Accounts
Dexodus introduces a seamless and user-friendly trading experience by automatically creating a Dexodus Account for every trader who connects their external wallet (e.g., Metamask) to the platform. This account acts as the gateway to participate in perpetual trading and collateral management, leveraging advanced features to simplify trading and reduce costs.
What is a Dexodus Account?
The Dexodus Account is a smart contract account uniquely created for each trader upon their first connection to the platform. It is tightly integrated into the protocol, enabling traders to efficiently manage deposits, enjoy a gasless and signless trading experience, and facilitate perpetual trading.
Key Features of Dexodus Accounts
Automatic Creation:
A Dexodus Account is automatically created as soon as a trader connects their wallet to the platform.
There’s no need for manual setup—traders can start using their account immediately.
Collateral Deposit Management:
Traders can deposit USDC tokens into their Dexodus Account.
These deposits are not directly used as collateral for perpetual positions but are available for funding trades. When a position is opened, the specified collateral is transferred to the Perpetual Contract, where it secures the position.
Smart Contract-Based Accounts:
Each Dexodus Account is a smart contract wallet specifically tailored for the protocol.
This design allows the platform to implement account abstraction, enabling powerful features like gasless transactions.
Gasless and Signless Trading:
Traders enjoy a CEX-like experience with gasless transactions, meaning they don’t need to hold ETH to cover gas fees.
Transactions are also signless, reducing the number of steps required for trading. Actions like depositing USDC, opening positions, or closing trades are executed seamlessly.
Seamless Integration:
The Dexodus Account integrates directly with the protocol's perpetual trading system.
It facilitates the gasless execution of perpetual contract interactions while ensuring funds are securely managed.
How It Works
Connecting an External Wallet:
A trader connects their external wallet (e.g., Metamask) to Dexodus.
Upon connection, a Dexodus Account is automatically generated and linked to the trader’s wallet.
Depositing USDC:
Traders deposit USDC tokens into their Dexodus Account.
These funds are available for perpetual trading but remain in the Dexodus Account until used to open a position.
Opening a Position:
When a trader opens a perpetual position, the specified collateral is transferred from the Dexodus Account to the Perpetual Contract.
This ensures that collateral is securely managed and isolated within the perpetual trading system.
Gasless Transactions:
By leveraging account abstraction, traders can perform all actions without needing to hold or spend ETH for gas fees, ensuring a frictionless trading experience.
Benefits for Traders
Ease of Use:
No manual setup or maintenance is required; accounts are created automatically and seamlessly integrate with the trader's wallet.
Cost Efficiency:
Gasless transactions remove the need to manage ETH for fees, lowering the cost barrier for participation.
Improved Accessibility:
The intuitive design of Dexodus Accounts makes perpetual trading accessible to traders of all experience levels, even those new to DeFi.
Security:
Deposits in the Dexodus Account are securely managed in a smart contract wallet. Collateral is only transferred when opening a position, ensuring safety and proper handling of funds.
Why Account Abstraction?
By implementing account abstraction, Dexodus provides a trading experience that closely resembles centralized exchanges while retaining the core principles of DeFi:
Gasless and signless functionality simplifies the trading process.
The underlying smart contract account ensures full transparency and decentralization.
Traders enjoy the benefits of DeFi without compromising on usability or security.
Last updated