After reading many bloggers’ posts on the DEXX incident in the past two days, I found that the issue of [non-self-hosted private keys] has been widely criticized.#DEXX被盗

It was only after the incident that I opened the documentation of this platform for the second time. It happened that the concept of [chain abstraction] was mentioned frequently recently. I found that under the framework of chain abstraction, similar and better products may appear in the future, and they will be [self-hosted].

As for DEXX, I believe there are still many people like me who have never downloaded it.

Why was it called "Binance on the chain" during its promotion? It is because it provides a set of product logic similar to that of traditional CEX on the chain.

This itself is a shock to user habits for DEXs on the market.

Therefore, it also attracted a lot of on-chain users in the short term (in fact, in the early stage of the product’s promotion, I asked a friend who specialized in the chain, and he gave me feedback that DEXX still had a lot of room for improvement in terms of fluency. After that, I didn’t pay any more attention to it until this incident came out).

Looking back, there is nothing wrong with the entire logic of DEXX, and there is nothing wrong with the non-self-custody. After all, when people speculate in the cryptocurrency circle, it can almost be said that CEX is indispensable. It’s just that DEXX has experienced incidents like the theft of small exchanges in the past. In the face of facts, no matter how you argue, it will be pale.

Trust is the biggest marginal cost in the cryptocurrency world!!!

A CEX on a chain is a one-sentence summary of DEXX. Let’s get back to the topic. Under the framework of chain abstraction, is it possible for better products to appear in the future?

  • It is possible.

1. Self-hosting issues

For a CEX, non-self-custody is a very normal thing, but because DEXX's main business is on the chain, everyone ignores the fact that it is a CEX.

However, chain abstraction allows similar products to have self-hosting capabilities without changing the usage logic, allowing each user to control their own assets and the links of permissions.

Then similar possible incidents can be prevented from happening at the lowest level. This is a bit similar to the original DEXX, which is a centralized station for various decentralized chains and user events. Now under the framework of chain abstraction, the station is still the same station, but the room key is held by each "guest", and the shopkeeper will not have a spare key to the room.

2. Better on-chain experience

Although I have opened DEXX, I have never actually used it, so today I asked another friend who is active in the blockchain a question: Can DEXX support universal GAS?

The other party said no, and based on this answer, I wrote this article.

A few days ago, I bought a Meme on the chain myself, and then I had this question in mind: If I don’t need to care about which chain’s GAS I have in my hand, when a hot spot comes out, I can ignore these and buy it immediately, and the efficiency may be several steps faster than others.

Chain abstraction can handle this.

I just need to pay attention to how much money I have and the purchasing power of the money, just like we usually do when using a Web2 wallet account. That's enough.

  • Rather than saying that chain abstraction focuses more on assets, it is better to go a step further: chain abstraction highlights the purchasing power of assets

I don’t need to think about where my money is distributed. Even if I have 0.5 yuan in a corner, if I can use this 0.5 yuan to consume, then it has purchasing power. This is very common in real life, but it is rare on the chain. Often this 0.5 yuan has lost its purchasing power on the chain.

Imagine that, under the framework of chain abstraction, I no longer need to care about the hot spots between chains. I only need to care about how much money is in my account, whether there is GAS on XX chain, where to buy it, etc. I only need to consider whether I have enough money. That’s enough.

Then, the only reason that may make you unable to keep up with the hot spots is that the chain abstraction protocol does not aggregate new chains fast enough~

Therefore, if any chain abstraction protocol can speed up the work and produce such a flagship product, it will be able to fill this part of the market demand gap, do a good job of [self-custody] at the bottom level, and also upgrade and iterate.

It is foreseeable that whichever protocol can launch a similar product first will have no shortage of users in the future.