To the survivors of this cycle: Returning from the casino to the New Ark, this message is written on the occasion of SoDEX's launch. May this new chapter bring hope and new opportunities for all who have endured.

Author: SoSoValue Team

To Our Colleagues in the SoSoValue Ecosystem:

Thank you for your participation and attention. This is a ticket for early participants. We call it a ticket because we are not just launching a product; we are gathering peers 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 in 2008 during the financial crisis, when trust in the traditional financial system collapsed overnight. Satoshi Nakamoto released the Bitcoin whitepaper, creating a vessel for humanity. The design of this vessel was simple: no need to trust any intermediary, everyone can control their private keys and assets, using blockchain technology to rebuild the way trust is established in human society. In its initial conception, 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’s structure over the next 20 years from the most fundamental levels of “productivity” and “production relations.”

However, seventeen years later, this vessel named “Crypto” seems to be veering off its original course amid fog and noise.

Bitcoin has become a giant, but the industry’s focus is quietly shifting. As AI rapidly reshapes productivity and opens new value spaces exponentially, Crypto is gradually falling into a pure liquidity speculation game. People are beginning to question the long-term value of blockchain technology in changing 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, the internal churn and liquidity trap within the crypto market that struggles to expand outward. In October 2025, the long-accumulated pure liquidity bubble was burst by a rare technical failure, leading to a chain reaction. Over the past four months, crypto assets have entered their darkest hour, diverging from global risk assets. People began to doubt whether blockchain technology could still be a mainline for technological change.

Figure 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, anxious about the lack of substantive innovation, slide into an even more pure and raw liquidity game—exchanges began systematically promoting high-leverage products. The implicit goal of product design shifted from improving trading efficiency to increasing liquidation probability, with the casino-like nature 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 a new gambling table. Asset quality was no longer the core standard for listing; whether more people bet on it became the only requirement.

Originally, blockchain technology aimed to reconstruct production relations, making the world more decentralized and equitable. At this stage, it was exploited to the extreme as a cover for the most primitive desire-driven business—casinos—to evade regulation.

When “building” was ridiculed and “gaming” became mainstream, we saw not a technological revolution to add value but an acceleration of the world’s entropy increase under the guise of blockchain, causing the vessel to go astray. The fog and mirage dispersed, revealing the harsh realities at the industry’s core, while also removing much noise, making the journey clearer.

Therefore, this may be both the worst moment and the best moment. As the fog clears at dawn, steadfast builders are more likely to find each other. Only those with shared ideals, persisting through the storm, can steer this vessel back on its original course toward a brighter future—truly using blockchain technology to rebuild trust in human society. Since the financial industry is composed of many modules that build trust, we believe the first step for blockchain to change the world is to reconstruct the financial sector, enabling more people worldwide, including AI agents, to have equal access to participate in finance, making resource flow and allocation more efficient.

Looking Back at SoSoValue’s Founding to Serve Crypto Mass Investors

Initially, SoSoValue was not a product specifically developed for To C; it originated from our internal research needs. The original intention was very pure: As a team focused on investing in the tech industry, and like many survivors of financial cycles and common sense deeply ingrained in us, when we were called by the belief that blockchain technology would change the world and hoped to invest long-term in crypto, the chaotic and skeletal decision environment shattered our previous research paradigm. Highly fragmented and untraceable information, social media noise mixing facts and opinions, interpretations from programmers/finance/marketing/gambling perspectives on the same concept but with completely different meanings—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 felt that SoSoValue could remind us to persist in filtering out most noise through research—because true value, in every era, is held by the minority, requiring us to track, discover, and create it.

In early 2024, a mass-market opportunity first favored us. Our team judged that 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 entire crypto landscape. 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 net outflow**.” The market responded beyond expectations. By helping users truly “see” the flow of funds, we gained our initial authentic high-quality user base of millions.

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 solidified and the path became clearer, more like-minded top experts in blockchain, DeFi products, trading systems, asset issuance, and investment banking joined our team. The community’s strength grew stronger, turning this into a challenging but immensely joyful journey. Continuous discussions and collisions of fundamental knowledge from different fields, based on first principles, allowed us to learn a lot from our partners along the way. A relaxed attitude toward results enabled us to focus on ongoing exploration of industry pain points and user needs, as well as infrastructure and product refinement.

Today, SoDEX’s full launch finally completes the foundational map of SoSoValue.

Why create 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 cornerstone 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 that incorporates analysis frameworks of professional investors, filtering and tracking information dimensions. It allows every ordinary crypto investor to enjoy Wall Street-level information services and realize information equality. From the global debut of the ETF Dashboard to the accumulation of 10 million real users, the market’s demand for “certainty information” has been proven.

Second, once investors understand the data, they need asset allocation. SSI further validates the PMF of passive investment. With the research terminal, users understand the data, and the next step is cognitive 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, based on our data platform’s observation index, we launched the SSI (SoSoValue Index) protocol, aiming to delegate the “definition of assets” to the community, making excellent strategies into tradable indices.

• For users: Like buying an ETF, one-click configuration of a portfolio built by top researchers.
• For researchers: Use data and methods to publish their own indices, becoming Web3 “fund managers.” Providing users with richer, more convenient, transparent yield combinations, becoming the on-chain Vanguard. Enabling more intelligent and honest people to become on-chain fund managers through our trust infrastructure.

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: 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 magnified. User convenience in purchasing and index synthesis, on-chain liquidity, market maker capital efficiency—all became bottlenecks for scaling.

We needed a high-performance on-chain platform supporting order books (Orderbook). 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, spot-market friendliness, and support for RWA (real-world asset) issuance. Ultimately, we concluded that to stay true to our original mission, we must build our own Layer 1.

SoDEX’s Mission: Rebuild 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 infrastructure” was only superficial; the deeper problem was the misalignment of business models.

1. Harsh lifecycle — In this market, due to exchanges’ pursuit of short-term traffic and profits, the average user lifecycle is less than 3 months. This “fast in, fast out” rhythm means users are only passing through.

2. Hidden “exploitation” — We discovered a widespread unwritten rule: some platforms’ main income is no longer from fees but from user principal losses. When platforms survive by causing users to lose money, the relationship shifts from service to zero-sum adversaries.

3. Bad money drives out good — Exaggerated KOLs dominate the stage, while serious researchers, unwilling to “harvest,” lack monetization channels and 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” would not change the industry’s unsustainable state. So, we decided to build ValueChain and SoDEX ourselves.

Satoshi Nakamoto created the first vessel, allowing ordinary people to hold assets that are not diluted. We want to follow his original vision, building an on-chain financial vessel that enables ordinary people to invest and trade assets safely and efficiently, lowering barriers to participation through blockchain technology.

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

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 stop without switching accounts, greatly improving capital efficiency and asset allocation convenience.
2. Leveraging the Mirror Protocol infrastructure of SoSoValue Indexes Protocol, combining third-party custody and bridging solutions to enhance cross-asset security.

In terms of product positioning, we focus on two things:

· Integration of Spot + Perps, enriching high-quality financial products: We want users to smoothly buy spot assets like on centralized exchanges and manage risk exposure with derivatives. Relying on SoDEX infrastructure, users can issue their own indices and participate in more diverse strategies.

· Continuous optimization of user experience, inclusive for 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 live. The blueprint in our minds is finally complete.

• SoSoValue — Helping ordinary investors eliminate noise and see the truth.
• ValueChain — Supporting performance, building trust with open and transparent Layer 1.
• SoDEX, SSI, and more open tools — Creating a zero-threshold investment platform for users, providing access to abundant on-chain assets, and enjoying seamless trading.

This new vessel heads toward a future of 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 a transparent chain. SoDEX is the vessel prepared for that future.

Standing at the 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 breakthroughs; on the other, primitive “hot potato” production relations.

This sense of tearing apart reminds us of Europe 500 years ago. It was an era called the “Renaissance,” when two technological breakthroughs radically changed human progress:

1. Gutenberg’s printing press: It broke the church’s monopoly on knowledge, allowing ordinary people to own books, igniting a cognitive liberation.
2. Double-entry bookkeeping: It established the trust foundation of modern commerce, enabling cross-border capital cooperation, igniting a financial boom.

History 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 being based on people to being based on code verification, responsible for dividing the cake.

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

One more thing.

SoDEX is a high-performance, highly trustworthy, zero-threshold, all-in-one 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 your wealth to grow compoundingly with real industry value, then we are on the same path.

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

On this new vessel, we are not opponents but explorers together.

This letter is your ticket.

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

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

Stop Gambling. Start Compounding.

兼相爱，交相利！—— Mozi

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

sodex.com

SoSoValue & SoDEX Founding Team February 1, 2026