the perpetual futures, which is what they call perpetual means that they have no expiration as long as the fees for lending of the credit get
paid by someone and that was what hyperliquid has implemented so hyperliquid has no transaction fees
they just take a percentage of the lending uh that people uh lending that's done when when you
borrow so like on hyperliquid you go and you deposit 1000 usdc and you can 40x leverage your
bitcoin purchasing now now why is it 40x well because bitcoin compared to the other tokens
like ethereum and solana actually does not move as fast so anytime there's like it moves one percent
up or down solana would move three percent and ethereum would move 2%. And so this allows people to basically be in Bitcoin, but experience the volatility,
both upside and downside and capture profits or losses by leveraging 10x, 20x, 40x with
this $1,000.
And so you have this $1,000 USDC, you leverage it 40 times.
Now you have $40,000 borrowed. If the market is bearish and
you're going long, you're getting paid by the shorts because everybody's shorting the market.
So this $40,000 is basically, even though you're borrowing it, but the credit to you is getting
paid to you. And when the market turns bullish, then you're the one who have to like pay.
And I think it's about 10% a month, 10% a year,
or like maybe 1% a month that you pay
if you hold that position open.
So $1,000 leverage to 40.
And then 1% of that is, what is it like?
I guess that would be $400 a month
you need to pay to Hyperliquid
to maintain the $40,000 landed position
or leveraged position.
And so if Bitcoin does not move,
then you just lose money on the fees.
But anyway, but that's how the fees are captured,
specifically from lending through leverage, which is very unique design. And I think that's why people like
hyperliquid.
Why do you think people like perpetuals, though?
Like I said, I mean, like people in this space are here to make money. So that's one.
people in the space are here to make money. So that's one. Now, there are people who do not...
So before perps, the outsized gains you could get only through memes or something that's just
launched. Otherwise, you just do not get the return that you would get with Bitcoin. I mean,
what are the choices? There's like major five, bitcoin solana ethereum xrp sui uh you know aptis and soon soon next one right now
out of those top five uh you don't really get that sort of like you know you don't get 10x
ever right you just can't because the the market cap's too large. Now, the solution is,
before perps, is to buy some meme coins, which can go down to zero, like something happens,
boom, it's gone, right? Or you can get lucky. So it's gambling on top of gambling, right?
But let's say that you want to achieve outsized returns using Bitcoin. Well, you go to Hyperliquid or you go anywhere else, Drift, or you use Jupiter.
By the way, Phantom Wallet on Solana just integrated Hyperliquid, I think.
You can go to the Phantom Wallet, and if you're not in the U.S., you can just open up leverage positions.
Now, of course, the leverage positions involve a lot of risk,
and that's obvious. Unlike meme coins, if you get liquidated, you're completely gone.
You lost all your money. With a meme coin, you could buy the top, and it could dump.
by the top and it could dump.
And if you're holding spots, you still have your coins.
Now, if the coin turns around
and makes another all-time high, you win, right?
If you would have done that with leverage and hyperliquid,
you would be gone and completely liquidated.
There would be nothing left in your account, okay?
So that is the major difference
between getting into a risky game of alts versus haphazardly leveraging even Bitcoin.
You may accidentally leverage it too much. And if the market turns against you within 2%,
you're gone. Because 2% drop on the 40X leverage would be 80% drop.
So 2.5%, your position is gone, it's liquidated and you can't play anymore.
So that's kind of like the thing.
However, if you leverage Forex for Bitcoin, technically it has to fall 75% for you to, or maybe I'm wrong, maybe it's 25% it has to fall, which is actually pretty hard.
Like there are rare instances where it does happen over a week or two weeks.
I remember in 2022, it did fall 50% in just two weeks.
So that can happen.
So your Forex would be liquidated but
unlike today i don't think that that's actually viable because you know we have this golden statue
of trump holding a little bitcoin in his arm or i don't know maybe that has something to do with it
certainly we're not like in this sort of hyper volatile market but like you could choose the
wrong coin and hyper liquid and it goes against you and then your account is gone which will not happen to you if you're trading memes
yeah i feel like uh uh a perpetual experience right now is the new crypto fad and um people
are definitely loving this ideology that they don't have to spot by and they can do a quick 10x leverage play in
about a two-hour span, hopefully. And I mean, the casino is, I mean, it's funny, right? The casino a
few, a year ago was on Avalanche doing inscriptions and you dropped a Sky Casino, and now you have this safer version of this.
Because it's true, like, I think people want to be in majors, and they don't want to play with memes.
And they want to feel like they're, again, because once you get into a meme, you're way far away from the Bitcoin or from the Ethereum.
And if you can do a small leverage play, then you can bet heavy.
And then what you have right now, I saw a crypto banter.
He was going doing leverage on pump funds token.
And it brought like a whole new feeling from pump fund from just being a mean platform
to being something where actual traders are like, hey, do I should I do leverage on pump
fund? And and then I seen people saying, should I do leverage on PumpFun?
And then I've seen people saying,
should I do leverage on Hyperliquid?
And I think it's just so fascinating how we're in this new era
where you can transform from being a meme coin
to being a utility overnight
if people actually see your product.
Yeah.
Right?
It's a whole new game. new game and i mean yeah you're
going to have your dgens who are going to want to go and do 500x leverage and and 0.1 percent of
the price moves they get liquidated and they're crying but don't forget don't forget daddy richard
to be able to stop those guys but um daddy richard said daddy richard said ladies liquor and leverage
so just just be careful out there for anyone that's using leverage yeah so so speaking of uh
gains uh dgen uh token on solana is up 60 today uh i mean the volume isn't huge but it's like
five times the volume that we have had in
September so that's pretty cool
so people are paying attention and getting some
DGN which is awesome
as they should
as they should yeah
hey Jack
can you
explain like the
consensus messages on Solana and how like X1 isn't going to be, we don't really pay those?
You're talking about voting transactions?
Yeah.
Okay.
Okay.
So one of the key features on X1 that, unlike Solana, where when the validator joins,
they have to pay the sort of like voting protocol fee,
which is about, I believe, one and a half sol per day,
which is a lot.
So you can't join Solana as a validator
without a giant bag of Solana.
And I think the reason why they did it is this sort of like was a filtering mechanism
because they didn't know how stable the chain would be
if 10,000 validators would join.
And so they introduced this concept of like,
not only you have to stake to your validator
to become effective,
but you also pay fees for the consensus messages themselves
which i understand the logic but i just don't think it's uh necessary on x1 and i think and
that's how by the way majority of the blockchain blockchain projects gatekeep people who they don't know what they're going to do because they don't even know how their blockchain would end up handling the load.
And so because we spanked our chain pretty hard and we actually feel very comfortable in terms of how loaded it can be, we just remove the consensus messages fees completely.
So as a validator, you just join by paying $150 a month.
It's very inexpensive
obviously it's like you know 100 times cheaper than solana and so and that actually ties in into the first principles where a regular normal person should they apply their knowledge
and learn how to run a validator they don't need to pay those extra fees to the network.
And by the way, let me stress this, that on Solana,
when those voting transaction fees are paid,
who do you think gets them?
It's those top 10 validators
because they capture all the fees.
So we have a couple of thousand nodes on Solana
where the top 10 capture all of the voting consensus fees by everyone else who just wants to join the chain and just be part of the project and part of this sort of like a decentralized network.
But they can't achieve that without paying the cabal. So now I know Solana guys are working on this problem and they want to introduce more fair
way to distribute the fees.
And they also want to turn off the voting fees at some point because the network is
a lot more stable now.
But anyway, we start without requiring people to pay anything to anybody.
You just pay for your validator and that's all you need to do.
And you can stake as little as one XNT to become a validator
that can actually produce blocks.
Yeah, that's epic.
That's really awesome.
So do you think, I mean, I don't know if it's really important for X1,
but do you think Solana will change that at if it's really important for x1 but do you think solana
will change that at any point i think they'll change it i and i think it's the right thing to
do and i was telling tolle that they should remove it actually and um and i think they they agree
that it needs to go but there's like many other things that need to happen before this happens. And of course, at the same time,
because the airplane or spaceship rather isn't flight, you don't want to swap out an engine,
you know, going close to the, you know, speed of light right now. It's kind of a, can introduce
weird situation where there's like money now need to be reallocated. There's a lot of sloshing
around. Like what happens to those 10 top validators? They will not like necessarily make
as much revenue from the voting transactions anymore. So it's very, it's not even a technical
problem as much as it is an economic problem. And so when you build a system that has this sort of economy build up over time
and people are used to it, when you make changes that are dramatic, it can actually be very
detrimental for the sole token, just because there could be some unusual circumstances where things
don't quite work the way they would work. Like one of the really strange and weird things
that they have done just like, I think eight months ago,
they stopped their transaction burn.
So it used to be that 50% of Solana fees
that you pay for a transaction
would end up getting burned and they turned it off.
So now the stand-up validators make even more money, okay?
Because those fees are not getting burned and there's no deflation.
So inflation has increased.
People pay just as much for the fees.
And the regular Solana holder is not getting the benefit of the richest validators getting richer.
of the richest validators getting richer.
And the supply is now getting more,
it became more inflationary because there's no burn.
And so for X1, we're definitely keeping the burn.
50% of all transactions will be burned
because we don't want just this 8% inflation
to inflate in perpetuity.
I mean, obviously every year it's going to be
decreased by about 15%.
So we started at 8% and then it's like 7.75% and then at 7.5% and so on and so forth.
However, when it comes to paying fees, we definitely want one half or 50% of those fees
one-half or 50% of those fees that users pay to be burned.
that users pay to be burned.
Because as the chain gets more active,
we want this sort of deflationary force
to introduce the scarcity elements to X and T.
As in, a certain amount of it will be gone if the chain gets active.
And that's 100% assured because you can see it within the protocol.
And that, I think, is very important.
And so the more transactions we have have the more fees you end up burning
awesome yeah that's that's exciting and it definitely seems like uh just the the ability
to just like plug into to x1 and um be able to validate and and be rewarded fairly like like
you were saying that the top 10 validation salon are just kind of
bloated and get rewarded for that.
Um, this way it sounds like it's just distributing it, which is pretty epic.
Yeah.
I would say that all, all of the salon of thought out there is pretty much
retarded.
That is the only FUD that I think is real, where the Nakamoto coefficient
keeps shrinking. So Solana's Nakamoto coefficient used to be 30, and now it's like 12, which
basically means that it will only take 12 entities to censor or manipulate the chain, potentially.
Of course, it probably will never happen.
But certainly, if you're measuring the Nakamoto coefficient
in terms of decentralization, that's a problem.
And especially, it's moving in the wrong direction.
Now on X1, because we're using this method
where not only we randomize the ability for the validators
to be elected to produce blocks, but we
have this stake pool system that elects the validators fairly
based on their merits rather than just stake,
it is quite possible that our Nakamoto coefficient is going to be like 150 from launch
based on how many validators actually connect to mainnet.
So that's going to be quite different.
And I think that's one of the things to be proud of because we definitely don't want
to have this sort of like a top heavy chain where the top 10 guys get majority of the
benefits from everybody's transactions and the rest of the folks that are connected to
the chain are just getting inflation which is which is
like if you think about it inflation in itself does not change value in fact inflation is
detrimental for the value however it's it's kind of like a form of credit right so you want the
validator to connect to get the rewards for the work that they do. But should the chain gets active,
but want those rewards to be basically paid by the users
who burn their fees.
And when the fee is burned, so the fee is burned,
and then the validator actually has the yield
which comes through inflation.
So you have a burn in inflation.
If those things are equal, that actually means that the user who spent their money on fees passed it on to a validator
that produced the block, which is completely fair. That's how things kind of like should be.
In Solana, it's not happening anymore because they have no burn. So, and that's unfortunate. I mean,
well, fortunate for us because that's one other key differentiator
that can separate us from the sort of like economic formula between X1 and Solana, which
I think will be very attractive for people when they come to join the chain.
Or just buy XNT.
I mean, like if you buy XNT, you're actually immediately get all of those benefits that you currently don't necessarily have on Solana.
And the other thing, let's say that if all things were equal and Solana did everything what we did,
Solana is still $150 billion project.
$150 billion is a lot.
It's very difficult to double and triple that.
Now, you know what's not hard to double and triple?
A project that's just a billion,
because you can literally can't go
to 5 billion to 10 billion in a year, right?
And there's no way you can have that
on a project that's worth 150 billion.
So anyway, the opportunity is in scale, in size, and ability to make incremental performance and economic improvements over time from day one.
So that's pretty epic.
I did see this and it was a Zenzu tweet I'll put in the nest, but it was a life goals. And it said, uh, X one achieves immediate and sustainable decentralization from the
consensus layer from day one.
Do you see that being, uh, uh, a goal that can be, can be reached?
Well, I don't see why not.
I mean, like we, we have 400 validators and not all of them are ours.
Clearly.
I mean, you know those guys.
I mean, like, well, Polish community is pretty strong.
So those guys are, I don't know what it is about Poland, but they love running validators.
It's all of Athena.
All of Athena has been rallying them.
Yeah, there's that.
And they have their own, you know, group.
And yeah.
So anyway, I mean, we will start very well decentralized to begin with.
And that's super important.
But there's one thing I want to mention that would be somewhat of a unique situation with us.
So we are not interested in dumping a bunch of supply into the market right away.
We're actually interested in creating value.
And this value can be created by a very careful distribution of XNT, both on Solana and X1.
So when we launch the chain, which hopefully is going to be fairly soon now,
When we launch the chain, which hopefully is going to be fairly soon now, what will happen is that 100% of XNT supply is minted to this first validator.
Now, the next thing that will happen is there will be the sort of like an incentive airdrop for all of the testnet validators.
of the testnet validators.
And we're very close releasing a paper
that actually spells out exactly
what those validators are going to be getting.
But what they will be getting is
10% of their airdrop
will be immediately available in liquid.
And the 90% will invest over time for about a year.
And you have to continue to be a validator on mainnet to actually completely earn your incentives for being on the testnet.
So people who've been on the testnet for about a year, they max out their airdrop.
And so this airdrop in its entirety, plus theomics published and there's a pie chart, who gets what.
And I would like that to be a dynamic thing, meaning that when we launch a chain, we actually don't know what happens next in the way of who is going to be using the chain, will there be users, how many users there will be,
and what the frequency of transactions and how many validators join. We know nothing of that.
So I would like to start really slowly where we just don't release a bunch of tokens out in the
market and have people just speculate and be
like completely psychotic about what's happening. And then every time I open my mouth from one side,
you know, the token dumps and then like I, you know, twirl my ears the other way and then everything
is pumping, right? So I would rather have this sort of like a soft incursion
into the crypto space with this powerful entity that's X1
and then release the XNT across the cohort of our communities
in a measured way that allows the sort of like the stability
of the value to occur.
Executor, you have your hand up.
What's going on, buddy?
He has his hand up, but I don't think he's here he's probably just gonna ask when
yeah
if you
can hear us just do a round
trip we can't hear you
Crypto Bra
you still at your
stream station?
Are we good?
Well, I see his chat is working.
Anyway, so it looks like Dijin has pumped today.
And it is available on Solana.
And the next steps, what we're doing is we are...
So I'm working with our director in Cayman Islands, where
the XFund Foundation is formed. We got him set up with multi-sig,
or rather we helped him to set up his wallet with multi-sig.
He tested everything.
He's now a member of the multi-sig cohort of people
that can do transactions on X1.
The next thing what we're doing is,
and I'm just like being completely transparent.
So he's getting a node up
that he will be testing
in a way of like basically creating genesis of the blockchain.
So just having a single node, single bootstrap node
with a blockchain at the block zero is not yet a mainnet.
And all it is is just a server that can become mainnet
if everything works well.
So we're currently in a cycle
where he is getting this thing set up and we're building up the
way within the code to launch so that he can launch the Bootstrap node.
Now the reason why he has to do it is that the blockchain has to launch from Caymans.
It can't launch from the United States because there is an immediate question of taxation.
If you mint the tokens and those tokens worth even any value, then the IRS wants a piece of it.
And so by having a completely separate entity that lives in Caymans, where it's basically a tax-free zone,
there is no taxation at all.
So why is it good?
Well, that just means that the project can keep more of its value towards the development of the community
and getting new validator, new validator airdrops, that sort of thing, getting new builders.
Like, what is the point of paying taxes on something that's like barely just started?
But like the law is the law.
I mean, like as soon as you create any value within that year, you have tax liability.
So Cayman's foundation, X1 foundation allows us not to have this sort of tax liability.
And when I say not us, I am not speaking on the behalf of X1 Labs
because that company will pay taxes for sure.
I'm talking about this sort of a decentralized open source project
that is launching from Caymans
and not going to be an American company, essentially.
It's just a company that holds the majority of the assets.
And it is the Caymans director that ultimately has the constitution and makes all of the
decisions how, and also acts as an executor of pushing those tokens around
now the funny thing i want to say there's like a quick story so layer zero guys
i think they had 15 people they all had to move to uh to some caribbean islands like all of them
to do what they do so which is kind of funny. But certainly Layer Zero is a very successful project,
and I'm glad that they don't need to pay American taxes.
Because everything in crypto is a work in progress,
unless it's Bitcoin.
Bitcoin is complete.
But even that, there's new account schemas and like, and so on and so forth.
There's going to be quantum resistance implementation.
So it's still a work in progress, but you know what I mean.
So with the quantum, maybe in the vein of the quantum resistance, do you see X1?
I know obviously Zenblocks is something that's running parallel, but is a system that's going to be integrated.
Do you see X1 chain as a whole being a quantum resistant chain
and kind of embracing the AI?
Yeah, I see that.
I mean, it's not very hard to harden your encryption
to be quantum resistant.
Because like proof of work is different.
Proof of work is just like how much compute you can dedicate to to um to to create a hash where proof of stake systems are not subject
to 51 attacks or anything like that so it doesn't matter how quick you quickly you can hash what
does matter though is whether the wallet that you own cannot be broken by a quantum
brute force attack.
And there are algorithms that can be used and switched over to be resistant.
So we can literally have a modification to this crypto algorithm that encrypts your
key to be quantum resistant in the future. But we have to have quantum algorithms
that actually work on breaking the encryption first
before we can implement it.
Execute, can you hear us?
There are some people who want to come up as speakers too.
So let's add those people.
Yeah, I tried bringing a few people up.
I don't know if they're because they're still connecting yeah we have a bunch of polish guys I just joined welcome guys
good to see you I see some skulls skulls are coming up teddy bear teddy bear has
a is a polish dude has been running x1 Validator on Phantom because I remember seeing him there.
And now he's running one on X1 SVM.
There's some pulse seconds.
Welcome to the chat.
What's up?
Buddy, look, you know, you know me already for a long time ago i just i want to know if you will launch a shwex the richard hair coin on x1 man i won that coin
on x1 yeah i think yeah baby i i think i think we should do it yeah i think it will be fun
I think we should do it. Yeah, I think it will be fun
I registered
Thank you. Thank you. I registered ehex dot XYZ by the way
You have to be careful Richard has a lot of money
He can sue us
Yeah XX Shucks Yeah, Shucks Maston game, what's going on? Can you hear us?
Yeah, I can hear you
Before anybody says anything, just want to let y'all know
I'm number one
Just want to let y'all know
China-nable
Taiwan, not a real country Not a real country But what's going on, everybody? I'm number one. Just want to let y'all know. China-nable.
Taiwan, not a real country.
Not a real country. But what's going on,
everybody? Jack, appreciate you for coming through.
Simple, thank you for letting me up.
Man, I'm just observing and taking it all in, no ditty,
and just waiting for
this greatness. That's it, man.
Thank you for letting me up.
Awesome. Greatness is happening, there's no need to wait
we're here right now, everyone's here
this is big time right now
let's fucking go
let's go
yeah, so I can take questions
on anything
if you guys have any questions
so feel free to raise your hand
come up and do whatever you like.
Jack, in regard to the burning on Solana,
does the RPC stuff have anything to do with that,
with them kind of shutting it off, burning of the fees?
You know, I think it has something to do with...
I actually, like, nobody can tell me why they did it.
I certainly can see why people who make a lot of fees on Solana would want it,
and they voted for it.
But I don't see the reason, really really just doesn't make much sense to me.
I think they hired this like Max Resnick, former Ethereum economist.
And I think he like introduced it as a concept.
And also, I think perhaps they thought that the inflation is dropping and they need to boost it and create more incentives.
But the other thing I have heard is that they're designing a protocol where even if you're in the top 10 validators, you will have an option to share the fees with the rest of the community there.
And the more you share, the more stake you will be receiving.
The problem, what they don't realize is that Binance does not need any more delegated stake.
Binance has so much money that they don't have to share any fees to attract more stake.
They're top 10.
it doesn't matter so like i don't think they really thought it through
It doesn't matter.
So I don't think they really thought it through.
so isn't like the proof of stake like isn't it kind of like the richer you are the more
like blocks you can make and it's kind of like this um you're essentially like kind of paying
your way in um yeah yeah that's that's what it is so So you get two sources of earnings. You get your inflation for the stake, but you can get it with any validator. You can have a thousand validators delegated to or just one. But the most important thing is the fees. Because the harder POM.DOTFUN works, the more fees those validators get.
And so if you can corner the market by producing the majority of the blocks, then you're going to capture all the fees.
So you pay yourself by staking and becoming a block producer.
Now, Ethereum also has this problem.
They have two block producers that are dominating the chain. But what they do, they share 99% of those captured fees with the rest of the validators.
And that's how they are able to capture the majority of the stake.
So they're kind of like elected by the system system, by Ethereum system to make blocks. There's
only two block producers. The problem with this remains, the Nakamoto coefficient of
Ethereum is two. If one of them decides not to censor transactions, in fact, one of them
was censoring Tornado Cash and the other one wasn't. So 50% of transactions that you sent
to Tornado Cash on Ethereum would be blocked and the other one wasn't. So 50% of transactions that you sent to TornadoCache
on Ethereum would be like blocked
and the other 50 wouldn't be.
So you can clearly see Nakamoto coefficient of two
in action because they themselves said
that we're censoring these transactions.
And I think that was like the Beaver build.
Now Titan block producer was not
censoring. And so if you happen to be sending transactions to Titan, which you don't have any
control of, it's all like kind of like random, then your transactions will go through. Otherwise
they wouldn't. So yeah, censorship in action with an Akamodo coefficient of two.
in action with Nekamodo coefficient of 2.
Yeah, I want to welcome up a couple other people.
Draco and Camille, did you guys have any questions?
Yeah, I just had a quick question, guys.
I haven't really been paying too much attention
to all the developments with X1.
I just had a quick question in regards to the Zen token.
I know it's lost a lot of value um is this token still going to be
a token that's going to continue to gain in value and later on when x1 launches are we going to be
able to burn for x1 token or is that something completely different maybe you guys can keep me
up to date with what's going on with that so zen has inflation
for the next uh the next five years so basically the inflation is tied to the cost of gas
so the cheaper the gas on the theorem is the more zen can be produced and more of it can be sold
so somebody who is buying zen you have to have to be mindful you're buying it from somebody who is buying Zen, you have to be mindful you're buying it from somebody who minted it for very, very inexpensive gas over the last year.
So those people are in profit.
If you're buying it from them, you're speculating on the fact that there may or may not be more people like that selling more Zen to you or to someone else.
So clearly that pressures the value down.
And then as a project was always been an arbitrage between the cost of gas and cost of production.
Right.
Versus the ability of people to buy it.
So you have short-term speculators and then you have the long-term mentors.
Short-term speculators can win short-term, but they can lose a lot very quickly.
Holding Xen long-term really is a difficult proposition because you have more minters
minting Xen and they're getting it basically for free if you just exclude the cost of gas.
So when it comes to the Xen community, we want the Xen community to be on x1 and we are working on a way to create the reward
system within x1 for the zen holders burners whatever like we i mean mostly we always said
that it's going to be the fact that if there is a burn record for for the for the zen token that's
like let's say the db's end So there's like a project that burns Zen.
So we wanted to reward people for the ecosystem activity.
And the burn record was like one of the easiest things to capture because it actually is net positive for projects that launch.
So we wanted to stimulate more projects to launch, basically, right?
And so what we want to do with X1 is that we want to launch the mainnet, create value, build it up, and then eventually reward people for burning Zen that participated in Zen burning activities, like so to speak.
There's also ZNFTs and there's a bunch of things.
Obviously, this ecosystem is ginormous.
So there's many levers and many options that we can do to implement on X1 to give even more value to the community.
And of course, we want to have people be active on X1.
So you don't just comment, get some airdrop that you
can sell immediately so there will be probably interesting and fun ways to use
the chain for like the server like a reward reward system that we're
building but that will come way after the chain launches and actually has any
value and you eat Any ETM launch?
Well, we usually say two weeks.
And I think right now, those two weeks looks a lot shorter in my mind because, well, first
of all, we don't have any issues with the chain.
We used to crash the chain and the load.
Now it doesn't crash and
we fixed a bunch of bugs that we feel very comfortable with the rest of the things we
have to do is just logistics so we have the caymans director there's a bunch of agreements
that need to be signed we need to actually practice things like multi-sig and to make
sure everything's safe we need to complete an audit for the vesting program for all of the investors.
Now, that in itself is very doable and not hard to do.
It's just a matter of getting it done properly.
So like right now, as I mentioned earlier, we're just working with the KMIS director to launch a bootstrap node.
So we'll just continue to work on that until it's perfect.
And that is not hard.
But when you bring in a person who never touched Solana,
obviously they need to understand what they're doing.
And so that takes a little bit of time.
But it's not anything that you guys haven't done,
the Validator community yourself.
So not that big of a deal.
Okay.
I know there's just a lot of people who are frustrated with the original kind of vision for what Zen was.
So, Draco, real quick, just to interject.
So what's really interesting about Zen,
obviously I'm a mentor and participant.
What's crazy though... Hello? Hello? Yeah, I'm a minter and participant. What's crazy, though...
Hello?
Hello?
Yeah, I mean, Gwei is all-time lows, you know, on ETH.
So it's like, it's...
And if you're still playing the Zen game, like, it makes sense to be able to mint it, you know, versus buying it, right?
But that's just, that's my own bias, not financial advice.
Everybody knows you never go full retard. Well, half retard you know what i mean but like if you want to go full retard
we can well the question is is it still worth holding even though it's down significantly
value is it still worth holding zen or should we just sell out i mean i you know so let me let me
answer that and i can answer that by saying that I cannot answer that because literally
it doesn't matter what I say that would constitute somebody like yourself or a bunch of other people
taking action and either buying or selling an asset based on some sort of thing that I would
say which could actually go terribly wrong. Also, it constitutes financial advice, which is technically illegal.
So there's nothing that we can say in terms of guidance of what you should be doing.
The only thing that we always said is that here's the protocol.
Here's how it works.
This is where you can mint it if you want to mint it.
And this is where you can trade it. In want to mint it. And this is where you can
trade it. In terms of the direction of what to do with those assets, or even be involved
at all, we cannot actually say that actively. Like for example, I myself minted a lot of
Zen. And I made good money on it, which is awesome. Now, that was my choice. And people
could certainly do or have done what I have done. But there's no way that I can say that, hey,
you should buy Zen or you shouldn't buy Zen. You should hold it one day or you should be holding
it seven days or you should be minting and not buying or buying and not meaning none of that we could actually ever said and i don't i would discourage anyone out there to uh not to give
financial advice like this because you can never make people happy because first of all if you're
telling people what to do like why aren't you doing it yourself like he could be making money so um yeah anyway we have
to be very very careful like this so i hope i know like maybe that's not the answer that you're
looking for but you should probably understand that this is where we're coming from and this
is why we cannot actually say it but frog but frog natural advice mint as long as you can steak as long as you can wait what
just frog natural advice though i have a question i'm new here what's up guys
um what is zen and what is x1 oh matt coming in hot loving it okay. Okay. I know, I mean, uh, simple waters, you have this whole, uh, paragraph prepared
and you're very good at it.
I just want to say this one thing.
So X one is the largest fork of Solana with 400 validators, incredibly
decentralized cohort of, uh, community members that that probably will have better Nakamoto coefficient than Solana.
And we're a little bit faster. So that's what X1 is. And as far as Zen, from my understanding,
it's a token that's modeled after Bitcoin as far as principles go. Peer-to-peer digital,
trust through consensus no counterparty risk
no middleman and self-sovereignty but essentially it's a gas token that you pay a gas transaction
and uh you set your days you come back and then those days you pay another gas transaction and
that's how the supply was minted started at zero um no backing of any kind and it just kind of
foreign lines of code that have been deployed and uh uh, so furious prime and his team kind of deployed that. And it's, it's pretty cool
because it's stress tested all these different EVMs and including Solana and Bitcoin and
is, uh, kind of in preparation for this X one chain, which as you said, is the first fork
of Solana. So it's, it's pretty interesting ecosystem. Okay, thank you. And then are those both on Solana or it's a fork,
so it's going to be its own chain?
So X1 is a fork and it's basically its own L1,
just like Solana, but it's SVM identical,
means that all of the protocols that run on Salon today can run on
X1. So there's
that. Xen actually exists
on 12 different EVM chains
and there's some versions of it on
different chains too.
And Matt, if you're in LA,
I know there's been kicking around talks
of a Xen X1 meetup that might be happening in the next few weeks.
So just be on the lookout for that.
Oh, fire, yeah. Send me the details, please.
Will do.
Hi, can I? You can.
Congratulations to Jason and to you and to all the X1 community. So can we say that xdex is the native dex of x1?
I mean, what's the difference between having xdex
as a separate dex like it was before,
and now that is acquired by you.
So the difference is that Jason is now part of X1 Labs
and we're working together not only on XDEX
and the token launcher, we'll also be working on
potentially perpetuals as well as the wallet
and maybe other things too.
So ultimately the application layer so X1
Labs designs the validator code obviously improving it. At the same
time we now have this sort of like a roadmap for the application designs as well.
And Jason, my question to you.
Like, xtxt, there is this Degen launchpad,
and it will be possible to launch tokens on both Solana and x1, so this tie between
the two chains is very, very tight,
it seems. But what's the benefit in having this launcher
on two platforms instead of just on X1?
It's to introduce all the massive
amounts.
Can you hear him?
No, I think he rugged.
Yeah, he started talking and then cut out out jason maybe do a round trip or try to try to uh change change
location for connection issues looks like he's back
oh i don't know where i cut off can you hear me? Yeah, we didn't hear anything, Jason. So maybe start over.
Oh, great. Sorry about that.
So what I was saying is DGEN is a dual chain launch pad, right? It was created with the idea on Solana.
It was created with the idea of onboarding the user base, getting the user base familiar with X1.
user base familiar with x1 so it's a it's a tool it's like a marketing tool and it's a it's a
So it's a tool. It's like a marketing tool.
introduction or an introductory tool to um the salon user for x1 and xx is similar it's both
both protocols can work on both chains and it's since since x1 is a fork of solana it makes sense
people are familiar with um certain applications those certain applications may end up on x1
so there's synergies massive synergies there and so the idea behind it is to
use both both these applications as tools to basically onboard
and i've seen that you're also having plans to build a landing platform is that right yes uh through xdx that is correct so that's on the road map so it will be just one big ecosystem that we are building like you know
perps and uh landing protocol and yes exactly why? Why wait for everybody else to do it when we can do it?
Don't wait.
No, no.
I'm happy with competition, but there's no sense in waiting around for somebody to wake up to the magnificent X1.
So let's get going now.
Let's get it built.
Let's get it set up.
And let's be the
the best fastest blockchain out there with the coolest ecosystem with the coolest ecosystem that's
that's number one right it's like uh you know these other chains launched and they don't really
have anything well we're launching with things and we're launching with very cool things
so we're gonna keep it rolling i like Yeah. You know, we need people with such energy,
such a willingness to work and create.
And that's awesome.
That's awesome.
Glad to be here.
The number one, when Ian, execute, what's going on?
Let me clear my throat.
Can you guys hear me?
Clear it again.
Yeah,
we got you.
All right.
Perfect.
All right.
So first question is,
my next one.
I think I already heard him say two more weeks.
Was that the answer?
It's always two weeks, man.
Okay, second question.
Are we going to need 52 weeks to shake out the weekends?
That turned into 174 weeks.
Is this a Richard Hart question?
I'm just trying to.
I mean, it's what he responded.
He said 52 weeks to shake out the weak hands.
That turned into four years.
So, wondering Jack's thoughts.
Do we need time to shake out the weak hands?
Do we have weak hands?
We don't have any weak hands.
you cannot be weak
You cannot be weak and be in the Zen ecosystem.
and be in the Zen ecosystem.
They got shaken out day one.
Oh, shit.
There we go.
It's true, though. Fuck.
Is Levin's law
still...
It's still a law, right?
It's not...
Like gravity.
There's no gravity in here. We're floating.
Gravity in the law?
Guys, I'm gonna get a power supply.
I'll be back.
Alright, so
Simple Waters. X1 goes live
in 30 minutes.
What are you doing?
What's your first transaction? What are you doing?
X1 goes live
in the next 30 minutes.
That's what we're playing here.
What am I doing?
I'm probably putting some, some art on chain, um, might be, uh, probably getting Zen artist,
um, uh, using some protocols he's building to, to put some stuff. I'd probably get some souls in,
um, play around with that. Cause you know, there is no second best, but that might be second best,
play around with that because you know there is no second best but that might be second best but
that's that's frog natural advice um i'm also probably going to be doing something with my
my xenium um you know i know uh jason's been working on getting that x and m um uh available
for x on xx and farming and things like that so i'll probably uh mix and match in all those different fields
um how about yourself i mean i'll probably have to uh i'll probably have to full port my position
from some of their ecosystem into that one now would that would that ecosystem be the the hex
uh pulse chain ecosystem no no no no no no i'm into financial domination now so i can't
leave pulse chain i i like getting fucked once a week when my portfolio loses a whole digit well
you're definitely you're definitely getting fucked more than once a week because you're holding
spaces daily i've seen them i've seen them so and i'm just you know i'm curious what so you're
going to full port uh another ecosystem but it's not Pulse or anything.
We're not going to get into which ecosystem.
So you're going to full port and then what?
And then?
And then?
And then?
And I don't know yet.
Probably make a meme coin and do some LP stuff.
On X decks, though, right?
I don't know any decks.
So whatever one that works, hopefully I can connect and it's not going to rug me.
Actually, you know what? Hopefully it does rug me.
Hopefully it does.
Well, you like that, man. You got rug burns on the knees.
But get familiar. The test nut is up, though, for X-Dex, so go peek that if you haven't.
And there's people farming and doing some different things over there for sure.
Nice. Nice.
Nice, nice.
But Matt...
Is that the pump fun of X1?
Yeah, it's actually the pump fun killer
is from what I've heard.
DGN is the token launcher.
Okay.
It's just called DGN token launcher?
Yeah, DGN FYI. i mean f yeah fyi yeah okay
nice all right maybe maybe you'll create some art and stuff too matt um i see that you are an artist
i i tend to be with the weirdos and the and the artists and stuff like that do you uh are you
launched do you have any stuff on any chains or what's happening with you yeah i've been i've been in a theory like just kind of like an eth maxi for
years now like since early days and then uh launched an nft project uh probably about
four months ago and we're we're close to 50 minted out of the 8008 so we're doing really well uh we
have like a really cool community um it's a photo i took of kanye west now known as ea and then i
did i drew pixel art for like three years and i made basically it's kind of like the death of
the death of celebrity pop culture mixed with brainwash
and stuff we see is like in our childhoods and stuff and uh yeah it's kind of like my take on
you know me being solidifying myself is kind of like the new Andy Warhol of web3 kind of vibe
that's cool that's what I've been working on that's cool yeah uh my uh my ex peewee hockey
coach um spent uh I think it was three weeks in a New York
hotel with a Miga, uh, computer doing, uh, artwork with Andy anyways. Uh, but anyways,
Matt, you, uh, you should definitely think about putting some of your stuff on X1. We'll,
we'll talk about in the back channels, but yeah, yeah, no, I, I like, like, that's,
what's making me super interested into this. Cause i like i i'm an irl artist so
i i sell and make a lot of art so um you know i i haven't really found the the like obviously
like i love ethan stuff but i i've been looking for new chains as well too especially since
everyone's really into solana you know and that's where all the money kind of moves and the speed of
it and everything and now that there's this community i don't know you know i i hardly ever
join new spaces and and this caught my eye and it's uh really fucking sick man i like i like
devs like i'm a dev myself so i just love people that are into computers and into tech and what you
guys are doing sounds really interesting i don't
quite fully understand it but i'm going to do a full deep dive today so i'm really excited about
all this it's fucking sick so matt you go to faircrypto.org you can see all the white papers
there so you get caught the speed and there's a bunch of telegrams you can join as well
yeah and don't don't hesitate to dm me directly like either here on x or you can do it through a group um i'd love to
you know answer your questions or anything about the x1 blockchain and why we think it's going to
be awesome and it's fair fair crypto.com.org.org okay i'm on it right now
uh execute and then RLC
we're trying to connect you
I don't know what's cooking
but hopefully you're coming in too
I'm finally connected
thank you
what's the bonding curve
for the ticker
which one?
just on the DGEN protocol
how much does it cost
to make a shit coin?
That would be a question for Jason.
It's modeled after pump.fun.
So $90,000?
No, no, no, no.
So on Solana's side, well, on Solana, you mean for it to graduate?
85 sol is currently where it's at, and then a lot less than that on X1.
A lot less than that on X1?
Yeah, yeah, yeah, yeah.
So it'll be probably, it just really depends, but it'll probably be,
it'll probably graduate at around 8,500 XMT.
So in terms of USD value, right?
So we don't know what that's going to be exactly yet but that's
kind of the idea 85 85 soul on solana and 8500 on um x1 and day one is supposed to be a dollar
a coin that's what we will be introducing it to Solana as. It doesn't actually mean that it will stay at a dollar.
It could be larger.
Are you familiar with Uniswap B3 and how you can set single-site liquidity?
Yeah, so what we're going to do is we're going to use Meteora liquidity pool
where we're going to be using this thing called Alpha Vault.
So what you do is you deposit, let's say that you deposit 50 million X and T, which is like
roughly 5% into the Meteora Alpha Vault. You then set the sale amount at the dollar
to a range of $2. So that's basically like a liquidity, single-side liquidity.
So what people can do then, there is this period,
and that's, by the way, AlphaVault is the token launcher on Meteora.
Not the meme coin necessarily, but that's how you can launch tokens.
the meme coin necessarily, but like, that's how you can launch tokens. So what people can do,
they can deposit their SOL or USDC into this protocol, and the price will move between
$1 and $2. If the demand is higher and the price moves above $2, the amount that people deposit
will be refunded proportionally. So in other words, it will not pump above $2.
And that's only for the initial release.
And so what happens is that we're kind of like saying,
if there is no demand, then it will always be $1.
If there is too much demand, it cannot go above $2.
If the demand is kind of in the middle,
the price will move to $1.50.
Now let's say that we hit the sweet spot
and the price is $1.50.
So 50 million tokens will be available to grab.
That's $75 million, basically.
Now people are holding the tokens. now what we're going to do
is we're going to keep the pool open so that it can buy back at the dollar essentially putting
a floor at the dollar like we will not uh just remove the pool it will always be there so there
will be money in the pool that will just buy back and keep it at the dollar which is actually
money in the pool that will just buy back and keep it at the dollar, which is actually
a good idea. It's kind of like price stabilization fund, so to speak. So if it pumps, it cannot pump
above two, but if it dumps, it can dump below one. So you're kind of like between this range.
And that's how we want to introduce it to Solana. And then afterwards, of course, it's going to be free-floating. It will go above $2 if there's demand,
but not during the initial pool setup.
And it can technically go below $1
if other people have allocation, right?
Yes, but majority of people's allocation will invest in
the year okay okay yeah i forgot about that yeah so so it's fairly safe to understand that there
is this sort of like a a limited way for the token to fall and you guys are allocating most of the
lp position in usdc or some type type of stable not sole right it will probably be
USDC yeah okay it just makes sense it makes sense to do it yeah and so that's that's the plan to do
this or like uh not the you know hype hyped launch but something that's reasonable something that's
like where people cannot technically get completely wrecked if they buy it at the wrong price,
right, so like they won.
So can you remind everyone what happens next?
I mean, if there is the mainnet launch
and after the TG and Solana or the contrary or what can you remind the steps
yeah yeah let's go through the steps so what will happen first is that our
solana foundation director will launch a bootstrap node so this node launches first
launch a bootstrap node.
So this node launches first,
and it's not yet a blockchain,
it's just a node that other nodes can connect into.
The next thing, the number two thing,
is that every validator will get a small airdrop.
Why is it needed?
Because we want the validators to be able to connect
to the bootstrap nodes so that the network can form.
And this airdrop could be like one or two XNG.
So once this happens,
validators then connect to this bootstrap node.
And now we have a working blockchain.
Now what happens next is the validators will receive
10 percent of their total testnet incentives right away.
So this 10 percent is going to be available on X1.
Then the 90 percent will vest for 365 days while they stay on mainnet and validating the blocks.
The way that we're setting up the tracking system is that if you're a validator on mainnet for six months and then you decide to disconnect or you join in late within the same year,
you get proportionally less unlocks than the person who stayed the validator for 12 months.
So if you're validating for six months,
you forfeit 50% of your reward for being on the testnet.
There will be another program that will invite validators
to come and join the network,
but that's the future, the future allocation. And so that covers the validator mainnet launch technicalities.
So at that point, we can basically say the network is up.
Now, we need to spend a little bit of time to run the mainnet
before we actually introduce the token to Solana.
Now, the reason why we need to do that is that the functional aspects, the utility aspects
of XNT must be available on X1.
Otherwise, this token just becomes a speculative security, which is technically illegal.
this token just becomes a speculative security,
which is technically illegal.
So there needs to be the time for the chain actually to function
and for people to be able to use XNT to join the network.
Once that is established and we're happy with the stability,
which may take, I don't know, could take a couple of weeks,
could take a month of weeks could take a month maybe less at that
point we will then launch this token on Solana now the token will already be tradable on X1 so
like all those validators that get their liquidity and like so on and so forth, they can trade that token on XDAX on X1.
The thing is though, XNT will not necessarily have any value at that point
because there isn't like any sort of measure against USDC on X1
because there will be no USDC on X1 from day one.
because there will be no USDC on X1 from day one.
And the DGEN platform and XDEX, when do they launch?
When the mainnet is already active?
Or, I mean, can people just use the bridge
to Solana and start bridging after the main launch?
That depends on several things. That depends on whether we can get layer zero up at the time
or if we're working with an exchange that actually can act as a bridge.
an exchange that actually can act as a bridge.
Meaning that they have
listed XMT and people can buy
XMT on the exchange
and then just transfer
that amount back and forth.
That is in case if we don't have
the layer
zero bridge working yet.
Exchange becomes a bridge.
And the exchange would only be able to get that from the, either the validators
that have sold or, uh, right.
That's probably the only way that the exchange would be able to get that.
Yeah.
Just, just like, just like when Zen launched, we had a bunch of exchanges
connect and they literally told people that holds in,
Hey, send it here. You can trade it.
So from your same thing, from your understanding, are there any, I mean,
we have no idea. Uh, I'd say obviously with the, you know,
the validators being anonymous,
do you think that there's any greasy, uh, exchanges that are,
that are participating right now?
I don't, I don't think, I mean, even if they, I don't think so.
But even if they do,
I don't see how it makes any difference.
Because they're not getting an outsized allocation,
like for example,
if they were participating.
So it's not like that they can somehow corner the market
with some sort of a trick.
Totally makes sense.
I have a question.
Yeah.
As far as the auctions,
I know you're thinking about doing the auctions between three months and a year.
Have you decided on the time and duration of the auction?
Or even can you talk about it?
If that's the Zen question,
we haven't spent any time
dealing with it
because our complete focus
is on just the main net launch.
Okay.
I will say though,
the timeline of the four-year lockup
for credit investors
with obviously the one-year cliff
and then the time of there being what
we're going to be three years so five years left i mean that's just interesting i probably no
correlation or anything like that but um just those times are interesting
yeah yeah it is interesting rlc i saw you come up can you can you hear us all right how you doing buddy
i i i can hear fine i really don't have any questions um it's just i've been here since
almost day one and it's just it's just exciting times um deegan and xdex, been involved in both of those since day one.
Xdex token hasn't actually launched yet.
Deegan launched, I can't even think now, a couple, three months ago or so, doing extremely well.
It's been fun watching Jason produce, and it was honestly very exciting yesterday to watch him get pulled into Jack's team.
to watch him get pulled into Jack's team.
And not that Diggin or X-Dex needed to get legitimized at all,
but oh my gosh, isn't it legitimate now?
And for me, it just made this launch pad.
I mean, we've all seen on Solana how many different launch.
I mean, there's a big daddy in the room, but there's been others that try and compete.
But, you know, this combination, this partnership, this acquisition kind of ensures that Deegan will be the big boy on the X1 blockchain launching tokens pretty much indefinitely.
And it's exciting.
So that's all.
Just a comment.
Go buy Deegan.
I have a question for Jason, but I see that he has some problems.
He's just reconnected.
He's up here.
Who is Deegan?
Degen, I think he's saying.
Can you hear me, Jason?
Degen, yeah, I'm here.
Sorry, I keep on losing my connection.
Connection, okay.
Was there a question?
Jason, what's it's DJ apart from other token launchers on Solana?
Well, let's see.
Where do I start?
So, you have, first of have it you have the skulls that's this
the nft that is a multiplier and that gets you access to certain things within the launch pad
and then you have things like the feed which um we've got the mvp done right so it's like
in my eyes it's similar to telegram but built into your launch pad. So you can, as a creator, create groups, uh, as a user, you can join.
I think the star link, um, lost connection there.
Jason, my Starlink works great
I'm on Starlink right now
What's the password?
XYZ123
Elon Ma
Hey, we're back
Elon and Trump are shaking hands
so we're back
It's crazy that
for that to happen somebody had to get murdered but uh so it is what
it is the password is argon2id hashed so yeah augmented knows his stuff
so augment what do you think about a super block from your perspective what's a super block to you
it's just like this like a vast amount of potential right like there is just all this
openness there is a little bit of i guess focus and constraint that's kind of the initial inertia of the whole thing
But yeah, it's like this huge
unexplored open potential
Hey Jack, could you tell us anything about the purpose and the plans for Zen blocks?
The purpose and the plans for them blocks
zen blocks are mining xnm xnm will be a token on x1 which you can either hold
because you worked very hard on it and uh mine it through the approval work.
Or you should be able to stake it
for future rewards of X and T.
So the super block, so in terms of the validators and stuff,
does the validation come from staking?
Or are we like valid,
because you were mentioning nodes and stuff.
Are you going to have physical nodes?
Or are you running this through a site?
How does one become a validator?
Okay.
The way that one becomes a validator,
first of all, you should join the validator group
because we have an FAQ in there and all that.
That's probably the best thing to start with.
But just to briefly explain,
what you do is you get a cloud server,
which you pay $150 a month for,
so that server comes up.
And then you follow the guide
to deploy the validator program,
essentially, or validator node.
You can start it up and connect to the network.
It will generate a specific ID for yourself.
And you can then request someone's XNT from the Testnet community.
They'll give it to you.
You can self-stake it, or you can ask people to delegate stakes to your node.
And then you watch your node show up on x1val.online.
It's a website that shows all of the validators.
And so that's how you become a validator.
We have a lot of people there.
There's about 400 validators currently running.
And there are some tools.
So there's this dude, his name is Blackbeard.
He came up with this sort of like a validator, easy bring up program where you just like hit a couple of menus and it sets everything
up for you automatically. So it's, you don't even have to know that much. Yeah, I mean like $150,
you become a validator and start validating the blockchain, become the part of X1's network.
Matt, I DM'd you the Blackbeard thing he was talking about.
Thank you. Appreciate you guys. That's fire.
Are you running validators anywhere else?
No, I've done a few in the past.
Different formats.
I've done certain things in the past, um, different formats. Like I've done certain things like
being a part of, you know, letting, letting them, ah, what was the latest one I did? I,
one was a pretty cool idea where they basically, uh, you had to leave your browser open and they
would borrow, you know, certain parts of your, I know it's a different format than what you guys are doing but they would borrow like i guess wi-fi from your wi-fi and then use your wi-fi to build
and mint stuff it was pretty cool like i actually made a pretty decent amount of money off of it
but that's interesting yeah um but yeah no i like this idea it It's cool. Sick. Yeah, yeah. I mean, like, if you, like, imagine it's five years ago,
and Solana is about to launch, and you can be a validator.
This is kind of like what we have with X1.
So X1 is the largest Solana fork.
Nobody has seen it as an operation on the mainnet in the world yet.
So the world is basically not yet aware that we exist.
Our community is very large and we're certainly
aware, but there's a lot of people
out there that don't even think
that anything like this is coming up.
So this is like Solana 2.0.
Obviously, kudos
to Solanageist developing this
amazing infrastructure
that
we're currently using
as an open source project.
We did make changes to it.
We made it better, faster.
It crashes less.
It has different economics.
But it is just as powerful as Salon.
And you can be a part of it from day one.
Amazing.
And then just one last question.
So when I'm doing this, do I need to connect a wallet of some sort or how am I connecting?
and you can generate the wallet on the command line.
So that's how you make a wallet first.
And because it's testnet,
like there's no money to be lost on the testnet
because all of it is free.
And so there you just generate yourself a wallet,
you request an airdrop,
maybe somebody give you some tokens,
and you just run it like that.
Alternatively, you could install a backpack wallet,
which you can get from the Apple Store,
or if you're using Android, you can get it from a Play Store.
That wallet will install, and then you connect that wallet
to the testnet as well, and then you can just play
with the browser wallet to see how it works.
Obviously, we encourage people to use hardware wallets.
If you have a hardware wallet
backpack is also compatible with it okay great sounds good i'll probably have some more questions
when i'm actually joining it which i'm going to do but yeah yeah simple if you if you could put
could put the link or dm the link to the telegram let's just have matt join and
we can go from there cool yeah i'll send that over
this guy is so lucky to happen in this space on this day and you know when we are about to launch that's what i was i was messing i'm like
dude you i don't know what you got a horseshoe or what matt but you you got lucky in here i don't
know how you how you found this i'm uh i guess you could say uh a browser of sorts
no i like to i like to always keep my mind open i think uh crypt that's what crypto is about you
know i think uh a lot of people get stuck in their um how do you say it kind of uh
you know ecosystems or whatever communities or whatever and they
echo chamber there you go yeah yeah so there's an ecosystem have echo chambers echo chamber there you go yeah yeah so there's an ecosystem ecosystems have echo chambers echo
chamber that's the word they get stuck in these echo chambers and they and they fail to you know
constantly explore you know i think this is like you know back like it's funny i love i love the
logo of the ship that you sent me of that of that post simple because uh the ship it reminds me of that, of that post simple. Cause, uh, the ship, it reminds me of like exploring new
land. You know, I just got back from a trip. I was on a 15 day trip exploring the Southwest of
America. I was camping and, uh, you know, that's, that's kind of like some of the stuff I do IRL
just exploring, you know, so I try to, you know, put those same principles in the crypto world as
well. I try to explore as much as possible. So, um, you can, I think luck is, is through hard
work, you know? So, um, I put in a lot of work in crypto and I, I, uh, I appreciate you guys.
I think you guys are cool, smart, uh, and I'm always down to you know whether it's guaranteed or gambling you know all
this to me is just gambling so guys you know like the hosts are saying not financial advice but if
you have some money laying over this sounds like a pretty cool thing you know yeah definitely and
yeah you'll you'll fit in just nice um i did um jack uh we have john smith not financial advice
and i also welcomed up bottom cat also known as
top cat guys velvet capital take it easy take it easy top cat you just got your leash off and
you're gonna come up here real hot okay take it easy buddy we got john smith not financial advice
with his hand up patiently waiting and then we'll go to you to bottom cat go ahead john
velvet capital on binance chain velvet Velvet capital. Check it. Check it. Check it.
I think you have the wrong number.
Is this
a shill space now?
We have bottom cat here. Of course it is.
Bottom cat.
I see.
The next alpha, Aster.
Aster on
Binance Chain also.
Okay, yeah.
That way, that way.
Anyways, John Smith, go ahead.
I vote my fifth of my right.
I vote my fifth of my right.
Mr. Jack Levin, X1.
I can't believe it's right around the corner.
Hearing great news.
Do we have an exact date on when we're going to see X1 launch as mainnet?
By any chance? Two weeks.
It exists in the quantum realm of possibility.
Therefore, it's just outside
of our reality.
not enough answer for me
Not enough answer for me.
all right guys i'll take a few more questions and then i have a mattress delivery that i have to
take was it tempurpedic what are we dealing with here it is tempurpedic i'm gonna uh temper
i don't know how to probably to say you get the purple did you get the
purple mattress yeah I was just about to say that it's dude I don't know what
color it is actually to be honest it's a brain oh good so good but it does have
remotes and it can lift your body in very strategic places to make yourself feel better.
Oh, baby.
Yeah.
And can't wait for it to arrive because my mattress is really just, you know, falling apart right now.
I figured before we launch X1, I need to have a good mattress.
If you haven't checked out Purple, this isn't a shill.
Yeah.
Sounds like a shill, Matt.
Sounds like a shill.
But you should definitely check out fucking Purple mattresses.
I second that.
I second that.
It costs you a little more money, but it's extremely comfortable.
Man, you sleep on it.
Like sleeping on a wet cloud that's dry.
Dude, I'm going to have to get the second mattress then just to try.
It's like sleeping on a wet cloud that's dry.
Seriously.
Wet cloud.
You still pee the bed?
Wait, never mind.
A little bit.
Yeah, you're not cool unless you pee your pants.
I pee my pants in bed.
Anyways, I did see Buddy said come up.
What's up, Buddy?
How are you doing?
How's 40 blocks?
What's cooking?
Everything's good.
Just come up to show, you know, give some support to the team.
You know, congratulations, Jason.
Well played, Jack.
You know, shout out to Simples and everyone, the OGs in the space,
as well as the newcomers.
Just wanted to show some support.
No real questions, really.
Just showing some love.
Thanks, buddy. Good to hear from you again.
Where's that video of you fixing your truck? Like, I'm still waiting on that.
Oh, so I just decided that priority should be X1.
Therefore, I just sent the truck to the shop and they did fix it.
I'll post a picture that the roof looks amazing now.
Nice.
These guys priorities and check it sounds like two weeks guys.
The, what's your prediction? How many validators we will reach at launch?
Sorry, I misunderstood, can you repeat? How many validators on the network
will you have when we launch the mainnet?
What's your prediction, what's your bet?
My prediction, I think maybe 100, maybe 150.
What, we already have 400.
Yeah, but... I mean, what you said at launch?
You didn't say two weeks from launch.
Like, in a month, we could be at 400.
I mean, who knows?
But anyway, so...
We're going to start it slow.
We're going to choose or invite the best validators to join first.
It's not going to be like, you know, jump in right away and everybody connected.
Which is definitely like when I like censor anybody, anybody can join.
But we will ask people to work with us to get the mainnet working well first, just so that we have the tools set up.
Like, we don't actually worry about stability.
More like it's an organizational thing.
Like, I want to make sure that before we open this, like, or announce this whole thing to the world, we're like, okay, let's make sure we have all of the supporting elements functioning flawlessly.
let's make sure we have all of the supporting elements functioning flawlessly,
like the explorers and the wallet and everything's functional,
so that we don't end up looking like we're incapable of having a product
or a network that's actually working well.
Will it have a block explorer where I can see the coins in my wallet?
Yes.
Generally, that's kind of
what the blockchains should have.
What about Polstrain, though?
Will it take you two years
to show me the coins in my wallet?
Polstrain doesn't need an explorer.
They have Richard. years to show me the coin in my wallet. Pulsechain doesn't need an explorer. That's true.
They have Richard.
Richard is kind of like an explorer.
This is so true.
I mean, and also I heard that they're selling those
like pads of a sort
that you can, like children's...
Yeah, the tablet, the market cap of those tablets actually flipped a hundred X,
the whole Pulse chain network.
it did.
Great.
I mean,
so Richard is back to his good old days where he was selling things.
Yep.
Tablet,
Amazon,
Alibaba express,
Richard Hart. Well, that's great. That's great. It's awesome. Ilet, Amazon, Alibaba Express, Richard Hart.
Well, that's great. That's great. It's awesome.
I mean, like, kudos to an innovating, you know, selling of tablets.
Jack, do you see any other partnerships happening?
Maybe you can give us a sample on that maybe you see in the forefront.
Because I know you said there's more partnerships that are going to need to happen for X1.
Obviously, the X to X1 is huge.
Is there any more on the forefront?
Well, I mean, certainly we want all of the Solana wallets
to add X1.
Because even if we develop our own wallets,
the majority of the users are aware
of those other wallets like Phantom and Backpack and SoulFlare and so on and so forth.
So we're going to be working with those guys to get us up there first.
And then secondly, obviously we'll want other things done like a bridge.
So Layer Zero comes to mind, Hyperliquid uses them they're pretty happy i think
we'll be happy with layer zero too and then obviously we'll we want to work with some
some exchanges to enable the transfer of assets back and forth between the chains so that's kind
of like the order of importance to me.
Yeah, and so I have to run,
but in conclusion, I want to say this,
is that I feel like with Xdex and DGEN and JSON,
we now have a lot more value to the chain because, you know, first of all,
we had a very, very good fundraise with the community.
So we raised like a little bit over $3 million,
which is amazing.
I know a lot of people say that it's not a lot of money,
but like my answer is we actually don't need a lot of money
because a lot of things that we do
already been developed by Solana.
The only thing that we're working on
is just the creative approach
to elements of the functional economy within the chain. And that's the most
important thing. And of course, the other thing is community building. I don't believe in spending
money to create communities. I don't think it works like that. I think community creation should
be an organic process, and it takes time, and it takes effort, and it takes time and it takes effort and it takes genuine engagement
which i believe we do have so that is why like this three million dollars we raised is actually
a good amount of dollars just like to launch the chain and to potentially to grow
the application layer team with jason as well as like rest of the X1 labs, and do various other things.
We have decided to keep the fundraising round still open because we have a lot of people that DM me yesterday saying,
hey, can I actually up my stake in X1? So for those people who don't know,
you can participate in the round in three different ways. If you're offshore, you can just
join our Telegram group, the fundraising Telegram group, and I can send you the documents to take
a look at. If you're onshore, you need to be an accredited investor. However, you can still go to WeFounder route.
There's a link available in the same Telegram group.
WeFounder can take, I think currently the minimum is $1,000.
You don't need to be accredited.
You can just work with that platform, which is basically a crowdfunding platform.
The current capitalization or market cap locked at $300 million.
And I believe we have allocated just slightly under 2% to the community investors that's been coming through.
in investing in the chain legally prior to mainnet launch at 300 million the
round is still open and you can get more information in our Telegram group one
last question Jack who would be the your like the the best youtuber you could make an interview with if you had you know hi
yeah I feel like Joe Rogan and I could get along really well what a block what about next freedom don't tell me you're bald sir I I am bald right now
but gang let's go yeah but not as bold as him I'm not shiny not yet baby wait
what I mean I I mean I I need to get like special tools and the head polish or something to make myself shiny.
Or maybe I need to, I mean, like maybe I need to join like in UFC gym.
I can probably show for you.
I mean, that's something I'm willing to do, you know.
All right.
All right.
I'll be right over.
Here's my question. How often? new york when i'm back to new york um after mainnet launch bet
how often do you do the red lamp therapy therapy Red lamp therapy.
Not as often as I should.
But I do have this red light helmet that you can put in your head.
It improves the circulation around your skull so that you can think better.
And your hair grows thicker. I thought you were going to say
so your hair grows back.
I need one of those.
You know what?
It's two things.
It's a hybrid.
You know what?
I heard that it works best
with methylene blue.
If you do methylene blue
and you do the electroly lights there a therapy then
the effect is like
20 times higher I
See I'll definitely should do my research I did I did see that
JFK jr. Is you know
drinking Methyl and blue
Tylenol is a big thing so we all know that
It's that's why he It became a thing, looks like.
Wait a second, before I go.
Wasn't there supposed to be some sort of Trump announcement today
about something special?
He was going to say that Elizabeth Warren is Satoshi or something.
I forget.
Did that happen?
Announcement just came out that he's telling,
I don't know if this sounds like fucking Kool-Aid
he wants to
invade Russia
apparently
wait where did you see this
it just popped up
it's me
yeah
there was
an announcement about a
pro-Bitcoin, pro-crypto
guy running for governor in California.
Well, the thing is about in California
is if you don't
move your Bitcoin from an exchange
in three years, I think there's a law where they can
take your Bitcoin or some shit.
Yeah.
Wait, what?
I never heard about this.
Yeah, that happened maybe three weeks ago.
Yeah.
Not your keys, not your coins.
Anyways, Jack, let us know
how that mattress is.
What Bitcoin?
So what was the announcement?
No one knows.
Well, it was supposed to be like a blockchain-related or crypto-related announcement,
but it doesn't seem to be.
Yo, Jake, I have one more question, please.
Yeah.
How many pull-ups can you do now?
you do now?
Come on,
man. You are training
two years. You put some stuff
online.
13 is good.
Wait a second.
How many can you do?
Yo, bro.
Did you hear what
Andrew Tate said today?
Your voice is like a pussy, man.
You are from Russia, man. your voice have to be not like soft like this yeah so i actually have this uh i have this 16
pound uh vest that uh i put on myself when i do pull-ups which is pretty great
oh also the brain's a muscle so you know jack know, Jack's, you know, all his muscles in his head, you know?
Yeah, it's growing, getting bigger by the minutes, obviously.
All right, guys.
Thank you for the spaces.
It was awesome, as usual.
Thanks, Jason, for pulling up.
And thanks for all the questions.
Matt, very good to meet you.
I hope I'll see you in the Telegram group uh owl good seeing you good talking to you uh skull
guys uh it was good to see you and there was like some pulse against hexicans good to see you guys
as well um keep your keep your acts open uh at any moment there might be an announcement that uh
with the news about x1 i mean like who knows, there might be an announcement that with the news about X1, I mean, like, who knows?
Certainly there was a really good announcement yesterday and that I'm very stoked about.
I think we are literally creating more value in this project even before this project is off the ground.
But we all knew that. I mean, like, obviously the Validator community and Xenoblox community and Xenian community, we're all about value, we're about education, we're about making a difference.
And ability to make a difference comes from the studies and research in the blockchain space that
we have done over the last three years. I think we are on the upward trajectory right now, and we're close to getting this thing off the ground on mainnet.
So I think this next chapter in our existence is going to be very exciting.
So I hope you guys continue to join us for
spaces and participate as validators and kick the tires of all of the apps that we're developing.
And, you know, glad to see you all here.
And I think we're going to make a huge impact
in the blockchain world.
So thank you, guys.
And shout out to Joe blau and his new project they just launched yesterday block swap check it out it looks cool it is svm based it also uses this thing called magic block
works pretty cool uh hit him up on his uh on his x profile joe blau or
blocks block swap all right guys'm going to rug the space.
Talk to you all soon.
Bye.
And I'm going to rug this restream. Thank you.
