Instadapp Unveils Multi-Blockchain Wallet Leveraging Account Abstraction
Instadapp, a prominent DeFi administration platform, has introduced the Avocado wallet, which allows customers to conduct multi-network trades while attached to a single network. The INST governance token of Instadapp has gained 37.5% in the last 24 hours. Users can transact on any chain after connecting directly to the Avocado network. Account abstraction enables this by allowing purses to function as programmable smart contracts. Avocado processes transactions through its own Remote Procedure Call (RPC), which then locates an available broadcaster to transmit the transaction on the specified network. Multiple broadcasters are available to guarantee the success of transactions even during times of elevated network activity.
Notably, Avocado is not its own blockchain; rather, it aggregates all supported blockchains. On the Avocado network, transaction fees are paid in USDC, the dollar-pegged stablecoin. Users can deposit USDC on any blockchain and pay gas fees on any blockchain. This eliminates the requirement to retain the native currency of multiple chains in order to cover gas fees.
Avocado charges an additional 20% on top of the paid gas fees, with half of the revenue going to dApps that integrate with the platform and the other half to the Instadapp DAO. Moreover, as Avocado is an upgraded Externally Owned Account, user addresses will remain consistent across networks. (EOA).
The blog post states, “Avocado, as a smart contract wallet, enables a wide range of use cases, including batching transactions, unified cross-chain executions, recovering your wallet, adding different roles, and more!”
Future capabilities include two-factor authentication for enhanced security, the consolidation of balances using a dedicated rollup network, the assignment of parameters to specific addresses, and the incorporation of in-built investment strategies. Recently, numerous industry titans have been primarily focused on wallets. This action is motivated by a desire to enhance the overall user experience so as to attract the next generation of crypto users.
On March 8, Coinbase, the dominant cryptocurrency exchange in the United States, announced a Wallet-as-a-Service product that will enable businesses to establish in-app wallets similar to traditional accounts that use usernames and passwords.
The dominant decentralized exchange (DEX) by trading volume, Uniswap, introduced its open-source, noncustodial mobile wallet last week. The product will be released in its beta phase, with a maximum of 10,000 consumers, pending Apple’s approval.
Account abstraction was the primary focus of ETHDenver’s WalletCon. Account abstraction permits the construction of noncustodial wallets, the recovery of lost private keys, greater flexibility in gas fee payments, and the preauthorization of payments to authorized parties.