Arachne 6551

Problem: *Static Nature of NFTs: NFTs are currently static and offer limited utility, as their dynamism is constrained when relying solely on metadata. *Limited Interoperability: The diverse range of blockchain chains leads to limited interoperability between NFTs and decentralized applications (dApps).

Solution: Deployment of TokenBoundAccounts (TBAs) via ERC6551 on Any EVM Chain: This enables NFTs to hold assets and interact with dApps regardless of the chain. For example, an NFT on Ethereum could collect POAPs on Polygon, play blockchain games on BASE, and engage in DeFi trading on Arbitrum. This expansion of use cases makes NFTs significantly more dynamic.

Feature: Lit Protocol's Conditional Signing: This feature allows NFTs to control TBAs on chains different from where the NFTs are located. Essentially, in ERC6551, the owner information of an NFT linked to a TBA is obtained by executing the Owner of function, and the signer is verified based on this information. Our product uses Lit Protocol's Conditional Signing with the condition that the signer possesses the NFT linked to a TBA on a specific chain, enabling cross-chain control of TBAs.

Architecture:

1. Connect Wallet: Users connect an external wallet, such as Metamask.
2. Select an ERC721 Token: Users choose the ERC721 Token they want to use from those they own.
3. Deploy a TBA on Selected EVM Chains: A TBA is deployed on the chosen chain.
4. Conditional Signing for TBA Transactions: When a transaction (Tx) is issued from a TBA, Lit Protocol's Conditional Signing is called upon.
5. Verification of Signer's NFT Possession: The Conditional Signing process checks whether the signer possesses the NFT associated with the TBA on the specified chain.
6. Execution of TBA Transaction: Once ownership is confirmed, the TBA transaction is signed with a key generated by the Lit Protocol, enabling asset transfer and connectivity with dApps (Connect with NFT).

Summary: By using the Arachne Protocol, your NFTs can hold assets and interact with dApps on any EVM chains. This introduces a new concept of Chain Abstraction, eliminating concerns about specific chains when using NFTs. It is developed using ERC6551 and the Lit Protocol.

【Technologies we use】

• ERC6551

• Lit Protocol

• WalletConnect ​​ 【How to piece together】

• ERC6551 x Lit Protocol Primarily in ERC6551, we obtain the owner information of an NFT linked to a TBA by executing the Owner of function. Based on this result, we verify the signer. In our product, we use Lit Protocol's Conditional Signing, conditioned on the signer holding the NFT linked to the TBA on a certain chain, to enable cross-chain control of TBAs.

• ERC6551 x WalletConnect We use the WalletConnect Modal SDK to enable TBAs to connect with dApps. Normally, dApp connections are made via 'Connect Wallet', but in our product, it's 'Connect with NFT'. This also allows for connections even when the NFT and dApps are on different chains. ​​ 【How to benefit our project】

• Lit Protocol → Enabled inexpensive and fast cross-chain deployment and use of TBAs.

• WalletConnect → Made it possible to use NFTs in a way similar to wallet UX. ​​ 【Notable and worth mentioning】 The cross-chain deployment of TBAs using Lit Protocol was unprecedented.