Let's face it, the biggest hurdle for the crypto world is still mass adoption. There are 400 million crypto users worldwide, compared to the world population of an estimated 8 billion, this number is still minimal. Why? Simple: Crypto is way too complicated & confusing.
To access Web3, a user needs to have a good understanding of some "big brain" stuff not being taught in schools. Web3 users currently have to encounter hundreds of chains & rollups, multiple wallets, various tokens for gas fees, and complicated processes when interacting with protocols or bridging between chains.
To get the masses, these need to be changed. This is where Chain Abstraction comes in.
What is Chain Abstraction (ChA)?
ELI5: Imagine you want to travel around the world. You need different documents, currencies, and customs procedures for each country. It's a complicated task. Remember when you have to go to the airport 3-4 hours early for international flights, but still cannot proceed?
Chain abstraction (ChA) is like having a magical passport that you can travel anywhere in the world with a seamless experience just like you go to the bus stop. It's as if the whole world has become one big country.
Why does ChA matter?
Chain Abstraction is crucial to the development of Web3 as it solves a lot of pain points that users & builders currently face on a daily basis. For example:
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It addresses the issue of liquidity fragmentation, where assets are stuck on specific chains.
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It eliminates the need for users to manage multiple wallets and constantly switch between networks.
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It allows people to use funds across any blockchain without complicated bridging processes.
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Users can pay for transactions with any token they want, regardless of the chain they use.
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It helps developers by allowing them to build applications that can easily work across multiple blockchains.
Overall, chain abstraction aims to improve the user experience on Web3 as a whole, making crypto more accessible & closer to the goal of mass adoption.
Some categories of Chain Abstraction
Chain Abstraction encompasses several categories, each focusing on different aspects of improving the crypto experience:
Account/Wallet Abstraction
This category focuses on creating universal accounts that allow users to manage all their assets in one place and make transactions easily across different blockchains. Account Abstraction also usually allows users to log in to Web3 with their Web2 social accounts, like Twitter or Gmail.
Orderflow Protocols
Usually referred to as "Intents," these protocols handle the routing of transactions across chains to find the best rates and services for users. They make cross-chain swaps and transfers seamless.
Orchestration Protocols
Also known as application-level protocols, these handle complex tasks that span multiple blockchains and allow developers to create chain-agnostic applications that can easily interact with various chains. Instead of dealing with chains, users now deal with applications.
Infrastructure Protocols
These provide the fundamental technology that enables communication between different blockchains. LayerZero, Hyperlane, and Axelar are the notable examples.
About Henez
Henez stays between these categories, by being an application-level protocol and leveraging the power of other infrastructure and AA protocols to create an ultimate Chain Abstraction experience for users.
Powered by Hyperlane, Arbitrum, and Caldera, Henez allows seamless token transfer across multiple chains and experiences DeFi in an Omnichain manner. With our OmniDeFi modules, builders can create chain-agostic DeFi protocols in one click. Hene also integrates with Particle Network to bring Wallet Abstraction technology to our interface.
This is the end of this article. Join us on his revolution: