The next big step for DeFi

Let’s be honest:

The current on-chain user experience (UX) sucks, especially for newbies.

It is estimated that ~500M people bought crypto on a CEX. But from those 500M, I’d say that less than 10% completed at least one on-chain transaction.

There are now dozens of highly scalable blockchains, the gas fees on L2s have become negligible, and there are lots of interesting on-chain dApps that are worth trying.

The next logical step in my opinion for DeFi to reach mass adoption is to build UX solutions that bring a web2-like friendly user experience on-chain. Happily, over the past months, some of those have started to emerge.

I tested a few of them over the past few days. Today I want to cover the new on-chain UX solutions that I found the most interesting👇

1. Coinbase Smart Wallet

Coinbase Smart Wallet has been built to simplify the onboarding process. And it’s definitely a great product in terms of user experience.

Here’s what makes it stand out:

• Easy onboarding - You can use your fingerprint, Face ID, or Google Chrome profile to access your wallet
• Protocols have the ability to pay gas fees on your behalf
• Support for batched transactions
• Integration with Coinbase accounts - You can use your Coinbase CEX Account balance to pay for your web3 wallet transactions

Using Coinbase Smart Wallet, you can start trading on-chain in less than a minute. Here’s a video from Cygaar of how he went from no wallet to minting an NFT in 35 seconds:

2. Fuse

Fuse, the first smart wallet for Solana, went live earlier this week.

Fuse simplifies the creation of a personal smart account on Solana to a few clicks and has lots of interesting features:

• Gas Abstraction - Fuse acts as a ‘gas tank’ that pays gas fees on your behalf
• Spending limits - Define spending limits for any token and timeframe. This feature is useful especially for security purposes
• Wallet recovery - Use anything from an email to a cold wallet as a 2FA system
• An intuitive CEX-like user interface

According to the CEO of the company behind Fuse, Fuse’s goal is to become a web3 savings account rather than focus on ecosystem integrations as Phantom does.

3. Infinex

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And last but not least, let’s talk about Infinex.

Infinex is a UX layer project founded by the creator of Synthetix, a well-known OG DeFi protocol. Infinex is a game-changer in terms of user experience. Here’s why:

In addition to its web2-like wallet authentication feature, which is also supported by Fuse & Coinbase Smart Wallet, Infinex Wallet comes with chain abstraction.

“Chain Abstraction” refers to the fact that the Infinex Wallet makes cross-chain transfers effortless, removing the complexity of the bridging process.

Think about being able to move your assets from a Solana dApp to an Arbitrum dApp without having to use a cross-chain bridge. That’s something that Infinex enables.

On top of this, the wallet will also feature a lot of in-app integrations. But for now, Infinex is still in a mainnet beta phase with a low number of integrations live.

And those are the 3 new UX solutions that I wanted to cover today.

We’re still early in terms of DeFi mass adoption, but the development of projects like Infinex, Fuse, and Coinbase Smart Wallet makes me optimistic about the future.

DeFi is already offering insane yield opportunities that TradFi investors can only dream of. The goal now is to make DeFi accessible for the average Joe.

Together with Neura

PARTICIPATE IN NEURA TESTNET AND GET REWARDED

Earlier this year, Ankr introduced Neura, a new blockchain built for AI.

Neura is an EVM blockchain designed to tackle the challenges AI developers face such as lack of GPU resources, funding, and scaling data accessibility.

Neura pioneered an innovative funding model for AI startups called IMO (the Initial Model Offering). Through IMOs, AI projects can secure investments via decentralized crowdfunding.

IMOs empower developers to easily tokenize their AI models.

You can now participate in IMOs on Neura testnet and get rewarded. Here’s how:

• Go to the Test IMO page
• Click the “Connect wallet” button and sign into your crypto wallet
• Switch your wallet network to the Neura Testnet
• Navigate to the projects tab and select “Active Projects”
• Get testnet ANKR (TANKR) from the faucet at the top right corner
• “Invest” your testnet tokens in a initial model offering you choose

Future rewards for early adopters are confirmed🪂

Check out Neura’s innovative blockchain solution for AI!

On-chain Alpha🔎

Pendle became a top 5 DeFi protocol by TVL

Source: DeFillama

Pendle is one of the DeFi projects that I’m most bullish on.

At the beginning of 2024, Pendle had less than $250M in TVL. Now it has a TVL of almost $7 billion.

As long as its team keeps integrating hot protocols that are offering very attractive yield opportunities, I expect the protocol to continue growing.

Crypto Meme😂

The latest developments in DeFi

ZKsync introduced its ZK token. 17.5% of its token supply is allocated to an airdrop

Symbiotic, a new major restaking protocol, went live. It attracted over $240M in TVL in less than 24 hours after its launch

Fuse, Solana’s first smart wallet, went live. Fuse offers wallet recovery and 2FA

Fantom’s proposal for an upcoming airdrop campaign went live

Berachain’s Public Testnet bArtio B2 is now live. Interacting with it might qualify you for an airdrop

Polygon launched a Community Grants Program with 1b $POL tokens allocated over the next 10 years. MATIC is set to transition to the POL ticker in the near future

Solana Labs unveiled Bond, a technology stack for businesses looking to launch customer loyalty programs on Solana

Lido introduced ‘Restaking Vaults’ in collaboration with Symbiotic. Symbiotic is a new restaking protocol backed by Paradigm

Optimism has launched permissionless fault proofs to become more decentralized

pSTAKE Finance launched its token $PSTAKE on Blast in partnership with Thruster

Massa Labs announced the launch of Massa decentralized DNS. Massa’s on-chain web hosts both the frontend and backend of dApps directly on the blockchain

Arbitrum proposed the BOLD upgrade to become a Stage 2 Ethereum Rollup. BOLD will increase network security by enabling anyone to be an Arbitrum validator

Sociocat introduced its Ask to Earn incentives program

deBridge introduced deBridge P2P, an OTC desk for DeFi. deBridge P2P enables making OTC deals between 13+ chains completely on your terms

Wormhole has released staking for $W token holders. It is rumored that the top 10,000 W stakers will get an airdrop from Monad

Binance Labs has invested in Zircuit, an Ethereum L2 project

That’s all for this week!

Until next time,

The DeFi Investor

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