MagicSpend++ Not Cross chain but Chain Abstraction
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About this video
MagicSpend++ is a research proposed by Socket that allows smart wallets and applications to enable chain abstraction natively. Cross-chain experiences are primarily push based. MagicSpend enables a pull-based experience enabling a unified balance for users across chains which can be spent across any chain instantly.
Rishabh Khurana, Socket
Takeaways: • Chain Abstraction Redefined: MagicSpend++ introduces a new paradigm where users see a global aggregated balance instead of fragmented funds across different chains. • Eliminating Bridging Hassles: Users can perform transactions instantly without the need for bridging or waiting times, significantly improving the user experience. • Pull-Based Transactions: The system operates on a pull-based mechanism, allowing for immediate execution of transactions and subsequent fund transfers from the user's wallets. • Seamless Integration: MagicSpend++ can be integrated with existing account abstraction models, ensuring compatibility with current crypto wallets and ecosystems. • Real-World Applications: Already leveraged by Coinbase, MagicSpend++ demonstrates practical applications and offers a collaborative platform for developers to build on this innovative technology.
Timestamps 0:00 - Introduction Introduction to the topic and speaker. 0:11 - Overview of MagicSpend++ Explanation of the new chain abstraction mechanism. 0:36 - Real-World Scenario Example scenario illustrating the challenges of current cross-chain transactions. 1:29 - Traditional Solutions vs. MagicSpend++ Comparison between existing bridging solutions and Magic Spend++. 3:00 - How Magic Spend++ Works Detailed explanation of the technology and process. 6:22 - Difference Between Push-Based and Pull-Based Models Explanation of the benefits of the pull-based transaction model. 8:01 - Real-World Application with Coinbase Discussion on Coinbase's use of MagicSpend and extension to MagicSpend++. 8:40 - Invitation for Collaboration Call for developers and teams to collaborate and provide feedback.
Chain Abstraction Day at EthCC 2024 in Brussels on July 10th, bringing together NEAR and Agoric for our third installment in the year-long series.
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Transcript
1,638 wordsCaptions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.
- 0:08
so yeah um hi everyone I'm rishab I'm one of the founders of socket with the first chain abstraction protocol and today we're going to talk about a mechanism that we proposed a few weeks back which is Magic spend Plus+ it and how it's not cross chain but real chain abstraction right so yeah uh um let's get into it with our favorite friend right like so um it's a scenario that we've all kind of like seen or dealt with like a lot of times our friend has
- 0:41
wants to basically meent a paji penguin which is on ethereum but the the the friend has like usdc on spread across three different chains right so uh they have like funds on optimism and base and arbitrum but they want to really go and buy a paji penguin on on E right so what do what does the friend do right so does the friend what what would you do if if you were in their shoes right like would you just like go to a bridge or a
- 1:09
bridge aggregator um you you can also kind of like have like this cross chain zaps within the wallet where they they could bridge and then M the nft in like one go or you know like the the user could just like go back to the web to Paradigm right um so yeah um let's let's just just see on on all of these options right how how it goes so the first option is like you you just basically redirect them to bridge or a bridge aggregator right but the thing is they
- 1:40
basically go to a go to the bridge on for every chain they basically start bridging and then they basically Bridge gas and then they figure out all of this they basically go through like 40 clicks they go to like so much time and then go to so much stress to be able to just Mint one single nft from all of these chains right like which which is basically insane um or you could kind of
- 2:05
like go and do a cross chain zap right um but here's the thing about zaps right you need all the funds to be on one chain to be able to Mint the NFD right otherwise you you can't really do do a zap as well so um cross in zaps ultimately is nothing but bridging with with extra steps right so you're again at the same thing that we we all started with right so yeah I think like there's
- 2:29
this one option right um but here's the thing right like we wanted to solve this and um this is what we really call chain abstraction right where we don't have any bridging we basically have something like a global aggregated balance right so user does not have 200 uh usdc 200 and 100 they have just one Global balance for 500 usdc um and then they can kind of like mint the nft or do any action anywhere right um they don't need to worry about gas or all of these chain
- 3:01
nuances and finally there's like zero waiting time for the user right like it's um they should wait literally they should just like sign something and it should be executed on chain for them right um and and that's what we really call a chain abstracted experience right and and that's what we want to go towards uh where users don't have to think about the chains or or like kind of like interacting with all of these
- 3:25
complexities that that come in right um and that's what we do with m expend right so at at a very high level how it really works is when a user wants to Mint Min this nft they come come um to their wallet and they basically just sign a user up right like where they say that hey I want to Mint a paji um with with my 500 usdc under the hood the the usdc is still fragmented on all of these like different chains right but they don't really need to see it they just come in and then sign the user up right
- 3:59
um now once they do that we have like this offchain agent that can basically come in and then provide use their own liquidity to really mint the nft for the user right like so your user does not need to have funds on that chain but there can be like this agent that comes in and provides this liquidity and mins the nft for for the user right like and and passes on on back to the user and now they can go to whatever chain the funds were really on uh for for the user and
- 4:28
then claim those funds month right so essentially what's really happening is as soon as the user signs the user up the offchain agent which could be a pay master or you know like a filler or or any any agent that has some liquidity comes in um mins the nft for the user and then claims claims uh the the equivalent amount from from the user's wallet right uh this is why we basically call the C concept as like spend now debit later right so the trans the the
- 5:00
transaction that the user wanted to do happened instantly on on the spot on whatever chain they wanted to do that but the money is technically deducted from their wallet after the transaction has been completed right um and the best part about this is like it basically can just merge into the current Paradigm of like account abstraction that we that we already had right so um users Wallets on
- 5:24
all of these different chains that they had could basically just be stored in in like these smart wallets um and these smart wallets to basically guarantee the execution for for um for these offchain agents can be just like locked with like a small time lock right like to to to withdraw the funds right so basically when a user deposits the funds they they go in in the smart contract with a small
- 5:48
configurable time lock window and once the offchain agents which basically could be a pay master in the account abstraction Paradigm completes the transaction they can have the guarantees that the fun funds are still there on these smart wallets and can basically claim it there right so um it's it's just like one time on one-time deposit for a user as a part of their onboarding flow but they basically can get to spend
- 6:13
these funds at any point in time at any chain instantly right um so just coming back to to the main topic right like how how is it really different than the cross chain experiences right so so far all these cross chain experiences built or or these bridges built are really push based right so when I say push based I mean uh think about when you want to do like this cross chain zap or a bridge right you're really starting
- 6:39
with like some amount of tokens on one chain and you're pushing them to to the other chain and and having and taking like whatever action you want to take basically there right um when you do this there are like very different things that really come it's like a multi-chain ux that you basically deal with where instead of dealing like a global balance or aggregated balance you
- 7:01
really start with some amount of tokens on this particular chain that you start with and then because you push that you have to wait for those assets to really land up to the to the chain on uh on on the destination and and then you you basically that action can be taken right with magic span it's like really pull based right like where you get this single chain experience so you have this like Global aggregated balance all your
- 7:26
balances combined into one um which which we we call like the chain abstracted balance in this case and then you get very importantly instant finality and instant execution right so as soon as the user signs this transaction or this user up the the transaction they wanted to do is immediately executed for them there is no waiting for bridging there's no waiting there's no um there's no delay
- 7:50
right like so um and and then later on the funds are really pulled from the users's wallet on on whatever chain they held funds right or uh that's basically where the pull pull comes in so yeah I think um magic spend is basically already leveraged by coinbase right so we basically are proposing magic spend Plus+ but there's something called Magic spend which really exists with coinbase so if you have funds on let's say your
- 8:15
coinbase xchain you could directly use them on chain to transact with base right so you can think of coinbase xchain as just another chain in in this Paradigm right so we're kind of extending the same concept um to not just be able to interact with your funds on coinbase Exchange but from any chain and there are like multiple wallets multiple teams multiple applications who already um already building on on Magic spend so if you guys want to collab collaborate with us build with us um we
- 8:45
have like this e research post which you can scan and basically go through and I would love to get all of your feedback and and comments on it so yeah that's that's my presentation uh I I'm happy to take on any questions