{"id":85540,"date":"2023-10-10T13:32:59","date_gmt":"2023-10-10T10:32:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85540"},"modified":"2025-09-12T23:56:22","modified_gmt":"2025-09-12T20:56:22","slug":"at-the-intersection-of-defi-and-cefi-an-overview-of-okxs-web3-ecosystem","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/at-the-intersection-of-defi-and-cefi-an-overview-of-okxs-web3-ecosystem\/","title":{"rendered":"At the intersection of DeFi and CeFi: an overview of OKX\u2019s Web3 ecosystem"},"content":{"rendered":"<p>In January 2022, the cryptocurrency exchange OKEx <a href=\"https:\/\/forklog.com\/en\/news\/okex-rebrands-to-okx-to-reflect-web3-ambitions\">rebranded<\/a> to OKX: the company noted that it had moved beyond the centralised platform, symbolised by the letters Ex (Exchange).<\/p>\n<p>We report on changes in OKX\u2019s ecosystem and test one of the platform\u2019s main products \u2014 the updated <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3-wallet<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">OKX Exchange and Wallet<\/h2>\n<p>After the rebranding, the exchange <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\/learn\/okx-mclaren-mcl60-stealth-mode\" target=\"_blank\" rel=\"noopener\">entered into<\/a> partnerships with McLaren, \u201cManchester City\u201d and TradingView, launched the <span data-descr=\"Proof of reserves\" class=\"old_tooltip\">Proof-of-Reserves<\/span> initiative and several services built on the OKX Web3 Wallet.<\/p>\n<p>The latter has become one of the company\u2019s core products: the new version of OKX unites a centralised exchange and a non-custodial wallet.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite><em>&#8220;We wanted OKX to better reflect the essence of the crypto industry \u2014 the operation of complementary services and finding a balance between decentralisation, non-custodiality, security and convenience. You can literally switch between two modes \u2014 a centralised crypto exchange and a decentralised <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\/learn\/okx-wallet-a-new-way-to-access-web3\" target=\"_blank\" rel=\"noopener\">Web3 service<\/a>,&#8221; \u2014 said an OKX spokesperson.<\/em><\/cite><\/p><\/blockquote>\n<p>In the CEX mode, users buy and sell cryptocurrencies, earn passive income on the Earn platform, and use other services that are offered on major centralised exchanges. All assets are stored by OKX in a hot-and-cold-wallet system. The exchange also created the OKX Risk Shield insurance fund to protect users\u2019 funds in case of a breach.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-03-31.webp\" alt=\"photo_2023-10-10_13-03-31\" class=\"wp-image-217553\"\/><figcaption class=\"wp-element-caption\">The OKX mode switch. Data: <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\" target=\"_blank\" rel=\"noopener\">OKX<\/a>.<\/figcaption><\/figure>\n<p>In wallet mode, clients interact with Web3 services through the OKX Wallet. They fully control their assets and can swap them via OKX DEX, trade on an NFT marketplace, and connect to DeFi protocols.<\/p>\n<h2 class=\"wp-block-heading\">What makes up OKX\u2019s Web3 ecosystem<\/h2>\n<p>The OKX team develops several Web3 products:<\/p>\n<ul class=\"wp-block-list\">\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/web3\" target=\"_blank\" rel=\"noopener\">OKX Wallet<\/a> \u2015 a non-custodial wallet with a <span data-descr=\"Decentralised applications\" class=\"old_tooltip\">dapp<\/span>-browser and support for more than 60 blockchains;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.oklink.com\/\" target=\"_blank\" rel=\"noopener\">OKLink<\/a> \u2015 a blockchain explorer supporting more than 30 networks, including Bitcoin, Ethereum, Polygon and Tron;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/oktc\" target=\"_blank\" rel=\"noopener\">OKT Chain (OKTC)<\/a> \u2015 <span data-descr=\"Ethereum Virtual Machine, the Ethereum Virtual Machine\" class=\"old_tooltip\">EVM<\/span>-compatible L1 blockchain based on Cosmos. Built on the protocol, more than 25 DeFi protocols have been launched with <span data-descr=\"Total value locked\" class=\"old_tooltip\">TVL<\/span> around $28 million;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/okbc\" target=\"_blank\" rel=\"noopener\">OKB Chain (OKBC)<\/a> \u2015 L2 solution based on zkEVM for launching dapps;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/web3\" target=\"_blank\" rel=\"noopener\">OKX DEX<\/a> \u2015 decentralised exchange and cross-chain aggregator;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/web3\/marketplace\/nft\" target=\"_blank\" rel=\"noopener\">NFT marketplace<\/a> \u2015 31 marketplaces for trading non-fungible tokens across 17 networks, including Ethereum, Solana, OKTC, Polygon and zkSync Era;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/web3\/marketplace\/nft\/ordinals\/btcnft\" target=\"_blank\" rel=\"noopener\">Ordinals marketplace<\/a> \u2015 a marketplace for trading NFT and BRC20 tokens on the Bitcoin blockchain;<\/li>\n<li><a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/web3\/build\" target=\"_blank\" rel=\"noopener\">OKX Build<\/a> \u2015 an infrastructure Web3 platform for developers of decentralised applications.<\/li>\n<\/ul>\n<p>In addition, the platform invests in various Web3 projects through its venture arm <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ventures\" target=\"_blank\" rel=\"noopener\">OKX Ventures<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">How to create an OKX wallet<\/h2>\n<p>At the heart of OKX\u2019s Web3 ecosystem lies a non-custodial wallet in the form of a mobile app for <a class=\"tracking_link\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.okinc.okex.gp\" target=\"_blank\" rel=\"noopener\">Android<\/a> and <a class=\"tracking_link\" href=\"https:\/\/apps.apple.com\/us\/app\/okx-buy-bitcoin-eth-crypto\/id1327268470\" target=\"_blank\" rel=\"noopener\">iOS<\/a>, and <a class=\"tracking_link\" href=\"https:\/\/chrome.google.com\/webstore\/detail\/okx-wallet\/mcohilncbfahbmgdjkbpemcciiolgcge\" target=\"_blank\" rel=\"noopener\">browser extensions<\/a>.<\/p>\n<p>Users have access to:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Exchange<\/strong> \u2015 cross\u2011chain swaps of more than 210,000 tokens across 20 blockchains and L2 solutions, including Tron, Polygon and zkSync Era;<\/li>\n<li><strong>Marketplace<\/strong> \u2015 P2P markets for trading cryptocurrencies, tokens and NFTs on the Ethereum and Bitcoin blockchains;<\/li>\n<li><strong>DeFi <\/strong>\u2015 integrated DeFi protocols such as Uniswap, Compound and MakerDAO;<\/li>\n<li><strong>Discover<\/strong> \u2015 a dapp browser from OKX with ratings of DeFi- and GameFi-projects, links to airdrops and analytical tools;<\/li>\n<li><strong>Cryptopedia<\/strong> \u2015 a learn-to-earn platform that pays rewards for studying new crypto projects.<\/li>\n<\/ul>\n<p>We tested OKX\u2019s wallet on an Android smartphone. To do this, we switched the central slider to the <strong>\u201cWallet\u201d<\/strong> mode.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"461\" height=\"1024\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-93-461x1024.jpg\" alt=\"2-93\" class=\"wp-image-217544\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-93-461x1024.jpg 461w, https:\/\/forklog.com\/wp-content\/uploads\/2-93-135x300.jpg 135w, https:\/\/forklog.com\/wp-content\/uploads\/2-93.jpg 576w\" sizes=\"auto, (max-width: 461px) 100vw, 461px\" \/><figcaption class=\"wp-element-caption\">OKX mobile app interface. Data: <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\" target=\"_blank\" rel=\"noopener\">OKX<\/a>.<\/figcaption><\/figure>\n<p>On the home screen we chose the option <strong>\u201cCreate wallet\u201d<\/strong>. OKX offered three options:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>keyless <\/strong>\u2015 the wallet splits the private key into several parts, held by different parties;<\/li>\n<li><strong>with mnemonic phrase<\/strong> \u2015 the app generates a random sequence of 12 or more words, required to recover access to funds in case of loss or theft of the wallet;<\/li>\n<li><strong>hardware<\/strong> \u2015 the private key is stored on a separate device, Ledger or Keystone.<\/li>\n<\/ul>\n<p>The latter options are familiar to users of non-custodial wallets like MetaMask, so we chose the <strong>&#8220;keyless&#8221;<\/strong> generation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201c<a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/help\/14202283815309\" target=\"_blank\" rel=\"noopener\">Keyless wallet<\/a> improves the user experience with the MPC (Multi-party computation) \u2014 splitting the private key into three shares (shares) between the exchange, the user and the cloud. To sign a transaction two of them are required,\u201d \u2014 explained the OKX team.<\/cite><\/p><\/blockquote>\n<p>After generating the wallet, you must back up the private key to Google Drive \u2014 without it you cannot receive or send cryptocurrencies.<\/p>\n<h2 class=\"wp-block-heading\">Receiving crypto assets<\/h2>\n<p>After backing up the private key we transferred 20 USDT to the wallet on the Arbitrum One network: we pressed the <strong>\u201cReceive\u201d<\/strong> button on the home page and selected OKX as the source of funds.<\/p>\n<p>Funds should reside in the main or trading account of the exchange \u2014 assets in Earn services do not appear.<\/p>\n<p>At the time of review, the Arbitrum One network, along with Optimism, offered the lowest withdrawal fee \u2014 0.1 USDT.<\/p>\n<p>The integration with OKX eliminated the need to manually input and verify addresses: the app added it automatically.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"461\" height=\"1024\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-11-55-461x1024.jpg\" alt=\"photo_2023-10-10_13-11-55\" class=\"wp-image-217557\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-11-55-461x1024.jpg 461w, https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-11-55-135x300.jpg 135w, https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-11-55.jpg 576w\" sizes=\"auto, (max-width: 461px) 100vw, 461px\" \/><figcaption class=\"wp-element-caption\">Withdrawal from the OKX exchange. Data: <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\" target=\"_blank\" rel=\"noopener\">OKX<\/a>.<\/figcaption><\/figure>\n<p>We specified only the amount and confirmed the transfer using email and the Google Authenticator app \u2014 funds arrived in the wallet account within a minute.<\/p>\n<h2 class=\"wp-block-heading\">Sending funds<\/h2>\n<p>Withdrawals are also integrated with the centralised exchange \u2014 the account address immediately appears in the crypto-asset sending options. You can move funds to any external wallet or exchange.<\/p>\n<p>We sent 10 USDT to OKX via Arbitrum One: we pressed the <strong>\u201cSend\u201d<\/strong> button on the wallet\u2019s home page, selected the crypto asset and the exchange address, and then specified the amount \u2014 10 USDT.<\/p>\n<p>For withdrawing stablecoins and other tokens, a fee currency is required \u2014 in our case Ethereum (ETH) on the Arbitrum One network (ARB-ETH).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-10-10_13-14-30.webp\" alt=\"photo_2023-10-10_13-14-30\" class=\"wp-image-217559\"\/><figcaption class=\"wp-element-caption\">Warning about the need to pay network fees. Data: <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\" target=\"_blank\" rel=\"noopener\">OKX<\/a>.<\/figcaption><\/figure>\n<p>The exchange warned that these funds were absent and offered three options:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>swap for gas<\/strong> \u2014 sell the available tokens (USDT) for the network currency (ARB-ETH). The minimum swap amount is 5 USDT;<\/li>\n<li><strong>withdraw funds<\/strong> \u2014 buy ARB-ETH on OKX and send them to the wallet;<\/li>\n<li><strong>receive<\/strong> \u2014 transfer ARB-ETH from any external wallet or exchange.<\/li>\n<\/ul>\n<p>We tested the last option \u2014 transferred ARB-ETH from an exchange. The OKX wallet received them within a minute.<\/p>\n<p>After that we again chose the address, the transaction amount and confirmed the withdrawal.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"487\" height=\"1024\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/5-25-487x1024.jpg\" alt=\"5-25\" class=\"wp-image-217548\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/5-25-487x1024.jpg 487w, https:\/\/forklog.com\/wp-content\/uploads\/5-25-143x300.jpg 143w, https:\/\/forklog.com\/wp-content\/uploads\/5-25.jpg 576w\" sizes=\"auto, (max-width: 487px) 100vw, 487px\" \/><figcaption class=\"wp-element-caption\">Withdrawal from the OKX wallet. Data: <a class=\"tracking_link\" href=\"https:\/\/www.okx.com\/ru\" target=\"_blank\" rel=\"noopener\">OKX<\/a>.<\/figcaption><\/figure>\n<p>The funds arrived in the OKX account within a few seconds.<\/p>\n<h2 class=\"wp-block-heading\">Conclusions<\/h2>\n<p>OKX offers one of the best tandems of a centralised exchange and a non-custodial wallet: customers can buy cryptocurrencies with fiat and withdraw them to external platforms in a single mobile app.<\/p>\n<p>The OKX Wallet supports DeFi protocols, NFT marketplaces and other decentralised applications. Users do not need to verify addresses when sending and receiving assets thanks to native integration with the OKX CEX, and Ledger and Keystone owners can connect their devices to secure funds at the cold-wallet level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We report on changes in OKX\u2019s ecosystem and test one of the platform\u2019s main products \u2014 the updated Web3-wallet.<\/p>\n","protected":false},"author":1,"featured_media":85541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"2","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1291,57],"class_list":["post-85540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-okx","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"72","promo_type":"2","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85540"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85540\/revisions"}],"predecessor-version":[{"id":85542,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85540\/revisions\/85542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85541"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}