Observations and personal views from Nothing Research Partner BonnaZhu, the following content does not constitute any investment advice.
I am not a P player, nor a heavy trader. But every time the market starts, when I want to organize my small positions across chains, I still find UniversalX the most practical, helping save a lot of cross-chain operations and waiting time. This also makes me recognize the value of Particle Network, more in its liquidity scheduling capability rather than trading.
✨ The Last Mile of Liquidity
My bias is:
- The fragmentation of crypto liquidity is a fact
- Opportunities and assets distributed across different chains is also a fact
- And cross-chain bridges can no longer meet users' demands for 'faster'
This is like how SWIFT today can no longer meet the immediate needs of cross-border remittances, thus PayPal emerged, followed by Wise. For Crypto, the emergence of Particle is akin to our moment of Paypal:
PayPal did not eliminate SWIFT
But it spared ordinary people from enduring the pain of SWIFT
Particle is not a substitute for Bridge
But it frees users from having to deal with Bridge
The real revolution is not in rebuilding protocols, but in redefining the experience.
At this time, the so-called account abstraction, chain abstraction, and intent transactions are not important at all; it's simply about efficiently managing liquidity for users — 'ensuring the last mile of liquidity is done well.'
⭐ From self-operated to open platform
Architecturally, Particle also has a similar essence: to ensure users can complete transactions quickly, there are liquidity pools on each chain for local scheduling, prioritizing helping users complete transactions on Chain B, while the backend sells the user's currency from Chain A (converting it to intermediary tokens like USDT, USDC, ETH, SOL, etc.) and replenishes the liquidity pool.
This design was originally prepared for the self-use platform UniversalX
But it has now been opened to other DApps through Universal Account
Just like JD Logistics back then, initially serving only its own e-commerce platform
Later it became a platform operation, becoming the infrastructure for the entire industry
As a result, the value capture of Particle also becomes clear:
- Transaction fee income from UniversalX
- Universal Account charges a liquidity scheduling fee based on order flow
- Node token staking and gas consumption on Particle Chain
🤖 'Speed' VS 'Consolidation'
Many people think that the demand for Particle is only reflected in scenarios that require 'speed', such as on-chain trading and cross-chain arbitrage that need 'second-level confirmation',
These are indeed necessities, and even other trading bots can become Particle's clients. But besides 'speed', there is another type of value that is not easily visible:
'Consolidation'
In the past, if you wanted to serve users across different chains with a DApp and tap into the popularity of different chains, you often had to do multi-chain deployments — multiple sets of contracts, dispersed liquidity, and you had to manage bridge channels.
Now, you only need to deploy on a single main chain and then use the Universal Account system to connect users and funds from various chains.
What is this? This is a paradigm shift.
No need to deploy everywhere,
Just one place to settle, reach everywhere
🤯 The Transition of Entry: A New Opportunity Has Arrived
Paradigm shifts often accompany the transition of 'entry points'. The transition of entry points in the crypto era is not only the evolution of 'user interfaces' but also a roadmap for the migration of 'liquidity':
1. In the early days, funds and liquidity gathered at exchanges, and the entry point was CEX
2. After the DeFi era, liquidity migrated on-chain, users began to manage private keys, wallets became the new entry point, and with the ensuing prosperity of multi-chain, asset dispersion, users needed a better asset view and cross-chain operation experience, leading to the rise of multi-chain wallets
3. In this cycle, Memes became the core form of assets, leading to a sharp increase in on-chain fund flow, and Trading Bots and On-chain Super Apps gradually became the 'operational entry' and 'scheduler'
The trend from off-chain to on-chain is naturally irreversible, but currently, whether it is wallets or Super Apps, they essentially still remain at the stage of 'optimizing user operation experience'. True fund scheduling still relies on users to bridge, swap, and sign; maybe for on-chain power users, this is not a big deal, but for most ordinary users, this is not the ideal experience.
This is also why I think Parti has value
And I only participate in valuable things
Believe in the power of belief
