Written by: Star Xu

Edited by: Wu Says Blockchain

The following is a transcript of Star Xu's video speech, transcribed by GPT and may contain errors. For smooth reading, some portions have been omitted. Please watch the full video on Wu Says YT or listen on Xiaoyuzhou.

A Review of the Development of the Crypto Industry and OKX

The Crypto and blockchain industry has been developing for about fifteen or sixteen years since the birth of Bitcoin in 2008. OKX was established in 2012 and has been around for nearly 14 years by now. Looking back at history, we initially viewed Bitcoin as something akin to a "game currency," not realizing how significant the development of blockchain and its industry would become, nor did we foresee the directions of regulation and application. In the beginning, Bitcoin, as a blockchain application, only involved the issuance of tokens, while the emergence of Ethereum expanded the application of blockchain, enabling not only tokens but also the execution of smart contracts, making Ethereum the "operating system" of blockchain technology.

After years of collaborative efforts, including the essential role played by OKX in the Ethereum ecosystem, Ethereum has now become the primary platform for Dapps, and many financial-level applications in the future will be built on the Ethereum blockchain. Meanwhile, many other high-performance blockchains like Solana are also developing, and although OKX's XLayer project has not started as expected, the team continues to work hard, and I believe XLayer will succeed.

Regulatory Changes and the Rise of the Younger Generation in the Blockchain Industry

With the development of the blockchain industry, from 2017 onwards, regulatory bodies have gradually increased their focus on this industry. Initially, regulatory agencies had a negative attitude towards the Crypto industry, viewing Bitcoin as a tool for money laundering and considering Crypto as a breeding ground for illegal activities. However, after several years of development, the industry has seen two core trends emerge.

First, the claim that Bitcoin is mostly used for money laundering is unfounded. Only a small portion of Bitcoin is used for money laundering, while traditional financial institutions like banks also occasionally engage in money laundering activities. The root of the problem lies in the misuse of Bitcoin and Crypto, but every industry may face issues of misuse; the key is how to manage it. With increased awareness among regulatory bodies, more and more people have realized that illegal activities on the blockchain and in Bitcoin usage are just a tiny fraction of the total. Most activities are actually driving a more globalized, open, fair, and transparent financial system.

The second trend is that more and more young people are starting to engage with and understand Bitcoin. For the younger generation, especially those born after the 90s and 00s, they have been hearing about Bitcoin since childhood. For example, my child asked me what Bitcoin was many years ago, and I did not take it seriously at that time, but now when they ask me again, I explain it in detail. For people my age, if asked where to store money safely, I might say large banks like JPMorgan, while young people lean towards using OKX Wallet or other crypto wallets because they view Crypto, stablecoins, and Bitcoin as safer and more convenient. Nowadays, our stablecoin products can also offer returns, which boosts their trust in crypto assets.

Regarding the security of stablecoin custody, our self-custody model lacks a "runaway capability" since users can always transfer funds as long as they back up their private keys. As for the custodial model, our exchange business has weathered many storms and challenges over the years; despite facing criticism and controversy, our governance structure and global licensing system have gradually improved, allowing us to take on increasing responsibilities. For example, during the market flash crash on October 11, despite significant impacts on other platforms, our system remained very stable, and our clients experienced almost no losses due to system issues.

As the Crypto industry matures, regulatory pressure exists alongside support. In the past four to five years, there has been a sentiment among U.S. regulatory agencies attempting to suppress the industry through harsh measures. However, among the 300 million people in the U.S., about 100 million are Bitcoin users with voting power. The Republican Party has recognized this trend and decided to support the development of Crypto by formulating relevant policies, gradually increasing support for Crypto in the U.S. and achieving historic victories.

This victory in support is evident not only in the performance of the Republican Party in elections but also in the rise of the Crypto industry. Starting from the U.S., the trend of supporting Crypto has swiftly expanded globally, with countries and regions such as the UK, the EU, Japan, and Singapore gradually incorporating Crypto into the mainstream.

What I want to convey to everyone in this industry is not to overly focus on short-term fluctuations. Extreme bubble-like tokens may bring very high leverage effects, exposing investors to significant risks. If you always rely on this extreme volatility in your investment approach, you may end up losing money. Therefore, what truly matters is whether you can benefit from this industry in the long term, particularly from mainstream assets like Bitcoin. Each year, review your investment strategy and ask yourself, how much return have you earned from Bitcoin's appreciation? What will your strategy be in the future?

Star's Holding Strategy: Bitcoin, Ethereum, and OKB

If you did not seize the industry development trends in the past, you may have missed many opportunities. I believe some people might have made good profits from speculative projects, but more people should reflect on their holding strategies for the future. What do you plan to do going forward? I recommend holding mainstream assets like BTC, Ethereum, and OKB; these should form your basic asset allocation. If you do not have these assets, you are neither a qualified KOL nor a competent member of the blockchain industry. You might complain that you bought for 100,000 last year and now have only 90,000, losing 10,000. But such short-term fluctuations are not worth over-emphasizing; you need to maintain trust in the industry, in Bitcoin, and in platforms like OKX. If you can overlook short-term price movements and focus on long-term growth, you can genuinely benefit in the future. There is no such thing as overnight success; successful investing requires patience.

First, you need to pay attention to several critical trends: First, the development of blockchain technology, from the earliest tokens to today's Dapps, and increasingly to the application of real-world assets (RWA); Second, the growth of the younger generation, who increasingly believe that Crypto is safer and more trustworthy than traditional finance; Third, the global support from governments and regulatory bodies for Crypto, which clarifies the development trends of the industry.

Based on these trends, you should plan a holding strategy for yourself for the next five or even ten years. This is not about paying attention to short-term ups and downs every day; it's more about having a sound investment mindset. As I mentioned earlier, if you do not own 10 BTC, you may not truly understand the value of this industry, nor will you receive the returns you deserve in its developments over the next few years. You may laugh at me, but I firmly believe you will appreciate today's decision in the years to come.

There was a partner who entered the Crypto industry in 2014 with just a few million RMB; later he spent some time in prison, but after he came out, he became a billionaire and wanted to give me a Ferrari (laughs). I declined at that time.

In the Crypto industry, as your parents tell you, establishing a solid foundation is crucial. In the Crypto industry, if you do not have enough Bitcoin, Ethereum, and OKB, it is like being a drifter without a firm foundation. Only when you possess these foundational assets can you truly have a stable footing.

So once you have enough BTC, do not let external noise disturb you. The short-term fluctuations of the market and the emotions of others may make you hesitate, but if you have firm beliefs and long-term plans, you will find that this noise actually has no impact on your investment strategy.

I hope everyone can see the trends in the industry and not be swayed by short-term restlessness and noise. Each of you has your own opportunities; do not be disturbed by irrelevant news. Choose your holding strategy wisely and execute it firmly; your future self will surely thank today's decisions.

Star's Call: Jointly Maintain the Industry's Reputation and Earn External Respect

Based on what I just discussed regarding industry development, technological evolution, application expansion, and regulatory policy changes, if each of you holds mainstream assets like Bitcoin, Ethereum, and OKB, I hope you can cherish and respect this industry. Today's Crypto industry is different from the past; last year at an event, I reminded everyone to learn to respect themselves and not to casually use terms like "park" to describe the activities in our industry. Until today, everyone has stopped using such vocabulary. This shows that people are starting to recognize their responsibilities in the industry.

The blockchain industry has been underestimated, belittled, and even attacked over the years. Besides the developmental stage of the industry itself, another important reason is the irresponsible remarks of some industry leaders, which have misled many and caused people to use frivolous language to describe the industry. For example, terms like "hundred times coin" and "all-in" – when you describe the industry you are in using such terms, how do you think the government and regulatory agencies in your country perceive you? Meanwhile, on the other side of the world, legislation on stablecoins is underway, and many crypto companies are listing on the NYSE; the Crypto industry is gradually becoming mainstream and gaining the respect it deserves.

As practitioners in the Chinese-speaking area, assuming you all hold 10 BTC, if you still use terms like "park" to describe your industry, you are actually destroying the reputation of the industry and the value of the assets in your hands. In many places in the world, Crypto has already become mainstream, and Crypto practitioners, including you, are now on par with professionals in AI, autonomous driving, and other industries. Yet in the Chinese-speaking area, some individuals still belittle themselves with extreme language, which not only affects the industry's image but also hinders the overall development of the industry.

I want to say, if you are in this industry, you need to earn money as well as respect. Otherwise, the money you make in the future might be confiscated, and the industry's reputation will be damaged. Compared to P2P companies and real estate companies, at least we have not deceived an ordinary person; we have not owed unfinished properties. Yet even so, we still do not receive the respect we deserve. Respect is something you earn for yourself; it is not something given to you by others. You must protect the reputation of the industry through your actions and words; only then can the industry achieve genuine respect, allowing you to transition from being viewed as a "nouveau riche" to being recognized as an industry leader.

I once had a friend who came to me for investment after a failed startup, telling me he planned to shift from another industry to Crypto. To be honest, if you have failed in other industries, how can you expect to succeed in the Crypto industry? This mentality of switching industries is extremely misguided, but surprisingly, some people come to me for investment with this sense of entitlement, which I find hard to understand.

Therefore, I sincerely call on everyone, we need to jointly maintain the reputation of this industry. We are a technology-driven industry, dedicated to making the world more transparent and better. We use blockchain technology to eliminate unfairness and enhance the level of fintech services. Every KOL and industry practitioner should collectively earn respect for this industry and protect our reputation. Whether it's leading enterprises in the industry or every practitioner, we all have a responsibility to uphold the image of this industry and ensure it can develop healthily and sustainably.

OKX's Product Development Plan for 2026

Based on our observations of the entire industry’s development, including technological advancement, application expansion, and changes in the regulatory and political environment, OKX hopes to make greater progress in multiple areas by 2026. We aim to extend beyond our exchange business to include various sports derivative exchanges we once admired, further broadening our scope to traditional trading finance (tradeFi), trading in stocks and other assets, and even various emerging services like prediction markets. In short, we plan to provide more diverse, friendly, and convenient trading services within the global regulatory framework.

At the same time, OKX will focus on developing more blockchain-based asset products. For example, we have already launched xBTC, and in the future, we will introduce more similar assets, bringing more assets onto the blockchain, including cross-chain assets and real-world assets (RWA). We also plan to further develop OKX's XLayer and Web3 wallet, making it a vessel for diverse assets and providing users with a more convenient entry for on-chain asset management. This is our second key development direction.

Additionally, after the launch of OKX Pay last year, although some users provided positive feedback, others were unsatisfied, we will continue to enhance our product. We have now established connections with local banks in several countries, including Brazil, Europe, and Singapore; though it remains uncertain whether this service will be offered in the Chinese-speaking area, we will continue to improve our products and launch a more user-friendly Web3 wallet in the future. We hope to simplify the user experience with this wallet, making it easier to use, enabling transfers and supporting transfers between merchants and friends. If users need to transfer assets to blockchains such as Arbitrum, we will also offer intelligent services to ensure the payment process is safe and efficient. We hope OKX Pay can become the gateway for billions of users to manage assets, providing simplified services, especially for newcomers to the blockchain.

In 2026, OKX will focus more on the further development of these three product directions.

For some fundamental changes or issues concerning company operational principles, we will regularly discuss with our partners to ensure we continually improve and enhance our services.

OKX's Core Strategy: Continuous Development of OKB and X Layer

Finally, I want to talk about OKX's core strategy, especially the continuous development of OKB and X Layer. Many people ask me why OKX does not engage in some short-term, quick-money-making activities, like some projects that attract attention through pumping or creating meme coins. I think these questions are valid, but I also want to remind everyone that when you make ten times the profit on some platforms, very few people might be genuinely making money while many might be losing. Moreover, these short-term windfalls are often accompanied by enormous risks, leading more people to ultimately lose everything.

For OKX, we have many advantages. First, we possess regulatory licenses from mainstream countries like the U.S., the EU, and Singapore, which provide us a legal and compliant foundation. Secondly, from a business operation perspective, we do not wish to engage in activities that might yield short-term profits but eventually harm our users and the industry. For instance, many people ask me why we do not vigorously promote meme coins or pump them; I do not agree with this approach. While we warmly welcome cooperation with the meme coin community, we do not wish to participate in market manipulation or excessive hype. We do not want to engage in projects where only a few people profit from speculation.

I have seen many people make money from hundred-times coins, but they ultimately do not retain that wealth because they constantly seek to replicate short-term successes. We will be more cautious in this regard. But for OKX, the development of X Layer and OKB will never stagnate. Some people ask me if OKX would stop working on OKB after going public; this claim is completely nonsense. OKB and X Layer are part of OKX's core strategy and are closely related to our growth.

X Layer has always been on the fringe but has been pushed to the core since last year. Whether or not OKX goes public, X Layer will continue to develop as part of our infrastructure. Our goal is to increase the TPL (total value locked) on-chain from the current $500 million to $5 billion or even $10 billion. X Layer will support multiple businesses like OKX's exchange, OKX Pay, wallets, and more, becoming critical infrastructure for them.

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