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As one of the largest Wallet as a Service (WaaS) providers, Privy has paved the way for developers to integrate secure, privacy-focused wallets into applications with ease. By abstracting technical elements like key storage and transactions signatures, Privy makes it easy to bring mainstream users onchain.
As leaders in the Chain Abstraction space, OneBalance created the Credible Commitment Machine and Resource Locks; a key solution against Web3 chain fragmentation.
Integrating both together, you can solve major UX hurdles for your users abstracting chains away from their experience altogether.
The barriers to entry for retail users
Chain fragmentation is a major barrier for retail users, creates friction at onboarding and usage phases, and leads to higher acquisition costs and abandon rates - major gaps to fully onboard the next billion users. In a multi-chain ecosystem, dApps and users alike face several challenges:
- Varied interfaces across chains
- Complex bridging and onboarding
- Different native gas fees
- Fragmented liquidity
- Slow transaction speeds
- Numerous RPC providers
This sounds like a lot, right? But this just touches the surface. These challenges add friction to user adoption, making multi-chain dApps less appealing. For Web3 to reach mass adoption, these issues can’t just be streamlined, but completely eliminated.
A match made in heaven
In a nutshell, Privy Wallet as a Service + OneBalance Chain Abstraction Toolkit provides:
This flow diagram illustrates the process of how a multi-chain transaction moves through various components of the Privy and OneBalance integration.
Onboarding the next billion users
Combining Privy x OneBalance Toolkit leverages the best from embedded wallets and chain abstraction to enable teams to build intuitive and secure multi-chain experiences via:
- Unified UI for all chains
- Zero bridging requirements
- One-click onboarding from any chain or token
- Single RPC provider
- Near-instant execution and cross-chain support
The benefits, both for end-users and teams, include:
- Gas abstraction: Users can pay gas fees with multiple tokens.
- Chain abstraction: Chain specifics are hidden to the user, enhancing UX.
- Unified balances: All funds appear in one UI, even when spread across chains.
- Instant onboarding: No bridging needed, providing easy access.
- Fast transactions: Cross-chain execution is near-instant.
- Best price execution: Ensures optimal asset pricing.
In summary, using Privy x OneBalance Toolkit together creates a simplified web3 experience akin to mainstream e-commerce - All in a convenient, intuitive and modular toolkit that any builder can easily embed into new or existing dApps.
Get started with Privy x OneBalance
While a fully-integrated solution is in the works, read the detailed step-by-step Getting Started Docs for a guide on how you can integrate OneBalance and Privy together today; and bring full Chain Abstraction (CA) to your app. Below is a quick summary to give you an overview of the key steps and concepts involved:
- A setup phase involving Privy, application-specific parameters and the OneBalance API
- Initializing and depositing tokens onto the OneBalance + Privy Smart Account
- Displaying Chain-Aggregated Balances and fetch a quote for transaction execution via OneBalance
- Signing the transaction with Privy
- Executing the transaction via OneBalance
- Getting execution status via OneBalance
While invisible to the user and intuitively abstracted to the developer, every OneBalance account secures transactions via Resource Locks (RL). Resource Locks secure CA transactions leveraging three main roles:
- Admin Role: A single key with on-chain encoded rights to manage all other roles within the account.
- User Signing Role: Multiple keys for user signing (often called session keys). For an optimal user experience, it is recommended to create a session key for each user and store it as externally owned address (EOA) within Privy.
- Co-signer Role: A unique key held by OneBalance that co-signs each transaction. This is essential to remove equivocation risk of origin-chain transactions after finality on the destination chain.
You can learn more about Resource Locks here.
For the existing teams already adopting Privy, the core setup for a OneBalance smart account involves storing a user signing key within Privy and organizing user authentication through this key. It all happens under standard Privy’s tools and security assumptions.
Note: The account that holds the balance and performs transactions is the Smart Contract Account (SCA) address, not any of the roles listed above.
What comes next?
This integration is just the tip of the iceberg. OneBalance will bring chain abstraction to every DeFi product within the space, through this modular CA Toolkit.
So, whether you are building the hottest new NFT marketplace, the fastest cross-chain perp/spot DEX, or the next-gen Polymarket, it’s vital you include OneBalance. Let us handle the complexities of going multi-chain so that you are free to focus on what matters most; your product.
Get in touch today, the next billion users are waiting.
FAQs
What is OneBalance’s mission?
Web3 has historically maintained a chain-centric worldview, often referred to as the “Fat Protocol Thesis.” Our mission is to help the web3 ecosystem transition to an account-centric worldview in order to bring web3 to the first one billion people.
By doing this, we simplify the user experience and remove the words "chain", "bridging", and "gas" from the user’s vocabulary.
Much like the shift from the Geocentric worldview to the Heliocentric worldview unlocked a wealth of discoveries, we believe the shift from a chain-centric worldview to an account-centric worldview will unlock the full potential of web3.
How can I build a chainfree Web3 dApp with OneBalance
It has never been easier to build a chain abstracted dApp. The core setup for a OneBalance smart account with Privy involves storing a user signing key within Privy and organizing user authentication through this key via Privy’s industry-leading tools. If your application already uses Privy, then you are already 90% there.
For an in-depth step-by step guide, find out more here. Eager to start straight away? Contact us now and lets build together.
I'm a different WaaS. Can I implement the OneBalance module?
OneBalance is an open framework, and the OneBalance Toolkit is a modular solution that any team can implement without permission. We’re eager to solve Chain Abstraction for the masses, and are open to work with all teams of different sizes. Get in touch today, and let’s explore how we can enable seamless cross-chain interoperability for all of your users, regardless of your current tech stack.
My dApp is on a chain you don't support yet. How can we work together?
Please get in touch! There are hundreds of chains within the ecosystem, and we work with clients on a case by case basis to not only ensure their core chains are included, but also future expansions plans are considered too. We are already receiving this type of requests and batching demand, so hearing from you will help us better manage our priorities and even put your chain in front of everyone else!
What chains and tokens do you support?
Currently OneBalance supports several EVM chains and tokens, ranging from native ETH to several L2’s including Base, Arbitrum and more. The full list can be found here.
Soon we will integrate non-EVM chains including Solana, native Bitcoin, SUI, Ton.
My dApp incorporates EOA's. How will OneBalance work?
The OneBalance team is actively working on a solution that will be compatible with all EOA accounts. Get in touch today to ensure that your dApp will be among the first to incorporate a Chain-Free Web3 world.
