How FanTV onboarded over 1 million mainstream users with Account Abstraction
January 23, 2024
FanTV is building a web3 social streaming platform where Creators and Users are rewarded for creating and consuming content respectively. Rewards are in the form of FanTV Coins (loyalty points) and xFanTV token (IOU token of FanTV platform).
FanTV integrated Biconomy’s AA stack including paymasters, bundlers, and smart accounts in August of 2023 to support an abstracted user experience for their community of viewers.
Since their launch, FanTV has processed over 2 million UserOps for over 1,000,000 new FanTV smart accounts with our bundlers.
Problem: onboarding time and complexities
FanTV is a web3 social streaming platform bringing in mass user adoption leveraging entertainment as the cornerstone.
In the rapidly evolving landscape of the Creator economy, FanTV has emerged as a groundbreaking dApp leading the charter on Account Abstraction to make it seamless onboarding for Users and Creators. FanTV empowers independent creators with discovery, distribution and monetisation avenues as they transition the Creator Economy on-chain.
As FanTV is targeted to non-web3 natives and the mainstream audience, they has a problem.
Traditional onboarding with an EOA remains one of the biggest hurdles to adoption for web3 projects, especially for those with non-technical users. The hard-wired nature of EOAs makes them limited in terms of developer customizability but also inherently complex for everyday users who may lack the necessary experience to use them safely.
As such, the FanTV team wanted to make onboarding as simple as possible for users by removing hurdles associated with creating and connecting an EOA.
Solution: Biconomy smart accounts
Thanks to ERC-4337, FanTV was able to create a simplified onboarding experience by utilizing Biconomy smart accounts. Smart accounts allow for a customizable experience with programmable modules, which support functionalities such as:
Gasless transactions (Sponsored by dApp or 3rd party)
Pay gas in any token
Social or biometric based wallet creation & login
Account recovery in case of lose of seed phrase
Remove necessity to sign endless pop-ups (session keys)
Simple onboarding for non-web3 users
As mentioned, FanTV aimed to simplify its onboarding process. To accomplish this, they harnessed the power of a social login and implemented an intelligent account creation sequence, as exemplified below. This innovative approach resulted in a user-friendly experience where individuals can effortlessly sign up in a matter of seconds using their email, eliminating the necessity for an EOA.
1. Use Case: sign up / log in - wallet deployment
By utilizing smart accounts, FanTV offers a simple sign up process via phone number, email or google sign in which then deploys the smart accounts. The wallet address can then be found in the profile page for each and every user.
2. Use Case: FanTV Coins TO xFanTV IOU TOKEN
Rewards earned by users for certain activities can be converted to on chain IOU tokens (xFanTV) easily by the users via their smart account. There is no complicated wallet pop-up to sign or gas to pay. It's a simple web2-like click to convert.
These IOU tokens are added to the users wallet.
3. Use Case: FanCard transactions
In a traditional user flow the complexities don’t stop after logging into an app. Transaction costs are the second largest hurdle for user adoption both in terms of the associated fees and the steps that come along with paying gas on every transaction.
Solution: paymasters as a service
In order to mitigate transaction challenges, the FanTV team has incorporated the use of Biconomy paymasters into their platform, in order to cover the associated gas fees on behalf of their valued users. This approach has proven to be a game-changer in the realm of user experience and convenience, particularly for those who wish to acquire FanCards.
For users, the utilization of Biconomy paymasters has streamlined the transaction process, allowing them to seamlessly purchase FanCards without the burden of incurring additional gas fees or being required to engage in the time-consuming practice of signing multiple transactions. Thus making them more appealing and accessible to a broader user base.
Problem: transaction volume
Due to the anticipation of the launch from the FanTV community, the ability to process a high volume of transactions on the backend was imperative to the long-term success of the platform. While transaction speed and success rates are always important, it became even more so during a public launch, as was the case for FanTV.
Solution: bundlers as a service
Through our AA infrastructure stack, projects like FanTV can leverage our bundlers as a service, effectively delegating platform UserOps to us, and our bundlers will ensure their execution on the blockchain.
Biconomy bundlers have multiple benefits, including:
Gas Efficiency: Our bundlers are one of the most gas efficient, thus ensuring successful UserOp with the minimum amount of gas spent.
High successful transaction rate: We use multiple strategies such as auto-bumping to ensure the UserOp successfully gets executed.
2 million+ UserOps from 1 million+ Smart Accounts (& growing)
Thanks to such a simple UX, FanTV has quickly become the #1 social dApp on Polygon. With an impressive milestone of 550,000+ Monthly Active Users (MAU), and 800,000+ hours of video consumed each month. The platform's success is further underscored by an extensive user base, boasting 2,500,000+ UserOps, and a robust network of 1,000,000+ smart accounts. FanTV aspires to be your favourite entertainment platform in time to come.
Biconomy's AA stack has helped FanTV achieve their amazing growth. Account Abstraction helps FanTV streamline their user onboarding process and lower transaction costs for their customers. Leveraging Biconomy smart accounts, FanTV has been able to offer a tailored experience with adaptable modules, such as gas-free transactions and straightforward onboarding for individuals new to Web3.
The incorporation of paymasters has additionally made it possible to cover gas fees for all users, making transactions even more straightforward.
Lastly, Biconomy bundlers have empowered FanTV to effectively handle large numbers of transactions, ensuring successful user operations with high transaction success rate.
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