London, UK, Aug. 05, 2024 (GLOBE NEWSWIRE) -- X10, a hybrid perpetuals crypto exchange developed by former Revolut employees, announces its launch on the Mainnet today. It’s a step towards the company’s mission to provide an unparalleled trading experience while ensuring self-custody and transparency to the broadest crypto audience.
X10 Mainnet outlines four ambitious goals in its roadmap going forward. On Mainnet, X10 will offer exceptional trading capabilities, fostering direct adoption by the widest crypto audience and enhancing liquidity:
- X10 is developing an intuitive trading mini-app for Telegram, offering seamless trading directly within the messaging app. The mini-app will include all the markets available at the X10 exchange. All the orders and trades within the app will be handled via X10’s order book. With the Telegram ecosystem aiming to reach 1 billion users by the end of the year, this app will provide streamlined access to crypto trading for all those millions of users entering the market in 2024.
- To improve liquidity, X10 elevates relationships with market makers. Rather than engaging in side deals with selected market makers, which creates information asymmetry and worsens conditions for traders, X10 offers a transparent and fair market maker program open to all. All participants can compete for a share of the rewards pool, with market maker rankings displayed on a leaderboard that updates live.
- X10 will be working with global fintech players to provide unparalleled on/off-ramping solutions, which are crucial for onboarding new users on-chain.
- X10 is expanding its go-to-market strategy by building an affiliate program inspired by successful CeFi models. The program will feature a multi-level referral program and a separate platform with advanced analytics for affiliates.
Apart from the stated product roadmap, X10 stands out with its unique hybrid and settlement architecture, which combines the best of both CeFi and DeFi worlds. It offers a CeFi-like user experience and execution speed, while providing transparency and safety through self-custody, on-chain trade settlement, and validations of the trading logic.
As a result, X10 can process tens of thousands of orders per second with latency under 10 ms while remaining fully trustless, significantly outperforming all existing hybrid exchanges. To battle-test its unique architecture and refine the product based on user feedback, X10’s testnet went live in early May, resulting in over 290,000 trades within three months. During this phase, users actively participated in bug reporting and feature requests. The promising performance of X10’s hybrid architecture during the testnet phase led to its transition to the mainnet.
In the beginning, access to the mainnet will be invite-only. X10 will permit all users who were active during the testnet phase for its closed mainnet, and these users will be able to earn and share up to seven referral codes. Additionally, invite codes can also be obtained through project partners distributing codes on X or X10’s Discord server.
“The launch of our mainnet represents a pivotal moment in our mission to deliver the ultimate on-chain trading experience," said Ruslan Fakhrutdinov, CEO and Founder of X10. "Our next focus, among other things, is developing the Telegram trading app, which will cater not only to seasoned crypto traders but also to newcomers embarking on their trading journey."
About
X10 was founded by Revolut's former Head of Crypto Operations and other senior members of the Revolut team, including the former Tech Lead of the recently launched Revolut X. From day one, X10 has aimed to bring the CeFi trading experience to DeFi by prioritizing traders' needs.
For more information, please visit https://x10.exchange/
