Locker

We're building configurable, modular, and non-custodial smart accounts, called Lockers, that automate the allocation of cryptocurrency payments after they've been deposited. Lockers solve the problem of cumbersome, manual distribution of crypto-native salaries and contract payments into channels such as savings, fiat off-ramps, and crypto investments.

Whether you currently accept payments with your EOA, CEX, or multisig, there are a bunch of cumbersome steps you have to take to get money where you want after the money lands. With Locker, you set up your distribution preferences once, get notified when you receive payments, and your tokens get automatically distributed to your desired locations within 30 seconds of deposit.

Here's one example: when a user gets paid in USDC, 5% is swapped for ETH, 15% is saved in an on-chain, yield-bearing savings account, 10% is sent to an on-chain hot wallet, and 70% is off-ramped into the user's bank account–all entirely automated.

We hope hackers at ETH Global can use Locker for accepting their hackathon winnings and their next work payments.

Locker is a NextJS frontend that interacts with on-chain Lockers. Our Lockers are built on top of ZeroDev v3 kernel, using the v7 ERC-4337 entrypoint. Every Locker is a ZeroDev smart account (kernel). We then create on-chain session keys that give us limited permission to move money from the Lockers in ways the user pre approves.

Lockers fully comply with ERC-4337, allowing for an improved user experience, such as gas-less transactions. Lockers also fully comply with ERC-7579, allowing for smart account modularity. Namely, ERC-7579 allows any compatible smart account to install our Locker "module", meaning that Locker can service users from multiple smart account vendors. This is important because it means that Locker's services aren't restricted to smart accounts we deploy for users.

Moralis Streams API is used to get real time notifications of on-chain activity for the Lockers.

Using past ETH Global winners for data

Locker is based on a similar concept we explored at ETH Denver - Auto HODL. In the last few weeks, we have been comparing saving mechanisms based on when you pay or get paid. We used historic ETH Global bounty payment data to help clarify things. By looking at the most recent 1,000 transactions from winners at 7 past ETH Globals, we discovered that the average hackathon winner only executes about 2-3 on-chain transactions per month. If Locker only helps you save when you transact, then we will be missing a lot of savings.

This is why for this hackathon we explored the strategy of saving when you get paid instead.