Cryptocurrency is gaining momentum, and with it comes the need for simpler and more accessible decentralized finance transactions. Smart contract wallets are a recent development in the crypto space that streamlines DeFi transactions and makes them more cost-efficient. InstadApp’s latest wallet, Avocado, is a new player in this space and is set to stir up DeFi transactions.
Let’s dig deeper into the blog and understand the concept of account abstraction wallets and delve into smart contract wallets.
Simplifying DeFi Transactions With Account Abstraction Wallets
As I said earlier, smart contract wallets are becoming more widespread in the crypto world. These wallets simplify DeFi transactions and make them more accessible for casual users. Avocado, instadApp’s latest smart contract wallet, is a game-changer. It leverages the concept of an account abstraction wallet to make it more affordable and reliable.
EOAs Vs. Custodial Wallets
Existing wallets on Ethereum, including popular wallets like Metamask and imToken, are Extremely Owned Accounts (EOAs). EOAs require a private key, which can be lost. It results in the loss of all associated funds. Custodial wallets, on the other hand, are accounts owned by centralized entities, such as exchanges.
Avocado smart contract wallet resolves both these issues by being non-custodial and completely managed by the individual who owns it.
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Risks Of Custodial Wallets
As the saying goes, "not your keys, not your coins." The risks of custodial wallets became glaringly obvious following the collapse of FTX. Avocado smart contract wallet removes the need for custodial wallets and provides users with complete control over their funds. With Avocado, users can choose from an array of security features and manage their wallets independently.
Avocado Smart Contracts - Flourishing Features
The Avocado smart contract wallet comes with an array of unique features that make it stand out from the rest.
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It is connected to the Avocado network, a deterministic smart contract with its own Remote Procedure Call (RPC) node.
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This node facilitates the network to read the data stored on the blockchain and transmit transactions to different blockchains.
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Gas fees are paid through USDC, which can be added from any chain and paid on any chain.
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The smart contract handles the conversion in the background, eliminating the need for multiple gas balances on different chains.
The Destiny Of DeFi Transactions With Avocado Smart Contract Wallet
The Avocado smart contract wallet's unique features make it the future of DeFi transactions. With the Avocado smart contract wallet, users can manage their wallets independently and choose from an array of security features. The wallet is a game-changer in the cryptocurrency space and is set to revolutionize DeFi transactions.
Closing Words
The unique features of the Avocado smart contract wallet make it stand out from the rest and set it apart as the future of DeFi transactions. With Avocado, users can handle their wallets independently and pick from an array of safety features, eliminating the need for custodial wallets.
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