Okay, great. I think we can get this kicked off. Thanks everybody for joining for this chat between OKX and CERTEK. This comes on the heels of OKX's Web3Un platform integrating our SkyNet security score with the purpose of raising the level of security
transparency in DeFi across the web3 world and more specifically in the web3 urn platform. And we will talk more about that. We have O and from OKX on today. So if you just want to give yourself a quick introduction and we can get into the discussion.
Yeah, hi, thanks for having me. So my name is Irwin. I lead the DeFi integrations specifically for the OKX earn product. So under OKX we do have both centralized and decentralized or back-tree platform now. So other than that, our own
Centralize exchange we have a self-custodial kind of like DeFi interface for users to connect their own self-custody wallet such as your Meta Mars or if you would like to use our own OKX wallet So these are anti-mini self-custodial and so I personally work on the DeFi integrations inside the
So it's kind of like a new aggregator in terms of like the D5 space. But what you can do is you can connect your sub-custodyle wallet directly to our interface and then you operate your D5 applications directly through your sub-custodyle wallet.
It's really interesting product. I think a lot of people will be familiar with OKX as a centralized exchange as one of crypto's largest and best established centralized exchanges, but you're also diving into the
self-custody, DeFi on-chain sort of things as well. I want to, if you can speak a little bit more about the OKX Web3-owned platform and its role within the DeFi landscape.
Specifically, you're right. So in the past, we are quite focused on our central asset change since that's our brand partner. But what we want to see is that more users are starting to participate in DeFi, but initially the uptake is not
as high as we would like. So, you know, OKX has a mission to provide a better Web3 experience. So, simply, I think if you guys just open the OKX app, now is directly integrated with the Web3 site as well, you know, alongside the LCX.
So users will be able to access these, these apps quite easily. You don't have a separate app here if you are existing OKX users. And you don't have to be OKX users as well to kind of access the app. Because again, it's self-castled, you don't need to sign up for a card and you don't need to go through KYC.
what we hope to ultimately achieve is to provide a unified interface for interacting with V5 applications to kind of like make it easy for users to get started and to kind of make it familiar experience for our CX users. So yeah, I think one thing we found was
that if I can be a very daunting space to enter with steep learning curve with huge variety of different platforms and then with if I get more and more complicated every year you have like meal things to learn. So in terms of the functionalities what we hope to achieve
is to make defy a single kind of experience. So for example, if today you go to like curve and you go to like Uniswap, right, providing liquidity on these two platforms, very different experience. They work with like different AMMs, different interfaces,
The settings are very different for each different platform that you choose to provide the liquidity on or if you choose to make a swap on. So ultimately what we want to do is like that whole thing fight interface experience for the user so that you don't have to relearn or we lower the load
and there's also a sense of familiarity that we kind of simplify everything for the users. And a big part, an big part of, I think, DeFi is also in terms of accessibility. So today if you try to access like a curve on your mobile phone on the mobile phone,
browser is quite hard but upgrade you either have to I don't know like have a large screen right some of the websites they don't support like the mobile interface and some of them don't even support like signing your transactions on the mobile interface so at okay I think one great thing is that we do have a
wallet built in you can use our wallet or if you don't want to use our wallet you can also use your own wallet providers like such as like Meta Mask and we actually even support like a ledger as well currently so with ledger users can actually use the wireless Bluetooth function right to actually sign a
transactions wirelessly on the OKX app. Currently, this is like personally what I am using. So I have been a big need for users. One of the whole problems of using a hardware wallet is that you have to turn on your desktop. You have to go to the website, put your ledger in key in the password, sign transactions with it.
But with OKX, our unproduct specifically, you can actually operate DeFi through our mobile interface securely and wirelessly through your hardware wallets as well. So these are, I think, some of the new innovations that we haven't seen at all.
So I think it really provides a great value for users, especially today, really essentially a mobile world. And I don't have to open up my laptop to check a transaction or to even perform a transaction. So these are some of the more
a great quality of life tools that we have been building. Yeah, I think anyone who's used DeFi will understand your point about it being very promising sort of industry, but also not the easiest to use. And having a mobile app that's developed specifically for the purpose of interacting with Web3 and DeFi
built by one of the largest exchanges in crypto, that's a really great thing. And I think the accessibility of it will really help with adoption and bringing the power of defy to more people. And obviously part of that is security as well. And as a security company, that's something we hold very close to our hearts.
And that's why we're so happy that our security score, the SkyNet security score, has been integrated into the Web3 own platform. Can you speak a little bit more about the decision to do that and just the-- yeah, why you did it and what the results are for the average user and how it simplifies their due diligence process?
Yeah, I think it's actually a certain thing, right? As a security company, we kind of kind of helps users to also simplify the whole betting of like all this divide protocols for users, especially again, in divide, you have things like
contracts, you have things like the team evaluation. I also think there is a team KYC to solve that problem of preventing or kind of so-called banning rags or there's some sort of recourse in your cases of rags. So I don't see like a static product right sky net
security kind of like a very aligned to our whole goal of simplifying the five users. So understanding how SETX kind of you know, evaluate these projects and then scoring them will allow our users to make a very quick and informed decision right before going into pro-core
you simplify that into a score-based system, so a hugger is good, lighting is pretty good, you know, and maybe somewhere along 40-50 is not so good. And then straight away from the get-go, I don't even need to read any documentation, I probably don't even need to check out the website, I can already, you know,
kind of trust that okay this project has been better true and that you know likely I will be investing into the platform yeah so we see as a highly effective tool and to put it on a simple platform on a single platform right comparing between broadcast is much easier so again the time
to spend, you know, researching on a particular protocol is kind of eliminated or at least if the user chooses to, you know, do further due diligence, they are already narrowing down or filtering down the path of like higher quality projects, right? They don't need to waste time on like, you know, the projects that have a
So at the same time, I think if also a project has a few warnings, right? There are some areas that are lacking users will be able to watch out for some of those in state, right? Again, streamlining the time for due diligence so they can do like in-depth research themselves if they want to.
to fully understand that particular risk because this risk has been identified by Celtic. So if you don't want to write for less abundance users or beginner users, they can just simply just choose a project with a higher scan at security score instead. So we do see this as an interesting
of the user standpoint, you know, reducing the time to actually take a decision or to make a decision or to perform an action in V5 much, much lesser than in actuality. And also, again, it also prevents or maybe not entirely prevent, but
It also lessens the chance of users getting a 35x experience whereby the project turns out to be rugged or there's a vulnerability in the smart contract and then they lose their money. So I think this is a very important step towards bringing the DeFi
So, if you believe in the mission,
If you hope that it has a future to help millions of people then you want secure protocols, you want to prioritize security, you want to put security front and center which is what OKX is doing with this integration of the security score where it's really visible and users, it's a tool, it's a component
of a comprehensive due diligence process, I think seeing a score is a good way to take that into account and then investigate further, you know, and combine it with other indicators, other metrics. If you see a pool with a very low security score on a very high APA,
Why that might be cause for concern but yeah, it's something that investors can take into account when they're choosing which pools to invest in which platforms to put their money in So you've spoken a little bit about the about security as a as a concept in in DeFi How do you how does the can you talk more about like
The, the white, is there a white listing process for Web 3 Earn? How does the platform get listed on there? Is it only a select few that are like high quality and high integrity? Or are you trying to bring as many as possible to market? What's the, what's the thought behind the selection process of pools that are featured on, on the platform?
I think that's a great question. So yeah, it's of course like decided internally, right? So okay, we are you know company. So basically what we want to do is go to align some of the products that we bring on board to our that aligns with our users, but at the same time, we want to provide like a good variety.
So we make sure chains are covered effectively. Then at the same time, a wide variety of different styles of like D5 platform, like providing liquidity, like landing platforms, we're also looking into newer D5
such as those that have like each boasting similar to like a curve. So currently now we do that through the projects ourselves and we do rely on like audits provided by you know, setting yourselves obviously and also like other auditors as well to kind of like make and assess
on the security of these five platforms. So ideally the main goal is not list any platforms or projects that malicious in your intent or have vulnerabilities. So we cut out
serve as the gatekeeper towards these you know, D5 platform. So it's not not anyone that can actually be on board. There's actually a rigorous process that goes along to be on board with our platform.
It's great to hear that you guys do your own due diligence process and I think that's a really fitting role for a major centralized exchange like OKX. All these products are available on chain if people want to go out and seek them but you need to curate the ones that are going to be featured on your platform and I think
that your user's benefit from that. So this isn't quite within the scope of the security score, but just in line with OKX's overall commitment to security and transparency. Could you speak a little bit more about your proof of reserve system that you've recently launched or integrated into your exchange?
Yeah, so secretly of course it's a big focus for us. I mean in terms of like the history of OKX we have never had an exploit or any funds basically being lost at OKX and we continue to strive to do so. So now with like the whole FTX debacle
and of course that uncertainty and you know physically fear around the the opignus right of C-axis. So currently what we hope to achieve is the on being as transparent as we can. So actually the proof of reserve, apparently what we are doing is like a monthly proof of reserve
report that is easy for users to actually understand how much assets are actually there. But that's actually not enough because if you think about it, how do I know how much the exchange actually has, unless I total every single user, tell you up their entire
and then to kind of match up to what OKX is kind of publishing, right? So one of the key core things that we have is actually the Mugger Tree Proof that each user truly our own account actually generates a proof, right? That they can verify against the data true, again, Mugger
I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean,#
as for even 1% right when they come to this market tree verification they can't actually verify the information because the information is false. So that's one of the big steps we are doing, but again for users who might not be able to understand such concepts or simply to
not believe in market tree proving or the notic them to understand. Of course, we have the proof of reserves to back them up. So of course, we want to make this again, the process as simple as possible for users, again, for users to be able to understand and trust. Let's not say trust, but
to be able to verify the information that's what we are hoping to do. So, entirely, I think in terms of our partnership with SIRTIC and our proof of reserve, this is a lot because I'll be because that towards
making crypto trust world again or again or rather what you know crypto people always say right to not trust right rather you need to verify we need to work towards that step. No I agree 100% I think the collapse of FTX last
last year was, came as a shop to many, but the lessons from that debacle, as you said, really need to be learned. And I think proof reserves for centralized exchanges is a major one that can restore trust and the transparency in the industry. I'm curious, so you're the head of D5
Okay, how do you see the future of centralized exchanges versus DeFi? Will they come up point where everybody is operating on chain and using DeFi platforms once they're a little more user friendly? Or do you think there'll always be a role for centralized exchanges? How do you say this playing out over the next five to 10 years?
Definitely, it's a defy native myself. I mean, like, crypto or Bitcoin was created for essentially decentralized finance, right? Without applications, your assets would not be worth much. You need applications for
to be worth something because you need two things to be able to spend it. You need to be able to lend it out and be able to provide liquidity. But we do see this as an issue whereby users in terms of adopting crypto, but there's a
the FI obviously, the FI is just a subset of crypto. I don't think there will be a 100% uptake personally simply because if you look at the real world, not everyone takes part in investing, right? So some people just simply just leave young
in the bank or at most, just do it with a money manager, ETF and most. So I don't see this replicating as well. So DFI ultimately is the base layer of the whole financial applications, but there will be also middle
where middle persons come in to help some of these users to take advantage of D5 or to participate in D5. Some of these middle managers, of course, perform exceptionally well. There is already currently
like find the care for their services. But at the same time what we hope to do again is to push users towards the end but being a CX, unfortunately if I don't see as one or another is complimentary. So like I said in earlier example CX will of course
somewhere in the middle, in terms of accessing D5 for some of the users. Some of the users will much prefer C5 approach towards D5, or the CX approach towards D5 where they can trust a particular entity to do all the intelligence
process for them. As a pureist, this is not ideal, but in BLFD, not everyone is participating in crypto full-time. Some of us still have our own full-time jobs. We are not able to take care of our G5 position, like full-time jobs.
I do think there's a role for CX in V5 through that middle where application standpoint. >> I think that's a new on-stand answer and probably reflects the reality of what it will look like with people adopting different platforms.
platforms based on their needs and not everybody is going to be on chain, not everybody is going to be using centralized exchanges that will be a variety of products to meet their needs. So looking ahead again just in terms of other developments with your platform with OKX, Web3,
And others, you mentioned in the notes before we have this call about account abstraction or EIP 4337. Can you speak a little bit about the power of that and what it could potentially be used for in the future to make the DeFi user experience even smoother?
Yeah, definitely. I think the structure is one of the core things that we are looking into. Again, the structure is in the way how hard it is. It's like a smart wallet, whereby you control your own funds, but at the same time you can upgrade those funds much easier.
year than compared to a standard wallet or EOA right suddenly on account. In terms of like the user experience something like you know, instead of that, it's trying to create like something similar right the smart wallet or basically it's like a precursor towards
account abstraction. So if you go to like install that basically just deposit your funds into the smart wallet and then from there the users they can select or still and choose either a particular investment products that they do one. So ultimately it provides a much simpler experience you do have to
to sign every single transaction with your wallet. As long as we didn't account or the EA account, you are able to operate it without signing every single transaction yourself through your hardware wallet. It's just a trust environment. You can put it as that. The user can operate the wallet
without going through a lot of hassle, you can even run AA without any recovery keys. I think in terms of AA, again, it's still very new technology. What we see is it does require a lot of development work.
right for AA to actually interface with some of these five applications. So it does take, it will take quite a bit of time in terms of development work for a platform to actually be fully compatible with AA. But in
This will actually allow users to operate conveniently and secure this and the next step right towards making V5 easier and accessible for everyone. Yeah, thank you for sharing your thoughts on that. It's a really interesting topic and I think it will be a
It will be interesting to see where it goes in the future and hopefully it can make the user experience a lot smoother and bring a lot more people in. So, and your point about the development as well, like I think that's why having major exchanges like OKX, develop, DeFi,
and products and help onboard users is so valuable because they have the resources to build these really seamless and quality products whereas some of the more sort of bootstrapped ones aren't necessarily prioritizing ease of use. So it's really great to see you guys getting involved in DeFi
So we might have time for a couple of audience questions if anybody wants to raise their hand. Otherwise, I encourage everyone to go over to the OKX Web3 Earn platform, which is OKX.com/web3/earn, and you'll be able to see the
Skydent security score integrated into the various tokens and pools available there. So anyone has any questions? I'm sure Owen and I would be happy to answer them. But if not, is there anything you'd like to touch on just before we wrap this up, Owen?
Yeah, yeah, I'll put a full of the message that I found already in DeFi. So, I think his handle will say DeFi will eat the world. So, I'll go in the web tree and it's ready to work towards that, embodying the next thing.
of 10 million users, the next 100 million users into DeFi. So all the products that we are again with a huge amount of resource commitment on OKX really wants to push towards that. I think as we have actually mentioned earlier, there's always a misconception of the CX versus DeFi.
was that we some of the CX to see this or if the users putting the assets on chain themselves self-customizing this will affect the CX business. I don't think it's true in some sense because the CX
are those that amount of liquidity but one of the core things that we want to build is a similar experience between the CX and basically Web3 so features like if you are able to remove funds similarly across your CX to your Web3 wallet these are some
of the things that we are looking into building. So there's no double checking of addresses when you transfer from your CX to your self-cast-loader wallet. And then again, our platform or interface hopes that we can achieve by
Once you move your funds over to your self-casteal wallet, you can actually operate in 5 from there. The whole experience is what we are going for, a similar experience, rather than users having to go from one place to another, you have to check five different websites, six different websites, before you can even perform a single-trend
So from your CX to your like MetaMassWallor and then you go on like a ETA scan and then you go on to the D5 application and then you go on ETA scan again to kind of like double check that whole. So like you know we want to reduce the time right for performing a single action on
You know, DeFi from 15 minutes down to like one minute, right? That's that's all the core things that we are looking at is the whole seamless experience and then trying to like meld it together with C5, right? So currently even on the C5 end, we do have like DeFi applications available, in fact on the C5
and we pay for the guessing for the users and we don't take any fees, it's 0% fees on all the different products. If you stick with our notes as well, for example, like EF or SUE, more recently, we don't take any fees. All these are provided 100% free of charge for
users and again we pay for the guest fees as well. So what we want to see is more unchecked activity for the users and then when there's more unchecked activity we do believe that it will bring more new users again to the CX to our platform into the whole
close space. That's actually really our call goal at OKX here. That's really great to hear and I'm glad that that these products are being built by someone who's obviously extremely knowledgeable, extremely committed to DeFi. I'm sure your whole team is and really understands the values of DeFi
by including accessibility and decentralization and security and all these things. So that's why we're so happy to be on board integrating the security score into OKX Web3Earn. And this has been a great discouraging. It looks like we don't have any audience questions. I guess we must have covered everything.
appreciate you coming on, Owen. I think this is a great integration that raises the standard of security and transparency across the entire Web 3 industry and all the platforms featured on your own platform. We're looking forward to working with you in future and continuing to raise the standard of security
transparency. So thank you very much, Erwin. Thank you for coming on. Yeah, we'll wrap this up for now. Thank you. Yeah, thank you for having me. And looking forward to a great partnership with Suttik as well. I hope we can do more things in the future to build the world's whole D5 future. For sure, I think we will. Thanks, Erwin. Bye, everybody.