What Happened on Mar. 2nd | Account Abstraction comes to Ethereum

TI Research

Smart accounts enabled by account abstraction will help drive mainstream crypto adoption by eliminating the need for new users to navigate complicated seed phrases or technical wallet setup processes. The next billion users are not going to write 12 words on a piece of paper.

Ethereum Foundation security researcher Yoav Weiss revealed the development at WalletCon in Denver, announcing that the core contracts for ERC-4337, or “account abstraction,” have passed an Open Zeppelin audit and will be made available on every Ethereum Virtual Machine (EVM) compatible network. This is a much faster development than most people thoughts.

Currently in most Web3 applications, users must begin by downloading a wallet. In contrast, account abstraction allows for a spectrum of onboarding options. Applications may integrate with existing wallets or users can login with the familiar username/password. In the latter case, applications could potentially spin up a wallet on behalf of the user “behind the scenes.”

With account abstraction, users don’t need to download wallets and sign transactions every time they want to complete an action. Instead, transactions can be bundled and approved at once.

Biggest Gainers & Losers

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Ethereum Launches Account Abstraction, Enables No Seed Phrases Wallets: The launch of the new ERC-4337 standard has enabled the arrival of smart accounts on Ethereum, offering a more user-friendly approach to cryptocurrency adoption.

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TI Research

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