Jay Hao, the CEO of OKX, recently unveiled a set of five fundamental principles guiding the exchange’s decision-making process for listing cryptocurrencies.
In a detailed post on his X account, Hao addressed the misconception surrounding staking more BRC-20 tokens, explaining why this strategy isn’t suitable for OKX. He underscored five crucial principles that drive the platform’s considerations when listing specific tokens:
- Blockchain Technology and Token Product: A thorough examination of the blockchain technology behind a token and its associated product.
- Community Popularity: Evaluation of a token’s popularity within the community.
- Founder and Team Longevity: Emphasis on founders and teams committed to long-term development.
- Legislation and Compliance Review: Compliance adherence with legal standards and regulations.
- Avoidance of “Shitcoins”: A strict refusal to list low-quality or dubious tokens.
Hao emphasized the importance of not simply listing all tokens for short-term gains, highlighting the potential detrimental impact on the market’s integrity.
He clarified OKX’s stance, stating that while adopting a strategy of listing all tokens might generate quick profits for the exchange, it could ultimately harm the market’s stability.
Additionally, Hao stressed OKX’s commitment to a long-term approach, focusing on infrastructure development and maintaining transparency, distancing the exchange from aggressive listing tactics.
The recent success of OKX’s NFT marketplace, with a trading volume surpassing other prominent platforms like Blur and OpenSea, has been attributed to increased trading volumes of BRC-20 and Bitcoin Ordinals tokens. OKX’s decision to introduce trading for Bitcoin Ordinals and BRC-20 in May 2023 was considered a significant factor in the exchange’s recent accomplishments.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
