Simplifying Cryptocurrency User Experience with a Chain-Free Toolkit: OneBalance Secures $20m Funding
Streamlining Crypto Interactions with OneBalance
OneBalance, a revolutionary developer platform, has bagged $20 million in its Series A funding round, headed by cyber•Fund and Blockchain Capital. Founded by Stephane Gosselin, Daniel Worsley, and Ankit Chiplunkar – formerly of Flashbots and Coinbase – this innovative platform tackles the age-old issue of managing multiple blockchains.
Navigating Multiple Blockchains Simplified
In traditional crypto, users must juggle wallets, bridges, and gas fees across various chains. OneBalance aims to make this process a thing of the past with its innovative Toolkit, backed by the technology called "Resource Locks."
This technology empowers developers to build applications that function seamlessly across chains, using one-click actions. Say goodbye to the intricate complexity of cross-chain transactions, as users no longer need to worry about dealing with different chains or managing gas fees.
Seamless, Chain-agnostic Interactions
According to CEO Stephane Gosselin, OneBalance enables developers and fintechs to offer hassle-free interactions – sending, swapping, or earning yield – without users even needing to know which chain they're on. "We've reimagined blockchain development from scratch," said Gosselin, explaining that the platform prioritizes user value over enabling retail extraction.
The unique selling point of Resource Locks is its ability to parallelize execution, making transactions 40% quicker compared to traditional methods. This improvement simplifies the underlying complexity for both users and developers.
Paving the Way for Cross-Chain Dominance
OneBalance has already shown off native Bitcoin-to-EVM swaps and plans to soon support Solana and other networks. The Toolkit has been tested in a closed beta with early partners like DSX, Vooi, Spritz Finance, and Nuvolari.
Vasiliy Shapovalov of cyber•Fund said the firm was impressed by how Resource Locks could unify fragmented user bases and liquidity across chains. He observed that OneBalance isn't just enhancing user experience; it's also extending crypto's network effects.
OneBalance strategically abstracts user balances across chains into a single "spendable" balance, eliminating the need for users to hold native gas tokens. Fees are paid using the tokens being transacted instead.
In essence, OneBalance's innovative Toolkit, fueled by Resource Locks, offers a more efficient, user-friendly, and developer-friendly solution for interacting across multiple blockchain networks. With its parallelization, simplified complexity, enhanced interoperability, and one-click cross-chain transfers, OneBalance is poised to revolutionize the crypto landscape.
- OneBalance's innovative Toolkit, backed by Resource Locks technology, enables users to send, swap, or earn yield across multiple blockchains with just one click, eliminating the need for managing various wallets, bridges, and gas fees.
- The platform's Resource Locks technology empowers developers to build applications that function seamlessly across different blockchains, improving execution speed by 40% compared to traditional methods.
- Among the networks OneBalance plans to support are Bitcoin, Solana, and others, aiming to unify fragmented user bases and liquidity across these chains.
- By strategically abstracting user balances across chains into a single "spendable" balance, OneBalance eliminates the need for users to hold native gas tokens, as fees are paid using the tokens being transacted instead.
- With its unique approach to resource management and interoperability, OneBalance is not only enhancing user experience but also extending crypto's network effects, paving the way for greater dominance across various blockchain networks.
