Jack Levin Floats XCORE: A Solana Token That Trades Only Against wXNT

X1 founder Jack Levin is working on a proposal for a new token, XCORE, that would launch on Solana and pay its holders in wXNT, the wrapped version of X1’s native coin. The idea is simple to state: give Solana traders something to trade, and make wXNT the only currency it trades against.

Levin laid the plan out on camera in the closing minutes of his interview with X1 Report on October 10, sharing his screen as he went. The segment starts at 1:16:52 in the video.

Nothing is live. The whole proposal sits on a public simulator with fake USDC, no transactions and example numbers. Its own pages label parts of the design “under consideration” and list the parameters still open.

“None of the numbers are solid,” Levin said. “This is just like a template.”

This article walks through the mechanics as the simulator shows them on October 11, 2026: the fixed-price sale, the XCORE/wXNT pool, the fee share paid in wXNT, the test claim pages for XEN and HEX holders, and a curve-based alternative still under discussion.

In Levin’s words

He introduced it as “the strategy to launch an XCORE trading asset”, then gave the short version:

It’s a token that has a 1 billion supply. And if you hold it, you will earn XNT from the trading fees and also from the validator inflation. You buy it, you hold it, then people trade it. Fees are collected, there is a buying pressure on XNT, or wXNT on Solana, and it’s shared with all the holders.

Jack Levin, X1 Report interview, October 10, 2026

Why a new token, and not simply a push for XNT itself? Because of what Solana traders actually want:

People do not want to trade infrastructure tokens on Solana. They want to trade everything else, everything else that goes up and down in price, like an exciting token. And I thought that if we were to launch XCORE as that token, it can become a derivative, or like a vehicle, that can collect XNT on Solana by buying XNT on the liquidity pool through the volume of the token trading.

Jack Levin, X1 Report interview, October 10, 2026

XCORE’s own price is not the goal. “We don’t care about what its price is. So the price could be zero,” he said. “If you hold it, you get XNT, and you get XNT every hour.”

And the summary of who benefits:

They want to speculate and trade, but we want to connect the XNT to the reward system that can scoop the volume, take the fee from the trading and buy XNT. So everybody wins in the process. We’re giving them what they want, but at the same time we’re plugging X1 into the process.

Jack Levin, X1 Report interview, October 10, 2026

The simulator holds two versions of this idea. Its litepaper sets out a fixed-price sale in which XCORE trades only against wXNT. In the interview Levin described the other one, a launch on a bonding curve. Both are explained below, starting with the problem they share.

The problem: a bridge is not a market

XNT can already cross to Solana. The Warp bridge locks native XNT on X1 and mints wXNT, a Token-2022 token, on Solana. We covered the opening in wXNT Is Live. The bridge’s public config allows 1,000,000 XNT a day in each direction, 10 to 5,000 XNT per transfer, for a 0.25% fee.

What the bridge cannot do is give you a price on the other side. A bridge moves tokens. A market needs a pool with real money in both halves, so a buyer or seller can trade without moving the price against themselves.

That pool is still small. On October 11 about 18,978 wXNT existed on Solana across 56 holders, per Jupiter. DEX Screener listed six wXNT pools holding about $3,900 between them. The route opened on September 22, so this is a new door, not a finished market.

Depth matters for three groups:

• Solana traders who want XNT exposure without leaving Phantom, Jupiter or Raydium. In a shallow pool a $100 order is a large share of everything available.
• X1 holders who want to exit or enter through Solana’s stablecoin liquidity. They need a pool that can absorb size.
• Arbitrageurs, who keep the X1 price and the Solana price in line. They only show up when both sides are deep enough to make the round trip pay.

So the real question behind XCORE is not “how do we launch a token”. It is “what gives Solana users a standing reason to buy wXNT, every day, at scale”. The proposal’s answer: attach wXNT to a token people want to trade.

Step one: a fixed price in, one pool out

In the first design, set out in the litepaper, the sale has no price discovery at all. $1 of USDC buys 1 wXNT, and 45 XCORE come with it free. The minimum is $10 and there are no caps or tiers.

The two sale vaults, 20,000,000 wXNT and 900,000,000 XCORE, are sized to empty at the same moment. That moment is $20,000,000 raised.

The point to hold on to: USDC is only how you pay in. XCORE never gets a USDC pool.

The last 10% of supply, 100,000,000 XCORE, is paired with 2,000,000 wXNT in a single Raydium pool. That XCORE/wXNT pool is the main market, and the only one the project seeds. It opens at 0.02 wXNT per XCORE, about $0.02 with wXNT at the $1 sale price. The LP tokens are burned, so nobody can withdraw that liquidity.

So once the sale hands you XCORE, wXNT is the way in and the way out:

• To buy XCORE on the market, you need wXNT first. There is nothing else to pay with.
• To sell XCORE, you receive wXNT. You then hold it, bridge it to X1, or sell it on.

wXNT becomes the quote currency for XCORE, the role SOL plays for most Solana tokens. That is the design’s answer to the liquidity problem. It does not ask Solana to care about wXNT directly. It makes wXNT the toll on a token Solana traders may want.

The sale USDC is split two ways: 99.5% buys existing wXNT inventory, and 0.5% funds a bot that buys wXNT on Raydium every hour. The litepaper says none of it funds a team or pays XCORE rewards.

Step two: every XCORE trade runs through wXNT

Once XCORE is in wallets, the fee loop starts. XCORE carries a 3% fee on every swap and every transfer, moves between your own wallets included. The collected fees are swapped to wXNT on Raydium and shared with XCORE holders every hour, in proportion to what they hold. The pool’s own XCORE is excluded from the share.

The litepaper gives one illustration: at $10,000,000 a day of XCORE volume, the 3% fee is $300,000 a day shared by all holders. It calls that arithmetic, not a forecast. No trades, no fees.

For wXNT, the design creates demand in three places:

• The pool itself. 2,000,000 wXNT sit in the XCORE/wXNT pool for good. That is depth nobody can pull.
• Every market buyer. Anyone who wants XCORE after the sale has to get wXNT first. Interest in XCORE turns into buying of wXNT.
• The buy bot. 0.5% of sale USDC, $100,000 at sell-out, buys wXNT on Raydium once an hour.

On top of that, the sale puts 20,000,000 wXNT into Solana wallets. That is the inventory that could fill out wXNT’s own pools against USDC and SOL, which is what people moving between Solana and X1 actually trade through.

One mechanic deserves a clear eye. The fee is collected in XCORE and converted inside the same XCORE/wXNT pool. So each conversion sells XCORE and takes wXNT out of the pool to pay holders. The site’s own design Q&A says this creates sell pressure on XCORE “in part” and has not been modelled yet.

How this reaches X1

XCORE, its pool and its fees would all live on Solana. The link back to X1 is that every wXNT on Solana is one real XNT locked in the bridge vault on X1. If demand for XCORE lifts wXNT above the X1 price, arbitrageurs buy XNT on X1, bridge it and sell it on Solana. Solana demand becomes XNT buying on X1.

A deeper wXNT market also gives newcomers a way to buy XNT with USDC or SOL in size, and gives validators and holders a way out that does not move the price much. And because wXNT earns nothing while wrapped, some holders paid in it will bridge to X1 to stake or use it there.

XEN and HEX holders: a claim, not a swap

The simulator has test pages for XEN holders and HEX holders. It is easy to read them as a token swap. They are not. On the test pages nobody sends XEN or HEX anywhere, and nobody gives them up.

Levin demonstrated the XEN page in the interview by looking up a real holder’s wallet. He said he had come up with it only the day before. Asked whether holders would have to burn their XEN, he answered: “I haven’t come up with the burn idea yet.”

The mechanism is a snapshot claim:

• Snapshot. Balances are frozen at one Ethereum block. Buying or moving tokens afterwards changes nothing.
• Prove the wallet. You connect the Ethereum wallet that held the tokens and sign a free message. It names your address, your Solana or X1 destination, and a one-time code. No transaction, no approval, no gas.
• Claim. Your XCORE allocation is calculated from the snapshot balance and recorded once per Ethereum address.

In production, the site says, a claim program on Solana or X1 would hold the pool and pay out against a published Merkle list.

The two pools are separate. A wallet that held both can claim both. For HEX, T-shares and accrued stake yield are not counted, and PulseChain is flagged as a follow-up.

Why XEN? It is the token Levin launched on Ethereum in 2022, and he gave the reason himself: “We have 185,000 wallets on Ethereum that are holding XEN.” The plan, in his words, is to “give those people XCORE on Solana”. His path from Google to XEN and X1 is in Who Is Jack Levin? He did not mention HEX in the interview. The HEX page exists only on the simulator.

Every number in that table is marked “example parameters, not final”. There is also a supply question the site raises itself: the sale vault and the pool already use all 1,000,000,000 XCORE, so any claim pool has to come out of one of them or from new supply.

A third distribution idea sits alongside: an airdrop of 1% to 2% of supply to top traders on the FOMO app, locked until launch completes and then vesting, with 90 days as the example. It is labelled “proposal, not decided”.

The design Levin described: a launch curve

The site also holds a second design, and it is the one the swap demo runs. A comparison page says it came out of a debate in the X1 Tech Telegram group. It marks the fixed-price bundle as the current design and the curve, Option D, as “under consideration”.

The debate’s complaint about the flat price: early and late buyers get the same deal, so nothing rewards showing up first. A bonding curve fixes that. You put USDC in, XCORE comes out, and each purchase lifts the price for the next buyer. There is no selling back to the curve.

This is the version Levin talked through on camera:

We want the majority of the holders on Solana to hold XNT. And if they can get a free token, which is XCORE, that we launched with a bonding curve, similar to Pump.fun, then it becomes like a fair launch.

Jack Levin, X1 Report interview, October 10, 2026

His argument is about entry price. At about 20 cents, he said, XNT is valued at $200 million, “which is too high” for a trader hunting a multiple. That figure is XNT’s fully diluted value. Our ticker showed $173.48 million fully diluted on October 11 and a circulating market cap of $6.70 million. A token that starts at a $50,000 market cap and reaches $1 million, his example went, has made an early buyer 20 times, and that is the trade Solana speculators look for. The numbers were illustrations. The simulator’s own example curve starts higher, at $945,000 fully diluted.

In the Option D paper, 952,380,952 XCORE sell from $0.000945 to $0.01512, a 16-fold climb that raises $3,600,000. Then 20% of the raise and the last 47,619,048 XCORE seed a Raydium pool. After that a 1% to 2% tax on trades is swapped into wXNT for holders, and stakers share about 80,000 XNT a day from the X1 Foundation. That second stream is the “validator inflation” in Levin’s description.

The pool row is the difference that matters for X1. In the fixed-price design XCORE trades against wXNT, so wXNT sits in the middle of every trade. In the curve design XCORE trades against USDC. wXNT only appears when the tax is converted, and that needs a wXNT market someone else has seeded.

Scale is worth a thought. The fixed-price design’s 22,000,000 wXNT is more than a thousand times what sits on Solana today. At the bridge’s current cap of 1,000,000 a day, it is at least 22 days of capacity.

What is still open

• Which design, if any. The curve “may change or not launch”. No date is given anywhere.
• Where the wXNT comes from. Neither the 20,000,000 in the sale vault nor the pool’s 2,000,000 has a named source or cost.
• The $1 price against the market. The site calls $1 a fixed sale price, not a valuation. wXNT traded near $0.17 on Solana on October 11. The Q&A says a buyer paying above market is in effect paying for the XCORE, and suggests a pause rule or price band. Neither is decided.
• Who runs the plumbing. The operator of the hourly fee swap and the buy bot, and who holds the keys, are not disclosed.
• The 3% rate. It has not been tested against other rates, and it applies to transfers between your own wallets.
• Legal. The design is under review in the Cayman Islands. Whether US persons can take part is undecided.

The mechanics are clear enough to judge now. What X1 gets, if it works, is a reason for Solana money to hold and buy wXNT every day XCORE trades.

Sources

All pages read on October 11, 2026.

• Jack Levin, interview with X1 Report, October 10, 2026. Quotes checked against the recording, from 1:16:52, and trimmed of filler words
• Swap demo and its shared curve state
• Litepaper v1.0 (fixed-price design)
• Option D paper and curve simulator
• Design options and Design Q&A
• XEN claim test and HEX claim test
• FOMO trader airdrop proposal
• Warp bridge config, Jupiter token data and DEX Screener for wXNT