I haven't paid attention to the news from the three major exchanges for a long time.
One reason is that I haven't used them for a long time (they have also delisted me);
The second reason is that in my outdated impression, apart from engaging in activities similar to banks’ "high-interest deposits" and encouraging trading, they occasionally release some sensational news or gossip like tabloid stories to attract attention, and I haven't seen them produce anything new.
However, recently, a white paper on Exchange OS released by OK has shown me something different.
Regarding the crypto ecosystem, what I like most is its foundational principle: freedom, no barriers, no permission required. Because this is the best soil for cultivating and stimulating innovation.
So every time I see innovations in the crypto ecosystem that bring freedom to people, I feel a refreshing sense.
Among the various applications currently in the crypto ecosystem, I believe the one that best embodies freedom and the idea of no permission is the AMM-based DEX developed by Uniswap—anyone can create their own trading pairs and engage in token trading.
This is a thoroughly open, permissionless innovation model.
Aside from applications like Uniswap, there are very few other crypto applications that can achieve this. Even the uniquely crypto ecosystem new prediction market Polymarket, it is not permissionless to launch new event predictions.
The emergence of Exchange OS has made me see the possibility of this open, permissionless construction model becoming viable again.
In simple terms, what Exchange OS aims to do is provide the necessary infrastructure, allowing users to directly build their own trading markets, whether it be for perpetual contracts, prediction markets, or RWA markets...
It completely hands over the construction of free trading to the users.
The platform that supports Exchange OS is their own Ethereum Layer 2 extension called X Layer.
Looking back, this Layer 2 extension has been around for three years now. But in these years, aside from hearing about a technical migration, I haven't really heard any news about ecosystem development.
I even thought this Layer 2 extension would fall quietly like many others, and I did not expect it to come out with this big move now.
If this road can succeed, it will not only bring an on-chain ecosystem to OK but will also provide a new direction and inspiration for Layer 2 extensions.
Looking at its white paper, although the vision is grand and the ideas are commendable, I wonder if its technical preparations are sufficient? Can it support the potentially hundreds or even thousands of diverse trading markets in the future?
What particularly shocks me is its claim that it can achieve 300,000 TPS with millisecond-level latency.
What does this mean?
Theoretically, the maximum TPS for the most powerful Layer 2 extensions BASE and Arbitrum are only 3571 and 6095, and those numbers have been achieved after being in use and "refined over time."
Compared to centralized trading systems, 300,000 TPS roughly matches the performance of the NYSE and NASDAQ during a certain period between 2010 and before 2015.
That is already quite impressive.
Can this Exchange OS, which is still in theoretical conception, achieve that?
If it can really do it, that would not only be symbolically significant for Layer 2 extensions but also for the entire Ethereum ecosystem—because this isn’t just about data; it's a test of actual performance, proving that Layer 2 extensions can fully support the transactions and demands of modern financial systems.
Regardless, this idea is indeed quite good.
I think what could be even more interesting is:
After OK releases this project, if it does not stall midway and really invests resources to build it seriously, other major exchanges will surely rush to follow suit.
At that time, a new wave of ecosystem development will emerge.
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