X10

dYdX v3 Product Sunset

As you may know, dYdX recently announced the wind-down of v3. Their journey as the first truly trustless perpetual DEX has been a major inspiration for us at X10. We have adopted similar strong safety principles by leveraging StarkEx instance, while focusing on enhancing UI/UX and performance through a unique settlement architecture that decouples order processing from settlement, delivering unmatched throughput and latency (<20ms).

While we wish the dYdX foundation and community success with v4, we're saddened by the full closure of v3 — and it seems many v3 users share this sentiment. Despite the launch of dYdX v4 six months ago, as of October 10, 2024 — just 2.5 weeks before v3's closure — there is still $140M in TVL locked on v3, compared to $166M on v4. When v4 launched, v3's TVL didn't plummet, which is a testament to the v3 product's value. Users genuinely appreciate dYdX v3, particularly its architecture and reliability with trustless off-chain matching and on-chain settlement, rolled up into Ethereum L1.

The other major implication of the v3 shutdown is that users will need to completely rebuild their trading algorithms, as the v3 API is not compatible with v4.

For these reasons, we believe that v3 users' needs are no longer being met. At X10, also built on StarkEx, we are excited to welcome you! We offer the same familiar architecture with enhanced performance, full compatibility for your v3 algorithms, and exclusive benefits. We're confident that if you enjoyed trading on dYdX v3, you'll love X10 even more!

What we offer

0% fees

X10 is currently in Closed Mainnet with limited access, and we've added each qualifying wallet to the allowlist. Who qualifies? On October 8, we took a snapshot of L1 addresses active on dYdX v3 over the past six months. These wallets are now on our allowlist for X10 Closed Mainnet, with 0% fees during this period and access to maker and taker rewards programs.

If you don't qualify, you can still gain access by obtaining a referral code. To request one, join our #cm-invites channel on Discord. Please note, each referral code can only be used once.

Same API for integration

In one week, we're launching an API that will allow dYdX v3 users to seamlessly transition to X10. This API mirrors the dYdX v3 one, ensuring that all your finely-tuned algorithms for v3 remain intact and can be deployed on X10 with just a simple URL change.

If you are looking to use the dYdX SDK, please contact us at makers@x10.exchange or open a ticket on Discord.

Makers Program

Every week, we distribute a pool of USDC rewards to market makers based on their Quality Score (Q score). There are no institutional barriers — anyone can participate. We don't cut special deals or pay retainers; our goal is to create a level playing field for all.

It's been 9 weeks since we launched the Market Makers Program, and we've already paid out 62,500 USDC in rewards! Last week, the ratio hit $695 in volume per $1 in rewards, offering a 14 bps opportunity for market makers. Additionally, market makers contributing at least 0.1% of the total volume earn extra rebates. Learn more and see how to apply here.

Takers Program

During the Closed Mainnet Phase, users can generate their own invite codes by reaching trading volume milestones. Referrals made through these codes are tracked, and every week, we distribute up to 0.05% USDC rewards to takers, based on their individual trading volume and the volume generated by their referrals. With 0% fees for dYdX v3 users, takers have an excellent opportunity to boost their earnings through these additional rewards. Learn more about the program here.

Same security model

Similarly to dYdX v3, X10 employs StarkEx to ensure the trustless nature of the product and on-chain settlement, rolled up into Ethereum L1.

About X10

We are an ex-Revolut team with hands-on experience in launching fintech products for millions of retail users. Additionally, our team has extensive expertise in building highly performant trading infrastructure for top-tier TradFi companies and CeFi exchanges. This year X10 has raised $6.5M from VCs, Starkware and angels including Revolut executives and a founding member of Lido DAO.

X10 has an ambition to become a full-fledged self-custody exchange that matches the product portfolio and trading experience of best-in-class centralized exchanges, while enforcing self-custody, on-chain trade settlement, and complete transparency.

What sets us apart from other perpetual exchanges is our best-in-class performance. How do we achieve this? X10 uses a hybrid model with off-chain matching and on-chain settlement. Unlike other hybrid exchanges, including dYdX v3, we've decoupled order processing and matching from settlement. This allows us to maintain end-to-end latency (from REST API call to WebSocket response) under 20ms, while handling tens of thousands of transactions per second.

Despite the off-chain order processing, our platform remains fully trustless. This means users don't need to trust us, the operators, because:

All user funds are locked in the L1 smart contract.
All transactions involving fund movement (including withdrawals and trades) require a user's signature.
When placing an order, users sign with their worst acceptable execution price using their Stark key, ensuring we can't execute a trade at a worse price.
Stark keys are generated locally in browsers, and we don't have access to these keys.
On-chain validation of the trading logic prevents invalid or fraudulent transactions, such as improper liquidations.
We use independent oracle providers for both Mark and Index Prices.

X10 Roadmap

In November, we plan to launch the Open Mainnet with the following new features:

Cross-chain deposits and withdrawals
Order editing and an improved TPSL flow (set triggers based on ROI or PnL)
Portfolio tab with detailed performance stats
New taker and maker rewards programs
Referral and affiliate programs
Comparison of funding rates on X10 versus major CEXs and DEXs

After the Open Mainnet, we will add:

TWAP and scaled orders
Ability to see and manage open orders and positions on charts
Real-time exchange stats
On- and off-ramp rails

Once these updates are finalized, we'll shift our focus to introducing unified margin with spot, perpetuals, and an integrated lending market. We are collaborating closely with StarkWare on this major update, and more details will follow soon.

0% fees for dYdX v3 users