Project X, a new decentralised exchange built on the HyperEVM network, went live on 14 July, introducing an automated market-maker that lets users trade any token across Ethereum-compatible chains. The platform is developed by the team behind Pacmoon, led by pseudonymous builders “Lamboland” and “BobbyBigYield.” Its roadmap outlines three stages: the just-launched AMM DEX, an EVM-wide aggregator in the next phase, and a yet-to-be-disclosed third step. Demand was brisk. The exchange attracted more than $1 million in total value locked within ten minutes of launch, according to project figures. Users can earn points—one million are distributed every 24 hours—by providing liquidity, trading or referring new participants. Analysts say Project X positions itself as a faster, more decentralised “based rollup” alternative to derivatives venue Hyperliquid, underscoring intensifying competition among on-chain trading platforms seeking to capture retail and professional volume.