Instadapp launches ‘Avocado’ multi-block wallet

by Arthur · March 9, 2023

Smart Contract Wallet utilizes account abstraction and gas fees are charged in USDC

Instadapp, a leading DeFi management platform, has launched the Avocado wallet, which enables users to perform multi-network transactions while connected to a single network.

Instadapp’s INST governance token is up 37.5% in the last 24 hours.

Users connect directly to the Avocado network and can then shop at any chain. This is made possible by account abstraction, which allows wallets to act as programmable smart contracts.

Transactions are processed through Avocado’s own Remote Procedure Call (RPC), which then finds an available broadcaster to broadcast the transaction on the chosen 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 aggregates all supported blockchains.

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USDC gas fees

Transaction fees on the Avocado network are paid in USDC, the dollar-pegged stablecoin. Users can deposit USDC from any chain, then pay gas fees on any chain. This eliminates the need to hold the original tokens of multiple chains to cover gas fees.

Avocado charges an additional 20% on top of the gas fees paid, with half of the revenue going directly to the dApps that integrate with the platform and the rest 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 batch transactions, unified chain executions, restoring your wallet, adding different roles, a gas-free experience, and more!” the blog post reads.

Upcoming features include 2-factor authentication for better security, unification of balances using a dedicated roll-up network, assignment of parameters to specific addresses and integration of built-in investment strategies.

Wallet space is heated

Lately, 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 to attract the next generation of crypto users.

On March 8, Coinbase, the leading US crypto exchange, announced a Wallet-as-a-Service product that will allow companies to create in-app wallets similar to traditional accounts that use usernames and passwords.

Last week, Uniswap, the leading decentralized exchange (DEX) by trading volume, unveiled its open source, non-custodial 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 ETHDenvers WalletCon, account abstraction was the main focus of the event.

Account abstraction enables the creation of non-custodial wallets, recovery of lost private keys, greater flexibility in paying gas fees and pre-authorized payment to authorized parties.