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Daily Brief

Get Started with an Avocado Multisig

Protect yourself without working too hard.
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Sep 4, 2023 • 6 min read

Dear Bankless Nation,

Happy Labor Day! You don't need to work hard to get access to top notch cryptographic security. Today, we're showing you how to get onboarded to the Avocado Multisig from Instadapp.

- Bankless team

Setting Up an Avocado Multisig

Bankless Writer: William M. Peaster | disclosures

Instadapp is a team that specializes in creating infra that simplifies the complexities of DeFi. The project was initially best known for its Instadapp Pro and Instadapp Lite platforms. 

Yet earlier this year the team made waves again in introducing Avocado, a next-gen smart contract wallet designed to streamline UX for people who want to use multiple blockchains from a single user environment. 

In other words, with Avocado you can perform multi-network transactions without the hassle of switching between different chains, and thanks to account abstraction all gas payments are denominated in USDC rather than ETH. 

Pretty awesome, right?

Well, what’s even better is Instadapp just introduced Avocado Multisig, a bespoke multisignature wallet service. Think Safe, but built directly atop the Avocado smart wallet system so it can leverage all the streamlined multichain capabilities. 

What’s interesting about Avocado Multisig is you don’t have to personally generate an account because as soon as you create an Avocado Wallet you now have a Multisig address automatically created for you! 

Additionally, instead of having to make multiple treasury deployments on different chains, the Avocado Multisig system automatically consolidates to a single address across all the supported networks. 

Notably, this system also lets you make network-specific configurations — e.g. a 2/3 signing threshold on Ethereum, a 4/5 threshold on Arbitrum, etc.  — and it employs a “USDC gas tank” for use across all chains, which is slick. 

So let’s say you want to try this next-gen smart DeFi system, where to begin? 

If you haven’t already created an Avocado Wallet, follow the steps outlined in my tactic write-up from earlier this year. It’s straightforward and the steps remain the same, and then once you’re finished your Multisig Account will be ready to configure. 

  • As for setting up the parameters of your Multisig, click on your account name in the upper right side of the Avocado web app and then click on your automatically generated Multisig address. 
  • Then press “Signers” on the left hand side of your Avocado dashboard, at which point you’ll be taken to your multisig signers management panel. 
  • Here, you’ll have two avenues to proceed: “Add New Signers” for manual configuration, or the “Setup Now” option to clone your Safe treasury over to Avocado.  
  • If you choose the manual route, one by one you can add new signers to your account by inputting a signer name, signer address, and the networks where the signer will be added. Then you’d choose your desired signing threshold(s) and confirm with your wallet to make the additions official. 
  • As for the Safe cloning option, here you’d begin by copying in your Safe’s address and the network it’s deployed on. This will automatically pick up the relevant signers, so after this just pick the networks you want to add the signers to and make the necessary wallet signatures to complete the migration. 

That’s it! That’s all it takes to get onboard into the Avocado Multisig system. 

I’m a longtime Safe user and fan myself, so having the ability to readily hop my setup over to Avocado’s system and tap into its multichain capabilities is really compelling. This is the sort of composability and openness that’s a net win for everyone in our space. 

Of course, if you’ve never used a multsig you may be wondering if this sort of solution is right for you. To that I say... a multisig is right for anyone in crypto because it’s a fantastic way to create a digital vault to protect your assets! The cool thing about Avocado Multisig, then, is that you can protect your assets in style with a flexible system that’s custom-tailored for streamlined multichain DeFi!

THANKS TO KRAKEN

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MARKET MONDAY:

Scan this section and dig into anything interesting

*Data from 9/4 4:30 pm EST (DeFi Index = $DPI, NFT Index = $Blue-Chip-10)

Market Opportunities 💰

Yield Opportunities 🌾

What’s Hot 🔥

Money reads 📚

Governance Alpha 🚨

Token Hub: Euler (EUL)

Analyst: Jack Inabinet

We are initiating coverage of Euler with a rating of neutral

Catalyst Overview:
Euler tragically suffered a $200M hack in March of 2023 and while the Protocol was able to successfully negotiate for the return of all “recoverable funds,” it decided to return funds back to users and wind up V1 operations. On August 29, Euler posted an announcement on Twitter inviting followers to join Euler in crafting its comeback story; now may be an opportune time to invest!

The Euler team has promised that their modular V2 approach will be transformational for DeFi by taking a modular approach that abstracts away many properties of today’s lending protocols to empower developers, market creators, and end users to express themselves more. On top of Euler V2, the team intends to build a synthetic asset protocol and decentralized exchange. 

Price Impact:
Despite rallying an impressive 130% since late June, EUL still trades at a considerable 60% discount to its pre-hack price levels, indicating that there is much further room for price to run. Unfortunately, crypto capital has trended increasingly mercenary and release is still “months away” according to Discord messages.

With Euler V2 on the horizon and substantial improvements promised by the team, it's time to start accumulating. Just don’t be surprised if the journey is not up-only…

See more ratings in the Token Hub.

Meme of the Week 😂

via Twitter

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

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