Organized by: momo, ChainCatcher
After being dormant for more than a month, OKX DEX has recently resumed operations and co-hosted the X Space event titled "Upgrade Return: OKX DEX's 'Killer Features' and 'New Blueprint'" with ChainCatcher.
During the Space event, Shawn, the product lead of OKX DEX, addressed user concerns regarding the core changes, highlight features, and new strategic plans following the upgrade of OKX DEX.
Crypto KOLs such as Block Mr. (@mrblocktw), An Yao Yao a (@anyaoyaoa), Zi Shi (@silverfang88), Web3 product manager Yue Xiao Yu, Rocky (@Rocky258459), and HK Lei's blockchain member Niu Ying Jun shared their recent strategies and insights on on-chain trading, as well as their expectations and suggestions for the future functionalities of DEX.
The following content summarizes the core viewpoints discussed in the Space. (For the full version, click to listen to the replay: https://x.com/i/spaces/1mrxmPeXdEkJy)
1. Host:* During the more than a month of service suspension, what key matters did the OKX DEX team primarily advance? What are the core changes in strategy and product in the upgraded version? Did you proactively "pause" during peak traffic times out of fear of losing market share?*
OKX DEX Product Lead Shawn: During this period, our entire team did not stop; in fact, we were busier than usual.
On one hand, while maintaining daily functions, we increased the upgrades to our trading product's security and risk control systems, which are very important tasks. Our risk control system is now more robust than before, capable of real-time interception. There are not many platforms in the industry that can achieve real-time interception of malicious attacks, and we can do this thanks to the accumulation of our entire group.
On the other hand, when we return after completing the product upgrade, everyone will feel a significant improvement in trading speed. The team has made substantial enhancements in underlying trading capabilities, including trading speed, anti-sandwiching capabilities, and the intelligence of slippage.
We have some internal testing data, and we can now basically achieve rapid deployment. In specific scenarios, we can even complete follow-up operations within the same block. For example, when we receive a signal and confirm the address to follow, we can complete the transaction with that address within the same block.
Additionally, our market data products and token analysis capabilities have not stopped. We continuously launch new features, such as the leaderboard signals and wallet tracking, and our page richness has significantly improved.
From the initial simple interface to today's rich functionalities, we have made great progress. In the future, we will launch more new features covering trading capabilities and analytical capabilities, which are "black technologies" in the industry. Specific details are temporarily confidential, but everyone will see them soon.
Regarding market share, this is also a good question. Since we started the service suspension, people may have been discussing why we made such a decision and whether we are afraid of losing market share. To be honest, as employees, market share is indeed an important indicator for our business assessment.
However, from the tweets that Star usually publishes and the thoughts he conveys internally, he believes that corporate values and social responsibility are more important than market share, and that is what we should be doing. So, I think this is an important reason why we can proactively hit the pause button.
In the future, our overall strategy will not change significantly; we remain committed to serving our users well. Of course, our entire team, including myself, is now more mature than before. Previously, we might have thought that a certain feature was sufficient, but after delving into user communities and communicating with many experts, we realized that this is far from enough. Now, the entire team's mindset has changed; we will develop features that are more aligned with user scenarios rather than making assumptions.
2. Host:* Next, what are the key plans for OKX DEX? What is the primary goal in the short term?*
OKX DEX Product Lead Shawn: Our short-term goals have not changed significantly; our product strategy has been continuously optimized, and the goal remains to serve on-chain users like "Pionex." However, our recent key plans mainly include the following aspects:
1.* Enhance trading decision analysis capabilities.* In addition to the underlying capabilities mentioned earlier, we will add more features to help users with trading decision analysis. We will continue to push the speed to the extreme.
2.* Address industry pain points.* We have identified some pain points in the industry, such as issues with the leaderboard and other problems; we need to better shield these risks to protect users. Additionally, MEV has always been a pain point in the industry. Before we paused services, there was a significant MEV issue on the edge chain. We are collaborating with the edge chain team to strengthen protections in this area, which is also an important point for security.
3.* Balance self-custody and trading speed.* Is there a contradiction between self-custody and trading speed? Does users holding their private keys mean that trading speed cannot be as fast as other products? This is not an unsolvable problem; we have found a solution and will focus on this direction. I believe this will be an innovation in the industry, and everyone will see the results soon.
4.* Continued investment in memecoins.* Although the popularity of memecoins is currently declining, and some users have temporarily stopped participating, memecoins themselves are cyclical. We are uncertain whether there will be a larger wave in the future, but our investment in this area will not decrease. We are enhancing trend tracking and notification capabilities, such as wallet address tracking and notification functions, and we have invested a lot of resources to improve this part.
5.* Early detection of market trends.* In addition to notifying users after a market trend has formed, we are also researching whether we can detect and notify users before a trend forms. Because the popularity of memecoins must first have a topic, and then there is a subsequent market reaction. If we only follow the tokens, we will be one step behind. Therefore, we are also exploring whether we can follow the topics and lay out in advance.
In summary, the above points are the directions we will focus on in our research and layout moving forward. These are also product capabilities that everyone may be concerned about. As for the specific product forms, we have not fully determined them yet.
Currently, the entire industry is trying different solutions, and there is no fixed model yet, but this is precisely what makes the progress of the industry interesting: everyone is exploring the unknown, trying different answers, and seeing who can better serve users.
3. Host:* From the experience of on-chain trading, what expectations and suggestions do the KOLs have for OKX DEX's functionalities?*
An Yao Yao a: I hope that in the future, it can support multiple wallets to buy into one CA simultaneously. Because I often use multiple wallets to purchase the same CA, if this feature is available, I should be able to save a lot of time in the future. Is this feature feasible?
OKX DEX Product Lead Shawn: We have looked into this feature before; generally, it is a demand from whales, and we will research it further.
Yue Xiao Yu: From my personal usage experience, I am most concerned about three aspects:
First is the trading threshold, which reflects the friendliness towards new players. I am not a very professional on-chain trader and am still in the learning stage. So regarding the trading threshold, I would like to ask whether OKX will provide more product experiences that can lower the user threshold in the future.
Specifically, there are some on-chain trading tools in the market that offer features like "chain abstraction," allowing users to deposit any token and trade directly with fiat currency equivalents without worrying about gas fees or switching between different chains. Since OKX itself has aggregated multi-chain liquidity, can we integrate cutting-edge technologies like chain abstraction in the actual trading process to provide a lower threshold and a more traditional Web2 financial product-like experience for ordinary new players?
Second is trading speed. Trading speed is the lifeline and a key point for players to intuitively feel whether the tool is user-friendly. Although OKX's trading speed is already very smooth, will there be more significant improvements in trading speed in the future?
Third is trading strategies. Currently, OKX has market orders and limit orders, but other products even offer contract trading and various strategies with bots. So, can OKX provide more decentralized trading strategies in the future, including on-chain contract trading and various strategy trading?
OKX DEX Product Lead Shawn: The points mentioned by Teacher Xiao Yu are very critical, especially the second and third points, for which we already have relevant results.
Regarding trading speed, I believe our speed should be on par with GMGN. I also need to confirm when we can officially launch our latest version. Since we just resumed services, we want to take it slow and will gradually roll out the features from the lab once the service stabilizes.
As for trading strategies, this is definitely a very important feature that everyone will use. We have been working on this. There are many types of trading strategies, such as the simplest limit orders, more complex take-profit and stop-loss orders, and even later we will combine off-chain data with order strategies and other more advanced combination strategies, which are already being used by users, just with varying frequencies. So we will definitely continue to improve this part, and the team is pushing forward.
Regarding the trading threshold, I think this is a bigger topic and indeed a question we will encounter and think about in the industry. For example, should we eliminate the concept of chains and allow users to trade directly with fiat or other tokens without worrying about chains and gas fees? This has been a long-standing goal we have imagined in the industry.
However, it is not just a functional or product issue, but a strategic question for the entire company: should we do it? Should we do it at this time? I think this may need to be answered by Star.
Of course, we have not neglected research in this area internally, but I do not have more information on how to do it specifically at this time. Whether it ultimately aligns with our company's strategic direction still needs further discussion. If there is more information, we can discuss it in depth.
Rocky: During the suspension of OKX DEX, I have been using GMGN, which does not require importing private keys, and I do not need to give my wallet private key to it; I just need to click once to buy automatically.
But now, using the OKX wallet, I need to confirm again in the wallet. From a user habit perspective, this requires me to readjust.
I want to know if OKX can also launch similar features in the future so that I do not need additional confirmation steps.
OKX DEX Product Lead Shawn: From a technical perspective, implementing this is also easy, but the key is how to grasp that boundary.
Specifically, the issue of private key and wallet ownership is whether the private key is completely controlled by the user or hosted on our server. This is the core of the problem.
However, regardless, user needs are the most important. Users want the trading process to be more convenient and do not want to click an extra step, which is completely reasonable.
As for how to implement this specifically, this is a question that our product managers and technical teams need to think about and solve. I believe there is no problem with the product itself; we just need to find the right solution. I am confident that we will definitely solve this problem.
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