Cryptocurrency analyst. Founder and editor at btcpeers.com
During the three years of DeFi’s existence, this year it rematerialized stronger than ever before. Many other platforms aim to reach the gates of DeFi with exuberant yield farming projects in progress, thus revolutionizing traditional users’ operations and introducing other comforts into daily life.
The consequence – an ecological devastating system of millions of developers (and even more users) starts its vicious global invasion, promising to rewrite the financial system as we once knew it.
Most of the initially listed MX DeFi Projects (LUNA, PNK, COMP, LEND) on MXC in August saw immediate price rises. Furthermore, the other three main exchanges-Binance, OKEX, and Huobi – were closely accompanied by one of these token lists on MXC Exchange.
These three big exchanges have added more than 20 of the DeFi projects that were first listed by the MXC Exchange.
The collective value of DeFi skyrocketed during the Covid-19: with a combined worth above $11 billion, its performance is primarily credited to decentralized markets (DEX) like Uniswap.
To date, the most important value in the history of blockchain projects has been the decentralized space; if this pattern persists until the end of the year, 2020 shall be named as the “Year of DeFi“.
Without a doubt, that decentralized financing has already become, from both a market and an investor standpoint, one of the most progressive and enticing industries to date. This indicates that the trend will remain hyped for a long way.
The DeFi revolution has prompted many organizations to rethink their business strategies while simultaneously finding ways to maximize the benefits of their users.
Though it is easy to judge whether an organization is successful or not on the surface, it can seem to be very intuitive for seasoned organizations who know how to cope with customer concerns.
To stand out, a business has to do whatever it takes to a user truly appreciated. Although, contrary to the conventional view, this is not a one-day affair: the path to customer-centricity may take years.
While some organizations are just noticing the importance of customer-centricity, MXC has already implemented convenient customer support services due its fast pace of expansion to the underlying principle behind the company.
In addition, MXC exchange has established the SpaceM listing program at the beginning of 2020 which allows eligible projects to approach a larger user base, marketing traffic and services while enabling exchange users to obtain the listed project tokens with some discount through ticket sales, subscription, or some other methods.
Today, MXC takes place among the largest one-stop crypto service providers in Asia.
I spoke with Katherine Deng, the VP of Global Business of MXC, I decided to bring up the questions about customer focus, future trends in DeFi and, most importantly, what waits for the industry next. Let’s get started.
Andrey Sergeenkov: As someone who has been in the industry for two years (official date of MXC launch is April 2018 – note), what would you say are the key elements of the success of your venture?
Katherine Deng: MXC was founded at the beginning of 2018, the most bearish time, and we did indeed experience a lot of obstacles. The secret to success now, I believe, is that we always put our users as first priority. There is no secret at all. Users have diverse trading needs, so we have diversified our trading markets, listed over a hundred quality ventures, and introduced different derivatives, including margin, leveraged ETF, Index product, contract. etc. etc. On top of that, we’ve also been iterating our Software and website for a range of years, with the goal of providing improved user interface, UI design and trading experience. Third but not least, we have a knowledgeable customer service team with 7 * 24 on-line. Any consumer issues are no small issues for us. We will do all we can to solve the problems of the customer in good time.
Of course, other considerations, such as team bonding, marketing incentives and bonuses, are also significant.
Andrey Sergeenkov: Although customer focus comes as something intuitively linked with a successful enterprise, by far not every business translates this key principle into action. Why would you say it happens to be like that?
Katherine Deng: Customer focus is always easy to say, however difficult to accomplish, otherwise any company can thrive to success. Some firms, especially crypto exchanges, just want to make quick money without thinking about the investors. In a letter to our employees, I said, “I expect just 1-2 points to be our shortcomings in 10 points when users talk about MXC ten years later, but 8-9 other points are their acceptance and appraisal. “We have to think about what the user wants, deliver what the consumer wants and provide the best support we can to be a customer-centered organization. We also built a User Bonus Campaign Organisation Team. Any user-friendly suggestions, plans and steps will be taken and introduced.
Andrey Sergeenkov: How can the sense of customer focus be developed among businesses who are actively engaging in the market already for many years? From your point of view, would it bring tangible benefits if they decide to alter a course of actions?
Katherine Deng: A company must have its specialties that have existed for many years, but without putting users first. This is not the way in the blockchain business, though. Let me send you a clear example. Just a few days ago, I found that every one or two days after opening the APP, MXC APP must be signed in, which is very annoying for users. I requested the Product Manager to quickly address this problem. Don’t think about a company not being effective if any consumer information is carefully considered.
Even if a company survived with some unique features for some time, without having great user or product experience, it would not last for too long especially for blockchain business as it might get confusing for users sometimes. Let’s take our app for example, users need to login every two days after using it. Thus, I demand a change of the login issue quickly to our app developers.
Andrey Sergeenkov: The trend of yield farming continues to gain traction, both among veteran market players and new entrants. Facing a situation like this, how are you planning to build and maintain a sustainable customer base?
Katherine Deng: Yield farming is really a hype in 2020. We were one of the very first exchanges that noticed the trend, and listed COMP, LEND, CRV, and other 20 more quality project tokens in the first place. Several weeks or months later, they’ve been listed on top exchanges,like binance, coinbase, huobi, so a consensus has been formed in communities that “seeking potential quality, just go to MXC!”. Generally, I just want to illustrate that finding quality assets and letting your users earn money are the key ways to sustain a customer base.
Andrey Sergeenkov: What, in your opinion, is the main reason behind the dramatic surge of DeFi? And how do you think the whole landscape will look by the end of 2020?
Katherine Deng: DeFi is the trend of the times. It will finally take place in the traditional financial system. Besides, the ripeness of the DeFi infrastructure laid the foundation for the surge of DeFi. By the end of 2020 and years to come, DeFi will continue its development, and will be adopted by more users, and will be more accessible. Without a doubt, that decentralized financing has already become, from both a market and an investor standpoint, one of the most progressive and enticing industries to date. This indicates that the trend will remain hyped for a long way.
Andrey Sergeenkov: Do you foresee any budding trends in DeFi in the upcoming future?
Katherine Deng: Derivatives DEX, maybe.
Andrey Sergeenkov: One question I’m personally very interested in: how did you manage to elevate the awareness of your platform among users who prefer to stick to well-known names, e.g. Binance and Coinbase?
Katherine Deng: These popular exchanges, in particular, have a greater base of users, the ease of use for their products and larger team members. However, MXC is fast pursuing. Whether as the first exchange to list outstanding DeFi project tokens, MXC has been tracking its path consistently and regularly on the roadmap to the ongoing redesign of APP to deliver enhanced user experience. I think MXC will be one of the most popular brands in the coming years.
Andrey Sergeenkov: Knowing the MXC OTC feature, could you tell our readers a little more about how to use them and how to benefit from them?
Katherine Deng: MXC OTC now supports users to buy top market cap currencies conveniently and directly by credit card, like visa card, mastercard, etc.via Mercuryo, Menapay, Banax and Simplex.
Andrey Sergeenkov: Does the OTC trading provide any advantages over a centrally supervised one – if yes, in what way?
Katherine Deng: MXC has committed to delivering stable, easy, and highly liquid OTC transaction services for users since the launching of MXC OTC trading and has introduced stringent risk management measures to optimize user asset protection and seriously address “illegal” assets.
Not only does the newly modified MXC OTC framework boost the security factor of the entire underlying structure, it also introduces a “No KYC” method for users to buy cryptocurrency with credit card or bank card, enabling users to more conveniently purchase cryptocurrency.
We are also working closely with different 3rd party payment channels, such as simplex, Banxa, Moonpay, etc to expand our global otc services.
Andrey Sergeenkov: How does your platform can be helpful for traders in achieving their goals?
Katherine Deng: To answer this question, I have to talk about our advantages.
We support the trading for the largest number of altcoins. Some say we are an exchange of altcoins, though it might not be a compliment but we do offer user’s various trading opportunities for different potential assets.
Our margin trading supports over 70 different types of assets, offering users a wide choice to buy popular altcoins with 3 – 10 times leverage that includes bullish or bearish buying options.
MXC Leveraged ETF also known as Leveraged tokens is a special product enabling users to buy long or sell short for underlying assets, with three times leverage available. It is nice because it has no liquidation for this product.
Our independently developed Futures contract modules with code written by our own developers are more stable and secured. Market depth is good or the order book’s price gap small.
In the future, we will stay committed to the concept of customer first and provide customers with quality products and services.
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