Account Abstraction
BEX supports account abstraction for all operations within the DEX, enabling users to sign transactions off-chain and have them executed by third-party relayers. This offers several benefits, such as:
- Avoiding the inconvenience of managing transactions directly
- Paying exact costs with easily manageable tokens (e.g. stablecoins) instead of calculating gas fees
- Saving on execution costs by having relayers bundle actions to amortize gas costs
- Creating pre-signed transactions for later execution
Types of Account Abstraction
BEX supports two types of account abstraction: immediate and conditional.
Immediate Account Abstraction
Immediate account abstraction occurs when a user signs an intention and sends it to a relayer for imminent and unconditional execution.
Conditional Account Abstraction
Conditional account abstraction allows users to sign transactions that are only executed when specific conditions are met. These conditions can include time delays or market events like stop-loss orders. BEX enables conditional account abstraction by allowing intentions to be gated with checks to arbitrary oracle contracts with customizable calldata.
For example, to implement a stop-loss order, a user can sign an intention with a call to an oracle that checks if the price of an asset (e.g. from a Chainlink oracle) has exceeded a specified threshold.
Multi-Dimensional Nonce System
BEX uses a multi-dimensional nonce system for intentions, which allows for arbitrary dependence between transactions. This means that users don't have to wait for one transaction to finish before the next one can be executed.
Use Cases
Account abstraction in BEX enables a wide range of use cases, such as:
- Scheduled transactions: Users can create pre-signed transactions set to execute at specific times or intervals, such as recurring trades
- Advanced trading strategies: Conditional account abstraction allows for the implementation of complex trading strategies, like stop-loss or take-profit orders