Crypto investors around the world still prefer centralized custodians over decentralized applications (DApps) and crypto wallets due to issues like complexity and poor user experience. However, Plena is using account abstraction technology to simplify blockchain interactions and promote global crypto adoption through smart contract-powered crypto wallets.
Research shows that there are over 420 million crypto investors worldwide, but nearly nine out of ten users choose centralized custodians or centralized exchanges like Binance and KuCoin. This preference is primarily influenced by the complexity of DApps and crypto wallets, the need to use native tokens for trades, and the subpar user experience.
Account abstraction, a concept proposed by Ethereum co-founder Vitalik Buterin, offers a promising solution to the barriers hindering global crypto adoption. It improves security and usability by reducing dependence on a single point of failure, such as smart contracts or private keys. Experts believe that account abstraction could attract a billion new users to Web3 by providing the convenience of traditional applications.
Contrary to popular belief, the blockchain ecosystem had already started exploring similar innovations before Buterin’s proposal. Plena, a crypto super app, was one of the early adopters of account abstraction technology, demonstrating its practical benefits.
Plena offers the convenience of a centralized exchange by combining full custody of assets with account abstraction. As a participant in the Cointelegraph Accelerator program, Plena eliminates the need for in-depth blockchain knowledge or holding different tokens for transactions across various networks. It also includes social networking, smart investing, and market insights sharing to encourage community engagement.
The Plena crypto super app, available for download on the Google Play Store and App Store, prioritizes user experience and provides an automated purchasing feature. Users can create an account easily using familiar social media platforms like Gmail, Twitter, or Facebook, serving as a gateway to the crypto market. Plena maintains user privacy by not storing any personal information.
Plena enables users to perform complex blockchain activities with ease, such as providing liquidity to a decentralized exchange (DEX) with just one click. It also offers access to thousands of cryptocurrencies at reasonable rates, requiring minimal effort.
To enhance user interactions in DApps, Plena has released a new account abstraction software development kit (SDK) called Plena Connect. DApp developers can use this SDK to improve user experience without altering their existing codebase. The platform aims to simplify the user experience, create a seamless interaction process, and advance blockchain adoption through its account abstraction SDK.
With the Plena Connect SDK, users can trade, transfer, or bridge crypto across multiple chains with a single tap. This feature makes buying NFTs on marketplaces like Axie Infinity more accessible. Users can directly buy NFTs with Plena tokens, eliminating the need to acquire other tokens like AXIE and Ether for gas fees. Plena Connect handles the conversion process automatically, including batching transactions to save on gas fees by up to 30%.
Plena has processed over 5 million transactions and received more than $30 million in user deposits. The platform has integrated over 150 DApps through its account abstraction SDK and has a community of 200,000 enthusiasts and professionals.
To engage with its community and reward early supporters, Plena is collaborating with launch partners like DAO Maker, Chain GPT, and Vixen to conduct an airdrop on Galxe, distributing 2% of its total supply.
As digital wallets and DApps become more user-friendly, the adoption of decentralized technologies will increase. Innovations like account abstraction lower barriers, allowing individuals without technical backgrounds to participate in and benefit from blockchain. This network effect will likely drive more innovation, investment, and mainstream adoption of crypto.