Holdstation 2023 Wrap-up: Integrating Account Abstraction on zkSync

Holdstation 2023 Wrap-up: Integrating Account Abstraction on zkSync


In the world of DeFi, a project emerged in November, 2022, aiming to revolutionize the user experience on the blockchain – the launch of Holdstation. With a vision to simplify and secure DeFi asset management, Holdstation embarked on a mission to cater to a diverse audience, from seasoned crypto enthusiasts to newcomers exploring the blockchain.

More than a year has passed since our initial launch. Amidst market fluctuations and challenges inherent to our business, we can now reflect on a year filled with joy and numerous achievements.This journey, marked by resilience and innovation, began with...

The Very First Idea of Holdsation

It all started with a desire from our founder, Hoai Nam, who envisioned creating a crypto wallet that was not only secure but also user-friendly, akin to traditional banking apps and Centralized Finance (CeFi) platforms like Binance. In the beginning, Holdstation was designed with a focus on maximizing user interface efficiency. We aimed to create a decentralized and non-custodial platform, ensuring security and privacy while maintaining a clean and clutter-free UI. Our philosophy was simple: “Integrate only the necessary features, nothing superfluous”.

The first prototype of Holdstation Wallet

During its initial phase, Holdstation Wallet was defined as a 'Crypto Wallet and a SocialFi Trading platform working with all EVM-compatible L1/L2 networks, supporting NFTs, and available across multiple platforms (iOS, Android & SDK).' This period also saw a focus on 'Social Trading,' enabling users to exchange investment ideas.

Holdstation Social Trading

However, as we operated, it became clear that just UI and 'social trading' weren't enough, especially in a negative market. DeFi's inherent complexity, with its multiple steps for transaction approval, was a barrier. We needed something that bridged CeFi and DeFi users, essential in both bear and bull markets. After extensive research, we concluded that Account Abstraction and a Perpetual Exchange were the keys to achieving our goals.

The Beginning of a New Era

Choosing the right foundation was crucial. 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.

In April 2023, we launched Holdstation Defuture Exchange on zkSync Era, marking a significant step towards becoming a leading project in the ecosystem. From our initial trading contest on Polygon Mumbai testnet to the official launch on zkSync Era, it's been a remarkable journey. Holdstation has evolved into Smart Contract Wallets for Futures Trading, leveraging ERC-4337 (Account Abstraction) to revolutionize the blockchain realm. Within less than a week of launch, we achieved a TVL of $500K.

In August 2023, we received thrilling news: a $2M investment from K300 Ventures. This investment is set to accelerate the development of our Smart Contract Wallets for on-chain Futures Trading, focusing on Layer 2 and trading privacy. It's a significant boost towards advancing Web3 adoption and beyond.

The AA journey continue

With the initial investment and our commitment to Account Abstraction (AA), Holdstation began to expand our presence within the zkSync Era network. We focused on the Paymaster feature, a game-changer for mass adoption.

Paymaster allows users to pay gas fees with various tokens, including stables, and even enables projects to sponsor these fees. This feature not only removes the barrier of gas fees for users but also serves as a promotional tool for projects and a connector within the ecosystem. “A perfect feature to accelerate mass adoption” - Our Product Manager, during an AMA with zkSync, aptly described Paymaster. 

The excitement around Paymaster was palpable, and we began to see some serious traction:

August 2024 marked another milestone for Holdstation with a significant UI/UX revamp. We introduced exciting new features and a fresh interface based on user feedback and our experiences.

Focusing on a 'gasless experience' and leveraging Paymaster, along with the popularity of our perpetual DEX incorporating AA features, Holdstation steadily climbed the zkSync leaderboard. The positive numbers we started seeing daily were a clear indication that we were on the right track.

Our Third Product and $HOLD Launch

In October 2023, Holdstation began to make waves on Twitter and Telegram, hinting at the #NewEra. The buzz generated significant attention and interaction from KOLs and other projects in the zkSync ecosystem.

This buzz set the stage perfectly for the launch of our third product, the Holdstation Launchpad, a platform designed for fair token launches. Our approach was simple: no bots, no manipulation, just pure fairness and equal opportunities for all. Coinciding with the launchpad, we introduced our governance token, $HOLD. The response from social media was overwhelming, signaling that this launch was going to be significant.

Then, on November 21, 2023, our first public sale went live, quickly raising 1500 ETH. The first 500 ETH was reached in just 7 minutes, and within a day, we hit our hard cap. The public sale closed with a total of 2,582 ETH raised from over 3,318 participants. It was a day to remember, a testament to our hard work, and a clear sign that our journey was far from over.

Post-Token Launch: The Next Chapter

The successful token launch and airdrop marked a new chapter for Holdstation. It consolidated our financial situation and gained a reputation that opened doors to significant partnerships. Collaborations with industry giants like ViaBTC and ANKR were just the beginning. These partnerships were instrumental in enhancing our performance, increasing rewards for our stakers, and continuously refining our user experience. This period of growth and development led us to a pivotal moment – joining the Chainlink BUILD program.

The Chainlink BUILD program was a turning point. As illustrated in the graph below, it catalyzed a surge in our user base. This growth was not just in numbers; it was a testament to the increasing trust and recognition Holdstation was garnering in the DeFi space, starting off with zkSync. Though it was an exponential growth, we did prepare well for it.

Holdstation Cumulative Users during each phase

Record-Breaking Achievements and Strategic Paymaster Alliances

The momentum didn't stop there. Holdstation began shattering records, surpassing multiple all-time highs (ATHs) in trading volume, and reaching the billion-dollar total trading volume mark. We hosted a series of engaging competitions, offering our users a platform to trade and an arena to showcase their skills and earn substantial rewards. 

But perhaps our most strategic move was the formation of the Paymaster Alliance. This initiative saw us collaborating with leading projects in the zkSync ecosystem, such as Syncswap, Velocore, Mute.io, and Orbiter Finance. The alliance was about integrating Holdstation's technology and creating a cohesive ecosystem where $HOLD could be used to pay gas fees at a discount, enhancing the overall user experience.

The Future Ahead: ZK Stack, Hyperscaling, and Beyond

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.

Read more: ZK Stack's Arrival: How Holdstation Plans for This Revolution

Looking forward

Our journey so far has been remarkable, but it's just the beginning. As zkSync evolves, so will Holdstation, continuously innovating and pushing the boundaries of what's possible in DeFi. We're not just building a platform; we're shaping the future of finance. Stay tuned for more updates as we embark on this exciting journey together.