Stablecoin/Network Abstraction in Production | Derek Rein - Reown

[Music] hey everybody how's it going my name is Derek I'm the CTO at reown formerly known as W connect and today I'm going to talk to you about our stable coin and chain abstraction product and also the ERC 7811 standard uh that we've ushered in and what it means for the future of um evm ux so this is what we're going to talk about uh I'll start with the demo and we look into the solution um the different phases we're going to roll out and the standards and some real world performance metric so let's take a look so what you can see here is our sample application I'm connected with a wallet there that supports a stable coin and chain abstraction it's the reown embedded wallet it's the first wallet that supports this and here you can see the ERC 7811 standard live because you can see that despite me only having 40 cents on this network the standard shows me that I have a dollar that I can spend and Source from other networks and here you could just see the wallet implementation that I was sourcing the funds from a different network and um to the right here in the screenshot so this took just a couple of seconds for a fully chain abstracted experience this is very delightful to the right side you can see um my ens wallet cyber direct. ethereum and you can see it all the different stable coins that I have and on how many different networks I have them and um yeah maybe I'll ask the audience a quick question how many networks are you using 6 three there more than one so yeah I'm sure you're familiar with the problems of the liquidity apps um fragmentation I want to show a different video in this case it's an inapp in wallet application it's just a send button and that in this case um also is and no actually here I'm showing St stable coin abstraction so you can see I'm sending uscc but I don't have any I have us on a different network takes a couple of seconds yeah but you can see that um I'm spending usdc but I'm sourcing the usdt in this case from a different network and it's a quite delightful experience let's give it another second and there we go so usually most people talk primarily about um chain abstraction but as I showed on the previous slide I don't think it's enough I think we also need to have stable Co abstract AC action I took a look at Dune and 10% of the addresses that hold UCC uh hold it on different networks and they also hold a different stable coin and so yeah that's the that's the motivation in my case you can see I hold six stable coins across about five networks here and uh sometimes I want to just spend my aggregated balance and I don't want to bridge back and forth um what's a solution that that we have in wallet kit and for context Ron's wallet kit formerly known as as wallet connect our SDK is already in 600 wallets and our app SDK is in every single ethereum app and most Solana apps so we're pretty well positioned for distribution there so what's the solution um our solution is quite naive by Design the ideas to support all the all account types that exist so this supports OAS that supports smart accounts um it also works on Solana and other networks and it's a simple solution it just reuses existing bridging infrastructure and exploits the fact that in the wallet you have access to the private key and you can with a single click issue multiple transactions and uh other approaches and I get to that later in the road map other approaches from the start do more sophisticated resource locking approaches for instance um um which provides you better latency but the drawback is that it's hard to integrate and has some other trade-offs and here you can see the solution has a prepare method that the wallet can invoke to if it doesn't have enough assets on the target Network and it can check hey does the end user have enough assets on any on any other network or in a different stable coin and then there's an execute uh function where you can provide the um where you can provide the the signatures the road map I I just touched on that a little bit so the idea is to get this out we have a couple of top wallets integrating this right now and um a bunch of applications the idea is to get this out the door and we believe that it's an order of magnitude ux Improvement as is because in a single click you can use your aggregated balance and you don't need to worry about the different stable coins and the trade-off is that the latency is not as great you've seen this in this video our average takes about 16 seconds currently and the idea is to later improve once we we have the SDK in wallets and in apps to later then improve on the speed through employing resource locking strategies and a quick word on those resource locks so again resource locking is a is a strategy as a latency Improvement for um for chain abstraction and the flavors of resource locks that are in the wild are primarily smart contract based resource locks so for instance U or yui that's a 75 ERC 7579 module that's installed on the smart account and but there's also other flavors such as token based resource logs that's more similar to the approach Unis swap is taking and you can see that these approaches don't support other networks CVM only so the wallets that are integrating our solution right now and it wouldn't satisfy them because they want Solana support as well then there's a vendors lock in story um with with at least some of the um resource locking approaches and also there's a trade-off which is opt in censorship probably not a big deal but it's just very difficult to explain to wallets when they integrate a solution um in which cases the users can be censored and what not and it's also difficult to explain to the users that's why we believe that um just starting with something more naive that exploits existing infrastructur is better here you can see the current latency of the solution so um yeah on average it's about 10 to 15 seconds which is not great but alternatively if you would manually Bridge back and forth then it would take you minutes or even 30 minutes you also have to learn what a bridge is in the first place and it's as we all know bridging is not necessarily great experience and many wallets aren't properly supported on Bridges right now um for instance smart contract wallets like safe um don't work on relay protocol currently and um yeah on many other Bridges and yeah that's it curious if anyone has a question yes please um yeah you you mentioned zero def I think zeroa does magic spend Plus+ which is a flavor from from socket um so for that solution it's it's a module that you can install on the smart account zero def is 7579 compliant the team is amazing um but currently you would have to install that module on a 7579 account so currently I think there's not many 7579 accounts in the wild our appkit SD that I showed in the beginning supports 7579 then there's no precedent for actually installing modules like how does an end user actually install a module so all that is quite complicated and um actually at reown with our wallet SDK we also want to improve the ux of installing a module we very much believe in the in the future of 7579 modules but I think the benefit is just that we don't need to explain any of that to wallets and we can also support EAS So currently token pocket safe pile who are integrating this right now um they support they they're still EA wallets they didn't support smart accounts so then we couldn't go to market with them with such a solution and then also for magic spend Plus+ and most of the resource smart contract based resource lock Solutions don't like it's an open question whether that's going to work with 7702 The Rhinestone team uh claim that it works with 7702 I don't know the details but it's yet yet another thing that you need to explain to to wallets how it's going to work so I think it's quite complicated and um yeah versus for us is straightforward to explain and the tradeoff is just latency also the um the infrastructure is not as proven whoops the the infrastructure on the orchestrator side is not proven versus the the bridging infrastructure that we use is quite resilient and impr pro maybe that's another point but yeah ultimately we also want to either use a token based or resource or smart contract based resource lock um to improve the latency no thank you you awesome thank you so much