Author: DeFi Investor Source: thedefinvestor Translation: Shan Ouba, Golden Finance
To be honest, the current on-chain user experience (UX) sucks, especially for newcomers.
It is estimated that about 500 million people have purchased cryptocurrencies on centralized exchanges (CEX). But among these 500 million people, I would say that less than 10% have completed at least one on-chain transaction.
Now there are dozens of highly scalable blockchains, L2 gas fees have become negligible, and there are many interesting on-chain applications (dApps) worth trying.
In my opinion, the next logical step for DeFi to achieve mass adoption is to build UX solutions that can provide a similar Web2-friendly user experience on-chain. Luckily, some of these solutions have started to emerge in the past few months.
Over the past few days, I have tested a few of them. Today, I would like to introduce the new on-chain UX solution that I found most interesting?
Coinbase Smart Wallet is built to simplify the user onboarding process. It is indeed a great product in terms of user experience.
Here are its salient features:
Simple onboarding process - You can access your wallet using fingerprint, Face ID, or Google Chrome profile
The protocol can pay for gas fees on your behalf
Support batch transactions
Integration with Coinbase account - You can use your Coinbase CEX account balance to pay for your Web3 wallet transaction fees
With Coinbase Smart Wallet, you can start on-chain transactions in less than a minute. You can go from having no wallet to minting an NFT in 35 seconds.
Fuse is Solana’s first smart wallet and went live earlier this week.
Fuse simplifies the process of creating a personal Smart Account on Solana to a few clicks, and has a number of interesting features:
Gas Abstraction - Fuse acts as a "gas tank" and pays gas fees on your behalf
Spending Limits - Define spending limits for any token and timeframe. This feature is particularly helpful for security
Wallet Recovery - Use anything from an email to a cold wallet as a two-factor authentication (2FA) system
Intuitive CEX-style UI
According to the CEO of the company behind Fuse, Fuse aims to be a Web3 savings account, rather than focusing on ecosystem integration like Phantom.
Finally, let’s talk about Infinex.
Infinex is a UX layer project created by the founders of Synthetix, a well-known OG DeFi protocol. Infinex is a game changer in terms of user experience. Here are the reasons:
In addition to its Web2-style wallet authentication capabilities (which Fuse and Coinbase Smart Wallet also support), Infinex Wallet also features chain abstraction.
“Chain abstraction” refers to the fact that Infinex Wallet makes cross-chain transfers effortless, eliminating the complexity of the bridging process.
Imagine being able to transfer your assets from a Solana dApp to an Arbitrum dApp without using a cross-chain bridge. That’s what Infinex enables.
In addition, the wallet will also feature many in-app integrations. However, Infinex is still in the mainnet testing phase at the moment, with only a few integrations live.
Those are the three new UX solutions I want to introduce today.
We are still in the early stages of DeFi mass adoption, but the development of projects like Infinex, Fuse, and Coinbase Smart Wallet makes me optimistic about the future.
DeFi already provides crazy yield opportunities that traditional financial investors can only dream of. The goal now is to make the DeFi world easy for ordinary people to enter.
Pendle becomes the top five DeFi protocols in TVL
Pendle is one of my most promising DeFi projects.
In early 2024, Pendle's TVL was less than $250 million. Now its TVL is close to $7 billion.
As long as its team continues to integrate popular protocols that offer very attractive yield opportunities, I expect the protocol to continue to grow.
ZKsync launched the ZK token. 17.5% of its token supply was allocated to airdrops
Symbiotic, a new major heavy staking protocol, went live. Less than 24 hours after launch, its TVL exceeded $240 million
Solana's first smart wallet Fuse went live. Fuse offers wallet recovery and 2FA
Fantom’s new airdrop proposal is live
Berachain’s public testnet bArtio B2 is live. Interacting with it may make you eligible for an airdrop
Polygon launches community grant program to distribute 1 billion $POL tokens over the next decade. MATIC will soon transition to the POL ticker
Solana Labs launches Bond, a tech stack for businesses looking to launch customer loyalty programs on Solana
Lido launches “heavy collateral vault” in partnership with Symbiotic. Symbiotic is a new restaking protocol backed by Paradigm
Optimism launches permissionless proof-of-fault in an effort to become more decentralized
pSTAKE Finance launches its token $PSTAKE on Blast in partnership with Thruster
Massa Labs announces Massa decentralized DNS. Massa’s on-chain network hosts the frontend and backend of dApps directly on the blockchain
Arbitrum proposes BOLD upgrade to become Phase 2 Ethereum Rollup. BOLD will improve network security by enabling anyone to become an Arbitrum validator
Sociocat launches its “Question and Earn” incentive program
deBridge launches deBridge P2P, an OTC desktop platform for DeFi. deBridge P2P allows OTC trading on 13 chains entirely on your terms
Wormhole launches staking for $W token holders. Rumored first 10,000 W stakers will receive Monad airdrop
Binance Labs invests in Ethereum L2 project Zircuit
China's new "Interpretation on Handling Money Laundering Cases" targets money laundering, including virtual asset transactions, but does not ban cryptocurrency trading. The law, effective August 20, 2024, increases criminal risks for the crypto industry.
MiyukiBinance is expanding its compliance team by 1,000 employees to address rising regulatory demands, aiming to manage increased costs and scrutiny from U.S. authorities. The company has also prevented $2.4 billion in potential fraud losses this year, highlighting its commitment to enhancing security and regulatory alignment.
AnaisHackers breached McDonald's Instagram to promote a fake Grimace meme coin, scamming $700,000 in Solana before the account was restored.
WeiliangCorn, a Bitcoin yield-generating network on Ethereum's L2 using Bitcoin as a gas token, launches with $6.7M in seed funding from Polychain Capital, Binance Labs, and other top investors, amidst a retroactive airdrop commencement.
Catherine中国公安部“猎狐行动”工作组将涉嫌组织、领导传销活动罪的特大经济犯罪嫌疑人张某某从泰国成功引渡回国。此案系1999年中泰引渡条约生效后，中国从泰国引渡的首名经济犯罪嫌疑人。
AlexThe "Operation Fox Hunt" working group of the Ministry of Public Security of China successfully extradited Zhang Moumou, a major economic crime suspect suspected of organizing and leading pyramid schemes, back to China from Thailand. This case is the first economic crime suspect extradited by China from Thailand after the China-Thailand Extradition Treaty came into effect in 1999.
AlexRussian media RT previously released news that 159 countries would adopt the new BRICS payment system. This was later confirmed to be fake news. The media has issued an apology statement on Weibo.
MiyukiAccording to analysis by Wall Street experts, billionaires are selling Nvidia shares and instead buying index funds that may soar 83,000%.
WeiliangStory Protocol raised $80 million in Series B funding to address IP theft by AI, including models like OpenAI’s ChatGPT, valuing the company at $2.25 billion. The blockchain-based platform ensures creators are compensated for their work when used by AI, aiming to protect IP rights in the digital age.
JoySun Yuchen successfully pushed the "Sun Wukong" virtual currency up 391 times by using marketing methods such as changing avatars and redeeming game codes, and all of this was closely related to the popularity of "Black Myth: Wukong".
Miyuki