Smart Contract Wallet Leverages Account Abstraction and Gas Fees Are Charged In USDC
Instadapp, a leading DeFi management platform, has launched the Avocado wallet, which enables users to execute multi-network transactions while being connected to a single network.
Instadapp’s INST governance token is up 37.5% in the past 24 hours.
Users connect directly to the Avocado network and can then transact on any chain. This is made possible by account abstraction, which allows wallets to operate as programmable smart contracts.
Transactions are processed through Avocado’s own Remote Procedure Call (RPC), which then finds an available broadcaster to send the transaction on the selected network. Multiple broadcasters are available to ensure transactions go through even during periods of high network activity.
It should be noted that Avocado is not its own blockchain but rather aggregates all supported blockchains.
USDC Gas Fees
Transaction fees on the Avocado network are paid in USDC, the dollar-pegged stablecoin. Users can deposit USDC from any chain, and subsequently pay gas fees on any chain. This eliminates the need to hold the native tokens of multiple chains to cover gas fees.
Avocado charges an additional 20% on top of the gas fees paid, with half the revenue going directly to dApps that integrate with the platform and the remainder going to the Instadapp DAO.
In addition, users’ addresses will remain the same across networks, as Avocado is an upgraded Externally Owned Account (EOA).
“Avocado, being a smart contract wallet, opens up a wide range of use cases, such as batching transactions, unified cross-chain executions, recovering your wallet, adding different roles, a gasless experience, and more!” the blog post reads.
Upcoming features include 2-factor authentication for better security, unification of balances using a dedicated rollup network, assigning parameters to specific addresses, and integrating in-built investment strategies.
Wallet Space Heats Up
Recently, wallets have been the primary focus of attention for many of the heavyweights in the industry. The driving force behind this move is to improve the overall user experience in order to attract the next generation of crypto users.
On March 8, Coinbase, the leading US crypto exchange, announced a Wallet-as-a-Service product which will allow companies to create in-app wallets akin to traditional accounts which utilize usernames and passwords.
Last week, Uniswap, the leading decentralized exchange (DEX) by trading volume, unveiled its open-source noncustodial mobile wallet. The product will be launched in its beta phase, and it will be limited to 10,000 users, pending approval from Apple.
At ETHDenver‘s WalletCon, account abstraction was the main focus of the event.
Account abstraction allows for the creation of noncustodial wallets, recovery of lost private keys, greater flexibility in gas fee payments, and preauthorized payment to authorized parties.