DeBank Chain has unveiled its plan to revolutionize social interactions with a brand-new Asset Layer for Social Networks. As it launches its Testnet today, the company said that its Mainnet will be available by 2024.
DeBank is a versatile platform designed to help users manage their cryptocurrency investments across multiple blockchain networks. It serves as a portfolio tracker specifically focused on the decentralized finance (DeFi) sector.
DeFi protocols are decentralized applications and platforms that provide various financial services such as lending, borrowing, trading, and yield farming on blockchain networks.
DeBank’s unique feature is its support for a wide array of DeFi protocols, which allows users to monitor their investments and activities across different blockchain networks in a unified dashboard.
Debank said that it has built its solution on the foundation of OP Stack, focusing on three key priorities – to cut down gas costs, create an Account-Abstraction-like experience, and ensure the safety of Layer 1 (L1) assets – while ensuring top-notch security.
It added that it has made significant strides in optimizing its consensus mechanism. By doing so, it has managed to lower the gas costs of individual transactions by an incredible 100 to 400 times. This optimization perfectly suits the high-frequency nature of social interactions within our platform.
Debank also said that it’s interested in delivering a next-gen user experience. It noted that a native integration of a system similar to Account Abstraction at the chain level ensures users enjoy a near-Web2 experience, while still maintaining 100% compatibility with the current Ethereum Virtual Machine (EVM) standard.
On the aspect of providing a secured system, it said that users have access to an innovative account system that supports transactions signed with a dedicated Layer 2 (L2) private key.
By reducing the reliance on Layer 1 (L1) private keys in social scenarios, Debank enhances the security of users’ L1 assets.
In addition, Debank said that users can engage in its Testnet by using the Rabby Wallet. It noted that it has integrated its Testnet into Rabby Wallet, which includes a built-in gas faucet.
This makes it super easy for Rabby users to access test Gas and explore the capabilities of the Debank platform.