Thread by @DefiIgnas

1/ There's a hot new narrative to bring mass adoption to Web3.

It's not just a passing fad, but a powerful shift in the way we interact with the Web3.

There's just one problem: It doesn't have a catchy name yet.

Here's what it's all about: 🧵

2/ My girlfriend recently bought crypto for the first time.

As I gradually introduce her to the world of #DeFi, I've become more aware of the challenges newcomers face:

• Seed phrases
• High gas fees
• Bad UX
• Crypto jargon, etc.

3/ Recent developments & projects are revolutionizing how we use crypto.

The key catalyst for why NOW is the time is EIP-4337.

The upgrade brings Account Abstraction to the next level.

"It gives you the same features a bank would without having to trust a bank." - @yoavw

https://twitter.com/johnrising_/status/1631087378642206720

4/ ERC 4337 Account Abstraction benefits are revolutionary:

• 2FA authentication
• Transaction signing on mobile
• Monthly spending limits
• Phone as a hardware wallet
• Decentralized wallet recovery
• Autopayments etc.

It's Web3 with a Web2 user experience.

https://twitter.com/johnrising_/status/1629470535397539840

5/ "Account Abstraction" doesn't sound sexy, so "Smart Accounts" was suggested instead.

But it's more than that – several crypto projects are working to bring crypto to the masses with a revolutionary user experience.

Below are the top projects:

6/ Instadapp's Avocado is bringing blockchain aggregation & a next-gen smart wallet.

Avocado has a potential to become the all-in-one dApp for DeFi and NFTs.

No need to worry about which blockchain to use and what tokens are needed to pay for 'gas' fees.

https://twitter.com/DefiIgnas/status/1633626328330289152

7/ @biconomy brings one-click experience to dApps:

• Easy onboarding with social logins & fiat on-ramps
• Gasless transactions or payment in any token
• Handle Web3 actions on behalf of users
• Chainless experience for cross-chain tasks

dApps just need to integrate it.

8/ Argent Wallet is a pioneering smart phone wallet.

If you use Metamask, creating & restoring wallet with an email address and a phone number will feel refreshing.

It's an all-in-one investment app for staking, lending, token swaps and more.

9/ Argent is not new, but I believe their stars are aligning for more adoption:

• EIP-4337 account abstraction
• L2 adoption for low gas fees & fast transactions
• Avocado for blockchain aggregation & fees in USDC
• zkSync Era launch + airdrop?

Wen token @argentHQ ? 😅

10/ Thanks to Smart Wallets, new DeFi users will be on-boarded without knowing what Metamask is.

Wallets like @AmbireWallet offer improved UX:

• Log-in with email
• 2FA Protection
• Built in txn batching
• Gas payment in stables
• Transaction simulation

11/ Metamask's two recent announcements are game-changers, though:

First, MetaMask Snap will transform the wallet into a platform.

It will support any blockchain for multi-chain future, like Bitcoin or StarkNet.

Thanks to Snap, anyone can bring new features to the core wallet.

12/ Secondly, the MetaMask SDK on the Unity Asset Store enables devs to link games to a 🦊 wallet for web3 features in-game.

Together with Smart Accounts, it transforms 'crypto games' into just 'games with crypto functionality.'

It's a massive boost for #GameFi narrative IMO.

https://twitter.com/MetaMask/status/1630617494770663432

13/ @Immutable is helping GameFi to reach mass adoption.

It's the 4th largest Layer 2 with $136M in TVL.

It offers zero gas fees, instant trades and scalability for games, applications, marketplaces with greatly improved user experience.

14/ What’s more, Immutable announced launching Immutable zkEVM powered by Polygon.

The thing that stands out to me is tokenomics.

$MATIC will be the “staking token,” with Immutable’s $IMX as the “core gas currency.”

15/ The competition to become the mass-adoption layer is heating up.

zkSync supports native Account Abstraction on zkSync Era mainnet with all the AA wallet benefits at the blockchain level!

Similarly, StarkNet's AA supports 2FA, improved payments, any token for gas etc.

https://twitter.com/zksync/status/1639251215740731392

16/ Next: @safe launched the Safe{Core} Account Abstraction SDK to make self-custody simple.

Any dApp can integrate with Safe, converting their apps into Smart Accounts.

I also love their slogan "Take Back Ownership."

You can mint a special NFT for the occasion.

https://twitter.com/safe/status/1630946856850321409

17/ There are more projects to ride the #AccountAbstraction wave (for 100x gains?).

I picked ten more unique projects that can be found in my blog post:
ignasdefi.substack.com/p/smart-accoun…

18/ This is a powerful narrative to bring a new wave of users to crypto.

We now have all the tools available to make it happen, so I really want this narrative to take off.

The protocol that manages to pull it off will be the next Amazon, Facebook or Apple.

19/ I think the term #AccountAbstraction or even 'Smart Accounts' aren't viral enough to capture the imagination of the community.

Terms like #realyield put attention to dApps that generate real revenue from real usage.

I'd like a similarly strong term for Account Abstraction.

20/ The slogan should call for #DeFi4all, without sounding cringe.

Or it could be #1ClickWeb3 but it's too long and lacks emotion in it.

It's something like #GameFI or #PlayToEarn that to make it sound exciting.

What do you think? 🤔

21/ I really want this narrative to catch on.

I really want more funding to flow towards teams that are working hard to make crypto easy to use.

I really hope that this will bring 1 billion people to the crypto world.

22/ Yours faithfully,

@DefiIgnas

https://twitter.com/DefiIgnas/status/1641058491501805568