ERC-4337 compatible wallet works like a credit card for any GHO transaction. You don't need to have any GHO on the balance to perform operations with it, just make sure to pay off your credit later!
For any outcoming transaction that involves GHO if user's token balance is not enough, the module will modify this transaction to perform:
- flashmint of a specific amount of GHO
- use those to cover the transaction
- pay back the flashmint balance using a loan from AAVE with previously collaterized assets.
Some users might lack an ability to take loans for their transactions in ERC-20 token. We present a solution for users, who can borrow the token from Lending Pool.
Example: Alice wants to transfer 10 GHO to Bob. She has 1 ETH in Lending Pool, but 0 GHO tokens at her balance.
For general transaction it might be hard to estimate, how many ERC-20 tokens should be borrowed for successful execution.
One might propose simulation the transaction on-chain before the actual call, which would add a lot of gas overhead and also would require additional security concerns.
In a single transaction, account might flashLoan the amount of token, which would be enough for any reasonable transaction execution.
In order to return the flashloan, the long-term borrow of token from Lending Pool will occur.
Example: Alice wants to transfer 10 GHO to Bob. She has 1 ETH in Lending Pool, but 0 GHO tokens at her balance. She would flashloan 1000 GHO tokens, pay 10 GHO's to Bob. Now she needs to borrow 10 tokens from AAVE in order to repay flashloan
We implement ERC-7579-compatible module smart contract, which expands ERC-4337 smart account logic.
To execute a transaction, user should get tokens from IERC3156FlashLender, and pass the required token gated action to the calldata argument.
Our ERC-7579-module handles callbacks from IERC3156FlashLender. In a callback, token gated action is executed, tokens needed for repay are borrowed from IAavePool, and tokens are returned to IERC3156FlashLender.
We also have modified a frontend wallet for ERC-4337 wallet, making it capable of:
- creating smart account
- installing our module to account
- lending tokens to AAVE
- sending GHO tokens to any address by using flashCall to
GHOFlashcallLender - AAVE borrowed and lended tokens list
There are two submodules in repository:
This repository has implementation of ERC-7579 compatible Flashmint Fallback Module.
This contract should be installed as an executor module for Smart Account.
It implements ERC-7579 IFallbackMethod interface, and acts as a handler for IERC3156FlashLender onFlashLoan callback to smart account.
Callback handling workflow:
- Execute action passed with
calldataargument on behalf of account - Borrow
amount+fee - token.balanceOf(account)from AAVE pool, in order to repay flashloan - Repay flashloan.
We use rhinestonewtf/modulekit library for module implementation.
Our modifications:
- New button: Lend token from account to AAVE
- Send token transaction is wrapped into
flashLoancall to take loan in GHO - Lended Tokens List
- Borrowed Tokens List
Forked from rhinestonewtf/modulekit-ui-playground