DeCommas’ 2023 in review, and what’s in store for 2024…
All the best wishes for 2024 from the whole team at DeCommas!
We’re starting off 2024 with a bang, and there might be some alpha leaked in this post, but before we dive in, let’s take a moment to look back at what happened in 2023…
DeCommas 2023 in review
A big focus on user experience in defi & web3
One of the things that has been the fundament of the work DeCommas has been doing the past years have been the defi- and web3-tools you see on app.decommas.io. We’re firm believers UX and UX aggregation is a key tool to help battle complexity in the blockchain ecosystem. Aggregating all the building blocks provided in multiple blockchains and protocols in one simple and user-friendly interface will be a key driver of blockchain adoption.
A bunch of exciting developments were launched on app.decommas.io in 2023:
- A brand new cross-chain swap in partnership with li.fi — A brand new Swap functionality, bringing speedy and efficient cross-chain Swaps to defi users through an easy to use interface, powered by li.fi technology. Within a matter of days Swap reached $1,000,000 in volumes.
DeCommas Multichain Swap
- An overhauled portfolio tracker — a freshly designed portfolio tracker saw the light of day, allowing users to easily keep track of all assets associated with a wallet, including NFTs and Protocol exposure. For those who like to do some Wallet spotting, the feature to follow up to 5 wallets to your watch list was added.
DeCommas Portfolio Tracker
- Creating overview in available Bridges — For those in need of a convenient overview of all tools at your disposal to bridge assets from one chain to the other, multiple new Bridges were added to DeCommas’ Bridges functionality. Bridges expanded support to a total of 80 bridges, while introducing a “has token” filter to assist users in selecting the appropriate bridge for potential retrodrops later on.
- The innovative Pathfinder feature — Perhaps the icing on the cake, the new and innovative Pathfinder, the fastest way to get from point A to point B in defi. Later on in this article we’ll tell you all about this development!
The end of DeCommas Strategies — leading to something new…
In 2023 the hard but necessary decision was made to sunset the Strategies feature. Strategies had been the home of complex delta neutral defi trading strategies such as PERP-ETH-MAINNET, delivering 10%+ APY due to performance and incentivisation. The big hurdle however, was building an autonomously operation automation layer for defi capable of responding to market conditions, while relying fully on transparent and decentralized web3 technology.
DeCommas PERP-ETH-MAINNET Strategy
In practice this meant that researching, validating and deploying new strategies was a slow and resource-consuming process. Combined with the market showing sideway motion for months in rows, /Strategies ended up in a difficult position, despite reasonable results and a lot of work researching a GMX based strategy.
This led to the insight that a simpler, non-custodial, way of delivering automation in defi was required, which then sparked the idea of Pathfinder.
The introduction of the quickest way from A to B in defi: Pathfinder
One of the big milestones in 2023 was Pathfinder, an algorithmic routing solution finding the best routes from point A to B in the world of defi. Using Pathfinder, defi users can easily bridge, swap, lend, borrow and execute other complex actions across multiple protocols, aggregators and exchanges.
With just a few clicks, a user can connect their wallet and complete otherwize time consuming multi-transaction chains in a single interface. In its current form, Pathfinder provides access to popular high-yield destinations such as AAVE V3 and Stargate.
Making our infrastructure available to the web3 buidler community
One of the major milestones for DeCommas was the introduction of DeCommas API, a toolbox for web3 and web3-curious developers, providing rapid, dependable and scalable access to blockchain data.
As app.decommas.io relies on fetching up to date and accurate blockchain data, DeCommas API in a sense is a byproduct of all those features and products. Over time, the infrastructure has been perfected, bringing it to an impressive sub 300ms response time while being extremely cost efficient.
We figured it made a lot of sense to open up our technology to the web3 community, and build.decommas.io was born! Since launch, we’ve seen a multitude of web3 projects onboarding, with notable projects like CoinStats pushing volumes to over 20 million requests per month in no time.
DeCommas API calls for the last 5 months
There’s a lot in store for DeCommas API. In recent weeks we’ve launched Price Service, giving up to date and accurate information on token values, and UserOps, which provides access to user actions in Account Abstraction environments.
Building meaningful partnerships for an exciting year ahead
In web3 we buidl together, and 2023 was all about forming new partnerships and connections for DeCommas. Just a few highlights for 2023:
- Together with LI.FI new features as Swap and Pathfinder came to life, and exciting joint community initiatives were launched on Zealy and Galxe, reaching thousands of new web3-enthusiasts.
- DeCommas has become a proud partner in the DRPC community, becoming on of the best performing node providers.
- The Optimism Foundation allocated a 40,000 OP grant, tied to milestones, to DeCommas, to further develop the DeCommas API, contributing to the Optimism ecosystem.
- Together with buidlbox we engaged the web3 builder community in the exciting buidlHACKS hackathon, awarding 2000 USDC to projects developing with DeCommas API.
- The DeCommas team has participated in events across the globe, including EthCC in Paris, DevConnect in Istanbull, TOKEN2049 in Singapore, BlockDown in Lisbon and European Blockchain Convention in Barcelona. We can’t even begin to list all the wonderful people we met there!
- We’ve had exciting community focused campaigns with frens at Zealy, The Rollup and Deficalendar, earning our DeCommunity Zealy XP and USDC rewards.
The narrative for 2024: Account Abstraction
Sorry, Account what?
Account Abstraction might just be the next big thing in blockchain technology, helping decrease the barrier to entry while reducing complexity. In the traditional blockchain setup, users interact through Externally Owned Accounts (EOAs), essentially digital wallets tied to private keys. AA, at its core, proposes a transformed technique by replacing EOAs with smart contract accounts (SCAs). Imagine SCAs as dynamic entities governed by programmable rules, giving them the power to manage funds and execute transactions autonomously.
This technique frees up control logic from account assets and lets accounts independently handle funds and transactions, bringing about advanced functionality, enhanced security, and reinvented flexibility, leaving traditional EOAs far behind.
Account Abstraction and DeCommas API
The first most obvious starting point for introducing Account Abstraction into DeCommas technology is enabling DeCommas API to be able to provide insights into user behaviors in Account Abstraction environments. We’ve done just this with the endpoints User Operation, User Operations and Transaction User Operations.
In a nutshell, this is what these brand new end-points are capable of:
- User Operation Endpoint: Retrieves in-depth details about a specific user action, enabling you to analyze its type, timestamp, sender address, target address, and many other operation data.
- User Operations Endpoint: Retrieves a comprehensive list of user operations within a specific abstracted account.
- Transaction User Operations Endpoint: Retrieves a comprehensive list of user operations within a specified transaction hash.
Could Account Abstraction be the next big thing in defi trading?
As you’ve guessed, we’re pretty stoked about the potential Account Abstraction brings, and how it fits our overall vision of utilizing UI, UX and aggregation to bring defi and web3 further. Being deep rooted in defi, we’re also firmly believers in the power of decentralization, and see a bright future for DEXes (especially considering, you know…).
So let’s look at the logic here: Great user experience, aggregation powering the UX layer, next level DEX adoption and account abstraction. Combine this with DeCommas’ background in defi- and web3 tech, and our passion for (complex) trading products, and there’s a very logical next frontier for us to discover…
Account Abstraction Terminal.
After the collapse of FTX, the necessity for DEXes in our ecosystem became even more clear. With their decentralization and transparency, DEXes do not act as custodians of your assets. One of the big advantages CEXes have over DEXes, however, is their user experience. The centralized way of building the product makes for a smooth onboarding flow with concepts many are familiar with from web2.
But what if account abstraction can take away the necessity for complicated onboarding, reduce the amount of smart contract signing required and create a sense of simplicity in onboarding? What if just your social handle or an email-address would be enough to create an account, a wallet and have your trading within minutes?
Account Abstraction Terminal
Closed Alpha in February — You can be in it!
The DeCommas team is already contributing to the development of Account Abstraction Terminal, and the first closed alpha might already see the day of light this February! You read that right, the first version is just around the corner.
This closed alpha will be, like the terminology suggests, closed. A few frens of DeCommas will be invited to provide the team with feedback to iterate and build further. And the frens of DeCommas, that’s also you! There will be 5 spots available on the closed alpha for or valued DeCommunity!
More information will follow real soon, but we can already tell you, your Zealy XP will matter for this one…
We hope you’re with us!
That’s it for now. We’re so thrilled to be on this journey with you, 2023 was all about aggregation in defi, building innovative experiences bringing web3 further and delivering the data layer and API required for the next stage.
2024 will show a glimpse of the next generation of defi, LFG!