The onboarding process associated with Web3 presents a continuing challenge in terms of being the biggest obstacle to mass acceptance of blockchain technology. As institutions increasingly embrace Real World Assets (RWA) and RealFi, many users remain deterred by the technical hurdles posed by seed phrases, gas fees, and complex wallet management systems. To eliminate some of these technical barriers, Pharos Network has announced that it has formed a partnership with Topnod, which will now be the official wallet partner of Pharos Network for the upcoming launch of the Pharos Mainnet.
Streamlining the RealFi Onboarding Experience
This partnership’s primary goal is to create a “Web2-native” user experience while providing users with an opportunity to onboard into a decentralized world via Topnod’s infrastructure. This will allow Pharos to develop a friction-free onboarding experience similar in simplicity and ease of use to modern-day fintech applications.
This high level of access and usability is crucial for the emerging Real Financial (RealFi) market to add actual economic activity and loans to the blockchain. The Topnod platform is engineered to create connections between devices and has numerous options for trading across a variety of platforms. As a result, when a user accesses the RWA market via their Smartphone and/or Computer, they’ll have a seamless experience.
Post-TGE Support and On-Chain Asset Distribution
According to the announcement, this partnership goes beyond typical technology integration; Topnod is expected to have a major role in the development of the Pharos ecosystem after the Token Generation Event (TGE). More specifically, Topnod is responsible for conducting post-TGE token airdrops throughout the entire Pharos ecosystem and will oversee direct distribution of all Pharos assets on-chain.
Pharos’ strategic alignment indicates a focus on long-term sustainability instead of simply creating short-term buzz. Early engagement with a strong wallet partner has given Pharos the ability to provide its community with immediate secure and high-performance access. This allows users to interact with native assets as soon as they are released into circulation. This forward-thinking approach to distributing assets will be the model many Layer-1 networks will duplicate as they strive to maximize user retention after launch.
The Broader Context – RWA and the Push for Mass Adoption
Pharos is positioned at the crossroads of two major movements currently evolving within the cryptocurrency ecosystem; namely, Layer-1 scalability and real-world assets (RWAs) being tokenized or digitized. Boston Consulting Group (BCG) has published multiple studies that show that the total market value of tokenized assets will be approximately $16 trillion by the year 2030.
The Pharos experience is designed for the end-user to have a seamless and enjoyable experience. It guarantees that users remain unaware of the underlying “plumbing” operating within the Topnod infrastructure. The infrastructure empowers seamless advanced financial capabilities and transactions on their platform, allowing users to engage without needing expertise in blockchain or cryptocurrency.
Pharos’ user experience is very much in line with approaches utilized in gaming and sports. Those industries are developing sophisticated platforms that let users have a seamless experience without needing to understand the underlying technology or infrastructure
Conclusion
With Pharos Mainnet launching soon, the partnership between Topnod and Pharos sends a strong message to both developers and investors that Pharos is focusing on a user-focused approach to design. Through removing the “entry tax” associated with technical complexity, Pharos and Topnod are creating not just a new wallet; they are providing a pathway into the future of RealFi and on-chain RWAs for the upcoming wave of global users.