Holdstation Integrates Chainlink and ZKsync Account Abstraction: A Revolution for Security and User Experience

Holdstation Integrates Chainlink and ZKsync Account Abstraction: A Revolution for Security and User Experience

Chainlink has been working alongside Holdstation lately. With the integration of Chainlink Price Feeds and the adoption of Chainlink infrastructures through joining the Chainlink BUILD program, Holdstation leverages Chainlink’s decentralized Oracle Infrastructure to enhance security and reliability for our users.

Today, we present an interview with Holdstation and Chainlink to recap and highlight the progress of this phenomenal partnership. We will also discuss how Holdstation plans to leverage the features from Chainlink and ZKsync to reach new heights.

Interview Questions and Answers

Q1. Name and role at Holdstation

Leonardo Nguyen - Chief Marketing Officer

Q2. What sets Holdstation apart as a platform?

What sets Holdstation apart is its pioneering implementations of native Account Abstraction on ZKsync. This technology enables users to experience one-click trading and the flexibility to choose diverse payment methods with the Paymaster implementation. Combined with other features such as Batch Transactions, Seedless Recovery, and Spending Limits, Holdstation makes DeFi more accessible and cost-effective.

Moreover, Holdstation introduces an innovative web-based & in-app perp DEX, Holdstation DeFutures. The native Perp DEX on ZKsync Era network provides users with features like a Single Trading Vault, Dynamic Price Feed, Various Trading Pairs, and more. This unique offering eliminates the need for external exchanges and centralized platforms, providing a CEX-like experience within the decentralized ecosystem.

Q3. What is the unique advantage of building on ZKsync? Why did you choose to build on ZKsync?

We needed an L2 solution that was EVM-compatible and cost-effective. While the DeFi markets on L2s like Optimism and Arbitrum were large, they lacked innovative technology. That's when we discovered ZKsync, with its potential for innovation through ZK rollups, native Account Abstraction, a tech-savvy community, and strong investor backing. It was the perfect fit for Holdstation.

Looking to the future, Holdstation is perfectly positioned to leverage the upcoming developments in ZKsync, particularly ZK Stack and Hyperscaling. These advancements promise to bring unprecedented scalability and efficiency to the blockchain space, and Holdstation is ready to adapt and evolve with these technologies.

Q4. Why did you choose to join Chainlink BUILD?  

Holdstation joined BUILD to leverage Chainlink’s decentralized oracle infrastructure to improve security and reliability for our users. As part of BUILD, Holdstation receives key benefits, including access to and integration of Chainlink Price Feeds for hyper-secure, decentralized market data, along with the industry-standard Chainlink CCIP to help enable cross-chain transfers. Holdstation also gains access to new Chainlink product alpha and beta releases, among other benefits.

Q5. How does the combination of ZKsync’s and Chainlink's technologies provide a competitive edge to Holdstation?

Here are the key benefits of the combination of ZKsync's and Chainlink's technologies for Holdstation:

  • High-quality, tamper-proof price feeds: Chainlink Price Feeds provide access to market data that is aggregated from a large collection of independent, security-reviewed, and Sybil-resistant oracle nodes run by leading enterprises, data providers, and DevOps teams who have a strong onchain history of performance even during extreme network congestion. This ensures that Holdstation users are trading based on accurate and reliable prices.
  • Decentralized network: Chainlink's battle-tested decentralized oracle networks protect against downtime and tampering. This means that Holdstation users can be confident that the price data they are using cannot easily be manipulated.
  • Secure node operators: Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes. This ensures that the price data is reliable and cannot be easily manipulated.
  • Efficient and secure trading: Holdstation Defutures offers traders an efficient, secure, and gas-free trading experience.
  • Alignment with ZKsync's vision: Holdstation's focus on enhancing user experience and offering advanced features aligns perfectly with ZKsync's vision of bringing scalability and innovation to the blockchain space.

Overall, the combination of ZKsync's and Chainlink's technologies gives Holdstation a competitive edge by providing users with a secure, reliable, and efficient trading experience.

Q6. What is the unique advantage that Account Abstraction offers to Holdstation users? 

Holdstation highlights several unique advantages that Account Abstraction offers to its users:

  • Simplified Gas Fees: Holdstation handles gas fee management, eliminating the complexity for users. This means users don't need to hold extra cryptocurrency specifically for gas, and the process is likely more streamlined than traditional methods.
  • Enhanced Security: By separating private keys from transactions, Holdstation reduces the risk of losing access to funds. Account Abstraction uses smart contracts to manage private keys, adding an extra layer of security.
  • Improved Usability: Features like social login and seedless recovery offered through Account Abstraction make it easier for users to get started and recover their account if needed. This eliminates the need to self-custody private keys, a common pain point in crypto wallets.
  • Batch Transactions: Holdstation can use Account Abstraction to consolidate multiple transactions into a single gas fee payment. This mirrors a one-click trading experience, making it easier and more cost-effective for users to execute their trades.
Q7. How has the functionality of deploying on ZKsync with Chainlink Price Feeds enabled Holdstation to implement such secure Account Abstraction?

Deploying on ZKsync enables us to leverage the layer-2 network’s native Account Abstraction features. With Chainlink Price Feeds natively available on ZKsync, we’re able to seamlessly integrate accurate, reliable, and high-quality market data with Account Abstraction features enabled by ZKsync on the Holdstation platform—helping provide users with a secure trading environment.  

Q8. What was your experience like working with Chainlink Labs?

Working with Chainlink Labs has been outstanding for Holdstation. Their swift responses and comprehensive problem-solving have greatly enhanced our platform's reliability. They proactively engage the community through events like AMAs, on-chain competitions, and hackathons, which not only help resolve issues but also significantly drive user growth. Their dedicated support in ecosystem development has been crucial for our visibility and success in the decentralized finance space.

Q9. What are your long-term objectives for Holdstation? How does Chainlink and the BUILD program fit into this future?

Holdstation's long-term objectives focus on becoming a leading decentralized finance platform, bridging Web2 and Web3. We aim to continuously grow our user base by providing a seamless trading experience and participating in community-driven initiatives.

Chainlink and the BUILD program are integral to our plans. The industry-standard Chainlink Price Feeds help ensure the security and accuracy of data on our trading platform, and the BUILD program offers resources and support for innovation. Engaging in Chainlink’s hackathons, competitions, and AMAs helps us stay at the forefront of Web3 and foster community involvement. This collaboration drives our objectives of achieving significant TVL and user growth, positioning Holdstation as a prominent player in the DeFi ecosystem.