Crypto users must deal with costly fees, protocol-level restrictions and multiple service providers to execute simple stablecoin transactions.
The number of different stablecoin tickers and token standards is fragmenting liquidity across the crypto ecosystem and burdening users with a poor experience that is costly, technical,and time-consuming, according to onchain sleuth ZachXBT.
Cross-chain bridging restrictions, gas and transaction fees that must be paid in the native token of the blockchain being used, and a lack of universal token support across exchanges are all obstacles users face in transferring stablecoins across the crypto ecosystem, ZachXBT said. He gave the following example:
From there, the user may realize that their exchange of choice doesn’t support the token or a swap on that token and is forced to bridge to a different blockchain, spend more on gas fees, download another wallet or sign up for another exchange to execute the transaction.
The lack of a smooth user experience and intuitive user interfaces (UI) in crypto remains one of the biggest hurdles to achieving mass adoption and parity with Web2 and traditional financial applications, industry executives told Cointelegraph.
