DeFi, Jumpstart Mining and OKB Questions Answered by OKEx’s Head of Product

A recap of an AskOKEx Ask Me Anything session with OKEx’s head of product, Wayne

The official OKEx Telegram group recently hosted an Ask Me Anything session with the company’s head of product, Wayne. During the AMA, users and members of the OKEx community were able to have Wayne answer any and all of their burning questions regarding the future of the platform, support for decentralized finance and other topics.

Here are the highlights of Wayne’s AMA with the OKEx Telegram community:

Hi Wayne, great to have you here today! Before we kick off the AMA, could you tell us a little more about yourself? How did you enter the crypto industry?

After spending 10 years in investment banking, I joined OKEx at the beginning of 2018, and since then, I have been thrilled to witness the rapid development of this exciting industry, which has grown from simple spot trading to various forms of derivatives trading and, nowadays, to all kinds of scenarios for decentralized finance applications.

I am very excited to join you all today to chat about OKEx’s product development along the way and going forward.

Wow! Great to know that you are experienced in the traditional financial industry, too — the transformation is amazing! Alright, we will start the first part of this AMA with questions from users. The first is: What are your future projects and products? Can you share with us?

There are many! DeFi, as a hot topic, will prevail for a while, and we shall provide more gateways for clients to easily access this area — but caution should be taken, as bubbles can inflate when everyone is thrilled.

On top of DeFi, we are also improving the user experience. For example, we are adding languages for non-English speakers and are systematically improving the languages on the website and app, one by one.

Currently, other markets are already providing trading with peer-to-peer methods and providing transactions using traditional e-wallets — such as PayPal, OVO, Perfect Money, etc. Will OKEx also follow suit and make it easier for users to buy crypto?

In the future, we will expand with more fiat currency deposit methods based on countries, including P2P and credit cards, and will also support local payment channels to improve the deposit experience — such as QIWI in the Russian market.

What is Demo Trading?

As an exchange with a whole suite of trading products, a new client might find it a bit overwhelming and hesitate to try with real money. The Demo Trading function allows less-experienced clients to fully digest all the features without any loss. When they feel more confident after some simulation trades, they can move on to the real market.

Can you highlight the products that the OKEx ecosystem currently has? What products are being developed so that the OKEx ecosystem can become better and better?

Good question!

We take user experience seriously. On top of the language improvements, we are investing heavily in the website’s and app’s onboarding, trading and earning experiences. The recent revamp of our website and app design has received tons of compliments.

Regarding trading products, we are going to launch a whole new set of enhanced risk-management tools to improve the user’s experience at the end of this year. This will also dramatically increase capital efficiency for traders who trade across different products and business lines. I apologize for being unable to reveal too many details here, but I assure you that it will be the best in the whole cryptocurrency exchange industry.

Furthermore, we plan to expand our investing and existence in decentralized finance. Given the recent enthusiasm for DeFi, we are aiming to build a solid gateway for clients from both the centralized and decentralized finance worlds to appreciate the beauty of blockchain technology and crypto assets. This will be a prevailing project for the coming year.

Let’s now move on to the live Q&A section of this AMA! Can you explain how OKEx Jumpstart mining works?

It’s very simple — just purchase OKB from the spot market. Then, move the OKB from your Spot Account to your Staking Account. Then, go to Earn or simply open this link.

Happy mining!

How does the OKEx futures derivatives market protect speculators from major losses in derivatives? What are the risk-control mechanisms?

We just launched a very nice feature — Stop Loss/Take Profit with OCO function — with which you can easily set your comfortable trigger prices and put your mind at ease.

Decentralized finance and decentralized applications are two pillars primed to rule cryptocurrencies — what is your strategy for DeFi and DApps?

We just provided some nice offerings with our Earn product. Also, we are working hard to launch swaps for DeFi products.

I am pretty sure DeFi will be a new battlefield for major exchanges, and we are ready for the challenge. Innovation never stops in blockchain and crypto.

How will the OKEx team target and educate people who don’t know about crypto and blockchain?

Please take a look at OKEx Academy!

There are many OKEx colleagues in this Telegram group that are happy to answer your questions, and I am also sure that many warm-hearted users in this group are willing to share/offer help.

Which areas are you focusing on most at the moment, and what are your goals for this year?

Overseas expansion, meeting the needs from clients, investing heavily into DeFi technology and products, and a more solid trading suite for both retail and professional trading houses.

Thank you, Wayne, for taking the time to be here with us and give us more insights and the opportunity to know more about the OKEx product!

As we optimize the product and enhance the trading experience for OKEx users, I believe there will be more exciting features going live. Please stay tuned!

The OKEx community is the best place to be. Thank you — it’s been a pleasure to be here!

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DeFi, Jumpstart Mining and OKB Questions Answered by OKEx’s Head of Product was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
10/02/2020 - 17:42

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