Interacting with a dApps requires users to navigate through multiple steps and often involves multiple different networks and tokens. This can be confusing and off-putting for the average user.
To understand the complexity of using dApps, let's consider the process of using a decentralized exchange like Uniswap. First, the user has to connect their wallet to the dApp. Then, they have to choose which token they want to use to pay for gas fees and which token they want to exchange. The user also has to be aware of the current rate for the exchange and make sure they have enough of both tokens to complete the transaction. This process can be confusing and time-consuming, especially for those unfamiliar with the world of cryptocurrency.
Contrast this with the simplicity of traditional web2 transactions, like making a purchase on Amazon. The user simply adds their items to their cart, chooses their payment method, and checks out. There is no need to worry about gas fees or multiple tokens.
To solve the problem of complex dApp user flows, layer 2 (L2) solutions were developed. These solutions allow for faster and cheaper transactions on the blockchain, making dApps more user-friendly.
Unfortunately, L2 solutions have also created a new problem: fragmentation. There are now multiple L2 networks, each with their own native tokens and transaction fees. This can be confusing for users, especially when compared to the simplicity of traditional web2 transactions where fees are paid in a single, widely-accepted currency.
IMG: A graph showing the growth of dApp usage over time, with a steep drop during bear markets
One solution to the UX problem is account abstraction. This refers to the ability to use a single set of credentials, like a username and password, to access multiple dApps and networks. This simplifies the user flow and makes it easier for users to interact with dApps.
Multi-network account abstraction takes this idea a step further by allowing users to access dApps on multiple networks with a single set of credentials. This can significantly simplify the user experience and make dApps more accessible to the average user.
Imagine a hypothetical scenario where a user wants to make a purchase using a dApp. With multi-network account abstraction, the user could simply log in with their username and password and complete the transaction without worrying about which network or tokens to use. This level of simplicity has the potential to bring dApps to the mainstream and potentially even reach 1 billion users.
GRAPH: A comparison of the user flow for a traditional web2 transaction versus a dApp transaction with multi-network account abstraction
Project Banana is a platform that aims to enable this level of simplicity through multi-network account abstraction. By making it easier for users to interact with dApps, Project Banana has the potential to significantly improve the steep learning curve of web3 and drive mainstream adoption.
Account abstraction refers to the ability to use a single set of credentials, like a username and password, to access multiple dApps and networks. This simplifies the user flow and makes it easier for users to interact with dApps.
Multi-network account abstraction takes this idea a step further by allowing users to access dApps on multiple networks with a single set of credentials. This can significantly simplify the user experience and make dApps more accessible to the average user.
To understand the potential impact of multi-network account abstraction, consider the simplicity of traditional web2 transactions like making a purchase on Amazon. The user simply adds their items to their cart, chooses their payment method, and checks out. Now imagine a hypothetical scenario where a user wants to make a purchase using a dApp. With multi-network account abstraction, the user could simply log in with their username and password and complete the transaction without worrying about which network or tokens to use.
IMG: A comparison of the user flow for a traditional web2 transaction versus a dApp transaction with multi-network account abstraction
This level of simplicity has the potential to bring dApps to the mainstream and potentially even reach 1 billion users. Multi-network account abstraction could make web3 practical for everyday use, allowing people to easily buy and sell goods and services using dApps.
Project Banana is a platform that aims to enable this level of simplicity through multi-network account abstraction. By making it easier for users to interact with dApps, Project Banana has the potential to significantly improve the steep learning curve of web3 and drive mainstream adoption.
Account abstraction and multi-network account abstraction have the potential to revolutionize the way we interact with web3. By simplifying the user flow and making dApps more accessible, these solutions have the potential to bring web3 to the mainstream and potentially even reach 1 billion users. Platforms like Project Banana are leading the charge in bringing these solutions to the market and improving the overall web3 experience.