ChainCatcher Space Review: DEX vs on-chain wallet, where is the assets of P young player flowing? How to achieve "Massadoption" may become the biggest challenge in the industry?

Recently, OKX announced the suspension of its DEX trading business, which attracted widespread attention from the market. With the development of decentralized transactions (DEX) and on-chain wallets, the flow of user funds is undergoing new changes. Does OKX's decision indicate an adjustment in the industry structure? Can DEX remain competitive? In the face of market uncertainty, how to promote Mass Adoption, lower the user threshold, and allow more people to enter the on-chain ecosystem?

Last week, the first episode of the ChainCatcher "Wallet & DEX Jungle Survival Guide" series invited Bitget Wallet CEO Karry, GMGN Lianchuang Haze, and Gold Hook Excavator David. With the theme of "DEX vs on-chain wallet, where are the assets of young players in P?", we jointly discussed the traffic changes and gold-mining opportunities in the decentralized exchange (Dex) and on-chain wallet markets.

For details, see X:

https://x.com/i/spaces/1gqxvjPdlMRxB

The following is a summary of Chinese content.

1. Host Ray: Behind the suspension of trading business is the traffic changes and gold-mining opportunities in the decentralized exchange (Dex) market. The entire market focuses on who will become the traffic receiver in this change. Why is the impact of this incident so huge?

Karry: **
** OKX's transaction suspension mainly stems from its decision-making issues that tie centralized business and decentralized business to the same APP. OKX early on integrated wallets and exchange functions, it achieved cold start and traffic dividends with the help of a huge user base, but this approach also laid hidden dangers. Due to the centralized KYC information and regulatory requirements, there is an essential conflict with the decentralized anonymity and self-entrusted management concepts, which not only has loopholes in the division of security and responsibility, but also prone to service interruptions under compliance pressure. By contrast, Bitget Wallet chose to operate the APP independently and strictly distinguish centralization from decentralization in an attempt to avoid this entanglement.

Haze: **
** From a regulatory perspective, although the OKX incident was unexpected, it actually sounded the alarm for the decentralized platform. Originally, many people believed that decentralized products could enjoy the dividends of loose regulatory regulations, but in fact, when decentralized products are bundled with centralized entities, they will still be affected by strict supervision. The intervention of compliance issues has forced regulators to focus on such products and may trigger more follow-up cases. Therefore, from the perspective of product form and regulatory requirements, it is particularly important to separate the two and operate independently, otherwise it will inevitably lead to a series of compliance disputes and operational risks.

David: **
** From a user's perspective, the aggregator of OKX DEX in the past has brought users a fast and smooth trading experience, especially when used on the BSC chain, where the trading speed is significantly better than other tools. However, with the strengthening of regulatory issues and KYC requirements, this advantage has gradually been diluted, resulting in more restrictions and inconveniences for users during the transaction process. Now, we have to find new platforms to provide similar services to ensure that the trading experience is not affected by regulatory risk control measures, so as to ensure that operations can be completed quickly and safely in high-frequency trading scenarios.

2. Host Ray: After the suspension of OKX DEX, the market competition landscape has changed. How can Bitget Wallet, GMGN and other products seize this wave of opportunities?

Karry:

Bitget Wallet adheres to independent operations and provides a full range of cryptocurrency services with Mass Adoption as its vision. We not only focus on trading functions, but also invest heavily in PayFi services to create a wallet that combines trading and consumption experience. As early as three years ago, we launched the functions related to direct payment of Gas in transaction tokens, and lowered the user threshold through innovative methods such as merger and authorization. In the future, we will continue to improve product quality and data accuracy, while accelerating the research and development of trading products.

Haze: **
** OKX DEX attracts users who are sensitive to handling fees and have low transaction speed requirements, while our target users are more concerned about fast trading and early chip capture. Therefore, we always focus on optimizing on-chain trading experience and data accuracy rather than adjusting market strategies. Only when the product is excellent enough can you gain a foothold in the competition.

3. Host ray: The current competition among many wallets, Dex and other tool products is so fierce, and from the perspective of on-chain users, how should we choose a safe and reliable alternative trading platform?

David:

High-frequency trading users mainly focus on trading speed and anti-pinch mechanism. For example, when buying new coins, we prefer platforms that support Bot or web-based transactions, such as GMGN , to ensure that orders are responded quickly and avoid being put into pieces. In addition, for transaction scenarios that are sensitive to handling fees, we will also consider other wallet aggregation tools. The choice of a trading platform depends on the speed at which you buy and the cost at which you sell.

4. Host ray: GMGN Wallet has had good user growth in the past, and data statistics show that its market share has performed well. So in the future, at the product level, especially in terms of data and overall functions of the BSC chain, what innovations or adjustments will GMGN usher in in the future?

Haze:

Regarding product innovation, we will focus on solving data and experience issues on the BSC chain later. GMGN initially focused on Ethereum, and later increased its investment in Solana, making the Solana experience more perfect. However, in the EVM and BSC ecosystems, support is limited due to insufficient early investment. As BSC demand grows, we are optimizing relevant data. In addition, we plan to launch the full-chain search function to make it easier for users to retrieve early transaction data and improve data analysis capabilities.

5. Host ray: Recently, a large number of memecoin projects have emerged on BSC. How should traders avoid risks?

Karry: There are a large number of high-risk projects in the BSC ecosystem, such as the "Pixiu Pan" that restricts selling and high-trading tax tokens. It is very common to bypass conventional contract detection tools. To this end, Bitget Wallet strengthens contract security detection capabilities and combines AI models to improve detection accuracy. In addition, we launched the "Hot Picks" list, filtering 5 earlier tokens every day, combining algorithms and manual audits to help users reduce investment risks.

Haze: There are many routines in the EVM ecosystem. We provide many risk avoidance tools at GMGN, such as blue chip index, Top 10 chip analysis, security detection, developer history analysis, etc. For example, if a developer has created a new project multiple times and changed its name more than ten times, we will mark it as high risk. In addition, we provide address monitoring function, so that users can pay attention to smart money addresses and make investment decisions based on market trends.

6. Host ray: At present, the products of various platforms are constantly iterating, which will better avoid some potential risks, and also provide users with various tools and tips to help users better capture the opportunities of alpha. What specifics can help users make money better?

Golden Dog Excavator 0xDavid :
During the transaction process, I will divide the transaction of coins into front, middle and late stages. The key to the early stage is to discover alpha opportunities, such as discovering upcoming projects through scanning the chain, or tracking market hotspots. The speed of the scan tool is crucial. For example, there are fewer scan panels on BSC, while GMGN's panel speed is good, but there is still room for optimization compared to some channels. Many times, a few seconds of gap determines the success or failure of a transaction. In addition, AI or big data analysis can be combined in the middle and late stages to track the capital flow of key addresses and judge the growth potential of currency. I hope there will be better tools in the future to help users identify these mid- and late opportunities.

Karry :
Early opportunities are indeed difficult to grasp, with high risks but high returns, so discipline and cognitive level are crucial. For mobile transactions, we provide three tools: First, Hot Picks, recommending about 5 earlier tokens every day; Second, Meme X, which focuses on changes in key signals on the chain, based on smart money to buy in a short time or the number of addresses in a certain block increases sharply; Third, for mid-to-late transactions, we provide on-chain perpetual contract liquidity, allowing users to directly conduct leverage trading or shorting in their wallets.

Haze :
Regarding scanning the chain, users have high requirements for speed, accuracy, black and white lists, etc., which is our focus of continuous optimization. At the same time, we are also developing smarter features, such as identifying chip health and improving project transparency. On Solana, veteran players can quickly analyze the address composition of a project through GMGN, and even judge its potential through pictures. We hope to achieve the same efficiency on the new chain. GMGN's core pursuit is speed, security and stability. Just like some fund companies will specially lay fiber-optic direct-connected exchanges in order to seize the trading opportunities, we are also constantly optimizing the speed of scanning chains to meet the needs of professional traders.

7. Host Ray: The market may face fluctuations in the next 1-2 years. What external challenges will our products have in this process? What are the ways to deal with it?

Karry : For us, the biggest challenge is always the Mass Adoption. How to lower the threshold and allow more real users to enter the industry is a question we have been thinking about. At present, the threshold for using wallets is still too high, and the industry lacks better application scenarios. We need to simplify the entire process and attract more people.

Haze : The most important thing for us is to stay curious, not biased, and experience new things on the chain firsthand. At the same time, the core idea is very simple - we provide whatever users need.

Golden Dog Excavator 0xDavid : From a personal perspective, what we need to do is to find money-making opportunities in the market and enter, judge and execute as soon as possible. The core lies in two points: First, we must have the ultimate sensitivity to trends, be able to identify and firmly hold them as soon as possible; second, we must find the fastest and strongest tools on the market and make good use of them.