When selecting a token for your portfolio, the biggest question to ask is, “What problem does this project solve?” It’s pretty easy for a token to blossom and later faze out. We see this with memecoins. Crypto is a long-term game. So, if you are in for the long term, you must select tokens based on their fundamentals.
Ethereum is currently in a poor run. But, Ethereum remains a gem to hold. It has long-term potential. So, holding ETH has a long-term profit over time. One of the projects we’ve discovered with huge potential is the Arcana Network.
They are not solving a single problem, but multiple issues. Their goal is to make it easy to onboard and access Web3. Furthermore, their products span different sectors of the market:
- NFTs
- Gaming
- Real-world assets and DeFi.
Their goal is to become the leading project in Web3 abstractions. They have lots of tools that cater to this. The first, known as Arcana Auth, takes away complexities with wallets. We’ve written about account abstraction a couple of times. Read this article for a good intro to account abstraction.
So, Arcana takes away the complexities of seed phrases and wallets. Arcana Auth improves user conversation rates by offering developers a simple authentication process. It supports social login options, making it easy for developers to onboard new users. Here are some special features of the Arcana Auth:
- It is the fastest decentralized social login in Web3. It currently logs you into your account in under 5 seconds. The team has some upcoming updates that’ll take it to under 3 seconds.
- It supports social logins for creating in-app noncustodial wallets.
- Arcana is one of the two projects with truly decentralized MPC solutions in Web3. MPC is a popular privacy technology.
- Arcana Auth supports several top chains. This includes MultiversX, Solana, and EVM.
- It caters to gaming applications.
Next, Arcana abstracted gas fees with Arcana Gasless. Gas fees can be a burden for anyone using Web3 apps. Arcana Gasless provides gasless transactions to improve the user experience. With this feature, you do not need to install extra software to bypass complex procedures.
In simple terms, Arcana makes it easier for developers to onboard new users.
Strong focus on account abstraction
If you’ve been paying attention to crypto, you’d realize that account abstraction has gained significant attention lately. Investors are paying attention to projects eliminating Web3 complexities. These projects are enabling the next mass adoption of crypto.
Arcana is steadily gaining fame as a modular Layer1 chain for account abstraction. They use tools like MPC and Intent to tackle Web3 complexities. But, what makes them unique from their competitors?
- They are providing a solution for liquidity fragmentation. Arcana enables network transactions on a user’s behalf.
- They conduct transactions smoothly from any dapp on their supported chains.
- Supports limited developer integration. This leads to greater onboarding.
- Arcana’s MPC network provides a completely decentralized signing mechanism. This helps facilitate fast and secure transactions. The MPC is also capable of signing transactions alongside the user’s signature.
- Most projects that use an MPC have to run it on cloud providers. This means it is not truly decentralized. Arcana’s decentralized MPC is one of the fastest decentralized MPC providers.
Arcana Network’s ability to facilitate cross-chain transactions with minimal integration effort makes it a valuable part of Web3. We expect the number of blockchain rollups and app chains to grow. So, there’ll be more demand for easy-to-use, interoperable solutions like Arcana. The network is here for the long term.
Arcana’s growth
Arcana Network has enjoyed remarkable growth in a short time. Arcana launched the Arcana Auth in February 2023. The tool has achieved remarkable milestones. This includes the creation of over 3 million wallets. It has also seen deployment across 2000+ apps on both testnet and mainnet. And secured 100+ partners.
SendIt, another of the project’s products, was launched in August 2023. And has gained traction with over 500,000 users. The app has also facilitated more than 5 million transactions.
These growth metrics reflect Arcana’s influence on changing the user experience in Web3. The Arcana team is pretty experienced in both Web2 and Web3. The team has continued building across two major bear markets.
Their focus on the long-term led them to halt their token launch in the last bull run. The team’s focus is on the user experience and its value. The Arcana team has raised over $5 million across four rounds. Furthermore, they have over 40 investors who stayed active during the bear market.
In conclusion, Arcana’s appeal isn’t only in its token. Instead, its focus is on making it easier for developers to onboard users. There’s huge potential in this project, thanks to its interest in account abstraction.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. This article was sponsored by Arcana Network.
