NFT Account

In Web3, various protocols link all benefits to users' EOAs (Externally Owned Accounts) that are assigned a “Private Key” Ethereum address. An EOA that interacts with a protocol’s smart contracts will be associated with receiving the corresponding benefits. For example, EigenLayer points and Etherfi points will be calculated for the EOA holding eETH tokens. Similarly, the real yield from Pendle Finance can only be claimed by an EOA that directly stakes PENDLE. In the case of a launchpad, the EOA used to purchase tokens during the sale will be the one that receives the allocation at the end of the process.

This leads to an issue where all those points, yields, and allocations mentioned above become non-transferable assets, as you cannot transfer the asset (with the private key of your EOA) to others on secondary markets.

Thanks to ERC-6551, Vemo can facilitate this. In essence, ERC-6551 enables Token Bound Accounts (TBAs). These are smart contract accounts managed and associated with a specific NFT, referred to as a NFT Account. This NFT Account provides advantages such as:

• When the ownership of the NFT changes, the assets within it also change.

• The NFT Account can store assets (unlike a traditional wallet holding your assets)

• The NFT Account can interact with other DApps (DeFi, DAOs, etc.) via Wallet Connect

• The NFT Account can execute cross-chain transactions via Layer Zero.

• The NFT Account maintains its own transaction history (separate from your EOA history)

This section explains how NFT Account operates and integrates with third-party DApps. For a user guide on using NFT Account to interact with DApps, please refer to NFT Account User Guide.