OKEx CEO Jay Hao：谨慎看待DeFi引发的公链潮

【Blockchains Are Being Built Around Decentralized Finance, but Tread Carefully】 Bitcoin's blockchain has been revolutionary and continues to change the way we perceive currency. With the rise of decentralized finance (DeFi), new blockchains are being built around it, but users should proceed with caution as the focus in the blockchain space is shifting. The Bitcoin blockchain brought several innovations: it solved the double-spending problem and the Byzantine Generals' Problem, and allowed anyone to be their own bank, making "banking the unbanked" possible. On the other hand, the Ethereum blockchain has brought diverse financial services to people through DeFi projects. With DeFi, users can not only participate in liquidity mining but also take out loans, earn interest, obtain insurance, and engage in trading, among other things. The Ethereum network, overloaded by the transaction demands of DeFi projects, has experienced some complex transactions occupying more space on each block, causing the network to operate at full capacity. Data from Etherscan shows that the Ethereum mainnet has a utilization rate of 97.4%. In early summer this year, Ethereum transaction fees reached an all-time high average of $15. While crypto whales may not be affected by these fees, some whales are now effectively excluded from participating in DeFi due to the high costs, and those without a bank account are being left out of both centralized finance (CeFi) and DeFi. To bring DeFi back on track, many new chains are being developed. OKEx recently upgraded OKExChain (formerly known as OKChain), aiming to push cryptocurrency further towards the goal of "banking the unbanked." However, it's not only us doing this, and it's important for users to choose new chains carefully. ? 【Power Decentralization is Still Key】 After the launch and operation of the Bitcoin blockchain, its creator Satoshi Nakamoto handed the project over to other developers he collaborated with before disappearing. The result is the so-called "pure" decentralization, as Bitcoin is now in the hands of the community. Time and time again, the community has proven its ability to defend Bitcoin. One notable example is the activation of the User Activated Soft Fork (UASF) to implement SegWit on the BTC mainnet. UASF was executed by the entire node, seen as a response to the perceived obstruction of beneficial updates to the Bitcoin blockchain by miners. Decentralization ensures that no single entity can control and use the blockchain for its own benefit. If a single entity can control any aspect of the mainnet, it can inspect, manipulate, and more. In the blockchain space, decentralization is synonymous with security. Decentralization features include open-source code and community-driven governance. Without these users, it's essentially handing over money to an entity. This is problematic, as even the much-repeated "Don't be evil" motto of Google has seen the company engaging in practices most people would consider evil. The only way to prevent entity malfeasance (even in certain specific cases) is to prevent them from having that power. ? 【EVM Compatibility】 Currently, most DeFi applications are built on the Ethereum blockchain. If a DeFi-centric blockchain is not compatible with the Ethereum Virtual Machine (EVM), developers may find it difficult to launch their protocols on other blockchains – and in some cases, it might not be worth it. EVM-compatible blockchains allow users to interact more seamlessly with protocols on the Ethereum mainnet, providing users with hundreds of different choices to access a diverse range of financial services through the crypto space. ? 【High Performance and Security】 If the Ethereum blockchain wasn't congested, most users probably wouldn't even consider potential alternatives. As transactions on Ethereum have become expensive, any other blockchain that enables access to the DeFi realm should be capable of processing hundreds of transactions per second (TPS) at the minimum. Needless to say, none of the aforementioned features should be achieved at the cost of security. If a network is compromised by one entity, everyone who interacts with that entity becomes vulnerable to attacks. ? 【How OKExChain Adapts】 The development of the DeFi space is crucial for financial inclusion, and compared to public chains developed by other exchanges, OKExChain stands out in supporting DeFi development. OKExChain is a fully open-source blockchain with code that is irreversible and efficient, meaning no participant, including OKEx itself, can alter or manipulate the blockchain – it's what some people call a "pure" public chain. Everyone has the right to become a validator, and if OKEx wants to be one of the validators, it must compete with other participants on OKExChain. A total of 100 supernodes will govern the community's governance. OKExChain also allows users to easily build their liquidity pools and digital asset trading pairs. OKExDEX is the first cr