Introduction – The Problem

Surveying the current crypto landscape

In the current crypto landscape, centralized exchanges continue to be a dominant force, offering high liquidity, user-friendly interfaces, and advanced trading features. However, the latter half of 2022 perfectly highlighted the inherent risks of using a centralized crypto provider to custody funds – with many users sadly losing large sums to the likes of Celsius, BlockFi, Voyager, and now FTX. The need for users to entrust their assets to a third party and the concomitant counterparty risks prove to be too risky to the space in the aftermath. Centralized exchanges also often require Know Your Customer (KYC) procedures, which can compromise users' privacy in the event of a hack, or - in the case of Celsius's Chapter 11 - bankruptcy proceedings.

On the other hand, decentralized exchanges (DEXs) have emerged as a popular alternative, providing users with more control over their assets and a trustless, peer-to-peer trading environment. Despite these advantages, DEXs still face limitations, including lower liquidity, slower transaction speeds, and a more complex user experience.

Additionally, the increasing number of supported blockchains and wallets has created a fragmented ecosystem, making it difficult for users to effectively manage and track their assets across various platforms.

This has led to a growing demand for an innovative solution that addresses the shortcomings of both centralized and decentralized exchanges while enabling seamless multi-wallet and cross-chain management.