What is the loss of his position? 1000 BTC, OK started the contract trading battle chain node AMA

Encrypted exchanges are considered to be the top of the industry's food chain. Cruel competition has prompted exchanges to resort to new initiatives and means, and the derivatives market has become a big hit, and competition for stock users has always been an important battleground. In August, the user battle began again. The Firecoin contract was the first to release the VIP sharing plan. "His VIP is my VIP." In less than two weeks, Gate.io also quickly caught up with a similar plan.

Friends are the first to make a move, and OKEx can't fall behind. On August 14th, OKEx announced the launch of the “He has made a pre-emptive position, I will compensate” plan, and took out 1000 BTCs to set up an industrial fund. The user compensated the user for the loss of “exploiting prematurely in advance” on a certain friend platform. On the afternoon of the 16th, OKEx Jay Hao was the guest chain node AMA. OK Jay, chat online, explain "he broke the warehouse OK".

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Current contract trading is one of the most popular cryptographic derivatives on the market. In theory, when the user's margin balance is 0, the contract will be forced to liquidate, which is commonly known as the burst. But in fact, in order to ensure "zero share", the exchange will explode in advance if there is a certain amount of margin. For example, on some exchanges, when the margin ratio drops to 20%, it will trigger a burst of positions, causing users to lose more than 20% of the margin. So why does OKEx want to "bottom" the users of other exchanges?

Jay said that OKEx believes that as an exchange, the most important thing is to remain neutral, objective and respect the interests of users. However, there has been an act of averaging the pre-explosion and zero-pointing on the market, and most users are unclear how they are exploding, which is not conducive to the development of the industry. At the same time, he revealed:

“Our business unit is working on the rules, and the detailed compensation plan will be announced next week. After the user meets the conditions, they need to open an account and trade at OKEx to receive it.”

For the definition of “early early release”, Jay explained that the exit coefficients of OKEx and Bitmex are consistent and are also industry consensus. "Prematurely prematurely exploding a position" refers to the part of the user who has a position in the friend's business before the OKEx.

"We are compensating for the loss of the pre-explosive portion of the user who was pre-exploded on other platforms, not the loss of all the positions."

This time, OKEx established 1,000 BTC industrial funds to pay for the loss of users on the platform. Jay said in the AMA that 1000BTC is OKEx's own funds. The current period is tentatively set to one month . Whether it needs to be extended and more funds will be added and how much will be issued will be determined according to the number of users applying and their pre-emptive positions. .

In response to the news of the OK option plan, Jay responded that OKEx will launch BTC margin options and USDT margin options products . OKEx's options support both buyers and sellers, as well as open and combined accounts for sustainable contracts, delivery contracts, spot, leverage, etc. The specific online time will be announced in the official announcement. In addition to USDT margin options, OKEx also plans to launch USDT margin contracts.

In addition, Jay also revealed that OKEx will soon launch OKChain, which will run the decentralized exchange OKDex on this public chain, OKB will become the basic currency of this public chain.

"OKChain is currently testing the test network. We hope that the performance will be introduced to the market after a symbolic level. The biggest challenge now is the performance problem in a decentralized environment."

Finally, for the question of the difficulty of buying OK IEO activities by netizens, Jay said that the current consideration of OK is to cancel the panning, keep the sun shining, and then upgrade the panning to other modes, which is still under study.