Backed by the centralized platform OKEx, what imagination does the public chain have?

Just now, OKT opened at a price of US$56.88 after listing on OKEx, and rose to US$64.4 at the highest price. More than 710,000 OKT were traded within 1 hour of opening. Calculated according to the secondary market conditions, the current annualized rate of return for OKT Genesis Mining is as high as 1311%. However, high annualized mining yield is not the story OKExChain wants to describe.

The public chain is no longer an outlet. In 2021, if you see a project and say that it wants to raise money to build a high-performance public chain, the market may not be interested. However, OKExChain is a "public chain" dedicated to high-performance transactions created by OKEx in three years.

Looking back on 2020, any review will mention DeFi, institutions, leverage, etc., and these words will be reviewed Repeat over and over. And the public chain will definitely not have any space.

This is the end of the public chain era. Since 2016, we have heard the term "Ethereum killer" 5 years, and we have all seen the results. Most of the public chain projects on the market in the past few years are intended to replace Ethereum, to become a world-class operating system, and to migrate Internet applications to the blockchain network, but now, they have all disappeared.

The development of the DeFi ecology has not brought the public chain track back to the battlefield, just like people no longer discuss the Internet What kind of protocol is used at the bottom layer, but it has entered the application era, and the blockchain is the same. The "fat protocol" theory seems to have evolved into a "fat application". People are more discussing applications, and protocols are no longer as important as before.

Ethereum’s first-mover advantage is extremely obvious. At present, there is no decentralized ecology that may compete with the Ethereum ecology The number of developers, users, and applications in the network is comparable.

So, how should the new ecology catch up with Ethereum?

The answer is to segment and operate.

OKExChain's main trading direction

Previously, Fred Wilson, co-founder of USV (United Square Ventures), the parent fund of several top venture capitals such as Multicoin Capital, Polychain Capital, and Placeholder, once said that in the near future, securities will be tokenized. The same asset will be traded in both traditional and emerging markets. In Fred's view, the cryptocurrency industry has a charm that the traditional financial industry does not have, 7 x 24 hours of uninterrupted transactions, as long as anyone holds an encrypted wallet, anyone can participate in buying, selling, holding and transferring these assets.

Fred's imagination has already been implemented. On the Ethereum, there are already Mirror Protocol, Injective Protocol, etc. The project allows users to synthesize US stock assets for trading, and high-quality assets such as TSLA and BILI that are popular all over the world can already be traded on the chain.

However, the performance of Ethereum has been criticized by the outside world. Make transactions on-chain. And this is the main direction of OKExChain.

OKExChain adopts the Cosmos Tendermint mechanism and the Cosmos SDK. In terms of underlying optimization, different application types are adopted solution. From the design of the underlying code to optimization, OKExChain not only realizes the security and anonymity of decentralized transactions, but also meets the high-frequency trading needs of different trading scenarios.

OKExChain is more compatible. In the application of virtual machines and smart contracts, OKExChain not only supports Ethereum EVM In addition, it also supports Cosmos wasm; on cross-chain, OKEx supports IBC protocol isomorphic cross-chain and OKEx cross-chain gateway, which can not only enjoy traceable and anonymous cross-chain between decentralized public chains, but also enjoy centralized transactions Efficient cross-chain of the platform.

OKExChain not only supports decentralized order books and Swap transactions, but will also launch leverage and perpetual and other derivative transactions.

Cross-chain gateway

On the OKExChain chain, in the early stage, platform account assets such as ETH and BTC will be supported through a centralized gateway, and they will be mapped to OKExChain. Class ERC Token.

In other words, in the OKExChain ecosystem, the OKEx trading platform can be Assets on the chain are deposited into OKExChain, exchanged for equivalent assets of the same type that meet OKExChain standards, and participate in various applications.

Nowadays, many public chain ecosystems are not perfect, and currency holders may only be nodes to earn inflationary income. Compared with the annualized rate of return of DeFi projects that easily exceeds 100%, it can even be ignored.

Imagine a scenario, for example, on the Tezos public chain, users do not have many ecological applications to choose from, but On OKExChain, design a DeFi project that allows XTZ tokens to participate, and the yield exceeds the Tezos node income. It is conceivable that XTZ holders will definitely use their tokens to vote for the OKExChain ecosystem in front of the benefits.

The cross-chain gateway seems to be an intermediary, but it is actually diverting traffic. Through OKEx’s safe custody service, other The tokens on the chain are bridged to the OKExChain chain to realize the scenario where multiple blockchains or DeFi protocols are connected to each other. Tokens that don't have many use cases have new places to go.

Full Operation

You may remember that Andre Cronje acquired multiple DeFi projects within a month, which triggered a lot of discussions in the industry. Andre, who was originally only an aggregator, has his own DeFi territory in a short period of time. Various projects can interact and form combination. Similarly, if YFI founder Andre Cronje announces that all his projects are running on a chain named "ABC", then there may be a new ABC ecosystem in the currency circle, just because of Andre's operation and influence .

The richness of the ecology on the chain no longer depends on whether the chain has the most cutting-edge technology, but on operation.

Andre’s acquisition is actually a kind of centralized operation.

Derivatives Hegic, Smart Pool Pickle, Lending Platform Cream, Governance Platform Powerpool, Insurance Products Cover Protocol, Polkadot DeFi The governance project Akropolis and the exchange platform Sushiswap are all areas that Yearn.Finance cannot cover. Through the operation of Andre, a complete ecology has been formed.

The same is true for OKEx. Before the OKExChain mainnet is launched, it has obtained wallets, browsers, mining pools, etc. Support for many categories. According to public information statistics, the current decentralized multi-chain digital wallet BitKeep Wallet, an enterprise-level validator node infrastructure operator and an end-user application development company Cosmostation, and a decentralized application service platform DappBirds, mainly focus on multi-chain cross-chain and security OKExChain has been supported by many projects such as Math Wallet, the blockchain platform of .

This is the advantage of centralized operation support. OKEx can encourage developers to fill in the missing applications in OKExChain ecology, which improves the overall operational efficiency.

At the same time, OKEx is only the initial developer of OKExChain, not the manager of the public chain. This ensures that OKExChain can get the support of OKEx in the early stage to develop well, and it will not lose the support of the community due to excessive centralization in the later stage. This means that anyone can run to become an OKExChain super node, and the development direction is determined by OKT holders through on-chain proposals. Anyone can also issue their own digital assets, create their own digital asset trading pairs, and conduct transactions.

Review the development of DeFi in the past few months. Bottled old wine has become the norm. At the same time, the proliferation of fake projects, smart contract loopholes, and anonymous project parties running away continue to appear. Most of these originate from "complete decentralization", and most of these problems caused by "complete decentralization" can be alleviated to a certain extent through centralized support.

OKEx and BlockDreamFund have invested 100 million US dollars to establish an ecological support fund, which will be based on dApp chain data and product quality , ecological contribution and a series of indicators for evaluation. Every month, high-quality dApp development teams will receive a series of rewards such as investment, recommendation to list coins on OKEx and Jumstart. At the same time, on January 18, the Nebulas Foundation has established an innovation incubation fund of 2 million US dollars to explore and participate in the ecological construction of celebrity public chains such as OKExChain. The first project that has been incubated is the OKExChain node.

The financial award is only one aspect. In terms of technology, traffic, resources, promotion, etc., you can enjoy the support of OKEx. In other words, in the OKExChain ecosystem, developers only need to develop, and OKExChain is responsible for all other cold start needs.

And these are difficult to obtain in a decentralized network.

Internet App subsidies are also effective in the encryption industry. The project Blockstack selects high-quality DApps every week through developer mining activities and rewards developers. After several years of development, the ecology on Blockstack has already surpassed some public chains with high market value.

OKExChain also adopts the same gameplay. Developers will be rewarded based on a series of indicators.

When people’s expectations for the public chain are no longer technology but ecology, the thinking of the public chain should be completely changed , operation is the next direction that the public chain needs to think about, and operation is exactly what centralization is better at. This is also the investment logic for investors to be optimistic about OKExChain. When the OKExChain token OKT was listed on OKEx, the listing time had to be postponed due to the overwhelming enthusiasm for buying.

As Fred Wilson sees it, in the near future securities will be tokenized and traded on the blockchain trade. OKExChain is a public chain that fits Fred's imagination. At the same time, with a trading platform like OKEx that has technology, resources, traffic and other elements participating in the operation, the advantages of OKExChain are incomparable to other public chains.

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