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word number: 1071
Time: 2022-09-12 02:21:49 +0000
In the past accessing decentralized finance (DeFi) in Avalanche C-Chain was very complicated for inexperienced users. First, there are no direct withdrawals to Avalanche (AVAX) C-Chain. Second, the wallet that was directed by most website was a web wallet which feels insecure because we must input our pass phrase or private keys every few minutes if we are idle. Third, the first time I was confused to which chain I need to cross to because there was C-Chain and X-Chain. Fourth, inexperienced users may not know the next steps which is importing the wallet to Metamask and afterwards add Avalanche C-Chain through custom network. Fifth when we want to transfer to exchanges, we must cross chain again from C-Chain to main chain through the web wallet. Today, the process is no longer that complicated which is just as user friendly as other popular DeFi chains. The level of user friendly here is everything accessible from the smartphone as many people nowadays may not have a personal computer (PC) but have a smartphone.
While literate users mostly use Metamask whether on PC and smartphones, other users only uses simpler mobile application. During the first non-fungible token (NFT) and previous DeFi hype, the most prefered ecosystem is Binance Smart Chain (BSC). Back then I told my friends that I am also into other DeFi chains such as Polygon, Avalanche, and Harmony, but non of them are interested. The reason was because they have to add the network manually where just thinking about it was already complicated for them. There are even others who are too lazy to try Metamask and even today they only stick to BSC.
However this week at the time of writing this article, Trust Wallet supports Avalanche C-Chain. In Trust Wallet, the Avalanche C-Chain network is added automatically where all we need to do is choose the network. Although, it does not support adding custom network like Metamask. What other wallets do you use? Leave a comment below.
Let me repeat that in past we have to cross chain from AVAX C-Chain to Main Chain before we can deposit to exchanges for cashing out / fiat withdrawal to banks and local digital wallet, trading, or enjoy other services. Today, direct C-Chain deposit and withdrawal are beginning to be supported on exchanges. This includes the most popular crypto exchange in the world Binance. In short, the simplified process will encourage more users to try DeFi on Avalanche.
Before Binance that supports AVAX C-Chain was Kucoin which was good enough because Kucoin does not require know your customer (KYC) verification for small withdrawals where users can buy small amount of AVAX C-Chain there to just try Avalanche DeFi ecosystem. Earlier than Kucoin was Gate.io but requires KYC where I was too tired to do back then and decided not to use the exchange. Leave a comment below if you know more exchanges that supports C-Chain direct deposit and withdrawal.
There are now applications or websites that can shows our assets and where they are used in a form of a beautiful portfolio. If I am not wrong, the earliest portfolio tracker for Avalanche is Markr. Later on DeBank and Ape Board also support Avalanche portfolio tracking but they are more to multi chain portfolio tracking while Markr I see is dedicated to Avalanche ecosystem where not only for portfolio tracking but shows status and trending projects on the ecosystem. Before I knew Markr, I only knew 3 projects in Avalanche DeFi, they are Pangolin DEX the first decentralized exchange (DEX) with yield farming on the ecosystem, Snow Ball Finance holds collection of stable coins, and Yeti Swap NFT Market Place. All of them are great applications, use the ones you like best. Leave a comment below if you know any great projects on Avalanche.
Although for user friendliness, this feature is not as urgent as simpler wallets and exchanges but this is very significant. First, users who are very active and diversified need a portfolio feature because their activities will be too much for them to track manually such as the assets they are trading, the place they are farming, the place they are subscribing to, and etc. Second, this feature demonstrate very well the transparency of not only DeFi but cryptocurrency as a whole and the best of the applications among them are application that can conveniently share portfolios to other users. For example, I can share to you my real time Avalanche DeFi Portfolio by sharing you this link https://markr.io/#/wallet?address=0xCf354A0012160bC5dAe441C49f0B2d7E4A4fFC96. To generate your own link, go to markr.io or any other application, input your wallet address, and your browser will generate a hyperlink, or for markr.io, add your wallet address at the end of the hyperlink https://markr.io/#/wallet?address=. For example, the hyperlink is https://markr.io/#/wallet?address= and my wallet address is 0xCf354A0012160bC5dAe441C49f0B2d7E4A4fFC96. Therefore, https://markr.io/#/wallet?address= + 0xCf354A0012160bC5dAe441C49f0B2d7E4A4fFC96 = https://markr.io/#/wallet?address=0xCf354A0012160bC5dAe441C49f0B2d7E4A4fFC96. Do you know any other portforlio tracker on Avalanche?
Fact remains that there are many traders and speculators within the cryptocurrency market which is true for any financial market including foreign exchange (Forex) and Stocks. Without trading tools and interfaces, traders will be discouraged to enter the market. I recently became a trader myself and feels empty if there are no candle stick charts with different time frames, if I cannot draw lines and objects such Fibonnaci tools, and if there are no technical indicators. Good thing that Chartex supported trading tools and interfaces for Avalanche DeFi ecosystem and recently DEX Guru as well. For example, here are links to trading charts of Pangolin https://dex.guru/token/0x60781c2586d68229fde47564546784ab3faca982-avalanche, Snow Ball https://dex.guru/token/0xc38f41a296a4493ff429f1238e030924a1542e50-avalanche, and Yeti Swap https://dex.guru/token/0x488f73cddda1de3664775ffd91623637383d6404-avalanche. What are you trading today on Avalanche C-Chain?