Circle CEO Applauds Avocado Multisig
Circle’s CEO Jeremy Allaire has commended Avocado Multisig, a cross-chain wallet, hailing it as a pivotal tool for the USDC stablecoin network. This recognition follows the wallet’s recent rollout, offering a novel approach to managing transaction fees in the decentralized finance (defi) sector.
2/ Avocado Multisig is the first of its kind Multi-Chain Multisig built to provide an EOA-like experience with Multisig-level security.
Just like standard Avocado you don't need to generate your Multisig, you already have one!
Find it on the Avocado Webapp: pic.twitter.com/jkk9LfBdF9
— Instadapp (@Instadapp) August 29, 2023
The wallet’s standout feature is its “unified USDC gas tank,” a mechanism that allows all signatories to pool resources, effectively covering transaction fees across multiple blockchain networks. This innovation addresses the complex issue of gas fee management in the defi ecosystem, streamlining the process and enhancing user experience.
Avocado Multisig
Announced on August 29th, the Avocado defi wallet, launched earlier in March, caters to a broad spectrum of users, including individuals, teams, and institutions. One of its primary advantages is its utilization of multi-signature (multisig) functionality. Multisig wallets require multiple private keys for accessing crypto assets or authorizing transactions, thereby boosting security by eliminating the risk associated with a single point of failure. Defi researcher DefiIgnas highlighted this point on Twitter.
Avocado Multisig also introduces treasury management streamlining, consolidating treasuries into a singular address across various blockchain networks. This feature facilitates use cases like token bridging. In a departure from traditional multisig wallets requiring distinct addresses for each blockchain, Avocado Multisig employs a single address across over ten different networks. Additionally, the wallet incorporates Account Abstraction, integrating Ethereum smart contract capabilities directly into its interface. This augmentation bolsters its utility and interoperability.
Instadapp’s Path to Recovery
The introduction of Avocado Multisig holds significance for Instadapp, a protocol that aims to reinvigorate its standing in the rapidly evolving defi landscape. Despite its innovative approach, Instadapp has encountered challenges, with its total value locked (TVL) currently at $1.95 billion, ranking it 13th in the defi sector. This represents an 85% decrease from its peak of $13.5 billion in September 2021. Similarly, its governance token INST has faced a steep decline, trading at $1.10 compared to its peak of $24.40.
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The launch of Avocado Multisig is pivotal for Instadapp, signalling its ambition to regain momentum and solidify its position within the ever-changing defi arena. The recognition from Circle’s CEO underscores the innovative potential of the defi wallet and its potential impact on the broader cryptocurrency landscape.
