Beyond Account Abstraction, it's time for Chain Abstraction
The Current State of DeFi
Have you ever tried to teach DeFi to a friend and realize how hard it was?How do you explain that there are tens of chains and L2s (and L3s are coming!)?
Let's be honest: Web3 UX currently sucks
You constantly have to switch and bridge your assets between chains to interact with Dapps. Every time you want to interact with a pool, you have to think about where your assets are now, leave the dApp, go to a bridge to bridge your funds, go back to the dApp, and then deposit. This is time-consuming and inefficient.
This is where Chain Abstraction comes in.
What's Chain Abstraction?
It's removing the need for users to think about which chain they are on, where they want to go, if they have gas, or even if their DApps are available on a particular chain.This could be significant progress into simplifying the experience for web3 newcomers. Chain abstraction should become the default apps to build dApps.
This brings various advantages:
- Simplifies the newcomer's experience
- Makes the UX more efficient
- Attracts new TVL for dApps.
Here's an interesting deep dive by the Connext team who is pioneering this concept and built a toolkit that developers can use to chain-abstract their dApp:
Keen to know what you guys think about this.