Eduard Jubany Tur, ZKX Founder, Discusses Perpetual Futures, DeFi Expansion in Asia, and the Potential of DeFi to Democratize Finance | Episode 333

Eduard Jubany Tur, the creator of ZKX, a decentralized perpetual futures exchange operating on Starknet, participated in an exclusive interview with Cryptonews Podcast.

He discussed the expansion of the cryptocurrency sector in Asia, which hosts a majority of the early adopters, and the region’s significant importance for the industry.

Tur also highlighted the distinctions between crypto users in Asia and those in other regions, pointing out that a large number of individuals are still utilizing centralized exchanges instead of engaging with DeFi.

Encouraging users to transition to DeFi is currently challenging due to its inherent complexity, but Tur noted that there are evident solutions.

Crypto Expansion Begins in Asia

During his time in venture capital, Tur was situated in Taiwan, which provided him with a clear perspective on the Asian market, he stated.

He assisted startup founders across various nations, including Indonesia, India, Thailand, Korea, and China.

This experience allowed him to understand the strengths of each country and the unique challenges they face.

Importantly, the data indicated that “most of the growth in crypto has consistently originated from these Asian markets.”

Many of the centralized exchanges we recognize today and numerous projects emerged from Asia.

And that’s how ZKX was conceived.

With an exciting blend of genuine market insight, the gap in the market To deliver an offering that was previously unconsidered.

— ZKX (@zkxprotocol) March 3, 2023

However, Tur and his team discovered that centralized exchanges have effectively targeted users in emerging markets.

Conversely, DeFi projects have not achieved the same level of success.

Crypto Enthusiasts in Asia Differ from Those Worldwide

Tur asserted that there are several notable differences between Asia and other global regions.

The first is demographic. Asia boasts a significantly younger population, which is also experiencing substantial growth in purchasing power. They are beginning to have more disposable income available for investment.

Another significant aspect is that Asia has a higher number of risk-takers. Individuals are more inclined to experiment with new concepts and embrace new technologies.

“This creates a substantial impact on the overall adoption of crypto,” Tur remarked.

Nonetheless, each country possesses its own distinct characteristics.

For instance, South Korea and Japan represent major markets for crypto. Individuals in these regions are more inclined to hold coins for the long term and often take on a passive investment approach.

China, Hong Kong, and Taiwan are more focused on derivatives and leveraged trading, with a greater number of risk-takers present.

There’s been a lot of discussion about HK on crypto Twitter. Hong Kong is significant in Asia and global financial flows; here’s a thread to explain why you should monitor Hong Kong if you’re involved in crypto

— Eduard (@0xEduard) February 24, 2023

The Philippines, Indonesia, and Vietnam are also crucial markets where individuals initially began farming new coins. Although people in these regions may have less disposable income, they remain willing to invest and take asymmetric risks within the ecosystem.

Furthermore, some governments in Asia have adopted a relatively crypto-friendly stance, which has fostered industry growth and the adoption of cryptocurrencies.

Despite this, it is essential to recognize that most of these users “are still predominantly oriented towards centralized exchanges.”

Encouraging Users to Transition from Centralized Exchanges to DeFi

Millions of users are engaged with centralized exchanges, while only a few hundred thousand actively participate in DeFi, Tur noted.

Altering this scenario will necessitate numerous enhancements across the entire user experience of DeFi.

A crucial component is account obstruction. This will offer users a pathway to replicate Web2 experiences while enjoying the benefits of Web3.

There are numerous promising design opportunities surrounding account obstruction that should significantly ease the onboarding process, Tur commented.

Another vital aspect is localization. This entails offering products in local languages and tailoring them to meet the specific needs of users in each region.

We’re connecting traders globally with multi-language support

Goal? To empower everyone to trade in their preferred language, regardless of their location

This brings us closer to our vision of providing equal opportunities for all in DeFi.

2/2

— ZKX (@zkxprotocol) May 4, 2024

Finally, DeFi has a developer-centric culture. While this is logical in the early phases of an industry, it is time to shift towards a user-focused approach.

Thus, it is essential to develop straightforward, comprehensible, and engaging products that deliver value to users. This will encourage new users to independently explore DeFi.

This represents the phase of the cycle we will be confronting in the coming years, Tur stated.

Even Losers Receive Rewards

There is currently a demand for innovation that will guide users towards DeFi, away from centralized exchanges.

Incremental improvements to infrastructure alone will not suffice. What is required is innovation in the user experience.

• Reward eligibility increased from 10% to 50% of traders, meaning more traders will now participate in the reward pool

• The top three traders across PVL will receive the largest share of the token, while other winners will receive an equal amount

2/5

— ZKX (@zkxprotocol) May 9, 2024

Most trading experiences in DeFi are currently unexciting, Tur remarked. They resemble a trading terminal without a dynamic and engaging atmosphere.

Consequently, ZKX’s mission is to make trading social and gamified within DeFi, Tur noted. This could motivate users to begin trading in DeFi.

ZKX, for instance, organized 30-minute trading competitions featuring three leaderboard categories: volume, profit, and loss.

This implies that even those who incur losses receive some incentives, as these traders also contribute to the protocol’s overall health, Tur explained.

It’s a balance the platform has been striving to achieve: being a serious, scalable, reputable, and trustworthy platform within DeFi while remaining simple and enjoyable.

After a couple of years of dedicated work on ZKX, we’re finally excited to announce that the token will be launched on 6.6.24. We are truly grateful for all the support received during this time and look forward to the journey ahead! https://t.co/BDlync34Wt

— Eduard (@0xEduard) May 1, 2024

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That’s not all.

In this interview, Tur also covered:

• his pre-crypto journey and Web2 background;
• mining Bitcoin in 2014;
• developing geolocation and digital mapping services on the blockchain, now recognized as one of the use cases for DePIN;
• the rationale behind the decision to build ZKX on Starknet;
• ZKX’s 30-minute trading competitions;
• the distinctions between perpetual swaps and futures, as well as how these differ from other trading instruments;
• the creation of user-centric platforms that cater to traders of all levels, thereby encouraging engagement while ensuring accessibility.

You can view the complete interview here.

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About Eduard Jubany Tur

Eduard Jubany Tur is the founder of ZKX, a decentralized perpetual futures exchange on Starknet.

His expertise in technology and finance has driven him to address some of DeFi’s most pressing challenges, such as accessibility and user engagement.

Aiming to make DeFi more user-friendly and efficient, Tur has been at the forefront of incorporating gamification into trading, enhancing the learning experience with innovative solutions.

Moreover, Tur and ZKX are utilizing Starknet for scalability, enhancing trading with security and transparency, and promoting community governance.

The post Eduard Jubany Tur, Founder of ZKX, on Perpetual Futures, DeFi Growth in Asia, and How DeFi Can Democratize Finance | Ep. 333 appeared first on Cryptonews.