Ever since the launch of Instadapp, our main goal has been to simplify DeFi. We pioneered a multi-protocol dashboard to make DeFi more accessible and user-friendly. We've built a sophisticated dapp for degens, as well as simpler ones to provide an ultimate non-custodial experience for web3 users.
We did so through key innovations such as smart contract wallets (DSA), simplifying cross-protocol transactions, implementing the use of flashloans, and more.
But, web3 UX is still broken. Users are often torn across different chains. They have to juggle multiple networks, keep track of RPCs, manage native gas tokens, deal with fragmented liquidity, and perform multi-step cross-chain executions.
There's a need for a solution! Our first-ever cross-chain development was a refinancing bridge, Interop. It allowed users to move entire DeFi positions across different chains - but, in its short run, we quickly realized a much larger underlying problem.
Today, with more in-depth research and applying the foundations we've learned from all those years, we are super excited to launch Avocado!
Avocado is the next-generation smart contract wallet, which enables you to perform multi-network transactions, with an in-built account abstraction utility - while you're connected to a single network, Avocado. This completely eliminates the need of switching between different networks.
As soon as you're connected to Avocado network, a deterministic smart contract - algorithmically linked to your wallet address (such as Metamask) - is created in a completely non-custodial manner. We will publish an in-depth infrastructure architecture essay on the technical details soon.
When you initiate a transaction on a chain from your Avocado wallet, you will benefit from the same level of security as you would if you would transact directly on the chain. There's no difference. You get the same security but with a better UX.
For all the transactions on or through Avocado, gas is paid in USDC. This waives the need to manage multiple native gas tokens for each network. You can add gas from any chain, and pay for gas on any chain.
- Network Abstraction: It not only shows all the balances from all the networks in one place but also eliminates the need to switch networks while executing transactions. Connect Avocado, and transact anywhere.
- Gas Abstraction: It's a gas station with USDC being the native gas token - it eliminates the need of maintaining native gas balance in all the chains. Top up USDC as gas, and transact anywhere.
- Account Abstraction: It's powerful because AA provides greater modularity in the design, as well as opens up a wide range of use cases such as authority roles, recovery mechanisms, interoperability, enhanced security, and more.
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!
You can start using your Avocado wallet immediately by connecting to any dapps via WalletConnect. We will further improve this experience by introducing a mobile app and a browser extension.
Here are some of the key upcoming developments:
- 2FA Security: Avocado will have a superior 2FA experience while remaining fully non-custodial, making it the most secure place to store your tokens, DeFi positions, and NFTs.
- Balance Unification: Avocado will enable cross-chain executions, such as buying a token on Arbitrum from the USDC you hold on Polygon without any hassle in a single click. We are also exploring the route to unify the balances through a dedicated roll-up.
- Roles: Users will have the ability to assign roles or security modules to specific addresses, such as guardians or automation to perform whitelisted tasks on their Avocado account.
- DeFi Strategies: In-built strategies - which aren't possible on an EOA - will be introduced to assist DeFi users in managing their positions on Avocado more efficiently and seamlessly.
- Developer Incentives Program: By integrating Avocado, developers can enhance their users' experience and offer new functionality as well as earn 10% of the gas fee. Developers can not only make their applications more useful and functional but also generate revenue.
Avocado contracts are an advanced version of Instadapp’s DSA (DeFi Smart Account) with more functionality and universal accessibility. As Avocado brings more users and dapps into the Instadapp ecosystem, the INST governance will be responsible for updating and redirecting the gas relaying fees.
The Bigger Picture
We believe that one day users won't have to worry about what chain they're using or what token they're paying gas in. In fact, what's gas? Users are just paying transaction fees. Cross-chain executions will be the new normal. Interacting with web3 will be easier, quicker, more accessible, and more secure than ever.
Check out Avocado! Stay tuned! 🥑