Compiled by: momo, ChainCatcher
After lying low for over a month, OKX DEX has recently resumed operations and collaborated with ChainCatcher to host an X Space event titled "Upgrade and Return: OKX DEX's 'Killer App' and 'New Blueprint'".
During the Space event, OKX DEX Product Manager Shawn answered questions about the core changes, highlight features, and new strategic plans after the OKX DEX upgrade.
Crypto KOLs such as Block Master (@mrblocktw), Anyaoyaoa (@anyaoyaoa), Midnight (@silverfang88), Web3 Product Manager Yue Xiaoyu, Rocky (@Rocky258459), and HK Blockchain member Niu Yingjun shared recent on-chain trading strategies, insights, and expectations for future DEX functions.
The following content distills the core viewpoints discussed in the Space. (Full version available for replay: https://x.com/i/spaces/1mrxmPeXdEkJy)
1. Host: What key items did the OKX DEX team primarily advance during the month-long service suspension? What core changes have been made in strategy and product after the upgrade? Were you afraid of losing market share by actively "pausing" during peak traffic?
OKX DEX Product Manager Shawn: During this period, our entire team didn't stop but was busier than usual.
On one hand, while maintaining daily functions, we upgraded the security and risk control system for trading products, which are very important tasks. Now our risk control system is more powerful and can intercept in real-time. In the industry, few platforms can intercept black industry attacks in real-time, and we can do this thanks to our group's accumulated experience.
On the other hand, when we return after product upgrades, everyone will notice a significant improvement in trading speed. The team has made substantial improvements in underlying trading capabilities, including trading speed, anti-front-running ability, and the intelligence of smart slippage.
We have some internal test data showing we can now launch quickly. In specific scenarios, we can even complete follow-up trades within the same Block. For instance, when we receive a signal and confirm the address to follow, we can complete the transaction in the same Block as that address.
Additionally, our market product and Token analysis capabilities haven't stopped. We continuously launch new features like expert signal rankings and wallet tracking, and our page richness has significantly improved.
From the initial simple interface to today's rich functionality, we've made great progress. In the future, we'll launch more new features covering trading and analysis capabilities - these are industry "black technologies" whose specific details remain confidential, but everyone will see them soon.
Regarding market share, that's an excellent question. When we paused services, people might have been discussing why we made this decision and whether we feared losing market share. Honestly, as employees, market share is certainly an important performance indicator.
However, based on Star's usual tweets and internal communications, he believes corporate values and social responsibility are more important than market share and what we should do. So I think this is a crucial reason we could proactively press pause.
Our overall strategy won't change much; we remain committed to serving our users well. Of course, our entire team, including myself, is now more mature. Previously, we might have thought a feature was good enough, but after deeply engaging with user communities and consulting many experts, we realized that's far from sufficient. Now, the team's mindset has changed - we'll develop features more aligned with user scenarios rather than making assumptions.
2. Host: What are OKX DEX's key plans going forward? What are the primary short-term objectives?
OKX DEX Product Manager Shawn: Our short-term goals haven't significantly changed. Our product strategy has been continuously optimizing, with the goal always being to serve on-chain users like "P Little Generals". However, our recent key plans mainly include the following aspects:
1. Enhancing Trading Decision Analysis Functions. Beyond the underlying product capabilities mentioned earlier, we'll add more features helping users analyze trading decisions. In terms of speed, we'll continue pushing it to the extreme.
2. Solving Industry Pain Points. We've discovered industry pain points like crypto honeypots on rankings, and we need to better shield these risks and protect users. Moreover, MEV has always been an industry pain point. Before our service suspension, there was a significant MEV issue on the edge chain. We're collaborating with the edge chain team to strengthen protection in this area, which is also a crucial safety aspect.
3. Balancing Self-Custody and Trading Speed. Are self-custody and trading speed contradictory? Does users controlling their private keys mean trading speed can't match other products? This isn't an unsolvable problem - we've found a solution and will focus on this direction. I believe this will be an industry innovation that everyone will see results from soon.
4. Continuous Investment in Memecoin. Although memecoin's heat is currently declining and some users have temporarily stopped participating, memecoin itself is cyclical. We're uncertain about future waves, but our investment won't decrease. We're strengthening trend tracking and notification capabilities, such as wallet address tracking and notification functions, where we've invested significant resources.
5. Proactively Discovering Market Trends. Beyond notifying users after market trends form, we're researching whether we can discover and notify users before trends emerge. Because memecoin's heat always starts with topics before market reactions. If we just follow Tokens, we'll be a step behind. So we're exploring whether we can follow topics and prepare in advance.
Overall, these are the directions we'll focus on researching and planning. These are capabilities everyone might be concerned about. As for specific product forms, we haven't fully determined them yet.
Currently, the entire industry is trying different solutions without a fixed model, which is precisely what makes driving industry progress interesting: everyone is exploring the unknown, trying different answers to see who can better serve users.
3. Host: What expectations and suggestions do the KOLs have for OKX DEX's functions from an on-chain trading experience perspective?
Anyaoyaoa: I hope to support buying a CA simultaneously with several wallets in the future. Because I often use multiple wallets to purchase the same CA, this function would save me a lot of time. Is this function feasible?
OKX DEX Product Manager Shawn: We've previously understood this requirement, which is typically needed by whales, and we'll continue researching it.
Yue Xiaoyu: From my personal usage experience, I focus on three aspects:
First is the trading threshold, which reflects the friendliness to new players. I'm not a very professional on-chain trading player and am still learning. Regarding the trading threshold, I want to ask if OKX will provide more product experiences that can lower user barriers in the future.
Specifically, there are some on-chain trading tools that provide a "chain abstraction" feature, where users can deposit any Token, trade directly using fiat currency equivalents, without worrying about gas fees or switching between different chains. Since OKX itself has already aggregated multi-chain liquidity, can we integrate similar cutting-edge chain abstraction technology to provide a lower threshold and a more traditional Web2 financial product experience for ordinary new players?
Second is transaction speed, transaction speed is the lifeline and the key point for players to intuitively feel whether a tool is easy to use. Although OKX's current transaction speed is already very smooth, will there be more significant improvements in transaction speed in the future?
Third, in terms of trading strategies, OKX currently offers market orders and limit orders, but like other products, it even provides 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 strategic trades?
OKX DEX Product Head Shawn: The points mentioned by the teacher are very critical, especially the second and third points, and we already have related achievements.
In terms of transaction speed, I believe our speed should be the same as GMGN. In our latest version, I also need to confirm when we can officially launch. Because we just resumed service, we want to take a break and wait until the service is more stable, and then we will gradually launch the functions from the laboratory.
Regarding trading strategies, this is definitely a very important function that everyone will use, and we have been working on it. Trading strategies actually come in many forms, such as the simplest limit orders, more complex take-profit and stop-loss, moving take-profit and stop-loss, and even later order strategies combined with off-chain data, and other more advanced combination strategies, which users are actually using, just with different frequencies. So we will definitely continue to improve this part, and the team is also promoting it.
Regarding trading thresholds, I think this is a bigger topic and indeed a problem we will definitely encounter and think about in the industry. For example, whether to remove the concept of chains and directly implement trading with fiat currency or other Tokens without worrying about chains and Gas, is a goal we have long imagined in the industry.
But it is not just a function or product issue, but a company-level strategic issue. Whether to do it? Should we do it at this time? I think this might need Star to answer.
Of course, we have not ignored research in this area internally, but currently, I do not have more information about how to do it specifically. Whether it ultimately aligns with our company's strategic direction still needs further discussion. If we have more information, we can discuss it in depth.
Rocky：During the OKX DEX suspension period, I have been using GMGN. GMGN does not require importing private keys, and I do not need to hand over my wallet private keys to it. I just need to click once to automatically buy.
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 a similar function that does not require additional confirmation steps.
OKX DEX Product Head Shawn: From a technical perspective, implementing this is easy, but the key is how to grasp that boundary.
Specifically, the issue of private key and wallet ownership: whether the private key is completely controlled by the user or hosted on our server? This is the core of the problem.
However, user needs are the most important. Users want a more convenient trading process and do not want to click an extra step, which is completely reasonable.
As for how to specifically implement it, this is what 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 an appropriate solution. I am confident that we will definitely solve this problem.
