Author: Wu Says

This issue features a dialogue with Zakk Wang, the head of OKX Wallet and X Layer. Zakk reviewed the evolution of OKX from a wallet tool to a public chain ecosystem and explained the positioning of X Layer within the group. OKX has chosen to develop the wallet and the public chain as core products in parallel, with X Layer starting from the Ethereum Layer2 model, mainly considering the integration with the existing ecosystem and user base. Currently, the development approach of X Layer is phased, first focusing on underlying performance and technological stability, followed by complementing infrastructure such as asset exchange and DeFi, and finally introducing more application scenarios, including MEME, AI, and payments. Specifically, X Layer regards payments as an important use case that has already been implemented, while also focusing on DeFi, Perp DEX, and prediction markets, but prefers third-party teams to deploy relevant products on-chain, with the platform providing technological, infrastructural, and incentive support. Regarding on-chain data fluctuations and changes in market attention, X Layer's judgment is that it is still in the infrastructure development stage, and short-term indicators are not the current core goal.

Zakk Background Introduction

Maodi: Zakk, could you introduce yourself? For example, when did you join the cryptocurrency industry, how did you join OKX? What are your current responsibilities? When did you start overseeing the X Layer business?

Zakk: I have been with OKX for about seven to eight years. The first version of OKX Wallet was released in July 2021. The initial version was not ideal, as the team did not grasp market demands accurately enough. After two years of refinement, by 2023, we began to focus on NFT and Airdrop scenarios, launching flexible tools such as a multi-account system and promoting inscriptions, co-building protocols and ecosystems with Unisat BRC-20, followed by TON and Meme. As our understanding improved, we gradually shifted from a single wallet app to multiple ports and began thinking about ecosystem building.

In 2024, the Chain and Wallet teams merged, with X Layer being the main product. Unlike many peers who manage chains and wallets separately, OKX believes they should develop alongside each other, mutually supporting each other. X Layer is a Layer 2 solution that naturally fits within the Ethereum ecosystem, which is suitable for us in terms of technical architecture, market positioning, and user needs. Although independent development is also viable, we believe that leveraging the existing large wallet and traffic foundation can make X Layer more successful.

Strategic Positioning of X Layer and OKX Wallet

Maodi: What is the strategic positioning of X Layer and OKX Wallet?

Zakk: We believe that the wallet and chain should develop together, mutually supporting one another, and neither can be lacking. The main goal of X Layer is to consolidate users and enhance stickiness while supporting our business, especially the construction of payment systems and providing services to the general public. This is the mission of X Layer, reflected in practical application scenarios, while OKX Wallet serves as a vehicle for achieving this mission. We hope to deliver experiences that exceed industry standards.

In terms of innovations at the application layer, we focus not only on the protocol layer but also innovate at the application layer. To achieve this goal, OKX Wallet is our important vessel. Unlike many companies, we do not only emphasize building the chain layer but also stress breakthroughs at the application layer. Through dual innovation at the protocol and application layers, our ecosystem will be more robust, providing users with entirely different experiences, especially in areas such as payments, decentralized applications (DApp), and decentralized finance (DeFi).

Main Business of the Exchange and Development Rhythm of X Layer

Maodi: OKX's main business is as an exchange, and in the Chinese market, OKX is at least a TOP2 exchange, with a significant amount of functions and development workload. Does resource allocation affect the development speed of X Layer?

Zakk: OKX has not experienced slow development due to a lack of resources or talent. We are a very focused company, clearly understanding the most urgent needs of users, especially the pain points in experience and demand scenarios. We prioritize solving these issues and adjust the priorities of other work based on demand, always putting users first.

Why choose a steady strategy? We divide the development of X Layer into three stages. The first step is high performance and technical readiness. We do not want to find that technology lags behind when X Layer matures and the ecosystem becomes large, creating a bottleneck. For instance, Base Chain and Solana have undergone years of technical refinement, and we have also switched to the OP stack; although this part is complete, our technical performance is already quite good.

The second step is infrastructure construction. We must ensure that we can complete basic asset exchanges. Without the support of this infrastructure, assets will not be able to meet the demands of high-frequency, large-scale, and complex scenarios, which is irresponsible to the community. The DeFi ecosystem is also one of the reasons we introduced foundational infrastructure like Uniswap. Currently, we are also looking at other healthy DeFi infrastructures. We hope to gain everyone's trust when constructing X Layer assets, xBTC, and xETH on these infrastructures. If the on-chain TVL (Total Value Locked) does not grow healthily, merely calling out MEME or hot topics is irresponsible to the ecosystem. This is why we focus on infrastructure.

The third step, I do not oppose MEME. MEME is an interesting and vibrant benign product. When people create and discuss in their daily lives, it can form certain assets, proving the health of the crypto ecosystem. If the ecosystem is not strong, how could valuable assets be created through casual exchanges? This is also the charm of crypto assets; they can be accepted by the general public. Therefore, we do not oppose the growth of MEME and its ecosystem on X Layer, but we oppose self-deprecation. If you consider an asset to be insignificant but still support it, I cannot understand that.

Boundaries of Meme Culture, Community Autonomy, and Platform Value Judgment

Maodi: You mentioned that if a high-quality MEME asset or community proves itself, you would allocate more resources. Does this requirement of "proving itself" resemble a top-down judgment? Since the MEME community culture is spontaneous, could there be a conflict between the two?

Moreover, MEME sometimes has a deconstructive and mocking nature, which may be seen as "vulgar." As the head of a public chain, do you think this value judgment conflicts with the spirit of community self-development?

Zakk: First, we define what "for a laugh" means; PEPE is a typical example, and FART is also a form of nihilistic satire. These do not violate basic ethical boundaries. You cannot harm others or speak foul language, but you can express cynicism or mockery about life as long as it does not touch upon the basic respect; everything else is acceptable.

Secondly, blockchain is a completely transparent ecosystem. Its cohesion and vitality can be observed. We have mature means to filter out false prosperity. Some apparently thriving tokens might be artificially manipulated in popularity. OKX can clearly see this, as can other platforms. Thus, we can reach consensus with the community about which assets are high-quality and which tokens and communities genuinely gain public recognition and support.

How X Layer Provides Soil for Quality Memes and Projects

Maodi: If a MEME community or asset can demonstrate strong performance based on its values and data, why must it choose X Layer and not other blockchain platforms?

Zakk: Reflecting on the past AI Summer, there were many excellent AI products and technological frameworks on Base, and even some standout AI Tokens, but these assets did not appear where we hoped they would, especially in the Chinese MEME circle. I believe this may be because no platform in the industry is willing to take responsibility to promote the growth of these assets and build a suitable ecosystem for them. Can the Chinese MEME culture only rely on adrenaline-pumping stimuli year after year? This is a very serious and critical issue.

X Layer will definitely become an important platform for driving the industry, community, and users forward. We have a substantial incentive fund and a clear hackathon plan. Our hackathon differs from other platforms as we have a very public Demo Day, inviting industry leaders to personally review the quality of projects and assess whether they can promote industry development. Imagine when many interesting projects are launched at Demo Day, and through Launchpad and MEME forms, a healthy MEME culture will be formed on X Layer. Those purely relying on stimulation MEMEs will also rise accordingly.

Our goal is to build a suitable ecosystem on X Layer. X Layer hopes to provide soil not only for the MEME circle or Dapp circle but also to drive AI MEMEs, project MEMEs, payment MEMEs, and community joke MEMEs across various fields. We hope these different types of MEMEs can complement each other and thrive together. This is OKX's mission and also X Layer's mission.

Hackathon Mechanism Design to Avoid "Wool-Pulling" Projects

Maodi: You mentioned an incentive plan, with Star (OKX founder and CEO) stating a $100 million incentive amount, and you also mentioned hackathons. Are there any specifics regarding this? For example, what is the theme of the hackathons? Additionally, in your speech, you noted that some people engage solely in "wool-pulling," participating in hackathons just to obtain reward funds rather than constructing long-term on X Layer. How do you avoid this situation?

Zakk: We will design a complete standard operating procedure (SOP), and we will have a public Demo Day, where many industry leaders will judge. I trust everyone can make unique judgments based on project quality. Just like when we attended a gaming expo, we could immediately sense the uniqueness of a game like "Black Myth"; however, if it was a poorly made game, it would quickly feel boring. We will leave the judgment to the users, allowing them to experience and provide feedback personally. Based on this feedback, we will decide how to support the project. The entire process will be open and fair.

The hackathon theme has already been set. We will announce it soon, so stay tuned; I’ll leave a little suspense.

Zakk's Management Energy under Multiple Roles and Advantages from a Wallet Perspective

Maodi: You are currently in charge of the wallet business, X Layer, and OKX Pay. It seems you have a lot on your plate. Compared to heads of other chains or independent business leaders, do you face a problem of distributed energy? Additionally, as a leader promoting the development of the chain from a wallet perspective, would your perspective and motivation differ from those focused solely on the chain itself, like the head of the Base chain?

Zakk: In fact, most Web3 companies use a similar framework, where the combined value and efficiency far exceed going solo. In reality, many well-known chains are adopting similar coordination mechanisms. If a chain focuses solely on its own development, its goal is usually just to increase TVL (Total Value Locked), but that does not represent its success. Why have many once-glorious chains failed to withstand the test of bull and bear cycles? The reason is that they see only the development of the chain itself and lack the ability to transcend bull and bear phases.

However, if a chain has a solid user base and high stickiness at the application layer and has deep layouts in emerging fields like payments, we will certainly welcome the development of such chains. For example, Solana's performance in the payments field or Bitcoin's development in wallet socialization are things we hope to see. But what is the reason for the success of these chains? They have a coordination mechanism that deepens the integration of the chain's ecosystem with payments, social interactions, wallets, etc. Without establishing such a mechanism, a chain can only become an isolated chain that cannot withstand transitioning between bull and bear markets, which limits the community and its own development.

The Core Scenarios for X Layer to Attract Real Users: Payments and Applications

Maodi: Many chain founders are confidently stating that their chain has good technology, fast transfer speeds, low fees, and high TPS. However, the issue is that there are no applications and users, with user numbers possibly lower than the number of chains. How do you view this? What do you think will be the most attractive point of X Layer for users in the future?

Zakk: I can give an example. In Brazil, thousands of people make payments daily through X Layer using card payments. In fact, similar situations are happening all around the world; X Layer has already begun integrating with payments, and this model will be widely applied globally, including Europe, Singapore, and more offshore regions in the future. This is part of the payment track, the first key.

The second key is DeFi. As we deploy more X assets, these assets will naturally generate interest differentials, leading to arbitrage opportunities, and arbitrage brings loops, and loops bring TVL (Total Value Locked). As long as we recognize this scenario, it will naturally occur. For example, we plan to create DeFi and DApps for novice users; taking "Sheep Did Sheep" as an example, it has built a large user base on WeChat. Our "Novice DApp" also has potential to reach a wide user audience, and once they develop, X Layer will carve out a different path. If we talk without action, that certainly won’t work. But now we have taken the first step, having already gained tens of thousands of users engaging locally, and the future development of novice DeFi and DApps is only a matter of time.

We welcome emerging formats such as prediction markets, RWA, and Perp, and we are already advancing in this direction. Everyone can look forward to seeing our progress at the upcoming Demo Day.

Community Perp DEX Deployment and Distinction of Compliance Boundaries

Maodi: Previously, Star mentioned that when you were developing X Layer, you considered launching similar products to Perp DEX but did not due to compliance issues. Will you launch similar products on X Layer in the future, or encourage communities or other teams to deploy on your chain?

Zakk: Community-oriented products will definitely be present. As for regulatory issues, it's similar to Ethereum as a foundational platform—if a project does not comply with the rules, the platform does not take responsibility, because Ethereum is decentralized, and all information is transparent. X Layer is the same; the platform is completely open to the ecosystem. We will showcase some talented teams at Demo Day who are actively building.

As for whether OKX will launch similar products, that will be handled by professional teams. Products of a trading nature like Perp are the same whether serving OKX’s trading team or third-party Perp teams regarding X Layer. Our core is to provide the best service for everyone, and I believe that OKX’s trading team will make professional judgments on whether these teams build on our platform.

$100 Million Incentive Fund's Value for Third-Party Teams

Maodi: The Perp DEX space is highly competitive, especially in 2025, with projects like HyperLiquid and Aster having high market valuations. Is your $100 million incentive fund sufficient?

Zakk: In fact, early incentive capital is like a hackathon; it won’t be just a one-off event. We will use early funds to drive project progress, help it take the first step, and deepen our understanding of the project. After that, we will review the projects with the various communities, projects, and users to assess their effectiveness and make adjustments based on feedback. Everyone can rest assured that there will definitely be more actions in the future.

Maodi: For instance, Hyperliquid currently has its own chain. For a top team, their products might be very strong, and they can fully establish a chain themselves. With the maturity of SDK and other technologies, it seems X Layer's assistance could be limited for general teams. Your incentive fund seems relatively limited, which might not attract top teams, and the incentive for smaller teams may not be appealing. How do you view this situation?

Zakk: This is a question of whether to make a quick transaction, which has never been OKX's style. Our style is to proceed step-by-step and steadily. Thus, the $100 million incentive fund is more like starting capital, symbolizing our attitude. If these projects perform well, we will certainly pursue further cooperation.

Regarding whether project parties will have their own chain, we fully respect their choices. Even if they have their own chain, there are various ways to collaborate. For example, there are many forms of Perp; some projects may establish their own clearing and settlement chain, and they can use us as a clearing and settlement chain or ecosystem chain.

For instance, Hyperliquid might seem like it has its own chain, but it actually runs two chains in tandem: one for clearing and settlement and another for EVM-based ecosystem blocks. This is one of the technological forms in which we can collaborate on these details. I believe that whether they are top-tier teams or emerging teams, they will find suitable solutions when integrating with X Layer after mature business considerations. If emerging teams seek support, technical advice, or team development through OAS, we also have corresponding SOPs. Therefore, specific problems need specific analyses.

Summary of X Layer's Work Over the Last Six Months and Long-term Strategic Approach

Maodi: Over the past six months, from August till now, you have undergone upgrades. Many users are concerned about the price of coins; I remember your price rose from over $40 to $250, before dropping back to over $100 (the interview took place in January 2026). I also looked at some on-chain data; when it was first launched, many users deployed MEME for trading, and on-chain data, including transfer numbers and active addresses increased. However, recently all indicators seem to have returned to just above the levels before the upgrade. How do you view the achievements of this six-month period?

Zakk: We have been executing a clear three-step strategy. OKX very clearly understands its goals and paths, regardless of how external environments change. What we need to do is to let the community understand our direction; once consensus is achieved, problems naturally cease to occur.

We cannot expect a chain during its initial infrastructure and technological construction phase to create a massive impact immediately; doing so would be irresponsible to the community. We need to ensure that infrastructure and technological construction are solid before continuing to advance development. As we discussed earlier, if the Chinese MEME circle and the Chinese crypto circle can experience an event like the AI summer, it should be a collaborative goal for our entire team, even OKX and industry influencers. As long as we advance steadily, any noise or periodic difficulties will not pose problems. We will align with the community, solve user issues, and heed community suggestions. I also answer questions in the group, clearly informing them of our roadmap and plans. In due time, everyone will naturally understand that the initial stimulating events were merely temporary.

OKX has consistently adhered to long-termism. For instance, Base Chain and Solana also experienced similar situations at the outset. I remember Solana had several bursts of activity before the MEME Season, like during the hype of the Squid Game TV series, where projects similar to Squid Coin exploded briefly before quickly disappearing. Should we ask Solana why they didn’t maintain their data during that time? The truth is, they had the means but were still in the building process and could not immediately explain to the community.

However, looking back two years later, we won’t complain about Solana. We would realize that it was merely an event of that time. Long-termism means progressing together with the community, having clear goals, advancing steadily, and everything will become clear. I believe that the community will look back a year from now and see that everything has naturally found its explanation.

Maodi: How long do you think it will take for X Layer to achieve significant results, to become a chain that people use in their daily lives like Base Chain or Solana? Do you have an approximate time expectation?

Zakk: There are two directions. The first is applications in daily life, and we are already working on that. In fact, perhaps people don't know, but there are already massive transaction volumes related to payments on X Layer; certainly, overseas, given the card and consumption scenarios, this volume is even larger. We will continue down this path. The second direction is that I believe everyone is more eagerly anticipating thrilling news, seeing some visible changes, rather than a group of people on the other side of the ocean happily using our Demo Day. As I mentioned earlier, this will coincide with the timing of the 2049 conference; the 2049 event is open and transparent, and by then, everyone will clearly see the progress.

Publicity Strategy and Future Interaction Plans

Maodi: This should be your first exclusive interview after X Layer completed its upgrade, and there has been a gap in publicity; what is the reason for this? I see that other chain leaders might host Twitter AMAs in the community or frequently interact with everyone; will you personally do something similar in the future?

Zakk: Initially, the wallet also did not have much publicity because the infrastructure (Infra) was in the construction phase, and we must be responsible to the community and users. If the products we launched had poor user experience, I wouldn’t want to engage in that kind of promotion myself. At that time, publicity was more about letting everyone know about the existence of this thing because the event itself was very important and needed public awareness.

However, as we move into the infrastructure construction phase, we should focus on producing better products. This was the case for the wallet, and also holds true for X Layer. Regarding whether there is a need to communicate more with everyone, I think it is necessary, so that everyone can better understand our philosophy. As the person in charge, I see myself more as a representative of the users. I hope users can truly feel the advancement, convenience, and comfort of our product during their use; this is my mission.

2026 Eco Layout: Trading, Web3 Simplification, Payments

Maodi: Besides the details that may be released at Demo Day, can you reveal the specific directions planned for 2026?

Zakk: There are three major directions, as Star mentioned at the meeting. The first direction is trading, including CeFi, DEX, and CeDeFi, with new assets being combined; this part will continue being advanced by professional teams, and there will be several activities where the team will gradually share more details.

The second direction is Web3; we aim to simplify Web3 for novices and drive the industry forward. When a trillion-dollar stablecoin market and hundreds of millions of users arrive, we hope there will be a company that can open the door to this world, and that is OKX. The boss has always emphasized that we are a company focused on long-term building and steady progress.

The third direction is payments, which will become the vehicle for accommodating hundreds of millions of users. Products like Venmo, Revolut, and Cash have tens of millions of users, ranging from thirty to forty million or even hundreds of millions; Web3 also needs a product like this. This is not only a responsibility to the industry but also OKX’s mission.

Definition of X Layer: New Money Chain and Cornerstone of Web3

Maodi: If you had to introduce X Layer in one sentence, how would you say it?

Zakk: First and foremost, X Layer is a New Money Chain; we hope it can bring completely different innovations, creativity, and new assets, becoming a leading force in the industry.

Secondly, its positioning is as a cornerstone for continuous progress, forming the two cornerstones of Web3 alongside the wallet. Without it, all the development plans we mentioned cannot be achieved; this is the definition of X Layer.

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