OKX adds a Dapp discovery feature to improve the discoverability of decentralized applications. But will it face imminent regulatory challenges?
While exchanges try to survive the wrath of the crypto winter, OKX adds a new feature to enhance the discoverability of decentralized applications (Dapps). But there may come potential challenges from the regulators.
OKX Adds Dapp Discovery Feature
The crypto exchange OKX collaborated with the app store for decentralized applications – DappRadar, to enhance the discoverability and interaction with Web3. OKX will make use of the DappRadar API to provide better discoverability of Dapps for its users.
In return, DappRadar will have the OKX wallet as a default connection option to allow the users to “simply log in to DappRadar, access their portfolio, and discover dapps.”
The 2nd Proof of Reserves
OKX released its 2nd Proof of Reserves (PoR) report with new features to allow users to view reserve ratios for new and historical data. According to the press release, the company has committed to publishing monthly PoR on the 22nd day of every month.
But, keeping the current scenarios in mind, the community believes that publishing just Proof of Reserves isn’t enough to protect investors.
While a proof of reserves audit is a great way to build trust, they are not without limitations. What ultimately led to the downfall of FTX was its liabilities. A liability is an obligation, especially a debt, that a company must make to another party (e.g., a creditor). Hence the community further demands Proof of Liabilities as well.
Potential Regulatory Problems for OKB
The OKB is the native token of the OKX. This week, the Securities and Exchange Commission (SEC) addressed the FTX token (FTT) as a security. The community believes that FTT being declared a security set a dangerous precedent for all the exchange tokens.
Will OKB get labeled as a security?
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.