Building the Account Abstraction Trading Terminal of the Future
We’ve already briefly touched on the work the DeCommas team is doing on building the Trading Terminal of the future in our article DeCommas’ 2023 in review, and what’s in store for 2024…, today we’re getting you up to speed on what this exciting development is!
The DeCommas team is excited to announce that we’re actively contributing to building a trading terminal utilizing Account Abstraction technology on top decentralized exchanges, creating a next generation trading platform.
By doing this, we can access DEXes while offering a smooth onboarding experience you might know from CEXes, whilst adding a plethora of new features enabled by account abstraction which will dramatically improve the user experience. We’re envisioning a product that allows you to create a smart account with just a social profile or email address, giving you access to trading on decentralized exchanges reducing the amount of smart contract signing you need to do, all thanks to account abstraction.
At DeCommas, we’re firm believers that improved user interfaces, aggregation and account abstraction can drive web3 and defi adoption. Giving users full custody over their assets in a decentralized environment, while providing a smooth journey through account abstraction is a logical next step in this.
In this article we’re explaining all about our future plans on the Account Abstraction Terminal.
What is the Account Abstraction Terminal?
Imagine a DEX with the advantages of CEX, like its convenient interface, while still keeping it decentralized.
Think of trading defi tokens with the uncompromising security and decentralized nature of DEX but with the ease of usage often offered by CEX, the slick charts, advanced orders and bots; that is exactly what we are building with the Account Abstraction terminal.
The current defi landscape presents some stark challenges. Defi platforms can be intimidating and overwhelming for newcomers; signing endless transaction confirmations can be tedious and inconvenient; storing assets on centralized exchanges forgoes the tediousness of DEX but introduces trust issues into the mix.
Account Abstraction Terminal tackles these challenges by combining the best of both worlds. Combining DEXes with Account Abstraction technology, the Account Abstraction Terminal provides you with ease, empowering you to trade like a pro without compromising the core principles of decentralization.
In short, Account Abstraction Terminal is a self-custodial trading terminal that allows users to interact with decentralized exchanges without the need for traditional web3 wallets, utilizing account abstraction for frictionless account creation and smart contracts integration.
Here is a sneak preview into the very first version of the Account Abstraction terminal could look like:
First sneak peak of Account Abstraction Terminal
Key Advantages of Account Abstraction Terminal
Account Abstraction Terminal distinguishes itself with several key advantages over any other terminal of any similarity. Some of these advantages will already be presented in the first version of Account Abstraction alpha, check more details about them:
1. Account Creation without Seed Phrases: This might have seemed appealing in the past, but it is by far one of the most security lapses of EOAs. Many things can lead to seed phrases getting leaked, especially user carelessness. The Account Abstraction terminal eliminates any seed phrases completely by taking advantage of much smarter measures and seamless onboarding options like Gmail, social networks and creating account under your existing web3 wallet, offered by Account Abstraction. Imagine simpler measures during onboarding, along with rock-solid security and ease of social recovery for the rightful user.
2. Gas Abstraction: No more grappling with gas concerns for each transaction. The technologies utilized by the Account Abstraction terminal simplify the complexities and handle all of that eﬃciently in the background. This ensures you evade the headaches usually associated with constant gas management, as the terminal is built ready to take care of all the calculations for you, all possible from the functionalities of Account Abstraction.
3. Bundled Transactions: Unlike the traditional method where each transaction approval or trade requires individual attention, the Account Abstraction terminal lets you merge a few transactions into one and execute the bundle all at once. This feature streamlines your operation, saves time, and provides a more convenient and eﬃcient trading experience on the Terminal.
4. Robust Security Features: In the Account Abstraction terminal, we have encompassed a comprehensive set of security features to enable you to choose even more options to safeguard your assets and data. These features will be rolled out over time:
- 2FA (Two-Factor Authentication): Apart from passwords, you can set up 2FA for your account, which will require identity verification through a secondary method; typically through a message to your email or mobile device during login. This ensures that someone who is not you cannot login even if you give them your password (do not!).
- Session Keys: Session Keys refer to dynamic and temporary cryptographic keys generated during each user session. They are valid only for the duration of a specific user session. This approach adds an additional layer of protection, ensuring that even if one set of credentials were compromised, they would only be valid for a limited time, minimizing the window of vulnerability. Account Abstraction Terminal utilizes session keys to enable automation without having access to users’ funds.
- Passkeys: Passkeys serve as secure and user-friendly authentication tokens. These cryptographic keys, generated and managed by the authentication system, enable seamless and robust user verification, enhancing the overall security of online interactions. For example, you can use your fingerprint to log in, combining hardware with biometry.
- Social Recovery: In case of forgotten credentials, the social recovery option lets you set up guardians and add a time restriction to a guardian if you choose, allowing for added security. A social guardian is a pre-designated individual, such as a family or friend, who can vouch for the account owner’s identity and assist in the account recovery process in cases such as forgotten passwords or lost credentials.
What can you expect in the Account Abstraction Terminal?
Features we envision to be available at launch
The first version of the Account Abstraction Terminal will include the following features:
- Various login options; including Gmail, Email, Metamask, Coinbase wallet, Walletconnect and Rainbow will be available.
- Capability to create your smart accounts on Ethereum and Polygon networks.
Creating a smart account mockup
Convenient depositing into your smart account. Receive a personal wallet address on creation of your smart account for convenient depositing of blockchain assets.
Users can satisfy their trading needs with: Market orders, Conditional orders and Smart trades (Stop loss, take profit), with taking control over slippage and gas fees based on your needs and desires.
Streamlined trading experience by reducing the requirement to sign off on every transaction.
Earning Account Abstraction terminal Points through trading activities, referrals, and more.
What will be worked on next?
We envision Account Abstraction terminal to evolve into a seamlessly designed platform featuring advanced tools, heightened security, broader asset coverage, cross-platform integration, and deeper defi integration, all shaped by a community-driven approach.
Here’s just a few examples of what that could mean:
- Comprehensive trading charts powered by DeCommas Price Service, including for example historical prices, candlesticks, liquidity and volumes.
Account Abstraction Terminal trading charts mockup
- Transaction history for the pair, marked swaps, PnL on swaps, user operations, current user positions, portfolio of the address, overlay of historical address swaps on the chart, pool liquidity history, top holder of the token, and alerts.
Account Abstraction Terminal pool transactions
- Hot pairs showcasing market data through DeCommas Datalayer and Price Service, letting users find rising gems.
Account Abstraction Terminal hot pairs
Getting Access — the When and the How
Starting February 2024, we are set to launch the Account Abstraction terminal first version, introducing it as a closed alpha exclusively for our loyal friends who have been with us since the inception and share a passion for web3.
We’ll also allow members of the DeCommunity to get early access through a Zealy campaign which is already launching in the next few weeks…
February — Closed Alpha
After kicking off a closed alpha for Account Abstraction Terminal in February 2024, we hope to gain valuable insights from a select group of users accessing the terminal.
Who will be in the Closed Alpha?
- Our loyal friends and define-connoisseurs who have been with us since the inception and share a passion for web3
- 5 lucky users from the DeCommunity who complete January’s quests, more information on this to follow very soon!
As an early user you’re helping us pave the way for a future in which Account Abstraction pushes the boundaries of decentralized trading. You’ll also put yourself in a position to start accumulating history in trading, and in Account Abstraction Terminal’s point system…
Entering via invite code
Broader access to Terminal in Early Spring
In the second phase, approximately in early Spring, the Account Abstraction terminal will become accessible to a much larger allowlist.
More information about this phase will be shared soon. An access code will be required to get in to Account Abstraction Terminal, there will be multiple ways to obtain such a code:
- Active participation in the Zealy campaigns starting January
- KOL distributed access codes
- Referrals from friends already active on Account Abstraction Terminal
In short — keep an eye on Zealy in the coming days!
A quick teaser on the Terminal Points System…
After you get access to the Account Abstraction Terminal, you’ll be introduced to the Points system. We don’t want to spoil too much yet, but here’s a few concepts we’re working on right now:
- The system awards points to users for their activities within the Terminal, such as deposits, trades and successful referrals.
- You might even be able to earn points as a result of the actions of the folks you refer to Terminal.
- There’s going to be interoperability with Zealy, so your Zealy XP will actually be useful for boosting your Terminal Points.
Your next question is of course going to be “what can I do with these points?”. That’s something we’ll disclose in a later stage, as the full set of perks and rewards is still very much a work in progress.
Wrapping up — Get ready for the Account Abstraction Terminal!
We think there’s a lot to be excited about here: DeCommas is contributing to building the Account Abstraction Terminal, a self-custodial trading terminal that allows users to interact with decentralized exchanges without the need for traditional web3 wallets, utilizing account abstraction for frictionless account creation and smart contracts integration.
Keep these dates in mind:
- A Zealy campaign will be launched in January for obtaining early access
- A closed alpha will be launched coming February
- The floodgates will be opened in Early Spring
Stay tuned for more information on the Zealy campaign, it’s around the corner…