# Welcome to 10K X

10K team has consistently grown alongside Ethereum's development and is dedicated to enhancing liquidity on L2 while encouraging broader DeFi adoption, empowering more DeFi users to relish a centralized exchange-like on-chain trading encounter. We have now introduced three products so far: 10K Swap, 10K DEX, and 10K Wallet.

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# Product

## *10K Swap & DEX*

In the cryptocurrency realm, many opt to store funds in CEX custody for trading ease, though this poses risks. We need enhanced, secure, and transparent trading solutions.

10K DEX, a license-free decentralized spot and perpetual exchange, is backed by a distinctive multi-asset pool. It offers traders strong trading depth and liquidity providers earn fees via market making. 10k DEX is an upgraded version of 10K Swap on Starknet network, enhances the trading experience, supporting both market and limit order trading for spot and perpetual contracts.

We hold a positive outlook on the potential of Zero-Knowledge Rollups. They excel at removing trust assumptions and bolstering security through advanced cryptographic zero-knowledge proofs, rather than relying solely on economic incentives. 10K DEX will further extend its multi-chain marketplace presence, launching on platforms like zkSync Era, Scroll, and Starknet. This aligns with our commitment to a comprehensive cross-chain liquidity trading approach for the future.

## *10K Wallet*

10K Wallet Mobile is an advanced Ethereum ecosystem wallet, utilizing zero-knowledge proofs and EIP-4337. EIP-4337 introduces abstract accounts (AA) and smart contracts to enhance user account experiences within wallets. This enables wallets to conduct diverse signature authentication, complex tasks, and expand possibilities through account contract code.

Aligned with Ethereum's progress, starting with EIP-4337, we're evolving to offer richer smart wallet features. These include order-book style transactions, batch transfers, gas-free payments, and unassisted word transaction signing and recovery. Utilizing Zero-Knowledge aggregation technology, we significantly reduce AA account costs in the Ether ecosystem.

In time, we'll unify asset management and trading within 10K Wallet. Eventually, 10K Wallet Mobile aims to surpass CEX (like Coinbase or Binance) as the premier coin trading platform and on-chain ecosystem gateway, facilitating blockchain adoption for the next billion users.


# FAQ

**About KLP**

KLP is a collection of assets (like ETH, BTC, USDC) for swaps and leverage trading. Acquired with any index asset, it's convertible to others. Its price is based on (total index asset worth with open position gains/losses) / (KLP supply).

**About 10K Price**

10K DEX ensures genuine on-chain pricing, offers top-tier trading depth, and prevents large localized market transactions that lead to price swings and liquidation risks. To mitigate latency issues seen with oracles like Chainlink, we aggregate prices from major exchanges like Coinbase, Binance, OKEx, and more.

**About 10K DEX fees**

* Position fee: 0.1% of the position size when opening/closing a position.
* Funding Fee: updated at every 8 hours, calculated as (assets borrowed)/(total assets in pool) \* 0.01%; Charged when positions changes.
* Swap fee: 0.2% to 0.8% of collateral size.
* Execution Fee: Paid for block packing.
* Liquidation fee：$5.

Opting for non-default collateral while going long or short incurs a swap fee. Long positions use the token being held, such as ETH for ETH longs or WBTC for BTC longs. Short positions employ supported stablecoins like USDC or USDT as collateral.

The 10K DAO will eventually oversee transaction fee distribution. Presently, 70% of the transaction fees are liquidity providers' turnover, accessible anytime. However, selling KLP early forfeits fee distribution rights for the cycle, reset every 7 days at the trading fees settlement phase's conclusion, any early sale of KLP will lose the access and distributions.

**About 10K Limit orders**

Limit orders is an order that will be executed automatically when the target price is reached. However, limit orders are not guaranteed to be executed. This can occur in a few situations including but not exclusive to:

* Insufficient liquidity to execute the order.
* The mark price which is an aggregate of exchange prices did not reach the specified price.
* The specified price was reached but not long enough for it to be executed.
* No keeper picked up the order for execution.

**About 10K Liquidation**

A mandatory liquidation process initiates when: prices of bearish assets experience a continuous uptrend, prices of bullish assets undergo a continuous downtrend, and users' assets loss approaching the collateral value. The remaining collateral assets will be returned to the original account after deducting losses and liquidation fees.

Under the conditions where Mark Price triggers liquidation:

* (Total collateral USD value + Position P/L USD value) < Lending USD value + Liquidation USD value (Should be adequately covered by collateral).
* (Total collateral USD value + Position P/L value) \* Max leverage ratio < Total position USD value (Limit the max leverage ratio).


# Roadmap

### **Stage 1**

Launch 10K DEX web on zkSync Era.

### **Stage 2**

Launch Integration of 10K Wallet and 10K DEX.

### **Stage 3**

Launch multi-chain permissionless trading.

### **Stage 4**

Introduce a cross-chain trading platform utilizing zero-knowledge proofs for seamless, high-liquidity interaction.

### **Stage 5**

Establish 10K DAO for asset management and key decision-making.