Ten Data Points Reviewing OKX 2023
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Ten Data Points Reviewing OKX 2023
OKX will continue to uphold its long-term values in 2024, driving Web3 industry development through technological innovation.
Navigating Web3 tides with focused insightsAt the macro level, under the dual influence of the Federal Reserve pausing rate hikes and a series of favorable developments indicating potential SEC approval for multiple Bitcoin ETFs, the global crypto market has accelerated its recovery. On the industry development front, a growth flywheel centered on the prosperity of the Bitcoin ecosystem is driving the global market into an upward trend. As a leading global Web3 technology company, OKX's philosophy of innovation and compliance in tandem has yielded significant achievements in this market environment—particularly in building the Web3 ecosystem, earning widespread acclaim.
This article reviews OKX’s 2023 through ten key data points.
Exchange: Prioritizing User Interests, Ensuring Asset Security and Transparency
1. Published 14 Consecutive Proof-of-Reserves (PoR) Reports, All with Reserve Ratios Exceeding 100%
Proof-of-Reserves (PoR) verifies whether user assets are fully backed 1:1 by the exchange, demonstrating solvency and sufficient liquidity to users.
OKX is currently the only exchange in the industry to simultaneously implement open-source verification via Merkle trees, wallet address ownership verification, and on-chain asset verification. While protecting user privacy, OKX allows users to independently verify its solvency at any time. As of December 13, 2023, OKX has published 14 consecutive PoR reports, with over one million user visits, covering 22 cryptocurrencies, and maintaining reserve ratios above 100% in every report.
2. Prevented 5,734 Phishing Withdrawals for 5,342 Users, Recovering $1.9652 Million in Assets
Throughout the year, OKX’s risk control team assisted 5,342 users with anti-phishing protection, blocking 5,734 withdrawal attempts and recovering $1.9652 million in assets. Additionally, over 167,654 users were placed under futures trading cooling-off periods, helping them avoid internal and external risks to the greatest extent possible.
3. Launched Over 10 New Products, Serving More Than 1 Million Users
Guided by user needs and market trends, the exchange launched over 10 new products including Shark Fins, Snowballs, Seagulls, Yield Hunter, Strategy Copy Trading, Spot Copy Trading, and Reverse Position Opening. These span structured wealth management and strategy-based trading lines, forming a diversified product matrix catering to various user segments. The R&D team continues iterating on existing products to enhance user experience. By December, strategy-based products had been used by over 600,000 users, while Simple Earn attracted more than 500,000 global users.
4. Resolved Nearly 600,000 User Issues, Recovered 268,000 Incorrectly Sent Deposits
As a user-first established exchange, OKX resolved a total of 595,506 user issues in 2023 across 13 languages. Support manually recovered 6,100 incorrectly sent deposits and automatically recovered 262,410 such transactions—the largest being 1.2 million USDT. The platform achieved ≥90% response rate within 20 seconds for live chat support, with an average response time of 16 seconds. Email/ticket inquiries were replied to within one hour at a rate ≥90%, with an average response time of 25 minutes. Annual complaint rate remained below 0.7%.
5. OKB Appreciated 108% Year-on-Year, with Over 27 Million Tokens Burned
Since 2023, OKB has appreciated over 108%, reaching a high of $64.89, driven by product innovation and strong brand reputation. Additionally, OKX conducted four token burns in 2023, totaling 27,349,474.41 OKB. At the closing price of $55.06 on December 31, this equates to over $1.5 billion in value.
Looking ahead, OKB will serve as gas on X1—a ZK-based Layer 2 Ethereum network built using Polygon’s CDK and jointly launched by OKX and Polygon Labs.
Web3 Ecosystem: Innovation-Driven, Continuously Building Industry Infrastructure
6. OKX Wallet Supports 80+ Blockchains, User Base Grows 98%, Plugin Downloads Surpass 400,000
As of December 31, the number of blockchains integrated into OKX Wallet increased from over 40 at the start of the year to more than 80, supporting over 120,000 digital assets and the most comprehensive range of popular ecosystems. Plugin wallet downloads exceeded 400,000, and total users grew by 98% year-on-year. The wallet now indexes 1.2 billion NFTs, with annual NFT trading volume surpassing $2 billion. Users’ total on-chain wealth management assets exceeded $2.8 billion throughout the year. OKX also launched MPC and AA wallets, further enhancing infrastructure development, particularly around the Bitcoin ecosystem.
7. Ordinals Marketplace Total Trading Volume Surpasses $1 Billion, Leading the Industry
According to Dune Analytics, by the end of December 2023, the total trading volume on OKX’s Web3 Wallet Ordinals marketplace surpassed $1 billion, with 120,332 unique addresses and 552,818 total transactions. Its daily trading volume captured up to 92% market share, placing it at the forefront of the industry.
Currently, OKX’s Web3 Wallet Ordinals marketplace is the largest trading platform for BRC-20 inscriptions and BTC NFTs, offering trading for 16,000 BRC-20 tokens. The marketplace is fully decentralized, charges zero platform fees, and supports batch transfers, trades, and inscription of both BRC-20 tokens and BTC NFTs.
8. OKX DEX Annual Trading Volume Reaches $1.7 Billion, Up 200% From First Half
OKX DEX now aggregates over 400 decentralized exchanges (DEXs) and 20+ cross-chain bridges, achieving an annual trading volume of $1.7 billion. In just the first week of December, trading volume reached $92.3 million, on par with platforms like MetaMask and KyberSwap. Trading volume increased 200% compared to the first half of the year. OKX also established comprehensive automated detection capabilities for risky tokens, including smart contract onboarding, abnormal transaction monitoring, and quote validation.
9. NFT Marketplace Records ~20 Million Trades, Total Volume Hits $2.366 Billion
By the end of December, OKX NFT Marketplace recorded approximately 20 million trades annually, averaging around $6.5 million daily, with total trading volume reaching $2.366 billion. Fueled by the ordinals boom, OKX rose to become the second-largest NFT marketplace by trading volume within just November and December, capturing 32% of the market share.
10. Identified 880,000+ Risky Tokens, 17 Million+ Blacklisted Addresses, 710,000+ Risk Domain Alerts
In 2023, OKX cumulatively identified over 880,000 high-risk tokens, including 620,000 “ponzi” tokens and 160,000 spam airdrop tokens; blacklisted over 17 million malicious addresses, including 90,000 phishing addresses; and flagged over 130,000 risky domains, triggering more than 710,000 risk warnings.
Additionally, the Web3 team introduced new features such as hiding risky transactions in transaction history to combat airdrop scams and NFT poisoning, Flashbot integration to prevent MEV attacks, and integration with CertiK’s security scoring system to provide comprehensive project safety ratings, helping users better understand on-chain project risks.
Conclusion
As 2023 comes to a close, these ten data points represent not just achievements, but also the responsibilities of a global-scale platform. Moving forward into 2024, OKX will continue to uphold long-term values, drive Web3 industry development through technological innovation, deepen investment in the OKX Web3 ecosystem, and remain steadfast in prioritizing user interests—ensuring transparency and security of user assets.
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