Six years of CoinEx: Discussion with the CMO
Q1: GiGi, can you tell us when you discovered cryptocurrencies?
I discovered cryptocurrencies in 2013. At that time, the industry was still in its infancy and quite chaotic; everyone was in the phase of exploration and experimentation. In 2017, through a fortunate opportunity, I had the chance to meet Haipo Yang, the founder of CoinEx. After chatting with him, I deeply felt his true understanding and passion for crypto finance, as well as his determination to make a long-term impact on this sector. Throughout this process, I also felt Haipo's sincerity and down-to-earth personality. I am happy that we share common ground on certain issues. Influenced by the charisma of the founder and motivated by my desire to bring my expertise to an industry that I am passionate about, I ultimately decided to join CoinEx.
Q2: What sets CoinEx apart from other cryptocurrency exchanges?
I believe our greatest strength lies in our assets and our team. Assets are the most crucial cornerstone of this industry, and we have been dedicated to helping users discover valuable and high-potential assets. Currently, we have provided support for over 200 public blockchains and over 700 currencies, a particularly high level across the entire industry. To be frank, asset management is extremely complex, and from a business perspective, supporting public blockchains proves more difficult than currency management due to various factors, including maintaining many nodes .
Another factor is the team. The reason I think team is another major advantage for us is because when we evaluate the trustworthiness of a financial product, we need to look at the team behind it. Our team is dedicated and focused solely on creating a high-quality product. We consistently uphold honest values, even in the midst of a volatile industry. We do not choose the path of rapid expansion for short-term gains. Instead, we are making steady progress. Additionally, our original goal in product development has remained unchanged: to provide more people with the opportunity to participate and enjoy the benefits of the cryptocurrency industry through simple, user-friendly products. I believe that it is precisely through this commitment that we can survive and thrive in an intensely competitive environment.
Q3: The observation that CoinEx is relatively measured in marketing new products and services compared to its competitors, what are the principles and benchmarks that guide such a strategy?
“Restraint” is actually an embodiment of our care for users. Before developing a product, we always start from the perspective of user needs and experience, rather than maximizing company profits. When we decide to release a product or feature, we first consider three factors: First, does it address user problems? Second, is the user learning curve high? Is there a significant level of risk? And third, does our team have the capacity to excel in developing this product?
For example, structured financial products may appear to offer attractive high returns, but the associated risks are also extremely high. This is because they require the platform to have the ability to manage assets internally or extend funds to a third-party platform for management. From the user's point of view, not only may he not make a profit in the end, but he also runs the risk of losing the initial stake. As a professional digital asset trading platform, we prioritize a thorough review of these risks before finalizing any product decision.
At the same time, recognizing that storage, transfers and transactions of value are the most basic needs of users, we will devote more time and effort to these areas, continuously refining and optimizing them in order to guarantee users a smooth experience with our products. We maintain a high level of sensitivity and an open mindset towards market developments and new products. After extensive research and evaluation, we comprehensively consider user needs, understanding capabilities, and risk tolerance before deciding to launch a particular product or feature.
Q4: As a Product Manager at CoinEx, what CoinEx product are you (personally) most excited about?
I find AMMs to be the most exciting element of our platform. This is the first service offered, focused essentially on the issue of asset liquidity. Adhering to the belief that “anyone can become a liquidity provider”, CoinEx AMM adopts the “Constant Product Market Maker (CPMM)” algorithm. When users inject funds into the liquidity pool, they must simultaneously contribute two types of assets. The quantity of these two active ingredients will maintain a constant product. Its particularity lies in its ability to provide liquidity to the market, regardless of the size of the order book or the size of the liquidity pool.
The second notable feature is our Swap product, which makes it easy to seamlessly swap from one token to another. Users generally express concerns in this regard, especially regarding transaction speed and slippage. On this point, we do not overburden users with the configuration of settings; instead, our swap feature, powered by a proprietary algorithm, enables sub-second trades for any cryptocurrency. This not only eliminates tedious processes but also addresses user concerns regarding slippage, ensuring fast and efficient transactions.
Q5: For users, asset security is paramount. How does our product ensure the security of user assets?
Ensuring asset security is our top priority in our work. Our security team uses holistically enhanced mechanisms to balance convenience and security in managing crypto assets in its online wallets, including multi-signature protocols, trusted execution environments, independent infrastructure and automated alert system. We have also improved the underlying architecture of the physical wallet with multi-dimensional mechanisms like our proprietary cold storage systems, offline private keys and dedicated hardware authentication.
Additionally, we have established a CoinEx Protection Fund and Security Committee, and partnered with external leading security institutions such as SlowMist to protect user assets. In the future, we will continue to recruit proven experts to expand the security team and improve measures, aiming to provide users with strong protection and assurances needed to fully exploit the potential of crypto.
Another point worth mentioning is that we place great importance on educating users on security issues. When it comes to fund security, how users manage their own accounts is crucial. We recommend users enable 2FA (two-factor authentication) to keep their accounts secure. In the future, we will also consider products such as Hardware Login as a way to explore more solutions to improve user account security.
Q6: The cryptocurrency industry is undergoing rapid changes. How does the CoinEx product team ensure it stays at the forefront of the industry?
This brings us back to the fundamental question: CoinEx needs to be itself. When a trend emerges, we first assess whether it is a fleeting phenomenon or something that has long-term value. We have consistently focused on efforts with long-term value. If something is just a gimmick or a passing trend, we see no reason to pursue it. We constantly monitor these changes, but when we make decisions, we ultimately come back to the essence of the product: can users understand it? Do users really need it?
For example, if there is a good structured financial product on the market at the moment, we will maintain an open attitude to pay attention to these products. Take the example of automated market makers (AMM); AMM was the starting point for the prosperity of decentralized exchanges like Uniswap. After evaluating the impact of AMM, we found it to be valuable for users and beneficial for market liquidity. Therefore, we decided to introduce AMM, and after making improvements to the product, we became the first centralized exchange to introduce AMM.
Q7: Many are predicting that a new bull market is on the horizon. Does the CoinEx product team have any preparations in place?
We have been preparing from the beginning. With the bull market, we expect to see more users and funds flowing into this industry. This is indeed a favorable opportunity for us. However, from a product perspective, to seize this opportunity, what we can do is to continuously respond to user requests and solve their problems.
In 2024, we plan to launch a series of products, including Copy Trading, Staking, C2C, and more. Fund deposits and withdrawals are crucial concerns for users, and we have constantly dedicated ourselves to providing more convenient channels for these transactions. Staking is not only a financial product, but also aims to meet the various investment needs of users. Meanwhile, Copy Trading provides users with a high-risk, high-reward investment education path. We are delighted that users continue to trust us, providing feedback and expressing their requests for new products. We will continue our efforts to ensure the provision of comprehensive and innovative financial tools to our users.
Q8: CoinEx brand value is “User First”. How does the product department ensure that product designs, updates, and implementations align with this “User First” philosophy in daily work?
Here I would like to take the CoinEx listing team as an example. When making listing decisions, we emphasize a "preliminary" approach to help users avoid risk: our research team invests significant time and expertise in carefully reviewing assets in the market , with the aim of impartially and objectively selecting high-quality assets for CoinEx users. This involves various aspects of professional evaluation, including the underlying technology, product innovation, team strength and track record, community popularity, rationality of the token model, and other potential factors. and risk factors.
In addition to listings, we also emphasize prior consideration of user concerns. When designing products, we proactively consider issues and concerns that users may face; In decision making, our constant emphasis is not to blindly add products and features, because our ultimate goal is not to create pressure for users, but to ensure that users can easily understand and enjoy using our products.
Q9: On CoinEx's sixth anniversary, do you have anything to say to users
What I most want to share with users is deep gratitude. Your use of our platform is a great source of motivation for us. Over the past six years, every step of our growth has been inseparable from your support and companionship. It is precisely thanks to the suggestions and comments that you constantly provide that we can constantly progress. Looking forward, we hope to continue this journey with you, exploring more opportunities and possibilities in the ever-evolving web3 field.
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