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Web3 wallet is undergoing a paradigm change: from "multi-chain wallet" to "chainless wallet"
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2024-12-23 17:02 3,918

Web3 wallet is undergoing a paradigm change: from

1. User demands

Ordinary users have only one demand for Web3 wallets: whether it can make surfing on the chain more convenient.

Wallet is the entrance to the Web3 world. It is a high-frequency application that every ordinary user uses every day. Therefore, convenience is very important and cannot be overemphasized. . (Of course, security is the bottom line)

However, most wallets are not good enough now. Ordinary users need to understand many concepts before they can actually use them, such as Understand private keys, understand Gas, understand cross-chain, etc.

Although many wallets have tried their best to smooth out the differences between different chains at the application layer and try to provide users with a unified experience, typical ones such as OKX wallet, aggregation There are many chains, DEXs and cross-chain bridges that can complete these operations in one stop.

However, this does not fundamentally solve the problem. Various concepts based on the characteristics of the blockchain still need to be understood by users.

2. Chain abstract narrative

There is a bold and radical way: that is to completely overturn the current user experience and start over. The change seems to have become an "industry paradigm" ” user interaction mode.

The complexity of current wallets lies in the concept of "chain". There are too many chains now, and more packaging should be done at the product level, so that Only in this way can we provide a completely different product experience.

In this scenario, you can consider combining "chain abstraction", which is to encapsulate the concept of chain so that users do not need to perceive the concept of chain or Gas token There is no need to cut or cross chains, just use a common token to pay the handling fees of all chains.

This is truly in line with the common experience of Web2 applications for novice users.

The current benchmark product in the chain abstraction track is: UniversalX.

UniversalX allows us to see what chain abstraction application looks like, instead of staying at the conceptual stage. It is worth learning by the project parties of the Web3 wallet track.

3. Wallet paradigm changes

Chain encapsulation is a major trend. Because of the explosion in the number of chains, the learning cost for ordinary users is too high, so the complexity of the chain should be left to the application itself. This is also the source of the "chain abstraction" narrative.

Existing wallets also encapsulate the chain at the application layer, but they are not thorough, or they have not yet deeply realized the value of chain abstraction.

Chain abstraction actually fundamentally reshapes the paradigm of existing wallets, from "multi-chain wallets" to "chainless wallets".

That is, from the simple aggregation of multiple chains to the underlying encapsulation of multiple chains, users no longer perceive the existence of multiple chains.

It should be noted that the impact of this kind of technological innovation is slow. Only those who eat crabs first have achieved certain results can they attract others. Pay attention to this technology, but the first-mover advantage will be gone.

There is currently fierce competition on the Web3 wallet track, with OKX Wallet taking the lead. If other competitors want to overtake in corners, they need to try more innovative ways. Only by producing something different can we form a differentiated competitive advantage.

Among them, chain abstraction is one of the technological changes worthy of attention from Web3 wallets.

The pattern of the wallet track is undecided. Only when the experience is good enough and only when user needs are truly met can the product develop in the longer term and occupy a place in the Web3 entrance traffic war. .

Keywords: Bitcoin
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