Plena's Crypto Super App is revolutionizing the Web3 space with its Account Abstraction technology. This feature simplifies the blockchain experience by allowing users to easily interact across various EVM-compatible blockchains without the hassle of managing multiple tokens and transactions.
Plena has partnered with Gelato, a leader in the Web3 domain, to integrate their Relayers, enabling gasless transactions, enhancing user experience, and streamlining blockchain interactions.
“Gelato simplifies Plena’s user experience integrating Gelato’s gasless relayer, abstracting away gas-complexities; simply paying for gas fees in ERC-20 tokens, ultimately allowing everyday users simple access to decentralized finance”
- Luis Schliesske, Founder at Gelato
Plena Crypto Super App: The First Crypto Super App Powered By Account Abstraction
Plena is the first crypto super app powered by Account Abstraction, dedicated to addressing the challenges users face in executing transactions on self-custodial wallets and decentralized platforms. Leveraging cutting-edge Account Abstraction technology for the past two years, Plena simplifies the user experience by abstracting the complexities of blockchain mechanics. Key features enabled by Plena:
- Plena eliminates the need for users to do multiple transactions while interacting with different dApps and holds specific native tokens for transaction fees. With the help of Gelato’s relayer system, Plena allows users to pay fees in their preferred tokens, streamlining the process. Whether sending USDT to a friend or executing a token swap, Plena ensures a single, user-friendly transaction without complexities.
- This user-centric approach ensures seamless and intuitive transactions, bridging the gap between the security of self-custody and the convenience of centralized exchanges. Plena's commitment to innovation and simplification positions it as a trailblazer in reshaping the future of cryptocurrency investments, making self-custodial wallets and decentralized platforms more accessible and user-friendly.
Plena Crypto Super App Ecosystem
Plena Smart Portfolios
Plena offers a unique cryptocurrency investment platform with tailored portfolios, Leveraging Account Abstraction technology, users maintain full control and top-notch security. It supports various coins and simplifies investing with Auto Invest. Newcomers can benefit from expertly managed Public Portfolios. Plena caters to both novice and experienced investors with a versatile platform.
Plena Connect SDK
Plena Connect simplifies AA integration for dApps. It's the most advanced SDK, offering easy integration without modifying smart contract code. It's free and fosters a collaborative ecosystem for dApp developers. Plena Connect improves user control, security, and transaction efficiency. It transforms blockchain experiences with a simple and affordable path to AA integration.
Comparing Traditional Crypto Super Apps and Plena Crypto Super App
This process outlines how a user can provide liquidity to a WBTC/WETH pool on PancakeSwap, a decentralized exchange (DEX) on the Binance Smart Chain (BSC), using 100 USDT. Here's a brief overview of each step:
- Buy BNB for Fees: The user buys Binance Coin (BNB) to cover transaction fees on the BSC network.
- Visit Pancakeswap for Swapping: The user goes to Pancakeswap, a DEX, to perform token swaps.
- First Transaction - Approve 50 USDT: The user approves 50 USDT for swapping. This is a permission step required by smart contracts.
- Second Transaction - Swap 50 USDT to WBTC: The user swaps 50 USDT for Wrapped Bitcoin (WBTC).
- Third Transaction - Approve Another 50 USDT: The user approves an additional 50 USDT for another swap.
- Fourth Transaction - Swap 50 USDT to WETH: The user swaps the second batch of 50 USDT for Wrapped Ether (WETH).
- Fifth Transaction - Approve WBTC for Liquidity: The user approves their WBTC holdings to be used in providing liquidity.
- Sixth Transaction - Approve WETH for Liquidity: Similarly, the user approves their WETH holdings for liquidity provision.
- Seventh Transaction - Provide Liquidity to the Pool: Finally, the user provides liquidity to the WBTC/WETH liquidity pool on PancakeSwap.
- Each step requires transaction fees (paid in BNB) to interact effectively with the DEX's smart contracts.
Flow with Plena App
How users can provide liquidity to a WBTC/WETH pool on PancakeSwap via the Plena App, using Account Abstraction (AA) for a more streamlined and cost-effective experience. Here's a step-by-step explanation of the process:
- Accessing Plena App: The user opens the Plena App and navigates to the pools section. This is the starting point for the liquidity provision process.
- Entering Amount for Liquidity: Within the app, the user inputs the amount they wish to use for providing liquidity. In this case, it's 100 USDT.
- Batching Transactions: Plena App then creates the transaction data, which includes all necessary approvals, swaps, and smart contract interactions required for the liquidity provision. These transactions are batched together to form a single transaction. This batching process is efficient as it saves time and reduces transaction fees by up to 30%.
- Signing Transaction Data: Once the transaction data is prepared, it's sent back to the user. The user then signs this data, authorizing the transaction. This step is vital for security and consent.
- Using Gelato’s Relay: After the user signs the transaction, it's sent to Gelato’s Relay. This relay service is an intermediary that helps in executing the transaction. The significant advantage here is that the user doesn't have to send the transaction themselves, saving them the need to pay transaction fees in BNB.
- Transaction to AA Wallet: Gelato's relay forwards the transaction to the user’s AA (Account Abstraction) wallet. The AA wallet is a smart contract-based wallet that offers more flexibility and functionality than traditional wallets.
- Verification and Execution: The AA wallet verifies the signature of the transaction. If the verification is successful, it executes all the actions encapsulated in the transaction in one go. This single transaction execution includes swapping 50 USDT to WBTC, 50 USDT to WETH and providing liquidity to the WBTC/WETH pool on PancakeSwap.
- Charging Fees in USDT: After the transaction is executed, Plena charges the user a transaction fee. Notably, this fee is charged in USDT, equivalent to the BNB that would have been consumed in the transaction. This is advantageous for the user as it eliminates the need to own or purchase BNB for transaction fees.
- In summary, this process leverages the advantages of Account Abstraction to offer a more user-friendly, cost-effective, and efficient method of providing liquidity on a decentralized exchange like PancakeSwap.
In conclusion, the collaboration between Plena Finance and Gelato Relay represents a significant leap in simplifying blockchain interactions. Plena's Account Abstraction technology, combined with Gelato's efficient, gasless transaction handling, offers users an intuitive and cost-effective experience. This integration marks a pivotal advancement in making decentralized finance more accessible and user-friendly, bridging the gap between complex blockchain technology and everyday users.