What is OKX Web3? OKX Web3 is one of the pieces in OKX’s giant ecosystem such as OKX Exchange, OKX Jumpstart,… It can be seen that with the effort that OKX is investing at the present time, OKX Web3 will become one of key products in the near future. In this article, everyone will learn about OKX Web3’s products.
What is OKX Web3?
Market context
With the collapse of CeFi financial empires in the crypto market such as FTX, Celsius, Voyager, 3AC,… bankruptcy, it is understandable that users lose confidence in CeFI. Even Binance faced a lot of FUD and had some brief shaky moments that made users gradually abandon CeFi and they needed a new land where they did not need to trust 3rd parties.
That is Blockchain, Crypto or Web3 in general. OKX Exchange’s launch of Proof of Reserve has somewhat reassured CeFi users, but that is still not enough and that is why OKX Web3 was born.
Overview of OKX Web3
OKX Web3 is an ecosystem of products where users will use OKX Wallet to participate in OKX Earn, OKX NFT Marketplace, OKX Trade and OKX Explore. It can be said that OKX Web3 builds a quite diverse ecosystem suitable for many different needs of users, not only that, it is also suitable for many users with different knowledge in the market.
However, OKX Web3 products still have shortcomings that need to be improved, which I will present in the article below. Let’s quickly go through the OKX Web3 ecosystem before going into the details of each product:
- OKX Wallet: A place to store and manage assets on dozens of different blockchains.
- OKX Trading: DEX Aggregator Cross-chain, people can trade multiple token pairs on many different chains.
- OKX NFT Marketplace: Is an NFT Marketplace Aggregator platform that helps people buy and sell NFTs easily.
- OKX Explore: is where people directly interact with protocols and Dapps.
- OKX Earn: A place where people make profits from idle crypto assets.
OKX Wallet – The door to OKX Web3
It can be said that OKX Wallet is one of the products that OKX Wallet is doing very well compared to its competitors. From the image above we see that OKX Wallet is divided into the following main parts:
- Cryptocurrency: Show off all your assets on all blockchain platforms that OKX Wallet supports.
- NFTs: Shows all the NFT collections you hold, own, and the total value of the NFTs.
- DeFi: Shows your assets are participating in DeFi activities. All activities such as Lending on AAVE, providing liquidity on Stargate,… are shown on OKX Wallet.
- Efficiency: Represents the total value of your assets over a certain period of time.
- Network allocation: Shows which blockchains your assets are on.
- Review times: Shows which protocols you are delegating so you can deauthorize protocols that lack reputation. We often know it as similar to Revoke.
- History: Represents the times you interacted with smart contracts on the blockchain.
It can be said that OKX Wallet has improved a huge problem that Metamask only had a temporary solution for with Metamask Portfolio, which is asset management. If we can manage directly on the wallet, we won’t have to waste time checking DeBank or checking Metamask Portfolio.
OKX Trading
OKX Trading is a DEX Aggregator platform that supports Cross-chain so people can buy and sell tokens on different blockchains with the best price slippage on the market. Besides, OKX Trading also supports limit orders to help you be proactive in your own investment plan.
Being a DEX Aggregator is a reasonable choice because building liquidity pools will take a lot of time and effort. Besides, cross-chain support is also a future-oriented decision when there are more and more Layer 1 and Layer 2 platform blockchains, the need for Cross-chain Swap is increasing.
OKX Earn
OKX Earn is where people can deposit their assets into DeFi protocols to earn profits. There are 2 things I find interesting with OKX Earn including:
- The protocols that are directly integrated into OKX Earn have all been KYCed by the OKX team, so the safety capabilities will be higher than regular DeFi protocols, so the yield will not be too high but moderate and safe.
- OKX Earn also focuses on Stablecoins – the assets that users are holding the most in the crypto market.
OKX NFT Marketplace
OKX builds an NFT Markeplace Aggregator platform to bring users the best experience in terms of buying and selling. In addition, there are some pretty good points on OKX NFT Marketplace:
- OKX NFT Markeplace updates collections with the highest volume within 24 hours so users can grasp trends and money flows in the crypto market.’
- OKX NFT Markeplace also has important updates such as popular NFTs, NFTs being minted,…
Not only that, OKX is having a fee refund program when trading on OKX NFT Marketplace. I think if people regularly trade NFTs on the Ethereum network, they can actively trade on OKX NFT Marketplace to save a lot of fees. Normally each order to buy or sell NFT on Ethereum costs about $20.
OKX Explore
Users can fully use OKX Wallet to enter the world of DeFi and interact directly with protocols. A nice touch is that OKX Explore has an Editor’s Choice section that aims to direct new users to secure protocols instead of letting them fumble around in the world of DeFi.
As for proficient users, here you can freely participate in your favorite projects and protocols to make profits.
Some advantages of OKX Web3
From personal experience with OKX Web3, I see some of the advantages of OKX Web3 as follows:
- Diverse products suitable for many goals and user groups in the crypto market.
- The product is built appropriately, especially I appreciate the fact that OKX is an Aggregator instead of building native products, which is not feasible.
- OKX Wallet does a very good job in managing the portfolio of users in DeFi. I feel like it is a harmonious combination of Metamask and DeBank.
- The products are neat and focused on development instead of rambling on too many products.
Some disadvantages of OKX Web3
- In the OKX Discovery section, having to enter the correct website name of protocols that have not yet been integrated will be difficult for users because not everyone remembers the project’s domain name.
- Although the experience is in Vietnamese, the news section at OKX Discovery is written in English.
- Putting Web3 next to OKX Exchange to change with one click is very easy in terms of experience, but if not properly educated, it can easily lead to misunderstanding that OKX Web3 is built and controlled by OKX.
- Quickly updating NFTs is great, but there are scam NFTs that are still displayed in wallets, easily leading to new users losing money.
Summary
Obviously Web3 is the trend when the CeFi market has had disruptions that have lost user trust, so it is understandable that OKX built an OKX Web3. However, the success of OKX Web3 will take a lot of time to prove. Through this article, I hope everyone can understand what OKX Web3 is?
