1 00:00:14,230 --> 00:00:20,095 [HOST] Welcome to X1 Report, your trusted source for blockchain news and insights. Today, we're 2 00:00:20,095 --> 00:00:25,892 diving into a compelling opportunity for Solana developers: deploying their programs on 3 00:00:25,892 --> 00:00:31,490 X1, a blockchain that runs the Solana Virtual Machine but offers significantly lower 4 00:00:31,490 --> 00:00:32,690 transaction costs. 5 00:00:32,940 --> 00:00:38,592 [ANALYST] X1 is essentially a fork of Solana, running the same Rust and Anchor toolchain. This means 6 00:00:38,592 --> 00:00:44,180 that any program written for Solana can be deployed on X1 with minimal changes, making it 7 00:00:44,180 --> 00:00:48,513 an attractive option for developers familiar with Solana's ecosystem. 8 00:00:48,763 --> 00:00:54,386 [HOST] The key advantage of X1 is its extremely low transaction fees. For instance, a basic 9 00:00:54,386 --> 00:01:00,076 transfer costs about a thousand times less on X1 compared to Solana, and the rent for 10 00:01:00,076 --> 00:01:02,486 program accounts is also much lower. 11 00:01:02,736 --> 00:01:07,976 [ANALYST] However, X1's current state is not without challenges. The blockchain has a small user 12 00:01:07,976 --> 00:01:13,154 base and limited DeFi applications, which means that while transaction costs are low, 13 00:01:13,154 --> 00:01:16,262 there's less on-chain activity to support projects. 14 00:01:16,511 --> 00:01:22,412 [HOST] Despite these challenges, X1 offers several unique opportunities for Solana developers. 15 00:01:22,412 --> 00:01:28,448 For example, deploying a program on X1 can make it the first in its category, potentially 16 00:01:28,448 --> 00:01:31,906 giving it a significant advantage over competitors. 17 00:01:32,156 --> 00:01:38,335 [ANALYST] X1 also has a Warp bridge that brings over assets like USDC, wSOL, cbBTC, and now nine 18 00:01:38,335 --> 00:01:44,730 tokenized stocks. This means that developers can leverage existing assets without needing 19 00:01:44,730 --> 00:01:47,388 to bootstrap collateral from scratch. 20 00:01:47,638 --> 00:01:53,079 [HOST] Another key advantage is the open blockspace. X1 has significantly fewer transactions 21 00:01:53,079 --> 00:01:58,712 compared to Solana, which means new applications won't compete with memecoin traffic for 22 00:01:58,712 --> 00:01:59,481 block space. 23 00:01:59,731 --> 00:02:05,328 [ANALYST] X1 also offers a cheap gas token, XNT, which can be used for onboarding new users at 24 00:02:05,328 --> 00:02:11,059 almost no cost. This makes it easier for developers to build and grow their user base. 25 00:02:11,309 --> 00:02:17,439 [HOST] However, there are also risks associated with deploying on X1. The user base is small, and 26 00:02:17,439 --> 00:02:23,570 the bridge relies on a trust model secured by guardians. Additionally, the infrastructure, 27 00:02:23,570 --> 00:02:26,703 particularly oracles, is still in development. 28 00:02:26,953 --> 00:02:32,257 [ANALYST] Despite these challenges, X1 presents an opportunity for Solana developers to be first- 29 00:02:32,257 --> 00:02:37,561 movers in their categories. For instance, deploying an oracle, lending market, or order 30 00:02:37,561 --> 00:02:42,377 book could give them a significant advantage over existing protocols on Solana. 31 00:02:42,627 --> 00:02:47,858 [HOST] The story of X1 is one of potential and opportunity, but also of risk. While the 32 00:02:47,858 --> 00:02:53,416 transaction costs are incredibly low, the ecosystem is still in its early stages, and 33 00:02:53,416 --> 00:02:57,535 there's no guarantee that these opportunities will materialize. 34 00:02:57,785 --> 00:03:02,709 [ANALYST] For developers looking to be first in their space, X1 could be a game-changer. However, 35 00:03:02,709 --> 00:03:07,689 it's important to weigh the risks and consider the current state of the ecosystem before 36 00:03:07,689 --> 00:03:08,878 making any decisions. 37 00:03:09,128 --> 00:03:14,601 [HOST] If you're interested in exploring this opportunity further, we encourage you to do your 38 00:03:14,601 --> 00:03:20,263 own research and consider the potential benefits and risks. Remember, X1 Report is here to 39 00:03:20,263 --> 00:03:23,408 provide you with the latest insights and analysis. 40 00:03:23,658 --> 00:03:28,842 [ANALYST] In conclusion, while X1 may not be ready for mainstream adoption just yet, it offers a 41 00:03:28,842 --> 00:03:33,906 unique opportunity for Solana developers to be first-movers in their categories. The 42 00:03:33,906 --> 00:03:38,186 downside is a small, early market, but the upside could be significant. 43 00:03:38,436 --> 00:03:44,188 [HOST] Thank you for tuning in to X1 Report. Stay tuned for more updates and insights into the 44 00:03:44,188 --> 00:03:46,238 world of blockchain technology.