Financial benefit
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.
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:
Gas fee payments via stablecoins
Social recovery for wallets
Security enhancements
Before its deployment, OKX wallets already implemented multi-party computation (MPC) methods to make possible access and salvaging of wallets. This was already a nuanced security bolstering method in contrast to a majority that manually recorded mnemonic phrases and private keys to access their funds. The addition of the Smart Account allows users to add on top of this layer of security and recover wallets entirely held in self-custody. Programmability of wallets, setting up of side-accounts for express accessing, and selection of trustees to manage one’s wallet are added. These new smart contracts allow unique protocols designed by the user/private fund managers to specially reinforce their wallets. Figure _ below describes the basic differences between traditional EOA and the Smart Account AA approach of OKX.