Eduard Jubany Tur, the creator of ZKX, a decentralized perpetual futures exchange on Starknet, recently participated in an exclusive interview with the Cryptonews Podcast. During the interview, Tur discussed the growth of the crypto industry in Asia, the unique characteristics of crypto users in the region, and the challenges of transitioning users from centralized exchanges to decentralized finance (DeFi).
Tur, who previously worked in venture capital in Taiwan, emphasized the significant role that Asia plays in the crypto industry. He noted that most of the growth in crypto has historically come from Asian markets, and many centralized exchanges and projects were born in the region. However, Tur pointed out that while centralized exchanges have been successful in attracting users from emerging markets, DeFi projects have struggled to gain traction.
Tur highlighted several key differences between Asian crypto users and those in other parts of the world. Firstly, he noted that Asia has a younger population with increasing purchasing power, making them more likely to invest in crypto. Additionally, Asian users are generally more willing to take risks and adopt new technologies, which has contributed to the adoption of crypto in the region.
However, Tur also acknowledged that each country in Asia has its own unique characteristics. For example, South Korea and Japan are major crypto markets with users who tend to hold coins long-term. On the other hand, China, Hong Kong, and Taiwan have a focus on derivatives and leverage trading, indicating a higher risk appetite. The Philippines, Indonesia, and Vietnam are also important markets where users have started farming new coins despite having less disposable income.
Despite the growing interest in crypto in Asia, Tur noted that most users in the region still prefer centralized exchanges. He identified several challenges that need to be addressed to encourage users to transition to DeFi. Firstly, the user experience of DeFi platforms needs to be improved, with a focus on simplifying onboarding and providing localized products. Additionally, Tur emphasized the importance of shifting from a developer-oriented culture to a user-centric approach, creating user-friendly and engaging products that bring value to users.
To drive users towards DeFi, Tur stressed the need for innovation in the user experience. He described the current trading experiences in DeFi as boring and lacking engagement, and highlighted ZKX’s mission to make trading social and gamified within DeFi. ZKX has introduced 30-minute trading competitions with incentives for both profits and losses, aiming to create a balance between being a serious and reputable platform while still being fun and accessible.
In the interview, Tur also discussed his background in tech and finance, his experience mining Bitcoin in 2014, and the reasons behind building ZKX on Starknet. He emphasized the importance of creating user-centric platforms that cater to traders of all levels, incentivizing engagement and ensuring accessibility.
Overall, Tur’s insights shed light on the growth of the crypto industry in Asia, the unique characteristics of Asian crypto users, and the challenges and potential solutions for transitioning users from centralized exchanges to DeFi. The full interview can be watched on the Cryptonews Podcast website.
