Web3 wallets today are great but they all come with some drawbacks. Sending DAI (or any ERC20 token) to a user requires ETH. With meta transactions, this can be solved. But even with meta transactions, _ somebody _ has to pay for the gas. As of now, big startups have challenge to acquire customers organically and so they use up a lot of external VC funding to onboard users. This model is not scalable and expensive if the ecosystem would like to onboard 10's/100's of millions of users to the web3 ecosystem.
What it does
LAXMI wallet is a gasless, non-custodial wallet with an inbuilt reward system to keep the users engaged in the platform. It has a smooth onboarding experience, where users can signup with their email address and create their wallet with a single click.
When a user adds some DAI to his/her wallet, the smart contract deposits that DAI into a DeFi protocol (like Aave/Compound) and this money starts accruing interest. We use this interest to pay for gas, but also incentivize the users in the form of scratch cards, discounts, cashbacks and engage on the payment platform with merchants too etc.
How we built it
The smart contract was written in solidity. We used a relayer service called biconomy (similar to GSN, but much cooler), for the meta transactions. We integrated torus social media login in the onboarding process. The smart contract does not deploy proxy contracts for the users. We used the DAI permit function to create a singleton contract.
The front end was built in React.
Challenges I ran into
- Learning how EIP712 signatures work, with very less documentation and openly available examples.
- Integrating biconomy relayer for meta transactions
- Integrating torus with biconomy
Accomplishments that I'm proud of
Mission accomplished :) We have built a fully working prototype on testnet with all the main functionality within 48 hours!!
What I learned
Learned about EIP712 signatures, torus, delegate calls, ERC20 tokens.
What's next for Laxmi
Right now we support only DAI. We can extend it to support any ERC20 tokens. Built a MVP for main net - web application, mobile accplication - Android and Apple Vision is to make LAXMI a P2P payment platform with users, merchants, entertainment - some of the many applications that can be built over LAXMI