1
00:00:14,230 --> 00:00:19,350
[HOST] Welcome to X1 Report, your source for the latest in blockchain news. Today, we're diving

2
00:00:19,350 --> 00:00:24,354
into the details of the XNT genesis allocation published by X1 Labs, revealing how the

3
00:00:24,354 --> 00:00:28,310
initial 1 billion tokens are distributed among various stakeholders.

4
00:00:28,560 --> 00:00:34,363
[ANALYST] The allocation is detailed on the official XNT page and includes a range of pools, from

5
00:00:34,363 --> 00:00:40,099
the Foundation reserve to community onboarding. However, one line in particular stands

6
00:00:40,099 --> 00:00:45,968
out: 250 million XNT earmarked for the community, with the distribution still uncertain.

7
00:00:46,218 --> 00:00:51,786
[HOST] This 250 million XNT is the second-largest pool after the Foundation reserve, and it's set

8
00:00:51,786 --> 00:00:57,168
to be distributed according to X1 Foundation launch plans. However, the exact mechanism

9
00:00:57,168 --> 00:00:59,210
and timing are yet to be decided.

10
00:00:59,460 --> 00:01:05,188
[ANALYST] X1 founder Jack Levin is designing XCORE, a token for Solana, and it is widely expected to

11
00:01:05,188 --> 00:01:10,788
receive part of this community allocation. But no official split has been announced yet.

12
00:01:11,038 --> 00:01:16,041
[HOST] Levin spoke about XCORE in an X Space hosted by Simple Waters on October 25th, saying the

13
00:01:16,041 --> 00:01:21,100
value is the attention of the troops you have. He pointed to XEN, the project that brought

14
00:01:21,100 --> 00:01:24,585
together much of today's X1 community, as proof that it works.

15
00:01:24,835 --> 00:01:30,945
[ANALYST] According to Levin, communities that could claim XCORE include the XEN community, VMPX

16
00:01:30,945 --> 00:01:36,984
holders, HEX stakers and holders, XENCAT holders on Solana and X1, XNM miners and the

17
00:01:36,984 --> 00:01:40,963
Doginal Dogs community. More communities might be added.

18
00:01:41,213 --> 00:01:46,583
[HOST] The allocation also sets aside 50 million XNT for Solana liquidity, with the mechanism and

19
00:01:46,583 --> 00:01:51,595
timing still undecided. Levin said he wants XCORE holders to make up the majority of

20
00:01:51,595 --> 00:01:52,669
holders on Solana.

21
00:01:52,919 --> 00:01:58,860
[ANALYST] The Foundation reserve holds about 464 million XNT, with no vesting schedule. The 85

22
00:01:58,860 --> 00:02:05,085
million XNT burn announced on October 21st comes out of it, but it has not happened yet:

23
00:02:05,085 --> 00:02:10,177
the incinerator address is still empty and total supply has not dropped.

24
00:02:10,427 --> 00:02:15,612
[HOST] X1 Labs consists of a small team of four people: Jack Levin, Axel Eckerbom, Nick Pettas,

25
00:02:15,612 --> 00:02:20,914
and Leo. The team line is 210 million XNT, but there's no breakdown or development line in

26
00:02:20,914 --> 00:02:21,798
the allocation.

27
00:02:22,048 --> 00:02:27,073
[ANALYST] The investor line, at about 20 million XNT, is the smallest of the big pools. This

28
00:02:27,073 --> 00:02:32,588
reflects a deliberate choice to avoid the pitfalls of venture capital funding common among

29
00:02:32,588 --> 00:02:34,059
new blockchain projects.

30
00:02:34,309 --> 00:02:40,478
[HOST] As of October 25th, the total supply of XNT stands at 1.08 billion, with 995.3 million

31
00:02:40,478 --> 00:02:46,646
staked, mostly by the Foundation and its delegation program. The circulating supply is

32
00:02:46,646 --> 00:02:49,157
42.6 million, or 3.9% of the total.

33
00:02:49,407 --> 00:02:55,940
[ANALYST] New XNT is issued every epoch as staking rewards, starting at 8% a year and falling to a

34
00:02:55,940 --> 00:03:02,399
long-term floor of 1.5%. Every transaction burns half its fee, including priority fees.

35
00:03:02,649 --> 00:03:07,300
[HOST] Several key questions remain unanswered: how the community's quarter will be distributed,

36
00:03:07,300 --> 00:03:11,481
when, and how much goes to XCORE. We will update the story when X1 announces it.

37
00:03:11,731 --> 00:03:17,287
[ANALYST] For now, the community eagerly awaits further details from X1 Labs. Stay tuned for updates

38
00:03:17,287 --> 00:03:18,707
on this evolving story.

39
00:03:18,957 --> 00:03:23,313
[HOST] That's all for today's report. Join us next time for more insights into the world of

40
00:03:23,313 --> 00:03:27,877
blockchain and cryptocurrency. Until then, keep your wallets secure and your investments

41
00:03:27,877 --> 00:03:28,343
informed.