In December 2022, the CoinEx celebrates its 5th anniversary. Since its inception, the cryptocurrency exchange has gone through ups and downs, attracting more than four million users in more than 200 countries and regions around the world.
For both CoinEx and the crypto industry, the past five years have been extraordinary. In particular, this year CoinEx adopted a brand new tagline: Simplifying your Crypto Trading.
We conducted an interview with the CoinEx team to hear their thoughts on the future development of CoinEx. cryptocurrencies and the exchange.
- CoinEx is one of the few cryptocurrency exchanges that has been in business for five consecutive years. What is the most notable change in the market during this period?
Over the past five years, the crypto industry has served more people. While it is difficult to count the total number of users, we can get a sense of the huge base through on-chain activity.
According to Etherscan.io, the number of unique Ethereum addresses in 2017 barely exceeded one million and the number of daily transactions was around 50,000. Today, there are over 200 million unique Ethereum addresseswith about a million registered transactions per day.
on Ethereum, both the number of unique addresses and daily transactions increased twentyfold🇧🇷 Moreover, five years ago, Ethereum was the only widely accepted public network with smart contracts; now the new public networks and Layer 2 also carry out a large number of transactions.
Data from DefiLlama suggests that Ethereum accounted for about 95% of the market’s TVL in 2020, and that percentage has dropped to less than 60% by 2022🇧🇷 This indicates that crypto ecosystems have become more active and robust, well beyond the 20-fold increase recorded by Ethereum.
At this point, crypto investors are no longer concentrated in one region; they are everywhere. For example, CoinEx’s user base spans over 200 regions and countries, covering most places in the world.
In recent years, crypto applications have made rapid progress. From DeFi to Play-to-Earn and Meme, the renewals are aimed at the general public. It’s worth mentioning that On-chain data in DeFi is open to everyone, bridging the huge information gap in mainstream finance.
After the Play-to-Earn boom, some low-income groups were the first to benefit, and any user can spend their time earning rewards from the model. Meme coins are also a bottom-up culture that relates to global users.
As crypto technology advocates for transparency and decentralization, the market needs to serve more people, which will naturally increase the user base and scalability of the industry.
Five years ago, crypto investors were a small community of nerds, speculators, and cryptocurrency enthusiasts, but now the industry is becoming a more public arena, as evidenced by its user base, market activity, geographic spread, and widespread adoption.
- The cryptocurrency market today is vastly different from what it was five years ago. How has CoinEx evolved over the same period?
Over the past five years, CoinEx, along with the market, has been through a lot and seen a lot of changes. For example, a few years ago, CoinEx decided to build a global presence to provide services to people in more countries and regions and make the market more accessible.
Today, the exchange offers its services in 15 languages, serving most users worldwide. We made one trading environment more favorable to investors in various places, allowing them to profit from crypto services freely and effortlessly.
We also realize innovations at product level. For example, our team appreciates the innovative AMM mechanism in DeFi, which allows retail investors to provide effective liquidity while earning trading fees.
As such, CoinEx became the first CEX to introduce AMM. Along with our order book template, the exchange’s AMM feature helps investors earn passive income in the form of dividends from trading fees🇧🇷
In addition to expanding the market and product features, we are also working hard to improve our web page interactions, visual guides, token list, and customer service.
These efforts have made CoinEx very easy to use, which has always been our top priority. CoinEx strives to keep improving its products and user experience to help more investors around the world complete any crypto transaction with ease.
- The recent fall of FTX has exposed CEX’s security vulnerabilities. How do you reduce security risks?
The main problem with FTX is that the exchange has lied to users and misused their money, but this is not true for all CEXs. CoinEx promised that all cryptocurrencies will be 100% reserved from the start🇧🇷
We will never misuse funds entrusted to us by users for any reason and we ensure that all withdrawal orders are processed promptly. This is why CoinEx has always been able to respond to withdrawal requests on time.
We have never experienced any security breaches, making us one of the few accident-free exchanges. We understand that security is of paramount importance to exchanges, which is why CoinEx has taken a number of protective measures.
In terms of platform security, we have established a security committee, which ensures that all technical updates and version upgrades are performed in strict accordance with security procedures and criteria.
Further, CoinEx regularly conducts stress tests and security audits in conjunction with leading blockchain security teams🇧🇷
In terms of asset security, CoinEx adopts the strategy of cold wallet and multi-signature authentication, both independently developed by our team, keeping investors’ funds safe.
As a proponent of blockchain technology, we strongly believe that openness and transparency, representing the spirit of crypto, will help the industry achieve healthy growth.
Our team is working on a reservation receipt based on the Merkle Tree, which will be made available to everyone in full. Available soon, every CoinEx user can clearly check their asset reserves.
In our opinion, solid technical capabilities and transparent administration are the best way to ensure security. We promise all our users that CoinEx is backed by strong asset reserves and solid cash flows, enabling us to handle your regular withdrawals under any circumstances.
- Recent incidents in the crypto industry have led to regulatory concerns. What is your opinion on regulation? Is the crypto industry less secure than the traditional financial system?
As the market becomes increasingly globalized and widespread, countries are already preparing to introduce crypto asset policies. That said, regulation does not equate to repression. We believe that reasonable supervision can better protect investors.
For example, policies designed to make the industry more compliant and transparent can prevent market manipulation and fraud. Therefore, as a global crypto exchange, CoinEx will respect national laws and regulations, protect the interests of our users, keep their funds safe, and provide safe and stable investment services to more global investors who intend to trading cryptocurrencies🇧🇷
We do not believe that the crypto industry is any less secure than conventional finance. Regulatory oversight is just a way to protect users, not a panacea🇧🇷 For example, in the traditional financial system, users also experience fraud.
In contrast, in the cryptocurrency market, transparent decentralized lending platforms are still fully solvent and stable in 2022 despite the many incidents.
Therefore, we believe that users’ assets will be kept safe as long as cryptocurrency businesses remain open and transparent.
- This year, CoinEx adopted the tagline: Simplifying your Crypto Trading. What’s behind that tagline?
We have always believed that decentralized crypto technology is born for everyone. It brings people a new open, free and transparent financial market. In this market, everyone has access to financial services.
Traditional financial services, on the other hand, are not accessible to everyone. Today, 1.7 billion people do not have a bank account and cannot obtain financial services from traditional institutions; However, 1 billion of these 1.7 billion people have a mobile phone🇧🇷
This means it only takes a few minutes to register with CoinEx and own a crypto wallet, allowing them to enter a global investment market worth hundreds of billions.
While crypto technology brings us more accessible finance, as a new invention it comes with learning costs. For example, asking a newcomer to the industry to use a DEX only creates misunderstandings.
In addition, many crypto companies are now focusing on providing complicated services to traders, which can be confusing for retail investors.
In our view, the industry should never go against its original motives and become an inaccessible and costly investment market. That’s why CoinEx hopes to build a bridge connecting investors to the world of cryptocurrencies🇧🇷
We aim to become users’ gateway to the crypto industry and help them trade cryptocurrencies with ease.
CoinEx offers easy-to-use services for all potential crypto investors, who may have different language preferences, crypto knowledge and investment ability, as evidenced by our belief in simplifying your crypto trading.
- Can you share the CoinEx roadmap with us? What new trends do you think will emerge in the cryptocurrency industry over the next five years?
Over the past five years, CoinEx has gained the trust and support of over four million users. For the next five years, we will remain grateful, strive to provide easy-to-use cryptocurrency trading services and build a safe, fair and transparent investment environment.
We are well aware that this ease of use was not achieved overnight. On the contrary, sustained long-term efforts are needed. In the future, CoinEx will continue to improve its products and services to meet the demand of more countries and regions.
Meanwhile, we will also streamline our product mechanisms, operational procedures and visual guides to help all users instantly identify the target role and trade/invest in crypto assets in simple steps.
Further, we will also take stricter security measures to uphold our commitment to users🇧🇷
We believe that as cryptocurrencies become widely adopted, the performance of blockchain infrastructures will improve, helping the industry to have more investors and large trading volumes.
Meanwhile, the market will witness constant innovations and new mechanisms and applications are emerging in categories such as DeFi, GameFi, DAO, NFT and Web3🇧🇷
In the future, CoinEx will help more global users to enter the crypto industry, seize market opportunities and take on a new future together.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
