Our product design principles are: no wrongdoing, openness and transparency, and striving for more benefits for users. We aim to simplify complex DeFi and bring a new one-stop experience to all OKX Web3 users.

DeFi originated from the birth of Bitcoin and rose to prominence in the development of Ethereum.

In 2017, with the launch of lending protocols such as Uniswap and Compound on Ethereum, DeFi quickly attracted widespread attention. In 2020, innovative gameplay such as liquidity mining and AMM mechanisms emerged one after another, and DeFi protocol TVL grew rapidly, ushering in an epic DeFi Summer season. At the same time, the DeFi ecosystem has expanded from Ethereum to many public chains such as Solana and Avalanche, and the DeFi concept has exploded comprehensively. Since then, DeFi has continuously combined with NFTs and GameFi, promoting asset diversification, bringing new types of financial products and value storage methods, and moving towards larger scales in the development of Layer2 and cross chain technology.

Nowadays, DeFi has become the most fundamental and widely used application in the encryption industry. However, with the influx of new users, many problems of DeFi, such as high technical barriers, complex operating interfaces, and security risks, have also been exposed, hindering the participation and enthusiasm of ordinary users. As a leading one-stop Web3 portal in the industry, OKX Web3 Wallet provides a one-stop on chain trading tool. Whether users have on chain trading experience or not, they can easily participate in various top-level protocol activities with just one click and easily receive rewards. In addition, OKX Web3 DeFi will collaborate with top protocols recognized in the industry to access and choose protocols with higher security as much as possible. OKX Web3 DeFi will not host funds for users, but will make every effort to ensure security protection. It is worth noting that OKX Web3 DeFi does not charge any additional fees beyond the on chain network fees required to complete each transaction.

In short, OKX Web3 DeFi not only solves user pain points, but also simplifies complexity through product innovation, greatly enhancing the user experience of participating in DeFi. This article is the fourth installment of the "Invisible Infrastructure" series for OKX Web3 Wallet, which will delve into the user experience thinking and design of the OKX Web3 DeFi team through dialogue.

OKX Web3 team: Our product was designed to address the core pain points of users, including high usage barriers, high protocol risks, and difficulty in finding better returns. Next, we can simply break down these pain points.

1) High threshold for use: Currently, DeFi protocols have a wide variety of types, complex and inconsistent operations, and users need to spend a lot of time familiarizing themselves with the different processes of each DApp, which increases learning and usage costs. OKX DeFi aggregates multiple protocols into one platform through a unified interaction design, greatly simplifying the search and exploration process, allowing users to avoid switching between different protocols and reducing learning costs. In addition, the platform also presents the revenue structure through an intuitive interface, helping users easily understand and use the product.

2) The protocol carries significant risks: DeFi protocols involve a large amount of funds and are easily targeted by hackers. There is also a risk of attacks on the official websites of many protocols, as well as on social media platforms such as Twitter, which poses a threat to user funds. OKX DeFi uses strict protocol screening to directly integrate contracts and minimize external risks. This protective measure of the platform reduces the possibility of hacker attacks and ensures the security of user funds as much as possible. For example, in the recent incident of Pendle's official website being hijacked, OKX DeFi avoided similar security risks through this mechanism.

3) Users find it difficult to find better returns: DeFi protocols have diverse profit mechanisms, making it difficult for users to quickly filter out suitable trading opportunities. OKX DeFi ranks protocols based on multidimensional data such as annualized return rate (APY) and total lock up volume (TVL), and provides users with comprehensive filtering tools based on their trading portfolios, holdings, and other factors to help them find the most suitable DeFi path. At the same time, OKX DeFi also collaborates with popular protocols such as Babylon, Pendle, Compound, etc., striving for additional exclusive revenue incentives to help users obtain more rewards on top of their basic revenue.

Overall, the main goal of OKX Web3 DeFi is to lower the entry barrier for DeFi and make decentralized financial tools easier to use. We are committed to becoming a leading one-stop DeFi service platform, simplifying complex DeFi operation processes, providing high-quality user experience, so that DeFi can benefit more users and help them obtain corresponding rewards from decentralized finance.

For example, users can participate in DeFi transactions as easily as shopping.

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OKX Web3 team: The OKX Web3 DeFi platform parses various DeFi protocols to present users with the risks and benefits of the protocols. At the same time, the platform supports users to easily access digital assets, reducing the threshold for participation. OKX DeFi also provides users with additional exclusive benefits and connects CeFi and DeFi, helping exchange users also enjoy higher on chain returns.

We have recently launched a "Gameplay Zone" with Babylon as the first release, which breaks down DeFi operations by type and steps, guiding users to complete complex transaction processes. At the same time, OKX DeFi will launch a new reward function to provide users with more on chain profits. In the future, we plan to launch a "simple coin earning" product with a machine gun pool strategy to further enhance users' revenue experience. By continuously optimizing the user experience, we are presenting complex DeFi participation steps, not only helping users better understand decentralized finance, but also providing them with more efficient participation paths.

Reflections on User Experience

OKX Web3 team: Balancing the richness of product features with the convenience of user operation is an important direction for improving user experience. Firstly, we differentiate protocols based on transaction operations and try to use common interaction methods for different protocols, so that users can have a consistent experience between different protocols. For example, the protocol is divided into single currency interaction and multi currency interaction, and two sets of standard templates are used for integration. Different types of DeFi such as lending and staking adopt a universal interaction method.

Secondly, we integrate as many chains, protocols, and rewards as possible, but through a simplified universal template design, we avoid users from repeatedly learning and familiarizing themselves with the product.

Then, after completing the relatively comprehensive integration of DeFi protocols in the industry, we will also launch new product forms for DeFi user education, such as gameplay zones. By gradually dismantling complex nested DeFi protocols, we will help users understand the operation path, risks, and benefits, and reduce the participation threshold for novice users.

Finally, DeFi not only involves the four dimensions of trading products, chains, protocols, and orders, but the same currency will also have different APY and TVL in different dimensions. For example, USDT has different risks and returns in transactions on different chains, protocols, and even at different times, so users often face relatively more complex information content, which is difficult to understand. By systematically organizing the data and presenting it intuitively, we help users easily choose trading solutions between different APY and TVL. In addition, through repeated interaction and intuitive design, DeFi ideas and concepts are conveyed through products in different scenarios, gradually conveying complex DeFi logic to users, making each operation more concise and intuitive. Easy to understand.

Market hotspots and user feedback

OKX Web3 team: The technological innovation of the OKX Web3 DeFi team lies not in the revolution of underlying technology, but in quickly capturing market hotspots and connecting them in a timely manner. For example, when the pledge of TON ecology, the interest rate hike activity of SEI ecology, and the nested gameplay of Pendle ecology are hot, our team immediately presents these hotspots to users. At the same time, we will also simplify operations to reduce the participation threshold of protocols such as Uniswap V3 to a level where novice users can simply click on the operation and observe the benefits. Despite the complexity of on chain protocols, our team faces the challenge of integrating a large number of protocols and new chains simultaneously, such as innovative gameplay such as lending and quantitative arbitrage. However, the OKX Web3 DeFi team has always been committed to simplifying these complex operations, allowing users to experience DeFi innovation in the most intuitive way possible.

We collect user feedback from multiple dimensions to ensure that the product closely meets user needs, such as obtaining real product usage feedback through external user questionnaires; On the other hand, through an internal feedback mechanism, our team members' own user experience is taken as an important reference, because our team members include various DeFi OG users, including self farmers who have been tempered repeatedly since DeFi Summer, as well as veterans who have deeply cultivated the BTC ecosystem, built OKX inscription products 0-1, and builders from top DeFi project parties. Everyone is a senior user of various DeFi products and can better help the products continue to improve. Of course, it's not just that. We also organize and review product data every day, including user activity, new protocol status, etc., to ensure timely detection and optimization of problems.

In short, our team is able to quickly capture market hotspots from external communities and internal feedback, evaluate applicable DeFi trading products, and quickly integrate them into the platform, keeping users at the forefront of DeFi trends.

Product design principles

OKX Web3 team: Without a doubt, the first principle is not to do evil. The OKX DeFi team always incorporates this clause throughout any product design, first and foremost to ensure their own subjective integrity. When designing products, they try not to directly interact with user assets, but instead use third-party protocols to link user funds in a decentralized manner, eliminating the feasibility of the platform bringing additional risks to users. At the same time, the project party will be investigated for the risk of wrongdoing, including the integration of audit reports on the connected contracts, which will be directly presented to users in the front-end. Combined with its own protocol analysis, it will try to avoid users' financial risks as much as possible. When encountering high-risk protocols, it will actively block them. In the first time when risks arise, it will also take measures such as delisting. If serious incidents occur, it will continue to track and study the handling measures. To jointly safeguard the financial security of users while helping them pursue profits.

The second principle is openness and transparency. When designing OKX DeFi products, we will objectively present comprehensive information to users as much as possible, and filter and sort them through objective criteria, including APY, TVL, etc., so that users will not be affected by subjective judgments from OKX DeFi during transactions. Instead, we will make decisions based on objective data standards, and we will try our best to transparently display both risks and benefits to users.

The third principle is to strive for more benefits for users. On the basis of not doing evil and being transparent, OKX Web3 DeFi will assist users in judging risks and benefits, and present as many benefits as possible to users after ensuring a certain level of financial security. At the same time, it will actively engage with some top public chains and protocols to negotiate more channel exclusive rewards and points for users.

Security mechanism and partners of access protocol

OKX Web3 team: When integrating new protocols, we have established multiple security defense mechanisms.

1) Audit report and rating display: The platform directly displays audit reports and ratings to users, enhancing transparency.

2) Risk warning mechanism: When accessing the protocol, if potential risks are discovered, we will immediately stop accessing and fully protect user assets.

3) Project selection: We will strictly screen top projects to minimize the risk of subjective wrongdoing by project parties.

4) Risk response: If there is a risk, OKX Web3 DeFi will immediately remove the relevant protocol and continue to track the development of the situation to protect the interests of users.

Currently, we have some cooperation with leading DeFi protocols and public blockchains, including TON ecosystems such as Ston.fi, Sol ecosystems such as Jito, old Ethereum protocols such as Lido, Uniswap, Compound, as well as emerging protocols such as Pendle, Eigenlayer, Babylon, ether.fi, Zircuit, SUI and SEI public chain ecosystems. Basically, the leading public blockchains and protocols are all partners of the OKX Web3 DeFi team.

How to maintain competitiveness in a rapidly changing market

OKX Web3 team: Firstly, it is the market's sense of smell. Currently, OKX Web3 DeFi has mature, sensitive, and comprehensive detectives both internally and externally, who can detect hotspots in a timely manner and make reasonable evaluations of them.

Next is team execution ability. With the joint efforts of OKX Web3 DeFi and collaborative teams, it is generally possible to start chain parsing and protocol integration at the first time of determining access, and quickly use front-end templates or design new product forms for implementation, presenting them to users in a timely manner.

Finally, we attach great importance to talent and continuous technological innovation. The core competitiveness of OKX Web3 DeFi lies in the dimension of talent and technological innovation. We have gathered excellent partners in the industry and believe that we can have sustained competitiveness in the face of the turbulent and ever-changing market environment in the future.

Product planning and future innovation directions

OKX Web3 team: There are many planned features worth looking forward to in the future, such as 1) the more comprehensive DeFi gameplay center mentioned above. The first phase has been launched based on Babylon, and more protocols and convenient product iterations will be launched in the future. 2) The all-new reward module has been redesigned to provide users with more rewards and a better way to display them. 3) The exploration of new chains such as TON and more new protocols. 4) The continuous iteration of the points module makes the display and trading of points more visual, making points one of the assets that DeFi users can manage.

Our product's future innovation direction is mainly reflected in two aspects:

1) Simplify complex protocols: With enough protocols and chains gathered, we will gradually provide users with richer gameplay guidance from simple trading products, giving them a more three-dimensional DeFi experience. Even to some extent, protocol users can optimize DeFi trading strategies, balance risks and returns, and enhance the overall DeFi experience without custodial funds.

2) Open collaboration and non licensing: In the future, more permissions will be opened up for partners, including reward modules and DeFi APIs. OKX Web3 DeFi is not just a simple product on the OKX platform, but also enables more products to integrate with OKX Web3 DeFi. It can also open up rewards and more services to B-end customers such as project developers, and even gradually transform into a non licensed DeFi on chain tool, providing more services to B-end customers.

The Future of DeFi

OKX Web3 team: DeFi has been an important theme in the Web3 field since DeFi Summer. Although DeFi's popularity is not as high as before, it is still the core gathering place for funds and OG users on major public chains, maintaining a high total lock up volume (TVL). At present, DeFi has gained new vitality through emerging protocols such as re staking, and the annualized yield (APY) of many protocols can still remain above 10%. I believe that in the future, more interesting new protocols will emerge, leading DeFi back to new heights.

OKX DeFi will always keep up with market trends, quickly integrate emerging protocols, and continue to safeguard users' asset security, committed to providing users with a better DeFi participation experience.

Learn more about OKX Web3 Invisible Infrastructure

To learn more about the hidden infrastructure of OKX Web3 wallet, you can click to read:

Invisible Infrastructure Phase 01 | Collaborating with Global Developers to Thoroughly Analyze OKX Web3 Wallet API

Invisible Infrastructure Phase 02 | Dialogue with OKX Web3 Team: Why API Construction

Invisible Infrastructure Issue 03 | Dialogue with OKX Web3 Team: Compatible with 100 Chains and Various Forms, Allowing Users to "Get Started and Use"

Disclaimers

This content is for reference only and does not constitute or should be construed as (i) investment advice or recommendation, (ii) offer or solicitation to purchase, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Digital assets (including stablecoins and NFTs) are subject to market volatility, involve high risks, and may depreciate or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. For your specific situation, please consult your legal/tax/investment professionals. Not all products are available in all regions. For more details, please refer to the OKX Terms of Service and Risk Disclosure&Disclaimer. The OKX Web3 wallet and its derivative services are subject to separate terms of service. Please be responsible for understanding and complying with applicable local laws and regulations on your own.

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