Using decentralized applications (DApps) may be puzzling for not-so-tech-savvy users. A crypto super app is solving this problem with account abstraction technology.
“We tackle the most important problem in the Web3 space — user experience,” said Sparsh Jhamb, co-founder and CEO of Plena Finance, when talking to Cointelegraph about his project during the recent X Spaces.
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Plena Finance is a super app for Web3, offering features ranging from trading, token swaps, on-ramp and off-ramp solutions to instant transactions using PNS usernames. The app is easy to use thanks to its account abstraction feature and a user-friendly UX.
“Currently, users have a lot to learn. For example, moving from a CEX to a self-custodial wallet can be too complex for the average person,” said Jhamb. “Account abstraction allows us to remove all the complexity, so users don’t have to learn about private keys, securing the seed phrase or holding the native blockchain token.”
Account abstraction also enables intent-based infrastructure and batch transactions, which Plena Finance has successfully implemented. “Imagine you want to buy $50 worth of Bitcoin, Ethereum, Solana and DOT. You can simply specify your intent, and the system will create that transaction for you. And instead of sending two separate transactions to the blockchain, the account abstraction consolidates them into one,” the CEO explained.
Security is another important focus for Plena, with Jhamb emphasizing: “CEXs usually store all the user’s money in just a few wallets. And if just one wallet is hacked, many will lose their money. So the alternative solution is self-custodial wallets. But the problem is that they’re quite complex. Meanwhile, because of the account abstraction, Plena users get the CEX experience they’re used to, but with much better security.”
Jhamb went on to highlight the overwhelming number of blockchains in Web3. “New users entering the space are often confused about which chain to use,” he said. “Inside CEXs, funds from any network —be it Bitcoin, Tron or Ethereum— seamlessly merge into a single account, and users can trade coins or futures without worrying about moving assets between chains. But on the outside, it’s different.”
Plena’s chain abstraction addresses this, allowing users to interact with multiple protocols across chains without manually transferring funds. “Even if I have funds on BSC, I don’t have to bridge them to Solana first. I can complete the transaction in what feels like a single step,” Jhamb explained.
Chain abstraction also solves practical limitations that users often face. "Let’s say you buy a $100 memecoin on Base. Once you have it, you can’t do much without transferring ETH to your wallet to pay transaction fees,” the CEO said. “With our approach, you can seamlessly move, sell or trade that coin without having to get another token just to complete the transaction.”
AI for smarter decisions
“We wanted to integrate AI into our app in a meaningful way, and we found a way,” Jhamb stated.
As an intelligent assistant for users, Plena AI provides insights to help make informed investment decisions. Jhamb explained: "It’s constantly searching the web and the blockchain to find what’s happening in the space that’s related to your needs.”
He continued: “Let’s say you want to buy a token, or you already have one in your wallet. Plena AI will keep checking it and show you new developments, new exchange listings or a large amount of funds being moved from CEX to a wallet, which can affect the token price. It evaluates all these things and gives you a bullish or bearish rating and other details to help you make a decision.”
Beyond investment insights, Plena AI monitors transaction data and interactions with DApps to ensure user safety. “When you interact with a protocol, it runs simulations to check for infinite permissions or other risks,” the CEO said. “A while back, we integrated a lending protocol that was later hacked, and some users lost money. We had to refund them, but it was a wake-up call. The AI now ensures that such incidents are avoided by proactively scanning for vulnerabilities.”
Plena AI also acts as a user-friendly chatbot, streamlining tasks within the app. “If you want to buy a coin, transfer tokens, bridge assets or create price alerts, all you have to do is tell the AI. It creates the transaction, and you just sign off on it,” Jhamb explained. The entire process is designed for simplicity, with biometric verification as the only step required for approval.
Better Web3 onboarding
Jhamb also mentioned EIP-7702 as a way to reimagine how users interact with the blockchain, addressing some of the persistent challenges of Web3: “The current account abstraction model comes at a cost. When a user initiates their first transaction, a smart contract wallet is created as part of that transaction, and the user has to pay a small fee for it.”
In addition to fees, account migration is another hurdle, according to Jhamb: “When users move their wallets, say from MetaMask to Plena, they encounter a new account. They have to transfer funds to the smart contract wallet, which takes time and incurs additional fees.”
Meanwhile, the EIP-7702 offers a solution. “It offers the same benefits of account abstraction, such as batching transactions and paying fees with alternative tokens, but without the need for a smart contract wallet. This will simplify the migration process for users and improve the overall experience,” Jhamb said.
Looking ahead, he sees chain abstraction as the next major Web3 trend: “Mature users are entering the space, and while they may start trading memecoins, they’ll eventually gravitate to projects that solve real problems in Web3. Chain abstraction and account abstraction are the only ways to get a billion users on board with Web3. Otherwise, everyone will just keep investing in crypto, and once the build run is over, people will go back to CEXs.”
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