DeFi, which has been characterized by decentralization since 2020, has begun to grow wildly under the blessing of liquidity mining, and more and more users and funds have begun to pour into DeFi. The rise of DeFi has, to some extent, brought a strong impact on the cryptocurrency field that was once dominated by CEX.
For the veteran cryptocurrency trading platform Ouyi OKEx, this is both a challenge and an opportunity.
Ouyi OKEx has always been the world's leading exchange, in DeFi, especially DEX rapid development, CEX track continues to roll in 2021, data show that the total trading volume of Ouyi OKX platform (including coin trading and derivatives trading) growth is still more than 700%, as of now Ouyi OKX has launched more than 250 kinds of encrypted assets, and in the global crypto asset derivatives trading volume for a long time ranked first.
The eye-catching performance of the Ouyi OKEx trading sector is inseparable from the all-round layout of its ecology.
On January 18, Ouyi OKEx announced that it will carry out a company-wide rebranding and rename it ouyi OKX (hereinafter collectively referred to as Ouyi OKX), what are the considerations behind this brand change? How will the renamed Ouyi OKX develop?
1. Ouyi OKX ecology that seeks change in stability
As a veteran of the CEX track with more than 20 million users in the world, Ouyi OKX is known for its rich asset types, trading depth and liquidity brought by huge trading volume, and solves the problem of contract system allocation, launches a unified account and combination margin function, and creates the world's leading Crypto trading system, bringing a high-quality trading experience to users on the platform.
With the sudden change in the overall pattern of the industry caused by the outbreak of DeFi, and further promoting the development of NFTs, GameFi and SocialFi, it has accelerated the reshuffle of the industry and formed a major change. Ouyi OKX is constantly seeking changes in stability, and gradually began to use CEX as the basis for panoramic layout of points and surfaces.
Based on its own platform, Ouyi OKX has diversified and expanded the business scope in the field of digital asset products. For example, platform users can earn coins, mine and encrypt lend in the form of DeFi in the form of DeFi, etc., and are more secure, lower fees, and more stable income.
In 2020, the public chain OEC that can be compatible with EVMs began to develop, with the goal of creating a DeFi ecosystem that can form a deep linkage with the platform, and as a key product direction on the way to expand DeFi infrastructure in the future. Based on the OEC, the ecosystem will also be able to further serve as one of the carriers of trend plates such as DeFi, GameFi, NFT and metaversity, creating a diversified crypto ecosystem.
At present, the OEC ecology has emerged in the DEX, aggregators, lending and other sectors have emerged more high-quality applications, and OEC is also one of the ecosystems that are currently developing in the gameFi field, and the TVL of the OEC ecology was once as high as 2.4 billion US dollars, which is one of the more active decentralized ecosystems at present.
Recently, Ouyi OKX also focused on the launch of a new decentralized application with cross-chain asset kanban boards and self-hosted Web 3.0 wallets - MetaX (formerly OKEx DeFi Hub). MetaX can be used as an entrance to the decentralized world, in addition to providing all kinds of data, it can also reach the vast majority of DAPPs with one click, and users only need one product to manage assets, transactions, NFTs and other mainstream products in the market, getting rid of the problem of user portal dispersion. MetaX is also another major product direction on the way for the OKX ecosystem to expand DeFi infrastructure in the future.
In addition, the Ouyi OKX ecosystem also includes the NFT trading market, which is a one-stop trading platform focusing on the NFT field, with three main functions: primary market subscription (NFT Primary), trading market (NFT Market) and my NFT (My NFT). Users can freely create and trade NFTs on the platform, and can snap up the first NFTs in the primary market.
In general, Ouyi OKX has gradually created a comprehensive ecosystem covering DeFi, NFT, GameFi and metaversity, and various parts of the ecology can form a linkage, as mentioned above, there is a considerable relationship between the data growth of the CEX platform and the feedback and empowerment of the ecology.
2. From OKEx to OKX, the original intention and vision of the name change
After the ecological construction reaches a certain level, the concept and general direction of the overall development of the platform in the future are basically determined. Therefore, the name change on January 18 is also the meaning of the title.
The early days of the cryptocurrency industry were dominated by several decentralized CEX platforms, and the vast majority of early cryptocurrency users bought and sold Bitcoin and a small amount of altcoins based on CEX, which was also the early outline of the industry.
The "Ex" included in OKEx's name is an abbreviation for "exchange", which is also the earliest positioning of OKEx. With the prevalence of DeFi, the concept and power of decentralization are recognized by more and more people, and change is quietly happening.
Jay Hao, CEO of Ouyi OKX, said: "Ouyi OKX will be upgraded on the traditional centralized trading platform model to provide users with a terminal-to-terminal digital asset trading experience. We remain steadfast in the core principles of the blockchain spirit, namely decentralization and autonomy. Our goal is to provide users with easy, safe, stable and reliable trading tools. We removed the 'E' from our brand because we're far more than just a trading platform, just as crypto assets are far from just speculative assets. ”
It can be seen that the overall positioning of the OUYI OKX ecosystem is also further adjusted with the change of the industry pattern, compared with the ouyi OKEx is positioned with exchange, and the overall positioning and pattern of OKX without "E" is larger.
The relevant person in charge of Ouyi OKX said in an interview that "exchange" is only a part of the ecology that is included, and X can be understood as about the intersection - cross-chain, cross-function, cross-platform, interoperable future, rather than isolated platforms and blockchains. All professional traders, new investors, NFT players, GameFi geeks and DeFi adventurers will be the objects of service in the OI OKX ecosystem.
Therefore, in addition to making the Ouyi OKX platform itself a world-class trading ecosystem with a difference, the ecosystem will further focus on DeFi infrastructure, Web 3.0 and NFT.
In addition, Ouyi OKX will be upgraded on the traditional centralized trading platform model to provide users with a terminal-to-terminal digital asset trading experience.
3. Pushing the envelope and the wild hopes of established exchanges
In addition to the long-term goals and visions mentioned above, users can also see the actions and changes of Ouyi OKX at present.
In order to celebrate the brand name change, Ouyi OKX launched a meta-universe treasure hunt in Cryptovoxels, inviting users to enjoy a virtual meta-universe treasure hunt in a free and open parallel universe.
Judging from the event poster alone, the green text, purple and yellow characters are very different from the previous blue posters, with a strong cyberpunk flavor, much brighter and younger.
From the perspective of interactive content, Ouyi OKX planned a 24-hour meta-universe treasure hunt this time, during the event from January 20 to January 21, a total of 6 treasure hunting locations were set up, and the official Twitter of "Ouyi OKX Chinese" announced a treasure hunt clue every 2 or 3 hours in the official tweet, and the user found the treasure hunting point and clicked to submit the information, and divided the reward according to the sort. It is reported that more than 14,000 people participated in the event.
In addition to the activities, now open the official website of Ouyi OKX, you can see that the homepage integration has added the Above-mentioned MetaX function. In addition, it is understood that MetaX will hold a conference in the metaverse in the future.
Online interaction, meta-universe treasure hunt, meta-universe conference, etc., these are in line with the preferences of young players at present, and also conform to the trend of the meta-universe era, of course, it can also reflect Ouyi OKX's concern for the meta-universe track from the side.
From the transformation of platform positioning and development goals to the products and activities on the ground, we can see the self-revolution and innovation of an established exchange such as Ouyi OKX.
It can be said that the change of name, the deletion of a small letter, behind the development vision and ambition of Ouyi OKX.
4. Polish products and consolidate the ecological foundation of Ouyi OKX
Of course, the adjustment of strategy and direction, the realization of vision and ambition require solid products as cornerstones.
Ouyi OKX has built a multi-party ecological strategy, which further broadens the thickness of the ecology as a whole, and further achieves a high degree of growth while retaining the original users. Although OEC and MetaX are the two "swords" of the OUYI OKX ecosystem, only by further making it more sharp can we highlight our advantages in long-term competition.
Although the OEC chain has shown considerable potential in DeFi, GameFi, NFT and other sectors, there is still a lot of room for progress; in addition, although the metaX entrance has been formed, the function also needs to be improved, and many products are still in the research and development stage.
MetaX product leader revealed that the access of public chains such as Solana, BSC, Polygon, Fantom, Avalanche, Arbitrum, xDAI, and Heco is already planned. In the subsequent development, the functions of products such as MetaX will be further enriched.
In addition, Ouyi OKX will also launch the next generation of encryption products in the future based on the existing ecosystem, and use OKB as a bridge between users and the platform, and OKT as the basic token of OEC to jointly promote the development of the ecosystem as a whole.
This fully demonstrates the determination of OKX Ecosystem to polish the foundation of its products to build an all-round and competitive ecosystem for Web3 and develop into a crypto ecological infrastructure provider.
In general, the renaming of OKEx to OKX means that the overall ecosystem will further transform from the early positioning of "Exchange" to a new cross-chain, cross-functional, cross-platform, and interoperable ecosystem for Web3. In today's cryptocurrency industry towards decentralization, in the exchange track competition is becoming more and more fierce, OKX's name change and the adjustment of the direction of development show the development ambition of an established exchange - cryptocurrency trading is only the foundation and starting point, serving the entire crypto ecosystem is the ultimate journey and goal.