Today, when I woke up, I saw a lot of excitement, then I saw that ethereum:0x75231f58b43240c9718dd58b4967c5114342a86c surged 15%. It seems that @okxchinese has new activities. To be honest, I looked closely at the content of Exchange OS but didn't fully understand it. Of course, I know it's building an on-chain exchange with spot and futures, which also includes prediction markets.

But what exactly is this? I have checked many sources, including the white paper, but I didn’t understand it clearly. I just know that it directly places matching engines, margin management, liquidation, risk control, and settlement at the blockchain protocol layer, then divides it into two layers, namely X Layer EVM and X Layer TradeZone.

This means it uses a combination architecture of a first layer network and a second layer network. The underlying of X Layer EVM is Ethereum's zkEVM Layer 2, and the technical framework is based on Polygon CDK. This layer is responsible for on-chain assets, contracts, deposits and withdrawals, staking, governance, and final settlement.

Users deposit assets into the contract, which records the balance, and then withdraw from the contract after trading. Asset custody, deposits and withdrawals, final settlement, and governance execution in this layer are essentially the same as most current DEX or Perp, both are infrastructure.

The complex part should be X Layer TradeZone. TradeZone is responsible for matching, margin, liquidation, settlement, PnL, and capital rate settlement. The white paper does not very clearly state what framework is used, but it provides four main cores, among them Margin Engine, Liquidation Engine, and Settlement Engine, without anything new. The most challenging should be the Matching Engine's matching engine.

However, the Matching Engine is not introduced in great detail. If OKX creates an exchange, the matching system serves only OKX itself, and the rules, assets, risk control, and liquidity are all controlled by OKX. But the goal of Exchange OS is to serve the entire market, which means the Matching Engine cannot only serve a single product but must become a shared underlying matching capability for multiple markets.

The difficulty here lies in the fact that different markets have different assets, different oracles, different leverage, different risk parameters, and different liquidity depths, but the underlying matching and account systems still need to remain unified. This should not be easy, but if it can be perfectly realized, there will be great potential.

Then there is the staking of OKB, which I can understand, but the actual use case of OKB staking is not very clear. However, I can imagine that in the future many people will want to borrow "OKB" because buying it is too expensive, but borrowing it is comparatively simpler. If a borrowing "crowdfunding pool" for OKB can be realized, that would be even more interesting.

Is spring finally arriving for Brother Shortbird @Wangduanniao?

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