What is it?
The term "DeFi-nitive" (pronounced as definitive) transactions refers to an innovative feature designed to enhance user understanding of decentralized finance (DeFi) transactions and Ethereum Virtual Machine (EVM) transactions. This feature is integrated within the TrustVault application and aims to provide clarity to customers at the moment they are signing off on transactions. By offering detailed descriptions of what each transaction entails, users can make more informed decisions and have a better grasp of the actions they are taking within the decentralized finance ecosystem.
What does it look like?
Once you access an inbox item in the TrustVault app, you will notice a new section labeled "Transaction Description." This section is specifically designed to present a concise yet informative text that outlines the nature of the transaction you are about to engage in. This addition serves to demystify the complexities often associated with DeFi transactions by providing a straightforward explanation of the actions being performed.
Here are a few examples of what you might encounter:
- When you call the deposit method of the contract identified by 0xc778417e063141139fce01098278 on the Ethereum Ropsten network, the transaction description will clarify the action you are taking.
- If you are executing the depositAll method of the TraderJoe WETH/WAVAX LP contract on the Avalanche C-Chain, the app will provide details about this specific transaction.
- In the case where you are sending 1.00 ETH to the address 0xc778417e063141139fce01098278 on the Ethereum network, the description will reflect this action as well.
How does it work?
This feature is currently being launched in a beta mode, and it will attempt to display several key pieces of information for each transaction listed in your inbox. The intention is to provide transparency and enhance user understanding of the transaction process. The following are the key items that will be displayed:
- The specific blockchain on which the transaction is occurring, identified through the chainId associated with the transaction.
- Whether the transaction is directed towards a smart contract or an externally owned address (EOA). If the transaction is to a contract, the term "contract" will be explicitly indicated.
- The destination address will be represented as the name of the contract or protocol involved in the transaction.
- Any amount being transferred will be shown in ETH, providing clarity on the financial aspect of the transaction.
The information displayed is derived from a carefully curated list of the most commonly used protocols, chains, and contracts. This list is expected to expand over time, allowing for a broader and more comprehensive coverage of transactions.
Which Transactions will it work on?
This feature is designed to be functional across all EVM transactions. In the event that something goes awry during a transaction, an error message will be displayed to prevent users from potentially encountering inaccurate data. This safety measure is in place to ensure that users are always aware of the status of their transactions and can trust the information provided to them.
What are the minimum requirements?
At this time, the feature is compatible only with devices running iOS version 15 or higher. This requirement ensures that users have access to the latest functionalities and improvements offered by the TrustVault application, allowing them to fully utilize the benefits of the DeFi-nitive transactions feature.