Hey DEFI TIMES community,
on December 14, we published an article about Frontier, an all-in-one DeFi mobile app.
The writer of today’s guest piece is Palash Jain, Co-founder of Frontier.
He explains the problems in the crypto space, which made him co-found Frontier. Why are there so few mobile DeFi apps? Why do developers prefer to build web applications?
Let’s find out!
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Wallet Aggregation: Building Native DeFi Apps on Mobile
Frontier is a Mobile-First DeFi Aggregator on Mobile, enabling users to manage their DeFi portfolio from one place. While building a user focused product on Mobile, we realized a gap between the users using mobile-based crypto wallets and access to DeFi on Mobile. When writing this, the Total TVL in DeFi is about 19 Billion dollars, which can be managed by mobile if there’s a way to connect Ethereum wallets to DeFi interface products.
Finding a solution to this problem, we built TxLink, a middleware that connects Mobile Wallets to Frontier. Users can access Native DeFi, Staking, and Track Protocol Positions without importing Private keys/ Seed Phrases.
Four prominent reasons for building this:
1. Building Native DeFi App.
2. Enabling Users to connect existing Wallets on Mobile.
3. Removing Platform Dependency for users.
4. Simplifying Multiple Wallet management.
What is Wallet Aggregation?
Aggregation is a system design principle that deals with the inter-relationships of components. A highly composable system provides components that can be selected and assembled in various combinations to satisfy specific user requirements.
Wallet Aggregation is a system that enables the user to choose the desired wallet to perform or complete certain operations, i.e. Staking, Gaming dApps, DeFi protocols, NFT, etc., and thereby removing the address fragmentation problem.
Why are Developers not building Native dApps on Mobile?
dApps developers currently face difficulty to build on Mobile because of two problems
Wallet Creation (Key management)
User onboarding experience
Let’s take an example: Bob, A dApp developer, wants to build a Native iOS App called Lottery Platform like Pool Together. Bob now has to come up with two things before he starts working on the actual product.
Wallet Creation — Users need to have a Wallet to interact with any web 3.0 Application (dApps). Bob now has to work on Wallet creation ( Key management) so that users can create Wallet/ Import/Export on his App.
User onboarding experience: For Users to use Bob’s App on Mobile, they have to either create a wallet or import their existing wallet, a serious UX issue.
Instead of focusing on the actual product, Bob has to solve the Wallet Creation (Key Management) and User onboarding issues first. There’s no way Bob can natively integrate existing wallets and therefore if a user wants to use Bob’s App, they are forced to create a new wallet or import an existing one, there’s just no other option.
….And Bob be like
👉 Enter TxLink — Wallet Aggregation on Mobile
TxLink is a Middleware that connects Mobile Wallets to Frontier such that users can access Native DeFi, Staking, and Track Protocol Positions without having to import Private keys/ Seed Phrases.
The Above illustration has Three Layers.
Top Layer: Application Like Frontier, a DeFi Aggregation layer enabling users to seamlessly access Multiple DeFi Application across Multiple Blockchains (Chain Agnostic) just be connecting Mobile Wallets.
Second Layer: Wallets where users store funds and Wallet creation/Private key management happens. Mobile wallets roles will essentially reduce to storing assets, send, and receive assets.
With App Store’s Policy hitting hard on Mobile Wallets such as Coinbase Wallet, and Trust Wallet to remove the dApp browser functionality. Users can’t access dApps anymore with Mobile Wallets.
Third Layer: Blockchains are the third and the base layer where all the transactions are settled.
All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.