Press Release
Press Release. In December 2022, CoinEx will celebrate his 5th anniversary. Since its inception, the cryptocurrency exchange has experienced bulls and bears, attracting over 4 million users in over 200 countries and territories around the world. The past five years have been extraordinary for both CoinEx and the crypto space. Especially this year, CoinEx launched a brand new brand slogan, “Making Crypto Trading Easyer”.
The CoinEx team shared their views on the future development of cryptocurrencies and exchanges.
- CoinEx is one of the few cryptocurrency exchanges that has been in operation for five consecutive years. In your view, what was the most notable change in the market over that period?
Over the past five years, the crypto industry has served more people. While it is difficult to count the total number of crypto users, we can get a glimpse of the huge user base through on-chain activity. Etherscan. According to io, in 2017 he had just over 1 million unique addresses on Ethereum, with about 50,000 daily transactions. There are now well over 200 million of his Ethereum-specific addresses, with approximately 1 million transactions registered daily. Ethereum saw a 20x increase in both the number of unique addresses and daily transactions. Moreover, five years ago, Ethereum was the only public chain with widely adopted smart he contracts. New public chains and Layer 2 are now also processing huge numbers of transactions. According to data from DefiLlama, Ethereum accounted for about 95% of his TVL in the market in 2020, and that percentage has fallen to less than 60% in 2022. This shows that the crypto ecosystem has become more active and robust over the past five years. It far exceeds the 20x increase recorded by Ethereum.
Currently, cryptocurrency users are not concentrated in one region. they are everywhere. For example, CoinEx’s user base spans over 200 countries and territories, covering most of the world.
Cryptographic applications have also made rapid progress in recent years. From DeFi to Play-to-Earn to Meme, new cryptocurrency attempts target the masses. It’s worth noting that DeFi’s on-chain data is open to everyone. This alleviates a huge information gap in traditional finance. Following the Play-to-Earn boom, some low-income groups were the first to benefit. All users can spend their time earning rewards through this model. Memecoin is also a bottom-up culture related to global users.
As cryptography advocates transparency and decentralization, the market will serve more people, which will naturally expand crypto’s user base and market size. increase. Five years ago, crypto users were a small community of geeks, speculators, and crypto enthusiasts, but today the industry is becoming more public, as evidenced by its user base, market activity, geographic distribution, and broad adoption. It’s becoming a place.
- The cryptocurrency market today is very different than it was five years ago. How has CoinEx evolved in the market during the same period?
Over the past five years, CoinEx has gone through a lot with the market and witnessed many changes. For example, a few years ago CoinEx decided to build a global presence in order to serve users in more countries and regions and make the market more accessible. The exchange currently offers its services in 15 languages, covering most of its users worldwide. We have created a more effective crypto trading environment for investors in different locations, allowing them to freely and effortlessly profit from crypto services.
In addition, we have achieved innovation at the product level. For example, our team appreciates DeFi’s innovative AMM mechanism, which allows retail investors to earn transaction fees while providing effective liquidity. As such, CoinEx became the first of his CEX to introduce his AMM. Coupled with the order book model, the exchange’s AMM functionality helps users earn passive income in the form of trading fee dividends.
Apart from expanding the market and product features, we have also worked diligently to improve webpage interactions, visual guides, token listings, and customer service. These efforts have made CoinEx more user-friendly. This is always our number one priority. CoinEx strives to improve its products and user experience so that more users around the world can easily complete each crypto transaction.
- His recent drop in FTX has exposed the security issues facing CEX. How do you mitigate security risks?
FTX’s biggest problem is that the exchange lied to its users and misused their funds, but that’s not the case with all his CEX. CoinEx has promised that all cryptos will be 100% reserved from day one. Funds entrusted to us by our users are never misused for any reason and we ensure that all withdrawal requests are processed promptly. This is why CoinEx is always able to respond to withdrawal requests on time.
We have not had a single security breach in the last five years, making us one of the few exchanges in the cryptocurrency industry with zero incidents. We understand that security is extremely important to exchanges, so CoinEx employs multiple security measures. Regarding platform security, we have established a security committee to ensure that all technical upgrades and version updates are carried out in strict accordance with relevant security procedures and standards. Additionally, CoinEx regularly conducts stress tests and conducts security audits in collaboration with top blockchain security teams. Regarding asset security, CoinEx adopts strategies of cold wallet and multi-signature authentication, both of which are independently developed by our team, to keep users’ funds safe and secure.
As a blockchain advocate, I believe that the openness and transparency that represent the spirit of crypto will drive the healthy growth of the industry. As such, our team is working on a reserve proof based on the Merkle Tree, which will be fully available to all users. In the future, all her CoinEx users will be able to clearly see their asset reserves.
In our view, solid technical competence and transparent records are the best way to ensure security. CoinEx is backed by strong asset reserves and healthy cash flow, ensuring all users that they can process regular withdrawals under all circumstances.
- Recent incidents in the crypto industry have raised regulatory concerns. What are your thoughts on regulations? Is the crypto industry less secure than the traditional financial system?
Countries are already preparing to introduce policies around crypto as the market becomes increasingly globalized and widely adopted. However, regulation is not the same as repression. We believe that reasonable monitoring can better protect users. For example, policies aimed at increasing industry compliance and transparency can prevent market manipulation and fraud. Therefore, as a global cryptocurrency exchange, CoinEx will respect domestic laws and regulations, protect the interests of users, keep their funds safe, and reach out to more global users who plan to trade cryptocurrencies. We provide safe and stable investment services.
We do not believe that the cryptocurrency industry is any less secure than traditional finance. Regulatory oversight is only a means of protecting users, not a panacea. For example, in traditional financial systems, users also suffer from fraud.
On the other hand, in the cryptocurrency market, despite many incidents in 2022, transparent decentralized lending platforms are still fully solvable and running stably. increase. Crypto companies stay open and transparent.
- This year, CoinEx launched a new slogan, “Making Crypto Trading Easyer.” What’s behind that slogan.
It is our belief that distributed cryptography was born for the masses. Bringing people a new financial market that is open, free and transparent. In this market, everyone has access to financial services.
Traditional financial services, on the other hand, are not available to everyone. Today, 1.7 billion people are unbanked and unable to obtain financial services from traditional financial institutions. But his 1 billion out of her 1.7 billion have mobile phones. This means that it only takes a few minutes to register a CoinEx account and own a cryptocurrency wallet. This will give you access to a global investment market worth hundreds of billions.
Cryptography has given us access to finance, but as a new invention comes a learning cost. For example, asking a crypto newbie to use her DEX is just misleading in the crypto industry. Additionally, many cryptocurrency companies are now focused on offering complex services to high-end traders, which can confuse retail investors.
In our view, the industry should not defy its original motivations and become a costly and inaccessible investment market. This is why CoinEx wants to build a bridge between users and the cryptocurrency world. We strive to make it easy for users to become their gateway to the crypto space and trade crypto. CoinEx is open to all potential crypto users who may have different language preferences, crypto understanding, and investment abilities, as evidenced by our belief in making crypto trading easier. We provide easy encryption services.
- What is CoinEx’s roadmap? In your view, what new trends will emerge in the cryptocurrency industry over the next five years?
Over the past five years, CoinEx has earned the trust and support of her over 4 million users. Over the next five years, we will continue to strive to provide easy-to-use cryptocurrency trading services and build a safe, fair, and transparent investment environment without forgetting our gratitude.
We are fully aware that this ease of use is not something that can be achieved overnight. Rather, it requires sustained effort over the long term. In the future, CoinEx will continue to improve its products and services to meet the cryptocurrency demands of users in more countries and regions. At the same time, we will optimize the product’s mechanism, operating procedures and visual guides so that all users can quickly find the desired functions and trade/invest cryptocurrencies in the easiest steps. In addition, we also adopt stronger security measures to honor our commitment to our users.
We believe that the more widespread adoption of cryptocurrencies will improve the performance of blockchain infrastructure, allowing the industry to handle more users and higher volumes of transactions. Meanwhile, the market will see constant innovation, increasing new mechanisms and applications in categories such as DeFi, GameFi, DAO, NFT, and Web3. Going forward, CoinEx will help more global users join the crypto space, seize market opportunities, and witness a fresh new crypto future together.
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