Crypto Exchange OKX built a decentralized peritual trading platform for hyperlicid and esters, but started it on regulatory concerns, saying its founder.
OKX’s web 3 arm developed anonymous platform in 2023, Okx founder and CEO Star Joo said in an X post on Sunday.
He said, “Hyperlicid proved that huge success in Onchen Pages can be achieved with very few employees. Now, more competitive are stepping into space, such as esters,” he said.
“Okx Web3 has been testing a similar product since 2023, but we chose not to launch Mennet due to regulatory concerns.”
Decentralized perpetuals exchanges -are fruits
The exchange of hypelicids launched in 2024 has been exchanged decentralized perpatile exchanges and logged in to its strongest month in July, became one of the top places of decentralized finance (DEFI) with about 319 billion dollars in the trading volume.
Meanwhile, the ester, which was launched as the Ester series in July, is a crypto derivative exchange supported by the CZ-Bed Yzi Labs and launched as a direct contestant for hyperlicids. According to Dafilama, in the last 30 days, the trading volume has been logged in to more than $ 22 billion.
Regulatory concerns shelter plans
Xu did not specify how far the product had arrived, but in September 2023 cited the Commodity Futures Trading Commission Enforcement Action against Deridex as a concern.
In 2023 enforcement action, CFTC alleged that Deridex was illegally offering digital asset derivative trading and failed to register SWAP execution facility or a futures commission businessman, especially on its permanent swap.
Two other protocols, opins and zerox, were mentioned in enforcement action for illegal offering retail commodity transactions in digital assets.
“When we celebrate the development of Onchain Perps, we should not forget the CFTC enforcement against Deridex in 2023. The regulator enforcement has been fundamentally transferred-Authority is that the industry can soon achieve very important clarity,” Ju said.
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Blowing winds of change
There has been a significant change in the United States regulatory attitude since the election of Crypto-Freedy US President Donald Trump in January.
On Saturday, CFTC appointed new members in the advisory committee and sub -committee of its global markets, including many Crypto industry leaders in the Digital Asset Markets subcommittee.
At the same time, the White House report on the Cryptocurrency Policy released in July recommended that the oversight for digital assets should be shared between the CFTC and the Securities and Exchange Commission, with the CFTC spot crypto markets.
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