This DeFi platform offers advanced trading features on all EVM DEXs with Ethereum account abstraction

    2023.11.17 | exchangesranking | 179onlookers

    Presented by goodcryptoX

    goodcryptoX, a new DeFi trading platform, leverages Ethereum’s account abstraction feature to provide users with advanced trading functionality and a seamless user experience.

    Decentralized finance (DeFi) offers unique advantages over centralized platforms, empowering individuals and offering more control over their finances. In DeFi, crypto traders can leverage trustless networks to bypass intermediaries and build diversified portfolios without sharing private keys.

    Nevertheless, DeFi and decentralized exchanges (DEXs) have to address several key challenges to win market share from traditional crypto exchanges. Here are some of the most ardent problems:

    Limited functionality: DEXs focus on giving users complete control over their funds, but they don’t offer the same variety of features as centralized exchanges (CEXs). This is because current blockchain-based models, such as automated market making (AMM), are relatively rigid and limited in terms of features.Centralization: Ideally, DeFi operations should not be affected by human intervention, but this is not always the case. DeFi apps still rely on many centralized components, such as price data, liquidity pool management, and even decision-making factors driving the development of the entire ecosystem.User experience: Managing a portfolio in DeFi is quite a challenge. DEXs and decentralized asset management protocols do not focus on providing an intuitive experience, and they do not have the technical capabilities to do so. Traders must consider many steps and have a deeper understanding of multiple concepts in order to stay in the game.Security: Even though most DeFi apps do not target your private keys, they are still vulnerable to security issues, such as smart contract flaws, oracle manipulation, and bridge loopholes.

    Telegram trading bots, which allow users to trade on DEXs directly from the Telegram messaging app, attempt to address some of the challenges DeFi and DEXs face, such as limited functionality. They offer a number of advanced features such as copy trading, liquidity sniping and airdrop farming. However, Telegram trading bots are still in the early stages of development, have a poor UX and pose a number of security risks, including smart contract risks and custodial risks.

    Advanced features for crypto traders

    The demand for a secure and easy-to-use platform remains high, and in response, GoodCrypto, a crypto trading platform, is launching goodcryptoX — a new DeFi platform that addresses the need for advanced DEX features while remaining fully noncustodial.

    To provide traders with a seamless and user-friendly experience, goodcryptoX uses Ethereum’s account abstraction feature by taking advantage of Ethereum’s ERC-4337 standard, which lets users create noncustodial wallets as programmable smart contracts.

    To begin with, goodcryptoX preserves noncustodial DEX interactions by enabling users to trade crypto assets without sharing private keys. Unlike other DEXs and DEX aggregators, goodcryptoX provides advanced functionality, such as conditional orders, automated portfolio rebalancing, copy trading, recurring buys, trading bots, automated yield maximization, and automated bridging to layer-2s for better efficiency. Imagine having access to all these features on all leading Ethereum-based DEXs — this is what you can do on goodcryptoX today.

    Source: goodcryptoX

    Source: goodcryptoX

    Instead of being a simple token conversion kiosk like most DEXs, goodcryptoX is a complete crypto trading platform that builds on decentralization. To accelerate the adoption of DeFi trading, goodcryptoX prioritizes user experience and offers an intuitive interface to access all leading DEXs. Moreover, the DeFi platform does not compromise security to achieve a Web2-like experience. It uses smart contract wallets to protect user funds and relies on multi-party computation (MPC) technology and social login for enhanced security.

    Leveraging Ethereum’s account abstraction

    GoodcryptoX’s design and underlying infrastructure have been developed to address all the major pain points in DeFi. By adopting Ethereum’s ERC-4337 standard launched in 2023, goodcryptoX lets users create accounts directly on smart contracts and permits some wallet functions to be operated by third parties. This opens the door to access advanced features that haven’t been previously available in DeFi, such as trading bots or copy trading.

    Maksim Hramadtsou, founder and CEO of GoodCrypto, explained:

    “ERC-4337 account abstraction will completely change how we interact with decentralized applications. GoodcryptoX is utilizing it to revolutionize the way we trade on decentralized exchanges, expanding the feature set and simplifying user experience while not making any compromises on security.”

    goodcryptoX launched the platform’s beta testing in September and is readying for the public launch at the end of the year. There are over 60,000 crypto traders on the waitlist. The goodcryptoX ecosystem will be fueled by its native token GOOD, scheduled to launch in Q1 2024.

    By leveraging the latest Ethereum upgrade and offering an intuitive interface as well as security, goodcryptoX aims to provide the most complete crypto trading ecosystem. This is a significant step forward for the DeFi industry, as it addresses many of the key challenges that have hindered its adoption in the past.

    Learn more about goodcryptoX

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