Dialogue Nabox: Multi-chain wallets are becoming an important infrastructure for DeFi

Nabox is a Web3.0 digital identity DeFi application wallet that currently supports six public chains, featuring functions such as managing cross-chain assets and cross-chain aggregation trading. This time, Ang Kang Wei, the project leader of Nabox, shared insights on topics such as how to lower the threshold for wallet usage and thoughts on the development of the crypto wallet sector, while also discussing Nabox's development plans, hoping to inspire you.

Chain Catcher: Currently, the crypto wallet sector has players like imtoken and Tokenpacket, and the competition is quite fierce. Why does Nabox want to enter this sector?

Kang Wei: As a traffic entry point for blockchain, wallets are a high-value area, and many startup teams or large companies are getting involved. By introducing users through wallets, they can expand and layout their project ecosystems. Asset security, user experience, and meeting diverse user needs are the main directions for research and development in the current wallet sector.

For Nabox, the initial positioning was to exist as the ecological wallet of NULS. After more than two years of development and accumulation, it has now built a certain user base.

From the perspective of adapting to the future development of the industry and ensuring the increasingly diverse needs of users, Nabox has undergone re-positioning and structural reshaping this year, expanding from initial asset storage to trading, financial management, cross-chain, DeFi, etc. The two core functions are cross-chain and cross-chain exchange.

For novice users, wallets in the current industry are still somewhat complex, with a high usage threshold. It involves setting up and switching between multiple chains and identities (accounts), and achieving asset interaction across multiple chains while needing to know the entry channels for different assets, etc. Nabox is centered around identity, managing assets across multiple blockchain networks, allowing ordinary users to experience various blockchain application scenarios as simply as using internet products.

So the road ahead is still long. Nabox's positioning goal is to create a digital identity DID system. Users only need to have one blockchain identity from Nabox to freely navigate between various on-chain and off-chain applications.

Chain Catcher: What are the characteristics of the Nabox wallet compared to other crypto wallets? Where are its advantages?

Kang Wei: In our view, Nabox does not have a competitive relationship with other crypto wallets. The recent focus is on completing the two core functions. Currently, most wallets in the industry use third-party DApps for integration, while Nabox can collaborate with other wallets to provide cross-chain and cross-chain exchange functions based on this.

Here is a brief introduction to the cross-chain exchange principle of Nabox. The main function of Nabox Swap consists of two main components: the Nabox aggregator and the Nabox pool.

The Nabox aggregator couples DApps on different public chains through the Nabox multi-chain system, helping users trading on Nabox find the most efficient trading combinations across different networks. The Nabox liquidity pool allows users to achieve nearly 0% slippage cross-chain trading through NerveNetwork.

The Nabox pool consists of stablecoins and other mainstream assets from various chains on NerveNetwork. It provides lower slippage for Nabox's cross-chain trading, forming the liquidity pool for Nabox cross-chain transactions.

Chain Catcher: What is the current number of users for Nabox? What methods do you have to expand your user base?

Kang Wei: Currently, over 95% of NULS and NULS ecological project users are using the Nabox wallet, with around 20,000-40,000 users of the old version APP. After the re-positioning of the Nabox project, it will provide services to a broader user base across the entire industry.

For user expansion, after optimizing the product experience in the future, we will provide airdrop rewards for Nabox users. From the product perspective, Nabox will be compatible with the Metamask protocol, making it easy to connect with various DApp applications.

Chain Catcher: The main pain point of crypto wallets currently is the high user threshold. What measures does Nabox have to help users better use crypto wallets and lower the usage threshold?

Kang Wei: This is very important, as we mentioned in our introduction. Nabox does not have a complex design; there is no need to distinguish what each blockchain is like. Users only need one private key to manage various assets across multiple blockchains, greatly reducing the usage threshold. Users can quickly understand the logic of decentralized blockchain operation and easily get started.

For example, through Nabox's cross-chain and cross-chain exchange functions, users do not need to worry about whether assets are on the ETH, BSC, Heco, OkexChain, or NULS chains and manage them separately. They only need one DID under a private key to manage multi-chain assets, which is very convenient.

Chain Catcher: Nabox integrates the underlying cross-chain functionality of NerveNetwork. How does Nerve Network achieve cross-chain technology?

Kang Wei: Nabox uses the API of each chain, with NerveNetwork as a bridge for asset cross-chain transfers. The virtual bank on the Nerve consensus nodes is used to create and manage cross-chain contracts and is responsible for verifying and executing transfers of assets from other chains.

Chain Catcher: What is the economic model of the Nabox ecosystem? What are the application scenarios for the NABOX Token?

Kang Wei: NABOX is a functional governance token that will be applied to DID in the future to obtain different identity levels, and the registration fee for DID will be burned. The most important point is: when cross-chain exchanges reach a certain scale, a portion of the exchange fees will be charged, and 40% of the fees will be used for repurchasing and burning NABOX.

To push the product to the market and provide a better user experience, NABOX will not charge any exchange fees in the early stages; all fees will come from the corresponding slippage and Gas fees, which is a huge market.

You can see that the total supply of NABOX is relatively large, and the economic model is designed to be very suitable for rewarding new users, allowing them to quickly experience the differences between decentralized products and internet applications and understand the application logic of crypto assets and blockchain. For example, you can casually give 5201314 NABOX to a girl next to you, and with Nabox's identity management, this design is very beneficial for promoting the product and NABOX.

NABOX can switch and transfer freely across multiple blockchain networks through its cross-chain functionality. For example, it can be placed on the Nerve network with no Gas fees or on Ethereum, which has the most DeFi applications.

Chain Catcher: Data shows that 60% of NABOX Token will be allocated for liquidity mining. Do you currently have specific liquidity mining plans?

Kang Wei: We will issue 1% of NABOX on NULS POCM, allowing NULS holders to stake NULS to obtain NABOX. The NULS earnings obtained by Nabox on NULS POCM will all be periodically exchanged for NABOX in the market and burned, while ensuring the coordinated development of NULS and NABOX.

At the same time, when the Nabox product matures further, we will launch Nabox pool and liquidity rewards for NABOX's own assets. This is a long-term release process to ensure the long-term sustainable development of the Nabox project.

Chain Catcher: Nabox has received funding from many well-known investment institutions. What will this funding mainly be used for?

Kang Wei: We have received investments from over 30 well-known institutions globally, and the investors are very optimistic about this sector and will support the long-term development of the Nabox project. We have disclosed the participating investment institutions, and everyone can follow our news.

Chain Catcher: What development plans can you reveal for Nabox in the future? What are the plans for IDO and listing?

Kang Wei: We will launch a round of community airdrops, and anyone who follows and joins our members can receive NABOX Token. We hope everyone can support the development of the Nabox project.

Additionally, we expect to start IDO-related matters in mid-June and will collaborate with multiple swaps to establish a NABOX liquidity pool. The Nabox product is continuously improving, and the current focus is on making Nabox plugins compatible with the Metamask protocol so that everyone can quickly connect to various DApps across multiple chains.

Chain Catcher: What do you think the development trend of the crypto wallet industry will be in the future? What is Nabox's development goal?

Kang Wei: As a user entry point for blockchain applications, with the maturity of various DApps, many people are gradually adopting decentralized crypto wallets to manage assets directly from centralized platforms. Nabox's development goal is to design the most convenient product so that ordinary users can also use various blockchain application DApps easily. With the future development of Nabox, we hope Nabox will become a user digital identity entry point for Web3.0 applications.