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0xLoki
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0xLoki
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Although I often criticize @okx and @star_okx, it's always based on facts. Looking at the statements from both sides regarding the 517BTC incident, here are a few key points: 1/ Was it market manipulation? The user opened a $450 million long position in 2018. Given the market depth and trading volume at the time, this position was bound to cause problems. This exposed a bug in the contract risk control system at the time. The user shouldn't have been allowed to open such a large position in the first place, and freezing the position after triggering the alert was reasonable. The user opened with 20x leverage, and was liquidated with less than 5% volatility. The claim that "the position would have been reduced automatically if it hadn't been frozen" is, in my opinion, unfounded. While the user may not have had the subjective intention to manipulate the market, high leverage and excessively high position size are conventionally considered manipulation risks, ultimately leading to liquidation and systemic risk. OKX User Agreement Clause 6.2 mentions the ability to close, restrict, and roll back trades. This clause is definitely written in a way that benefits OKX. The clause itself may be controversial, but it does act within its scope. 2/ Was freezing 517BTC reasonable? According to the announcement, the massive contract losses at the time were due to margin calls. OKX provided 2500 BTC to cover the losses, and also deducted some user profits through social compensation, plus froze 517 BTC belonging to the affected users. Therefore, the estimated losses from the margin calls are at least 4000 BTC. As for the spot balance, the user agreement states that "all sub-accounts/wallets are generally considered as the same user's overall assets. If a contract generates a large negative balance, the platform has the right to deduct from across accounts." This is similar to freezing assets; the terms are controversial, but they were indeed implemented according to the terms. In summary, OKX's contract risk control had serious problems at the time. It didn't limit the size of user positions or leverage, only having a small insurance fund and social compensation (BitMex had already used ADL at the time). After causing significant system losses, OKX compensated for some of the losses, recovered some from profitable users, and then froze 517 BTC belonging to the users who suffered margin calls. The terms are somewhat unreasonable, but they are all normal procedures based on the user agreement. There's basically no solution; the only recourse is through legal channels.
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0xLoki
Let me list some data and make a bold statement: 1/ Last week, the average daily active addresses for X Layer was 4004, a decrease of over 50% month-on-month. 2/ Chain TVL has improved, but the actual source is that the official team deployed 6 million units of liquidity to Uniswap, mainly in ETH and SOL pairs. If this data is excluded, user assets are constantly flowing out. Refer to L2 Beats; stablecoins saw an outflow of approximately 30% per month, with an 8.5% outflow last week. (I don't understand this logic; what kind of users would want to trade ETH and SOL on X Layer?) 3/ In the past month, no new memecoins with a FDV exceeding 1 million have successfully launched on X Layer (excluding 99% highly controlled schemes). A few older memes are struggling to survive. 4/ Curve has been deployed on X Layer for at least a year, but its front-end X Layer trading volume is consistently not displayed; no one has fixed it or paid attention. I wonder if the team that pushed Curve's deployment has paid attention to the subsequent data. 5/ X Layer lacks prediction markets, RWA, and on-chain perks. It once had a meme launchpad, but it was considered outdated. Perhaps using Uniswap on X Layer to trade Solana Tokens is the real user need.
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@star_okx
02-04
X Layer 起步相对较晚，但必须走过基础设施和生态建设的必经之路。这类事情需要时间，也只能交由时间来验证。X Layer 一直是 OKX 的核心战略之一，我们将与社区一起长期投入、共同成长。 x.com/web3a99/status…
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CEX, wallets, and on-chain Perp launch gold and US stock trading. This isn't a regression for the industry, but a **huge leap forward**! Yesterday, my mom asked me: Is it still okay to buy gold? I suddenly realized that if she's determined to buy, what options do she have: 1/ OTC ETFs (like Alipay): Management fees, at least a one-day confirmation and redemption period, and not available for immediate trading. 2/ Exchange-traded ETFs: Good everywhere, but a bit complicated for complete financial novices. 3/ Physical gold from offline gold shops and banks: Price differences, large slippage, Shuibei is slightly better. 4/ Online shady platforms, like JWRui, which could disappear at any time. But if she goes through Crypto, she only needs to: 1) Open an account 2) Deposit funds 3) Buy. The operational difficulty is **no different** from shady platforms like JWRui, but it offers better security, more convenient trading, 24/7 trading, and global circulation. If this is the case for an asset with a well-developed market and relatively convenient trading, then what about silver, US stocks, or even Japanese and emerging market stocks? The potential is even greater. For CEXs and similar projects, enabling a novice user (especially in financially regulated regions) to buy gold and other global assets within 5 minutes is **the only product logic**.
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