Author: DeFi Investor Source: thedefinvestor Translation: Shan Ouba, Jinse Finance
To be honest, the current on-chain user experience (UX) sucks, especially for newcomers.
It’s estimated that around 500 million people have bought cryptocurrencies on centralized exchanges (CEXs). But of those 500 million, I’d say less than 10% have completed at least one on-chain transaction.
There are now 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 Web2-like friendly user experience on-chain. Fortunately, some such solutions have started to emerge in the past few months.
I’ve been testing a few of them over the past few days. Today I’d like to present the new on-chain UX solution I found most interesting ?
1. Coinbase Smart Wallet
Coinbase Smart Wallet is built to simplify the onboarding process for users. It really is a great product in terms of user experience.
The following are its salient features:
Easy onboarding process - you can access your wallet using your fingerprint, Face ID or Google Chrome profile
The protocol can pay the gas fee on your behalf
Support batch transactions
Integration with Coinbase Accounts - You can use your Coinbase CEX account balance to pay your Web3 wallet transaction fees
With Coinbase Smart Wallet, you can start on-chain transactions in less than a minute. You can go from no wallet to minting an NFT in 35 seconds.
2. Fuse
Fuse, Solana’s first smart wallet, went live earlier this week.
Fuse simplifies the process of creating a personal Smart Account on Solana to a few clicks and has many interesting features:
Gas Abstraction - Fuse acts as a "gas tank" and pays the gas fee on your behalf
Spending Limits - Define spending limits for any token and timeframe. This feature is especially helpful for security
Wallet Recovery - Use anything from email to cold wallets as a two-factor authentication (2FA) system
Intuitive CEX-style user interface
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.
3. Infinex
Finally, let’s talk about Infinex.
Infinex is a UX layer project created by the founders of the famous OG DeFi protocol Synthetix. Infinex is a game changer in terms of user experience. Here are the reasons:
In addition to its Web2-style wallet authentication capabilities (which are also supported by Fuse and Coinbase Smart Wallet), Infinex Wallet also features chain abstraction capabilities.
“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 move your assets from a Solana dApp to an Arbitrum dApp without having to use 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, and only a few integrations are live.
These are the three new UX solutions I want to introduce today.
We’re still early in the process of DeFi mass adoption, but the growth of projects like Infinex, Fuse, and Coinbase Smart Wallet makes me optimistic about the future.
DeFi already offers 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.
On-chain Alpha
Pendle becomes one of the top five DeFi protocols by TVL
Pendle is one of my favorite DeFi projects.
Pendle’s TVL was less than $250 million at the beginning of 2024. 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.
Latest News on DeFi
ZKsync launches ZK token. 17.5% of its token supply is allocated to airdrops
Symbiotic, a new major heavy staking protocol, is live. Less than 24 hours after launch, its TVL exceeded $240 million
Solana's first smart wallet Fuse is now live. Fuse provides wallet recovery and 2FA
Fantom's new round of airdrop activity proposal is online
Berachain's public testnet bArtio B2 is now live. Interacting with it may qualify you for an airdrop
Polygon launches community grant program to distribute 1 billion $POL tokens over the next ten years. MATIC will soon transition to POL ticker
Solana Labs launches Bond, a technology stack for businesses looking to launch customer loyalty programs on Solana
Lido launches “heavy staking vault” in partnership with Symbiotic. Symbiotic is a new heavy staking protocol powered by Paradigm
Optimism launches permissionless proof-of-failure in a bid to become more decentralized
pSTAKE Finance launches its token in partnership with Thruster $PSTAKE on Blast
Massa Labs announced the launch of Massa decentralized DNS. Massa’s on-chain network hosts the front-end and back-end of dApps directly on the blockchain
Arbitrum proposes BOLD upgrade to become the second phase Ethereum Rollup. BOLD will improve network security by enabling anyone to become an Arbitrum validator
Sociocat launches its “Question and Earn” incentive program
deBridge has launched deBridge P2P, a DeFi OTC desktop platform. deBridge P2P allows OTC trading on 13 chains completely on your terms
Wormhole launches staking for $W token holders. Rumor has it that the first 10,000 W stakers will receive an airdrop of Monad
Binance Labs invests in Ethereum L2 project Zircuit
