Original | Odaily Planet Daily (@OdailyChina)
During the 2025 Web3 Carnival, Odaily had the privilege of conversing with Lennix, the Global Chief Business Officer of OKX, discussing the future product development direction of the OKX Web3 wallet, Web3 wallet regulation, future market trends, and other topics.
Lennix pointed out in the conversation that the key development directions for the OKX Web3 wallet in the future remain self-custody, multi-chain, and compliance, and that an on-chain identity system will be established to ensure user security. He also addressed questions regarding when the OKX Web3 wallet trading aggregator will restart and why the new version of the wallet has hidden the entrance to the inscription market.
To present clearly, Odaily Planet Daily has summarized the interview questions and answers as follows, enjoy~
Odaily: During this Web3 Carnival, did you feel any changes in the industry atmosphere or trends? At this stage, are you more focused on Web3 tracks that connect with the real world and have practical application value?
Lennix: My biggest impression is seeing more and more Web2 and Web3 companies involved in crypto business moving towards compliance, such as banks, funds, and some companies in the payment sector. So, in the future, Hong Kong may gradually become a compliant Web3 center, allowing many industry companies to participate.
Actually, the track I am most interested in is the application of Web3 in the payment field, namely PayFi. In this area, the OKX Web3 wallet is performing well. I believe wallets should have the capability to support global payments, and in the future, OKX wallet also plans to focus on this aspect, enabling users to interact seamlessly in both the real and crypto worlds. This functionality sounds simple, but implementing it is challenging. Because in this process, we must engage with Web2 companies, such as banks, payment companies, card issuers, and companies issuing RWA assets, etc. Therefore, I believe PayFi should be the next important entry point to attract traditional industries into crypto, so I will pay attention to this field and the development of related companies.
Odaily: Next, let's talk specifically about the OKX Web3 wallet. The integration of CeFi and DeFi has become a new trend, but the routes taken by various parties are different. For example, some support direct purchases of on-chain assets on exchanges, but OKX's route seems to separate exchange business from Web3 business, such as the OKX Web3 wallet using a new domain name and developing an independent app. What strategic considerations are behind this "de-exchange" adjustment?
Lennix: The core reason is that we believe self-custody is the future of Web3. The OKX Web3 wallet has two important development directions. The first is self-custody, allowing users to have 100% control over their on-chain assets, with OKX not directly participating in asset custody; the second is multi-chain, where the OKX Web3 wallet aims to support users in multi-chain trading and asset transfers in a decentralized manner, while also using technical means to keep risks controllable during the implementation of these functions.
So we do not want to become a "broker," where users give us their assets, and we help them trade, which does not align with our product positioning.
Separating exchange business from Web3 business has two other reasons. First, we insist that the OKX Web3 wallet is a purely technical product, allowing us to maintain an open and cooperative mindset to collaborate with other ecosystems or empower all on-chain assets. Second, considering future compliance requirements, users having 100% control over their on-chain assets also meets some compliance requirements.
Odaily: On March 17, the OKX Web3 wallet closed its aggregator trading service. When do you plan to reopen it? Is it true that the closure was due to investigations by regulatory agencies in the EU?
Lennix: Restarting the DEX aggregator trading service will take some time, but it will be soon. The main reason for closing the aggregator was in the context of actively combating financial crime; we indeed faced targeted public opinion attacks because of this, but it did not affect our enthusiasm. To address these challenges, OKX Web3 proactively suspended the DEX aggregator service after consulting with regulatory agencies, aiming to prevent further abuse through technical upgrades.
Odaily: The OKX Web3 wallet is recognized as one of the best wallet teams in the industry, always able to respond quickly to user needs. However, there are always issues like MEV attacks and rug pulls on-chain. How does the OKX Web3 wallet help users mitigate these risks?
Lennix: Due to the self-custody nature of the OKX Web3 wallet, we cannot take excessive proactive actions like CEXs, such as delisting tokens or freezing assets. However, we have the capability for real-time on-chain monitoring, allowing us to identify black addresses as quickly as possible and reduce their ability to trade in the wallet, providing users with proactive prevention.
In the future, we will also score some projects based on on-chain monitoring and analysis. The technology involved in this has not been done by anyone before in the OKX Web3 wallet, so our team needs to develop this technology ourselves and move in this direction.
Odaily: How do you view the decline of the meme craze from last year to now? Is there a possibility that the meme market will rise again in the future? Meanwhile, what role does OKX want to play in the meme craze?
Lennix: I believe the crypto industry will continuously give birth to many hotspots, and each hotspot narrative needs to go through a rise and fall process, whether it is inscriptions or memes. Memes, as a category of assets, will exist permanently, but the number of top memes will decrease because the market's sensitivity to memes has declined; not just any news hotspot can become a popular meme.
As for the OKX Web3 wallet, we will always just be a tool. Memes are assets that we need to support, but there are also other assets on-chain. For us, the user-facing product form remains the same: how to help users buy and sell assets quickly at the lowest cost, but the specific implementation methods differ. For some mainstream assets, users may be more sensitive to price differences, fees, and liquidity, but the characteristics of memes are that their cycles rise and fall relatively quickly. Users' biggest requirement when trading memes is speed, and their perception of costs is relatively weak, so we need to balance these two aspects. The order placement methods and order models for meme trading in the OKX Web3 wallet are different.
The product philosophy of the OKX Web3 wallet is always to meet as many user needs as possible while keeping resources controllable. Ordinals are a great example; we did not anticipate that it would become a major market hotspot before we supported it, but we believed there was user demand, so we should support it. As a result, Casey and others created a protocol, but the main market driver became the OKX Web3 wallet because we optimized the user experience to the extreme.
We will continue to repeat such actions in the future. We do not judge which hotspots in the market are important or unimportant, but as long as there is new technology, we should support it. If there is any innovation, we should support it.
Odaily: You just mentioned inscriptions, but after the app version update on March 28, the entrance to the inscription market was merged into the NFT market, causing dissatisfaction among some inscription players. What considerations were behind this product design?
Lennix: This was actually due to changes in user data; the product's page resources are limited, so we made this adjustment based on the overall user data in the market. Of course, we also considered the community's voice, but products always need to have a priority, so we will definitely continue to pay attention to community feedback and find a balance within it.
Odaily: What important regulatory risks do Web3 wallet products face? How will OKX Web3 seek cooperation with regulators?
Lennix: First of all, this is very new for regulators; the concept of self-custody is already very difficult for global regulators to understand, so there is currently no complete regulatory framework for Web3 wallets. However, we have encountered similar challenges before; exchanges were also not understood at first, and it took years of communication and efforts from all parties for the situation to improve. This involved not only OKX's investment but also other crypto industry practitioners continuously explaining to regulators how crypto exchanges operate and manage, and what the risk control policies for exchange derivatives are, which is why exchanges can now obtain compliance licenses.
I believe the regulation of wallets will follow the same path; we need to explain and demonstrate to regulators what a wallet is. At the same time, the OKX Web3 wallet itself also needs to overcome some technical challenges, such as how to meet compliance requirements and standards while maintaining self-custody in the wallet. For example, through a real-time on-chain monitoring system, black addresses can be reviewed in seconds; meeting on-chain KYC requirements without disclosing user information, allowing KYC-verified wallet addresses to have higher trading permissions. These are all key development directions for the future Web3 wallet industry and the direction we want to lead the OKX Web3 wallet towards.
Odaily: What are the requirements for users regarding on-chain KYC?
Lennix: On-chain KYC is different from exchange KYC; this term may itself cause ambiguity. A better term would be on-chain identity, which records the user's past transaction history on-chain. In the future, the OKX Web3 wallet may classify different addresses based on risk levels, which may involve analyzing whether addresses are completely clean based on past transaction history, whether they have participated in any suspicious transactions, and what the trading patterns of the addresses are, etc.
This also means we do not need to obtain users' real identity information while ensuring which user addresses are safe and clean.
Odaily: What will be the focus of OKX Web3 after Q2 this year?
Lennix: Overall, we will continue to support multi-chain and self-custody, while also implementing a series of feature updates to improve user experience, such as social recovery. We will also continue to develop DEX to achieve faster speeds and lower costs. But the most important point is to continue exploring compliance, including how to implement anti-money laundering requirements on-chain.
Odaily: Trump's recent tariff policies have caused significant fluctuations in global capital markets, including global stock markets and the crypto market. Some believe we have entered a bear market. How do you view the upcoming market trends?
Lennix: The macro environment has a huge impact on Bitcoin, and Trump's series of policies have increased market uncertainty. Therefore, the previous panic selling in the market was mainly due to uncertainty about how tariff policies would affect inflation and global trade.
However, Trump's tariff policies actually have room for maneuver, so I believe that each of his negotiations regarding tariffs could evolve into a positive outcome, which will largely support Bitcoin's rise. Personally, I am also a Bitcoin enthusiast; I entered the crypto industry largely because I greatly admire the simple beauty and philosophy of Bitcoin technology.
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