The xBrokers RWA ecosystem announced that its governance token, X, officially launched today at 6:00 PM (UTC+8) and is now available for trading on Ju.com. At 5:30 PM, 6.3 million X tokens originally intended for the Initial Expected Exchange (IEO) were destroyed on-chain, with the relevant transaction records publicly available. Subsequently, X/JU trading opened on time, with the initial price determined by market matching. All participants were simultaneously eligible to trade, and the relevant data is recorded on-chain.

Fair Launch: From Concept to System

The concept of a fair launch has been discussed within the industry for years, but it often remains at the technical level, with initial pricing and value anchors still lacking transparency. This new system design replaces human intervention with a mechanism, leaving pricing to the market, allocations written into smart contracts, and data uploaded to the blockchain in real time.

The original supply of X tokens was 210 million. After the destruction of 6.3 million IEO tokens, the final locked-in supply is 203.7 million. The smart contract releases 72,000 tokens daily to the hashrate pool, halving every four years until all tokens are mined. The distribution structure includes no team reserves, advisory shares, or strategic investor allocations. All circulating X tokens are derived from stock staking and secondary market trading.

This mechanism eliminates supply-side uncertainty through a fixed release curve in smart contracts. The market can use this to estimate the circulation growth rate and dilution rhythm, ensuring transparency in token supply at the system level.

Structure-driven pricing logic

The price formation of X is driven by three layers.

First, the supply-side release rhythm is completely transparent: the smart contract releases it constantly and distributes it according to the proportion of computing power. The parameters are written into the code and cannot be changed. The market can use this to estimate the new supply and dilution rate.

Second, the demand side is anchored by real assets: users pledge Hong Kong stocks to obtain computing power, and computing power is directly related to the pledged market value and lock-up period; stocks are held in custody by licensed securities firms, and dividends and other shareholding rights are continued. More pledges will increase the total value of locked assets in the system, forming medium- and long-term demand support.

Third, the value anchor comes from the reserve fund mechanism: access companies are required to allocate reserve funds of no less than 30% of their market value according to the rules, which are used for secondary market repurchases. The scale of the reserves will expand as the number of access companies increases, and the relevant data will be disclosed according to the disclosure rhythm.

The three variables of reserve fund size, total staked amount, and mining release rate jointly influence the price range of X. Reserve funds provide price support, staking demand drives prices upward, and mining releases regulate circulating supply. The dynamic balance between these three factors will gradually be reflected in the platform's data.

User participation and verifiability

Users can participate in the X ecosystem in a variety of ways: by holding Hong Kong stocks and completing KYC, they can choose to stake their shares to receive a percentage of their hash rate, or trade directly on the secondary market. System rules are automatically executed by smart contracts, with open allocation logic, fixed parameters, and no manual intervention.

On-chain data ensures a verifiable process: 6.3 million token burn records and hashes have been written to the blockchain; contract addresses and computing pool data are displayed in real time on the JuChain browser, and pledge scale, output distribution, and repurchase transaction records are all accessible. Repurchases will be executed according to regulations, and transaction times, quantities, and destinations will be publicly disclosed according to the disclosure schedule. X is the governance and incentive token of the xBrokers platform. Its value is determined by market supply and demand and does not represent company equity or debt.

Observation on the first day of launch

After the market opened at 6:00 PM, trading quickly began, with prices and trading volumes generated and recorded in real time on-chain. This data marked the official launch of X's market-based mechanism and served as a baseline for subsequent observations of its economic model.

The supply side begins releasing 72,000 X tokens daily, demand-side stakers begin receiving mining output, and the reserve fund pool awaits market signals to execute buybacks. These three mechanisms operate synchronously, each playing a role in price formation. On-chain data begins to accumulate, allowing market participants to observe the actual operation of this structure.

About xBrokers and X Token

xBrokers is an RWA ecosystem platform for the stock market. Through the "real stock custody + on-chain verification + compliant deposit" architecture, it provides retail investors with a new way to enter the Hong Kong stock market and subscribe early. The platform has an early bird subscription area, a free trading area and a stock pledge mining area. During the pledge period, shareholders' rights and interests will be continued according to the registration of the securities firm.

The platform's innovative mechanism lies in its reserve fund system: Hong Kong-listed companies connected to xBrokers are required to set aside a reserve fund of no less than 30% of their market capitalization. This reserve fund is used to support the long-term development of the token ecosystem and establish a stable supply constraint at the asset level. The X token is already available on Ju.com, which was founded in 2013 and has over 50 million registered users in over 30 countries.

X is the governance and incentive token of the xBrokers platform. Its total supply is 203.7 million, with 72,000 tokens released daily and halved every four years. It is distributed through community mining. Token holders can participate in governance issues within the xBrokers ecosystem, enjoy fee discounts, and benefit from a long-term supply constraint through a rule-based buyback mechanism. X's output is directly linked to the size of staked shares, with all parameters subject to on-chain data and governance processes.