CZ experience of playing contracts on the first chain: DEX’s public positions and liquidation prices are “not private enough” and do not reach the experience of centralized exchanges

03-24

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Binance founder CZ this morning conducted his first on-chain contract transaction, trying the experience of the APX platform. CZ used a public donation address to open a 24.7x long position on $Mubarak at APX Finance with 0.4 BNB.

He candidly admitted that he had never traded futures on centralized exchanges like Binance, only having seen product demonstrations. Regarding his first on-chain trading experience, CZ stated:

Compared to CEX (centralized exchanges), the on-chain trading experience has a significant gap.

He also wanted to examine whether the previously criticized MEV (Maximal Extractable Value) issue still exists on-chain.

Privacy Issues in Futures Trading Become Focus

CZ also emphasized that on-chain contract trading lacks proper privacy protection. He pointed out that on-chain trading exposes positions and liquidation prices, which might violate the privacy principles of futures trading.

He believes futures trading should have a certain level of privacy, and this open design might expose market participants' trading strategies and position status, thereby affecting traders' privacy security.

Attempting to Downplay Operation: Market Needs No Excessive Attention

Although CZ tried to downplay the event, his actions still sparked heated community discussion. @MisterNarcos replied "perfect 👌🏼", @Katherine_XBT said "builders never stop"... and drove a surge in $Mubarak and APX Finance's native token.

CZ stated that this test was merely a routine operation and was concluded on the same day. He emphasized:

The test results should not be over-interpreted, and the market need not pay excessive attention to this test.

Further Reading: CZ's First On-Chain Contract Purchase》$Mubarak "25x Leverage Long" Earns 148% in 10 Minutes, Shares 2 Trading Insights

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.

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