OKEx Ecosystem: A Recap on AMA with OKEx CEO Jay Hao
Revisit the live chat with 5,500+ fans about our plans and development
Following the previous Ask-Me-Anything session on our new offering USDT-margined futures, our CEO Mr. Jay Hao was up for another AMA on Nov 12 to talk about another exciting topic, the ecosystem of OKEx, on our English Telegram group.
Ecosystem is a huge theme. On top of our full-suite cryptocurrencies trading market, we have been endeavoring towards drawing a bigger picture of blockchain development. With new offerings such as OKEx Options, OKChain, and OKDEx on the pipeline, we have attracted hundreds of questions from Twitter and Telegram for the AMA.
If you didn’t make it to join the AMA or wanted to revisit the exciting chat about our ecosystem development, we have prepared for you this recap to the 15 questions Jay answered.
You guys listing the same coins can you please for gods sake list more newest hottest coins/tokens? Loyal okex customer (Twitter: @cryptodigitals)
I really appreciate your loyalty to us.
As for listing, we have stringent requirements for projects. There are clear listing and delisting guidelines regarding information disclosure, market conduct, and security, just to name a few.
Whether a project is hot or novel is not the only aspect we look for. When speaking of listing, we hope to introduce truly quality projects to our users so they can have the opportunity to invest in them. We would only want to pick the best ones in the market.
The upgrade of OKEx Jumpstart rules also reflects our determination to minimize speculations and manipulation. Because we believe TRUST is the paramount value for a platform like OKEx to grow in the long run. If any project goes against our values, we will take necessary actions to make sure the safety of our users’ funds.
What technology is used to protect traders’ money from hacking ? Have you ever been exposed to a hacking? I think the security is the most important thing what about you?( What is the most important thing you are focus on ?) (Twitter: @mostafahesso)
You get us, Mostafa.
Users and security are second to nothing, be it the security of funds, trading, data and privacy.
I am very proud of my team who has recovered over US$400 million worth mis-deposited funds, which are more than 20 tokens and 3,000 transactions, for our users. I don’t think our peers are on par with our services like this.
Our wallet tech is state-of-the-art as well. We adopt multisig cold wallet to divide our assets to around 500 BTC per wallet, so that we don’t carry any single cold wallet with an enormous amount of assets and have our risks spread and better managed.
So far, we have a flawless history of security. And I can’t be more proud of that.
Okex recently reported that OkChain is about to launch, how will OkChain have advantages compared to existing blockchains on the market? What is OkChain’s vision, are there any projects planned to release on OkChain? (Twitter: @ShinoTohka)
I know many of you are expecting OKChain going live. Its testnet is at its final stage of testing and will launch very soon.
My team and I have been thinking over the position of OKChain.
We have observed that there is still about 69% of global population, around 1.7 billion people, unbanked. This is a great misplacement of resources in legacy finance.
So, we hope OKChain will become a financial infrastructure for the unbanked, providing them basic financial services and achieving financial inclusion, as we always stress. This is the first change we want to make with OKChain.
OKDEx, our decentralized exchange, will be the first DApp launched on OKChain. We welcome interested parties to come to us to explore opportunities together. Please stay tuned for more updates!
It is said that no one can achieve success on their own, please can you intimate us a little about your partnerships that has brought you this success. Also share about OKDEX AND OKCHAIN AND HOW OKEX is combating the security dilemma associate with crypto #OKEx_ECOSYS_AMA (Twitter: @ejioforkel)
I can’t agree with you more. And yes, together we are stronger. We are very grateful to all of our partners who have supported us along the way.
Why OKEx has become great as it is is because of our partnership in many fields, such as our ecosystem investment partner OKCapital, fiat-to-crypto exchange partner OKCoin, our first OKNodes exchange and strategic partner CoinAll, as well as CoinMarketCap who invited us to its Data Accountability & Transparency Alliance. Lianan, Slowmist and Certik are also our important partners in keeping our exchange compliant and secure.
Security, stability and reliability are the three pillars we always uphold. Thanks to the constant and regular risk management system upgrades, we haven’t experienced any security breach nor data leak so far. This is one of the achievements I am really proud of.
After launching OkChain and OkDex, what roles will OKB play in the OKex ecosystem? What are the benefits of OKB holders when the Okex ecosystem is complete? (Twitter: @longminhsc)
If there are any keywords about the OKEx ecosystem, they would be “EXCHANGE” and “OKB”.
Without a doubt, exchange is our core business. We have been listening to our users’ opinions and suggestions to improve the trading experience and products of our platform.
And OKB, it is an integral part of our ecosystem. Application is the key to the value of OKB. Currently, we are developing a series of use cases with our partners in many fields, such as cybersecurity, finance, lifestyle services and more. Now you can top up your mobile, fuel card, book your hotel stay, or purchase gears for your online games with OKB on tens of platforms. You can even buy OKB with some of the fiat currencies on select platforms now.
I can promise you there will be more use cases to come. Do follow us on Twitter and Telegram for updates.
What OKEX will do in the near future to face its competitors and make OKEX a market that is liked by everyone for trading? What was the biggest challenge to OKEX when starting the development process? (Twitter: @pemburu2019)
I believe every exchange has its own position in the market.
At OKEx, we offer the widest range of trading products to traders such as spot trading, futures trading, C2C, staking, etc. This is one of the ways we stay ahead of our competitors.
Regarding the biggest challenge, in the crypto space we sometimes experience extreme market conditions. Like the weekend of Oct 25, there was a huge price surge in BTC. We recorded $13.334B+ 24H spot + derivatives volume on OKEx. Thanks to our continuous upgrading and optimization on our futures market for years, the trades during that extreme time just went smooth.
Another pride, we managed to provide stable and reliable services with 0 bug reports / system failures thanks to our super matching engine.
What affects Perpetual Swaps loan fee, will Okex have a plan to reduce Perpetual Swaps and Future fee, such as using OKB to pay fees? (Twitter: @ThiagoSoutk)
First of all, one important correction: we DO NOT charge loan fee for perpetual swap. Funding fee is a fee exchanged between long and short goers. OKEx does not take any funding fee.
We just adjusted our derivatives transaction fee schedule. The fees are now at least 30% lower than before, the lowest on the market.
At the moment, you can settle derivatives tx fees with OKB, but by holding OKB you can enjoy tx fee discounts. Does this sound attractive to you? ; )
Hey JayHao, what services does OKPool have？ Can u explain the advantages of OKPool to me , I have no idea about it. If it’s better than I used now, I will consider to transfer it to OKPool(Twitter: @raisbeck18)
OKEx pool is an innovative mining pool with higher yield. We support PoW mining of 9 major cryptocurrencies and PoS/PoS-variant mining. Combining with our own exchange platform, we provide integrated mining and trading services, so that users can directly transfer mining rewards to OKEx mining accounts. What’s more, we support different settlement modes.
Apart from zero entrance fee with daily settlement, we also provide full technical support and security service to OKEx Pool users. OKEx Pool is the only mining pool on the market that could provide hedging opportunities for digital assets which help miners secure mining income for a maximum period of 180 days.
As for PoS/PoS-variant mining, OKEx Pool has officially become supernodes of more than 20 projects, including EOS, COSMOS. OKEx Pool also supports EOS, IOST, VSYS, YOU, ATO, CRO and XTZ (Tezos) staking.
What products does the Okex ecosystem currently have? What products are being developed so that the Okex ecosystem can become better and better than other exchanges? (Twitter: @Elnazvera)
I am glad you bring up the concept of “OKEx ecosystem”, elnaz.
We no longer see OKEx as a mere crypto exchange, but instead a tech-driven, full-suite cryptocurrency and blockchain services platform. Our branches and products included OK Capital, cloud computing, OKEx Pool, OKChain, OKEx Wallet, OKNodes, Savings (formerly OK Piggybank), and our utility token OKB.
I believe in order to survive this competitive market, one must keep perfecting their products, risk management, technology, services and ecosystem building. As such, product wise, we will offer a wider variety of trading instruments, such as USDT-margined futures and options. Ecosystem wise, we will invest more in OKEx Pool and OKChain to pave a solid ground for more blockchain innovations to thrive.
What is your opinion when compared Centralized exchange to decentralized exchange? Base on that, why was OKEx created — followed centralized exchange type? Any plan of Decentralization exchange from OKEx in future? (Telegram user: Max)
DEX is only a supplement to the centralized exchanges. There is no substitute relationship between them. We believe that DeFi and DEX are big directions for future development, but at present, it requires a lot of technical strength to deal with the common issues that the whole blockchain industry is facing, such as the limitation of performance, scalability, etc.
DEX will be the first application on our soon-to-be-launched OKChain. OKEx has a complete strategic approach centered on OKChain, DEX, OKB, to ensure the ecosystem is well developed, the communities and projects are empowered through technology, especially in the real business world.
When is next okb burn expected? Does okex provide bug-finder reward? I founded some bugs where we can report bugs? (Telegram user: Torry L)
First of all, thanks for all you’ve done for OKEx. We take 30% of our revenue from our spot trading market and burn OKB on a quarterly basis. The latest report will be published soon.
We also have a ‘Bug Bounty’ program designed for White hat hackers for discovering bugs, which can be found on the navigation bar on our homepage. If you report any of the bugs you found and the fixing plan had been adopted by OKEx, you will be rewarded by certain amounts of tokens.
Okex have alligation 90% fake volume why Jay? (Telegram user: Nelly Carr)
If your source is from BTI, I am sorry but they have even changed their data already. Do you still trust them?
The market in the upcoming dynamic season will be quite volatile, most investors will be less active in the last days of this year, so Okex plans to organize any upcoming events to make it more exciting than the market. year end or not? (Telegram user: newbie_la_em_ne)
Of course, we have different campaigns all year long.
The soonest will be on Nov 14. Our USDT-margined futures market will go live. In early December we will roll out a USDT-margined perpetual swap trading simulation and trading contest. OKEx Options will be launched in late December, too.
As I said, do follow the Twitter of OKEx and mine to keep yourself posted!
The goal of Investors, traders is to optimize the reward/risk ratio, so does Okex have any plans to help them? (Telegram user: Helloluan)
We do have a derivatives big data platform which gives you comprehensive trading data of our derivatives markets to help you make informed decisions. On top of this, we are spending more efforts in educating the public about trading and analysis techniques. If you’re interested to learn more about them, our Medium is the place to go ; )
Check this out: https://medium.com/okex-blog/quant/home
What is the role of OKNodes in entire of OKex ecosystem? Which benefits can it bring to both projects and OKex when using OKNodes? (Telegram user: Parapham)
OKEx is the technology provider of OKNodes, and we’ve already onboarded many excellent partners such as CoinAll, 99Ex, etc. As an OKNodes partner you’ll have:
- Shared liquidity with OKEx
- Same core technologies with OKEx such as risk management system, matching engine, and wallet system etc.
- Fiat-crypto trading and spot trading solutions
- PC, wap, app support
- Autonomous token listing
- 24/7 global customer service
Any topic you want to cover, let us know
Every time we finish an AMA, we feel very amazed and impressed by how eagerly our communities want to learn more about us. As said before, more AMA sessions will continue to come. If you have any great ideas on the theme we can cover, please feel free to let us know on our social media channels. Until next time, happy trading!
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