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🥳 What’s Next For CEXes Post-CZ Binance Saga? | Join & Share 100 $USDT
Recorded: Nov. 29, 2023 Duration: 1:19:09Space Recording
Full Transcription
Hey, folks.
Sure.
So, regarding this question, I think, if one day the penetration rate of crypto is already
of crypto is already 100%.
Everybody know crypto, everybody have a wallet,
everybody know how to use Uniswap.
Maybe we don't need a centralized exchange,
but we are still very, very far from that.
Maybe it's a country where they just like less than 2%.
So I think for a really long, a real, real long time,
there will still be a huge demand for centralized exchange.
And also, especially we see the trend,
they are more and more regulated centralized exchange.
It's just like a stock exchange,
like Hong Kong exchange,
Nasdaq exchange, as mentioned by the other guest speaker.
It's just be a normal part of the financial industry
or financial institution.
And I think this kind of,
at least this kind of regulated crypto exchange will exist
and they even grow bigger
because a lot of institution money,
a family office,
they need this kind of a channel
to exchange their fiat into crypto currency
and make investment or allocate their capital.
So I think definitely regarding this question,
I strongly disagree with this statement.
Yeah, I have a question for Amani.
Like, I really want to ask,
like, what's your plan for Backpack?
Like how, like, I know,
like, I believe like centralized exchange is going to be,
you know, exist for like a super long time,
but how are you going to be like competing with like Binance or OKEx?
What's your, like plan with like your NFTs and your ecosystem plans?
Yeah, it's a really good question.
I mean, that's more of a strategic go-to-market question
than it is a question on the topic of centralized exchanges.
But, you know, ultimately the way that we look at the centralized exchange
is we look at it as an auxiliary service.
We look at it as a bridge to get people on chain.
Like Circle is like that, my favorite example.
It's a place to bring value from the traditional financial system
and then bring it on chain so that you can do stuff on chain.
And so it's really the on chain world
that like kind of is near and dear kind of to our hearts, right?
It's like the wallet, you know, it's the NFT community
and it's, you know, the on chain like blockchain, right?
The Solana ecosystem being like the obvious kind of example of this.
And so the centralized exchange is really kind of the last missing component
to be able to provide the most seamless onboarding experience
for the maximum amount of people possible.
And so that's really the perspective that we're coming from,
which I think is a bit different
than a lot of the other existing centralized exchanges
that mostly came at it from the perspective of trading.
Although trading is obviously really important.
We have an order book, we have a matching engine.
And we will continue to invest into those things.
And I actually think there's a really interesting pro-sex argument
if you want to talk about market microstructure
that I think is often overlooked in the context of like sexes versus sexes.
But to answer your question, that's really where we're coming at it from.
It's from really the wallet's point of view.
And the way we've built the exchange
is really with all of the techniques of blockchains
and using kind of modern cryptography, right?
The exchange itself is effectively a private blockchain.
It has all of the same, or a lot of the same properties of a blockchain.
The one thing it doesn't have is censorship resistance,
because obviously for the KYC AML reasons I mentioned.
But it has full auditability, replayability,
has no single point of failure.
You can do zero-knowledge proof,
or we're building zero-knowledge proof of reserves
that you can see that code and run it directly from your wallet.
You don't have to trust people.
You can simply verify it.
And so you get a lot of the same benefits of DEXs
with a lot of the unique benefits of centralized exchanges as well.
And I think this is like a modern kind of evolution
of like the chain architecture
that I think we're going to see more and more as time goes on,
as the industry learns how to deal with
these kind of open permissionless crypto networks
and connecting them to the more traditional,
regulated kind of crypto economy.
But yeah, the one thing I didn't talk about is market microstructure,
but I think that's a really interesting topic to discuss.
And it's something you can't really ignore
if we're going to talk about DEXs versus sexes,
because there's trade-offs all over the place.
Yeah.
Yeah, I do agree with that point.
Okay, so does anybody have anything else to add to this?
If not, I'm going to move to the next question.
Can I just add a couple of points?
Yeah, sure, sure.
Okay, so I agree with the person that I don't see the name.
However, I partially agree with him.
The centralized exchange, you know, like I said,
the OTC part, the QVC part, it's going to exist forever
as long as fiat exists.
However, you know, the centralized exchange,
why people are so afraid about centralized exchange?
There are pros and cons, right?
So we only, right now, we talked about pros,
but what the cons.
So the, you know, you look at the Binance,
you know, you look at Binance that is big,
it's rich, you know, like CDI, right?
So it's the most famous, the racist guy.
But however, you know, you have to go through the roots.
Why he's rich?
You know, it's, the Binance's big part
is the centralized exchange, right?
It's very successful, but being centralized exchange,
it's act like a bank.
Every user, you know, every deposit,
it's, you know, they can touch it, right?
It's their money.
So that's why they're rich.
For decentralized exchange,
you see they're very small.
They don't have the money.
They can't touch any penny of the users.
So this is the difference.
You know, the big versus the small.
And why it's big?
Because every money you put in that platform is theirs.
They can use it.
They can leverage it.
And for being a user,
on the users, you know,
put yourself on the user's shoes.
Will you like that?
If you don't like that,
you know, that part is going to be,
you know, the custody needed to be in your own hand.
So that's how the decentralized exchange,
they, they, they, you know,
they exist and the market making.
So the market making for the centralized exchange,
because most of us run the centralized exchange,
it just say 1% is on,
it's on the market.
Only 1% is decentralized one.
And in the decentralized one,
only 1% is trading book type.
So for the trading book type of decentralized exchange,
it's extremely expensive to,
to do, to be a market maker,
you know, to, to make it,
to provide the liquidity.
Why?
Because every transaction is real.
You have to have the money.
It's not only running the number as easy as running the number.
You truly have to,
to have the assets in your hand.
You can be,
you can make the market.
Everything is on the blockchain.
You know, so as, you know,
as we are, you know,
the paid.google or the exchange link,
we are decentralized, you know,
everything we develop is decentralized.
So I needed to speak on behalf of decentralized,
you know,
exchanges for,
so people to educate the public,
for people to know,
to understand the decentralized exchange.
So it truly is trustworthy.
It's open source.
You know, it's, it's, it's,
I mean,
it's not as easy to use as a centralized exchange,
but however,
for your own safety,
you know,
you got to trust the decentralized change for a lot of other functions.
And especially,
you know,
besides like the OTC,
the KVC is a centralized part,
which you can add on,
I think in the future,
so the model will be mixed.
For the OTC,
KVC part is forever.
It's going to be centralized.
For all the other parts,
it need to be decentralized.
Thank you for that.
Dora is very interesting to hear that.
Right.
I'd love to just like maybe respond to a couple of those points.
So I think the first point,
which is extremely important,
which I think Dora was,
was I don't know if this is what she meant to say,
but she was basically saying that centralized exchanges can touch users funds.
I think it's important to differentiate between what is like fundamentally possible via like laws of physics and what is what happens as a result of just like bad design and bad setups.
So there's nothing fundamental about a centralized exchange touching people's funds.
That is the result of bad design in the traditional kind of exchange world, right?
New York Stock Exchange, right?
The way they solve this is by separating execution from custody.
So the people that are running the matching engine,
the people that are matching the trades can't actually touch the clearinghouse.
They don't actually touch who owns what money, right?
They just say like who got filled, right?
And so this is a very important property that we're starting to see come over to centralized exchanges.
But actually centralized exchanges are taking it one step further,
where not only do they separate execution from custody,
it's actually not enough to do that.
What you actually want to do is do what a blockchain does,
where you have independent validators that are all verifying the state transitions
and all coming to consensus on what trades happen and who owns what money, right?
This is exactly how the backpack exchange is built, right?
There's literally no single person that can go in and like manually fiddle with the bits
and change database entries to like, you know, give people more money or not, right?
Because it's literally built with the exact same techniques of a blockchain.
It's just that if there's no censorship resistance in the validator set, it is much smaller.
And I think this is a really compelling compromise where you have a lot of the benefits
of decentralized exchanges, but with all the benefits of centralized exchanges as well,
namely low latency, speed and high throughput.
And so there's nothing really fundamental about, you know, centralized exchanges having to be fragile.
Now, I know most of them are, I think most of them have been built very quickly
before, you know, the industry has really learned a lot of these lessons.
But I think as time goes on, as the industry matures, right, as a set of, you know, professionals
and engineers, we learn how to do these things.
And we'll see this become more and more of the norm, where you start getting a lot of the same
safety properties from decentralized exchanges, but on centralized exchanges as well.
Now, to be clear, we're not there currently, but I do think we will get there.
And I think it's extremely important to get there for kind of centralized exchanges to continue
to exist and being going concerns.
But I think that's like a really important distinction to make.
I like this idea that you said, you know, centralized exchange be as close as can be,
like decentralized through the validator and through the audit.
So that's, this is very good on the same, at the same time, you know, currently, currently
market that the people, people working in the centralized exchange industry, you know,
it's, it's far from, from its, its quality, you know, it's a part from, like, you compare
to the, the NASA or the New York stock exchange, you know, the banks, they, these exist for
over a hundred years, right?
A couple hundred years.
But for the exchanges, centralized exchange, only, only, they are only here for, for a few
years.
So the, you know, the people work in the centralized exchange and you got to trust them.
The user have to trust them, you know, and trust their, their service, trust their education,
trust their experience, it's very, it's very, very hard.
It has a long way to go.
So I talked, I, I personally, you know, I'm, I'm from traditional financial industry.
So, um, I've been working in banks for a lot of time, you know, long, long, long years.
And then I moved to the blockchain.
So the blockchain industry is about decentralization.
It's to rely that, um, uh, you know, the technology, um, to, to discipline yourself.
So it's not only for, from the audit, from a validation, right?
So we, um, like I said, you know, the, we got to re rely on the technology.
Um, so the part of that decentralized exchange can do best, we needed to rely on them.
The, the, the part of that is a centralized change there, they can do best that we can,
we really rely on that to go through the, the KVC and OTC.
Um, so we got to work together.
So the centralized decentralized exchange, and they're not enemy, you know, they're not
like, um, you know, you, you go and I, I just occupy the market.
They got to work together for the best user experience.
All right.
Thank you, Dora.
Okay.
So, yeah, I think we're definitely not there yet to have like a mix of technology to get
the best of both worlds in a single platform yet.
So I think, um, I'm definitely not to say excited, but I'm looking forward to how this
may develop into, in the industry for the next few years, maybe the next five years or 10
years, you know, everything happens too fast in crypto sometimes.
Um, so let's, um, move on to the next question.
Um, so, um, I think it was mentioned by one of the speakers in, from the first question
just now that, um, centralized exchanges play a role in providing convenience, fostering
liquidity and, you know, facilitating, uh, the growth of cryptocurrency market.
And some experts also quote that, um, centralized exchanges do contribute to the mainstream adoption
of digital assets from web two to web three in the larger scheme of things.
Does, does everyone agree?
And if you do agree or disagree, please tell me why as well.
So maybe let's have, um, Davanji and Leon speak first.
Either one of you want to go first for this one?
Sure.
Uh, I can start.
Yeah.
Um, like I was talking about the, um, the liquidity issue and also it's just like, you know, cheaper
to use, um, centralized exchanges.
I definitely agree with that because, um, first you need to, um, you need to have on-off
ramp, you know, if you go through, um, for example, right now, if you use Coinbase for
on-off ramp, it's, it's completely free.
But, uh, if you use the tool like MoonPay or, uh, AlchemyPay, you have to pay, I think,
2%, which is like very high.
Like, and, uh, besides that, you know, if you are like swapping your coins on Uniswap or
like, like depends like how, like if your coins are on the same chain, if they are like
cross chain, you need to pay even more.
But, uh, if you're just trading on Binance and you can just swap across the chains and
you can trade across chains at a very, at a very low rate.
Yeah.
I think that's the, um, two benefits of, um, centralized exchanges.
Yeah.
That's, that's, that's my point.
Thank you for that.
Okay.
Mian, let's, let's hear what you have to say on this.
Well, I think I already, uh, touched base many, uh, like angles and examples about how
the centralizations can help to, uh, help on the mass adoption and onboarding more web
two people into web three.
I just want to give a, uh, uh, uh, a recent example of how this, uh, could be very helpful.
Uh, so recently, uh, because, uh, MetaMask have a new version and there are many bugs.
So some of the app I cannot use with, uh, MetaMask are very smoothly on mobile.
That's why I started to use with, uh, OKEx wallet and actually, uh, uh, you know, OKEx
combines their wallet, uh, together with, uh, uh, their, uh, exchange application, uh, into,
uh, uh, one single super app.
So you can smoothly switch between the exchange app and the, uh, wallet, uh, which where, where
you can do a lot of decentralized transactions, no matter is NFT, it's a, uh, transfer between
wallet or, uh, even, you know, do the BRC 20 transactions.
You can do a lot of things within a single app.
I think, uh, this is pretty good for user experience.
Uh, you don't need to open another app.
You don't need to build trust with another app.
You can do, uh, centralized, uh, you know, you can do transactions on centralization and
together, uh, at the same time, you can do a lot of transactions on chain.
I think this is, uh, and we, uh, you know, it is, it is expected that, uh, uh, Binance
will take the similar action as they recently announced their, uh, wallet, uh, strategy.
So I could see more and more, uh, big, uh, crypto exchange.
They, they, they're gonna combine their centralized, uh, trading platform with a decentralized,
uh, uh, you know, functions and, uh, elements together.
And this is a pretty good way for mass adoption into Web3, uh, with a pretty good user experience.
And this is, uh, one, uh, example I want to share with the audience.
All right.
Thank you, Leon.
Okay.
Um, let's have Dora go next.
Okay.
So I want to, uh, talk about, uh, three points.
Uh, first of all, Web3.
Um, so in order to understand the Web3, um, you know, it's very important that for all
the entities, you know, as a person, uh, the organization, anything, you know, you have
your ID, right?
In the Web3 that you can either, either, um, even in the, um, MetaWars, you know, you, um,
um, how people can tell it's, it's you and that we need to leverage, um, blockchain technology.
Um, blockchain technology is not a centralized.
It's not all about centralization.
So, um, and I want to make a couple of points, you know, we, Leon talked about that user experience,
you know, the faster it's, you can, you can rely on OTEX to all, to do all of that.
So about the fast, about the cheaper.
So I want to make those two points.
So can the DAX be cheaper?
Absolutely.
Um, so if, when you trade on the centralized exchange, you know, sometimes because they
take your money and they can say, and not even cheaper, you know, they can do a reward,
but how can decentralized do the same thing?
Of course it can do the same thing.
So for example, you know, at Pay.co, at ExchangeLang, um, the trading, the trading cost
for your trade, uh, you know, each, each transaction on the Fab blockchain is, uh, one for one cent,
you can make five transactions.
Is it true?
Is it cheap enough?
You know, when you exchange it, uh, sell or buy, uh, doesn't matter when you do a transfer,
even a million dollars, you know, for one cent, you can make five transactions.
I think, I think most people can afford it.
You know, it's, it's cheap enough.
You know, it can be cheap and cheap is not the only, um, only, um, uh, you know, efficiency
we're talking about has to be secure and has to be fast, right?
When we talk about like, uh, at least scalability has been always, always the key, uh, to resolve
the, uh, the fast issue.
So, uh, scalable, it's not a stand alone and you have to keep the, you know, the security
and decentralization at the same time.
Um, so for the DAX, so for any public blockchain, you know, to, to resolve this scalability issue,
and it has been in the discussion for a long time.
So there are lots of research papers on that.
And basically there are a few solutions, right?
The low after layer two, you know, often solutions, all that.
But we do as, as a decentralized change, we have, we have, um, you know, our very unique
solution that has a trading book type.
So you can treat it very cheap, you can treat it very fast, and you can be secure and keep
your, keep, keep it decentralized at the same time.
So people just, um, you know, uh, we needed to like open our mind and to learn and to look
what's out there.
Um, so, um, as we, um, using the centralized exchange and we're looking to choose the, the
best, you know, the, the best option for the decentralized change.
And that's, that's a very important.
And so, um, I would like, uh, you know, um, when you rely on big, uh, be true, you know,
there it's, I know be true, um, for, I think for a year, right over a year and they, the team
is very sincere and they provide good service and good communicators.
And as a decentralized change, we're here, you know, my team are here and we provide,
um, you know, the fast, fast user experience as the, um, as the, you know, we are, um, the,
uh, the, uh, I mean, the maker taker model.
So you can make money on the tax, not only, only on the central exchange, right.
We offer, if you are a maker, you know, you, when you treat it, you, you get a 0.2% of,
uh, your rewards.
Um, so, um, and then it's cheaper, right?
So one cent, you can make five transactions in nobody can beat that yet.
So, um, um, I mean, the central exchange, you can offer free trading because they have
your money.
So the decentralized one, they don't have a penny, but they still, you know, can offer
a different, uh, type of model.
Um, so that's my defense, defense for the DAX.
Okay.
Thank you, Nora.
All right.
Let's have our money.
Yeah, no, I mean, to answer the original question, um, I think centralized exchanges have onboarded
more people to decentralized apps than any app, um, that claims to be decentralized.
Coinbase and Binance have probably have done more to promote self custody, um, than any
other, you know, decentralized apps in the world.
Um, and it's because they're, it's that onboarding kind of experience.
It's that touch point.
Um, I don't know about other folks in the audience, but I bought my first Bitcoin and my first
Ethereum on Coinbase, um, I first withdrew it and learned about MetaMask and, and I did
all that through Coinbase.
Um, and so I think to, to get at the heart of the question, I think it's an incredible
way to onboard people, um, on into crypto, into self custody into these incredible decentralized
networks.
Um, and there's just no better place to do it than the centralized exchange.
Um, it it's at least, at least at this point.
Um, and, and once you're there, it's a great place to be like on Solana, for example, um,
you know, we have a wallet, we have a wallet on Ethereum as well.
And we very much like what Leon was saying, I wholeheartedly agree with, and it's exactly
what we've done.
Um, we have this very seamless kind of exchange experience where we have merged it together
with the self custodial wallet where it's told that's totally decentralized.
And then when we have the centralized exchange, but it's all in one app.
And so whether you're trading on the centralized exchange or inside of the wallet and using
Jupiter, uh, which indeed can do, um, you know, subset transaction fees on Solana, um, at
about, you know, 400 milliseconds a block time.
Um, it's a really great kind of, uh, onboarding journey.
Um, and that progressive experience, I think is something that a lot of exchanges have done
accidentally, um, but it's something that we fully intend to do, um, with intention and
really hope to like dial it up a notch because I think ultimately bringing people on chain
is what's important for the industry.
Yes.
If we do circle back to our original question.
Yes.
I think, um, having, um, everyone move towards the goal of mass adoption is still important in
the larger scheme of things.
It is still important to make it easy for, um, web two people to move into web three.
So, yeah.
And I really do enjoy everyone's, um, opinions and views on this and I'm loving the discussion
today.
Thank you for, thank you for, for expressing your opinions today.
I, I'm going to move on to the next question because, uh, I really want to know your answers
on this as well.
So, um, we consider, um, centralized exchanges as one of the players in the crypto industry.
Okay.
So, um, how can Dexys collaborate with other players in the cryptocurrency ecosystem, such
as the blockchain project projects or Dexys and DeFi protocols, um, even social five platforms
and also like game five platforms to enhance the overall user experience and also to foster
a more interconnected ecosystem.
Maybe we can have, um, to go first.
I just have to say, I have to drop off right now.
I'm on the hour, but thank you so much for having me.
Okay.
Um, we can speak again soon.
Don't worry.
All right.
Uh, thank you for coming.
Armani can go first.
Well, I think it's, uh, Armani is leaving.
Yeah, I can go.
Oh, he's leaving too.
Yeah, yeah.
Okay.
Um, uh, let, let me think.
Yeah.
I think that, that would, that would be an interesting question for Armani because he's building the
whole ecosystem.
Yeah.
Yeah.
Um, but for me, um, he has the overall user experience.
Hmm.
Um, yeah, I think what's like Armani is doing is like, it's about like how to make it interconnect.
You have the wallets, you have the sex and you also have the, I don't think they have
the DeFi protocol yet, but they have the NFTs.
Yeah.
I think, um, yeah, I think like, you know, like right now web streets, it's a very small,
it's a very small amount of population.
I think it's very important to, you know, like those people, like many of those people
on DeFi, they're probably on NFTs and probably of course on the sexes or DEXs.
Yeah.
I think it's important to, you know, to like, like for example, last year people talk about,
talk a lot about DIDs, right?
I think the whole point of DIDs is like to make everything interconnected.
Yeah.
But, um, but like, I think the approach to DIDs is about like you're building all those
products instead of just a protocol or like telling everyone to use a protocol as a DID.
Yeah.
I think what's, uh, Backpack is doing is like, like we build everything and we, um, we try
to make it like, even though, even though like we have some like centralized like exchanges,
but we try to make it like as decentralized as possible.
So, yeah, I think that's very important to, um, to attract more crypto users to join in
their products and therefore enhance the, you know, the overall experience of those
users in their ecosystems.
Okay.
Dora.
I think this is also a pretty good question for Amani, but unfortunately he's not ready.
He's on the hour.
Yeah.
I think, uh, Backpack, uh, basically is very, uh, crypto native, uh, centralized exchange.
If you, uh, read through what they are doing, if you follow closely, uh, you will say, uh,
they, they can, uh, stake Solana so that you can get some extra benefit or even some token
airdrop in the future, I guess.
And also they have their own NFT.
Uh, if you, uh, go through, uh, you, you scroll down this Twitter space, you will see a lot
of, uh, uh, uh, their, uh, community members for, uh, of the NFT attempt to, uh, uh, Twitter
space, which shows, uh, there are really, uh, uh, great, uh, uh, labs in, in the community
of the NFT.
And, uh, I think all of these things are very good example of combination, uh, between
the centralization business together with, uh, uh, uh, you know, uh, crypto native projects
and NFTs, tokens.
Yeah.
That's why, uh, I think it, it, it, it is, it is a very good example for, for this question,
a good answer for this question.
Yeah.
Yeah.
All right.
Let's have Dora go next.
Okay.
So, um, I, I, I like this question because, um, this is really the, if the central exchange
working with the decentralized, uh, exchange it together, uh, um, you know, the, the central
exchange is very, it's, I mean, it's, it's the first one, you know, in the, in the, uh,
in the, uh, field that is a decentralized change.
So they really for massive adoption, you know, people know and learn the blockchain
technologies through the central exchange at first, um, but, uh, you know, as the blockchain
technology is getting more mature, you know, we solve the problem for, uh, for the, uh,
scalability and then the decentralized changes, it truly, it will play a very important role.
So just to give you an example, uh, we are a fab blockchain, um, development team.
So we have developed not only open source wallets, on-chain wallets, NFT market, blockchain
gaming, you know, the, the payment system, the two that says one is AMM model.
The other one is order book model and the decentralized supply chain, all those important usage.
So the blockchain future is going to be, uh, it's going to be on usage is how you, um, how you
use it in the, in the real, you know, real scenario, right.
And therefore help each industry, how to, how they leverage, uh, the blockchain, you know,
to, to work for their own industry.
So for example, you know, our pay.co that has a co-host today, so pay.co it's, it's for them,
it support a massive adoption and how it works.
It's not only fully licensed, you know, we have the four licenses, right.
The, the, as a wallet and as an exchange and as the payment system, you know, as a security
trading platform, you know, all those, like this licensing are so important.
Um, I mean this, um, actually in this country, you know, we are, we are the, uh, only one that
passed the TYC, you know, have that license and the Bitfinex and the Binance.
So, um, you know, this is so important because, you know, for this pay, our pay.co is for the
users, you know, to pay the merchant, you know, it's, when you pay the merchant to
through the, um, the, uh, through the blockchain technology, you don't have to pay the high fees,
you know, the credit card, they charge you 1.5 to 3%, you know, on the merchant.
And it's for one cent, you make five payments.
So you can be dead and it's, everything is on the blockchain.
It's not off, you know, it's not, um, you know, off the chain and then has a centralized concerns.
So everything is on the blockchain and you make a payment.
And most importantly, um, you know, it's carry the, uh, long-term incentive
model that whenever you make a payment and, you know, you earn the token, what kind of
token you earn, actually you earn a gas fee.
So it's, you earn the best quality on the, on the, on the blockchain.
So that's, it's just give you an example, you know, how the massive adoption will go
and how the centralized exchange work with the decentralized one.
Then we'll have all the bright future to that because, you know, centralized exchange
can be replaced.
Like I said, you know, it's for people to enter into, to on-ramp, you know, off-ramp,
enter into the blockchain technology, you know, enter into this, this crypto field.
And again, the, the centralized, decentralized exchange, you know, we can develop so much
like usage, you know, user steps, right?
So the supply chain is very important, right?
So the, um, the gaming, you know, to, to game, to play decentralized gaming, um, you know, you,
you can trust because it's open source code.
I think that's the future, you know, the centralized change and work together with the
decentralized change.
So we built a strong industry.
Um, you know, that's our entire goal, right?
That's why we are here today.
Um, so, um, that's my take.
Okay.
Thank you, Dora.
I think we're running tight on time.
So we're going to have one last question.
So I'll have Dora go first.
So this question goes like this.
Um, just now in the first question, we asked about the future of CXs, centralized exchanges.
So how do you think centralized exchanges and decentralized exchanges are going to adapt
to the changing cryptocurrency landscape on the remain, the remaining relevance in the years to come?
Okay.
So, um, this is, um, this is, you know, this is very interesting question.
And I do think, um, the central change will work together with the decentralized exchange, the ones
that stay with the centralized change forever.
That is the OTC is the KYC and all other parts.
You know, we leverage the blockchain technology, leverage decentralized exchange.
And that's combination is truly the future is the strongest.
Right.
Um, so, um, that's my belief and that we see that happening already, uh, in the industry
and we're building the, uh, the strong landscape together.
You know, it's going to be hybrid.
It's partially, um, it's going to be centralized.
The other part, you know, for custodial, um, it's going to be self-custodial.
You know, it's nobody can touch, um, the customer's money.
They're going to have their own, they're going to manage their own assets.
So that's combination is the strongest.
It's the future is the future of our industry.
And, um, uh, you know, I truly believe it.
Thank you, Dora.
All right, uh, Dapanji, do you want to go next?
Yeah, sure.
Uh, yeah, I think the future of centralized exchanges is more like, you know, uh, you
have a ecosystems of functionality.
So for example, uh, like, you know, like the OKX, they have been, uh, they have been spending
hundreds of millions of dollars in building their Web3 wallets, like I think since last
year and right now we have, you know, Binance doing their, uh, Web3 wallets and now we have
Backpack also doing the wallets.
I think, um, people have realized, you know, the wallet is the entry to Web3.
I think either like, for example, right now, I think the biggest entry to Web3 is going
to be MetaMask or Telegram.
Yeah.
And of course it's going to be so much harder to build a new social ecosystem comparing to
a wallets.
So all those exchanges, they are building the wallets and I think, you know, after the wallets,
they're going to be having their own, um, their own DeFi protocol and their own DEXs.
So for example, like, uh, I went to the Binance, Binance blockchain week, um, in Istanbul last
month and one of the key, one of the key area of interest for Binance Labs right now to invest
is to invest in DEXs.
Because, you know, for many countries it's going to be like illegal because of the compliance for
Binance to operate.
For example, US, right?
But like how will Binance occupy the market?
What they do is they're going to be investing in DEXs with their most users based in the US.
That's, that's the plan of Binance.
I think, you know, the OKEx is going to follow.
I think all other exchanges are going to be following this fashion and it's going to be
gradually, gradually be like, you know, they're going to have a, the exchange is going to be
with the wallets as the entry.
They're going to have a whole ecosystem of different, different types of the apps and
protocols to integrate together.
Yeah.
I think that's my, that's my take on the future of Texas.
All right.
Let's have Leon wrap up on this question.
Well, I think not only for crypto exchange, you know, they need a combination of between the
SECs and DEXs, both are very important, but also for like SocialFi, which we are building.
Uh, we also, you know, adapted the methodology, which, uh, combine, uh, centralized, uh, elements, uh,
with, uh, decentralized elements.
Because the centralized, uh, uh, features can really lower the entry barrier for our users,
no matter it's a social file apps or, uh, uh, crypto exchange.
Uh, and the decentralized part can, uh, make everything, especially regarding the assets
stuff, more reliable, trustless, and safe.
So I think for a lot of, um, part of this industry, we really need a combination of both.
So, um, personally, I don't have a very strong preference, uh, over every one of the, uh, each,
uh, either of them.
I think they're equally important.
So, uh, personally, I don't have a bias on this.
And I think both of them are very important for the success of the industry in the long run.
Okay.
Thank you, Leon.
Uh, thank you, Dara.
And thank you, Daphon-ji.
Um, I think we had a rather interesting discussion today, and it was great to hear from both angles,
from Vexes and Sexes, and before we end the AMA space for today, I would like to ask if our guests,
if any of our guests have anything to plug in or anything else to share before we end the space,
it will be a good time to do it now.
So Dara, do you want to add anything?
Yes.
So, um, we have airdrop that, uh, 1000 fab, uh, here, uh, with the B2 together as today's event.
And thank you everyone for joining us for today's event.
So how do you claim your, uh, fab coin, you know, um, your, your claim, uh, the a hundred USDT from a B2,
but we also, um, as a co-host that we offer the, the fab airdrop.
Um, so the fab you, you will know, like the, um, you know, learn about the fab blockchain,
and you will know our desk, uh, the decks, and you will know our wallet and pay.co system.
So, uh, please follow us and we're going to randomly pick, um, six people to win.
Okay.
So follow as long as you are today, you follow, uh, pay.co and, uh, as a co-host and we do the airdrop,
um, today.
Okay.
You will leave a message and, uh, follow us as a new follower and we will contact you and
we'll do the airdrop.
Thank you, Dora.
All right.
Anything else you want to share?
Dapenji and Leon?
I, I, I don't have anything more to share.
All right.
That's great for today.
Thank you for hosting.
Thank you for participating in this AMA session.
It was great to have, uh, our guest speakers.
And it's also important to note that the information shared in today's BeChoose AMA
is for educational and informational purposes only.
And the content discussed does not constitute any sort of financial advice.
And any decisions you make based on the information provided are your own responsibility.
Always conduct your own research and consider consulting with a financial advisor
before making any investment decisions.
Cryptocurrency and financial markets are inherently volatile
and past performance is not indicative of future results.
So the participants in this AMA, including the host and the guests are expressing
merely their personal opinions.
And these opinions may not necessarily reflect the view of others.
Please be aware of the risk involved in trading and investing and only invest in what you can
afford to lose.
So remember the crypto space is dynamic and subject to rapid changes.
Stay informed, stay cautious and make well-informed decisions.
Thank you everyone for tuning in to our AMA space today.
And thank you to our speakers.
It was great to have you guys.
And let's call it a wrap.
Host
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