Editor: ME , Melody Tsai

KY, an early architect of USDT and a PhD candidate in computer science at Tsinghua University, chose to establish QuBitDEX after experiencing multiple industry cycles, aiming to solve the core issue of asset sovereignty in the industry. He believes that the next stage of DEX will hinge on "wisdom" and "ecosystem." This article delves into how QuBitDEX constructs a new trading paradigm that combines the efficiency of CEX with the security of DEX through self-developed L1, AI empowerment, and a top-notch "finance x technology" integration team, creating long-term value for early ecosystem contributors.

Worldview and Market Choice: Seeing the Infinite Game Beyond "Zero-Sum"

ME: You have extensive experience in the crypto industry but maintain a low-key and steady style. You once mentioned the management philosophy of "water nourishes all things without contention," which seems to contrast sharply with the prevalent "shark" culture in the crypto industry. In an environment that generally pursues competition and victory, why did you choose a different path? What strategic considerations lie behind this choice?

KY: Thank you, that's a great observation and touches on the origin of my entrepreneurship. I believe that becoming a "shark" is playing a "finite game," which is essentially a zero-sum game, always looking for opponents and prey in a saturated market. What we choose is an "infinite game." We do not see anyone as an enemy but are committed to building an "environment" where all participants can grow together.

Many investor friends ask me if the DEX market is a red ocean. My view is that if the goal is merely to become another stronger "shark," then it is undoubtedly a red ocean. However, we see a completely different opportunity: the old centralized market, no matter how large, has a fundamental flaw, which is the "mismatch of ownership and information rights." The FTX incident exposed this issue, and an irreversible "great migration of asset sovereignty" has already begun.

Therefore, we choose to "empower" users rather than "acquire" users. Our goal is to carry this massive wave of migration and build the most basic and reliable financial infrastructure for this new land. When we think about how to "empower" users, we no longer see a red ocean but a vibrant blue ocean.

Technical Philosophy: Why Must We Pursue Self-Developed L1?

ME: I understand your philosophy. But this leads to my next question. To build this infrastructure, I see that you chose the most challenging path of self-developing L1 instead of taking shortcuts on existing L2. In an era that pursues efficiency and speed, what is the business logic behind this persistence?

KY: I believe this is not "clumsy," but rather "honest"—honest to first principles. Building a DEX on existing L2 is like constructing a building on someone else's already laid, purpose-unknown foundation. It may be built quickly, but you will never know the load limit of that foundation, and its underlying rules are not under your control.

Our team's DNA precisely dictates that we must choose this "honest" path. Our technical lead is a system supplier for hundreds of exchanges, our financial lead has nearly twenty years of quantitative risk control experience, and I have also been deeply involved in the early construction of Tether. This experience has given us a profound understanding of the system's "vulnerability." We know that any system built on "shortcuts" may pay a heavy price in some future storm.

Thus, our choice to self-develop L1 is to excavate the most solid bedrock for our "financial edifice." We define its consensus, security model, and privacy layer from scratch. Yes, this is slow. But what we gain is certainty about this system. In this uncertain world, "certainty" is the most scarce and valuable asset.

Platform Values: Building a Fair "Balance," Not Selling Accelerated "Weapons"

ME: We have discussed your philosophy and technical path. Many platforms claim to 'empower' users, but what they actually do resembles providing sharper 'weapons' for users to fight in a brutal battlefield. In your view, should a platform's true responsibility be to provide weapons or to strive to build a fairer 'balance'?

KY: This question goes straight to the platform's 'original intention.' Providing weapons exacerbates the 'arms race' and ultimately creates a winner-takes-all 'asymmetric battlefield.' What we want to do is build a 'symmetric arena,' striving to eliminate asymmetries in information, power, and tools. What we hand to users is not weapons, but 'information rights' and 'choice rights.'

• Our L1 is completely transparent, which is building a 'balance of rules.'

• We deeply integrate AI, not to make a few top quantitative teams stronger, but to empower every ordinary user with institutional-level 'wisdom,' which is building a 'balance of tools.'

• Our 'contribution proof' rewards those who truly contribute to the ecosystem, not just those with deep pockets, which is building a 'balance of value.'

A great platform's success should not depend on the success or failure of its users, but on the fairness and prosperity of the environment it creates. This community trust based on 'fairness' cannot be bought with any marketing subsidies.

Core Barrier: In the War of Perp DEX, "Vision" Prevails Over "Speed"

ME: You mentioned "wisdom," which is indeed thought-provoking. Currently, many DEX platforms are pursuing faster trading speeds, which seems to be a race around "speed." However, if the essence of trading is a game based on information asymmetry, where the key is who can spot opportunities and risks earlier, in your view, is the core determinant of victory "speed" or "vision"?

KY: Undoubtedly, it is 'vision.' As millisecond-level delays become the norm, the marginal benefits of 'speed' are diminishing, while the value of 'wisdom'—that is, 'vision'—is growing exponentially.

The AI engine we are investing in is designed to provide every user with a more advanced decision-support system.

• It can scan the entire market's on-chain data, allowing you to 'see' the movements of whales.

• It can analyze historical data, enabling you to 'see' which paths are clear and which are traps.

• It can even plan the optimal 'route' for you based on your personal style.

While other platforms are still providing users with faster execution tools, we hope to offer users a real-time decision system with a global perspective. This 'wisdom' moat has a compounding effect. The more transactions processed, the smarter our AI becomes, and the clearer the 'vision' it can provide, thereby attracting more trades and forming a 'data flywheel' that competitors cannot replicate. We believe that arming users with 'wisdom' is the most fundamental empowerment and the ultimate goal of this war.

Future Outlook: From Top Trading Tools to the Underlying "Language" of Open Finance

ME: From strategy to technology, and then to core competitiveness, you have outlined a grand blueprint. Regarding the ultimate form of trading platforms, what do you think is a higher and further pursuit beyond being an efficient trading tool? What is QuBitDEX's long-term vision?

KY: A perfect tool is our starting point and our basic commitment to all users. Our L1, our AI engine, all these persistences are to ensure that we are building the sharpest and most reliable trading tool of this era.

However, a tool, no matter how perfect, is limited by the imagination of its users. Our true ambition is to let QuBitDEX transcend the category of 'tools' and become a new 'language.'

To explain: English is a language; once mastered, you can use it to create endless new things. A language is an open, generative creative protocol.

We hope QuBitDEX ultimately becomes the 'universal language' of on-chain value exchange.

• When a developer wants to build a brand new financial dApp, they will naturally choose to use our 'syntax' (L1 and API) because it is the most efficient and secure.

• When a trader wants to express a complex trading 'idea,' they will use our 'vocabulary' (AI signals and strategy market) because it is the most precise and intelligent.

• When a new asset (like RWA) wants to be 'understood' by global liquidity, it needs to be 'translated' into our protocol.

Therefore, our goal is not just to become the 'largest trading platform in the world.' This 'largest' is not measured by trading volume but defined by the 'prosperity of the ecosystem.' When QuBitDEX becomes the underlying 'language' that everyone defaults to in the next generation of open finance, we will naturally become the 'largest' cryptocurrency trading platform.

Capital Philosophy: Seeking "Wise Capital" That Transcends Cycles

ME: Finally, I would like to ask a question on behalf of investors interested in this field: What kind of capital partners do you hope to collaborate with for QuBitDEX's future? What expectations do you have for potential "capital partners"?

KY: Thank you. This is a very important question because 'who we walk with' determines how far we can go. We are looking for not 'smart money,' but 'wise capital.' There is a fundamental difference between the two.

'Smart money' may see short-term returns and growth curves. In contrast, 'wise capital' first understands the 'strategic significance' of what we are doing. It can comprehend why trading platforms are a 'battleground'; it can recognize that we are building not just a profitable business but defining the 'order' and 'entry' of the next generation of finance. This shared understanding of the 'endgame' is the starting point for all cooperation.

Secondly, it is a mutual respect and achievement. Our team will invest wholeheartedly in the meticulous refinement of the product with a 'craftsman spirit.' We sincerely hope that our partners can bring their top strategic resources and global perspectives, inspiring and empowering each other at every critical strategic juncture.

Finally, and most importantly, it is the 'composure' that transcends cycles. The entrepreneurial journey will never be smooth sailing. We hope our companions can remain calm with us during market turmoil and still believe in the distant future we have chosen together when no one is paying attention.

Thus, the QuBitDEX train has already departed and possesses strong self-driving force. What we offer is not just a financial return but a historical opportunity to jointly define the next generation of financial infrastructure and share its core value outcomes. We welcome such friends at any time to walk a long journey together.