One of the most valuable functions of financial markets is price discovery. The performance of OKX Rebase Pre-IPO Perps over the past few months shows how onchain markets can help establish real-time market expectations for private companies like SpaceX.

Markets don’t sleep anymore. Stocks, ETFs, commodities, and crypto are converging into one global, 24/7 marketplace. We are happy to bring this innovative product to the EEA market under the MiFID II regulatory framework, combining the efficiency of crypto markets with the standards and protections of traditional finance. The future of markets is global, digital, regulated, and always on.

Tokenized equities are one of the most important RWA use cases. We expect to see xStocks on X Layer soon, bringing global equities onchain and expanding access to capital markets. Access to global markets should be as open as access to information.

Today we launched the first trading venue built on X Layer Exchange OS — the World Cup Outcome Campaign. While it is presented as a prediction campaign, all XP used for participation comes from free airdrops. No real money or crypto assets are involved. It’s a fun way for users to predict the outcome of each match, while also serving as an important real-world test of the Exchange OS infrastructure. The best way to validate new market infrastructure is to run it in production. This is only the beginning.

People casually talking about AI now immediately trigger headlines about layoffs. Every restructuring becomes “because of AI.” The reality is far more nuanced. The AI era does not reduce the importance of talent — it dramatically increases the importance of top talent for most companies. Before AI, every successful company was already driven by a relatively small group of top performers: people who understood the nature of things, stayed hungry, and aggressively pushed for outcomes and execution. Top talent defines a company. The speed of a train is determined by the head of the train. At the same time, there have always been mediocre people inside organizations who do not truly care about outcomes. They focus on impressions, internal politics, process theater, and visibility. This is what Harry Frankfurt described in On Bullshit. Bullshit is different from lying — and often more dangerous. A liar still cares about the truth. They know what is true and intentionally try to hide or distort it. A bullshitter does not care whether something is true or false. Their goal is impression management: sounding smart, persuasive, moral, visionary, intellectual, or important. In the AI era, execution work will move dramatically faster because a large portion of operational work will be handled by AI agents 24/7. This increases the demand for top talent while making bullshitters much harder to hide inside organizations. AI agents may already possess the equivalent general intelligence of top university graduates — MIT, Stanford, master’s degrees, even PhDs. But they still lack the deep domain knowledge, judgment, context, and operational understanding of a specific company or industry. Top talent can build powerful harnesses, workflows, guardrails, and systems that turn AI agents into highly effective digital employees. Bullshitters cannot. Because they often do not fully understand the work themselves, they cannot properly direct, structure, or validate AI systems. In many cases, they simply use AI to generate more bullshit at greater scale. AI will dramatically accelerate organizational truth discovery. It will help companies identify high-leverage talent faster — and expose low-leverage bureaucracy much faster too. It’s not AI that fundamentally changes layoffs. It’s that the AI era fundamentally changes talent requirements.

I don’t think it’s the same as HIP-3 or HIP-4. Exchange OS supports both CeDeFi models and fully self-custodial models. The OKX Web3 Wallet trading model will also serve as a distribution channel for all of our partners. We are happy to share this infrastructure with our global partners and work together to build the on-chain finance ecosystem.

The X Layer and OKB teams never stop building. It has always been at the center of our strategy. Today, we announced Exchange OS — a major step toward open market infrastructure for onchain finance. We are introducing a dedicated Trade Zone on X Layer for onchain high-frequency trading, powered by the same institutional-grade, high-performance, high-availability, and low-latency infrastructure stack behind OKX — capable of processing up to 300K TPS. Exchange OS is designed as permissionless infrastructure. Partners can stake meaningful amounts of OKB to launch their own trading venues on the X Layer Trade Zone. The infrastructure supports both CeDeFi models and fully self-custodial models within the same shared execution environment. This is the next chapter of onchain finance.

When I first saw Bitcoin addresses back in 2011, they were long strings of characters — confusing and far from human-friendly. As a technical person, I looked past that and began my entrepreneurial journey in the crypto industry. Fifteen years later, as AI agents become increasingly prevalent, I’ve come to a realization: crypto technology may be far better suited for agents than for humans — even if that wasn’t Satoshi’s original intention. Sometimes it even feels like crypto was designed for the AI era. In the near future, everyone will have multiple AI agents, and there will be billions of agents globally. These agents will prefer to operate with cryptocurrency wallets rather than traditional bank accounts. The OKX Agent Payment Protocol (APP) is just the first step. Our vision is to help bring the AI economy to life — and we have many more products coming soon.