X10, a hybrid perpetuals crypto exchange developed by former Revolut employees, has officially launched its mainnet, marking a significant milestone in its mission to provide an unparalleled trading experience with self-custody and transparency. The launch comes with ambitious goals and innovative features that could potentially reshape the crypto trading landscape.
One of the most noteworthy developments is X10’s plan to create an intuitive trading mini-app for Telegram. This app will allow users to trade seamlessly within the messaging platform, offering access to all markets available on the X10 exchange. With Telegram’s user base projected to reach 1 billion by the end of the year, this integration could dramatically increase accessibility to crypto trading for millions of new users in 2024.
To enhance liquidity, X10 is taking a novel approach to market maker relationships. Instead of engaging in exclusive deals, the exchange is introducing a transparent and fair market maker program open to all participants. This program includes a live-updated leaderboard displaying market maker rankings, fostering healthy competition and potentially improving trading conditions for all users.
X10 is also focusing on improving the on/off-ramping process, which is crucial for onboarding new users on-chain. By collaborating with global fintech players, X10 aims to streamline the process of moving funds in and out of the crypto ecosystem, potentially lowering barriers to entry for new traders.
The exchange is further expanding its reach through the development of an affiliate program inspired by successful centralized finance (CeFi) models. This program will feature a multi-level referral system and a dedicated platform with advanced analytics for affiliates, potentially accelerating user acquisition and engagement.
What sets X10 apart is its unique hybrid and settlement architecture, which combines elements of both CeFi and decentralized finance (DeFi). This innovative approach allows X10 to offer the user experience and execution speed typically associated with CeFi platforms, while maintaining the transparency and security benefits of DeFi through self-custody, on-chain trade settlement, and validations of trading logic.
The performance capabilities of X10 are particularly impressive, with the ability to process tens of thousands of orders per second at latencies under 10 milliseconds, all while remaining fully trustless. This significantly outpaces existing hybrid exchanges and could set a new standard for performance in the industry.
X10’s mainnet launch follows a successful testnet phase that began in early May, during which over 290,000 trades were executed. The testnet period allowed for extensive bug testing and feature refinement based on user feedback, contributing to the robustness of the final product.
Initially, access to the mainnet will be invite-only, with active testnet users granted early access and the ability to share referral codes. This phased approach allows X10 to manage growth and ensure system stability as it scales.
Ruslan Fakhrutdinov, CEO and Founder of X10, emphasized the significance of the mainnet launch, stating, ‘The launch of our mainnet represents a pivotal moment in our mission to deliver the ultimate on-chain trading experience.’ He also highlighted the importance of the upcoming Telegram trading app in catering to both experienced traders and newcomers to the crypto space.
As the crypto industry continues to evolve, X10’s innovative approach to combining CeFi and DeFi elements, along with its focus on accessibility and performance, positions it as a potentially disruptive force in the market. The success of its mainnet and the forthcoming Telegram mini-app could have far-reaching implications for how traders interact with crypto markets and how new users are onboarded into the ecosystem.
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