'Give DeFi time, it may surprise you' — DEX CEO on state of the market
The CEO of a decentralized derivatives exchange has told Cointelegraph that many DEXs are unusable — and he's determined to change that.
Lei Wang is the head of Kine, which aims to provide a fast, effortless way to trade derivatives across multiple blockchains.
In a live ask-me-anything session on Cointelegraph's YouTube channel, he revealed that trades using Kine's infrastructure are completed in 20 milliseconds — and users can take out multiple positions on the same asset, all while managing them separately.
Plus, in an attempt to reach a broad cross-section of users, a copy trading feature serves as an educational tool so newcomers can observe the strategies of professionals.
Lei revealed that, if he wanted to do some serious trading, he would have been forced to use centralized trading platforms… until now.
Some of the pain points that Kine addresses include liquidity, cost and latency — which are all "absolutely essential factors for leveraged trading."
He stressed that the derivatives markets are entirely different from spot trading — and leverage is required because of how positions are opened and closed frequently. Latency also has to be reduced to milliseconds so users don't miss out on opportunities, and a broad range of order types are needed for seasoned crypto traders.
Lei argued that previous DEXs have failed to deliver all of this — and while it wasn't necessarily the fault of the project itself, the inefficiencies of current blockchain technology are largely to blame.
Speaking to Rachel Wolfson, Lei said that he has long been inspired by Apple's approach to designing the first iPod — with clear objectives that wouldn't compromise on the user experience.
Kine's goals have included charging lower fees than
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