Ever since it emerged, DeFi has been conquering the crypto industry, constantly growing and expanding to new blockchains. However, the fact that it got spread out on so many chains, while beneficial in some ways, is also harmful in others. At the very least, it doesn’t make things easy for the users, who might want to use one project on Ethereum, another on BSC, and a third one on Harmony, and alike.
In order to use them, users need to create multiple wallets for different coins from different chains, they need to have an entire list of passwords, private and public keys, and alike, which gets very complicated very quickly.
This is why Frontier (FRONT) emerged, to try and resolve this issue, and start acting as the DeFi sector’s chain-agnostic DeFi aggregator.
How Does Frontier (FRONT) Work?
Frontier has recognized the problems of DeFi, with fragmentation and lack of interoperability being one of the biggest ones out there. While there are many projects working on cross-chain solutions, it will likely be quite a while before those are established in a way that would allow direct communication between different ecosystems.
Meanwhile, the matter of compatibility of wallets and DeFi tokens is also a problem that had no solution until Frontier emerged. By integrating with different chains, the project is also reaching different DeFi sectors, and it allows users to manage their tokens and conduct DeFi operations from a single spot, regardless of which chain you prefer.
Of course, that is currently only limited to the supported chains, although even that will likely open doors to hundreds of different protocols.
What Problems Does Frontier (FRONT) Solve?
Frontier solves a number of problems that the DeFi sector currently struggles with, many of which emerged simply because developers were seeking more capable chains, and as new chains emerged, they offered incentive, better ecosystems, and other benefits, which led to DeFi protocols’ migration, or at the very least, the new ones simply emerged on the newest most technologically advanced chain.
Bringing the core functions of DeFi to users
The first thing to note is that Frontier aims to add DeFi support to several blockchains, such as BandChain, BSC, Ethereum, and Harmony, with others that might also be included in the future. It has developed applications that allow users to manage various DeFi functionalities, such as staking, DeFi positions, liquidity mining, best-rate asset swapping, collateralized debt position creation, monitoring, and alike, all in one spot. In other words, it brings these core functionalities to users, regardless of which platforms they prefer.
Solves the fragmentation problem
One of the biggest problems in DeFi right now is fragmentation, and touched upon it earlier. Essentially, there is significant isolation when it comes to swapping, lending, borrowing, staking, and other activities. With different protocols you might prefer being on different chains, they cannot come into contact with one another, so you need different wallets for different tokens on different chains, and in order to move your tokens from one chain to another, you need an intermediary cryptocurrency, such as stablecoins. Frontier aims to solve this by creating an app that connects all of these different chains, and allows an easy way to switch between protocols, and manage them from a single place.
Multiple wallets integrations
As for the wallet issue, Frontier found a simple solution — it integrated several wallets, including Metamask, FortMatic, Trust Wallet, imToken, and Coinbase Wallet, so users do not have to download multiple wallet apps — they can simply opt to use Frontier’s solution.
Benefits of Frontier (FRONT)
With that said, let’s see what are the benefits that users receive directly by choosing to use Frontier.
Easy DeFi management
Most importantly, you get to manage your DeFi tokens and engage with all kinds of different protocols from different ecosystems, and do it seamlessly from one place. Not only does that mean that you don’t have to bother with different apps anymore, but it also opens up new possibilities, such as engaging with projects which you might otherwise avoid just so you wouldn’t have to set everything up for interacting with another new chain.
Supports crypto, DeFi, and NFTs
The wallet is not just for DeFi, but also for other cryptocurrencies, and it even supports non-fungible tokens (NFTs), which have blown up in 2021, and they continue to go big in 2022 thanks to their ties with the metaverse, the crypto industry’s newest trend. So, even if you are not interested in DeFi itself, you can still use Frontier for regular crypto or NFTs collections, in-game items, digital land plot NFTs, and more.
Free to use with no fees
According to Frontier’s website, the app does not charge any fees. There are no fees when you swap, lend, supply liquidity, or buy cryptos through the app. You still have to pay interest for borrowing, of course, and transaction fees that each individual blockchain charges are still there, so keep that in mind.
Supports over 4,000 assets
Frontier’s app currently supports more than 4,000 different assets, which makes it one of the biggest apps in terms of crypto coverage out there. Of course, this is still less than ¼ of the total crypto industry, which currently numbers over 18,600 different cryptocurrencies, where new ones are launching every single day. However, compared to other apps and wallets, it is definitely in the lead.
Bottom Line
Frontier was named quite adequately, given its mission to conquer the DeFi frontier, as well as to provide easy way to store other types of assets. But, with the importance of DeFi for the global crypto community, and especially the people who cannot access traditional banking, it is understandable why the project has such strong focus on this part of the cryptocurrency industry.
All of these financial activities, features, sectors, and more, are still fragmented and in their infancy, which puts their users in a situation that is nowhere near ideal. However, things are getting better with time, and Frontier is one way to solve the existing problems.
