Despite the large number of investors involved in cryptocurrency around the world, a majority still prefer centralized custodians due to the complexity and poor user experience of decentralized applications (DApps) and crypto wallets. Plena, a crypto super app, aims to address these issues by utilizing account abstraction technology to simplify blockchain interactions and promote global adoption of crypto through smart contract-powered crypto wallets.
Research indicates that there are over 420 million crypto investors worldwide, yet nearly nine out of ten users still favor centralized custodians or centralized exchanges like Binance and KuCoin. This is primarily due to the complexity of DApps and crypto wallets, the requirement to use native tokens in trades, and the subpar user experience.
Account abstraction, a concept proposed by Ethereum co-founder Vitalik Buterin, holds promise in resolving the barriers to global crypto adoption. It improves security and usability by reducing reliance 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 offering the convenience of traditional applications.
Contrary to popular belief, the blockchain ecosystem had already begun exploring similar innovations before Buterin’s proposal. Plena, as a crypto super app, was one of the early adopters of this technology, demonstrating the practical benefits of account abstraction.
Plena offers the convenience of a centralized exchange by combining full custody of assets and account abstraction. As a participant in the Cointelegraph Accelerator program, Plena eliminates the need for deep blockchain understanding or holding different tokens for transactions across various networks. In addition to trading, Plena provides tools for social networking, smart investing, and sharing market insights to foster community engagement.
The Plena crypto super app, available for download from the Google Play Store and App Store, is designed with user convenience in mind and includes an automated purchasing feature for traders. The registration process is streamlined, allowing users to create an account using familiar social media platforms like Gmail, Twitter, or Facebook, serving as a gateway to the crypto market. Plena prioritizes privacy by not storing any user information.
Plena enables users to perform complex blockchain activities, such as providing liquidity to a decentralized exchange (DEX), with just one click, simplifying a process that would typically require multiple steps. Users can access a wide selection of cryptocurrencies and enjoy reasonable rates with minimal effort.
To enhance user interactions in DApps, Plena has released a new software development kit (SDK) called Plena Connect. DApp developers can utilize this SDK to improve user experience without altering their existing codebase. The platform aims to create a seamless interaction process, simplify user experience, and advance blockchain adoption through its account abstraction SDK.
With Plena Connect’s SDK, users who are not familiar with the complexity of blockchain operations can enter the space more easily, encouraging innovation by providing a more accessible blockchain developer environment.
For example, buying an NFT on a marketplace like Axie Infinity traditionally involves acquiring AXIE tokens and ensuring the possession of Ether (ETH) for gas fees. However, if a user earns their salary in PLENA tokens and prefers to use them for the purchase, Plena Connect simplifies the process. By connecting their Plena wallet to the marketplace, users can directly buy the NFT with PLENA tokens. Plena handles the conversion from PLENA to the necessary AXIE and ETH with a single click, including batching transactions to save on gas fees by up to 30%. This streamlined experience showcases the practical utility of Plena Connect in making blockchain transactions straightforward for users.
Plena has processed over 5 million transactions and seen over $30 million in funds deposited by users. The platform has integrated over 150 DApps through its account abstraction SDK and has a community of 200,000 enthusiasts and professionals, in addition to its 170,000 registered users. To engage further with its community and reward early supporters, Plena is collaborating with launch partners such as 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 blockchain and reap its benefits. The network effect resulting from increased adoption will likely drive more innovation, investment, and mainstream acceptance of crypto.