Asset Chain, a prominent Nigerian blockchain infrastructure company, has officially unveiled its eponymous Layer-1 (L1) blockchain network. This innovative platform is meticulously designed to provide a secure and efficient ecosystem for Nigerians to directly trade both digital and real-world assets, bypassing traditional intermediaries and banking systems. The launch signifies a pivotal step towards decentralizing asset exchange within Nigeria's rapidly expanding digital economy.
Redefining Peer-to-Peer Trading
The newly launched Asset Chain introduces a decentralized exchange (DEX) that facilitates direct peer-to-peer (P2P) trading between USDT, a widely recognized dollar-backed stablecoin, and cNGN, a Naira-backed stablecoin. This pioneering DEX boasts a "gasless" model, eliminating transaction fees for users, which is a significant advantage in the competitive digital asset landscape. Ugochukwu Aronu, CEO and co-founder of Asset Chain, emphasized that traders can now execute instant settlements for USDT and cNGN exchanges without any third-party involvement or associated gas fees, making the process seamless and cost-effective.
Addressing Market Challenges and Fraud
Nigeria's cryptocurrency market witnessed a substantial $59 billion in transactions in 2024, with a significant portion occurring on informal P2P crypto exchanges that often lack traceability. Asset Chain directly targets this informal P2P market, aiming to mitigate prevalent issues such as fraud and enhance security. By leveraging smart contracts, the Asset Chain DEX automates trades, removing the need for buyers and sellers to establish trust or rely on external parties. This automated system ensures that transactions are securely matched and completed based on pre-set conditions, significantly reducing the risk of malicious activities.
Early Adoption and Ambitious Targets
The platform has already garnered considerable interest, with 200 traders and liquidity providers actively participating on the DEX since its launch. Asset Chain reports that hundreds more users have expressed keen interest in joining the platform. The company has set an ambitious target of achieving $65 million in trading volume within its initial 60 days of operation, underscoring its confidence in the platform's potential and market demand.
Enhanced Security and User Experience
An Asset Chain spokesperson highlighted the platform's design philosophy, emphasizing its user-friendliness and "seamless experience similar to popular P2P exchanges." Crucially, the platform integrates enhanced security and privacy features, granting users complete control over their funds at all times. This commitment to security and user autonomy is a core tenet of Asset Chain's offering.
Strategic Rollout and Performance
Currently, the Asset Chain blockchain operates on an invite-only basis, a strategic decision implemented to ensure that only serious users onboard initially. This controlled rollout allows for thorough system testing and liquidity provision before the platform is fully opened to the public. Ugochukwu Aronu affirmed that this invite-only approach is not due to any performance limitations, stating that the blockchain has already been rigorously tested and verified to handle over 20,000 transactions per second, demonstrating its robust capabilities.
Asset Chain's launch marks a significant milestone in Nigeria's journey towards a more secure, transparent, and efficient digital asset trading environment. By addressing the critical need for safer P2P transactions and offering a gasless, automated trading experience, Asset Chain is poised to reshape the landscape of digital and real-world asset exchange in the country. The platform's strategic rollout and ambitious targets reflect a strong vision for fostering financial inclusion and innovation within Nigeria's burgeoning blockchain ecosystem.