At the 8btc Global Partner Online Summit, Xu Kun (CSO of OKEx), Zhi Ge (co-founder of BiBull), Zhong Lifei (Technical Operation Director of Bytom) along with Wang Tianqi, Leader of QKL123), discussed predecessors and successors of crypto exchanges.

The 8btc Online Summit is a two-month virtual conference that hosts an assembly of industry leaders in the crypto space, including mining rig manufacturers, mining service providers, cryptocurrency pool operators, crypto exchanges, investors, and other individuals passionate about crypto.

Predecessors：OKEx’ Trump Cards

Crypto exchanges or be redefined, globalization is the keyword

Okex is undoubtedly the forerunner among the crypto exchanges, leading the whole crypto trading industry. How to describe the trend if we divide the history of the exchange growth into three stages? Xu Kun, CSO of OKEx, concluded:

Phase 1.0: (1) mainly spot trading; (2) the exchanges are all originated from the crypto asset market, and the trading system and products are relatively elementary.

Phase 2.0: (1) the number of exchanges is growing rapidly, but it is mainly regional exchanges, and the users covered by each exchange are mainly local users; (2) the spot still accounts for the main share, but the derivatives continue to grow regardless of product form or trading volume; (3) the players from traditional financial markets enter, including CME, bakkt.

Phase 3.0: two keywords: “specialization” and “globalization”. (1) all dimensions including the trading system, derivative product design, risk control mechanism, investor education are more professional; (2) the competition of the trading platform breaks through the regional restrictions, truly expands to the global market, and enters the markets of various regions.

From a global perspective, the head exchange may be redefined. Some markets are emerging, such as Indonesia and Russia, where local exchanges account for almost 50% of the market share. To take root in these markets, it is necessary to be closer to the local culture, user habits, and understand the local market competitors, which is a new challenge to the exchange. Therefore, OKEx made the strategic positioning of global layout last year, to truly get globalization. This means that the products should get localized in each country and serve localized users as much as possible.

7-year derivatives exploration to improve the full cycle of products

In addition to “globalization”, another strategic plan for OKEx is to focus on “full cycle”. From the perspective of overall layout, OKEx has formed four core product lines, covering coin buying, trading, tools, and college around the whole life cycle of users. Having Established a product matrix with rich categories and strengthen the close connection between product lines to meet the one-stop requirements of users.

In the derivatives market, OKEx has been exploring for about 7 years. At present, it owns perpetual contracts, delivery contracts, options contracts as well as supporting USDT margin and currency-standard margin. It is one of the most comprehensive platforms in terms of categories. The volume of contract transactions and positions is equal to that of Bitmex.

In terms of perpetual contracts, OKEx recently listed DASH、NEO、LINK、ADA; in terms of delivery contracts, it added the next-quarter contracts. In addition, new functions have been added, such as opening and closing positions at market price, stopping profit and loss at market price, multi-empty button split-screen/same screen customization.

Since the option product was officially launched in January, the daily trading volume has also grown rapidly, which has exceeded $40 million. The depth of the gap, the speed of transaction response and the risk control of the platform are all satisfactory, which shows that the option products are still in great demand.

In addition, the public chain is also an important target of OKEx in the crypto asset ecosystem. OKChain will support the release of more DeFi apps. Users can continuously develop application scenarios of DeFi based on OKChain, as well as creating and improving a highly autonomous financial system based on blockchain technology and digital assets.

Last year, OKEx upgraded itself more than 800 times to ensure multi-dimensional risk control

According to Xu Kun, OKEx has been continuously upgrading its technology. Last year alone, there were more than 800 upgrades, over 100 of which were major upgrades, including the upgrade of Lightning System 2.0 and super match engine.

The core of risk control is to deal with the sharp fluctuations in the extreme market, so how to provide the best insurance measures for users when the price is volatile, Xu Kun summed up as three points: 1. the best depth of transaction; 2. risk control means such as “marked price + gradient margin mode + intelligent account losing separation”; 3. risk reserve of nearly $100 million. zero allocation is realized through layer by layer protection.

In addition, risk control is also reflected in the storage of crypto assets. OKEx adopts the method of “cold wallet + multi-signature”:

“Our cold wallet will be split into multiple copies, and will not save large cold wallets, each of which only stores about 500btc; the private key of the cold wallet will be completely discarded once it connects the Internet; each cold wallet requires three different security personnel of the company to be enabled together; the trading platform will regularly conduct wallet sorting, so as to better manage assets and ensure safety. “

Successors: The “Small Goal ” of BiBull

As one of the representatives of the emerging exchanges in 2019, BiBull has accumulated a large number of users in a short time after its launch. At 8btc online summit, Zhi Ge, the co-founder of BiBull exchange, shared the secret of being a rising star and the “small goal” in 2020. His answer was as straightforward and plain as the brand name of “BiBull”.

In Zhi Ge’s view, blockchain 3.0 itself is a false proposition. The most important thing for practitioners is to apply the existing things of 1.0 and 2.0 well, and there will be a market large enough. The exchange is an ancient and mature track, including DEX. What we pursue is nothing but openness, transparency, safety, and trustiness. In fact, few people in the current industry do it. Whoever makes it have a greater chance of winning.

The reason why BiBull can stand out from the peer of crypto trading is that, on the one hand, it has been focusing on the industry and moving forward steadily for more than two years, and it has accumulated a certain user base and reputation while practicing their internal skills; on the other hand, it has also quickly won the favor of many new users with professional services and all-round brand communication after the launch.

Due to the professionalism of the platform and team, BiBull always attracts some top-quality assets to list, thus accumulating a large number of users. At the same time, BiBull provides a full range of service support in brand building, media publicity, and so on, which also makes more and more high-quality projects choose to cooperate with it, forming a virtuous business cycle.

In 2020, BiBull ‘s core annual goal is to become a first-class exchange. The team has made a strategic layout this year: 1. Cooperate with some high-quality projects; 2. Set up a technology development company in Hainan to conduct application and service support of chain reform; 3. Set up a foundation – BIG fund; 4. Build the BiBull Research Institute, analyzing the industry’s cutting-edge trends, and producing blockchain science courses; 5. List BiBull’s platform token according to the development pace.

 Successors: “New Track” for MOV

Zhong Lifei, Bytom director of technical operation, shared how MOV will redefine the transaction.

No matter in which trading era, users need better trading experience, safer asset custody, richer trading products and methods. For the centralized transaction, the transaction experience is satisfactory, which focuses on how to provide richer derivatives and how to ensure the safety of assets to obtain user trust. For DEXs, security is better, but the trading experience and trading richness need to be further improved. In addition, different from the traditional order book model, the decentralized transaction derived modes like flash, reserve pool exchange, mortgage lending, which will further grow.

MOV is a group of DeFi protocol clusters, and it is also a cross-chain open ecosystem based on the Bytom side chain. First of all, MOV is composed of many decentralized value exchange protocols, such as the magnetic exchange and flash exchange, and the subsequent superconducting exchange. Why do we call it a protocol? Because it is open, not an exclusive product. Any partner can develop corresponding products based on these protocols, which is similar to the TCP / IP protocol in the Internet era.

More than one month has passed since the official launch of MOV. In a short time, the cross-chain data has exceeded $5 million. Recently, MOV will launch the “on-chain trading competition”. It can be said that the core planning of Bytom 2020 is MOV. In addition to the currently online magnetic exchange and lightning exchange protocol, MOV will also launch the exchange protocol of the reserve pool, and then there will be a stable financial system. At the same time, Bytom main network will be upgraded to explore the scene of synthetic assets. More importantly, this protocol system is open, and any project parties are welcome to access the ecosystem