THE CORE POWERS OF THE ENCRYPTION EXCHANGE ARE BEING HANDED OVER HAND BY OKX

@OdailyChina

Author: Wenser (@wenser  2010 )

THE DIVIDE BETWEEN OLD AND NEW INVESTMENT MARKETS IS ACCELERATING: ON THE ONE HAND, AMERICA'S SHARES, KOREANS' FINGERS, JAPAN'S DAYS HAVE SOARED, A CROWD OF POPULAR BOARDS AND MULTIPLE STOCK CHAINS HAVE SOARED; ON THE OTHER HAND, MAINSTREAM ENCRYPTED CURRENCY SHOCKS HAVE FALLEN, AND BTC'S SPOT TRADE VOLUME HAS DECLINED SINCE LAST OCTOBEROver 80%I don't know。

Crypto investors’ despair spread and funds fled; practitioners continued to search for new answers in construction – the Hypperliquid, initially located as Perp DEX, had extended its ecological map to traditional financial assets, and RWA asset trading had led to exponential growth; and the forecast markets of Polymarket, Kalshi, and others, had also begun to pre-heat the World Cup, with a single-month deal at an all-time high – a “two bright spots” for encrypted markets – was a first test。

WHAT ABOUT CEX AS THE INDUSTRY LIQUIDITY CENTER? HEAD PLAYERS ARE ACTIVELY ACCESSING TRADITIONAL FINANCIAL MARKETS AND EXPANDING ENCRYPTION MARKETS. AMONG THEM ARE THE INTRODUCTION OF RWA ASSET TRADING CHANNELS AND THE ADDITION OF FORECAST MARKET ENTRY. THE COMMON OBJECTIVE OF THESE INITIATIVES IS TO ADDRESS INDUSTRY COMMONALITY ISSUES SUCH AS THE FRAGMENTATION OF ENCRYPTED MARKET MOBILITY, FRAGMENTATION OF USER EXPERIENCE AND LOW UTILIZATION OF FUNDS。

While new and increased access to assets is certainly an essential part of industry development, there are also those who wish to move beyond the new path of industry-building. Recently, OkX released Exchange OS and showed us a new possibility, which is -- through --Redefining "market creation" to activate industry ecologyI don't know。

WHEN THE NARRATIVES OF ENCRYPTED ASSETS ARE DEPLETED, THE CEXS TURN TO CHANGE

A few of the major structural challenges facing the encryption market today:

One is that there are no new stories in the encryption market。The previous cycles of public chains, NFTs, DAOs have been falsely documented, DeFi security incidents have been frequent, BTC ecology has become silent, Meme coins, AI Agent concept coins have failed to produce sustainable kinetic energy。

Second is the fragmentation of mobility in the encrypted market。Users are trapped in closed DApps and protocol islands, and cannot afford to face different chains, different platforms, different applications, complex and costly wear and tear costs between different agreements。

The third is the "crawling" of the encryption market。DESPITE THE FACT THAT THE MAINSTREAM CURRENCIES ETF AND DAT HAVE CREATED A LINK BETWEEN ENCRYPTION AND THE TRADITIONAL FINANCIAL WORLD, THE HIGH RISK AND VOLATILITY OF BOTH, WHETHER IN TERMS OF FINANCIAL CAPACITY OR THE ENCODED ASSETS THEMSELVES, HAVE FURTHER HINDERED THEIR EFFICIENT AND EASY EXCHANGE AND CIRCULATION. THE ENCRYPTION MARKET IS INCREASINGLY IN THE AWKWARD POSITION OF SELF-EXERCISING PRACTITIONERS。

OVER THE PAST DECADE OR SO, THE ENCRYPTION INDUSTRY HAS BEEN ABLE TO DECENTRATE VALUE TRANSMISSIONS FOR BITCOIN, DECENTRIZE ASSET DISTRIBUTIONS FOR THE USE OF THE TAIFUNG FORMULA, AND DECENTRIZE FINANCIAL LIQUIDITY FOR THE AMM PROTOCOL, BUT THE OLD ANSWER CLEARLY CANNOT BE REPLICATED IN THE NEW PHASE。

As a result, new industry samples have emerged: Perp DEX has opened up ceilings on derivatives full-chain assets in chains such as Hyperliquid and Aster; Polymarket and Kalshi have scaled “predict” social behaviour into financial pricing systems; and RWA platforms such as Ondo have further packaged traditional asset chains as derivative assets。

In the face of new market shocks, many players have made different choices:Events Rush;bitget launchedSelf-study RWA protocol product RealityDirectly connected to U.S. equity, supporting dividends; and bybit connected to permanent contracts such as CSCO, RKLB and various air drops. But while most platforms are stuck on top with more RWA (including U.S. pre-equity assets) to maintain the flow, OKX has made a series of opposite moves. And by the pace of product release in recent months, its market role has evolvedUpgrade from a single "product builder" to a "system explorer":

1.Agent Trade Kit:Worked to solve the "mechanical trade" problem of the AI era by facilitating user access to the system through the original AI trading package。

2.APP Payment Agreements (Agent Payments Protocol):The aim is to define the payment criteria on the AI Agent chain so that the movement of encrypted assets is no longer restricted to complex wallet operations, to expand the AI Agent payments to commercial processes and to support multiple payment patterns。

3.Exchange OS:An open-trade agreement based on X Layer has been built to upgrade the “negotiated” capacity to set up, liquidate, settle and unify accounts, to support the self-deployment of cash, contract renewal and forecasting of three markets, covering CEX assets and Web3 chains。

If Agent Trade Kit is working at the infrastructure and tool level, then the introduction of the APP payment agreement and Exchange OS shows greater ambition for OKX. As a head exchange, it does not choose a “single-point break-up” at the asset level, but instead looks at the parallel “one-size-size-fits-all” approach to strategic tactics, especially the introduction of Exchange OS, which represents CEX's attempt to bypass the old question of “what assets to build up” and to think about it."Who created the new marketThe key proposition。

OKX IS TEARING DOWN THE "BLACK BOX" AT THE HEART OF THE ENCRYPTION EXCHANGE AND SINKING IT DOWN TO THE LEVEL OF THE PROTOCOL, AND PUSHING THE ENCRYPTION INDUSTRY BACK FROM A CENTRALIZED PATTERN TO A DECENTRALISED ORDER。

Through Exchange OS’s protocol layer capacity, the vision of chain parity is realized and users' “market creation rights” will be further stimulated. At that time, quantitative teams could open up the market for perpetuity in arbitrage space, RWA institutions could package assets such as shares, private equity shares, unlisted enterprises, etc., into chain assets, and individual users could put a social event whose results could be validated online as a forecast market contract。

AT THE SAME TIME, A UNIFIED CROSS-MARKET ACCOUNT WOULD CONSOLIDATE THE FRAGMENTATION OF LIQUIDITY AND IMPROVE CAPITAL EFFICIENCY. AT THE LEVEL OF FINANCIAL SECURITY AND INSTITUTIONAL SECURITY, “CODE-LEVEL GUARANTEES” ENSURE THAT FUNDS ARE LOCKED INTO CONTRACTUAL AGREEMENTS AND AVOID BACKDOORS OR SELF-PIRACY BY MARKET CREATORS. THE DESIGN OF THE KOKX SELF-EMPLOYED MARKET AND THE EXTERNAL MARKET TO FOLLOW THE RULES OF THE SAME AGREEMENT HAS ALSO CREATED A MODEL FOR CHAIN PARITY。

OKX CEO Star's vision for Exchange OSI'm looking forward to itIt's like:The next chapter of chain finance should not be written by any single platform, but by everyone who wants to build a market。It's not the same

New industry coordinates: "App Store" Form

In the past, the CEX platform had power over asset types, types of assets, asset pricing, etc., and users and institutions had to comply with the Platform's rules without having the capacity to comment on them and to enforce changes; and, with the depth of the TradFi assets to CeFi and DeFi assets, the type of asset, its distribution patterns were no longer scarce resources, and the real threshold was whether “market creation rights” could be allocated to all categories of participants。

Now, as long as an event is verifiable, it can theoretically be transformed into an independent event market through the Exchange OS agreement, and the financial participation threshold and market pricing power are systematically reshaped。

Just as the iOS system activates App Store's active developer ecology, the bottom trading operating system of Exchange OS is also expected to activate the creativity of quantitative teams, RWA institutions, developers and even ordinary individual users. It addresses not only the question of who creates the market, but also an important step towards further expanding the boundaries of the encrypted market and breaking the ceiling limits of the operating capacity of the CEX platform。

On the basis of this changeIt's going to be re-engineeredI don't know。

From “public investment” to “full production”

The evolutionary thrust of the encrypted market is to move from productivity change to change in productive relationships。

In the early stages of the industry, block chain technology addressed the productivity issue of “How to Launch a Token”

IN THE SECOND STAGE, THE EMERGENCE OF VARIOUS TYPES OF ENCRYPTED ETF ASSETS, THE TRANSFORMATION OF ENCRYPTED CURRENCIES INTO INTERMEDIATE CURRENCIES FOR THE PURPOSE OF LINKING “TRADITIONAL FINANCIAL ASSETS”, THE FURTHER RELEASE OF PRODUCTIVITY, AND THE RETREAT OF PRODUCTIVE RELATIONSHIPS FROM THE ERA OF DECENTRIZATION TO THE STAGE OF CONTROL BY CENTRALIZED INSTITUTIONS

In the third phase, the emergence of United States equity assets, bulk commodities and incident contracts enriched the choice of asset types and investment targets, but the problem that the encryption industry needs to address has shifted to “how effectively market forms of organization are organized”。

AGAINST THIS BACKGROUND, MARKET PARTICIPANTS, INCLUDING BULK TRADERS, CEX PLATFORM USERS AND ENCRYPTED MONEY INVESTORS, ARE BOUND TO UPGRADE THEIR ROLES — THEY NEEDFrom passive acceptance, investment platform assets as “traffickers” to “producers” defining market rules, innovative market practicesI DON'T KNOW. THE COMPOSITE ASSET MARKETS, SUCH AS FORECAST MARKETS, RWA ASSETS, PRE-EQUITY ASSETS, ETC., WILL PASS THROUGH VARIOUS TYPES. "MARKETIZATION APIQuick emerges。

However, opportunities respond to challenges. OKX attempts to expand the boundaries of the encryption industry and explore the financial future of the chain must face a series of tests. If the Exchange OS protocol and the OKX full-scale product are to be "AppStore of the Encrypted World", it will still depend on the following card points:

*One is the liquidity challenge。In the early stages of the market ecology, could the activation of mobility achieve ecological reversal and build economic closure based on the ecological spontaneous trade demand

*Second, the performance load cap。Despite the support of technology bases such as millisecond-scale coupling delays, uniform clearings and up to 300,000 TPS throughputs, how can X Layer ecology carry an alarming number of “financial applications” over time and remain stable

*Third, it's commercial blood rings。Making eco-closures like Apple Store - Apple Application - Apple Tax is more difficult, and Exchange OS can ecology form an effective anti-nursing mechanism like Hyperliquid - HLP Treasury - HYPE Repurchase - HYPE Price Support

OF COURSE, THE EXISTENCE OF CHALLENGES IS EVIDENCE OF THE NEED FOR INDUSTRIAL DEVELOPMENT, AND MANY OF THE PROBLEMS ARE OFTEN THE RESULT OF NEW SOLUTIONS IN THE FACE OF SUCCESSIVE CHALLENGES. EVEN WITH SHORT-TERM SETBACKS, THE STEADY PACE OF PROGRESS IN THE RIGHT DIRECTION IS TO BE ACKNOWLEDGED. AND THE LONG-TERM VISION OF “MARKET FOR ALL” BASED ON PAST OKX BRAND FUNDAMENTALS, MARKET POSITION, TECHNOLOGICAL AND PRODUCT CAPABILITIES IS CERTAINLY WITHIN REACH。

A courageous industry experiment, a ticket to a new era

AS INDUSTRY PARTICIPANTS IN LARGE-VOLUME USERS, ATTEMPTS AT FRONT-LINE PLATFORMS LIKE OKX SEEM, IN TODAY'S MARKET ENVIRONMENT, TO BE A LITTLE BIT OF A “FAVOURLESS” – A SUCCESS THAT NO ONE PRAISES, IS TACITLY ACCEPTED AS A BUSINESS ACT; FAILURE IS INEVITABLE, WITH THE CYNICISM OF THE INNOVATORS。

Narratories say that there are times when one has to embark on different paths and assume the responsibility of “move the industry forward” beyond the spotlight to explore, test and take risks in the face of unforeseeable rewards。

I believe that the future of encryption lies not only in the number of new coins on the line, but also in the amount of financial investment that it has removed and the number of efficient, fair and open trading markets created. The future direction that industry players are looking for is not just to find the next hotspot, to take over the headlines, but to create a bottom-up trading operating system that will accommodate asset flows and achieve financial autonomy。

Exchange OS and more industry attempts are forward-looking experiments at the level of encrypted changes in world production relations. In a sense, it is a ticket to the era of “market for all” and a high-profile return to “decenterization, openness, liberalism” in the spirit of encryption。

Whoever can define a new system of trade coordinates will win future dominance over encryption and even global finance。