What is Avocado? Recent News, Fundraising and Token
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Key Takeaways
- Avocado is a smart contract wallet developed by Instadapp, designed to simplify and secure Web3 interactions for users.
- It focuses on enhancing DeFi accessibility through features like gasless transactions and multi-chain support.
- Launched in 2023, Avocado integrates with various blockchain networks and has formed partnerships to expand its ecosystem.
What is Avocado?
Avocado is a next-generation smart contract wallet created by Instadapp, aimed at simplifying Web3 interactions and making them safer for users. According to the official website (avocado.instadapp.io), it serves as a "web3 superwallet" that streamlines DeFi activities, such as managing assets across chains and executing transactions efficiently. The project is positioned as a tool to onboard the next billion users to Web3 by reducing complexities in wallet management and security.
How Does Avocado Work?
Avocado operates as a smart contract-based wallet that leverages account abstraction to provide features like gasless transactions, social recovery, and batched operations. Users can interact with DeFi protocols seamlessly without needing to handle gas fees directly, as the wallet abstracts these complexities. It supports multiple blockchains, allowing users to manage assets, swap tokens, and participate in lending or staking through an intuitive interface, as detailed in Instadapp's launch announcement on etherworld.co.
The workflow involves creating a wallet via the Avocado app, where users can connect to supported networks like Ethereum and others. Transactions are executed through smart contracts that bundle actions, improving efficiency and security, with integrations for protocols like Fuse Network enabling broader DeFi access.
What Makes Avocado Unique?
- Gasless and batched transactions that reduce costs and simplify user experience, as highlighted in Instadapp's official launch materials on etherworld.co.
- Integration with account abstraction for enhanced security features like social recovery, setting it apart from traditional wallets.
- Built by Instadapp, a established DeFi platform, providing seamless compatibility with lending and borrowing protocols.
Avocado Native Token
TGE Information
Recent News & Fundraising
- In March 2023, Instadapp launched Avocado as a smart contract wallet to onboard users to Web3, as reported on etherworld.co.
- In October 2023, Avocado partnered with Fuse Network to enhance mainstream DeFi accessibility, according to news.fuse.io.
- No recent fundraising details are available from official sources.