Produced | Odaily (ID: o-daily)
Produced | Odaily (ID: o-daily)
In the last few days of 2020, OKEx is still moving.
On December 29, OKEx officially announced that the main network of the public chain OEC, which focuses on high-performance transactions, was officially launched, and its native token OKT will also be launched; the total amount of OKT genesis (10 million) will be issued through OKEx Jumpstart To holders of OKB.
As early as a few days ago, OKEx CEO Jay Hao had announced this action in advance on Weibo. At that time, many people had speculated that it was related to OKT.
Since December 27, the OKEx platform token OKB has continued to rise, rising from 6 USDT to 8.1 USDT at one point, setting a new high since its release, with a maximum increase of more than 35% in 72 hours; as of press time, OKB is consolidating around 7.8 USDT.
In October of this year, OKEx once caused a crisis of trust due to the "suspension of currency suspension". Although it was resolved, it still caused a lot of impact.
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OKEx is not going to be a public chain on a whim.
OKEx is not going to be a public chain on a whim.
As early as December 18, 2018, OKEx released a public chain concept promotional video. According to the plan at the time, the test network will be launched in 2019, and finally in the first half of 2020, the smart contract will be realized and the main network will be launched.
However, we all know that the road to public chain development is rough and bumpy. In the past few years, many excellent teams have failed on the public chain track. OKEx’s plan is not as smooth as imagined.
Take Ethereum 2.0 as an example, even with the efforts of hundreds of developers, tickets are still skipped, and the launch time has been pushed back and forth, from the end of 2019 to the beginning of 2020, and then to the middle of the year, and finally It was successfully launched on December 1 at the end of the year.
OKEx’s public chain development is also facing various difficulties. During the period, it experienced the ups and downs of the industry. OKEx also adjusted the development direction of the public chain twice, from high-performance public chains to application chains, and finally to transaction chains, and the testnet was continuously delayed. In the end, the test network was successfully launched in February this year, and the main network was launched in December.
After industry iteration and ecological development, OKEx is now ready.
What exactly are OECs?
The official definition given by OKEx is: an open source decentralized high-performance trading public chain, which aims to promote the implementation of trading business based on blockchain technology. As an open source public chain ecology, OEC allows anyone to issue their own digital assets, create their own digital asset trading pairs, and conduct transactions.
So, what are the similarities and differences between OEC and other public chains such as Ethereum?
From a technical point of view, OEC and Cosmos belong to the same origin. It is built based on the Cosmos Tendermint mechanism and the Cosmos SDK. The throughput (TPS) can reach thousands, while ETH1.0 currently only has 7 TPS. This means that OEC is far better than ETH1.0 in terms of processing speed and gas.
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(OEC is compared with other public chains)
Moreover, OEC will support EVM in the future and is compatible with all smart contracts of Ethereum, which is more friendly to Ethereum developers and reduces the migration cost of developers.
More importantly, OEC is backed by OKEx and can obtain strong resource support, which is not available in other public chains. For example, OEC will support cross-chain in the future. According to the official announcement, OKEx has launched the cross-chain gateway service online. Users can exchange assets into other public chain tokens with one click. Currently, BTC, DOT, and FIL are supported for cross-chain operations. The cross-chain tokens obtained through exchange can be withdrawn to The Ethereum blockchain will support more public chains such as OEC and TRON in the future.
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Three highlights: OKT, super nodes, DEX
In this OEC announcement, Odaily also paid attention to some highlights, which are worth sharing with readers, namely: the underlying token OKT, super nodes, and the first DEX.
（1）OKT
In the announcement in February this year, OKEx officially announced that OEC will adopt OKT as the underlying token.
OKT adopts the halving model, the initial issuance is 10 million, the initial block reward is 1 OKT, which is halved every three years, and the total theoretical issuance is about 72.2 million.
At that time, there were endless debates about why the dual currency was chosen instead of the original OKB as a pass. OKEx CEO Jay Hao also responded.
"OKB is the underlying token of the OKEX ecosystem. OKT was launched as the basic token of OEC. They are generated based on different scenarios and purposes; secondly, OEC is a native public chain based on the Dpos consensus mechanism it adopts. We chose to issue OKT because of our needs. The issuance of OKT will consist of two major parts: the genesis block and the issuance of node blocks. In the future, each block will have an OKT block reward, which will be halved every three years.” Jay Hao said.
In fact, the emergence of OKT will not reduce the ecological value of OKEx. For OKEx users, especially OKB holders, OKT is a "benefit".
According to the announcement, OKT's genesis circulation (10 million) will be given to OKB users. Users can stake OKB to receive OKT in return from January 1, 2021 to January 14, 2021. More importantly, there is no upper limit on the maximum personal pledge, and you can pledge at any time and unstake at any time.
At present, OKT has not yet been traded online, and the income cannot be calculated yet. But no matter what, the emergence of OKT has greatly enriched the financial management options in the market today when the income from liquidity mining has plummeted.
（2）DEX
Another thing worthy of attention is OKEx Dex, the first decentralized exchange on OEC.
Unlike Uniswap, which uses the AMM (Automated Market Maker) mechanism, OKEx Dex adopts a hybrid model of "liquidity pool + order book", allowing users to have higher asset control and manage their own assets more freely.
Among them, the AmmSwap module has four core functions: creating a liquidity pool of any currency, adding liquidity, deleting liquidity, and Token swap. At the same time, it also provides related API interfaces including querying currency prices and liquidity. In addition, OKEx Dex puts the order book and matching on the chain design, which can ensure the transparency and decentralization of data to the greatest extent.
Today, with Uniswap and 1inch successively airdropping governance tokens, users' enthusiasm and participation in DEX is getting higher and higher. After OKEx Dex goes online, liquidity mining will be adopted to a large extent to reward OKT, so you can focus on it in advance.
It is worth mentioning that according to the design of OKEx, after the introduction of oracle machines in the future, various derivative transactions such as leverage and perpetual swaps can also be placed on DEX. OKEx has a leading edge among centralized derivatives exchanges, and can take advantage of the trend to enter DeFi and consolidate its dominant position.
(3) Super node election
According to the announcement, OEC adopts the DPOS consensus mechanism, so 21 super nodes are set up, which leads to higher TPS and makes community governance more decentralized.
Who can be a super node candidate? The reply from OKEx is that as long as you become an OKT holder, anyone can run for the election, so as to obtain transaction fees and block rewards.
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Exchanges get together on the public chain track, how can OEC shine?
Judging from the development trend of the industry, it is inevitable for DeFi to shift from Ethereum to other public chains.
According to the DappRadar report, about 96% of DeFi transaction volume this year is based on the Ethereum network. But in fact, the current total value of all assets in Ethereum is only 150 billion US dollars, which is less than 1/3 of the total market value of encryption. In other words, more assets are blocked from the prosperity of Ethereum, and it is difficult for Ethereum alone to fully carry the value of DeFi.
At the same time, Ethereum's congestion problems, scalability, and high Gas fees have become commonplace.
DeFi is not equal to Ethereum, and overflow will inevitably occur, and the public chain track will usher in a new outlet. On such a node, as an exchange represented by CeFi, it is reasonable to launch the exchange public chain.
After all, DeFi and CeFi are not incompatible, and DEX and CEX can also complement each other. Especially for giants like the three, the strategic layout of DeFi is also the meaning of the question.
"I think DEX and CEX should be a trend of complementary integration and learning from each other's strengths. Because with the gradual development of the digital asset market, users' trading needs will gradually show a trend of diversification: some users pursue efficient and fast transactions and are willing to Bear the risk of potential asset loss; other users pay more attention to the security and privacy protection of assets when trading, and are willing to sacrifice certain efficiency and pay higher fees. As a supplement to the current traditional exchanges, decentralized exchanges can be used in In the future, it will meet the trading needs of some users and provide users with more trading options." Jay Hao said.
In addition, it should be noted that although the three major exchanges are all on the public chain, they are different from each other.
Taking OEC as an example, it does not belong to OKEx’s private property, but operates in the form of community governance, so it seems inappropriate to call it an “exchange public chain”.
"OKEx is only the initial developer of OEC, not the manager of the public chain. A good public chain adopts a completely open protocol to develop itself, just like there are many non-OKEx employees contributing to OEC. OKEx is just a part of the OEC community. Members, similar to the relationship between Facebook and Libra, this needs to be clearly distinguished.” OKEx explained.
In addition, various trading platforms have issued relevant policy support for developers.
In addition to resources, financial support is the key. Previously, Binance BSC launched a support plan of 100 million U.S. dollars, and Huobi ecological chain Heco launched a support plan of 200 million U.S. dollars. OKEx has not yet announced the specific amount of funds, but according to people familiar with the matter, the support funds may exceed 200 million US dollars.
Finally, it needs to be emphasized that the projects developed on the exchange public chain have formed a "weak binding" with the exchange itself, that is, the brand influence of the exchange has been utilized. Once the project runs away or breaks, it will also have a negative impact on the exchange. This summer, liquidity mining projects collapsed on some exchange public chains.
Summarize
Summarize
In fact, OKEx has made a lot of moves recently. In addition to releasing OEC, it also launched a unified account not long ago.
The biggest advantage of the unified account is that users do not need to transfer funds back and forth between dozens of accounts before trading, and the simplest transaction can be completed with one account. For further transactions, there are also single-currency margin mode and cross-currency margin mode to choose from.
In October this year, OKEx suspended withdrawals, which once triggered a crisis of trust; more than a month later, OKEx reopened deposit and withdrawal, and a large number of loyal users chose to stay.
Now it seems that after going through the stress test, OKEx is more effective than before. Odaily will continue to pay attention to what actions OKEx will have in the future.
