To the survivors of this cycle: Returning from the casino to the new world, written on the occasion of the SoDEX launch, we commemorate your resilience and hope. May this event mark a new beginning and inspire continued strength in the face of challenges.

Unity in love and mutual benefit!⸺Mozi

Welcome aboard, together we go far. Use technology to increase consensus, reduce disputes, and promote peace!

To Fellow Partners of the SoSoValue Ecosystem:

Thank you for your participation and attention. This is a ticket for early participants. The reason we call it a ticket is because we are not just launching a product, but also gathering like-minded partners to jointly embark on a journey to rediscover the original purpose of the industry.

About the Ark of 2008 and the Lost Voyage Seventeen Years Later

The story begins with the 2008 financial crisis, when trust in the traditional financial system collapsed overnight. Satoshi Nakamoto released the Bitcoin white paper, creating an ark for the world. The initial design of this ark was simple: no need to trust any intermediary, everyone can control their private keys and assets, using blockchain technology to reconstruct the way human society builds trust.

In the original vision, this technology was a gift to ordinary people, not a tool for Wall Street. In the eyes of believers in technology’s power to change the world, AI and blockchain are shaping the world structure over the next 20 years from the bottom up—“productivity” and “production relations,” respectively.

However, seventeen years later, this so-called “Crypto” ark seems to be veering off course amid fog and noise.

Bitcoin has become a giant, but the industry’s focus is quietly shifting. As AI reshapes productivity exponentially and opens new value spaces, Crypto is gradually falling into a pure liquidity speculation game. People are beginning to question the long-term value of blockchain technology for the world.

This rift became especially clear in 2025: on one side, the prosperity driven by technology in the US stock market; on the other, internal liquidity struggles within the crypto market that cannot spread outward. In October 2025, a long-accumulated bubble of pure liquidity burst under the trigger of a rare technical failure, leading crypto assets into the darkest period in the past four months, diverging from global risk assets. People began to doubt whether blockchain technology could still be one of the main lines of technological change.

Chart 1: Since October 2025, Bitcoin has underperformed traditional assets and decoupled from gold, data source: SoSoValue

What happened in 2025? The Collapse of the Mirage in the Fog

The past year, 2025, saw the crypto industry slide into an even more pure and raw liquidity game amid a lack of substantive innovation—exchanges began systematically promoting high-leverage products. The implicit goal of product design shifted from improving trading efficiency to increasing the likelihood of liquidations, with casino-like attributes clearly overtaking the platform’s original purpose.

Meanwhile, the main communication targets of project teams shifted from users to exchanges, market makers, and VCs. User value was almost entirely absent at this stage. Token issuance was no longer about listing assets but about opening new gambling tables. Asset quality was no longer the core standard for listing; whether more people bet on it became the only criterion.

Originally, blockchain technology aimed to reconstruct production relations, making the world more decentralized and egalitarian. During this phase, it was exploited to the fullest by the most primitive desire-driven business—casinos—as a shield to evade regulation.

When “building” was ridiculed and “gambling” became mainstream, what we saw was not value creation through technological change but the acceleration of entropy in the world under the guise of blockchain technology. The fog and mirages dispersed, revealing the underlying harsh realities of the industry, while also removing many noise signals, making the journey clearer.

Therefore, perhaps this is both the worst and the best moment. The resolute builders, as the fog clears, will find each other more easily. Only like-minded people, steadfast in their pursuit, can restore this ark to its original course and move toward a brighter future.

Truly using blockchain technology to reconstruct the way humans build trust, the financial industry itself is composed of many modules that establish trust. We believe that the first step for blockchain to change the world is to rebuild the financial industry, enabling more people worldwide—including AI agents—to participate in financial life through equal access points, making resource flow and allocation more efficient.

Reflecting on the Founding of SoSoValue: Serving the Crypto Masses

Initially, SoSoValue was not a product specifically developed for consumers; it originated from our internal research and investment needs. The original intention was pure: as a team focused on investing in the tech industry, and like many survivors educated deeply in financial cycles and common sense without crypto native experience, when we were called by the belief that blockchain technology would change the world and decided to invest long-term in crypto, the chaotic and harsh decision environment shattered our previous research paradigm.

Fragmented and untraceable information, social media noise blending facts and opinions, interpretations from programmers/finance/marketing/gambling perspectives that meant completely different things for the same concept—these made us realize that the industry was still very early. We needed to build our own information filtering tools. The emergence of ChatGPT allowed us to quickly develop tools tailored to our research needs.

Initially, this tool was shared only among friends. Based on the open spirit of blockchain, we made it freely available to the community. The name came from a very chill discussion: “Jivvva, after filtering with your research tools, found that most Crypto currencies have no value, just soso.” We thought SoSoValue would remind us to persist in filtering out most noise through research, because true value, in every era, is held by the minority—something we need to track, discover, and create.

In early 2024, a mass-market opportunity first favored us. Our team judged that a Bitcoin ETF was highly likely to be approved, which could reduce Bitcoin’s volatility and potentially become the main channel connecting stock markets and crypto markets, fundamentally changing the landscape of the entire crypto industry.

So, we launched the world’s first Bitcoin spot ETF Dashboard, and the first platform to systematically track the core metric of “net inflow and outflow.” The market responded beyond expectations. By helping users “see” the flow of funds, we gained our first million high-quality real users.

Our vision and mission became clear: Enable crypto investment for the global masses! Centered on investors, using AI and blockchain technology to build a platform that prioritizes investor interests, providing noise reduction, efficiency, and convenient investment services.

As our vision became firm and the path clearer, more like-minded top experts in blockchain technology, DeFi products, trading systems, asset issuance, and investment banking joined the team. The community’s strength grew stronger, turning this into a challenging but immensely joyful journey.

Discussions and collisions based on fundamental knowledge from different fields, guided by first principles, allowed us to learn a lot from our partners along the way. A lack of urgent results helped us focus on continuous exploration of industry pain points and user needs, as well as refining infrastructure and products.

Today, with SoDEX fully open, we finally complete the blueprint of SoSoValue’s core products.

Why Build SoDEX?

The birth of SoSoValue, SSI, and SoDEX was not a flash of inspiration but a logical deduction based on industry pain points.

First, we want to solve the information asymmetry problem for investors. SoSoValue Terminal achieved our first PMF and became the foundation of our user base: whether in traditional finance or crypto, the core pain point is always “low signal-to-noise ratio.”

SoSoValue Terminal provides users with a free, professional filter to cut through noise, integrating analysis frameworks of professional investors, filtering and tracking information dimensions. This allows every ordinary crypto investor to enjoy Wall Street-level information services and achieve information equality. From the global debut of the ETF Dashboard to the accumulation of 10 million real users, it proves the market’s demand for “certainty information.”

Second, once investors understand the information, they need asset allocation. SSI once again validated the PMF of passive investment. With the research terminal, users understand the data, and the next step is to realize cognition monetization—how to provide long-term safe asset allocation services. Our goal is to grow with users for 20 years.

According to financial common sense, most users lack the ability to beat the market; they need Beta returns, not Alpha gambling. Therefore, we launched the SSI (SoSoValue Index) protocol based on our data platform’s observation index, aiming to delegate the “definition of assets” and make excellent strategies into tradable indices.

• For users: configure a portfolio built by top researchers with one click, like buying an ETF.

• For researchers: publish their own indices using data and methods, becoming Web3 “fund managers.” Provide users with richer, more convenient, transparent yield portfolios, becoming the on-chain Vanguard. Let more honest and smart people, through our trust infrastructure, become fund managers on the chain.

In less than a year, SSI has attracted nearly 500,000 on-chain holders, with over 250,000 users holding Mag7.ssi. We confirmed one thing: users want more than data—they want assets that can withstand cycles. So we set a second goal: to help users allocate and manage assets on-chain, pursuing long-term compound interest.

Finally, we need to address the scalability bottleneck of on-chain asset issuance, which led to the creation of SoDEX. When SSI was running on a small scale, Layer 2 public chains + third-party AMM models were sufficient. But once we wanted to expand categories, scale up, and truly deliver products to more ordinary users, the shortcomings of crypto infrastructure became apparent. The ease of purchasing and index synthesis, on-chain liquidity, and market maker capital efficiency all became bottlenecks for scaling.

We need a high-performance on-chain platform supporting order books. We didn’t want to reinvent the wheel, but after in-depth research, we found no chain that could simultaneously achieve: high-performance order books, friendly spot trading, and support for RWA (real-world assets) issuance. Ultimately, we concluded that to stay true to our original mission, we must build our own Layer 1.

The Mission of SoDEX⸺Rebuilding the Ark

If there’s no road, we build one ourselves. During the research phase of SoDEX, we saw a darker side of the industry. We found that the “difficulty of use” of infrastructure was only superficial; deeper issues lay in the misalignment of business models.

2. Harsh lifecycle—In this market, due to exchanges’ pursuit of short-term traffic and profits, the average user lifecycle is less than three months. This “fast in, fast out” rhythm ensures users are just passersby.

3. Hidden “eat-the-lose” rule—We discovered a widespread unwritten rule: some platforms’ main income is no longer from fees but from users’ principal losses. When platforms survive by making users lose money, the relationship is no longer service but zero-sum competition.

4. Bad money drives out good—Exaggerated KOLs dominate the stage, while serious researchers, unwilling to “harvest” and lacking monetization channels, face survival crises.

This “prosperity” built on consuming user trust and industry conscience is unsustainable.

At that moment, we realized that merely creating a “better user experience DEX” cannot change this unsustainable industry state. So, we decided to build ValueChain and SoDEX ourselves.

Satoshi Nakamoto created the first ark, allowing ordinary people to hold non-dilutable assets. We want to follow his original intention and build an on-chain financial ark, enabling ordinary people to invest and trade assets safely and efficiently, lowering barriers to participation in financial life through blockchain technology.

SoDEX, adhering to the principles of transparency and security on-chain, has two main features:

1. Relying on the multi-subchain architecture of Valuechain Layer 1, SoDEX connects high-performance Spot and Perps trading sub-chains’ account systems. This means users can trade native crypto assets, stocks, indices, precious metals, and other RWAs in one go without switching accounts, greatly improving capital efficiency and asset allocation convenience.

2. Reusing SoSoValue Indexes Protocol’s Mirror Protocol infrastructure, combining third-party custody and bridging solutions to enhance cross-asset security.

In product positioning, we focus on two things:

• Integration of spot + futures (Perps), enriching high-quality financial products: We want you to seamlessly buy spot assets like on centralized exchanges and manage risk exposure with derivatives. Relying on SoDEX infrastructure, issue your own indices, and participate in more strategies.

• Continuous optimization of user experience, inclusive of the masses: We respect professionalism, but aim to turn institutional-grade performance and CEX-like smoothness into accessible infrastructure for every ordinary investor.

Today, SoDEX is launched. The blueprint in our minds is finally complete.

• SoSoValue—helping ordinary investors eliminate noise and see the truth.

• ValueChain—carrying performance, establishing trust through open and transparent Layer 1.

• SoDEX, SSI, and more open tools—building a zero-barrier investment platform for users to access abundant on-chain assets and enjoy smooth trading.

This new ark heads toward a future—a complete on-chain financial world; we are building this chain not just for today’s crypto but for the free flow of all kinds of assets on the same transparent chain. SoDEX is the vessel prepared for that future.

Standing at a New “Renaissance” Moment

Finally, I want to talk about why we are so persistent. Many late nights, we ponder: why is the current market so fragmented? On one side, rapid advances in AI; on the other, liquidity exhaustion in crypto; on one side, exponential productivity growth; on the other, the oldest “hot potato” of production relations—“pass-the-backet” games.

This sense of tearing apart reminds us of Europe 500 years ago. It was an era called the “Renaissance.” At that time, two technological inventions profoundly changed human progress:

2. Gutenberg Printing Press: It broke the church’s monopoly on knowledge, allowing ordinary people to own books, igniting the liberation of cognition.

3. Double-entry bookkeeping: It established the trust foundation of modern commerce, enabling cross-border capital cooperation and sparking financial prosperity.

History always rhymes. Today, we stand at the same crossroads:

• AI is the “printing press” of the new era: It makes intelligence and productivity extremely cheap and widespread, responsible for enlarging the cake.

• Crypto is the “double-entry bookkeeping” of the new era: It upgrades trust from human-based (Trust) to code-based verification (Verify), responsible for dividing the cake well.

This should be the singularity for ordinary people to change their destiny. It is also the fundamental belief that drives us into this industry—believing it is a ladder to a fairer world. We are not just building an exchange but maintaining a “technology for good” order in history.

One more thing.

SoDEX is a high-performance, highly trustworthy, zero-barrier, one-stop investment platform, not a casino that creates illusions. If you seek short-term adrenaline, this may not be the best place. But if you believe in “long-termism” and want wealth to grow with real industry value “compounding,” then we are on the same path.

Satoshi Nakamoto’s intention was not speculation but sovereignty. Everything we do aims to continue this choice: to securely manage your wealth within a transparent and fair system.

On this new ark, we are not opponents but fellow explorers.

This letter is your ticket.

We will distribute the “ticket rights” to eligible early users’ accounts (specific rules subject to official announcement).

We also reserve an ecosystem incentive pool to support long-term participants and builders, rewarding genuine contributions and long-term companionship.

Stop Gambling. Start Compounding.

Unity in love and mutual benefit!⸺Mozi

Welcome aboard, together we go far. Use technology to increase consensus, reduce disputes, and promote peace!

sodex.com

SoSoValue & SoDEX Founding Team February 1, 2026