Eduard Jubany Tur, the creator of ZKX, a decentralized perpetual futures exchange on Starknet, recently sat down for an exclusive interview with the Cryptonews Podcast. During the interview, Tur discussed the growth of the crypto industry in Asia and its significance for the global market. He also highlighted the differences between crypto users in Asia and the rest of the world, pointing out that while many people in Asia are still using centralized exchanges, there are clear solutions to encourage the transition to decentralized finance (DeFi).
Tur shared that during his time working in venture capital in Taiwan, he gained valuable insights into the Asian market and had the opportunity to work with startup founders from various countries in the region, including Indonesia, India, Thailand, Korea, and China. He emphasized that most of the growth in the crypto industry has historically come from Asian markets, with many centralized exchanges and projects originating from the region.
Tur explained that there are key differences between crypto users in Asia and other parts of the world. One notable difference is the demographics, as Asia has a younger population with increasing purchasing power and disposable income for investing. Additionally, Asian users are generally more open to taking risks and adopting new technologies, which significantly affects the adoption of crypto in the region. However, Tur also acknowledged that each country in Asia has its own unique characteristics and preferences when it comes to crypto. For example, South Korea and Japan are known for being massive markets for crypto, with users who tend to hold coins long-term and take a more passive investment approach. On the other hand, China, Hong Kong, and Taiwan have a greater focus on derivatives and leverage trading, attracting more risk-takers. The Philippines, Indonesia, and Vietnam are also important markets where users initially started farming new coins, despite having less disposable income.
Despite the growth of the crypto industry in Asia, Tur noted that most users in the region are still primarily using centralized exchanges. He emphasized the need to encourage more users to transition to DeFi and outlined several solutions to achieve this. One key improvement needed is simplifying the user experience of DeFi through account obstruction, which would replicate the familiar experiences of Web2 while leveraging the benefits of Web3. Tur also highlighted the importance of localization, providing products in local languages and adapting them to the specific needs of users in each area. Additionally, he emphasized the need for a more user-centric approach in DeFi, creating simple and engaging products that bring value to users and incentivize them to join the DeFi ecosystem.
Tur also discussed the need for innovation in the user experience of DeFi to attract more users away from centralized exchanges. He mentioned that many trading experiences in DeFi are currently dull and lack engagement, and that ZKX aims to make trading social and gamified within the DeFi space. He shared that ZKX has introduced 30-minute trading competitions with different leaderboard categories to incentivize users and create a more dynamic trading experience. Tur emphasized the importance of striking a balance between being a serious and reputable platform within DeFi while still being simple and fun.
In addition to discussing the growth of the crypto industry in Asia and the challenges of transitioning users to DeFi, Tur also shared insights about his pre-crypto journey, his experience mining Bitcoin in 2014, the use cases for DePIN’s geolocation and digital mapping services on the blockchain, why ZKX chose to build on Starknet, and the importance of creating user-centric platforms that cater to traders of all levels.
To watch the full interview with Eduard Jubany Tur, follow the link provided.
