It’s time to abstract from the complexity of blockchain

True adoption for cryptocurrency and blockchain is still pretty far away. Bitcoin as legal tender is a step in the right direction but the real adoption will take place when this ecosystem gets less confusing, and more importantly — less fragmented.

The state of crypto in 2024 is that there are thousands of chains, with specific applications built on top of them, but very few of them actually communicate with each other.

For an outsider, it’s a siloed and confusing mess.

This space desperately needs tools that connect chains together in a way that the end user doesn’t have to worry about what wallet to get, what token to buy and what chain to use to interact with that specific application.

While solutions like this technically exist, such as Cosmos, most chains are not built to be compatible with Cosmos.

I discussed this in great detail with OKX’s Chief of Innovation Jason Lau in my recent podcast episode, and got some new perspective over where this industry is headed.

🎧 Listen to the Podcast on Spotify | Apple Music | Youtube

OKX and DeFi

During the conversation Jason unveiled OKXs brand-new multichain wallet. The wallet that they have created supports over 85 chains, enabling users to easily explore and engage with various DeFi applications, projects and communities all from a single wallet.

This really stuck with me I always thought that this space needs more tools that combine and aggregate the majority of chains there, and offer a single, seamless experience across.

This initiative reflects a broader ambition to serve as a gateway to the decentralized web, where users can effortlessly transition from traditional financial systems and into DeFi. What’s really interesting about the way OKX have approached this, is the fact that this multichain, non-custodial wallet is also connected to the user’s exchange account.

Meaning that users can seamlessly navigate between CeFi and DeFi without having to transact crypto to an external wallet — it’s all handled by the multichain wallet under the hood. I haven’t used it myself, but I will definitely give a shot to see how the quality of life improvements work in practice. In theory it sounds amazing and I cannot understate the importance of making this environment feel less daunting and more user-friendly.

Another tool that Jason unveiled is an NFT Marketplace aggregator. In a similar fashion as the Multichain wallet, OKXs NFT marketplace promises to remove the complexity of navigating through various NFT marketplaces and creating separate wallets. This marketplace aggregates NFT collections from multiple chains, into a singular interface where the idea of chains becomes less important.

OKX and CeFi

Jason explained to me the concept of Nitro Spreads. This is a financial tool available on their Liquidity Marketplace and is targeted towards institutional investors and power traders.

Among other things, it allows users to place trades instantly and tap into OKX’s own liquidity to ensure that there is no slippage on the trade. You’re basically executing trades at exactly the price you want and when you want it.

As the founder of crypto trading bot platform Aesir this idea intrigued me immensely as a financial instrument that can limit slippage for a trading bot can give it a significant edge in the market.

In fact, we’ve recently just finished integrating OKX into Aesir so users can algorithmically trade crypto using their favourite exchange. We also support Binance, Kraken and Kucoin.

In a sense, we’re doing the same thing with Aesir to simplify portfolio management and algorithmic trading. We’re abstracting away from the need to manage your assets on multiple exchanges. You can just do it all on Aesir.

Jason and the OKX team encourage such integrations so long as they are don in a responsible manner.

The path to widespread crypto adoption is paved with challenges, yet the efforts of platforms like OKX and Aesir show that a new pattern is emerging The focus on simplifying access to DeFi, enhancing CeFi trading experiences, and fostering interoperability across the blockchain ecosystem speaks to a future where the complexities of today’s crypto world are no longer barriers to entry.

If you haven’t already, I encourage you to Listen to the entire converasion between Jason and I as we dive into even more detail surrounding the future of the industry.

🎧 Listen to the Podcast on Spotify | Apple Music | Youtube

And if you’re into crypto trading bots, do check out Aesir. It’s super simple to create an account and roll out your own trading bot in minutes.

That’s all I have for today, if you found this article useful, show me some love and clap until it hurts (👏). See you in the next one.