The crypto circle has really exploded recently, and the most talked-about topic is the future of on-chain transactions. The market is changing unpredictably, and as centralized exchanges (CEXs) face increasing regulation, our assets are becoming less and less secure. The recent FTX collapse was a heavy blow, making retail investors deeply aware of the many hidden risks of traditional DEXs (decentralized exchanges). This is no coincidence, and it portends that traditional DEXs may face even more severe challenges in the future. This is a matter of concern not only for the entire industry ecosystem, but also for the vast majority of ordinary investors.
A few days ago, I saw a news report where a KOL analyzed the risks of traditional CEXs, mentioning the vulnerability of user assets being custodied, which really made me sweat. This inevitably made me wonder if the traditional CEX model has reached the end of the road? The on-chain transaction model may be the opportunity for us ordinary players to turn the tables.
What is the "perfect form" of on-chain transactions? After pondering, I think there are two key points: first, assets must be self-managed, and no one can touch my money; second, the operation must be simple, with a user experience no worse than traditional DEXs, without causing a huge gap for users. The current trend is already very clear - on-chain transactions are the general trend, and whoever can seize this dividend will be able to reap the rewards; if one still clings to the old ways, they are likely to be left behind by the market.
At present, the trend of on-chain development has already taken shape, and no one can remain outside of it. Participants who follow this trend are likely to stand out in the industry; conversely, they are very likely to be swallowed up by the tides of the times. Realizing self-sovereign control of assets is not difficult, but creating a user experience as smooth and convenient as traditional DEXs on a decentralized platform is not an easy task. Currently, on-chain transactions still have a lot of room for optimization in terms of user experience.
I can't help but mention the OKX wallet application, which has made a lot of effort and achieved some success in improving the user experience. However, the OKX wallet is not perfect either, as it has not effectively solved the problem of fragmented liquidity between different blockchains. If this problem persists, the overall experience of the wallet will inevitably be constrained.
What has really excited me recently is that I learned about a project called UniversalX. The biggest highlights of this thing are non-custodial assets and an upgraded experience. Your coins are always in your own wallet, so you don't have to worry about the platform running away or hackers causing chaos. This is completely different from those half-baked "pseudo-decentralized" tools, which look fancy but are no less risky than CEXs, with constant news of their liquidity pools being drained.
UniversalX has really put a lot of effort into the experience. I tried it out and it feels so smooth: just deposit some USDT on any chain, and you can directly trade any token on other chains, without even needing to prepare separate Gas fees. This operation is almost the same as a few clicks to buy coins on a CEX, but it's 100% on-chain, without that feeling of being "led by the nose" by the platform. The first time I used it, I couldn't help but exclaim: Isn't this what a DEX should be like?
On the technical level, UniversalX is backed by the chain abstraction technology of Particle Network. Simply put, they hide the complex cross-chain operations in the background, and users don't even need to know which chain they're on, just click and it's done. This "seamless" experience is truly lowering the threshold for on-chain transactions. I heard that Particle Network has also received investment from Binance, which makes me quite curious: Is Binance also quietly making a move, wanting to get a slice of the on-chain trading pie? The recent meme token craze on the BSC chain, where UniversalX directly offered a 100% free trading subsidy and was even praised by the BSC official, makes me wonder: Could it be that Binance is using UniversalX to test the waters, preparing to lock horns with the OKX wallet? Although the OKX wallet has quite comprehensive functions, it has never solved the problem of fragmented cross-chain liquidity, and the experience is still a bit sluggish. In comparison, the UniversalX team is obviously more agile, and they immediately adjust the product based on community feedback - this speed is really impressive.
Now, all the major exchanges are scrambling for the entrance to the on-chain market, with various tactics, but the goal is the same: the days of traditional CEXs are numbered, and on-chain is the way to go. I previously intuitively bet on a project called ZestDEX and made a small profit. This time, I'm keeping an eye on UniversalX, feeling that it may be the next explosion point. After all, it stands at the forefront of on-chain CEXs, with solid technology, experience, and community.
My strategy is also very simple: use UniversalX for more transactions, get familiar with the on-chain gameplay, and see if I can grab some airdrops. I've talked to their official team, and they've clearly stated that they will issue token airdrops in the future - isn't that an obvious benefit? Getting in early, who knows, I might be able to reap some extra benefits.
