Market Analysis
Competitors
OKX, despite having been forced to transition operations to Singapore, was originally founded in China. The decentralized exchange is owned by the OK Group, a Chinese conglomerate whose operations and legal oversights are still based in China. As of 2024 January, OKX has integrated with Parallel Finance, introducing the latter’s native yield solutions to the OKX wallets and their larger lending, staking, and trading solutions. As a result, they stand as a major competitor with whom NYA is a component of a larger ecosystem of blockchain DeFi economic solutions. More info Meanwhile, Wallchain’s solution is, itself, independent, geopolitically diverse, and provides native yield abstraction, untangled with interdependencies on other internal solutions provided or other protocols. It is a stand-alone, focused solution and provides a new perspective of trust as Wallchain’s chief service is enabling the NYA of any wallet purely by managing permissions, alone. Additional smart contracts needn’t be written. It is worth noting that OKX’s Smart Account, is the incumbent account abstraction (AA) implementation in this space and utilizes the ERC-4337 Ethereum standard for its processes. It’s primary value is in enabling:1
Gas fee payments via stablecoins
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Social recovery for wallets
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Security enhancements