Instadapp introduces Transaction Transparency on Avocado
Instadapp has taken to Twitter to share a major update on Avocado. It comes in the form of Transaction Transparency. The update basically empowers the users to gain insight into how transfers and approvals are done on the network. Specifically speaking, insights will relate to the approval of flash loans, mints, and burns.
The initial rollout comes to light with ERC20 transfers and approvals. Instadapp could soon share an update related to:
- Transfers and approvals of non-fungible tokens
- Address: new, trusted, or hacked—transparency.
Transaction Transparency is being implemented after successfully launching a smart contract wallet defined as the next generation. The goal is to onboard billions of users into the Web3 ecosystem. Avocado opens the doors for a wide range of uses, including, but not limited to, unified cross-chain executions, batching transactions, and a unified gas experience.
Avocado provides gas, network, and account abstraction to ensure that every user has a better experience.
Through the smart contract wallet, users can perform transactions on multiple networks while staying connected to a single RPC, the Avocado Network.
Only a single token does the job since USDC is now ideally accepted as a mode of payment for gas. Meaning, it eliminates the need to have different gas tokens. Holding, or possessing, $USDC will do the main part of the job, which is to pay for gas.
Avocado charges 20%, of which 10% goes to the integrators of the decentralized application. The charge applies to the gas fees.
Users can control a deterministic smart contract courtesy of the in-built account abstraction. The feature is linked to a user’s wallet address, making the wallet a secure place for tokens and non-custodial. Avocado Wallet can be connected to any decentralized application through WalletConnect. Once connected, the features automatically unlock and give users all the power.
INST Governance has been tasked with revising and diverting the fees for gas relaying. This is anticipated to facilitate the onboarding process for Web3 users. Not only users, but also the effort to encompass a greater number of decentralized applications.
Web3 is the future, and it only makes sense to enhance the communication experience within the community. Instadapp will, therefore, focus on bringing a seamless interaction to Web3 that is more accessible, faster, and secure than its previous versions.
As for Transaction Transparency, the feature has been hailed across the ecosystem, with Tenderly retweeting the update and saying that the team has flawlessly executed it.
Powered by Tenderly, Transaction Transparency is being welcomed by the members for its aim to share a detailed preview of all the transactions. Tenderly has described the development as “instant pain anxiety relief,” and has stated that it is exactly what everyone needed.
In fact, some members have liked the feature because it is easy to use. They have also said the interaction will bring more people to Web3.