The onboarding process associated with Web3 is an ongoing challenge as it represents the biggest obstacle to the mass adoption of blockchain technology. While institutions are increasingly embracing Real World Assets (RWA) and RealFi, many users remain deterred by the technical hurdles posed by seed phrases, gas costs, and complex wallet management systems. To remove some of these technical barriers, Pharos Network has announced that it has partnered with Topnod, who will now be Pharos Network’s official wallet partner for the upcoming launch of the Pharos Mainnet.
Streamlining the RealFi Onboarding experience
The primary goal of this partnership is to create a “Web2-native” user experience while allowing users to access a decentralized world through Topnod’s infrastructure. This allows Pharos to develop a frictionless onboarding experience that is comparable in simplicity and ease of use to modern fintech applications.
This high level of access and usability is crucial for the emerging Real Financial (RealFi) market to add real economic activity and lending to the blockchain. The Topnod platform is designed to create connections between devices and offers numerous options for trading across platforms. As a result, when a user accesses the RWA market through their smartphone and/or computer, they will have a seamless experience.
Post-TGE support and on-chain asset distribution
According to the announcement, this partnership goes beyond typical technology integration; It is expected that Topnod will play a major role in the development of the Pharos ecosystem after the Token Generation Event (TGE). More specifically, Topnod will be responsible for conducting post-TGE token airdrops across the Pharos ecosystem and will oversee the direct distribution of all Pharos assets on-chain.
Pharos’ strategic alignment signals a focus on long-term sustainability rather than simply creating buzz in the short term. Early collaboration with a strong wallet partner has given Pharos the opportunity to provide immediate secure and high-quality access to its community. This allows users to interact with native assets as they are released into circulation. This forward-thinking approach to asset distribution will be the model that many Layer-1 networks will duplicate as they strive to maximize user retention post-launch.
The broader context – RWA and the drive for mass adoption
Pharos is at the intersection of two major movements currently developing within the cryptocurrency ecosystem; namely Layer-1 scalability and real-world assets (RWAs) that are tokenized or digitized. Boston Consulting Group (BCG) has published multiple studies showing that the total market value of tokenized assets will reach approximately $16 trillion by the year 2030.
The Pharos experience is designed to provide the end user with a seamless and enjoyable experience. It ensures that users are unaware of the underlying ‘plumbing’ that functions within the Topnod infrastructure. The infrastructure enables seamless advanced financial capabilities and transactions on their platform, allowing users to participate without the need for blockchain or cryptocurrency expertise.
The Pharos user experience is very similar to the approaches used in gaming and sports. These industries develop advanced platforms that allow users to have a seamless experience without having to understand the underlying technology or infrastructure
Conclusion
With Pharos Mainnet launching soon, the partnership between Topnod and Pharos sends a strong message to developers and investors alike that Pharos is focused on a user-centric design approach. By abolishing the “entry tax” associated with technical complexity, Pharos and Topnod are not only creating a new wallet; they provide a path to the future of RealFi and on-chain RWAs for the coming wave of global users.