We have this ARC-59 on the work from @joe-p ARC59: ASA Vault Router by joe-p · Pull Request #285 · algorandfoundation/ARCs · GitHub
This is a standard version of NFT vault. In an ideal world, on your Pera/Defly wallet, you would just have to allow the vault feature to connect to your address by checking a checkbox. Then, you would be able to receive any ASAs (the cost is prepaid by the sender).
I want to address this because opt in is a significant friction point for Algorand adoption. Although NFD vaults are a commercial (you have to buy an NFD) solution for degens who want to receive airdrops, they do not address other use cases.
Everything from on-ramping USDC to other ASA-based applications suffers from opt in friction, and it is as much a hindrance to Algorand integrations as it is a valued feature to prevent unwanted token spam.
Opt in is not being removed entirely; rather, the goal here is to build mechanisms to work around it and remove integration and UX friction for as many use cases as possible.
To be clear, NFD Vaults would still be useful for any established address.
If you create a new address in a wallet (that is, generate a secret key and public key/address), it will be visible in your wallet but it does not exist to the world. Why? Because it doesn’t exist in the Algorand ledger. Why? Because no one has sent that first transaction of 0.1 Algo, and you have not told anyone about this address yet.
My proposal means that in that first transaction of 0.1 Algo, you could also pass along 0.1 Algo + an ASA as a single group transaction. But after that opt-ins work just the same as usual. NFD Vaults would still be useful for any established address.
(MEV could be an issue here where, while the group txn is in the meme pool, a spammer could snipe in and send their own 0.2A+ASA. But that would get expensive quickly. With the node changes coming later it might be encouraged to send the txn with a slightly larger txn fee just to make sure the spammer’s group txn would come later and fail.)
To give a a bad analogy, it’s like arriving at an uninhabited large patch of wild land. You roll a dice to get your coordinates for your home. You tell your friend, “these are my gps coordinates, meet me there with my stuff”. You both meet there and setup your property. Other people see activity (e.g. smoke coming out of your chimney, smell food), but by the time they arrive there is a large fence already blocking them out.
I don’t see it as as hurting adoption to Algorand. The passphrase would be the biggest hurdle. In order for me to on board people they have to be able to have there mnemonic written down. With Pera wallet I can request an opt in to assets and its very simple process. With passphrases I have to go into explanation mode lol and then tell them its over if you lose it.
Wallet sign up is a tough task in general and would be something to put energy on. As long as opt in is a feature to toggle on and off fine. Is it possible to integrate NFD vault into pera wallet?