An upgrade from "protocol" to "terminal", with good products speaking for themselves.
Written by: Haotian
In line with the principle of saying less but more, let me quickly comment on the significance of @ParticleNtwrk launching UnivesalX, a new “chain abstraction” application trading platform:
1) "Chain abstraction" is a mainstream continuity narrative after modularization, and its goal is to achieve a paradigm shift from the current infra split to the improvement of user application experience. However, many people cannot intuitively feel the significance of this transformation, and even label chain abstraction as a "misinterpretation".
The UniversalX trading platform is a product born out of this background. Since the B-side concept cannot make everyone feel it intuitively, it is better to launch C-side application products to drive it "intuitively".
Essentially, it has accomplished a narrative upgrade from 'protocol' to 'endpoint' through good product communication.
2) UniversalX is a chain-agnostic trading platform supported by universal accounts, promoting user experience upgrades at the functional level such as 'one account, one balance, any chain, no bridging, any Gas, fiat currency access'.
What seems simple is actually the result of 'abstracting' the complex chains, funds, and interaction environments. For example, 'one account, one balance' means unifying access to various isomorphic and heterogeneous chains and managing centralized balance scheduling. Users may not perceive the complexity, but the underlying protocol scheduling and control layer has to tackle a lot of challenges in cross-chain interaction and communication.
Therefore, UniversalX is not a product that can be completed in one go; it will continue to optimize many small details in subsequent iterations. It is hard to achieve perfection at the beginning, as there will always be new complexities in the Crypto field that need to be 'abstracted' and addressed.
3) The strategic significance of UniversalX is substantial, as it will directly impact the two mainstream industry forms of 'decentralized wallets' and 'centralized CEX'.
Taking custodial wallets as an example, most wallets are entangled in 'functional' differences, but ultimately, they are just a control console for users to manage assets, unable to truly elevate to the level of user 'entry'. The reason is that the differentiation of wallet functions itself can cause a tearing of the smooth user experience, which has been difficult to change in the past development environment that emphasized 'heavy infrastructure, light applications'.
The approach of UniversalX, which aggregates various basic functions and unifies user experience from the start, will truly have a trend of 'entry' and pose a threat to the moat of decentralized wallets.
The impact of centralized exchanges (CEX) is easier to understand. Products like UniversalX, which are close to CEX but entirely based on an on-chain environment, will catch the wave of on-chain decentralized exchanges (DEX) gradually surpassing CEX during a significant period of profit. The final outcome is still unknown, but even lowering the participation threshold in the on-chain environment to the level of competing with CEX would be sufficient.
It is not difficult to see that this is a new species, launched under a new 'chain abstraction' narrative, aimed at upgrading user experience, based on the thinking of the application 'endpoint'.