xBrokers RWA ecological platform announces that its governance token X has officially launched today at 18:00 (UTC+8) and is open for trading on Ju.com. At 17:30, the originally planned 6.3 million X tokens for IEO have been destroyed on-chain, and the relevant transaction records are publicly available. Subsequently, the X/JU trading pair opened on time, with the first price formed freely by the market, allowing all participants to qualify for trading at the same moment, and the relevant data has been recorded on-chain.

Fair Launch: From Concept to System

Fair launch has been discussed in the industry for many years, but often stops at the technical level, with initial pricing and value anchors still lacking transparency. The system design launched this time replaces human intervention with mechanisms, allowing the market to determine pricing, with distribution written into smart contracts and data updated on-chain in real-time.

The total supply of the X token was originally 210 million, and after the destruction of the 6.3 million IEO share, the final supply is locked at 203.7 million. The smart contract releases 72,000 tokens daily to the computing power pool, halving every four years until all are mined. The distribution structure has no team reserves, no advisor shares, and no strategic investor quotas; all circulating X comes from stock pledge mining and secondary market trading.

This mechanism eliminates uncertainty on the supply side through a fixed release curve in the smart contract, allowing the market to estimate the circulation growth rate and dilution pace, thus ensuring transparency in token supply at the system level.

Structure-Driven Pricing Logic

The price formation of X is driven by a three-layer structure.

First, the release rhythm on the supply side is completely transparent: the smart contract releases tokens at a constant rate and distributes them according to computing power share, with parameters written in code and unchangeable, allowing the market to estimate new supply and dilution speed.

Second, the demand side is anchored by real assets: users obtain computing power by pledging Hong Kong stocks, with computing power directly related to the market value of the pledge and the lock-up period; stocks are custodied by licensed brokers, with dividends and other shareholder rights continuing, and more pledges will increase the total value of locked assets in the system, forming medium to long-term demand support.

Third, the value anchor comes from the reserve fund mechanism: companies that connect are required to allocate no less than 30% of their market value as a reserve fund for secondary market repurchase, with the scale expanding as more companies connect, and relevant data disclosed according to the disclosure rhythm.

The scale of the reserve fund, total pledge amount, and mining release speed will jointly affect the price range of X. The reserve fund provides price support, pledge demand drives prices up, and mining release adjusts circulating supply. The dynamic balance among the three will gradually be reflected in the data presented on the platform.

User Participation and Verifiability

Users can participate in the X ecosystem in various ways: holding Hong Kong stocks and completing KYC to choose to pledge for computing power distribution, or trading directly in the secondary market. The system rules are automatically executed by smart contracts, with distribution logic public, parameters fixed, and no human intervention.

On-chain data ensures the process is verifiable: the record of 6.3 million tokens destroyed and the hash have been written to the blockchain; the contract address and computing power pool data are displayed in real-time on the JuChain browser, and the pledge scale, output distribution, and repurchase transaction records can all be queried. Repurchases will be executed according to the rules, with transaction time, quantity, and destination disclosed according to the disclosure rhythm. X is the governance and incentive token of the xBrokers platform, with its value determined by market supply and demand, and does not represent company equity or debt.

First Day Observations

After the market opened at 18:00, trading quickly commenced, with prices and transaction volumes generated and recorded on-chain in real-time. This data marks the official launch of X's market mechanism and serves as a foundational sample for observing the operation of its economic model in the future.

The supply side began releasing 72,000 X tokens daily, and pledge users on the demand side started receiving mining output, while the reserve fund pool awaits market signals to prepare for repurchase. The three mechanisms operate in sync, each playing its established role in the price formation process. On-chain data begins to accumulate, allowing market participants to observe the actual operation of the structure based on this data.

About xBrokers and the X Token

xBrokers is an RWA ecological platform aimed at the stock market, providing retail investors with new avenues to access Hong Kong stocks and early subscriptions through a structure of "real stock custody + on-chain verification + compliant deposits"; the platform features an early bird subscription area, a free trading area, and a stock pledge mining area, with shareholder rights continuing according to broker registration during the pledge period.

The platform's innovative mechanism lies in the reserve fund system: Hong Kong companies connecting to xBrokers are required to allocate no less than 30% of their market value as a reserve fund to support the long-term development of the token ecosystem, forming a stable supply constraint at the asset level. The X token has launched on Ju.com, which was established in 2013 and has over 50 million registered users across more than 30 countries.

X is the governance and incentive token of the xBrokers platform, with a total supply of 203.7 million tokens, releasing 72,000 tokens daily, halving every four years, distributed through community mining. Token holders can participate in governance topics within the xBrokers ecosystem, enjoy fee discounts, and benefit from the long-term supply constraint effect under the repurchase mechanism executed according to the rules; the output of X is directly linked to the scale of pledged stocks, with all parameters based on on-chain data and governance processes.

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