1/ Instadapp just launched Avocado: Blockchain aggregator with a next-gen wallet.
It's the coolest thing I've seen in a long time.
Here's how it works & why it's a big deal: 🥑
2/ Avocado revolutionizes how we currently interact with dApps:
1. Go to the dApp website 2. Connect wallet 3. Add/switch to the correct network 4. Prepare a transaction on dApp 5. Approve it on the wallet (hopefully you've got tokens to pay for gas)
No more of this with 🥑
3/ First, you'll connect to Avocado just like any other dApp.
It will ask you to add and switch to the Avocado network.
It has its own RPC (similar to a new blockchain, but it's not).
Then, you'll notice that your Avo Wallet address differs from your Metamask address.
4/ This address is a deterministic smart contract—algorithmically linked to your wallet address.
It's a non-custodial, Account Abstraction wallet that you own.
You can send ANY token from ANY supported chain to this address, and the balance will appear on the Avocado network.
5/ Account abstraction is a huge breakthrough for crypto self-custody.
It enables:
• Create & restore a wallet with an email or a phone number
• 1-Click transactions
• App pre-approvals & limits
• 2FA protection
6/ When adding Avocado Network, you'll see that USDC is used to pay for gas.
You can fund USDC from any chain and use it to pay for transactions on any network.
This means you don't need to manage different gas tokens for different blockchain networks anymore.
7/ Avocado network has its own RPC, but its not a separate blockchain.
It aggregates all supported blockchains under one hood, while maintaining the same level of security as if you transacted directly on the underlying blockchain.
8/ When you use Avocado to make transactions, you'll need to sign a message to the respective chain.
Avocado relays the signed message (signed by your private key) to the respective chain, where gas is paid in the native token (e.g., ETH).
Confused? Just try it.
9/ That's not all.
You can connect any dApp to your Avocado wallet.
You'll approve transactions from your Avocado wallet, instead of the dApp itself.
No need to check which chain the dApp is connected to.
While paying the gas in USDC.
10/ The end result: You don't need to worry about the chain you're using and what token is used for gas.
Just consider how much you pay for the 'fee'.
Plus, the team will soon introduce a mobile app and a browser extension to further improve user experience.
11/ Other key roadmap upgrades include:
• 2FA Security
• Cross-chain balance unification
• Roles for whitelisted tasks to improve security
• In built DeFi strategies
• Incentives program to integrate Avocado directly to the dApps
The last point is a game-changer for dApps.
12/ If dApps like Uniswap or Aave integrate Avocado, their users won't need to care which blockchain the app is on – and they can pay fees in USDC.
Plus, dApps will earn 10% of the gas fee, generating more revenue for the dApp DAO.
2/12 There are over 20 million users who lost $20 billion USD due to the latest bankruptcies of CeFi companies.
Bankruptcies take years to resolve, as we've seen with the MtGox 9-year process.
3/12 So, millions of users are low-balled and sell their bankruptcy claims for cents on the dollar instead of waiting years for the bankruptcy process to conclude.
There's also no simple way to sell these claims, especially for investors who are too small for OTC deals.