The journey towards mainstream retail adoption of Decentralized Exchanges (DEXs) has been marred by challenges: subpar user interfaces, limited asset offerings, absence of fiat on/off ramps, and markets lacking liquidity. In contrast, Centralized Exchanges (CEXs) present different issues; users don't have access to their funds and are not decentralized.
While most protocols focus on fixing the problems in the current DeFi ecosystem, they are missing the big picture. The challenge with DeFi projects isn’t only to cater to DeFi users but to onboard new users into the ecosystem simultaneously. There lies an opportunity to attract users from emerging markets, willing to explore DeFi & looking for high-yield opportunities.
So the question is – how do we make it happen?
The equation is simple: Emerging Markets + Seamless User Experience + Account Abstraction = Mass Adoption.
Onboarding to new ecosystems in DeFi is painful and requires bridging and multiple steps. This makes it challenging for users trading on centralized exchanges to transition and begin their DeFi journey. Keeping this in perspective, we want to deliver a seamless onboarding journey similar to that of CEXs with the security and privacy that a DEX provides.
This approach led us to our first product of ZKX on mainnet, leveraging Starknet’s native account abstraction and Starkway our L1 to L2 bridge. The account is currently deployed on Cairo 1.0 and undergoing an audit by Nethermind. We plan to expand the ZKX account to other L1s and Rollups, aiming for a truly omnichain experience for our users.
1. Seamless User Experience: The first version of the account ensures a DeFi-centric experience using the seed phrase. Soon, we'll progress towards web2-friendly logins, eliminating users' need to record or memorize their private keys and simplifying the onboarding process.
2. You have control of your Funds: Your ZKX account operates as a self-custodial account on Ethereum Layer 2. Users enjoy seamless bridging to Starknet, eliminating multiple steps in their journey to start gasless trading with the ZKX Appchain.
3. Gamified Journey with ZKX Account: Imagine your ZKX account as the key to unlocking milestones toward the exchange's Mainnet. This account transforms your engagement with ZKX into a gamified journey, reflecting your participation in upcoming campaigns through NFT badges.
4. All-in-one DeFi Hub: As we progress towards the exchange's Mainnet, the ZKX account will become the central hub for all your DeFi needs, featuring perpetual swaps, staking, and various DeFi products—all in a single, user-centric application.
1. Create Your Account: To create an account, click on the 'Create Account" button available on all devices.
2. Creating an Account includes 3 steps:
• Step 1: Create Password: Generate a strong password with at least 1 digit, 1 special character, and a minimum of 8 characters.
• Step 2: Secure Seed Phrase: A secure seed phrase will be generated; ensure you save it. Check the "I have saved my secret phrase" box and click confirm.
• Step 3: Reserve Display Name: Reserve your public display name (minimum 8 characters, A-Z, and no hyphen at the start or end). Click confirm. Your display name will be verified, and suggestions will be provided if necessary.
3. Pay Network Fee for Account Activation: To activate your ZKX Account, you'll need to cover network gas fees and connect your wallet, transferring the minimum funds for the transaction. You can use Metamask, WalletConnect, Coinbase, or any L2-based Starknet wallets like Argent and Braavos. Once the transaction is successful, your account will be deployed on Starknet, and an activation timer will appear, confirming the process.
4. Account Overview: After creating your account, you have a clear view of your balance. For enhanced privacy, the option to hide it is available. Furthermore, you can lock your account, log off, or reset your password directly from the overview.
5. Top-Up Funds: Directly top up your account within the wallet. Currently, we offer ETH as an option under "My Assets".
6. Share Your Account: Share your account using the QR code for seamless access on Twitter and Discord.
7. Withdraw Your Funds: You can withdraw your funds by clicking on “Transfer.” Currently, withdrawals are live on L2, enabling transfers to Starknet wallets like Argent and Braavos, with withdrawals to L1 coming soon.
8. Recovery Options: You can use the recovery seed phrase to enable account recovery. If you have multiple accounts under your name, all of them can be recovered at once.
The ZKX Account goes live on 21st September. Tune in for our announcement tomorrow on X.