LogX launches prediction markets with 20x leverage

0:00I'm ashon Addison from the cryptocoin show and today on blockchain interviews we have oit bordia co-founder of logx oit welcome to the show and thank you for taking the time thank you so much for having me as I'm excited to dive into the newest updates I know uh your team's heads down building uh big updates for this month uh I would love to start off our

0:22conversation from a high level if you could just give an overview on on logx as as a defi super app everything that your team is building then we can dive into all the details after that got it no no absolutely right it's a pleasure to be talking here uh with you right so just to give you some background logx is a D5 super app uh which offers 50 plus exotic derivative

0:45markets or perpetuals uh multiple leverage prediction markets uh similar to for example what you see out there on poly Market but with 20x leverage you can take a long or short on uh Trump or Kamala or whatnot where your beliefs are and then also a meme coin trading Marketplace is what we have so essentially net net idea is very simple we want to build a D5 supera that scales

1:14across 50 plus blockchains and it is only present across the def ecosystem so yeah that's that's what we're building at logx wow yeah that's exciting uh a lot of different parts to dive into I'm curious on your background AIT and and why you decided to co-found log ax and these kinds of products got it so actually my journey started back in 2016 uh that was the first time I was

1:40introduced to crypto back then it was not called web3 uh it was called like crypto Bitcoin ethereum bun of other things right so I used to run Bitcoin mining rigs in 2016 based out of a lot of spare University Hardware that I had after that started uh you know uh using that money and a full-time Trader in 2017 I used to trade uh markets almost all the

2:05time uh essentially like whenever Japan markets used to open up China markets used to open up I used to sort of always uh uh trade those markets and then after that I I think I just got uh on the hook with defi coming up uh in the last cycle then nfts coming up I just like kept on seeing more and more interesting Financial applications which to me made

2:30person sense to me felt like future and interestingly back then uh in 2021 I was working for uh one of the largest fexs in uh the world and uh used to run multiple products there and that's where I decided that hey I want to do something which is like 100x more interesting and that's where the journey in D5 started that's how like logx was born uh yeah that's the that's very cool

2:57and yeah I could see how you know trading all these different markets when they open you're like let's just build a platform that has all of the greatest web 3 markets uh in the prediction market and derivatives meme coins everything so it's very cool um I'm excited to see how it grows so um now I want to talk about the platform a little bit more you know you're you're talking

3:18about it as a super app and it's great to have all these different markets in there what about the the products or the key features that you know the the user experience differentiates it from other apps you know how is it going to be the best go so I think like let's let's actually go to a couple of problems that are there in D5 and then most interestingly the V1 version of logx

3:45right uh had around 162k users even the V2 testet has more than uh 1 million 1.2 million users right one of the biggest feedbacks I've received on D5 is a it is very is so much like 1990s the transaction takes a lot of time the transactions are not gasless you face hundreds of popups none of that is there on centralized exchanges so one

4:13of the sort of you know very very strong mandate that we had was we said in the past we've worked with so many different protocols like we've worked with 100 plus protocols 30 plus chams in the market he said what can we do to create a an experience which is very similar to centralized exchanges and at the same time works across 50 plus blockchains I

4:39think like that was the thought process because like users also used to get confused because like log xv1 was again live on 17 17 different blockchains so users used to get very confused how do I sort of actually navigate across chains so that's where we said let's do one thing let's build out logx right and fundamentally it solves for multiple things but here are

5:03the top five things it solves for a all transactions are gasless be over and above that uh the experience feels as good as a centralized exchange because you sort of like don't get any random metam Mas pop-ups and all C the chain is 100x faster than any general purpose chain out there D we are the first ones in the market to offer Innovative leverage

5:27prediction markets that sort of you know like just the the person now creates the right amount of adrenaline rush right and fifth is that we are the only product out there which supports so many chains and accepts collateral across any chain across any asset class on any chain so imagine any collateral any chain across like market so that's sort of like uh the core Innovation that

5:53you're bringing in in the market wow that's very interesting AA to build seamless experience especially without having uh you know volatile gas fees and popups uh you're really getting back to uh sort of a traditional you know traditional traders that from what you're used to in the other markets not having to deal with all these intricacies that new learning Curves in

6:16web 3 that people don't want to have to deal with um so that that's really interesting and on the prediction Market specifically that is something that I feel like uh a lot of people are interested in moving up to the next three months because I've seen it uh even on television people are talking about uh these prediction markets with the Trump and Harris um so can you walk

6:38me through how that would work with like up to 20x leverage so say I I had $1,000 and I came in and and it's at of 50/50 you you can put Capital into it and then depending on who wins or as the percentage changes then that's where the volatility occurs okay so let me explain it to you the other way around imagine as a consumer you come in with $1,000 by the way none of this is

7:05financial advice just trying to you know like walk you through the product itself whatever trades anyone makes is up to them to make right imagine you as a consumer you comes in you come and you have ,000 you take those th000 let's assume on the best product out there which is like you know raging out there let's assum polymar you put that on Donald Trump let's say you believe

7:27Donald Trump is going to win right now the best odd that you have is that $1,000 can only become $2,000 and that to like the market doesn't like is not super volatile it just moves like 5% 10% that's what we have seen in the past which means your th000 are likely becoming 1100 or 12200 at best now you come to logx you see that 20x amazing leverage slider and you say I want to I have 100%

7:55connection conviction Donald Trump is probably going to win you take in 10 billion like you taken that ,000 put a 20x leverage on top of it there's a position of $20,000 that open up and the moment you sort of take that bet very very deep what tends to happen is the volatile 5% 10% volatile markets now become 50% 100% volatile markets and that is the beauty of what we are

8:23building here which is if you genuinely believe on what you are building or what you sort of you know if you genuinely believe on what where where the prediction is headed take a fully leveraged bet take a bet which gives you that Adin Rush that is what like people love in crypto that is what like crypto in general like the core ethos of crypto is which is like do something and take a

8:48bet on something which can just become like crazy if it works out yeah no it's really interesting um I'm definitely going to check it out and you know there's this Market but then you also mentioned that you now there's like 50 plus blockchains and and the interoperability you know natively is is a mess um but logx is managing to make it easy to trade different assets on

9:14different chains how does that work or you know what's the proper infrastructure that your team has built to make such a seamless experience on all the different markets so actually this is what we did right we went to so we've been working with arbitrum for a long long time right and then we've been chatting with them on this on the all on on a bunch of

9:38onchain problems for def users like it is not super super clear how fast the transaction will go the gas feet is like crazy sometimes like what happens is is that you you get like random popups and they don't even approve and whatnot so people have been facing all these problems all along and what we realized with logx is that why don't we use the arbitrum stack even though it is like it

10:03has certain XYZ things but it is like the best trading stack out there battle tested across last two three years so why would you pick the arbitrum stack use it as a settlement or sort of you know the trading layer for for for all the consumers who come to logx so we borrowed the arbitrum Stag we borrowed their Stag and said that hey the logx network which is going to come out on

10:26the core product which is logx network will be built using the core arbit orbit St that's one second what we did was we said now how do we make multiple chain stock so the core infra is amazing now how do you make multiple chain stock that's where we went to this amazing team called as hyperlane and we told them like this it's an interop solution right we told them what can we do

10:49together to deploy a custom use case of this which feels crazy fast like even if you like today if you go to logx and if you make a deposit within 10 to 20 seconds the deposit shows up like it doesn't even like happen happen that ciz exchanges it's like probably like 3 exx 5x faster than even calized exchanges out there so you just make a deposit the

11:12deposit shows up like instant and then after that whatever you have deposited it could be BTC it could be e it could be uh sort of you know even like usdc stable coins you can use all of that collateral buying power is minted on top of it and you can use that to trade these amazing markets so that is the core infrastructural Innovation that we' have created across the board and the

11:36biggest thing that I believe we are bringing to the market with this Innovation is our solver model it's our intent based solver model wherein imagine market makers and professional Traders or professional prop houses are taking liquidity from binance okx and by bridging all of that liquidity and bringing all of that aggregated

12:02liquidity and aggregated order book using the intent model on logx so technically the liquidity you have on whatever place you speak about in the def ecosystem right now it would not even compared to the liquidity that is available for these derivative markets on logx on day one of launch wow very interesting uh well there's definitely a lot of markets and it's interesting that

12:28the arbitrum techn ology is there um I'm going to keep that in in the back of my head because uh I I I know arbitrum is one of the best layer twos but there's much more than people understand uh on the back end so very cool o and now the next part of the evolution of logx I saw there is a token generation event or a tge for a logx token can you talk

12:52about that step uh what that means for the platform and and how exactly that would work got it got it no no absolutely so think of it this way the token generation event is something which like uh we believe will fundamentally decentralize the network and the way it will decentralize the network is that in the orbitum stack we made one custom tweet this is a tweet that has just just come

13:20in as a as a support from the arbitrum stack itself which is we made the native gasly token of the of the network as dollar logx which is like which is our token itself right mm and because of that that serves as the core utility of the utility token of the chain where in every potential future decision that is taken or every sort of potential uh action or transaction that happens on

13:46the chain is governed by and secured by the token itself that's that's the significance of dollar logic or the token we're pushing out over and above that the most interesting thing is in the next 7 to 10 days we're going to launch the main net so the moment minet comes out the token also has to come out so that consumers can use that as the core utility on the

14:13train that's good to know and one thing that people often Overlook um they should probably know more about it is the actual tokenomics of the token and not just how it functions within the platform is there anything that you can say about the tokenomics and and how it's set up um that also drives value to the community and the ecosystem got it no no so think of it

14:40this way what tends to happen with a lot of tokenomics that I see out there is the token is not like token is like sort of this I don't know like this random Island on which you're sitting and then sort of the core product is like very very different these are two disconnected things we have not done that we have done a very straightforward thing we've integrated whatever value

15:04that is out there that is possible and we have given that power to the Token so imagine majority of the value generated on the protocol in any direction it could be fees generated it could be you know uh different sort of uh new features coming up it could be as I mentioned gas fees taking benefits trading benefits upcoming sort of partner rewards and whatnot all of that

15:29FLW to the log token purely because of the fact that when I just like genuinely started in Def this was something which I felt is truly powerful if I own the token of a protocol if let's assume like if I own the stock of some company right uh I always feel that I'm not connected to them because I I don't like I genuinely don't participate in their governance I genely don't go and like

15:54sort of you know like interact with the team and like get everything I think with the product that we have built out anyone and everyone who sort of owns a share of or owns a part part of what we are building they would be allowed and they would sort of you know come in to help us out build this for good imagine like there is this amazing Market that

16:16you want to build out you feel like hey I want this like F1 Market live on on logx right you can come in and like put put up AC that across as a proposal and that is the true power of D5 all value that is is generated and all sort of steps that are taken has to be taken with by by assuming like Community as a whole and moving forward from there so yeah that's that's sort of what our view

16:39is uh on uh how we're building and like sort of evolving the toomics as well and by the way like one interesting thing is that 67% of the supply we have allocated for Community uh that's very rare like it's funny to say this but that's very rare to see it in this cycle but we just said like let's do it let's let's do the level best we can yeah no I appreciate

17:03that insights and yeah I haven't seen that in any other projects so uh very interesting um and now looking forward Beyond uh the the tge and continuing to grow the platform and the users what do you think will be some of the hardest challenges or or you know biggest opportunities for for scaling uh the platform and the users so I have this View about the product right about what we're

17:32building over the last like their Market know this again bu cycle and it again multiple Cycles whatnot right is we want to bring Mass scale adoption on chain and when I say that what I mean to convey is that these simple amazing use cases like these leverage prediction markets we are talking about like we are talking about like let's assume tomorrow

17:56a mem coin sort of launch pad and we're talking about like a Marketplace for rwa these simple easy interesting Innovations are the Innovations by the way like we're also expanding on ta blockchain which which will drive in like millions of users on logx right these simple interesting Innovations are the Innovations which will bring the next set of 100 million users on crypto

18:19and that is what we want to go after that is like the biggest challenge because everybody talks about infra everybody talks about like a bunch of other things and to be very honest with you we have also innovated a lot on the infra but the real truth is we want to get to 100 million consumers and it's it's sort of a meme right now in the market like everybody wants to get a lot

18:39of users but everybody is building infra but we want to be the Pioneers there who would say we will give attempt after attempt attempt after attempt to bring in the next 100 million users in web three over the next two to three years yeah I would love to see hundreds of millions of more people come into web 3 and you mentioned there the ton blockchain telegram I know they have

19:04hundreds of millions of users that would be a great segue uh into you know onboarding them um is there a plan to expand further into the telegram ecosystem or sort of ingrain those users into log X yeah yeah absolutely so recently we launched a video so we're going to launch on the TA blockchain within uh within I think Q4 early Q4 itself that's what uh uh is there on our road map and

19:31the idea is so straightforward you open the Tron mini you take a bet or take a sort of you know take a sort of opinion whether Donald Trump is going to win let's say Kamala Harris is going to win or let's say x player is going to win or Y player is going to win and what take some sort of Leverage on it like just click two buttons and then you're you're

19:54sort of long on short on on that possession so the most interesting thing that they bringing to that interface is that while you are traveling while you are on the go you get to make that decision you get to make that pun so I think like that's that's what of the core of what we are trying to do we have certain Innovative Partnerships also with the uh community over there so that

20:13will also line up once we do the launch but particularly this is one of the most exciting launches for me uh if you would ask me as a product Enthusiast definitely and I I'm bullish on on Telegram and I I I think that the news recently has only made them continue to grow I feel like ingraining them deeper into web 3 and blockchain is uh is a great idea so I'm looking

20:36forward to that op now looking forward to the next part of the launch for logx what's the best way to follow along with the launch get involved with it um I know people can go and try out the products but there's also the tge event how can I learn more and make sure that I'm not missing out on the opportunities as log ax is growing the best way right now to follow logs is

21:02to go to our Twitter handle which is logx _ trade so log exore trade go to our Twitter handle you can find like majority of the updates there you can also go to our website which is log x. Network that's also live it's a new Fresh website so you'll get a welcome surprise there and third I would say even if you do not own anything on chain no Financial transactions whatsoever go

21:30to the minute that is going to come out in the next 5 to 7 days and you will find a free gift box once you connect your wallet for the first time it's it's free gift box I'm not going to share much much more about what you will get but the moment you connect your wallet the moment you go through that Journey you you'll find that cute little gift which you'll get uh as a as a valued

21:52Community member of logex very cool I'm looking forward to it I can leave a link to the Twitter x uh to the platform and the new website and I'm going to check out that gift box so very cool I'm excited for uh for the launch I'm excited to check out all these different uh the prediction markets and the other markets all the best for you and your team moving

22:13forward with logx and I would love to follow up again in the near future got it no no thank you so much for having me and it's it's been a wonderful chat with you as