Ethos
The team's ethos suggests to me that the team behind X7 is of a high caliber nature. Here's a couple of their on-chain messages that will give you a little more insight into who they are:
“This project is a multi dev, decentralized, defi collaboration with additional moving parts. We have chosen to run this project in this way to ensure maximum censorship resistance. We do not ask you to trust us. We ask that you see the code, the protocol, and make your own judgement”
“All associated marketing and dev wallets are individually controlled by various collaborators and their actions are solely their actions. Let the smart contracts and the code speak for itself”
“Due to the recent tornado cash sanctions, this project is intended to be censorship resistant by hosting the DEX frontend on IPFS and using on chain messages to communicate”
A philosophy of mine has always been “The greater the vision, the greater the reward”. When researching a project, I always look closely at the vision to see if it is anything of substance. With X7, I didn't have to go beyond the homepage of the website in order to realize that I've stumbled on to something good.
Before I go on, I want you to put yourself in the mind of a visionary such as Steve Jobs, Alexander Graham Bell, or Nikola Tesla. If you could see things from their perspective, I'm sure that you would have excitedly invested in anything they created. When considering the X7 team, really ponder their ethos and their vision; then ask yourself what it is they are trying to accomplish. When you truly understand it; only then will you fully comprehend the immensity of your opportunity. In addition to financial rewards, there will come a sense of freedom by breaking away from the shackles of a Centralized Banking System. Make sure to DYOR as these are my opinions.
Going back to the ethos, two things stand out: the team is very passionate about code and also about preventing any “downside risk”. This team wants to bring great ideas to life so they've built a decentralized lending platform to accomplish their goal.
X7 System Design Philosophy
“Permissionless, trustless, censorship-resistant, decentralized architecture, decentralized governance”
The design philosophy is crucial to understand as it forms the foundation upon which X7 is built. Check out the whitepaper for full details https://x7.finance/
The team at X7 is building a financial platform on which creators with great ideas have access to capital in the form of decentralized loans. They will be able to launch their project with 10–1000x the initial liquidity.
X7 stands to be a launchpad of visionary ideas, that otherwise may have never have come to life, all because of a lack of capital funding.
This is a great statement from the team,
“X7 is a globally distributed collective of developers. We strongly believe that who we are is irrelevant. Our expectation is that all actors, ourselves included, will act in a self-interested manner while building and operating the X7 ecosystem. The smart contract interactions and the DAO governance will express a system design built on this core thesis. The game theory driving actor behavior will enable the system to iterate to a globally optimal system state free from intervention by any one individual or state actor”
“Trust no one. Trust code”
In order to stand the test of time, the team is building on a foundation of “unflinching reliability of code”
Our key to understanding X7 and its vision is our trust in the code; this is vital. Remember their motto: “Trust no one. Trust code. Long live Defi”
They are practically screaming it from the rooftops…Trust the Code!!!
See it for yourself, check out the posted contract links on Discord: https://discord.gg/wjSaGBwqr9
On a side note, I find it very interesting that the team often quotes famous historical figures, such as Aristotle. To me, this demonstrates a deep level of thinking & creativity.
The Opportunities
In my previous articles, we discussed the different tokens and opportunities that they present.
X7 is built with solid design principles and ingenious game theory; therefore I believe that we will have a massive influx of projects launching on X7.
“capital should be available to those with great ideas”
What you need to know here is that every project that launches through the Xchange will have a loan contract with the lending pool (where the magic happens). This will bring in enormous fees which will be distributed throughout the X7 ecosystem.
Things really get interesting with tokenized loans:
“When a leveraged pair loan is requested that cannot be serviced due to insufficient liquidity within the lending pool, the request will cause an NFT to be minted. This NFT can be claimed by funding the loan, and results in an instantaneous return to the claimer of part of the loan origination fee. Possession of the NFT grants the holder a portion of the premium returns in the future as well as rights to claim the initial lent principal”.
Below is a non-exhaustive list of possible future developments:
- “Launch accessory services”
- “Token and Initial Liquidity Lockers”
- “Launchpad services”
- “Trustless consensus-driven code audit services”
- “Advanced Trading”
- “Leveraged trading capabilities, building on learned experience from leveraged initial liquidity and capital-protecting liquidity pairs”
- “Wrapped assets to expose the holder to various levels of profit exposure within the X7 ecosystem”
- “Liquidity pairs with configurable or alternative automated marketing making capabilities”
- “Non-native token (ETH, BNB, etc.) initial liquidity loans”
Each one of the possible future developments listed above adds comprehensive financial building blocks to the ecosystem, with the net result of rising TVL, and ultimately, token price appreciation.
The future development list has some real interesting stuff in there, all of which will feed back into the X7 ecosystem. I'm interested in the launchpad services myself.
The team has stated that they will consider X7 to be successful when Xchange reaches $1 Billion per day in volume. The rewards for token holders, with that kind of volume through Xchange, would be nothing short of incredible.
With a successful platform launch, I strongly suspect that we will see many third-party developers building in the system, from creating loan contracts to staking.
Roadmap
- “Pioneer NFT & Reward Pool implementation”
- “Xchange and Leveraged Initial Liquidity Capability”
- “Lending dApp”
- “X7D Minting”
- “X7D Staking NFTs”
- “X7D Dashboard dApp”
- “DAO Governance Contracts”
- “DAO Governance dApp”
In addition to the above development milestones, the following additional deliveries can be expected:
Marketing Materials:
- “Investor deck/summary”
- “Prettified ecosystem diagrams and explanations”
Development Tooling and Documentation:
- “Technical design document for all smart contracts”
- “Smart contract trust diagram”
- “Technical User Guide for DAO interactions”
- “Integration Guide for third party integrations”
- “Open sourced SDKs for smart contract interactions”
- “Open sourced testing and development tooling”
The release of the Development Tooling and Documentation will really help to boost confidence in the project, within the greater crypto community.
Final thoughts,
Cryptocurrency is a dream, the dream of financial independence, the dream of freedom, the dream of a good life. X7 Finance is here to help make those dreams come true; for the projects taking out leveraged loans to the many kinds of investors in the X7 ecosystem.
X7 Finance has an professional team (albeit anonymous) with a strong vision. They have built a system with an impressive design philosophy in order to achieve their goals.
The intricacies of the system are very well designed and, together with the ingenious game theory, have presented us with a unique and potentially very lucrative opportunity.
Trust no one. Trust code. Long live Defi.