Jucoin Labs: Hello everyone, welcome to our JucoinLabs AMA session today. Today we have specially invited the 100X Official project team to have an in-depth communication, and explore with us their project vision, including innovation and how to stand out in the current Web3 ecosystem.

Let's dive right into the topic. First, I hope our 100X Official speaker can give a simple basic introduction to the project, so that our audience can better understand what you are currently doing, what is the core idea, and what is the vision? What kind of drive has led you to build this project?

100X Official: Good afternoon everyone. We 100X Official have been working on this project for nearly two years. We mainly designed it to address the pain points of the current bull market in the crypto market. We all know that in the past 10 years or so, in each bull market, many users may have made a lot of wealth on paper, but the final result is often not good. Why? Because people may have used leverage here, right? And then it led to liquidation. The 100x platform is focused on the fact that in the future you can also play 100x leverage on our platform, but we will not do the liquidation action.

100X Official: But how to achieve this? It's simple, the platform will lend you funds based on your contribution value to the platform, and you can use that to buy spot. If you don't lose the platform's funds, you can trade freely. When you lose the funds lent by the platform, the platform will temporarily freeze your selling permission. This is the principle of floating loss. So, why do we need such a product in this bull market? We all know that in the previous bull markets, coins like Ethereum and many other coins could easily surge dozens or even hundreds of times, right? But in this round, if we look at the trends of the past one or two years, in fact, except for BTC and a few US coins, the performance of most coins has not been very good.

100X Official: So if you want to earn a good return in this round, you have to use leverage, right? But if you use leverage elsewhere, you will be liquidated, right? The final result is not good either. So we launched the 100X platform, allowing you to leverage long on Bitcoin or other mainstream coins, while not adopting the liquidation approach. In this way, everyone can get the bigger results they want in the bull market. Thank you, host.

Jucoin Labs: Okay, thank you very much for mentioning the 100x office service, I believe many people are quite interested in it. In fact, we also want to understand how you manage to do what you just mentioned. In terms of technical architecture, are there any innovative points to ensure that it can be 100% delivered in the process of serving users? And what is the current competitive strength of 100x in the market?

100X Official: That's right, for our initial version, we developed it on Ethereum, and the code is also on Ethereum, and we have open sourced it. The main technical solution is actually relatively simple. In terms of logic, it will be based on the deposits of the users you invite, and half of the funds of the deposits can be used by you. For example, for the users you directly refer, about 50% or half of the funds can be used by you. The second and third levels of users may have a slightly lower proportion of their deposit funds available for you to use. In essence, it's like borrowing money from your friends, you invite your friends to mine our platform tokens, right?

100X Official: After their deposits, a portion of the funds can be lent to you for use. This technology can also be considered relatively innovative, but the underlying logic is essentially based on on-chain lending.

Jucoin Labs: Okay, thank you. I also want to understand what your current economic model is like? Because after talking about so many service contents, as investors, we are more concerned about the overall design of the token economic model. In terms of inflation control, value capture and long-term incentives, do you have any mechanisms to provide to our users?

100X Official: The proof is relatively simple. First, for our platform token, the initial issuance was 100 million, and every time we list on an exchange, we will actively burn a portion, and now it has been burned to 50 million. Our goal in the future is to burn it down to 21 million.

As for the specific economic model, it's also relatively simple. In our product, if you want to use our leverage, we also have requirements. It's not that we can give anyone such high leverage, because the money is limited, right? So what are our requirements? First, you need to contribute to our platform, as I mentioned earlier, you need to invite more users to deposit here and mine our platform tokens, and these platform tokens will be produced.

100X Official: Second, when you use this leverage, we will calculate your leverage ratio based on your invitation value. For example, if your leverage is 10x, for every 1x of leverage, we need 30 platform tokens as collateral. So for 10x leverage, you need to pledge 300 tokens. I don't care if the platform token price is $1 or $100 now, you need to pledge 30 tokens to use 10x leverage.

100X Official: Let me give you an example. Suppose you reach a $10,000 open position limit, and when you open a $100,000 position with $10,000, you need to pledge about 300 platform tokens. When you finally close the position, the platform tokens will be returned to your account. In this way, as we just mentioned, in this bull market, people need to use leverage to earn more returns, so the demand for this is quite strong. The more users use this, the better the supply-demand relationship will be, and the more use cases the platform token will have.

100X Official: There are also other things like token burning, such as profit burning or other basic logic that will support it.

100X Official: Also, if we look back at the top 20 mainstream coins, we will find that most of them are not supported by profits, but by use cases. So in this regard, in our entire project product, we have advantages over other trading platforms, such as the non-liquidation leverage we just mentioned, as well as discounted token purchases and more. All of these require pledging platform tokens, and we will provide a large number of use cases to adjust the supply-demand relationship of our platform tokens. At the same time, we will also do basic things like profit buybacks and active burnings. Thank you, host.

Jucoin Labs: Okay, thank you very much. I actually heard that the logic is still to attract more users. How many effective users does the community currently have? And what kind of feedback have people given to the project? I also hope you can give a simple introduction to our audience.

100X Official: Okay, now our community has over 10,000 effective user addresses that are staking and actively using the product.

Then in our user feedback, it is because we are now gradually opening up our functions, like the earliest we opened is Ai's 50% trading, which is a bit different from the trading of traditional exchanges, how is it different? That is to say, in our system here, we have something called a quota, which means you can get this quota for free, you can get it by inviting new users, or by staking mining or other ways, but after you get this quota, when you buy mainstream currencies, we will allow you to use this quota, for example, Bitcoin is now $100,000, because if you want to buy a Bitcoin, you can actually use $50,000 of USD, plus $50,000 of the quota, and then you can buy a Bitcoin.

100X Official: Then when Bitcoin goes up 10%, we will automatically settle it for you, that is, we will automatically sell the Bitcoin. That is to say, you see from $100,000 to $110,000, it will be sold at $110,000 cash, and this $110,000 cash will all be given to the user. In the early days, we did not charge too much in fees and profit sharing, so the user satisfaction rate was particularly high. Why? After he mined the quota, when he trades digital currencies, it will be more secure and worry-free, he doesn't need to watch the market all the time, nor does he need to worry about not selling when it goes up, right? Or the regret of the other fluctuations affecting his mood, basically he just needs to choose a price and use the quota to do 50% trading, the risk is relatively low.

100X Official: In this way, the overall user participation is high, but because our early limit amount is still a bit low, so everyone is also relatively worry-free, and basically the people who have the quota will go to open orders and trade every day, so the user satisfaction is still quite good. Later, we launched mainstream coins with some mining farms, because everyone also wants to hoard some coins like BTC, Solana, in addition to leverage, we also worked with some mining farms to do mining for those mainstream coins, which is relatively traditional. The main thing is the leverage trading part later.

100X Official: Okay, the 50% coin buying place we just mentioned is a bit more novel, of course, we are now gradually opening up the trading part, and the feedback from some users is quite good, how is it good? It has changed the logic of everyone trading leverage. In the past, users who played leverage might say, "I can all-in with my principal of a certain amount if I play 10x, 20x or even 100x leverage," right? In fact, it is very easy to be liquidated, but it is also easy to get rich, but in the end, it may just be liquidated, right?

100X Official: Here, because the leverage ratio and other things need to be paid out, so the leverage is not just to use as much as you want, so basically what concept is formed?

100X Official: He sees that the market has fallen, and he has something like a regular investment with leverage in his hand. That is to say, I have 10,000 yuan, right? Today I might open a 1,000 yuan position with 5x or 10x leverage, right? If the price is okay tomorrow, I'll continue to open, so I can open at a more suitable average price, this is the change in trading habits and methods after our innovative gameplay, so the user satisfaction is still okay, thank you host.

Jucoin Labs: Okay, thank you very much. In fact, we have heard that your project has always been serving users and thinking about how users can really make money, and the community is actually one of our driving forces, after all, for users, in order to earn more or continuously obtain services, it is necessary to constantly invite more friends or people around to join the participation in 100X. Since the community is the core driving force of the entire project, do you have any plans to grow the community or other special incentive mechanisms for users?

100X Official: We do have some, because in our system, whether you invite users, stake mining, or anything else, you will get some platform token rewards. This reward, as you just said, our platform tokens have grown about 4 times so far, the relatively stable reason is that we will distribute the user's lending fund pool and the user's staked funds to some other users to use, so that these users only need to use 30 coins for every 1x leverage, so the usage of our platform coins is actually quite high, so it's a in-and-out, right?

100X Official: First, the platform coins have output, and second, they have a relatively strong use case, right? We have also done some things like mining to increase the usage of this thing, so I think the platform's growth potential is quite good. Users on our platform, whether you are a so-called $10 warrior, $100 warrior, or have more and larger capital, can find a way to play here, right?

100X Official: If your capital is small, you can do more market promotion, and then let the market capital work for you, right? You can also build a decent position. If your capital is large, you may be too lazy to do this, you can do various mining or simple trading here, and you can also get a decent return.

Jucoin Labs: Okay, thank you very much for your previous answer, actually listening to it, I feel quite excited, because for users, you can't always watch the market or wait, but 100X provides a very convenient and very easy way for people to profit, and this product is also very practical and very useful. I also want to ask if you have any plans to cooperate with other well-known projects or institutions in the future to expand the entire ecosystem, so that users can participate in the establishment of more different ecosystems in the future.

100X Official: Yes, we are now gradually cooperating with some more powerful exchanges, and in the future, we are essentially a trading platform, we will also open up the listing of other projects.

How to say, for example, you have a coin, whether it's on-chain or a meme coin, if it's not bad, we can actually open leverage here. The way we open it is a bit different from other trading platforms, other trading platforms, for example, on some smaller coins, if they open a leverage and contract, the risk is actually very high, because the depth is not enough, the volatility is very large, and users playing here is very nerve-wracking, in our case, because of the so-called leverage I just mentioned, it is essentially the logic of spot leverage, right?

100X Official: So if there is a floating loss here, we will also not stop the loss. That is to say, we may give out a portion of the funds and some projects to cooperate, this portion of the funds we may make a subjective judgment. For example, the data of this project comes out in a more suitable time, and at the same time we control the amount of the fund pool allocated to this project within a certain extent, users can then carry out the spot leverage stage on this place, right? Because it's spot, we don't do the index contract liquidation mechanism, right? In this way, if the coin's rise is relatively okay, the user can get a super big profit.

100X Official: If it goes down, we also control the scale with the overall borrowed fund pool, our funds are actually controllable risks of the platform funds. So in the future, basically in the next one or two months, after we launch this section, we will have more communication and cooperation with other projects outside.

Jucoin Labs: Okay, thank you very much. As the entire ecosystem is constantly progressing and enriching more things, I am actually quite curious, because as a blockchain, we also very much want to cooperate with more high-quality projects, or projects that can really provide some incentives or enrich the community user scenarios for the community.

We also very much hope that in the future we can continue to maintain communication quality control, and always pay attention to these high-quality projects, and support and help many high-quality projects to grow. I would like to ask if there are any key milestones or short-term or long-term goals that need to be achieved in the next year?

100X Official: Yes, around May, our leverage system will be open for partial users to use, which is equivalent to a small-scale public beta.

We will fully open in May, because in May, users can accumulate a certain amount of credit limit and then use leverage on our platform. Basically, based on our judgment of this round of market trends, it is likely that the bottom will be reached around April or May, and then it will continue to rise, right?

We will fully open the functions in May, and around the third quarter, which is probably August or September, we will launch the functions we just mentioned.

100X Official: By the end of the year, in terms of our platform token, we will list it on more centralized exchanges to improve our liquidity. This year's arrangement also includes some improved products, such as the discounted token purchase and options we just mentioned, including discounted options and non-liquidation leverage options, these products will also be launched, which are more product-related details, okay. This is roughly the arrangement for this year.

Jucoin Labs: Okay, thank you very much. I also want to ask, from the team's perspective, what do you think the future trend of Web3 will be like? In the coming months, you will enrich the product details, how do you relate your timeline confirmation to the entire industry, and what kind of in-depth thinking do you have?

100X Official: Based on the nature of our products, we currently don't have any short products, only long products, so we actually need to rely on the entire bull market to do this. Because the logic we just mentioned is a spot lending logic, we borrow money from users, first we don't charge them interest, and second we don't liquidate their positions, so we also have capital costs on our side, so after we launch the larger leverage products, we will share the profits. That is to say, if you use our capital leverage to make money in the long market, we will take 30% of the profits, but if you don't make money, we won't take anything, right?

100X Official: So our core logic, the way our entire platform makes money, is also based on the logic of users making money, and it is complementary to the bull market. We also need the rise of the bull market to help us and generate profits for the platform.

Yes, so we will basically choose the appropriate time points, the relatively safe long positions, and launch these long products on a large scale to allow users to do this. After users do this, because they have profits, our platform will also have more profits. So this is how we choose in relation to the overall environment.

100X Official: Our team has been around for 10 years, from the beginning of digital currencies to later doing ICOs, the team has always been there. In this team situation, one is that we are more sensitive to trend judgments. The second is that in the past 10 years or so, we have actually had a quantitative and trading team that has been doing this, so we will choose good time points, through the team's technical capabilities, and even at different time points to push corresponding products and market trends and the overall environment. In other words, as a chain-based platform, if you want to create more wealth effects, you have a better chance of succeeding. So we also put a lot of thought into this.

Jucoin Labs: Okay, we can feel that the whole team is constantly enriching what they want to do, and at the same time they are very determined that the future is a long market. In addition, this year is a bull market, which is actually a relatively strong consensus in everyone's mind. I also want to ask, in the process of future development, is there a possibility of some offline activities, and roughly when will they be provided to the community users to participate in and communicate directly with the project party, or to give away prizes to our community.

100X Official: We do have offline user activities, we will hold the global premiere of our official product launch event in Jeju Island, Korea around the 25th of this month. Why did I choose this time point? Basically, as I mentioned earlier, there is usually a big crash before each major bull market, and after the crash, there is usually a two to three month bottom, so we will hold our global premiere launch event in Korea on the 25th. In the future, we plan to hold launch events in a different country every two months, with a one-month interval, for a global roadshow.

100X Official: And since we now have subsidiaries in Korea, Japan, and places like Dubai, we will gradually hold offline meetups for our local users in these countries, as well as regular product and new product launch events.

Jucoin Labs: Okay, this year will actually give everyone a lot of room for dialogue, and also provide users with opportunities to interact with the project party. At the same time, the project itself is always working for the benefit of the users. I would also like to ask you to briefly introduce, for example, as a new user joining us, what is the specific process of using and operating, which is the most convenient process. Because we have actually talked a lot just now, we can repeat it a bit, so that our audience friends who are sitting in front of their computers and phones can start operating now.

100X Official: It might be a bit more complicated, because it's a chain-based product, we actually need, first to authorize on our website, and after authorization, you can log in to our operation page using your Web3 wallet. On the operation page, you can go to stake, and also mine our credit limit. After mining the credit limit, you can conduct 50% discounted transactions with us. I think later on, we will send an operation process to everyone, a few sentences can't explain it too clearly.

Jucoin Labs: Okay, everyone can follow the 100X official account, and if you have any questions in the future, you can directly ask the speaker here today. At the same time, there was a promise just now to send everyone a tutorial, if the interested audience friends can follow and learn how to operate, and then through this simple way, under the background of the bull market, you can also obtain some returns through 100X.

Thank you all for listening today, and welcome everyone to participate in the construction and experience of our platform. Thank you all.