1 00:00:14,230 --> 00:00:19,229 [HOST] Welcome to X1 Report, your source for the latest in blockchain news. Today, we're diving 2 00:00:19,229 --> 00:00:24,341 into an intriguing proposal from X1 founder Jack Levin: a new token called XCORE, designed 3 00:00:24,341 --> 00:00:28,715 to trade on Solana and tied to wXNT, the wrapped version of X1’s native coin. 4 00:00:28,965 --> 00:00:34,807 [ANALYST] The idea is simple: by creating a fixed-price sale and a dedicated trading pool, X1 hopes 5 00:00:34,807 --> 00:00:40,453 to give Solana traders something to trade, making wXNT the exclusive currency for this 6 00:00:40,453 --> 00:00:40,912 market. 7 00:00:41,162 --> 00:00:46,882 [HOST] According to the litepaper, the sale will be straightforward. For $1 of USDC, you get 1 8 00:00:46,882 --> 00:00:52,405 wXNT and 45 free XCORE tokens. The minimum investment is $10, with no caps or tiers. 9 00:00:52,655 --> 00:00:58,883 [ANALYST] The total supply of XCORE is fixed at 1 billion, with 90% reserved for the sale and 10% 10 00:00:58,883 --> 00:01:05,255 set aside as locked liquidity. Once the sale is complete, the remaining 100 million XCORE 11 00:01:05,255 --> 00:01:09,551 will be paired with 2 million wXNT in a single Raydium pool. 12 00:01:09,801 --> 00:01:15,490 [HOST] But the real innovation lies in the fee mechanism. Every swap and transfer of XCORE incurs 13 00:01:15,490 --> 00:01:20,169 a 3% fee, which is converted into wXNT and shared with holders every hour. 14 00:01:20,419 --> 00:01:26,816 [ANALYST] This design aims to create a standing reason for Solana users to buy wXNT daily, by making 15 00:01:26,816 --> 00:01:32,999 it the only quote currency for XCORE. The goal is to build liquidity in wXNT, which can 16 00:01:32,999 --> 00:01:35,416 then be used to bridge back to X1. 17 00:01:35,666 --> 00:01:42,436 [HOST] However, the proposal isn't without its challenges. As of October 11, 2026, the wXNT 18 00:01:42,436 --> 00:01:49,447 market on Solana is still quite shallow, with only about 18,978 wXNT across 56 holders. 19 00:01:49,697 --> 00:01:54,642 [ANALYST] The bridge, while functional, doesn't provide a price discovery mechanism. A true market 20 00:01:54,642 --> 00:01:59,361 requires both sides of the trade to be deep enough, which is currently not the case. 21 00:01:59,611 --> 00:02:04,073 [HOST] To address this, X1 is considering an alternative design: a launch curve that would 22 00:02:04,073 --> 00:02:08,912 dynamically adjust the price of XCORE based on demand. This could potentially reward early 23 00:02:08,912 --> 00:02:11,707 buyers and create more excitement around the launch. 24 00:02:11,957 --> 00:02:16,857 [ANALYST] While the fixed-price sale is currently the main design, it's labeled as 'under 25 00:02:16,857 --> 00:02:22,438 consideration' for change or even non-launch. The curve design, known as Option D, is also 26 00:02:22,438 --> 00:02:23,307 being debated. 27 00:02:23,557 --> 00:02:29,827 [HOST] The mechanics of the XCORE/wXNT pool are clear: once you buy XCORE, wXNT becomes the only 28 00:02:29,827 --> 00:02:35,674 way to trade it back into X1 for gas and staking or on DeFi platforms like Raydium. 29 00:02:35,924 --> 00:02:41,674 [ANALYST] For X1 holders looking to exit or enter through Solana’s stablecoin liquidity, this design 30 00:02:41,674 --> 00:02:47,424 could provide a much-needed bridge. However, the 3% fee on every transaction might be seen 31 00:02:47,424 --> 00:02:48,319 as a drawback. 32 00:02:48,569 --> 00:02:53,440 [HOST] Another interesting aspect is the claim mechanism for XEN and HEX holders. Instead of 33 00:02:53,440 --> 00:02:58,312 swapping tokens, they can claim their allocation based on their balance at a specific 34 00:02:58,312 --> 00:02:59,171 snapshot block. 35 00:02:59,422 --> 00:03:04,619 [ANALYST] While this sounds straightforward, the exact parameters are still under discussion, 36 00:03:04,619 --> 00:03:09,064 including the source of wXNT and the legal implications for US persons. 37 00:03:09,314 --> 00:03:14,102 [HOST] The proposal is currently live on a public simulator with fake USDC, but no real 38 00:03:14,102 --> 00:03:19,488 transactions have taken place yet. The X1 team is still considering various design options 39 00:03:19,488 --> 00:03:20,386 and parameters. 40 00:03:20,636 --> 00:03:25,709 [ANALYST] As of now, the future of XCORE remains uncertain. The project is under review in the 41 00:03:25,709 --> 00:03:29,575 Cayman Islands, and the exact mechanics are still being refined.