The adoption of Web3 technologies has brought with it a host of interoperability solutions connecting dApps and their underlying blockchains. Most users are familiar with cryptocurrency bridges like Multichain, but equally important are the developer tools that sustain innovation in the space. On Fantom, one such tool is Etherspot.
Etherspot is a smart-wallet SDK (software development kit) that offers a non-custodial, smart wallet framework on Fantom and over 10 other EVM-compatible chains.
What can Etherspot do?
Think of Etherspot as a layer between supported EVM-compatible blockchains and Fantom cross-chain dApps. In this schema, Etherspot offers account management and extensive services to facilitate multichain transactions.
The Etherspot SDK offers many features, including transaction batching, Payment Hubs, P2P transfers, smart contract management, and meta-transactions.
Etherspot can batch multiple transactions such that Fantom, or the EVM network of choice, processes them as a single transaction. This lowers gas costs, reduces the number of clicks required, and makes for a smooth user experience.
As an illustrative example, think of any DeFi app on Fantom in which token approval and transfer are two separate transactions, requiring two clicks. By batching those into one transaction, Etherspot reduces gas fees and streamlines the user experience by reducing the number of required user confirmations.
This feature allows you to create a “payment hub” in any application that integrates Etherspot. Payment Hubs are off-chain asset pools in which Etherspot account owners can create and hold unlimited amounts of assets.
Users or smart contracts can instruct Payment Hubs to transfer or settle the desired amount to another Payment Hub or Etherspot account within the same application.
Transfers between payment hubs, which support ERC20 or 721 tokens, are recorded on a “light” Etherspot ledger and incur no transfer fees. Funds and gas fees are settled in a single on-chain transaction once they are withdrawn from a payment hub.
As with batched transactions, the applications are manifold. Payment hubs work akin to Layer 2 networks and could be used, for instance, to provide liquidity for Fantom trading pairs.
Every Etherspot application address has two components, a standard ERC address, and a dedicated Etherspot P2P address. Using the latter, you can send funds gas-free to any other Etherspot address within an application.
P2P transfers can be integrated into any dApp requiring frequent transactions, like a metaverse marketplace or similar.
Smart Contract Management
Smart contract management: For every account created in an application developed with Etherspot, the platform deploys a suite of smart contracts secured on-chain. Application developers can elect to have smart contracts automatically deployed or activated at a selected time. Such flexibility gives developers needed leeway to optimally configure and secure their dApps.
Meta-transactions help users use dApps without requiring that they hold the native currency of a blockchain. Swaps are managed entirely in the background.
Imagine a game platform developer who opens access to their platform without requiring new users to hold FTM or their game-platform token.
Why use Etherspot?
Etherspot’s features yield innumerable benefits. From the developer perspective, the open-source Etherspot SDK enables builders to focus on cross-chain dApps without worrying about the essential functions needed to transact and transfer assets across platforms.
Moreover, Etherspot radically decreases the amount of coding that would typically be required to fulfill complex tasks like batched transactions.
For users, Etherspot eliminates the need to switch networks/RPCs and dramatically reduces the steps required to complete cross-chain transfers.
Breakthrough dApps that Etherspot powers include:
- KlimaDAO cross-chain staking dApp. A KlimaDAO DeFi primitive set to radically shift the way cross-chain transacting is performed for DeFi strategies.
- AirdropMe - the most cost-effective tool for airdrops, token distributions in bulk & DAO rewards.
- Pillar Wallet - Smart contract, multichain DeFi wallet allowing users to transact across chains with one address for EVM chains, in-app browser, NFT storage, cross-chain and single-chain swap aggregation, and more.
What’s next for Etherspot?
Etherspot has a lot in store for the near future.
- The Etherspot Dashboard, an all-in-one Web3 dashboard that lets users connect their key-based wallets, like MetaMask, into the Etherspot Dashboard to perform advanced smart contract DeFi strategies or manage assets across multiple chains in the least amount of clicks.
- BUIDLer, a React component that devs can quickly integrate into their dApps to leverage Etherspot smart contract functionality.
Engage with Etherspot: