November Ecosystem Call Recap

On November 28, 2023, Flare hosted an X Space with the founder of Etherspot, Michael Messele, and CTO of Web3Auth, Leonard Tan. The theme of the conversation was how these platforms can enhance the user experience of web3 applications through account abstraction (AA).

The call also featured an AMA session with Hugo Philion, Co-founder & CEO of Flare, moderated by John from Flare Community. If you missed it, consider tuning in to the recording or read about the key highlights below.

Play the X Space recording here:

Key topics covered:

  • Get to know Web3Auth and Etherspot
  • Issues with the current state of user experience in web3
  • How Etherspot & Web3Auth’s tools help Flare’s developers to implement Account Abstraction
  • Benefits and use cases of account abstraction
  • Flare’s latest updates
  • Community questions


Get to Know Web3Auth and Etherspot

Leonard, CTO of Web3Auth, shared insights into their journey, which started five years ago, and highlighted Web3Auth’s solution that utilizes two-factor authentication (2FA), multi-factor authentication (MFA), and social logins for a user-friendly and secure web3 experience. >> Learn more about our partnership with Web3Auth.

Michael, the CEO of Etherspot, shared his journey in the blockchain space, starting in 2017 while working on a smart account feature for the Pillar wallet. He explained how he and his team decided to make the smart account a separate solution that can be used by other wallets, dapps, and services as an embedded wallet. This was how Etherspot was born, and they have now been offering this service for about three and a half years. >> Learn more about our partnership with Etherspot.

The Current State of Web3 UX

Hugo started the discussion by asking the guests about the challenges and solutions for web3 UX. Michael from Etherspot gave a concise overview of the problem and the potential of account abstraction (AA). He said that web3 is an exciting but difficult space for users, who have to deal with:

  • Self-custody and security of their secrets and assets
  • Network and gas fee management
  • Asset bridging across networks
  • Transaction confirmation and latency
  • Unfamiliar and complex concepts and terms

He explained that these frictions hinder web3 adoption, and that AA can help remove them by enabling users to:

  • Use their social logins to access web3 apps
  • Avoid transaction confirmation and gas fee hassles
  • Pay with any token on any network
  • Ignore the technical details of web3, such as gas, bridges, and networks, as they are hidden behind the UI


Etherspot and Web3Auth’s Integration on Flare

Hugo invites Michael and Leonard to share what their integrations bring to the Flare community. Account abstraction (AA) on Flare provides several key benefits:

  • Simplified Onboarding: Users can access the network without managing wallets or keys, using existing social identities like Discord, Twitter, or Facebook for transactions.
  • Enhanced Security: AA ensures a secure web3  experience, eliminating concerns about backups, recoveries, and phishing attacks – making interactions safer for users.
  • Improved User Experience: Developers can design better interfaces and experiences by abstracting technical details such as gas fees, networks, and bridges, streamlining the user journey.

In addition, developers can now leverage the Flare Time Series Oracle to access real-time price data within smart contracts and employ EtherSpot’s Transaction Kit for simplified and efficient blockchain interactions. Etherspot’s Paymaster also now supports eUSDT to enable the ability to pay for gas with this stablecoin instead of being forced to use the native token.

Please review this guide if you would like to integrate Etherspot Prime into your dapp on Flare.


Flare News and Updates

Hugo shared some of the latest updates of Flare:

  • Join Flare at the Bangalore Edition of their Meetup on December 9th, as part of ETH India.
  • Flare is also hosting Leap Night Taipei on December 14th, during Taipei Blockchain Week.
  • We are looking forward to some exciting updates in Flare’s December Ecosystem Call.

Community Questions

John from Flare Community aired questions collected from the community. Everyone whose question was asked will receive 2500 FLR via Quidli in the Flare Discord channel.

@LLaumane: What is Flare’s incentive plan to attract more developers?

  • Hugo emphasizes the product’s usefulness and data protocols, not replicated elsewhere. The foundation also issues grants and is considering a formal DAO structure for community-driven incentives. Additionally, the cross-chain incentive pool can support applications with cross-chain aspects, encouraging developer interest.

@Josh3GGG inquires about the correlation between the FTSO delegation rewards and staking rewards to balance incentives.

  • Hugo expects delegation yields to align closely with staking yields over time. Currently, staking yields are higher, and the expectation is to have around 30-35% of circulating tokens staked, balancing yields between staking and delegation. Phase three aims to merge delegation and staking rewards for a compound reward.

@BitcoinIsViagra: Is it possible to include an auto-stake or restake feature instead of doing it manually?

  • Hugo says auto-restaking isn’t achievable in a truly decentralized way due to the lack of logic on the P-Chain which means it can’t run smart contracts. Auto-restaking would therefore require the use of a trusted party to stake on your behalf, which would not be sufficiently secure.

@MadinTosh: Are there plans to reduce minimum staking amounts or enable pooling models for fractionalized exposure?

  • Hugo: Yes, I think the minimum will come down eventually, but for now it will not change due to the complexity of the process.

@Matin_Bhr: With the additional utility of voting and staking for wrapped tokens, will the native FLR token’s usage diminish?

  • Hugo: FLR and WFLR are basically the same because you can easily convert FLR to WFLR and vice versa. The supply and demand dynamics for both of them are essentially the same.

@albertalbs: What types of dapps could emerge on Flare to drive wider adoption beyond financial speculation?

  • Hugo: Dapps utilize AA and focus on social interactions, gaming with improved UX, machine learning and AI applications, and interoperability are areas of interest.

@okanaganrusty: What has been the largest challenge in building out the Flare network? What could the Flare communities do more of to help with the overall growth?

  • Hugo: The main challenge is effectively communicating Flare’s purpose and significance in a rapidly changing crypto landscape. Short-termism in the industry and quickly shifting narratives make this a hurdle. The team is actively addressing this by hiring individuals to improve messaging, expressing confidence in overcoming the challenge through time, and encouraging the community to help spread awareness of Flare’s technical innovations.


Thanks to everyone who joined the November Ecosystem Call. Anticipating the next one, be sure to connect with us on Discord and Twitter for updates.