Skip to main content

Exchanges

The Problem: Address Complexity Hinders Deposits and Withdrawals​

Cryptocurrency exchanges, while streamlining the trading process, still often rely on complex blockchain addresses for deposits and withdrawals. This presents several hurdles for users:

  • Mistyping Errors: Long hexadecimal addresses are prone to typos, potentially leading to lost funds or delays.
  • Confusion for Newcomers: Understanding and correctly managing raw addresses is a significant barrier to entry, especially for those new to the Web3 environment.
  • Multi-Chain Frustration: Managing addresses across different blockchains further complicates the user experience.

How JustaName Solves It​

JustaName offers exchanges a solution to streamline deposits and withdrawals, delivering a Web2-like experience:

  • Human-Readable Subnames: Users can associate exchange accounts with subnames under the exchange's ENS domain (e.g., alice.myexchange.eth).
  • Error Reduction: Subnames replace complex addresses, minimizing errors during deposits and withdrawals.
  • Ease of Onboarding: New users can claim their subname immediately, lowering the barrier to entry.
  • Cross-Chain Potential: JustaName can support subnames on multiple blockchains, simplifying deposits/withdrawals across various networks.

Example Use Case:​

A user deposits funds into their exchange account by sending cryptocurrency to their easy-to-remember (alice.myexchange.eth) subname instead of a complex address. Upon withdrawal, they use the same subname, ensuring seamless transactions.