OKEx, a truly decentralized cryptocurrency exchange! | Author: Dwayne D’cunha | The Capital | June 2021
OKEx is a decentralized cryptocurrency exchange that aims to make cryptocurrency trading as convenient as possible. It uses the blockchain to provide services related to trading and investment, while providing futures, spot, margin, options and perpetual swaps, DeFi, lending and mining services. According to data from CoinMarketCap, it ranks 17th in the world compared to other cryptocurrency exchanges.
For most cryptocurrency exchanges, it is natural not to list every memetic cryptocurrency, after all, they have a certain responsibility for listing and promoting such currencies. When choosing a particular cryptocurrency, a certain degree of recognition and a good market value may be the two biggest factors. OKEx has adopted a different approach to listing, allowing its community to decide which cryptocurrency they should allow on its platform. AKITA and KISHU are two such tokens selected based on opinion polls, and they are listed as OKEx’s newest memetic cryptocurrencies. For those who have heard of it for the first time, you can think of them as a derivative of Dogecoin like Shiba Inu. In addition to providing users holding such tokens with 2% of the total transaction volume of the day, it also depends on the percentage of assets held in their OKEx account. Daily screenshots of OKEx accounts with KISHU, and rewards are credited to the account every Friday. In addition, OKEx will issue all transaction fees incurred in the KISHU/USDT trading pair as an exclusive bonus from the first week of the transaction.
I will definitely see more exchanges do this in the future, because it allows users to participate in important decisions and also emphasizes the importance of having decentralized power. OKEx has never blocked the meme cryptocurrency because it recently listed Shiba Inu. Shiba Inu has always been looked down upon because it is based on a memetic cryptocurrency and lacks the actual value that can benefit mankind. Nevertheless, it should be given equal opportunities for participation and as an option for people seeking to diversify their investment portfolios.
This new model on existing platforms will include decentralized wallets, NFT markets, and farm tools. These changes will help those who invest heavily by providing additional services that will make it easier for you to manage your assets and participate in new DeFi investment opportunities. I am very happy to see what the NFT market will provide because it also includes NFT creation and trading. With the help of the wallet, you can also check the type of assets you hold, such as NFT or stablecoin. This will allow it to compete with major exchanges like Binance, which provides a huge platform for crypto artists.
OKEx also integrates with Polygon to provide users with a smoother migration experience while reducing unnecessary costs. This will be achieved by eliminating the normally charged withdrawal fees. Polygon is a layer 2 Ethereum expansion solution, which aims to build and link a blockchain network compatible with Ethereum. Polygon also cooperates with other major blockchain networks to provide modules to make it easier to develop DApps.