The LogX Vision: Akshit Bordia's Journey to Create DeFi's Most Trusted Exchange

From Trading Enthusiast to DeFi Innovator: The Akshit Bordia Story and the Rise of LogX

Meet Akshit Bordia, the co-founder of LogX, a rapidly growing perpetual decentralized exchange (DEX) making waves in the DeFi space. Akshit's journey into the world of crypto and decentralized finance wasn't just a calculated career move; it stemmed from his personal experiences as a trader starting back in 2017. His insights into the market's gaps and his vision for a better trading experience led to the creation of LogX.

Sri Misra, Founder of aarna protocol recently had the chance to sit down with Akshit for an in-depth conversation on the alpha un# podcast. Hear Akshit dive deep into his journey, the intricacies of perpetual DEXs, and his vision for LogX! unhashed.co/akshit

The Early Seeds: From Trading to Building

Akshit's fascination with the crypto markets began in 2017 when he started trading. After finding early success, he passively followed the evolving Web3 landscape, including the DeFi and NFT cycles. His time working at CRED, a major Indian fintech company, and earlier product roles at Sprinklr and MapmyIndia provided him with valuable experience in product management and business development. Before LogX, Akshit co-founded Escapesuicide, an ambitious project aimed at building an AI-powered suicide prevention platform, which secured a $25,000 grant from angel investor Asha Jadeja Motwani. He also gained recognition through programs like the iStart Student Startup Exposure Program and initiatives like founding the Microsoft Student Chapter at BITS Pilani. These experiences honed his skills and solidified his drive to solve real-world problems using technology.

Identifying the Gap: The Genesis of LogX

While observing the DeFi space, Akshit felt the perpetual DEX (PubDEX) market was underdeveloped compared to what he, as a user, desired. He envisioned a platform that combined the core benefits of DeFi – self-custody of funds and on-chain transparency – with the liquidity and seamless user experience typically found only on centralized exchanges (CEXs).

"I just realized the PUBDEX space is much less evolved than what I would like it to be. As a consumer, like I would want a bunch of things which are not available in the market. And that's what we decided. Let's build a PUBDEX which has the benefits of DeFi... at the same time liquidity and experience of a centralized exchange... " 

This vision led to the founding of LogX in October 2021. Initially conceived as an on-chain derivatives aggregator, LogX evolved, identifying opportunities in emerging ecosystems like Mantle, Base, and Linear, ultimately becoming a full-fledged perpetual DEX.

Building LogX: Technology, Growth, and Innovation

LogX tackled two major user pain points head-on: the clunky user experience of DeFi (multiple pop-ups, high gas fees) and fragmented liquidity.

Solving the Experience Problem:

LogX built its own app chain to provide a gasless, high-speed trading experience, aiming to replicate the ease of use found on CEXs. Their tech stack leverages technologies like Arbitrum for scalability, Hyperlane for interoperability, and Account Abstraction (AA) to enhance user experience, making the platform significantly simpler to navigate, even for newcomers. LogX boasts impressive performance metrics, aiming for 20,000 transactions per second (TPS) with 100-millisecond block times.

Solving the Liquidity Problem:

LogX implemented a unique solver network. This network aggregates order books from major CEXs like Binance, OKEx, and Bybit. By combining liquidity from multiple sources, LogX can often offer better spreads (tighter bid-ask prices) than any single platform, including other DEXs.

"What we did was we said we will operate on a solver network wherein whenever a trade comes in... their order will be picked by a solver and fundamentally what the solver is doing at the backend is they are aggregating the order book of Binance, OKEx and Bybit." 

Growth & Traction:

Since launching LogX V2 in September 2024, the platform has seen significant growth.

• Trading Volume: Grew from over $250 million in its first month to crossing $1 billion monthly by January 2025, with projections exceeding $1.5 billion the following month. The volume grew fivefold between the launch and January 2025.

• User Base: Reached 850,000 users during its V2 testnet/beta phase, with a goal of scaling to 10 million users post-mainnet launch.

• Funding: LogX has raised a total of $10.1 million from prominent investors including Sequoia Capital, Coinbase Ventures, Point72 Ventures, GFC, and others.

• Ecosystem Expansion: LogX operates across 17+ EVM-compatible blockchains.

Product Innovation:

Beyond perpetual futures, LogX has expanded its offerings:

• Options: Became a leading platform in DeFi options trading.

• Pre-Markets: Allows trading of tokens before their official launch, listing assets often unavailable elsewhere.

• Spot Trading (CFD): Introduced spot trading (technically a Contract for Difference - CFD ) with a unique zero-slippage feature, attracting users away from major exchanges.

• Leveraged Prediction Markets: Venturing into markets where users can bet on real-world events.

• AI-Powered Tools: Offers features like grid trading bots to help users manage volatility.

The $LOGX Token: Community-Centric Value

LogX launched its native token, $LOGX, alongside V2 in September 2024. Key aspects include:

• Revenue Sharing: 100% of net platform revenue flows back to $LOGX token stakers through a buyback-and-distribute mechanism. This aligns the platform's success directly with its community.

• Utility: The token serves as the gas token for the LogX chain (though currently subsidized by the foundation ) and is being added as trading collateral.

• Governance: Token holders will likely play a role in decisions, potentially including P&L ownership for pre-market listings.

• Distribution: Listed on various CEXs (KuCoin, Gate, Bitget, MEXC, HTX ) and DEXs (Uniswap, PancakeSwap, Aerodrome, Raydium ).

Akshit emphasized that despite having VC backing, the goal is for LogX to be fundamentally community-owned through its revenue-sharing model.

"We decided, whatever the platform makes, our goal is to grow the platform... when the revenues on the platform, activity on the platform increases, revenues will increase and the cash flow, 100% of that flows back to that token. So thereby, by design over a long period of time, the entire project is community owned... " 

Vision: Building the Most Trusted Trading Hub

Akshit's vision for LogX extends beyond just features and volume. He aims to build the most trusted platform in both DeFi and CeFi. In a market where user trust has been eroded, LogX wants to be an honest venue where users, projects, and communities feel secure.

"We want to be the platform which is an honest platform. When users can come in, projects can come in and TGE on us. They can list spots, perps. We are not going to ask money from them. We are going to in fact invest our money fork for their success... to make LogX the most trusted platform in the entire of DeFi and C5 world." 

The focus is on creating long-term value by cultivating happy users and partners, rather than optimizing for short-term extraction. By combining a CEX-like experience with DeFi principles and a commitment to fairness, Akshit Bordia and LogX are carving out a unique space in the future of finance.