Despite the large number of cryptocurrency investors worldwide, the majority still prefer centralized custodians due to issues related to complexity and poor user experience in decentralized applications (DApps) and crypto wallets. Plena, however, aims to change this by leveraging account abstraction technology to simplify blockchain interactions and drive global crypto adoption through smart contract-powered crypto wallets.
Research shows that there are over 420 million crypto investors worldwide, but nearly nine out of ten users still opt for centralized custodians or centralized exchanges like Binance and KuCoin. This is primarily because DApps and crypto wallets are complex to use, require the use of native tokens in trades, and provide a poor user experience.
Account abstraction, which simplifies how users interact with their accounts on the blockchain, is seen as a promising solution to these issues that hinder the global adoption of crypto. Proposed by Ethereum co-founder Vitalik Buterin, account abstraction offers improved 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 providing the convenience of traditional applications.
Contrary to popular belief, the blockchain ecosystem had already started exploring similar innovations before Buterin’s proposal was published. Plena, a crypto super app, was among the early adopters of this technology, showcasing 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 to have a deep understanding of blockchain or hold different tokens for transactions across various networks. In addition to trading, Plena also features tools like social networking, smart investing, and market insights sharing to encourage community engagement.
The Plena crypto super app, available for download on the Google Play Store and App Store, is designed with users in mind and offers 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 and does not store any user information.
Plena enables users to perform complex blockchain activities, such as providing liquidity to a decentralized exchange (DEX) with just one click, which would typically require multiple steps. Users can also access a wide selection of cryptocurrencies and enjoy reasonable rates with minimal effort.
To improve user interactions in DApps, Plena has released a new account abstraction software development kit (SDK) called Plena Connect. With this SDK, DApp developers can enhance the user experience without altering their existing codebase. The platform aims to create a seamless interaction process, simplify the user experience, and promote blockchain adoption with its account abstraction SDK.
Plena’s SDK is expected to attract users who are not familiar with the complexity of blockchain operations and encourage innovation by providing a more accessible blockchain developer environment.
For example, imagine buying a non-fungible token (NFT) on a marketplace like Axie Infinity traditionally. The user would need to acquire AXIE tokens and ensure they have Ether (ETH) for gas fees. However, with Plena Connect, the process is simplified. Users can connect their Plena wallet to the marketplace and directly purchase the NFT with PLENA tokens. Plena handles the conversion from PLENA to AXIE and ETH with a single click, including batching transactions to save on gas fees by up to 30%. This streamlined experience demonstrates the practical utility of Plena Connect in making blockchain transactions straightforward for users.
Plena has processed over 5 million transactions and seen more than $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 further engage with its community and reward early supporters, Plena is collaborating with launch partners, including DAO Maker, Chain GPT, and Vixen, to conduct an airdrop on Galxe, distributing 2% of its total supply.
As digital wallets and DApps become easier to use, the adoption of decentralized technologies will increase. Innovations like account abstraction lower barriers, making it easier for individuals without a technical background to participate in blockchain and reap its benefits. This network effect is likely to drive more innovation, investment, and mainstream adoption of crypto.