X10 Vision

What is X10?

X10 is a self-custody exchange that aims to provide a 10x better experience for every trader while adhering to the principles of self-custody and transparency. We start our journey with an MVP featuring perpetuals, the most popular trading product in crypto.

Why do we believe there is an opportunity?

Despite the many benefits DeFi offers, the market still prefers to trade on CeFi. Looking solely at trading volumes of perpetuals, the volume in CeFi exceeds by up to x40 the volumes in DeFi. Why so?

There are five crucial aspects that matter to both retail and advanced users and currently neither CeFi nor DeFi players provide all of them simultaneously. To put it shortly, while CeFi boasts great user experience, it lacks transparency. On the other hand, DeFi ensures self-custody and transparency but falls short in delivering a user-friendly experience comparable to CeFi.

Despite attempts by other DeFi exchanges to bridge this gap and provide a Web2-like experience within the realm of Web3, they have yet to fully meet user expectations. This creates a distinct niche for a Web3 player to emerge, combining the best of both worlds. X10's mission is to become this player.

How is X10 different from competition?

Safety and transparency

X10 adheres to three main principles aimed at establishing robust security and transparency:

• Self-Custody: When users deposit assets with X10, they maintain full custody and control over their funds. X10 does not have access to these funds, ensuring users have complete control.
• On-Chain Settlement and Validations: X10 settles each trade on the blockchain, with on-chain validations of trading logic embedded in smart contracts. This ensures that fraudulent or incorrect transactions contrary to the on-chain trading logic are never permitted. For instance, In the event of liquidation, the on-chain trading logic mandates that a position is liquidated if equity falls below the maintenance margin. If this condition is not met, X10 cannot liquidate the position.
• Independent Oracle Price Providers: X10 relies on mark prices obtained from an independent oracle provider. This approach prevents potential price manipulation and guarantees an equitable and accurate reflection of asset values within our ecosystem.

Enhanced trading experience and performance

X10 achieves remarkable performance, encompassing throughput, end-to-end latency, and trade settlement. It is on par with centralized exchanges and significantly superior to that of any hybrid exchange or DEX. This is made possible by the unique trading and settlement architecture of X10, which readers can learn more about in the blog X10 Architecture.

In addition to superior performance, X10 aims to provide a trading experience that mirrors the full functionality of centralized exchanges, catering to the needs of both beginners and professionals alike. This includes but is not limited to

• Allowing users to create up to 10 trading sub-accounts with independent margins through a single wallet, enabling execution of multiple trading strategies simultaneously.
• Adopting a partial liquidation logic to avoid full liquidation of users' positions whenever possible, thereby minimizing potential losses and protecting their margins.
• Supporting a wide range of order types including standard market and limit orders, as well as TP/SL and conditional orders. Additionally, advanced order settings such as post only, reduce only, and time-in-force conditions are available.

For API traders, X10 provides a professional-grade SDK.

Premier UX

X10 is designed to provide CeFi-like experiences within the realm of DeFi. The trading interface integrates elements from leading centralized exchanges that are often lacking in existing decentralized exchange interfaces. These features include:

• Full layout customization of the trading screen - create your own trading terminal with X10.
• Advanced market analytics, including order book depth charts, funding rate and open interest histories, among other features.
• Extensive portfolio analytics that allow users to review and analyze trading performance across all trading sub-accounts in one place.

As part of our strategic approach, X10 aims to attract retail users from CeFi by offering a user experience similar to traditional web platforms. This includes:

• Streamlined and secure creation of MPC wallets with a single click on the platform, using familiar login methods such as Gmail, social accounts, or a phone number.
• Premier options for on- and off-ramping, provided through trusted global partners, such as Banxa, enabling easy access via card payments and local bank transfers.
• Trading convenience on the go with our upcoming mobile app and Telegram bot.

Low Fees, Rebates

The fees and rebates on X10 will be comparable to those of the most competitive centralized exchanges.

Roadmap

X10 is launching MVP this spring. At launch, users will be able to trade perpetual contracts across 30+ markets with USDC as collateral and up to 50x leverage.

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. Our MVP will feature perpetual contracts but we target to cover all the following features in the post MVP:

• Inverse perpetuals;
• Spot trading;
• Cross-collateral unified margin;
• Money markets and vaults.

X10 Team

We are an Ex-Revolut team with expertise in designing and developing high-quality products for millions of retail users, as well as navigating complex regulatory landscapes. Our engineering team has a wealth of experience in building highly performant trading infrastructure in traditional finance and centralized cryptocurrency exchanges.

Join our community

Stay informed with the latest X10 updates. Follow us on Twitter and Telegram so you don’t miss out. Feel free to discuss anything with us on Discord.