Instadapp launches Avacado and it focuses on simplifying DeFi. Avocado is the next-generation smart contract wallet to simplify and onboard the next billion users to web3.
Avocado enables a user to perform multi-network transactions, with an in-built account abstraction utility while they're connected to a single network i.e Avocado. It solves the issue faced by users such as switching between multiple networks, keeping track of RPCs, managing native gas tokens, dealing with fragmented liquidity, and performing multi-step cross-chain executions.
1/8 🥑 Say hello to Avocado, the next-gen smart contract wallet to simplify and onboard the next billion users to web3! pic.twitter.com/ejpCdsjEf7— Instadapp (@Instadapp) March 8, 2023
As users connect to the Avocado network, a deterministic smart contract algorithm linked to their wallet address (such as Metamask) is created in a completely non-custodial manner. While initiating a transaction on a chain from their Avocado wallet, the user will be benefited from the same level of security as you would if you would transact directly on the chain.
Transactions gas is paid in USDC eliminating the need to manage multiple native gas tokens for each network. Users can directly add gas from any chain, and pay for gas on any chain. Also Avocado charges an additional 20% on the gas fee, out of which 10% goes to dapp integrators.
Avocado opens up a vast range of utilities such as Network Abstraction, Gas Abstraction, Account Abstraction, Batching transactions, recovering your wallet, Adding different roles, etc.
It is non-custodial. Non-custodial means only users are responsible for their own assets and data. Avocado uses account abstraction to create a smart contract wallet. This wallet is linked to the wallet address that the user has connected, meaning that a specific avocado wallet only has a specific owner and vice versa. Bringing users the compatibility of their EOA and the simplicity and security of a smart contract.
Although Avocado’s flow resembles a custodial exchange flow, where users have to deposit their assets to start transacting. No address, not even Avocado has access to the user's avocado wallet in any way possible. The user wallet address is used as a key to generating your Avocado wallet. The only way to access user funds on Avocado is through user EOA.
When a user makes a transaction through Avocado, their wallet signs the message which then goes through Avocado’s RPC where it finds an available broadcaster. A broadcaster is an Ethereum account that takes user signed message and sends it to the blockchain without modifying anything, also known as a relayer. The messages are verified on-chain, if any message is modified, the transaction will fail as it will not pass the verification check on the contracts maintaining its non-custodial nature.
Multiple broadcasters are available, meaning even if one broadcaster is down, others will always be available. This redundancy ensures that transactions are always processed even during network spikes.
In the future, users can see more updations like 2FA security, Balance unification, Roles, Defi strategies, and Developer incentives program.
- ERC4337 : The next big thing in Ethereum
- Uniswap plans self-custosial mobile wallets
- Crypto payments got easier in France & Georgia
- TWAMM: Time-Weighted Average Market Maker
- MobyMask: An Initiative to Eliminate Phishers
- Fractional NFTs: EIP-4675 using EIP-1155 & EIP-1633
Disclaimer: The information contained on this web page is for education purposes only. Readers are suggested to conduct their own research, review, analyze and verify the content before relying on them.
To publish press releases, project updates and guest posts with us, please email at firstname.lastname@example.org.
Subscribe to EtherWorld YouTube channel for ELI5 content.
Support us at Gitcoin
You've something to share with the blockchain community, join us on Discord!