OnyxDAO Launches Gas-Free Smart Wallet with Passkey Support via ERC-4337
The new wallet, initially exclusive to the Onyx Layer 3 Ledger, uses account abstraction to sponsor user transaction fees for the $XCN token and replaces seed phrases with biometric authentication.
Facts, in 30 seconds
- OnyxDAO has launched a new smart contract wallet for its native $XCN token[1].
- It features gas-free transactions, with OnyxDAO sponsoring user fees through a Paymaster contract[2].
- The wallet replaces traditional seed phrases with passkey technology, enabling biometric logins like Face ID or Touch ID[2].
- The technology is built on the ERC-4337 standard for account abstraction[2].
- It is initially available exclusively on the Onyx Layer 3 Ledger, with plans to expand to other chains later[1][2].
OnyxDAO has announced the launch of a new smart contract wallet designed to simplify the user experience by eliminating gas fees and seed phrases[1]. The wallet, which supports the native $XCN token, leverages passkey technology and is initially exclusive to the project’s proprietary Onyx Layer 3 Ledger[2].
How Gas-Free Transactions Work
The wallet’s core innovation is its use of ERC-4337, an Ethereum standard that enables account abstraction[2]. This technology allows for more flexible and user-friendly wallet functionalities. In this case, OnyxDAO utilizes a “Paymaster” contract to sponsor, or pay for, the gas fees on behalf of its users[2]. This creates a “gas-free” experience for individuals transacting with the $XCN token on the network[1].
Passkeys Replace Seed Phrases
To further streamline usability and enhance security, the Onyx smart wallet replaces traditional 12 or 24-word seed phrases with passkey technology[2]. This allows users to create and access their wallets using the biometric authentication methods already built into their devices, such as Face ID or Touch ID. According to OnyxDAO, this feature is intended to make the decentralized finance (DeFi) experience more “seamless” for users[2].
Availability and Future Plans
The new smart wallet is currently only available for use on the Onyx Layer 3 Ledger[1]. However, OnyxDAO has stated that support for the $XCN token on other blockchains, including Ethereum and BNB Chain, is “coming soon”[2]. A specific timeline for this expansion has not been disclosed.
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